Costa Mesa

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[quote author="freedomCM" date=1236857898]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="" /></blockquote>


<a href="http://'http://www.ocregister.com/articles/keeler-property-city-2287256-stephanie-house'">The city has voted to clean up the mess</a>
 
Thanks for the news. Wonder if they'll update the MLS listing photo after the cleanup? :lol: I always thought that was the most comically horrible-looking photo of a "house" I'd come across on Redfin.
 
I grew up in Costa Mesa. The helicopters used to come out about once a week with loud announcements for Billy, Bob, Sue or whomever to "please go home, your mother is waiting for you". Growing up I thought that every neighborhood had a helicopter to remind children to go home when it got dark. I could never figure out why all of those kids were out on the streets when I had to go to bed so early.
 
Wow, that's pretty trippy. I guess cellphone companies can claim an environmental victory on that one -- "No need to send out a helicopter after your kids when it's time for dinner -- just call 'em!".
 
[quote author="freedomCM" date=1237601391][quote author="Maltese" date=1237551293]Seriously? 625k? It is basically a new custom home for around the construction cost. That would mean the land was free. I think you are way pessimistic. You will be lucky if you can find a tear down for 500k in Mariners district but then you need to build.</blockquote>




It sounds as if you are trying to assign a value to the house, rather than determining what the market value is, or will be.





I agree with no-vas' estimate of $625k.



Not so much because of costs, but because there just are not a lot of buyers who have $175k incomes who want to live there. The market just isn't there to support $400/sf in even the best part (which this is) of CM. And the buyers that do exist will want to live in the nearby parts of NPB if they are going to pay $400/sf.</blockquote>


Look at the Redfin comps:



Nearby Similar Sales

Closest homes similar to 385 Broadway, which sold within the past six months:

$614,500

2345 E 16th St

Sold on Mar 03, 2009 0.65 miles

3 bd / 2 ba

2,021 Sq. Ft.

$1,445,000

2001 Holiday Rd

Sold on Mar 16, 2009 0.8 miles

3 bd / 3 ba

2,137 Sq. Ft.

$975,000

2407 Sierra Vis

Sold on Nov 14, 2008 0.98 miles

2 bd / 2 ba

2,065 Sq. Ft.

Range: $614,500 - $1,445,000

Average: $484/Sq. Ft.

This home at $484/Sq. Ft.: $1,210,325



I think we can agree that the Nov sale on Sierra Vis is too old and should be thrown out. So, which remaining sale is the better comp? Holiday Road, in which case it looks like they can get asking or higher, or the one on 16th St, where $625k or a little more is reasonable?



Checking the history on the two comps, the 16 St one is for sale again at $895k. Looks like a flip. Maybe it was in bad shape and they fixed it up, although they relisted it ten days after buying it, so that's not much time to do anything of significance. Also of note is that it's a flag lot, which tend to sell for less.



Also, both comps have three bedrooms (and less square footage), while this one has four.



In any case, houses above the local jumbo limit seem to take forever to sell right now. So maybe they might get a million plus, but it might take them six months to do so.
 
The 385 Broadway sellers came back 1 month after our negotiations fell apart and offered to take 1.16k. We said no thanks. They then lowered to 1.18. We called the realtor recently to see if they had lowered their expectations. Now they will take 1.15. There was a recent closed sale of a cottage on the 400 block of Broadway for around 600k, but to rebuild you are still looking at 1.1 million. IMHO a couple of distressed sales in Baycrest is what it will take to get real price drops into the few blocks of 92627 in Mariners district.
 
47% off the 2005 price. 50% off in CM, here we come!



645 Beach St

Costa Mesa, CA 92626



<strong>Price: $415,000 </strong>



Beds: 3

Baths: 2

Sq. Ft.: 1,589

$/Sq. Ft.: $261

Lot Size: 6,600 Sq. Ft.



Property History for 645 Beach St



Apr 04, 2009 Listed $415,000 -- SoCalMLS #P682461

<strong>Oct 26, 2005 Sold $789,000</strong> 25.2%/yr Public Records

Feb 13, 2001 Sold $275,000 -- Public Records





http://media.cdn-redfin.com/photo/46/bigphoto/461/P682461_0.jpg





<a href="http://www.redfin.com/CA/Costa-Mesa/645-Beach-St-92627/home/4562034">http://www.redfin.com/CA/Costa-Mesa/645-Beach-St-92627/home/4562034</a>
 
short sale on beach, so no fair. However, I doubt that they will get any offers at $415K. My guess, knowing this neighborhood like I do, is that it won't close for over $375K. I wonder why they picked for $415K for listing price for a short sale? If they needed an offer, they would have had to list it below $350K. So, if the bank approved only $415K, it will end up in foreclosure.
 
[quote author="caycifish" date=1239782507]47% off the 2005 price. 50% off in CM, here we come!



645 Beach St

Costa Mesa, CA 92626



<strong>Price: $415,000 </strong>



Beds: 3

Baths: 2

Sq. Ft.: 1,589

$/Sq. Ft.: $261

Lot Size: 6,600 Sq. Ft.



Property History for 645 Beach St



Apr 04, 2009 Listed $415,000 -- SoCalMLS #P682461

<strong>Oct 26, 2005 Sold $789,000</strong> 25.2%/yr Public Records

Feb 13, 2001 Sold $275,000 -- Public Records







http://media.cdn-redfin.com/photo/46/bigphoto/461/P682461_0.jpg





<a href="http://www.redfin.com/CA/Costa-Mesa/645-Beach-St-92627/home/4562034">http://www.redfin.com/CA/Costa-Mesa/645-Beach-St-92627/home/4562034</a></blockquote>


I think we need to start calling Cayci "Ms. Foreclosure", I hope you also have a hobby that has rubbed off on Graph. It is rather addicting, I know. And BTW, what's up with the crazy beams in that house? Very strange.
 
The crazy beams are a result of the way they added on. These houses were originally 987 sq/ft. Those beams you see were where the orginal wall ended. I hate it when they add on that way because now you cannot have a garage. There's plenty of room on the lots to add on in the back and leave the driveway so that you can pull into a garage in the front or even better, the rear of the house.
 
I'm too lazy to look it up, I grew up in CM, but I don't know where this street is located. My brother is looking for a good deal in CM to get the h*ll out of Irvine so I'm interested in CM properties. It says "Central CM", what are the cross streets?
 
[quote author="tmare" date=1239783263]

I think we need to start calling Cayci "Ms. Foreclosure", I hope you also have a hobby that has rubbed off on Graph. It is rather addicting, I know. And BTW, what's up with the crazy beams in that house? Very strange.</blockquote>


LOL! I used to post rollbacks before we were even dating. Just getting into it again today. I don't like the layout of this house, either.
 
[quote author="tmare" date=1239783678]I'm too lazy to look it up, I grew up in CM, but I don't know where this street is located. My brother is looking for a good deal in CM to get the h*ll out of Irvine so I'm interested in CM properties. It says "Central CM", what are the cross streets?</blockquote>


behind the DMV off 19th
 
and BTW, we've already hit 50% in CM.



879 wilson, sold 3/25 at 50%

2062 pomona sold 12/17 at 45% of last sale

2012 meyer sold 3/20 for 50%



but the real winner is:

653 surf, which sold 2/26 at 30% of last sale price.



plus, several are active or in escrow right now below the 50% mark.
 
Wilson and Pomona are crap streets.. 2019 Meyer is a bit odd. It's really a 2 bd and went up for rent 2 days after closing escrow. They did put in new concrete, which was still drying with the for rent sign. 653 Surf was the most god awful property you have ever seen. Talk about horrible and unpermited additions, this should have been the poster child.



Front door you walk in to what you expect to be the livng space, but no it's all walls and there is an interior door that seperates it from the rest of the house. That bedroom you see where you would expect a garage...well, there is a closet, but the closet is not functional as a closet as there is a sorry ass white painted brick fireplace that takes up that entire closet... can't use fireplace nor can you use closet. Some of these houses you can look at and see that there is something yoiu can do with it, others, like this one, you look at and just say it's hopeless. Anyway, that house cannot be used as a comp for the neighborhood.
 
I do want to point out that the crap houses on crap streets in Orange, Anaheim and Fullerton are the 50%-off-ers as well. You gotta start somewhere.
 
[quote author="stepping_up" date=1239783600]The crazy beams are a result of the way they added on. These houses were originally 987 sq/ft. Those beams you see were where the orginal wall ended. I hate it when they add on that way because now you cannot have a garage. There's plenty of room on the lots to add on in the back and leave the driveway so that you can pull into a garage in the front or even better, the rear of the house.</blockquote>


Is that even legal? In most cities, if a house was built with covered parking, it needs to always have covered parking. And all new homes need to have covered parking. That is, if you convert the garage, you need to build another garage as well, or at least a carport. I suspect that convertion was unpermitted, although rules about this do vary from city to city.
 
The public facts on Zillow say 971 sq/ft. They are usually pretty accurate, but not always. Agents typically only list the legal square footage. So, not sure if Zillow is wrong or agent is wrong. I recall reading an article last year about CM making a change to permits where ample parking space needs to be provided, so it sounded like you didn't have any parking requirements before and it didn't say anything about covered, just off street.
 
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