Where is the Next Emerging RE market in SoCal?

[quote author="FreedomCM"]
a: the one IHO mentioned west of harbor, south of adams. this is ~50 SFR build 2000-2002, 2000sf-3000sf. They originally sold for ~$400k, went as high as ~$1200k, and are now selling for $750k-$900k ($250/sf-$300/sf). only one has sold for more than $300/sf in the past three years.
[/quote]
Hmm... I see this one currently listed at $350/sf:

$895,000, 4/2.75, 2558sft
http://www.redfin.com/CA/Costa-Mesa/1571-Amberleaf-92626/home/5854944

And this one that closed at above $329/sf on 11/3/09:

$850,000, 4/2.75, 2580sft
http://www.redfin.com/CA/Costa-Mesa/1634-Briar-Rose-92626/home/5855084

But there is one that closed at $251/sf on 9/8/09:

$752,000, 4/3, 3000sft
http://www.redfin.com/CA/Costa-Mesa/1547-Amberleaf-92626/home/5854926

So I may have overestimated their value... but these are still Irvine-ranges prices considering they are 2600ft houses, only a 2-car garage and are commanding above $750k without the "superior schools, superior safety and superior spin"*.

Thanks for giving us the lowdown on the CM product offerings, Freedom. As someone who lives in Costa Mesa (I assume) what is your take on all this Irvine nonsense (for those readers who may not be familiar with you from the IHB).
 
hah, I don't live in CM anymore. Couldn't find a good rental when we wanted to move last year, so we are south now. I do work in Irvine next to CM, though.

My take on Irvine: Good schools, due to few poor people, as Irvine service workers live elsewhere, but not that much better than similar demographic places (NPB, Laguna). Low crime (same), but not any better than similar demographic places (NPB, Laguna).

My take on Irvine housing stock: too expensive on too small lots (inland), or way too expensive (turtle).
 
oh, and other solds:
1642 beechwood, 2972sf,$705k, 4.27.9, $237/sf
1557 amberleaf, 2972sf, $752k, 6.23.9, $254/sf
1570 amberleaf, 3000sf, $820k, 1.29.9, $273/sf
1633 briarrose, 2972sf, $875k, 11.4.8, $294/sf
1635 briarrose, 2995sf, $795k, 6.29.9, $265/sf
2704 hibiscus, 2972sf, $875k, 6.23.9, $294/sf

another one that was for sale last year, as a short, that should come back as an REO this year:
1563 amberleaf, 2558sf, offered at $775k on 5.1.9, purchased for $640k on 3.28.3
 
http://www.realtor.com/realestateandhomes-detail/12-Coral-Blue_Ladera-Ranch_CA_92694_1106019758

Have any of you invested in land/lots before? This one is a 14,600 Sq Ft Lot in Covenant Hills and I was wondering if you can just purchase and hold the lot and not build on it for 5 - 10 years?. Sorry if this is stupid question because i'm really a novice about land/lots purchase. I am assuming that you have to pay taxes on the land every year. Is this a good price for a 14,600 Sq Ft Lot?

Any information would be grealy appreciated! <!-- s:D -->:D<!-- s:D -->
 
[quote author="Panda "]http://www.realtor.com/realestateandhomes-detail/12-Coral-Blue_Ladera-Ranch_CA_92694_1106019758

Have any of you invested in land/lots before? This one is a 14,600 Sq Ft Lot in Covenant Hills and I was wondering if you can just purchase and hold the lot and not build on it for 5 - 10 years?. Sorry if this is stupid question because i'm really a novice about land/lots purchase. I am assuming that you have to pay taxes on the land every year. Is this a good price for a 14,600 Sq Ft Lot?

Any information would be grealy appreciated! <!-- s:D -->:D<!-- s:D --> [/quote]
It depends on what the CC&Rs say. You may be required to build within a certain period of time. Also, you may be limited on the kind of home you can build on the lot. You would have to pay for property taxes each year (based upon the price plus Mello Roos). You have calculate backwards to determine what a fair price would be for the land value based upon the value of the home that would sit on the lot. Other important questions to ask is if the lot comes with approved building plans, is all the infrastructure in place, what are the setback, etc.
 
[quote author="Panda "]http://www.realtor.com/realestateandhomes-detail/12-Coral-Blue_Ladera-Ranch_CA_92694_1106019758

Have any of you invested in land/lots before? This one is a 14,600 Sq Ft Lot in Covenant Hills and I was wondering if you can just purchase and hold the lot and not build on it for 5 - 10 years?. Sorry if this is stupid question because i'm really a novice about land/lots purchase. I am assuming that you have to pay taxes on the land every year. Is this a good price for a 14,600 Sq Ft Lot?

Any information would be grealy appreciated! <!-- s:D -->:D<!-- s:D --> [/quote]

First rule of investment properties... it needs to be cash flow positive... it's hard for a piece of land to be cash flow positive; well maybe if it is a parking lot!
 
[quote author="Panda "]RC, i agree. but.. but.. even if that lot was selling for 1M in 2006? [/quote]

to me it would be somewhat irrelevant what something has sold in the past. remember that there were very lax lending standards that we may not see again that allowed the price to get that high to begin with.
 
[quote author="roundcorners"]
[quote author="Panda "]http://www.realtor.com/realestateandhomes-detail/12-Coral-Blue_Ladera-Ranch_CA_92694_1106019758

Have any of you invested in land/lots before? This one is a 14,600 Sq Ft Lot in Covenant Hills and I was wondering if you can just purchase and hold the lot and not build on it for 5 - 10 years?. Sorry if this is stupid question because i'm really a novice about land/lots purchase. I am assuming that you have to pay taxes on the land every year. Is this a good price for a 14,600 Sq Ft Lot?

Any information would be grealy appreciated! <!-- s:D -->:D<!-- s:D --> [/quote]

First rule of investment properties... it needs to be cash flow positive... it's hard for a piece of land to be cash flow positive; well maybe if it is a parking lot![/quote]

flea market
 
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