Newport Coast

[quote author="earthbm" date=1238033528][quote author="Booom" date=1237960946][quote author="graphrix" date=1236755397]There is hope. It may only be one, but once the foundation begins to crack...



http://i42.tinypic.com/16if9rl.jpg</blockquote>


Is there a key somewhere of what the letters stand for? It looks like the condo areas are really the main ones in any trouble.</blockquote>


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...</blockquote>


Hi everyone - how do I access the map showing all the bank owned and pre-forclosure properties? Is that map on a public website?



Also - with regard to 22 Observatory, I was told today that the bank finally accepted an offer at $2,150,000. I don't know if any of you have seen this property, but the owner built a gross deck that had not been approved by the city/association; therefore, the new owner has to pay for this deck to be removed. The listing agent told us that the cost to remove the deck is $25K - $30K.
 
[quote author="CP77" date=1240576678]Hi everyone - how do I access the map showing all the bank owned and pre-forclosure properties? Is that map on a public website?</blockquote>


The map comes from <a href="http://www.foreclosureradar.com/">ForeclosureRadar</a>. It is public, but you do have to pay for it. It depends on why you need the info, but it could be worth it.



<blockquote>Also - with regard to 22 Observatory, I was told today that the bank finally accepted an offer at $2,150,000. I don't know if any of you have seen this property, but the owner built a gross deck that had not been approved by the city/association; therefore, the new owner has to pay for this deck to be removed. <strong>The listing agent told us that the cost to remove the deck is $25K - $30K.</strong></blockquote>


I haven't seen it, but getting demo costs from the listing agent is even worse than getting real market info on real estate from them. Most of it will be exaggerated, and they really don't have a clue on what they are talking about. Unless the demo/removing is going to take two months, or require additional structural additions to the house, then $25k-$30k is a total rip off.



Remember IHBers, getting a permit is paramount, not getting a permit means you will have to pay 100 times more than the permit costs later. Don't do it. It's like overpaying for milk.
 
Has anyone visited 6 & 8 Meridian in Pacific Ridge? I can't quite figure out what is going on over there. 8 Meridian is listed at $2.39M while 6 Meridian is listed as a short sale for $2.098M. I've been told that both properties are owned by the same investor who had bought multiple home in the area, probably with the intention to flip them for profit. Whoops!!!



Anyways, when you ask the annoyingly haughty agent who has been showing 6 Meridian every weekend for over a year what the deal is she spits out the same prefabricated story each time. She states that 8 Meridian is in escrow for $2.1M and that 6 Meridian has multiple $2.1M cash offers so if one is interested they had better put in an offer straight away. The only problem is that she's been saying that for months. If you look at 8 Meridian the place has gone to shit. Do the agents honestly think that anyone is naive enough to believe that someone is willing to burn a couple million on 8 Meridian when the property has more weeds than landscaping and the house itself is in worse shape than an REO property? Oh and forget about bringing in your own agent, they say that the asking price for 6 Meridian is only good if you place an offer with them. Talk about greedy. You'd think in this economy they'd be grateful to close any deal as opposed to being so overtly preoccupied with being double vested.



Can anyone give me some insight on what kind of game they are playing?
 
[quote author="Dr.Endo" date=1240583065]Has anyone visited 6 & 8 Meridian in Pacific Ridge? I can't quite figure out what is going on over there. 8 Meridian is listed at $2.39M while 6 Meridian is listed as a short sale for $2.098M. I've been told that both properties are owned by the same investor who had bought multiple home in the area, probably with the intention to flip them for profit. Whoops!!!



Anyways, when you ask the annoyingly haughty agent who has been showing 6 Meridian every weekend for over a year what the deal is she spits out the same prefabricated story each time. She states that 8 Meridian is in escrow for $2.1M and that 6 Meridian has multiple $2.1M cash offers so if one is interested they had better put in an offer straight away. The only problem is that she's been saying that for months. If you look at 8 Meridian the place has gone to shit. Do the agents honestly think that anyone is naive enough to believe that someone is willing to burn a couple million on 8 Meridian when the property has more weeds than landscaping and the house itself is in worse shape than an REO property? Oh and forget about bringing in your own agent, they say that the asking price for 6 Meridian is only good if you place an offer with them. Talk about greedy. You'd think in this economy they'd be grateful to close any deal as opposed to being so overtly preoccupied with being double vested.



Can anyone give me some insight on what kind of game they are playing?</blockquote>


6 and 8 Meridian have had NODs in the past, but it looks like both are current at the moment. They are different owners though, so you might want to fire your source.



The next time you talk to the agent, ask them what it will mean if 10 Meridian gets foreclosed on 5/26. Then ask them when they think the bank will be getting 6 Sycamore on the market. For the love of gawd, it has been over four months since JPMorgan/Chase took it back. Then... to really rub it in... ask them what the other 8 homes in foreclosure in that same exact neighborhood will do the values. As the silence becomes overwhelming, grab a cookie and take a bite, and say... well... what say ye all mighty RE guru? As they start speaking, touch your stomach with an uncomfortable look on your face and ask where the bathroom is. Walk away snickering at the Kool-Aid overdosed realturd. Come back to the realturd a year or two later when you buy a property for 40% off from a desperate bank, and say: "Do you remember me? I'm Dr. foreclosure biatch!"
 
22 Observatory would benefit from removing the stupid deck.



So, no opinions on that huge cell phone, etc antennae cluster right next to 6 Sykamore?
 
6 Sycamore is pending in the MLS. I wrote for a client on that property, my offer was too bearish though. The other offer got the home and I'm willing to bet it's within $100k of the $1,549,000 in escrow price.
 
[quote author="graphrix" date=1240584919][quote author="Dr.Endo" date=1240583065]Has anyone visited 6 & 8 Meridian in Pacific Ridge? I can't quite figure out what is going on over there. 8 Meridian is listed at $2.39M while 6 Meridian is listed as a short sale for $2.098M. I've been told that both properties are owned by the same investor who had bought multiple home in the area, probably with the intention to flip them for profit. Whoops!!!



Anyways, when you ask the annoyingly haughty agent who has been showing 6 Meridian every weekend for over a year what the deal is she spits out the same prefabricated story each time. She states that 8 Meridian is in escrow for $2.1M and that 6 Meridian has multiple $2.1M cash offers so if one is interested they had better put in an offer straight away. The only problem is that she's been saying that for months. If you look at 8 Meridian the place has gone to shit. Do the agents honestly think that anyone is naive enough to believe that someone is willing to burn a couple million on 8 Meridian when the property has more weeds than landscaping and the house itself is in worse shape than an REO property? Oh and forget about bringing in your own agent, they say that the asking price for 6 Meridian is only good if you place an offer with them. Talk about greedy. You'd think in this economy they'd be grateful to close any deal as opposed to being so overtly preoccupied with being double vested.



Can anyone give me some insight on what kind of game they are playing?</blockquote>


6 and 8 Meridian have had NODs in the past, but it looks like both are current at the moment. They are different owners though, so you might want to fire your source.



The next time you talk to the agent, ask them what it will mean if 10 Meridian gets foreclosed on 5/26. Then ask them when they think the bank will be getting 6 Sycamore on the market. For the love of gawd, it has been over four months since JPMorgan/Chase took it back. Then... to really rub it in... ask them what the other 8 homes in foreclosure in that same exact neighborhood will do the values. As the silence becomes overwhelming, grab a cookie and take a bite, and say... well... what say ye all mighty RE guru? As they start speaking, touch your stomach with an uncomfortable look on your face and ask where the bathroom is. Walk away snickering at the Kool-Aid overdosed realturd. Come back to the realturd a year or two later when you buy a property for 40% off from a desperate bank, and say: "Do you remember me? I'm Dr. foreclosure biatch!"</blockquote>


Hi - do you happen to have the addresses for those 8 houses in Pacific Ridge? Do you know if any of those are Cypress? Do you know if any of those houses are below Observatory? My BF has done some research on the cell phone/RF towers and wants to be below observatory, as he thinks the RF towers will cause a tumor.
 
Sell4u,



Do you know the story on 6 Ferrand? Did they receive multiple offers that they are raising their price $100K?

Thanks!

<a href="http://www.redfin.com/CA/Newport-Coast/6-Ferrand-92657/home/5810512">6 Ferrand</a>
 
[quote author="JoonB" date=1240871253]Sell4u,



Do you know the story on 6 Ferrand? Did they receive multiple offers that they are raising their price $100K?

Thanks!

<a href="http://www.redfin.com/CA/Newport-Coast/6-Ferrand-92657/home/5810512">6 Ferrand</a></blockquote>


Not sure JoonB.

Home was purchased on 2/29/08 for $1,750,000. That I do know. Not 100% sure why the home came back on the market three weeks later.
 
<img src="http://socalvapictures.firstamericanmls.com/MediaDisplay/24/hr96242224-1.jpg" alt="" />

<img src="http://socalvapictures.firstamericanmls.com/MediaDisplay/24/hr96242224-2.jpg" alt="" />



26 Still Water, Belcara - Pacific Ridge

Plan 3. 4 bed, 3.5 bath approx 2,754sq.ft.

Original, but fairly clean condition. No View or landscaping.

Sold - 9/16/2005 (from the builder) $1,557,000

Sold - 1/23/2007 $2,500,000

Taken back by the bank 2/20/2008 $1,651,500

<strong>Sold - 5/4/2009 (REO) $1,150,000</strong>
 
wow, now that is a haircut.



54% off the 2007 price, cs=124, mar2002



26% off the 2005 sale, cs=189, mar2004





makes you wonder if the $2.5M sale in 2007 wasn't fraudulent.



either that, or NC peaked at over cs=410, far above the most subprime areas of santa ana.
 
Hello everyone. First post. I've been home shopping for a while and never considered Newport Coast until recently. I have no urgent need to move as I sold a condo back in late 2005 to cash out and have been sitting on the sidelines renting ever since.



Sell4U: what do you think would the right offer on 6 Meridian? Frankly, after looking at the home prices in the Sea Cliff area of HB, Newport Coast is a comparative bargain.



I like the Pacific Ridge area though the talk of the cell phone tower radiation worries me a bit. Half of this neighborhood seems to be in distress...
 
Welcome to the board JCie. Tough to say what the right offer is but to give you an idea, 1 Cottonwood (short-sale) which is the same Plan as 6 Meridian, (Plan2) closed on April 17th for $1,798,127.

Per the distress - that's a plus for the buyer, not so much for the seller/homeowner though. Any area (most areas) of OC that was built towards the height of the market is in considerable distress.
 
[quote author="IrvineRenter" date=1241844064]I have a post coming out tomorrow about a property that has been discussed on this thread. It is a HELOC abuse case of $7,000,000.</blockquote>
Looking forward to that blog.
 
[quote author="sell4u" date=1241843728]Welcome to the board JCie. Tough to say what the right offer is but to give you an idea, 1 Cottonwood (short-sale) which is the same Plan as 6 Meridian, (Plan2) closed on April 17th for $1,798,127.

Per the distress - that's a plus for the buyer, not so much for the seller/homeowner though. Any area (most areas) of OC that was built towards the height of the market is in considerable distress.</blockquote>


Actually, this helps a lot. Thank you very much. I'm happy to be a buyer in a time of distress- it just might be a bit odd not having too many neighbors for a while. :)



The owner/investor at 6 Meridian is selling a another home on the next street over that he's asking 2.9M for which, the realtor admitted, is insane.
 
update for my IHB'ers



This was a bank owned property. (Surprisingly left in really great shape considering what some of these Belcara REO's looked like) Upgrades here and there:



<img src="http://socalvapictures.firstamericanmls.com/MediaDisplay/48/hr96196948-1.jpg" alt="" />

<img src="http://socalvapictures.firstamericanmls.com/MediaDisplay/48/hr96196948-9.jpg" alt="" />



Belcara, Pacific Ridge

Plan 3

2,754sq.ft.

Ocean Views

Built in 2005



12/30/2004: $1,337,000 (from Taylor Woodrow)

2/18/2006: $2,140,000 2nd owner

1/14/2009: $1,604,317 3rd owner (JP Morgan)

5/14/2009: $1,300,000 ($472p/sq.ft.) 4th owner
 
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