Long Beach general thread

NEW -> Contingent Buyer Assistance Program
The Shore is now in full retreat. Now offering BELOW its 2004 purchase price.



REDUCED $125K. NOW IN SHORT SALE PROCESS



<a href="http://www.redfin.com/CA/Long-Beach/69-La-Verne-Ave-90803/home/7596406">69 La Verne</a>
 
[quote author="morekaos" date=1231298794]Whoa, here is another big hit property IN the Shore. Yikes, a half mil loss and a drop of 39% in three years. Is this the beginning of the end?



<a href="http://www.redfin.com/CA/Long-Beach/166-Corona-Ave-90803/home/7595867">Corona</a>



<span style="color: red;"><strong>Jan 05, 2009 Price Changed $797,000 </strong></span>-- SoCalMLS #Y804637

Jan 05, 2009 Relisted -- -- SoCalMLS #Y804637

Jan 02, 2009 Off Redfin -- -- SoCalMLS #Y804637

Oct 21, 2008 Price Changed $850,000 -- SoCalMLS #Y804637

Oct 02, 2008 Price Changed $980,000 -- SoCalMLS #Y804637

Sep 10, 2008 Price Changed $800,000 -- SoCalMLS #Y804637

Jul 11, 2008 Price Changed $980,000 -- SoCalMLS #Y804637

Jul 02, 2008 Listed $890,000 -- SoCalMLS #Y804637

<strong>Nov 22, 2005 Sold $1,299,000 34.3%/yr </strong>Public Records</blockquote>


My buddies used to live right next door to this place! We all became friendly with the 2001-2005 owner. Really cool lady (from Carlsbad if I remember correctly). She picked the place up for under 400k, but it was an absolute DUMP at the time. Not even half the lot was taken up by the ancient two-story shack in back.



Anyhow, around 2003 she flattened the creaky little fort and told us she put about $400,000 into constructing what you see now. So, judging by the 2005 sale price, she walked with about $400,000 in profit for her troubles. Not too shabby. I just hope she held on to the money and didn't roll it into another overpriced Belmont Shore property.
 
[quote author="RE in the LBC" date=1231907213][quote author="morekaos" date=1231298794]Whoa, here is another big hit property IN the Shore. Yikes, a half mil loss and a drop of 39% in three years. Is this the beginning of the end?



<a href="http://www.redfin.com/CA/Long-Beach/166-Corona-Ave-90803/home/7595867">Corona</a>



<span style="color: red;"><strong>Jan 05, 2009 Price Changed $797,000 </strong></span>-- SoCalMLS #Y804637

Jan 05, 2009 Relisted -- -- SoCalMLS #Y804637

Jan 02, 2009 Off Redfin -- -- SoCalMLS #Y804637

Oct 21, 2008 Price Changed $850,000 -- SoCalMLS #Y804637

Oct 02, 2008 Price Changed $980,000 -- SoCalMLS #Y804637

Sep 10, 2008 Price Changed $800,000 -- SoCalMLS #Y804637

Jul 11, 2008 Price Changed $980,000 -- SoCalMLS #Y804637

Jul 02, 2008 Listed $890,000 -- SoCalMLS #Y804637

<strong>Nov 22, 2005 Sold $1,299,000 34.3%/yr </strong>Public Records</blockquote>


My buddies used to live right next door to this place! We all became friendly with the 2001-2005 owner. Really cool lady (from Carlsbad if I remember correctly). She picked the place up for under 400k, but it was an absolute DUMP at the time. Not even half the lot was taken up by the ancient two-story shack in back.



Anyhow, around 2003 she flattened the creaky little fort and told us she put about $400,000 into constructing what you see now. So, judging by the 2005 sale price, she walked with about $400,000 in profit for her troubles. Not too shabby. I just hope she held on to the money and didn't roll it into another overpriced Belmont Shore property.</blockquote>


Wow, at the 797 ask this house is 3 grand short of her total investment from 2003. Time warp.
 
I'm kinda like awgee on the Coto thread...I may be talking to myself but what the heck, I like my voice. Here is another Shore property with a $255,000.00 haircut off its 2005 purchase price, and that is just for starters. They have been chasing the market down since April of 2007 and it looks like time ran out since it's empty from the pictures so I suppose these FBers fled town.



<a href="http://www.redfin.com/CA/Long-Beach/169-Argonne-90803/home/7595754">Argonne</a>
 
hey, I'm positive that having a 3 car garage in the shore makes the $500/sf worth it, no?



that, and your big backyard for "entertaining"





Who the hell actually lives here and pays $1.5M? where do these people work? why do they prefer this to SB or HB (or redondo, etc)?
 
[quote author="morekaos" date=1232516761]I'm kinda like awgee on the Coto thread...I may be talking to myself but what the heck, I like my voice. Here is another Shore property with a $255,000.00 haircut off its 2005 purchase price, and that is just for starters. They have been chasing the market down since April of 2007 and it looks like time ran out since it's empty from the pictures so I suppose these FBers fled town.



<a href="http://www.redfin.com/CA/Long-Beach/169-Argonne-90803/home/7595754">Argonne</a></blockquote>
Keep'em coming Morekaos. Honestly, if I was to drop $1.4MM for a house I'd be buying in Newport Beach/Coast on this "tall and skinny" home.
 
[quote author="usctrojanman29" date=1232519247][quote author="morekaos" date=1232516761]I'm kinda like awgee on the Coto thread...I may be talking to myself but what the heck, I like my voice. Here is another Shore property with a $255,000.00 haircut off its 2005 purchase price, and that is just for starters. They have been chasing the market down since April of 2007 and it looks like time ran out since it's empty from the pictures so I suppose these FBers fled town.



<a href="http://www.redfin.com/CA/Long-Beach/169-Argonne-90803/home/7595754">Argonne</a></blockquote>
Keep'em coming Morekaos. Honestly, if I was to drop $1.4MM for a house I'd be buying in Newport Beach/Coast on this "tall and skinny" home.</blockquote>


Morekaos, I'm with usctrojanman...please keep 'em coming.



One of my readers pointed out this <a href="http://www.redfin.com/CA/Long-Beach/2401-E-Ocean-Blvd-90803/home/16898902">incredible desperation move</a>:



Jul 07, 2008 - Listed $3,875,000

Aug 27, 2008 - Price Changed $3,699,999

Sep 05, 2008 - Price Changed $3,499,999

Dec 10, 2008 - Price Changed $3,199,999

Dec 29, 2008 - Price Changed $3,100,000

Jan 06, 2009 - Price Changed $2,999,000

Jan 17, 2009 - Price Changed <strong>$999,000 </strong>



YIKES!



<a href="http://longbeachhousingblog.blogspot.com/2009/01/glass-house.html">Here's my take</a>
 
[quote author="morekaos" date=1232516761]I'm kinda like awgee on the Coto thread...I may be talking to myself but what the heck, I like my voice. Here is another Shore property with a $255,000.00 haircut off its 2005 purchase price, and that is just for starters. They have been chasing the market down since April of 2007 and it looks like time ran out since it's empty from the pictures so I suppose these FBers fled town.



<a href="http://www.redfin.com/CA/Long-Beach/169-Argonne-90803/home/7595754">Argonne</a></blockquote>


I always appreciate reading about anything goin'on on the island.
 
[quote author="RE in the LBC" date=1232538949][quote author="usctrojanman29" date=1232519247][quote author="morekaos" date=1232516761]I'm kinda like awgee on the Coto thread...I may be talking to myself but what the heck, I like my voice. Here is another Shore property with a $255,000.00 haircut off its 2005 purchase price, and that is just for starters. They have been chasing the market down since April of 2007 and it looks like time ran out since it's empty from the pictures so I suppose these FBers fled town.



<a href="http://www.redfin.com/CA/Long-Beach/169-Argonne-90803/home/7595754">Argonne</a></blockquote>
Keep'em coming Morekaos. Honestly, if I was to drop $1.4MM for a house I'd be buying in Newport Beach/Coast on this "tall and skinny" home.</blockquote>


Morekaos, I'm with usctrojanman...please keep 'em coming.



One of my readers pointed out this <a href="http://www.redfin.com/CA/Long-Beach/2401-E-Ocean-Blvd-90803/home/16898902">incredible desperation move</a>:



Jul 07, 2008 - Listed $3,875,000

Aug 27, 2008 - Price Changed $3,699,999

Sep 05, 2008 - Price Changed $3,499,999

Dec 10, 2008 - Price Changed $3,199,999

Dec 29, 2008 - Price Changed $3,100,000

Jan 06, 2009 - Price Changed $2,999,000

Jan 17, 2009 - Price Changed <strong>$999,000 </strong>



YIKES!



<a href="http://longbeachhousingblog.blogspot.com/2009/01/glass-house.html">Here's my take</a></blockquote>
Now that's a price drop! Thanks for sharing. I wonder if that price drop was a move to get multiple bidders into a bidding war???
 
Maybe they should have mentioned they are just a few blocks from Roscoe's. I know I'd pay a premium for chicken & waffles in walking distance.



Edited to add: dammit, now I'm hungry...

<img src="http://www.sabineonline.org/images/graphics/roscoes2xd0.jpg" alt="" />
 
Even though that is a total ploy there is NO WAY they will get a bidding war up to 3.8 mil. Any way you cut this it is gonna be a BIG loss.
 
I dunno, this is either a flip gone bad or a real weird sitch. Look at the 2008 prop tax, it only represents a 4-500 grand house yet this place looks to ask a mil five? Are there cracks forming on the "Peninsula"



<a href="http://www.redfin.com/CA/Long-Beach/11-58th-Pl-90803/home/7594148">11 58th Pl </a>



Property Tax

Taxable Value

Land $1,000,000

Additions $475,000

Total $1,475,000

<strong>Tax (2008) $5,024 </strong>
 
[quote author="RE in the LBC" date=1232538949][quote author="usctrojanman29" date=1232519247][quote author="morekaos" date=1232516761]I'm kinda like awgee on the Coto thread...I may be talking to myself but what the heck, I like my voice. Here is another Shore property with a $255,000.00 haircut off its 2005 purchase price, and that is just for starters. They have been chasing the market down since April of 2007 and it looks like time ran out since it's empty from the pictures so I suppose these FBers fled town.



<a href="http://www.redfin.com/CA/Long-Beach/169-Argonne-90803/home/7595754">Argonne</a></blockquote>
Keep'em coming Morekaos. Honestly, if I was to drop $1.4MM for a house I'd be buying in Newport Beach/Coast on this "tall and skinny" home.</blockquote>


Morekaos, I'm with usctrojanman...please keep 'em coming.



One of my readers pointed out this <a href="http://www.redfin.com/CA/Long-Beach/2401-E-Ocean-Blvd-90803/home/16898902">incredible desperation move</a>:



Jul 07, 2008 - Listed $3,875,000

Aug 27, 2008 - Price Changed $3,699,999

Sep 05, 2008 - Price Changed $3,499,999

Dec 10, 2008 - Price Changed $3,199,999

Dec 29, 2008 - Price Changed $3,100,000

Jan 06, 2009 - Price Changed $2,999,000

Jan 17, 2009 - Price Changed <strong>$999,000 </strong>



YIKES!



<a href="http://longbeachhousingblog.blogspot.com/2009/01/glass-house.html">Here's my take</a></blockquote>


And the ploy seems to be shortlived.. back to 1.8 mil.
 
I think in Orange County, the cities are pretty well segregated. If you're into the beach culture, you'll live in Huntington, Newport, or Laguna. More urban areas are Santa Ana, Anaheim, and Costa Mesa. As for ethnic enclaves, there are Garden Grove, Westminster, Fountain Valley, and Irvine.



Long Beach, on the other hand, is just more mixed and diverse. Anywhere you go, there will be a mix of people - different ages and different races. Since Long Beach is still rather new to me, I'm not sure if that's a good thing or a bad thing.
 
[quote author="morekaos" date=1233494519]I dunno, this is either a flip gone bad or a real weird sitch. Look at the 2008 prop tax, it only represents a 4-500 grand house yet this place looks to ask a mil five? Are there cracks forming on the "Peninsula"



<a href="http://www.redfin.com/CA/Long-Beach/11-58th-Pl-90803/home/7594148">11 58th Pl </a>



Property Tax

Taxable Value

Land $1,000,000

Additions $475,000

Total $1,475,000

<strong>Tax (2008) $5,024 </strong></blockquote>


Date Event Price

Jan 29, 2009 Price Changed $1,495,000

Nov 08, 2008 Listed $1,545,000

Aug 06, 2007 Sold $1,476,000



Maybe the zillow tax shown does not include the supplementary from the 2007 sale?
 
[quote author="hs_teacher" date=1233495839]I think in Orange County, the cities are pretty well segregated. If you're into the beach culture, you'll live in Huntington, Newport, or Laguna. More urban areas are Santa Ana, Anaheim, and Costa Mesa. As for ethnic enclaves, there are Garden Grove, Westminster, Fountain Valley, and Irvine.



Long Beach, on the other hand, is just more mixed and diverse. Anywhere you go, there will be a mix of people - different ages and different races. Since Long Beach is still rather new to me, I'm not sure if that's a good thing or a bad thing.</blockquote>


Okay... I know you think I am an a-hole, but seriously... no seriously, you need to get out more and see the world from beyond your own bubble perspective. Some of the things you say are just down right ignorant, including this statement. My gawd I fear the generation in which you are teaching. Please tell me you are a math teacher.
 
I thought it might be fun to know that <a href="http://www.fieldstone-homes.com/community/default.asp?T=main&FSID=wsp00">Whisper Ridge in Corona</a> was foreclosed on for pennies on the dollar. I guess the banks realize that in the IE land is at negative value.



I also thought it might be interesting to IHBers, that the <a href="http://www.clubbigbear.com/">Club at Big Bear Village</a> was foreclosed on for $11mil. when they had a debt of $22mil. I dunno if this is just the "club" part, or whether the "owners" of this timeshare are screwed. I did email Lansner and Padilla on this find. Hopefully they will find out who is getting screwed.



I then found this <a href="http://www.zillow.com/homes/map/10958-CLOVER-CIR,-CORONA,-CA-92883_rb/">gem of a community getting foreclosed on too</a>. I haven't done the research, but this wouldn't be the Corona community that Cal Coastal (Brightwater developer) walked away from on IndyMac, would it? I mean... to walk away from over $13.5 mil of debt, with no bidders at $4.5mil, and the bank taking it back for $2.24mil. is no joke. Seriously, I'm not laughing. Not when us taxpayers are floating the bill on this one if it is. No... wait a minute, all the builders have their hand out and this one will be a taxpayer hand out anyway, regardless if it is Cal Coastal.



This is just the beginning. Wash, rinse, and repeat. There will be many builders that go bye bye like JM Peters, Lusk Co., Baldwin Brothers, and many others did in the 90s. Like Morekaos has said, it is just another cycle, it is no different from the last. Only this time, it is actually worse.
 
G, the Club at Big Bear link is the same as the Whisper Ridge link. The last one only half loaded a grainy Zillow overhead map...
 
[quote author="Trooper" date=1233516658]G, the Club at Big Bear link is the same as the Whisper Ridge link. The last one only half loaded a grainy Zillow overhead map...</blockquote>


Fixed the Big Bear link, and the fuzzy Zillow link was part of my point.
 
I'm not totally positive, but it looks like that third gem of a community I posted is another <a href="http://www.fieldstone-homes.com/community/default.asp?T=main&FSID=pls00">Fieldstone community called Monarch Ridge</a>. If it is, that is $15mil worth of debt they walked away from, and the banks that lent them the money (most likely non-recourse), took it back for less than $3mil.



It only makes sense. If it costs the builder $100 per sqft. to build a home (sticks and bricks, that doesn't include the land cost), that is selling for about $100 per sqft., give or take, then walking away from the land that would cost them $15mil. is a smart decision. Save now, rather than pay later is the way to go. I just don't know if Fiedstone will survive. They probably over paid for all their CA projects, and are bleeding like no other.



Who is next?
 
You must log in or register to reply here.
Back
Top