Brightwater Huntington Beach reduced 300k?
- Thread starter frebay_IHB
- Start date
NEW -> Contingent Buyer Assistance Program
Trooper_IHB
New member
That's funny awgee, that last time I was in Portuguese Bend, I thought to myself....hmmm, this area reminds me of Brightwater in Huntington Beach by Hearthside Homes!
Trooper_IHB
New member
and I know this is getting old by now, but I just can't seem to stop myself ! It's "Graphrix's Fault" TM !
morekaos_IHB
New member
awgee- Lunada
freedomCM_IHB
New member
i think that we need to discuss Brightwater in Huntington Beach by Hearthside Homes a little more. IHB is only number three on google right now.
Do you think it still smells like petroleum and rotting seaweed at Brightwater in Huntington Beach by Hearthside Homes?
Is Brightwater in Huntington Beach by Hearthside Homes on a mesa, or is it on fill like most of Huntington?
I rent in downtown HB right now, which is on solid ground, but all the area between here and Costa Mesa is one big liquifaction zone, if you look on the earthquake map.
Is Brightwater in Huntington Beach by Hearthside Homes in a liquification zone also?
and of course, the newport fault (in addition to the G-fault) runs right through Brightwater in Huntington Beach by Hearthside Homes
Do you think it still smells like petroleum and rotting seaweed at Brightwater in Huntington Beach by Hearthside Homes?
Is Brightwater in Huntington Beach by Hearthside Homes on a mesa, or is it on fill like most of Huntington?
I rent in downtown HB right now, which is on solid ground, but all the area between here and Costa Mesa is one big liquifaction zone, if you look on the earthquake map.
Is Brightwater in Huntington Beach by Hearthside Homes in a liquification zone also?
and of course, the newport fault (in addition to the G-fault) runs right through Brightwater in Huntington Beach by Hearthside Homes
Nude_IHB
New member
<p>freedomCM,</p>
<p>The smell at Brightwater in Huntington Beach is caused by a combination of the decaying plants, stagnant water, a millenia of bird feces, and the decomposing bodies of dead Native Americans. Hearthside Homes considers this a selling point.</p>
<p>I'm sure they don't want anyone to know about the newly discovered <a href="http://forums.irvinehousingblog.com/discussion/1188/6/brightwater-huntington-beach-reduced-300k/">Graphrix Fault™</a> </p>
<p>The smell at Brightwater in Huntington Beach is caused by a combination of the decaying plants, stagnant water, a millenia of bird feces, and the decomposing bodies of dead Native Americans. Hearthside Homes considers this a selling point.</p>
<p>I'm sure they don't want anyone to know about the newly discovered <a href="http://forums.irvinehousingblog.com/discussion/1188/6/brightwater-huntington-beach-reduced-300k/">Graphrix Fault™</a> </p>
freedomCM_IHB
New member
here is the liquefaction map for the area:
http://gmw.consrv.ca.gov/shmp/download/pdf/ozn_sealb.pdf
where does Brightwater in Huntington Beach by Hearthside Homes sit on that map?
http://gmw.consrv.ca.gov/shmp/download/pdf/ozn_sealb.pdf
where does Brightwater in Huntington Beach by Hearthside Homes sit on that map?
EvaLSeraphim_IHB
New member
As I see it, Brightwater in Huntington Beach sits in the white donut hole.
bkshopr_IHB
New member
The foot of the bluff base is surrounded by green area most prone to liquefaction. The area closest to the water where there are water and drainage erosions.
lawyerliz_IHB
New member
<p>Coral Gables is not like Brightwater in Huntington Beach.</p>
<p>I work in Hialeah, which is north of the Gables, and live south, so sometimes stop at the big bookstore on Miracle Mile, and eat at one of the restaurants on Miracle Mile. Which has a whole lot of empty stores at the moment, more than I've ever noticed before. Lots of commercial re building all around the Gables too.</p>
<p>I work in Hialeah, which is north of the Gables, and live south, so sometimes stop at the big bookstore on Miracle Mile, and eat at one of the restaurants on Miracle Mile. Which has a whole lot of empty stores at the moment, more than I've ever noticed before. Lots of commercial re building all around the Gables too.</p>
bkshopr_IHB
New member
Why are there so many bridal stores at Miracle Miles? I like shopping at the Merrick Place Nordstrom and Neiman at the same place.
lawyerliz_IHB
New member
<p>I don't know. I guess it is like auto dealerships; they attract each other. A bride could march up and down and see virtually any type of gown imaginable. At a lot of price ranges. there is one low cost store, and it appears the rest are high and higher.</p>
<p>I used to work on Ponce, and we had sooo many places to choose to go eat lunch.</p>
<p>I used to work on Ponce, and we had sooo many places to choose to go eat lunch.</p>
frebay_IHB
New member
Look at what I received in my inbox today...it's a letter from Brightwater at Huntington Beach
New Phase at The Cliffs and The Breakers at Brightwater
Exclusively Early Preview for our VIPs!
Four gorgeous new homes at The Cliffs and four magnificent residences at The Breakers will be released to the general public on Saturday, April 12th, but as a member of our VIP Interest List, you're invited to come in as soon as you receive this e-mail. Take advantage of this advance opportunity to walk the homesites, talk to our New Home Counselors and reserve the home of your choice before the general release. Demand for both The Cliffs and The Breakers is extremely high, so don't miss out on this chance to beat the crowds and fulfill your dream of owning a luxurious new home at the beach...
a home at Brightwater. We hope to see you this week.
<img src="http://www.efficientlightingco.com/images/random/brightwater.jpg" alt="" />
New Phase at The Cliffs and The Breakers at Brightwater
Exclusively Early Preview for our VIPs!
Four gorgeous new homes at The Cliffs and four magnificent residences at The Breakers will be released to the general public on Saturday, April 12th, but as a member of our VIP Interest List, you're invited to come in as soon as you receive this e-mail. Take advantage of this advance opportunity to walk the homesites, talk to our New Home Counselors and reserve the home of your choice before the general release. Demand for both The Cliffs and The Breakers is extremely high, so don't miss out on this chance to beat the crowds and fulfill your dream of owning a luxurious new home at the beach...
a home at Brightwater. We hope to see you this week.
<img src="http://www.efficientlightingco.com/images/random/brightwater.jpg" alt="" />
Major Schadenfreude_IHB
New member
Does the "New Home Counselor" try to talk you ought of buying a home...like a good counselor would?
southoctracker_IHB
New member
"This is your last chance to live at the beach"
Oh, come on. You will also get a chance to live at <a href="http://www.ocregister.com/sections/marblehead-1982720">Marblehead in San Clemente</a>...that is, if it ever gets built and/or the land developer doesn't go out of business. That's right, Marblehead in San Clemente
Oh, come on. You will also get a chance to live at <a href="http://www.ocregister.com/sections/marblehead-1982720">Marblehead in San Clemente</a>...that is, if it ever gets built and/or the land developer doesn't go out of business. That's right, Marblehead in San Clemente
TimHume_IHB
New member
You'll keep having chances as prices go down and people sell. Does this company have some plan to stop all other home and land owners near a beach from selling - ever?
bkshopr_IHB
New member
[quote author="tulip" date=1207736649]Do they have free cookies and bottle water in model home? We live in HB and thinking to stopping by this weekend for a tour, but only if they serve cookies and bottle water.</blockquote>
You will be strapped into safety seat belts for the duration of the Hearthside express tour at Brightwater Huntington Beach. Hold on to the spilled water and crumbled cookies!
You will be strapped into safety seat belts for the duration of the Hearthside express tour at Brightwater Huntington Beach. Hold on to the spilled water and crumbled cookies!
graphrix_IHB
New member
So, what better way to bring this thread back from the dead than an interestingly desperate quote from their annual report...
<em>
In addition, our credit facilities require us to make $36.8 million in aggregate principal payments by December 31, 2008, including $25 million for the revolving loan (assuming we draw the remaining $24.0 available as of December 31, 2007) and $11.8 million for the term loan. In order to make these payments out of cash flow from operations, <strong>we are striving to deliver approximately 50 homes at Brightwater by the end of 2008</strong>. Given the continued weakness in the housing and mortgage markets, particularly with respect to pricing of jumbo loans, we have initiated discussions with our lenders regarding potential amendments to the revolving loan credit facility that would defer a portion of our currently scheduled payments to future periods. We are also evaluating alternatives for raising additional capital, if necessary. There can be no assurance that we will be successful in these endeavors, that further covenant or other amendments to our credit facilities will not be requested, or that any such requested amendments will be agreed to by our lenders.
Failure to comply with the covenants and conditions imposed by the agreements governing our indebtedness could restrict future borrowing or cause our debt to become immediately due and payable.
The agreements governing our credit facilities impose restrictions on our operations and activities. The most significant restrictions require maintenance of a maximum debt to equity (or leverage) ratio, a minimum interest coverage ratio, and a minimum level of tangible net worth, and limits on investments, cash dividends, stock repurchases and other restricted payments, incurrence of indebtedness, and creation of liens and asset dispositions. We are also required to receive an unqualified report from our independent registered accounting firm in connection with its annual audit of our financial statements. If we fail to comply with these restrictions or covenants, the banks could cause our debt to become due and payable prior to maturity or could demand that we compensate them for waiving instances of noncompliance. Moreover, we may curtail our investment activities and other uses of cash to maintain compliance with these restrictions and covenants. Our leverage may place burdens on our ability to comply with the terms of our indebtedness, may restrict our ability to operate and may prevent us from fulfilling our obligations.
Our ability to meet our debt service and other obligations will depend upon our future performance. Our business is substantially affected by changes in economic cycles. Our revenues, earnings and cash flows vary with the level of general economic activity and competition in the markets in which we operate. Our business could also be affected by financial, political and other factors, many of which are beyond our control. Changes in prevailing interest rates may also affect our ability to meet our debt service obligations because borrowings under our credit facilities bear interest at floating rates. A higher interest rate on our debt could adversely affect our operating results.
Our business may not generate sufficient cash flow from operations and borrowings may not be available to us under our credit facilities in an amount sufficient to pay our debt service obligations, or to fund our other liquidity needs. Should this occur, we may need to refinance all or a portion of our debt on or before maturity, which we may not be able to do on favorable terms or at all. </em>
As of today, they have not filed a report on amending their debt covenants, which is a good sign. However, they have only delivered 9 homes, and pre-sold (could fallout) 7 of the bigger homes. They have a long way to go.
So, if at this point you are still interested in Hearthside Homes Brightwater project, I would keep an eye on the standing inventory. Because if they still have inventory, and still need cash to make that debt payment in December, then you could get a smoking deal. Of course there is this to think about...
<em>An earthquake or other natural disaster, terrorist act or nuclear accident could adversely affect our business.
Our Brightwater project, which recently commenced sales and represents 77% of our real estate assets as of December 31, 2007, is located in a high risk geographical area for earthquakes. In addition, all of our other real estate assets are in southern California and could be directly or indirectly impacted by the event of an earthquake.</em>
How rude... they don't mention my fault by name.
I may add more later, this 10-K is an entertaining read.
<em>
In addition, our credit facilities require us to make $36.8 million in aggregate principal payments by December 31, 2008, including $25 million for the revolving loan (assuming we draw the remaining $24.0 available as of December 31, 2007) and $11.8 million for the term loan. In order to make these payments out of cash flow from operations, <strong>we are striving to deliver approximately 50 homes at Brightwater by the end of 2008</strong>. Given the continued weakness in the housing and mortgage markets, particularly with respect to pricing of jumbo loans, we have initiated discussions with our lenders regarding potential amendments to the revolving loan credit facility that would defer a portion of our currently scheduled payments to future periods. We are also evaluating alternatives for raising additional capital, if necessary. There can be no assurance that we will be successful in these endeavors, that further covenant or other amendments to our credit facilities will not be requested, or that any such requested amendments will be agreed to by our lenders.
Failure to comply with the covenants and conditions imposed by the agreements governing our indebtedness could restrict future borrowing or cause our debt to become immediately due and payable.
The agreements governing our credit facilities impose restrictions on our operations and activities. The most significant restrictions require maintenance of a maximum debt to equity (or leverage) ratio, a minimum interest coverage ratio, and a minimum level of tangible net worth, and limits on investments, cash dividends, stock repurchases and other restricted payments, incurrence of indebtedness, and creation of liens and asset dispositions. We are also required to receive an unqualified report from our independent registered accounting firm in connection with its annual audit of our financial statements. If we fail to comply with these restrictions or covenants, the banks could cause our debt to become due and payable prior to maturity or could demand that we compensate them for waiving instances of noncompliance. Moreover, we may curtail our investment activities and other uses of cash to maintain compliance with these restrictions and covenants. Our leverage may place burdens on our ability to comply with the terms of our indebtedness, may restrict our ability to operate and may prevent us from fulfilling our obligations.
Our ability to meet our debt service and other obligations will depend upon our future performance. Our business is substantially affected by changes in economic cycles. Our revenues, earnings and cash flows vary with the level of general economic activity and competition in the markets in which we operate. Our business could also be affected by financial, political and other factors, many of which are beyond our control. Changes in prevailing interest rates may also affect our ability to meet our debt service obligations because borrowings under our credit facilities bear interest at floating rates. A higher interest rate on our debt could adversely affect our operating results.
Our business may not generate sufficient cash flow from operations and borrowings may not be available to us under our credit facilities in an amount sufficient to pay our debt service obligations, or to fund our other liquidity needs. Should this occur, we may need to refinance all or a portion of our debt on or before maturity, which we may not be able to do on favorable terms or at all. </em>
As of today, they have not filed a report on amending their debt covenants, which is a good sign. However, they have only delivered 9 homes, and pre-sold (could fallout) 7 of the bigger homes. They have a long way to go.
So, if at this point you are still interested in Hearthside Homes Brightwater project, I would keep an eye on the standing inventory. Because if they still have inventory, and still need cash to make that debt payment in December, then you could get a smoking deal. Of course there is this to think about...
<em>An earthquake or other natural disaster, terrorist act or nuclear accident could adversely affect our business.
Our Brightwater project, which recently commenced sales and represents 77% of our real estate assets as of December 31, 2007, is located in a high risk geographical area for earthquakes. In addition, all of our other real estate assets are in southern California and could be directly or indirectly impacted by the event of an earthquake.</em>
How rude... they don't mention my fault by name.
I may add more later, this 10-K is an entertaining read.
CM_Dude_IHB
New member
Today's OC REgister featured a front page (Local section) article about their treatment of Native American remains. They aren't making any friends with the Native American crowd over there at Brightwater in Huntington Beach!
http://www.ocregister.com/articles/grave-site-developer-2020274-commission-goods
http://www.ocregister.com/articles/grave-site-developer-2020274-commission-goods