Brightwater Huntington Beach reduced 300k?

NEW -> Contingent Buyer Assistance Program
[quote author="Emily Knell" date=1222482093]Yes I have continued reading & watched the protester video, it's always good to get real feedback from real people. It will be interesting to see how this all plays out with Hearthside & their financial state. I've told my client to hold off on Breakwater, maybe there's a better deal in the Seacliff area without so much negativity like ancient burial ground protesters, allegedly rude staff people & potentially way overpriced homes. <strong>More investigation on my part is needed.</strong></blockquote>


First on the list of investigation is getting the name right. I know, I know... I should cut you some slack, you are a REALTOR after all. :cheese:
 
Over on Lasner's blog they have a story about California Coastal getting their loan terms extended.



<a href="http://lansner.freedomblogging.com/2008/10/02/credit-crunch-irvine-builders-loan-extended/4280">http://lansner.freedomblogging.com/2008/10/02/credit-crunch-irvine-builders-loan-extended/4280</a>



Choice quote: ?I think we?re close to the bottom,? Pacini said. ?We feel comfortable that ? we can ride out the storm and be around when things start getting better.?



LOL
 
[quote author="Shadax" date=1223009407]Over on Lasner's blog they have a story about California Coastal getting their loan terms extended.



<a href="http://lansner.freedomblogging.com/2008/10/02/credit-crunch-irvine-builders-loan-extended/4280">http://lansner.freedomblogging.com/2008/10/02/credit-crunch-irvine-builders-loan-extended/4280</a>



Choice quote: ?I think we?re close to the bottom,? Pacini said. ?We feel comfortable that ? we can ride out the storm and be around when things start getting better.?



LOL</blockquote>


I feel bad for these guys. With jumbo rates spiking, the Alt-A and Prime resets coming, and the economy deteriorating, the prices there are going to crater. I would not be surprised if they mothball the project and pray the market comes back.
 
Did anyone take the time to read the 8-K? You know I did. I hope the Brightwater employees did, because this is just a temporary life line, and one that means they need to sell some homes really quickly without lowering the price too much. Good luck. Here are the highlights:



On their revolver loan.



Maturity Extension Option:



The Registrant (the ?Company?) will have the option to extend the maturity by nine (9) months to June 30, 2010 upon demonstrating compliance with all covenants for the reporting period ending December 31, 2008 and the payment of a <strong>25 basis points fee</strong>.



Release Price:



The release price (and commitment reduction) will be $600,000 per home for the first <strong>70 closings (previously the first 50 closings)</strong> and $1,000,000 per home thereafter.



Amortization:



Date 12/31/08 Prior Commitment $75,000,000, New Commitment $ 95,000,000.



Minimum Sales Price:



The minimum sales price requirement will reset according to the Company?s current base price schedule <strong>(and sales prices shall not be reduced by more than 15%, consistent with the existing agreement)</strong>.



Minimum Sales Requirement:



The sum of cumulative homes closed to date and 50% of backlog (units under contract) must equal or exceed the figures set forth below:



Date/Minimum Sales



12/31/08 32



3/31/09 40



6/30/09 50



9/30/09 64



12/31/09 80



3/31/10 96



Cross Default:



Removed the cross default provisions (Affirmative Covenants, Negative Covenants, Events of Default, etc.) to the debt on the Hellman and Lancaster projects financed by IndyMac and owned by two of the Company?s subsidiaries and guaranteed by another subsidiary (Hearthside Homes, Inc.). <strong>This debt is non-recourse to the Revolver Borrower and the Company</strong>.

<em>

So... this means they can walk away and never pay jack sh*t to the lender. And who said banks aren't making stupid loans still?</em>



Modification Fee:



<strong>A modification fee of 37.5 basis points was paid to each consenting Lender based on its current Revolver commitment.</strong>



On their term loan.



Release Price:



The release price (and commitment reduction) will be $600,000 per home for the first 70 closings (previously the first 50 closings) and $1,000,000 per home thereafter.



http://img802.mytextgraphics.com/photolava/2008/10/03/calcamort-4c2ft22oc.jpeg



Minimum Sales Requirement:



The sum of cumulative homes closed to date and 50% of backlog (units under contract) must equal or exceed the figures set forth below:



Date/Minimum Sales



12/31/08 32



3/31/09 40



6/30/09 50



9/30/09 64



12/31/09 80



3/31/10 96



Minimum Liquidity ? The sum of cash and Revolver availability must equal or exceed $4 million.



Application of Net Sales Proceeds: All net sales proceeds after taking into account the Term Loan release price must pay down the Revolver balance. These funds will be available to be re-borrowed under the Revolver subject to the terms of the credit agreement. The Borrower will be permitted to have a maximum $10 million in cash at any time.



Additional Commitment Reduction: To the extent the sum of cash and Revolver availability exceeds $20 million, any excess will be treated as an additional release price (i.e. 60% of excess will pay down the Term Loan and 40% of the excess will reduce the Revolver commitment).



Cross Default:



Removed the cross default provisions (Affirmative Covenants, Negative Covenants, Events of Default, etc.) to the debt on the Hellman and Lancaster projects financed by IndyMac and owned by two of the Company?s subsidiaries and guaranteed by another subsidiary (Hearthside Homes, Inc.). <strong>This debt is non-recourse to the Term Loan Borrower and the Company.</strong>

<em>

Banks still be dumb.</em>



<em>They got whacked with fees, they got whacked with higher interest rates, they got whacked with having to sell more homes sooner with a restriction on price reductions. Now to review their stats...</em>



On September 30, 2008, the Registrant issued a press release (the ?Press Release?) that, in addition to announcing the Amendments described in Item 1.01 above, announced third quarter, year-to-date and project-to-date sales information relating to its 356-home Brightwater development in Huntington Beach, California:



Third quarter deliveries of seven (7) homes at an average price of $1.4 million, included deliveries of four (4) Cliffs homes and one (1) Breakers home, which are the larger square foot products offered at the Brightwater community.



? Year-to-date deliveries of 16 homes and project-to-date deliveries of 25 homes.



? Third quarter net sales orders of six (6) homes.



? Year-to-date net sales orders of 28 homes and project-to-date net sales orders of 37 homes.



? Current backlog of 12 homes with an aggregate sales value of $28.4 million.



<em>So... Brightwater employees: Stop reading here, stop reading those other bubble blogs, stop looking at pr0n, stop downloading music, and most importantly... stop getting pissed at me for showing you reality. I know it sucks, but you don't have time to waste here, you need to sell homes, you need to sell a lot of homes, you can't drop the price, and you need to do it by the end of the year. To me, this deal allows your company to just walk away too easily, and they will do that if you can't sell those homes. You have no time to comment, you need to get calling on potential buyers. I think you are slacking, you have my real phone number and you have never ever called me. What a bunch of slackers, too much time wasted on IHB, when you should be calling everyone including this IHBer. </em>
 
Graphix,



Can you explain how the average sales price is 1.4 million dollars on the 7 homes delivered, while 5 of those homes happen to be in the more expensive Cliffs and Breakers? I recall that these homes are on average closer to 2 million dollars in the Cliffs and Breakers, and they claim that there are no discounts. This seems unlikely, given the average.
 
[quote author="graphrix" date=1223038042]Did anyone take the time to read the 8-K? You know I did. I hope the Brightwater employees did, because this is just a temporary life line, and one that means they need to sell some homes really quickly without lowering the price too much. Good luck. Here are the highlights:



On their revolver loan.



Maturity Extension Option:



The Registrant (the ?Company?) will have the option to extend the maturity by nine (9) months to June 30, 2010 upon demonstrating compliance with all covenants for the reporting period ending December 31, 2008 and the payment of a <strong>25 basis points fee</strong>.



Release Price:



The release price (and commitment reduction) will be $600,000 per home for the first <strong>70 closings (previously the first 50 closings)</strong> and $1,000,000 per home thereafter.



Amortization:



Date 12/31/08 Prior Commitment $75,000,000, New Commitment $ 95,000,000.



Minimum Sales Price:



The minimum sales price requirement will reset according to the Company?s current base price schedule <strong>(and sales prices shall not be reduced by more than 15%, consistent with the existing agreement)</strong>.



Minimum Sales Requirement:



The sum of cumulative homes closed to date and 50% of backlog (units under contract) must equal or exceed the figures set forth below:



Date/Minimum Sales



12/31/08 32



3/31/09 40



6/30/09 50



9/30/09 64



12/31/09 80



3/31/10 96



Cross Default:



Removed the cross default provisions (Affirmative Covenants, Negative Covenants, Events of Default, etc.) to the debt on the Hellman and Lancaster projects financed by IndyMac and owned by two of the Company?s subsidiaries and guaranteed by another subsidiary (Hearthside Homes, Inc.). <strong>This debt is non-recourse to the Revolver Borrower and the Company</strong>.

<em>

So... this means they can walk away and never pay jack sh*t to the lender. And who said banks aren't making stupid loans still?</em>



Modification Fee:



<strong>A modification fee of 37.5 basis points was paid to each consenting Lender based on its current Revolver commitment.</strong>



On their term loan.



Release Price:



The release price (and commitment reduction) will be $600,000 per home for the first 70 closings (previously the first 50 closings) and $1,000,000 per home thereafter.



http://img802.mytextgraphics.com/photolava/2008/10/03/calcamort-4c2ft22oc.jpeg



Minimum Sales Requirement:



The sum of cumulative homes closed to date and 50% of backlog (units under contract) must equal or exceed the figures set forth below:



Date/Minimum Sales



12/31/08 32



3/31/09 40



6/30/09 50



9/30/09 64



12/31/09 80



3/31/10 96



Minimum Liquidity ? The sum of cash and Revolver availability must equal or exceed $4 million.



Application of Net Sales Proceeds: All net sales proceeds after taking into account the Term Loan release price must pay down the Revolver balance. These funds will be available to be re-borrowed under the Revolver subject to the terms of the credit agreement. The Borrower will be permitted to have a maximum $10 million in cash at any time.



Additional Commitment Reduction: To the extent the sum of cash and Revolver availability exceeds $20 million, any excess will be treated as an additional release price (i.e. 60% of excess will pay down the Term Loan and 40% of the excess will reduce the Revolver commitment).



Cross Default:



Removed the cross default provisions (Affirmative Covenants, Negative Covenants, Events of Default, etc.) to the debt on the Hellman and Lancaster projects financed by IndyMac and owned by two of the Company?s subsidiaries and guaranteed by another subsidiary (Hearthside Homes, Inc.). <strong>This debt is non-recourse to the Term Loan Borrower and the Company.</strong>

<strong><em>

Banks still be dumb.</em></strong>

<em>They got whacked with fees, they got whacked with higher interest rates, they got whacked with having to sell more homes sooner with a restriction on price reductions. Now to review their stats...</em>



On September 30, 2008, the Registrant issued a press release (the ?Press Release?) that, in addition to announcing the Amendments described in Item 1.01 above, announced third quarter, year-to-date and project-to-date sales information relating to its 356-home Brightwater development in Huntington Beach, California:



Third quarter deliveries of seven (7) homes at an average price of $1.4 million, included deliveries of four (4) Cliffs homes and one (1) Breakers home, which are the larger square foot products offered at the Brightwater community.



? Year-to-date deliveries of 16 homes and project-to-date deliveries of 25 homes.



? Third quarter net sales orders of six (6) homes.



? Year-to-date net sales orders of 28 homes and project-to-date net sales orders of 37 homes.



? Current backlog of 12 homes with an aggregate sales value of $28.4 million.



<em>So... Brightwater employees: Stop reading here, stop reading those other bubble blogs, stop looking at pr0n, stop downloading music, and most importantly... stop getting pissed at me for showing you reality. I know it sucks, but you don't have time to waste here, you need to sell homes, you need to sell a lot of homes, you can't drop the price, and you need to do it by the end of the year. To me, this deal allows your company to just walk away too easily, and they will do that if you can't sell those homes. You have no time to comment, you need to get calling on potential buyers. I think you are slacking, you have my real phone number and you have never ever called me. What a bunch of slackers, too much time wasted on IHB, when you should be calling everyone including this IHBer. </em></blockquote>
You can thank the smart guys at Key Bank for setting up a non-recourse residential construction loan (might be a good time to buy some longer puts on Key). That's only one level better than doing a non-recourse loan on residential land. haha
 
I was down by Brightwater in Huntington Beach this weekend and followed an "open house" sign from a local realtor, to a very unfortunate resale. The owner purchased the unit 12 months prior for around 1.179, put in a couple hundred thousand of upgrades, and is now selling for 1.499. That is only $697 per sq ft, for a lovely home in the Sands (the ones that are basically detached condos. It was really beautiful. I'm guessing this might be the first distressed brightwater home (other than the ones owned by the builder). Does anyone have an update regarding the sales etc at Brightwater?
 
<a href="http://investors.californiacoastalcommunities.com/releasedetail.cfm?ReleaseID=346475">The press release for their earnings was out today</a>. Good stuff I tell you, really good stuff. I will have more details when their 10-Q is released over at the SEC. Here are some highlights so far...

<em>

IRVINE, Calif., Nov 07, 2008 /PRNewswire-FirstCall via COMTEX News Network/ -- California Coastal Communities, Inc. (Nasdaq: CALC) reported $3.3 million of gross operating profit before impairment charges for the quarter ended September 30, 2008 compared with $200,000 of gross operating profit before impairment charges for the comparable period of 2007. The net loss for the quarter was $21.1 million, or $1.94 per diluted share compared with a net loss of $17.5 million or $1.61 per diluted share for the third quarter of 2007. Results for the third quarter of 2008 reflect the delivery of 17 homes at the Company's homebuilding projects in Southern California (including seven homes at its Brightwater coastal development project) compared to delivery of only 12 homes at our inland projects in the third quarter of 2007.



Homebuilding gross operating profit was offset by impairment charges of $29.1 million in the third quarter of 2008 and net operating expenses of $2.3 million, compared with $1.7 million of net operating expenses and $28.0 million of impairment charges in the third quarter of 2007. The increase in net operating expenses primarily reflects interest and property taxes charged to operations for inland projects no longer under construction. The Company reported a pretax loss of $28.1 million and $29.5 million for the quarters ended September 30, 2008 and 2007, respectively.



Impairment charges of $29.1 million recorded during the third quarter of 2008 primarily reflect fair value write-downs for the Hearthside Lane project in Corona and Las Colinas project in Lancaster of $24.1 million and $1.5 million, respectively, and a $3.4 million charge related to our Woodhaven project in Beaumont. Subsidiaries of <strong>Hearthside Homes, Inc. are currently in default on the loans secured by the Hearthside Lane and Las Colinas projects</strong> and they are attempting to negotiate a consensual resolution of the loans which is likely to <strong>involve turnover of the properties securing these loans to the lender</strong>. Therefore, under GAAP the Company was required to reduce the carrying value of the Hearthside Lane and Las Colinas projects to their estimated fair values during the quarter ended September 30, 2008. After these impairment charges, the related debt exceeds the carrying value of these assets by approximately $18.5 million. If the Hearthside Lane property is transferred to the lender in full settlement of that loan, the Company will recognize a substantial gain as a result of debt cancellation. If the gain is equal to the amount that the recorded debt exceeds the carrying value of the assets, the $18.5 million pretax gain would result in a gain of $10.9 million after tax, or $1.00 per share. Both of these loans are guaranteed by Hearthside Homes, Inc.; however, they are not guaranteed by and do not otherwise constitute obligations of California Coastal Communities, Inc. There can be no assurance that the lender will agree to a consensual resolution of these loans.



The Company completed amendments to its $210.0 million aggregate principal amount revolving and term loans during the quarter, which will preserve an additional $100.0 million of borrowing capacity until September 2009. <strong>The amendments enable the Company to finance construction at Brightwater and repay the loans on a schedule that better reflects the Company's current expectations about home sales at Brightwater given the continuing downturn in the housing market</strong>.



Raymond J. Pacini, CEO of the Company commented: "While conditions in the housing and credit markets have continued to deteriorate during the quarter, we are pleased to have successfully negotiated amendments to our revolving credit line and term loan, and we appreciate the continued support and cooperation of our lenders. We continue to experience reluctance among prospective home buyers due, in large part, to the significant economic uncertainty that exists today. Despite the challenges of the current national homebuilding market, the national credit market crisis and the continued erosion of our inland markets, we believe the potential for our Brightwater project remains strong." </em>



Still living on hope that Brightwater will carry them through this mess. What a bunch of losers, walking away, just like so many of the homedebtors they shafted by overpricing their garbage homes in the first place. Thanks you Kool-Aid drinking morons, thanks to your inability to run a business properly you are willing to make me and all other taxpayers liable for your IndyMac debt you are walking away from. For that, you get a big "F*CK YOU!" from me. I really hope they don't let you walk away and you get stuck paying back the money you owe. Again, losers.



Sadly, you had $24.3mil in cash back in December, and now you have $7mil in cash. Somehow I doubt you will make it, and I hope another builder bails your sorry a$$ out, because you are already trying to shaft taxpayers with your own incompetence in ruining a business by walking away from projects, and I don't want to be stuck paying for another one of your Kool-Aid overdosed decisions at Brightwater.



Not only do you suck for building crappy homes, but you suck for shafting taxpayers. You thought I talked trash before, now you have made it personal in actually costing me for your incompetence, so expect me to be even more critical of the Popsicle stick quality homes you build. Losers, big fat moronically incompetent losers.
 
[quote author="graphrix" date=1226135113]<a href="http://investors.californiacoastalcommunities.com/releasedetail.cfm?ReleaseID=346475">The press release for their earnings was out today</a>. Good stuff I tell you, really good stuff. I will have more details when their 10-Q is released over at the SEC. Here are some highlights so far...

<em>

IRVINE, Calif., Nov 07, 2008 /PRNewswire-FirstCall via COMTEX News Network/ -- California Coastal Communities, Inc. (Nasdaq: CALC) reported $3.3 million of gross operating profit before impairment charges for the quarter ended September 30, 2008 compared with $200,000 of gross operating profit before impairment charges for the comparable period of 2007. The net loss for the quarter was $21.1 million, or $1.94 per diluted share compared with a net loss of $17.5 million or $1.61 per diluted share for the third quarter of 2007. Results for the third quarter of 2008 reflect the delivery of 17 homes at the Company's homebuilding projects in Southern California (including seven homes at its Brightwater coastal development project) compared to delivery of only 12 homes at our inland projects in the third quarter of 2007.



Homebuilding gross operating profit was offset by impairment charges of $29.1 million in the third quarter of 2008 and net operating expenses of $2.3 million, compared with $1.7 million of net operating expenses and $28.0 million of impairment charges in the third quarter of 2007. The increase in net operating expenses primarily reflects interest and property taxes charged to operations for inland projects no longer under construction. The Company reported a pretax loss of $28.1 million and $29.5 million for the quarters ended September 30, 2008 and 2007, respectively.



Impairment charges of $29.1 million recorded during the third quarter of 2008 primarily reflect fair value write-downs for the Hearthside Lane project in Corona and Las Colinas project in Lancaster of $24.1 million and $1.5 million, respectively, and a $3.4 million charge related to our Woodhaven project in Beaumont. Subsidiaries of <strong>Hearthside Homes, Inc. are currently in default on the loans secured by the Hearthside Lane and Las Colinas projects</strong> and they are attempting to negotiate a consensual resolution of the loans which is likely to <strong>involve turnover of the properties securing these loans to the lender</strong>. Therefore, under GAAP the Company was required to reduce the carrying value of the Hearthside Lane and Las Colinas projects to their estimated fair values during the quarter ended September 30, 2008. After these impairment charges, the related debt exceeds the carrying value of these assets by approximately $18.5 million. If the Hearthside Lane property is transferred to the lender in full settlement of that loan, the Company will recognize a substantial gain as a result of debt cancellation. If the gain is equal to the amount that the recorded debt exceeds the carrying value of the assets, the $18.5 million pretax gain would result in a gain of $10.9 million after tax, or $1.00 per share. Both of these loans are guaranteed by Hearthside Homes, Inc.; however, they are not guaranteed by and do not otherwise constitute obligations of California Coastal Communities, Inc. There can be no assurance that the lender will agree to a consensual resolution of these loans.



The Company completed amendments to its $210.0 million aggregate principal amount revolving and term loans during the quarter, which will preserve an additional $100.0 million of borrowing capacity until September 2009. <strong>The amendments enable the Company to finance construction at Brightwater and repay the loans on a schedule that better reflects the Company's current expectations about home sales at Brightwater given the continuing downturn in the housing market</strong>.



Raymond J. Pacini, CEO of the Company commented: "While conditions in the housing and credit markets have continued to deteriorate during the quarter, we are pleased to have successfully negotiated amendments to our revolving credit line and term loan, and we appreciate the continued support and cooperation of our lenders. We continue to experience reluctance among prospective home buyers due, in large part, to the significant economic uncertainty that exists today. Despite the challenges of the current national homebuilding market, the national credit market crisis and the continued erosion of our inland markets, we believe the potential for our Brightwater project remains strong." </em>



Still living on hope that Brightwater will carry them through this mess. What a bunch of losers, walking away, just like so many of the homedebtors they shafted by overpricing their garbage homes in the first place. Thanks you Kool-Aid drinking morons, thanks to your inability to run a business properly you are willing to make me and all other taxpayers liable for your IndyMac debt you are walking away from. For that, you get a big "F*CK YOU!" from me. I really hope they don't let you walk away and you get stuck paying back the money you owe. Again, losers.



Sadly, you had $24.3mil in cash back in December, and now you have $7mil in cash. Somehow I doubt you will make it, and I hope another builder bails your sorry a$$ out, because you are already trying to shaft taxpayers with your own incompetence in ruining a business by walking away from projects, and I don't want to be stuck paying for another one of your Kool-Aid overdosed decisions at Brightwater.



Not only do you suck for building crappy homes, but you suck for shafting taxpayers. You thought I talked trash before, now you have made it personal in actually costing me for your incompetence, so expect me to be even more critical of the Popsicle stick quality homes you build. Losers, big fat moronically incompetent losers.</blockquote>
They believe that the potential for their Brightwater project remains strong??? What kind of crack are they smoking??? Man, both these guys and the lenders have their heads in the sand thinking that everything will work out in 2009. Too bad 2009 is going to be worse than 2008. Honestly, I hope they push back that stupid loan back in Key's face who should be taken over by the Fed for making such a stupid loan.
 
[quote author="usctrojanman29" date=1226145983][quote author="graphrix" date=1226135113]<a href="http://investors.californiacoastalcommunities.com/releasedetail.cfm?ReleaseID=346475">The press release for their earnings was out today</a>. Good stuff I tell you, really good stuff. I will have more details when their 10-Q is released over at the SEC. Here are some highlights so far...

<em>

IRVINE, Calif., Nov 07, 2008 /PRNewswire-FirstCall via COMTEX News Network/ -- California Coastal Communities, Inc. (Nasdaq: CALC) reported $3.3 million of gross operating profit before impairment charges for the quarter ended September 30, 2008 compared with $200,000 of gross operating profit before impairment charges for the comparable period of 2007. The net loss for the quarter was $21.1 million, or $1.94 per diluted share compared with a net loss of $17.5 million or $1.61 per diluted share for the third quarter of 2007. Results for the third quarter of 2008 reflect the delivery of 17 homes at the Company's homebuilding projects in Southern California (including seven homes at its Brightwater coastal development project) compared to delivery of only 12 homes at our inland projects in the third quarter of 2007.



Homebuilding gross operating profit was offset by impairment charges of $29.1 million in the third quarter of 2008 and net operating expenses of $2.3 million, compared with $1.7 million of net operating expenses and $28.0 million of impairment charges in the third quarter of 2007. The increase in net operating expenses primarily reflects interest and property taxes charged to operations for inland projects no longer under construction. The Company reported a pretax loss of $28.1 million and $29.5 million for the quarters ended September 30, 2008 and 2007, respectively.



Impairment charges of $29.1 million recorded during the third quarter of 2008 primarily reflect fair value write-downs for the Hearthside Lane project in Corona and Las Colinas project in Lancaster of $24.1 million and $1.5 million, respectively, and a $3.4 million charge related to our Woodhaven project in Beaumont. Subsidiaries of <strong>Hearthside Homes, Inc. are currently in default on the loans secured by the Hearthside Lane and Las Colinas projects</strong> and they are attempting to negotiate a consensual resolution of the loans which is likely to <strong>involve turnover of the properties securing these loans to the lender</strong>. Therefore, under GAAP the Company was required to reduce the carrying value of the Hearthside Lane and Las Colinas projects to their estimated fair values during the quarter ended September 30, 2008. After these impairment charges, the related debt exceeds the carrying value of these assets by approximately $18.5 million. If the Hearthside Lane property is transferred to the lender in full settlement of that loan, the Company will recognize a substantial gain as a result of debt cancellation. If the gain is equal to the amount that the recorded debt exceeds the carrying value of the assets, the $18.5 million pretax gain would result in a gain of $10.9 million after tax, or $1.00 per share. Both of these loans are guaranteed by Hearthside Homes, Inc.; however, they are not guaranteed by and do not otherwise constitute obligations of California Coastal Communities, Inc. There can be no assurance that the lender will agree to a consensual resolution of these loans.



The Company completed amendments to its $210.0 million aggregate principal amount revolving and term loans during the quarter, which will preserve an additional $100.0 million of borrowing capacity until September 2009. <strong>The amendments enable the Company to finance construction at Brightwater and repay the loans on a schedule that better reflects the Company's current expectations about home sales at Brightwater given the continuing downturn in the housing market</strong>.



Raymond J. Pacini, CEO of the Company commented: "While conditions in the housing and credit markets have continued to deteriorate during the quarter, we are pleased to have successfully negotiated amendments to our revolving credit line and term loan, and we appreciate the continued support and cooperation of our lenders. We continue to experience reluctance among prospective home buyers due, in large part, to the significant economic uncertainty that exists today. Despite the challenges of the current national homebuilding market, the national credit market crisis and the continued erosion of our inland markets, we believe the potential for our Brightwater project remains strong." </em>



Still living on hope that Brightwater will carry them through this mess. What a bunch of losers, walking away, just like so many of the homedebtors they shafted by overpricing their garbage homes in the first place. Thanks you Kool-Aid drinking morons, thanks to your inability to run a business properly you are willing to make me and all other taxpayers liable for your IndyMac debt you are walking away from. For that, you get a big "F*CK YOU!" from me. I really hope they don't let you walk away and you get stuck paying back the money you owe. Again, losers.



Sadly, you had $24.3mil in cash back in December, and now you have $7mil in cash. Somehow I doubt you will make it, and I hope another builder bails your sorry a$$ out, because you are already trying to shaft taxpayers with your own incompetence in ruining a business by walking away from projects, and I don't want to be stuck paying for another one of your Kool-Aid overdosed decisions at Brightwater.



Not only do you suck for building crappy homes, but you suck for shafting taxpayers. You thought I talked trash before, now you have made it personal in actually costing me for your incompetence, so expect me to be even more critical of the Popsicle stick quality homes you build. Losers, big fat moronically incompetent losers.</blockquote>
They believe that the potential for their Brightwater project remains strong??? What kind of crack are they smoking??? Man, both these guys and the lenders have their heads in the sand thinking that everything will work out in 2009. Too bad 2009 is going to be worse than 2008. Honestly, I hope they push back that stupid loan back in Key's face who should be taken over by the Fed for making such a stupid loan.</blockquote>


They're holding on by a thread. Maybe if they modify the loan terms again so they only have to sell 1 for the rest of the year, then include a few indentured servants (homedebtors?) with the home. It looks like a big sinkhole is forming (I don't mean literally....yet!)
 
graphix, are you on their interest list and they haven't called you!!!! SHAME ON THEM! They probably told their managers that they have called all their leads. I am sure the sales team gets a decent base salary to live on. Nothing like 100% commission to motivate the team. The management should really think about it. I knew those salespeople were a pack of wolves, especially the red head sales woman and blond manager. I think it is time for a new sales team. One that has new energy and vigor. They should at least try it out. It seems that all else has FAILED.



One of the Sands is on sale? Is it a foreclosure? How can I get more information about the listing if I don't have MLS access?
 
[quote author="garrison" date=1229571398]Anything new to report on Brightwater? To the financial guru's out there: do you think it's possible the prices will reduce in '09 (or they'd accept an offer) 300-400K off the current list prices at the Cliffs or Breakers? I've read all 17 pages and understand the arguments against a purchase there, but with the prices reduced 20-30% I'd be more compelled to buy there due to it's close proximity to the beach and my job. Plus, not having to pay Mello Roos has some appeal, as well as possible mortgage rates in the 4.5% range.



FWIW, I was lucky enough to purchase in Oak Creek (Cricket Club) in 2000, so I'm still sitting pretty with my equity spread (and the prices have been surprisingly resilient locally); I just don't know when/if would be the right time to pull the trigger.</blockquote>


Welcome,



Do you have the courtyard plan? John Laing Homes 1st attempt in doing courtyard. The laborers mounted the exterior shutters for the arch top windows incorrectly for many production units.
 
Have you looked at the houses in closer to downtown? there are a number of recent and spec built houses closer to the beach for similar prices.



what about the houses and condos behind the hilton?
 
browse here:



http://www.redfin.com/search#uipt=1&status=1&min_listing_approx_size=2000&min_parcel_size=2000&v=4&lat=33.674560918108384&long;=-118.01969643751143&zoomLevel=13&region_id=38425&region_type=2&market=socal
 
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