Newport Coast

[quote author="skek" date=1215649368]<a href="http://www.redfin.com/CA/Newport-Coast/8-Meridian-92657/home/5928822">8 Meridian</a> in Pacific Ridge is back on the market, listed at $2,695,000. It is an ocean view former Cypress model home that last sold for $3,317,000 in December 2006.</blockquote>


Their neighbors <a href="http://www.redfin.com/CA/Newport-Coast/10-Meridian-92657/home/5928824">10 Meridian</a> and <a href="http://www.redfin.com/CA/Newport-Coast/12-Meridian-92657/home/5928825">12 Meridian</a> are also on sale. 12 Meridian is up for $1,000+ / sq. ft. Good luck selling when both neighbors are under $750!



The next street, Observatory, has a similar situation 12, 15, and 16 Observatory are all for sale.



A little closer to the ocean, 4 homes are for sale 15, 16, 17 & 23 Morning Light.
 
[quote author="EvaLSeraphim" date=1215733786][quote author="PadreBrian" date=1215733297]Good lord, that's a blood bath.</blockquote>


It's an opportunity. :coolgrin:</blockquote>


Too bad nobody will lend be $4m...I promise to pay it back under all circumstances (unless my home start losing value).
 
Inventory currently for sale in Pacific Ridge



39

Belcara (13)

Cypress (12)

Pienza (8)

Costa Azul (6)



Source: MLS, 7/11/2008
 
graphix:

Yep, here's what the private remarks in the MLS:





"Price subject to bank approval of shortsale. Negotiation within final weeks. Bank may not approve full commissions! Please be aware that property was deserted by owner several months ago. There is no water or electricity. This is evident by the dead grass and interior plants"







I see a first for $2.653m for 8 Meridian.
 
[quote author="sell4u" date=1216023446]graphix:

Yep, here's what the private remarks in the MLS:





"Price subject to bank approval of shortsale. Negotiation within final weeks. Bank may not approve full commissions! Please be aware that property was deserted by owner several months ago. There is no water or electricity. This is evident by the dead grass and interior plants"







I see a first for $2.653m for 8 Meridian.</blockquote>


For sale at $2.7 Million and it's an abandoned property.



Only in California.
 
[quote author="sell4u" date=1216023446]graphix:

Yep, here's what the private remarks in the MLS:





"Price subject to bank approval of shortsale. Negotiation within final weeks. Bank may not approve full commissions! Please be aware that property was deserted by owner several months ago. There is no water or electricity. This is evident by the dead grass and interior plants"







I see a first for $2.653m for 8 Meridian.</blockquote>


Awesome! So it will be bank owned this month. Skekster... you catching this? I have a few more I need to follow up on in NC. More to come in this thread. Stay tuned, it is about to get interesting.
 
3 Pacific Winds in Belcara just came on the MLS today



REO (not a shortsale)

Plan 1

3 bed, 3.5 bath, 2 car garage, 2,475sq.ft.

<strong>$1,324,900</strong>
 
EvaLSeraphim: No prob - According to title the original owner bought the home from Taylor Woodrow for $1,552,600 on 3/2/2006
 
The high end is not immune. The affluent can smell an overpriced home just like anyone else.



Yes the custom homes have come down. If the home is priced reflective of this market/economy, it can sell. overpriced and it sits.



I have a beautiful listing right now in Pelican Crest and I've already gotten an offer in 30 days.
 
<a href="http://www.zillow.com/HomeDetails.htm?zprop=63113385">Looks like 7 Wayside went back to the bank today for $2.3mil</a>. It is so new the overhead shot is still a dirt lot.
 
[quote author="sell4u" date=1216680543]I have a beautiful listing right now in Pelican Crest and I've already gotten an offer in 30 days.</blockquote>


Gorgeous views, sell4u,



What is viewing traffic like, for homes in that price range? Just curious as to what you're seeing over there.
 
<strong>Sell4u</strong> - how are the resale prices of custom homes determined? I'm sure I'm showing my ignorance here but what makes a house a 10 million dollar house instead of 5 mil? I look at all the houses for sale in Pelican Crest and they all seem to have stunning views and beautiful architecture. So why is there a 15 million price difference?



Even within the lower end of Pelican Crest - the 5 million range. How do buyers determine if the house is worth 5.1 or 5.2? Is that as significant a difference to potential buyers in that area as it would be to us normal folk?



I'm still not convinced the high end has been affected. Have the prices in that area actually come down? Or is it that they haven't gone up as dramatically as they used to? Is anyone in that area actually losing money or are they simply not making as much as they used to?



My apologies for all the questions!
 
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