Newport Beach Prices Dropping

NEW -> Contingent Buyer Assistance Program
so the $1477k (a loan of what, $1200k?) of jun06 was by AHL, and they REO'd in dec07 for $950k?



And then AHL listed it at $1200k Apr08, sat on it for half a year, and sold it in a pool to X (who paid 35c/$950k=$335k). And then aggregator X dropped the price to $875k in Oct08, and sold it Mar09 to a private party for $612k?



(aggregatorX making $250k, and the neighbors having a come-to-god moment simultaneously?)
 
I saw a WTF home at an open house yesterday with a giant WTF price attached to it...



<a href="http://www.redfin.com/CA/Newport-Beach/327-Catalina-Dr-92663/home/3244298">327 Catalina Drive</a>



They are currently asking $1,600,000 with the following awesome property features:



--The only direct garage access is through the master bathroom toilet and vanity. (Yes, I stated that correctly.)



--The only closet in the master bedroom is a 3 1/2' coat closet.



--The shower and bath of the "master bathroom" are really in the master bedroom itself. The bath directly faces the hallway door.



--There were cracks in the ceiling. The realtor brushed them off as being earthquake related. Ya, that makes me feel so much better.



--The pool is a paper mache monstrosity. The inspiration is clearly "Angel Stadium Waterfall."



--The ocean view is really a peek-a-boo view from the patio. There are no view of the bay or city lights as the listing states.



The house was so ridiculously unlivable that I wouldn't buy it for even half of their asking price.



Seriously, WTF?
 
[quote author="sell4u" date=1236748427]big comp killer over in Newport Heights...



<img src="http://socalvapictures.firstamericanmls.com/MediaDisplay/31/hr96015131-1.jpg" alt="" />



2345 E. 16th Street

3/2

1,875sq.ft.

6,720sq.ft. lot

Sold: $614,250 (3/3/09)



Last sold: $1,477,000 (6/27/06)



If the math is correct, that is 140% off the 2006 price</blockquote>


This place is also up for rent.
 
[quote author="OC Zed" date=1238493437]I saw a WTF home at an open house yesterday with a giant WTF price attached to it...



<a href="http://www.redfin.com/CA/Newport-Beach/327-Catalina-Dr-92663/home/3244298">327 Catalina Drive</a>



They are currently asking $1,600,000 with the following awesome property features:



--The only direct garage access is through the master bathroom toilet and vanity. (Yes, I stated that correctly.)



--The only closet in the master bedroom is a 3 1/2' coat closet.



--The shower and bath of the "master bathroom" are really in the master bedroom itself. The bath directly faces the hallway door.



--There were cracks in the ceiling. The realtor brushed them off as being earthquake related. Ya, that makes me feel so much better.



--The pool is a paper mache monstrosity. The inspiration is clearly "Angel Stadium Waterfall."



--The ocean view is really a peek-a-boo view from the patio. There are no view of the bay or city lights as the listing states.



The house was so ridiculously unlivable that I wouldn't buy it for even half of their asking price.



Seriously, WTF?</blockquote>
Wow, this flipper must be smokin some good crackin for trying to unload it for a $600k profit before remodeling costs.
 
[quote author="usctrojanman29" date=1238494767]

Wow, this flipper must be smokin some good crackin for trying to unload it for a $600k profit before remodeling costs.</blockquote>




sounds as if remodeling costs were a few trips to the home depot to pick up supplies and jorge and pedro for the day.
 
Check out this incredible WTF listing...



<a href="http://www.redfin.com/CA/Corona-Del-Mar/239-Carnation-Ave-92625/home/3254136">239 Carnation Ave</a>



$9,000,000 for a teardown on a postage stamp lot? What the hell are these people thinking?
 
[quote author="OC Zed" date=1238661233]Check out this incredible WTF listing...



<a href="http://www.redfin.com/CA/Corona-Del-Mar/239-Carnation-Ave-92625/home/3254136">239 Carnation Ave</a>



$9,000,000 for a teardown on a postage stamp lot? What the hell are these people thinking?</blockquote>


Hey hey, that's a steal at that price. The dining room features an "eating area." HAHAHA



Also, why does the listing claim it's the best view in Corona Del Mar but has no pictures of this awesome view? For 9 mill you could at least get a camera??
 
Someone needs to inform Irene, <a href="http://www.redfin.com/CA/Newport-Beach/1825-Port-Wheeler-Pl-92660/home/4719858">the agent for 1825 Port Wheeler</a>, that it has new owner. An investor picked it up today for $705k at the foreclosure auction, and it was bid up from $663k. Will we see a sub-$900k non-teardown sale in the Port streets? I remember it was only a year ago when morons were telling me that the high end is immune, and there might be a few foreclosures, but the Port streets will be fine. Yeah... do you want listen to me now?



That can't be good for the other five in the Port streets. Oh... ouch, I was also told Big Canyon would never go down. LOL! Wait! Stop the presses... are those homes south of PCH in CDM in foreclosure? How could this be? Smart money like Dimmy2 over on Lansner's blog told me that CDM NEVER EVER GOES DOWN! Uh huh...



http://i39.tinypic.com/10rskfn.jpg
 
[quote author="OC Zed" date=1238661233]Check out this incredible WTF listing...



<a href="http://www.redfin.com/CA/Corona-Del-Mar/239-Carnation-Ave-92625/home/3254136">239 Carnation Ave</a>



$9,000,000 for a teardown on a postage stamp lot? What the hell are these people thinking?</blockquote>


I think that listing is an error, and should be $900,000, not $9 million. $900k would comp about right.
 
It would be nice to see prices in the Port Streets area finally come back to reality. They seem to have been slowly slipping down this last year or so, but many owners seem to be holding on to the fantasy that their 3 bedroom tract home with no view is worth a WTF price simply because it is in Newport Beach. This transaction certainly won't help the comps for sellers in the area! Can I ask how it is possible for a home to be listed by a broker (for $1.175 million) while simultaneously going to auction? Is Redfin just a day behind on this?
 
Wow! $705k in the Port Streets?





How much do you think it would cost to build a 4,000 sq ft Mc Mansion on that lot? Can you put a 4,000 sq ft home on a 6,200 sq ft lot in Newport?
 
[quote author="awgee" date=1239862103]Wow! $705k in the Port Streets?





How much do you think it would cost to build a 4,000 sq ft Mc Mansion on that lot? <strong>Can you put a 4,000 sq ft home on a 6,200 sq ft lot in Newport?</strong></blockquote>


Apparently you have not driven through Newport Heights in the last few years.
 
Grafix,



I see your foreclosure map and its close to home. I live on Port Bristol in the Port Streets.

Do you have the address of the bank owned property on port Bristol? Sad to think we have some close family friends in trouble.
 
[quote author="Horborview" date=1239923077]Grafix,



I see your foreclosure map and its close to home. I live on Port Bristol in the Port Streets.

Do you have the address of the bank owned property on port Bristol? Sad to think we have some close family friends in trouble.</blockquote>


B = Bank Owned. Whoever you MIGHT know who may have lived there, no longer does.
 
[quote author="Horborview" date=1239923077]

Do you have the address of the bank owned property on port Bristol? </blockquote>


The Bank Owned property on the ForeclosureRadar map is actually:

2011 Port Cardiff
 
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