Costa Mesa

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[quote author="stepping_up" date=1235733145][quote author="freedomCM" date=1235731501][quote author="stepping_up" date=1235718763]That so is a short sale! I've been watching that one for the past year.</blockquote>




well, they *could* have put enough cash down to get below $417, and not tapped the ATM.



but how likely is that?</blockquote>
Not likely at ALL. I think the realtor is lying and what pisses me off is that his contact info is not in the redfin listing. So, if you really want to know you have to have an agent contact him. At that price, it should be contingent already if it's not a short sale. Remember all the pics from the old listing? This guy only posted 3 photos and none of them show how nice that house is.</blockquote>
You want me to give you the contact info for that realtard?
 
[quote author="stepping_up" date=1235739874]That's the problem, there is no contact info!! He's totally lying when he says this is not a short sale and should be fried.</blockquote>


Perhaps you'd like to schedule a showing? <em>Show Phone 714-745-2886</em>



There <strong>is</strong> the possibility that these sellers have other reserves to cover the difference, but they are recorded as owing a substantial amount. Maybe they've paid quite a bit down?

-IR2



<img src="http://irvinerealtorsite.com/930Arbor.JPG" alt="" />
 
That's IR, I do want to call him tomorrow and see why he's saying it's not a short sale. So, these sh%^heads put down a whopping $150, yes a weekly grocery bill, for their downpayment and now want out?
 
<a href="http://www.zillow.com/homedetails/412-E-Bay-St-Costa-Mesa-CA-92627/25470508_zpid/">412 E BAY ST, Costa Mesa, CA 92627</a> bought for $1mil in 2006.



Live rent free for several months.



Picked up at the auction by an investor for $550,100 in 2009.



Seeing the East Side start to crack...



Priceless.



There are some things Mastercard will buy, and there some things that only cash will buy. Welcome to the credit crunch.
 
OK, so I called on 930 Arbor today because I LOVED LOVED LOVED that house and am no sooooo kicking myself for not waiting. The guy bought it at auction and wants to turn it fast... no FHA because they require 90 days between owners. He's paying a buyer's agent commission and listed it with a discount broker for the sales side. It had already gone into escrow, but the buyers were using FHA, so it fell out. I know Freedom will say that he will wait until he can get ths house for $350K, but today this is a great deal!
 
[quote author="stepping_up" date=1235820518]OK, so I called on 930 Arbor today because I LOVED LOVED LOVED that house and am no sooooo kicking myself for not waiting. The guy bought it at auction and wants to turn it fast... no FHA because they require 90 days between owners. He's paying a buyer's agent commission and listed it with a discount broker for the sales side. It had already gone into escrow, but the buyers were using FHA, so it fell out. I know Freedom will say that he will wait until he can get ths house for $350K, but today this is a great deal!</blockquote>


Please post picture of 930.
 
BK, see post #54, above



step, I mean that I think this one, or a similar one, will sell for $280k within a year or so. The "renovations" look as if they were done prior to the yr2000 sale, didn't include an expanded master and bath, and I think fall more in the maintainence category. Other than the location (which is great right next to the park) and the good school, I just don't see the justification for over $200/sf in the current environment.
 
<strong>OOPS....a $1M mistake?</strong>



This pair of lots was, I'm sure, spec housing that they hoped to sell for $1.5M each...but *stuff* happens, and they had to list them as half built #1 (for $1.2M), and basement poured for #2, with plans ($600k):



<blockquote>This house is under construction with all the basic strutural work completed including drywall. What needs to be completed is is all the finish work including cabinets,countertops, fixtures, flooring etc. The basement is approximately 1500 sqft.and can be made to be part of the living space with only a few modifications. This a great opportunity to have custom house finished your way.</blockquote>


<blockquote>This House has the basement walls poured and needs to be completed. All plans have been approved. It will look like the one next to it which is much farther along in construction. Prospective buyers are welcome to go in the one next to it and look around to help visualize what it will be like. The basement is about 1,500 sqft. and can be made part of the living space for a total of about 5000 sqft. Please call for any more information and to look at the plans.</blockquote>


Too bad that didn't work out.



<strong>Now they are listed at $750k and $300k. Wassup wid dat?</strong>



<blockquote>update 3.9: This basic lot must be purchased with mls #U8005555 due to various legal issues and is sold AS IS. Work has been started but must re-done. Please call for more details </blockquote>


and

<blockquote>update 3.9: This basic lot must be purchased with mls #U8005555 due to various legal issues and is sold AS IS. Work has been started but must re-done. Please call for more details </blockquote>


<img src="http://i-0.rfimg.us/photo/46/bigphoto/555/U8005555_0.jpg" alt="" />



http://www.redfin.com/CA/Costa-Mesa/2256-Orange-Ave-92627/home/18332750



http://www.redfin.com/CA/Costa-Mesa/2258-Orange-Ave-92627/home/12254323
 
They probably didn't do the basement to code, or didn't get a permit. It also sounds like the city didn't allow them to split the lots. Oops. The info might be in the CM city council meeting minutes.
 
Big lot would be my guess. I wonder what the value is for a screwed up lot? It as has 3500 sf half finished abode on it. What the $/sf value on that? $75? $100? What's lot value worth?



Frankly, with a screwed up building on it, it's only worth raw land value.
 
I think the building in the picture may be ok, with another $150k of finish.





It is the adjoining lot where they poured a basement that appears to have been screwed up. I guess you can just seal it (with something more permanent than a blue tarp) and put in a pumping system for the pool...



<img src="http://i-0.rfimg.us/photo/46/bigphoto/571/U8005571_1.jpg" alt="" />
 
Alright Costa Mesa lovers, how much would you pay to buy these properties? $125k for the construction cost on the one house seems high to me, but I haven't actually seen it, so take it FWIW. You get both properties as one, as it was probably intended, if you could purchase as is, and the construction cost for the home was $50k and the other lot $8k, what would you pay? I am genuinely curious, because if I could buy it for what I think it is worth... I would.
 
<blockquote>This house is under construction with all the basic strutural work completed including drywall. What needs to be completed is is all the finish work including cabinets,countertops, fixtures, flooring etc. The basement is approximately 1500 sqft.and can be made to be part of the living space with only a few modifications. This a great opportunity to have custom house finished your way.</blockquote>




for a 3500sf house, $125k is my guess for the finish, and round up to about $50/sf including finishing the basement.



so you get two 5000sf lots, and the half finished shell. say $150/sf (and hope the permits on the main house are ok, and the cleanup for the other lot isn't too steep).



$750k total?



you get a finished to your spec 3500sf house on a quarter acre lot, not bad. (with the rare finished basement). and it is far enough from the airport that the plane noise won't kill you.



of course, I think you would need to bring cash or a construction loan, which greatly narrows the buyer pool.





If it doesn't find a buyer soon, though, it could go for a lot less at the auction.
 
[quote author="graphrix" date=1236965224]Alright Costa Mesa lovers, how much would you pay to buy these properties? $125k for the construction cost on the one house seems high to me, but I haven't actually seen it, so take it FWIW. You get both properties as one, as it was probably intended, if you could purchase as is, and the construction cost for the home was $50k and the other lot $8k, what would you pay? I am genuinely curious, because if I could buy it for what I think it is worth... I would.</blockquote>


Too many unknowns. As an R1, future price is IMHO $200/sf + $50K lot bonus. So current price is future price - finishing cost - lot repair cost - uncertainty factor = foreclosure.



Looking at the aerial view, the 5000 sf lot appears to be both lots combined. The 3500 sf home dominates the lot and it's two stories. If the half lot was 5000sf, the house footprint only be under 1/2 the half-lot.



It's worth whatever a 5000sf R1 teardown is worth. Frankly, I don't know. $400K is too much unless you can prevalidate that existing work is to code. Freedom may be lite on the cost estimate to finish if you need to completely do the kitchen and all the baths.



Worst case, you bulldoze everything an rebuild a 2500-3500 sf place. Total cost $1.2M for a place you'll be able to sell for what in another year? $750K? I know IR did a blog posting on calculating the residual lot value.



I'm guessing though, I haven't done enough construction or remodeling to estimate these costs.



What do you think it's worth Graph?



(I did a little more checking, that future McMansion is in the wrong neighborhood, it's mostly rentals, old rentals that I doubt will be gentrifying anytime soon.)
 
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