Costa Mesa

NEW -> Contingent Buyer Assistance Program
[quote author="optimusprime" date=1233137121][quote author="optimusprime" date=1219703631]First off...I'm tracking primarily the Woodbuy, Oak Creek, Westpark section of Irvine as the places I would like to purchase a home in sometime in the next 18-24 months..



However, I do like the 92626 section of Costa Mesa...



In particular the little community of Providence Park gated community.



That's one of the homes on the market...there are 2 other similar to it



<a href="http://www.redfin.com/CA/Costa-Mesa/1302-Corte-Maltera-92626/home/5927029">http://www.redfin.com/CA/Costa-Mesa/1302-Corte-Maltera-92626/home/5927029</a>



The 3 are on the market in the $780-790k range.



The math works out to about $340ish per sq ft..each home being around 2275 sq ft.



Where do you think some these will end up dropping to?



Personally I think they will eventually be priced around $275 per or $625k.



Also...anyone know if Newport Mesa Unified is a good district?</blockquote>


Oh snap...it was on and off for a while with this listing.



$780k listing in June 2008..it got pulled for a while, now it's back up for ... $677k as a short sale. It works out to $298 per sq ft.



Looking at the current environment we're in. I think this baby could be had for $550k-575k now.</blockquote>


Similar...just down the block, same neighborhood. Looks like our predictions are very accurate.



<a href="http://www.redfin.com/CA/Costa-Mesa/3375-Corte-Levanto-92626/home/5926987">http://www.redfin.com/CA/Costa-Mesa/3375-Corte-Levanto-92626/home/5926987</a>



Back on the market, going for $650k short sale. I really believe in the next 6-12 months, this baby is going sub $600k.



BTW...impeccable timing by the seller in 2006 at $950k!!!
 
<strong><span style="font-size: 14px;">Its back!!!</span></strong>



<a href="http://www.irvinehousingblog.com/forums/viewthread/2737/P50/#100068">original hole in the ground post</a>



<a href="http://www.redfin.com/CA/Costa-Mesa/2256-Orange-Ave-92627/home/18332750">the hole in the ground</a>



For Sale (MLS-listed)

$1,029,000

2256 ORANGE Ave Costa Mesa, CA 92627

Beds: 5

Baths: 4

Sq. Ft.: 4,500

$/Sq. Ft.: $229

Lot Size: 5,561 Sq. Ft.

Property Type: Residential, Single Family

Style: 3+ Levels, Other

Year Built: 2009

Community: East Costa Mesa

County: Orange

MLS#: U9004905

Source: SoCalMLS

Status: Active This listing is for sale and the sellers are accepting offers.

On Redfin: 3 days

BEAUTIFUL NEW CUSTOM HOME - NEAR COMPLETION. 5 BEDRMS, 5 BATHS, FAMILY RM, OFC/DEN, PLUS LARGE BONUS ROOM. FIRST FLOOR: 2 STY FOYER LEADS TO CIRCULAR STAIRCASE, LIV. RM/DIN. RM, GOURMET KITCHEN OPENS TO FAMILY RM W/ FIREPLACE, BEDRM & 1/2 BATH. UPSTAIRS: 2 LARGE MASTERSUITES W/ BALCONIES, LUXURIOUS BATHS, WALKIN CLOSETS, OFFICE/DEN, 2 SMALLER BEDROOMS AND FULL BATH. LOWER LEVEL: LARGE BONUS RM W/ 1/2 BATH (COULD BE MEDIA, GAME, SPORTS RM?) AMENITIES: DISTRESSED HARDWOOD FLOORS, EXTENSIVE USE OF GRANITE, MARBLE, TRAVERTINE, DUAL SINKS, CUSTOM WROUGHT IRON RAILS, CROWN MOLDING, SOAKING TUBS W/ JETS, AND CUSTOM CABINETRY, KITCHEN ISLAND & GARDEN WINDOW, AND MUCH MORE.
 
[quote author="freedomCM" date=1258275305]<strong><span style="font-size: 14px;">Its back!!!</span></strong>



<a href="http://www.irvinehousingblog.com/forums/viewthread/2737/P50/#100068">original hole in the ground post</a>



<a href="http://www.redfin.com/CA/Costa-Mesa/2256-Orange-Ave-92627/home/18332750">the hole in the ground</a>



For Sale (MLS-listed)

$1,029,000

2256 ORANGE Ave Costa Mesa, CA 92627

Beds: 5

Baths: 4

Sq. Ft.: 4,500

$/Sq. Ft.: $229

Lot Size: 5,561 Sq. Ft.

Property Type: Residential, Single Family

Style: 3+ Levels, Other

Year Built: 2009

Community: East Costa Mesa

County: Orange

MLS#: U9004905

Source: SoCalMLS

Status: Active This listing is for sale and the sellers are accepting offers.

On Redfin: 3 days

BEAUTIFUL NEW CUSTOM HOME - NEAR COMPLETION. 5 BEDRMS, 5 BATHS, FAMILY RM, OFC/DEN, PLUS LARGE BONUS ROOM. FIRST FLOOR: 2 STY FOYER LEADS TO CIRCULAR STAIRCASE, LIV. RM/DIN. RM, GOURMET KITCHEN OPENS TO FAMILY RM W/ FIREPLACE, BEDRM & 1/2 BATH. UPSTAIRS: 2 LARGE MASTERSUITES W/ BALCONIES, LUXURIOUS BATHS, WALKIN CLOSETS, OFFICE/DEN, 2 SMALLER BEDROOMS AND FULL BATH. LOWER LEVEL: LARGE BONUS RM W/ 1/2 BATH (COULD BE MEDIA, GAME, SPORTS RM?) AMENITIES: DISTRESSED HARDWOOD FLOORS, EXTENSIVE USE OF GRANITE, MARBLE, TRAVERTINE, DUAL SINKS, CUSTOM WROUGHT IRON RAILS, CROWN MOLDING, SOAKING TUBS W/ JETS, AND CUSTOM CABINETRY, KITCHEN ISLAND & GARDEN WINDOW, AND MUCH MORE.</blockquote>


I don't know how I missed this update. What is interesting is 2258 went back to the bank and someone picked it up for $250k from the bank.
 
but are they going to be able to get the permits to build on that lot? I thought that it was in dispute whether the subdivision was legal?



I'm impressed that someone bought 2256 and dumped in the $$$ to finish up the half built project. I wonder what their acquisition and completion costs were.



Will they make a ton of $ if they sell at $1M? How low can they go and still break even?
 
[quote author="freedomCM" date=1259719043]but are they going to be able to get the permits to build on that lot? I thought that it was in dispute whether the subdivision was legal?</blockquote>


They should be able to get the permits renewed fairly easily, since the city would love to see that hole in the ground disappear. The subdivision was legal and approved, but the basement was not built to code. From what I read on the code violations from the city, they will have to start all over on the basement, or scrap it all together. Structural wise, it would be best to rebuild it, cost wise it would be best to fill it and move on. At $75-$100 sqft. build cost, they could build a nice house and make a decent profit.



<blockquote>I'm impressed that someone bought 2256 and dumped in the $$$ to finish up the half built project. I wonder what their acquisition and completion costs were.



Will they make a ton of $ if they sell at $1M? How low can they go and still break even?</blockquote>


I'm curious too as to how much they paid for it, and what they had to put into it. It scares me that there were serious code violations on the other property and how there are probably some serious corners they cut on that one too. Maybe IR2 or t-man could shed some light on what they bought it for.
 
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