Costa Mesa Flip That House

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No_Such_Reality_IHB

No_Such_Reality_IHB

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<p>okay, on Saturday, I saw the TLC prorgam Flip That House, this week's episode was in Costa Mesa, CA with Danny and Juliette.</p>

<p>That night, I checked Redfin and ZipRealty, and found it on ZipRealty. </p>

<p>In the show, they bought for $635,000. Planned $50K of improvement and spent supposedly $90K. Their RE Agent told them low 900s, so they listed at $899,000 originally. Juliette squealed about the $174,000 of 'profit' they were going to make. Note, neither seemed to be a REALTOR or agent, so they would be paying commission.</p>

<p>When I found it on ZipRealty, the price was $824,000 with it being 135 DOMs. Sunday morning on the way to Cappy's in Newport, we swung in for a drive by, No signs of it being for sale, no RE sign in the yard. Today, the MLS listing is gone. </p>

<p>Does anybody know if it sold? The sales price? I can provide the street address if someone can check the MLS to see if it's held or supposedly sold.</p>

<p> </p>
 
<p>Off Ttopic: INSR, is Cappy's any good? What do you like there?</p>

<p>On Topic: I would be interested to know the address of the flipped house. I live near Costa Mesa.</p>

<p>Thanks!</p>
 
<p>Nope, my mistake. I fat fingered the search and slipped a built after date into a drop down. It's still on Zip at $824,000 with 138 DOM and counting.</p>

<p>Assuming they'll pay 6% for commissions and looking at carrying cost, they are rapidly approaching breakeven. On paper it still looks like a $100K, but back out commission and add the interest payments or deferred interest from an Option ARM for 6+ months, and they likely have only $30K wiggle room to complete the deal and cover any closing issues. </p>

<p>Assuming of course, their $90K of improvement really were $90K. Which is likely since the contracted out most of the work and picked decent looking improvements without going "custom"</p>

<p>MS Offtopic: Cappy's is great! The omlet's are superb. The oatmeal is good too. The crew is friendly and who doesn't like younger 20 something California beach girls for waitresses? Breakfast for two without drinks, $20. If you like Eggs Benedict, Plums has the best.</p>
 
Off Topic-





Oh.. Plums, we love Plums... although I noticed prices have been creeping upwards there. $40 for breakfast for 3. Also heard they were planning to open up for dinner soon.
 
<p>MS, forgot to tell you which one. It's the one on Parkhill in CM.</p>

<p>Here's the ZipRealty link http://www.ziprealty.com/buy_a_home/logged_in/search/home_detail.jsp?listing_num=P574589&page=2&property_type=SFR&mls=mls_so_cal&cKey=mc4b7frb&source=SOCALMLS</p>
 
<p>That is kind of a weird area. Some really nice neighborhoods "nestled" in a lot of high density housing products.</p>

<p>Don't know what the local schools are like, but wouldn't want my kids (if I had some) to be getting their butts kicked daily for being the "rich" white minorities. One would have to factor in the cost of a private school if that were the case.</p>
 
<p>Yeah, I recall people referring to the area surrounding that area as "little Tijuana" back in the early 90s. You also have the huge Townhome complex (Newport Terrace) around the corner which has a Newport Beach address. </p>

<p>Years ago they we filled with rentals. In fact, here's a listing. Who'd think you could get a 3/2 1400+ sf townhome in Newport Beach for $499K. <a href="http://redfin.com/stingray/do/printable-listing?listing-id=850059">http://redfin.com/stingray/do/printable-listing?listing-id=850059</a></p>
 
<p>I just drove by the home. It looks nice and all, couldn't see the "ocean view", perhaps from the roof?</p>

<p>It is a nice neighborhood where the house is, but just an overall weird area. It is surrounded by ligh industrial (and townhomes). That part of Newport/Costa Mesa could have been developed a lot better. For example, why have industrial buildings with ocean views? Granted, the view is not the greatest because your looking across a wastewater treatment plant & oil fields, but you get great sunset views on that mesa! </p>

<p>Instead, you have a hodgepodge of light industrial, townhomes, and a sprinkling of old SFR's next to eachother. Your thinking to yourself while driving through there, "Am I in a neighborhood or industrial complex?" It definitely could have used some master-planning.</p>
 
<p>MS, everything south of 19th was zoned LI originally. The residential stuff was added decades later; apartments first, then the condos in the 80's. At the base of the bluff is the border between HB and CM along the Santa Ana river confluence/flood plain, hence the water treatment and oil fields.</p>

<p>The high school is Estancia, and while I liked it all right, we had three race fights involving tire jacks, aluminum bats, and bricks my sophomore year. Even with the Mesa Verde area propping up the income levels, Estancia is the poorest HS in the Newport-Mesa School District. Not a place I would send my kids, if I had any.</p>
 
<p>Off Topic: If you want a FANTASTIC omelette (or breakfast/lunch) go to Omelette Parlor on 17th St in Costa Mesa (Vons/Longs shopping center at 17th and Orange). I have been in the area for 15 years and Omelette Parlor is the best breakfast spot around. Personally, I like OP better than Cappy's.</p>

<p>On topic: This area is a great area, despite the Westside location. The lots are huge, the streets are wide, and they are right on the bluffs. The Westside has a zoning overlay in place, so the land use will change if the market desires. If you can buy low, it will be a great buy, but the market has a long way down to go yet.</p>
 
I agree on the Eggs Benedict at Plums...PHENOMENAL!! However, I find them very "chic" and you can find places like Plums in droves up in LA ...which is probably why they're always packed.


Also, definitely overpriced.





If you want a good breakfast and killer pancakes..I recommend the Original Pancake House. Nearest one is in Anaheim. It's just yummy!!





<a href="http://www.originalpancakehouse.com/phloc_anaheim.html">http://www.originalpancakehouse.com/phloc_anaheim.html</a>
 
<p>OT: Optimus Prime has got it right. Original House of Pancakes. Get the "49er" pancakes.</p>

<p>On Topic: Saw the show last night. It was obvious, 900K for that? No way, but I didn't think it would still be on the market. 799, here we come. I hope they sell it. I feel bad for them.</p>
 
Here's the new listing for the property:







$824,000 est prop tax $0





1037 Parkhill ` Dr,





Costa Mesa, CA 92627





MLS# 1037-P





<img height="10" alt="" width="300" border="0" src="http://www.century21.com/images/spacer.gif" />





4 bedroom(s) 2 bathroom(s) 1 half bath(s)





Sq ft : 1,900







<p>http://www.century21.com/buy/property_detail.aspx?teasers=Google-Redirect+Lead+from+Google&tr_key=%20%2033766327</p>
 
<p>NSR, if possible, keep us updated. I remember seeing this on TV - I love those shows. I really like the "Flip Forward" ones that show how much they REALLY make after holding costs and re commission.</p>
 
<p>Minor update, 151 days on market, still priced at $824K. Last price reduction was on 7/14, 10 weeks ago. Will they wait until October 15th to do the next lowering? Are they hoping the recent TV episode will help the sale?</p>

<p> </p>
 
isnt there an Orig Pancake House in Lake Forest? even closer for the irvinites. it's ridiculously crowded though. expect a 30-45 min wait on wkends!
 
<p>I just looked the place up in Ziprealty...it's showing up twice with a new listing that's only a couple days old. Here is the (entertaining) description:





<em>Featured on hit tv show ¿¿¿flip that house¿¿¿! Completely remodeled home*custom cabinetry, granite counters, stainless steel appliances, italian porcelain tile, new windows, doors, baseboards, moldings, carpet, landscaping, sprinklers & more! Wonderful, quiet family neighborhood*must see to appreciate* </em></p>

<p>I don't know why they're touting that it was on a flipping houses show, and is now obvioulsy a huge mistake. Is it relevant to know that some ppl tried to make a ton of money off this place and are failing miserably? Sure wouldn't attract me to the place.





Added: <a href="http://redfin.com/stingray/do/printable-listing?listing-id=1204544">Here's the Redfin listing link</a></p>
 
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