Brightwater Huntington Beach reduced 300k?

NEW -> Contingent Buyer Assistance Program
Correction, I asked my friend to ask the Sales Manager in a discreet way what is real and what isn't. And after speaking to her, my friend concluded that it seems that in Chandler, two are bogus and in Ontario there are two that are also bogus. They were supposed to close months ago, but have complications and Hearthside is stringing them along to look better for their investors.



Anyone have any comments on the Hearthside or Cal Coastal management team? Any personal interaction?
 
[quote author="morekaos" date=1218661101][quote author="morekaos" date=1218575330]3:01 AM posting? Graph, when do you sleep? Anyway, does this 50 delivered homes goal still stand for Brightwater? If so when do you think they will cry Uncle?</blockquote>


Yes, I have sleep issues, or more like can't get my brain to shut off issues.



The goal currently still stands, but they have a waiver until October to try to renegotiate the loans they have on Brightwater. IMO it doesn't look good for them, and it doesn't look like they will be able to even deliver half of what they promised. Key Bank is the main lender and they stated in the WSJ article that they are trying to reduce their exposure to builder loans. A while back I posted a link where the CEO was begging for support and pitching the same spiel about how Brightwater is special. As we have seen from this thread, it is anything but special, and if shareholders or the banks google search Brightwater they will find this thread. It could be perceived that I am just talking trash but I have posted the facts, and the pictures to back the facts. Then you have potential buyers who have shared their experience and it hasn't been pleasant either. I wish them the best of luck, they really, really need it.
 
Potential- Your lucky you missed the other Buttwater sales person Patrick. Not playing with a full deck. All he could talk about was Seacliff. Isn't he selling Brightwater? He should be selling oranges in the middle of the street. By the looks of their balance sheet they are all going to be looking for work soon!
 
I wonder which one of those three employees was HB Big Bird !



Oh look! Here he/she is at their new job ! The Chicken House drive thru !



<img src="http://www.mcm.org/images/BigBird.gif" alt="" />
 
[quote author="Trooper" date=1218792033]I wonder which one of those three employees was HB Big Bird !



Oh look! Here he/she is at their new job ! The Chicken House drive thru !



<img src="http://www.mcm.org/images/BigBird.gif" alt="" /></blockquote>
You want fries with that?
 
That was the funniest thing I've seen in weeks! I really needed the laughs today. Thank you all!



I live in HB myself. My neighbors are thinking about purchasing at Brightwater. They are a really nice family. While having a chat with the wife, I found they are having issues. They are extremely pissed with the Manager on the project, some rude, fake tall blond lady that seems "a bit stupid" in their words who is overcharging and raping them with the options she is selling, but she is doing it while smirking. Apparently, this couple is having a hard time getting loan approved and this woman convinced them there is a loan out there for them. I hope they don't lose the roof over their head based on this assumption and lies of the developer. I've heard of developers trying to keep deposits, but I wonder if this is the miserable way that Hearthside is trying to make money these days?



Has anyone ever worked with or met this lady?
 
It seems the first round of escrows to close in the Cliffs are due in September. I really hope those buyers go back and really negotiate with the builder. Otherwise, they will see their downpayment and equity just drop dramatically. It might be wiser for those buyers to forgo their deposit and wait a couple years. Anyone with real estate experience know if a builder can hold your deposit (if they choose not to refund your money) for a couple years?
 
OK, so now I know 2 people who had contracts to purchase at Brightewater Huntington Beach and backed out. One was a contingent purchase upon sale of his waterfront in HB harbor. No sale meant no buy. The second was a purchase that she had put down $20,000.00 and to my total disbelief, she got all back last month. Strike 2 sales from CALCs recent numbers.
 
Check out this youtube video, I don't think these people protesting will be buying a Hearthside Home at Brighwater in Huntington Beach.



<object width="325" height="250"><embed src="http://www.youtube.com/v/youtube" type="application/x-shockwave-flash" width="325" height="250"></embed></object>





170 graves found at brightwater, that's a lot!
 
I have been reading this blog intermittingly and I am a major investor in CALC working at Dimensional Fund Advisors. I am quite disappointed that the stock price is at all time 52 week low today. I firmly believe that these homes are a good product, yet sales need to increase now. Sales are a function of the experience and tact of the sales team and from everything that I have read, it seems that this sales team is anything but less than average. I am located in Chicago and haven't actually seen the homes. Have any of you seen a new sales force or is it the same team that was hired at the opening of the project? I would be interested in seeing a "changing of the guard" so to say. From the sales team to the Sales Manager. It doesn't seem they have good attitudes to be working with potential buyers. Maybe some fresh faces and more experienced sales agents are what is needed to revitalize project and drive sales. I would at this point, give CALC a SELL rating.
 
I finally toured Brightwater this weekend. In the cliffs and breakers, the woman who was the greeter was so incredibly rude that it was comical. I asked her what her job was there and she looked at me with this haughty, blank stare. She was just pissed that I was using their fancy Starbucks machine without asking.



Anyway, the models were impressive but the prices are outlandish. The fact is that for 1.5 million dollars I can buy a beautiful resale home in Edwards Hill or elsewhere in Seacliff, and for 2 million dollars I can get a nice view home in Newport Coast or CDM or Newport Heights. So the argument that this neighborhood is one of the last coastal developments in OC doesn't resonate with me. For 2 million, I am buying in Harbor View homes, not near the chicken house. Meanwhile, the nice neighborhood off Los Patos has double the lot size, better views from many streets, and is half the price. Nobody in their right mind or wallet will drop 900 K - 1.3 million dollars for a 1900 sq. ft. detached condo, which is what the trails and sands really are. If I were the builder, I would drop prices dramatically in order to create some kind of value, because in todays market, nobody is going to bite on their line. Wouldn't it be better to sell all the houses before they go belly up?



Good luck with your investment Chicago fund guy.
 
[quote author="HGraygoose" date=1219719031]I have been reading this blog intermittingly and I am a major investor in CALC working at Dimensional Fund Advisors. I am quite disappointed that the stock price is at all time 52 week low today. I firmly believe that these homes are a good product, yet sales need to increase now. Sales are a function of the experience and tact of the sales team and from everything that I have read, it seems that this sales team is anything but less than average. I am located in Chicago and haven't actually seen the homes. Have any of you seen a new sales force or is it the same team that was hired at the opening of the project? I would be interested in seeing a "changing of the guard" so to say. From the sales team to the Sales Manager. It doesn't seem they have good attitudes to be working with potential buyers. Maybe some fresh faces and more experienced sales agents are what is needed to revitalize project and drive sales. I would at this point, give CALC a SELL rating.</blockquote>
When did DFA become so interested in the internal sales teams of the companies they hold? Such scrutiny would seem to be directly at odds with the investment strategy. I'm sure with such a large stake in the company you could get any executive on the phone pretty quick to address your concerns.
 
[quote author="Daedalus" date=1219743870][quote author="HGraygoose" date=1219719031]I have been reading this blog intermittingly and I am a major investor in CALC working at Dimensional Fund Advisors. I am quite disappointed that the stock price is at all time 52 week low today. I firmly believe that these homes are a good product, yet sales need to increase now. Sales are a function of the experience and tact of the sales team and from everything that I have read, it seems that this sales team is anything but less than average. I am located in Chicago and haven't actually seen the homes. Have any of you seen a new sales force or is it the same team that was hired at the opening of the project? I would be interested in seeing a "changing of the guard" so to say. From the sales team to the Sales Manager. It doesn't seem they have good attitudes to be working with potential buyers. Maybe some fresh faces and more experienced sales agents are what is needed to revitalize project and drive sales. I would at this point, give CALC a SELL rating.</blockquote>
When did DFA become so interested in the internal sales teams of the companies they hold? Such scrutiny would seem to be directly at odds with the investment strategy. I'm sure with such a large stake in the company you could get any executive on the phone pretty quick to address your concerns.</blockquote>


Or... he could just walk over to their office and ask them himself. Being in Irvine is a lot shorter of a walk than actually being in Chicago.



Man... some people are really new to the intarwebs.
 
I am by no means the sole decision maker regarding investments in CALC. I have my questions for particular reasons, and sometimes other factors need to be taken into consideration and variables looked at. Yes, I can pick up the phone and call people that work for our company or work for CALC. However, sometimes it is also wise to hear, listen and value opinions of others and see the other side of the equation. People in business lie, cheat and color the truth. I wanted your valued perspective as consumers. That's all. I apologize if my comment came off in any other way to be offensive.
 
I haven't been over to Brightwater yet, but I will tell you this: If you have any reason to doubt the quality of the sales staff, you could fire them all and <em>easily</em> replace them with good people. Many, many builders here have laid off experienced staff b/c of the downturn. They are ripe for the picking.
 
[quote author="HGraygoose" date=1219755941]sometimes other factors need to be taken into consideration and variables looked at. </blockquote>
How long has it been since DFA changed their methodology?



[quote author="HGraygoose" date=1219755941]People lie, cheat and color the truth. </blockquote>
I hear ya!
 
This goes back to earlier posts...but the project can only be saved by the bank taking it over selling it at a loss to a new developer that can sell them for a profit for 30% less. This is how it worked in early 90's, this is how it still works.
 
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