OC Zed_IHB
New member
tenmagnet said:
Along with the 200+ other sellers currently looking for a sucker in NC?
The next few years will not be pretty in NC.
Newport Coast
- Thread starter sell4u_IHB
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NEW -> Contingent Buyer Assistance Program
Along with the 200+ other sellers currently looking for a sucker in NC?
The next few years will not be pretty in NC.
From the various examples cited above, it seems like there are a lot of flippers still hoping to sell at a premium in the NC market.
30 Cliffhouse Bluff certainly fits the profile.
the cluster on the right are not condos. also there are some REOs that are not showing on foreclosureradar. eg 22 Observatory (killer views, but for childless hedonists, 3 bedrooms in a $2m+ home? Would be perfect for shooting porn flicks... Hmm...
That looks right. 50% off is nothing special any more.
It's actually less than that. If you look at that particular floorplan, the highest recorded sale (atleast that I can find in the MLS) is approx $1.010m.
$1.450m, at the top of the market, is a larger floorplan (probably 6 or 7).
29 San Pietro is one of the smallest plans (Plan 2) at about 1,610sq.ft.
Yeah, and notice it is still $471/sq ft. That whole development has a long way to fall. It was built during the bubble.
I think that sale price is a mistake. The same floor plan (linked below) sold in the $600,000's around the same time. Anyways, this entire development is still priced at 2005 -2007 levels:
http://www.redfin.com/CA/Newport-Coast/24-San-Sovino-92657/home/5953121
http://www.redfin.com/CA/Newport-Coast/1-San-Sovino-92657/home/5953075
http://www.redfin.com/CA/Newport-Coast/23-San-Sovino-92657/home/5981461
I'll bet my HELOC-financed bentley that at least one of these will sell below $400/sq. ft.
Closed today in the MLS
$705,000 ($370p/sq.ft.)
That's a new low price per square foot for a detached residence in NC
That's a 15% drop from the late-03 price and 30% from original list price.
IPO, what would be your IPO-Shiller on this?
Along with the 200+ other sellers currently looking for a sucker in NC?
The next few years will not be pretty in NC.
tenmagnet_IHB
New member
OC Zed said:
From the various examples cited above, it seems like there are a lot of flippers still hoping to sell at a premium in the NC market.
30 Cliffhouse Bluff certainly fits the profile.
sell4u_IHB
New member
just sold over in Vistas. these are townhome style condos
Short-sale (lenders getting more aggressive w short-sales?)
Sold price: $825,000 / $358p/sq.ft.(new low p/sq.ft. for NC!)
Approx. 44% off the highest sale in 2007
Last identical comp to this home sold 5 months ago at $885,000
Last time condos were selling at this price was early to mid 2003
Highest recorded sale in Vistas was on the view side of the development for $1,485,000. Comparing this non view home with the highest comp would be a percentage drop of approx. 44%. This non view home had a market value of approx. $1,250,000 or so at the peak of the market.
Short-sale (lenders getting more aggressive w short-sales?)
Sold price: $825,000 / $358p/sq.ft.(new low p/sq.ft. for NC!)
Approx. 44% off the highest sale in 2007
Last identical comp to this home sold 5 months ago at $885,000
Last time condos were selling at this price was early to mid 2003
Highest recorded sale in Vistas was on the view side of the development for $1,485,000. Comparing this non view home with the highest comp would be a percentage drop of approx. 44%. This non view home had a market value of approx. $1,250,000 or so at the peak of the market.
freedomCM_IHB
New member
Short-sale (lenders getting more aggressive w short-sales?)
Are you seeing signs of this in your market?
I just did a preliminary tally of Feb sales in CM, and for the first time, there were equal numbers of short sales and REOs (small numbers overall), whereas for much of the past year, REOs hugely outnumbered SS.
I wonder if this is some sort of sign of capitulation by the lenders, realizing (as we did long ago) that if they don't let the SS go through, they will just end up eating more $$ going through FC and putting it on the market months later.
Are you seeing signs of this in your market?
I just did a preliminary tally of Feb sales in CM, and for the first time, there were equal numbers of short sales and REOs (small numbers overall), whereas for much of the past year, REOs hugely outnumbered SS.
I wonder if this is some sort of sign of capitulation by the lenders, realizing (as we did long ago) that if they don't let the SS go through, they will just end up eating more $$ going through FC and putting it on the market months later.
sell4u_IHB
New member
I believe so freedomCM. Over in Ladera for instance, I was told a short-sale was approved on a home that had a balance of over $820,000, and the short-sale was approved at $492,000! As the reo's set the comps, this I think puts the pressure even more on the lender to be more aggressive with the short-sales so that new reo's don't start setting comps even lower than old reo's or atleast try and minimize this as much as possible.
MightyAlweg_IHB
New member
Someone correct me if I'm wrong on the foreclosureradar "key";
B = Bank owned
A = Up for auction
P = Preforeclosure, owners have missed at least three mortgage payments
B = Bank owned
A = Up for auction
P = Preforeclosure, owners have missed at least three mortgage payments
earthbm_IHB
New member
Booom said:
the cluster on the right are not condos. also there are some REOs that are not showing on foreclosureradar. eg 22 Observatory (killer views, but for childless hedonists, 3 bedrooms in a $2m+ home? Would be perfect for shooting porn flicks... Hmm...
ABC123_IHB
New member
Is this condo really almost 50% off or is the last sale price wrong in redfin?
http://www.redfin.com/CA/Newport-Coast/29-San-Pietro-92657/home/5900178
29 San Pietro Newport Coast, CA 92657
Price: $759,000
Beds: 2
Baths: 2
Sq. Ft.: 1,610
$/Sq. Ft.: $471
Jul 20, 2005 Sold $1,475,000
http://www.redfin.com/CA/Newport-Coast/29-San-Pietro-92657/home/5900178
29 San Pietro Newport Coast, CA 92657
Price: $759,000
Beds: 2
Baths: 2
Sq. Ft.: 1,610
$/Sq. Ft.: $471
Jul 20, 2005 Sold $1,475,000
Geotpf_IHB
New member
ABC123 said:
That looks right. 50% off is nothing special any more.
sell4u_IHB
New member
Geotpf said:
It's actually less than that. If you look at that particular floorplan, the highest recorded sale (atleast that I can find in the MLS) is approx $1.010m.
$1.450m, at the top of the market, is a larger floorplan (probably 6 or 7).
29 San Pietro is one of the smallest plans (Plan 2) at about 1,610sq.ft.
TimHume_IHB
New member
Geotpf said:
Yeah, and notice it is still $471/sq ft. That whole development has a long way to fall. It was built during the bubble.
T!m said:
I think that sale price is a mistake. The same floor plan (linked below) sold in the $600,000's around the same time. Anyways, this entire development is still priced at 2005 -2007 levels:
http://www.redfin.com/CA/Newport-Coast/24-San-Sovino-92657/home/5953121
http://www.redfin.com/CA/Newport-Coast/1-San-Sovino-92657/home/5953075
http://www.redfin.com/CA/Newport-Coast/23-San-Sovino-92657/home/5981461
I'll bet my HELOC-financed bentley that at least one of these will sell below $400/sq. ft.
sell4u_IHB
New member
sell4u said:This property is one of the more aggressive priced in Newport Coast right now
3 + 3 (approx. 1,900sq.ft.)
Built in 2003 by Greystone Homes ($832,000 - 10/7/03)
Days on the market 274
Original list $999,000
$925,000
$899,000
$849,000
$799,000
Current list price $699,000 ($367p/sq.ft.)
Closed today in the MLS
$705,000 ($370p/sq.ft.)
That's a new low price per square foot for a detached residence in NC
Gohabsgo_IHB
New member
sell4u said:sell4u said:This property is one of the more aggressive priced in Newport Coast right now
3 + 3 (approx. 1,900sq.ft.)
Built in 2003 by Greystone Homes ($832,000 - 10/7/03)
Days on the market 274
Original list $999,000
$925,000
$899,000
$849,000
$799,000
Current list price $699,000 ($367p/sq.ft.)
Closed today in the MLS
$705,000 ($370p/sq.ft.)
That's a new low price per square foot for a detached residence in NC
That's a 15% drop from the late-03 price and 30% from original list price.
IPO, what would be your IPO-Shiller on this?
freedomCM_IHB
New member
this is Case-Schiller=144 (oct03=168)
144=dec02
144=dec02
I just had to vent a little. My family and I went to Newport Coast looking at some of the open homes in Newport Ridge. You would have thought it was 2005. There was such a frenzy at the open houses. Seriously- we were shocked at the number of people going through the homes. Carry on...
usctrojanman29_IHB
New member
Haven't you heard....we have hit bottom and the good times are back. Better buy before you get priced out of the market again!JoonB said:
Gohabsgo_IHB
New member
I was reading this thread and found it quite interesting.
Let's see how things played out for these listings lendingmaestro provided in April 2008 (1 year ago).
WTF indeed!
Let's see how things played out for these listings lendingmaestro provided in April 2008 (1 year ago).
Sold for $2,050,000 (08/13/2008)lendingmaestro said:
Off Redfin since August 2008lendingmaestro said:
Now listed at $1,889,999. 494 Days on the marketlendingmaestro said:
Sold for $2,500,000 (07/02/2008)lendingmaestro said:
Off Redfin since May 2008lendingmaestro said:
Sold for $2,525,000 (07/15/2008)lendingmaestro said:
Off Redfin since August 2008lendingmaestro said:
Now listed at $1,299,999. 133 Days on the market...it was first listed in August 2007.lendingmaestro said:
lendingmaestro said:
WTF indeed!