Corona del Mar

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[quote author="JakeRoberts" date=1234153442]



Anyone think those condo's could eventually be had for $300,000?</blockquote>


Depends how deep this recession is, and that would be on the low end, but I certainly think it's possible.
 
No way in hell that those go as low as 300K. It would be nice though. Assuming that the 2 beds are around 1200 sq ft, and that there is absolutely nothing in CDM for less than 500/sq ft, much less 200+/sq ft. If you get one under 500K for a new condo I would be very surprised, depression or no depression.
 
[quote author="Maltese" date=1234183022]No way in hell that those go as low as 300K. It would be nice though. Assuming that the 2 beds are around 1200 sq ft, and that there is absolutely nothing in CDM for less than 500/sq ft, much less 200+/sq ft. If you get one under 500K for a new condo I would be very surprised, depression or no depression.</blockquote>


Why? What about these properties make them "special"?
 
[quote author="no_vaseline" date=1234183263]Why? What about these properties make them "special"?</blockquote>


Jimmy owns them, nuff said.
 
[quote author="no_vaseline" date=1234183263][quote author="Maltese" date=1234183022]No way in hell that those go as low as 300K. It would be nice though. Assuming that the 2 beds are around 1200 sq ft, and that there is absolutely nothing in CDM for less than 500/sq ft, much less 200+/sq ft. If you get one under 500K for a new condo I would be very surprised, depression or no depression.</blockquote>


Why? What about these properties make them "special"?</blockquote>


Easy access to cougars in their natural habitat at Bandera?
 
I was looking at some 92660 and 92625 homes on Redfin tonight, and the recent sales (last 6 months) are interesting. Some of them are obviously foreclosures, but then others are selling at 5-10%/yr appreciation over their 2003/2004 prices. Is this even possible?
 
Some examples:



<a href="http://www.redfin.com/CA/Newport-Beach/2223-Alta-Vista-Dr-92660/home/4639534">http://www.redfin.com/CA/Newport-Beach/2223-Alta-Vista-Dr-92660/home/4639534</a>



<a href="http://www.redfin.com/CA/Newport-Beach/1841-Port-Carlow-Pl-92660/home/4721837">http://www.redfin.com/CA/Newport-Beach/1841-Port-Carlow-Pl-92660/home/4721837</a>



<a href="http://www.redfin.com/CA/Newport-Beach/1707-Port-Stirling-Pl-92660/home/4718321">http://www.redfin.com/CA/Newport-Beach/1707-Port-Stirling-Pl-92660/home/4718321</a>



<a href="http://www.redfin.com/CA/Newport-Beach/1842-Port-Stanhope-Pl-92660/home/4722012">http://www.redfin.com/CA/Newport-Beach/1842-Port-Stanhope-Pl-92660/home/4722012</a>



<a href="http://www.redfin.com/CA/Newport-Beach/1978-Port-Chelsea-Pl-92660/home/4718474">http://www.redfin.com/CA/Newport-Beach/1978-Port-Chelsea-Pl-92660/home/4718474</a>



<a href="http://www.redfin.com/CA/Corona-Del-Mar/237-Iris-Ave-92625/home/3255412">http://www.redfin.com/CA/Corona-Del-Mar/237-Iris-Ave-92625/home/3255412</a>



<a href="http://www.redfin.com/CA/Corona-Del-Mar/1407-Seacrest-Dr-92625/home/4718777">http://www.redfin.com/CA/Corona-Del-Mar/1407-Seacrest-Dr-92625/home/4718777</a>



<a href="http://www.redfin.com/CA/Corona-Del-Mar/39-Montecito-Dr-92625/home/4733626">http://www.redfin.com/CA/Corona-Del-Mar/39-Montecito-Dr-92625/home/4733626</a>



I imagine some of these were "redone", but I'm just having a hard time believing that prices are still so strong in these areas.
 
You really have a hard time believing that Corona Del Mar still demands more than 300K for a condo? Believe it or not, people are still looking to buy in nice areas, and as there are few affordable options in CDM there is no reason to think that these will not sell at a higher price point. Cougars are nice too.



In response to Strom, prices in Newport Beach/CDM have not fallen to 2003 levels. They are hovering in late 2004 as far as I have seen. But the distressed sales are building at higher and higher price points, so the next 24 months should be very interesting. In the past 12 months though, the knife catchers have been out in droves, picking properties up at 10-20% off peak.
 
Hehehehe... if you knew what I knew about the foreclosures in the Port streets... it ain't pretty. What is on Redfin, and what is happening there, are two different things.
 
[quote author="graphrix" date=1235144582]Hehehehe... if you knew what I knew about the foreclosures in the Port streets... it ain't pretty. What is on Redfin, and what is happening there, are two different things.</blockquote>


How are the flower streets doing? When I moved out there the house two down was for sale, along with two nearly directly across the street. None of the three had been there very long. In fact one of them had only been there about a year or two. The wife could have been a shoe in for the real housewives. They always threw these elaborate parties, which suddenly stopped and the for sale sign went up.
 
[quote author="graphrix" date=1235144582]Hehehehe... if you knew what I knew about the foreclosures in the Port streets... it ain't pretty. What is on Redfin, and what is happening there, are two different things.</blockquote>


graphix, do you mind elaborating on this? As I have always been curious about this neighborhood considering the prices have always been way too high in comparison with incomes even for Newport. I've noticed there doesn't appear to be too many sales via Redfin. Do you happen to have a foreclousure map of the neighborhood?
 
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