Newport Beach Prices Dropping

NEW -> Contingent Buyer Assistance Program
[quote author="Horborview" date=1239923765]Caycifish



We have lived on port Bristol for six years. There has been one family that moved in about three years ago.

No other movement....</blockquote>
Maybe they have not been evicted yet...
 
I like the Port Carlisle house myself. The home is very large at 4400 sq feet- perhaps a reason for the lower $/sq foot. But I agree, I hope prices continue going downward.



Does anyone know the mortgage info on the Port Carlisle house? Redfin has it at a purchase price of just over $1 million in 2002- I was wondering if this is a HELOC case. It's been on the market before and is back on again.



What do you think this house should ultimately sell for?



OT- Does anyone know the closing price on 2907 Cassia and 700 Bison in East Bluff? The Cassia house went fairly quickly- priced below the monopoly of the Surterre Properties stronghold in the area. I was happy that a non-Surterre agent finally had a listing there- and it seemed to cause a *slight* effect on the Surterre listings dropping their price a bit.
 
[quote author="JoonB" date=1242263134]I like the Port Carlisle house myself. The home is very large at 4400 sq feet- perhaps a reason for the lower $/sq foot. But I agree, I hope prices continue going downward.



Does anyone know the mortgage info on the Port Carlisle house? Redfin has it at a purchase price of just over $1 million in 2002- I was wondering if this is a HELOC case. It's been on the market before and is back on again.



What do you think this house should ultimately sell for?



OT- Does anyone know the closing price on 2907 Cassia and 700 Bison in East Bluff? The Cassia house went fairly quickly- priced below the monopoly of the Surterre Properties stronghold in the area. I was happy that a non-Surterre agent finally had a listing there- and it seemed to cause a *slight* effect on the Surterre listings dropping their price a bit.</blockquote>
The purchase price on the Port Carlisle was $1,045,000. It currently has a first mortgage of $730,000 with a second mortgage of $100,000 and a third mortgage of $50,000...total debt = $880,000.



2907 Cassia sold for $1,394,250 on 5/11/09. 700 Bison did not sell (listed with $1,599,000) and was actually leased for $5,775/mo on 4/30/09.
 
usctrojanman-

Thanks so much! I've been waiting for the Cassia house to finally show the selling price. My husband and I were thinking of putting an offer on it- but ultimately decided to pass. 700 Bison was a great house for the pool- but the layout was very outdated. There was also another house on Aralia (don't remember the addy) but it not longer is on the MLS either. It was listing for $1.599 as well. Do you know if it ever sold?



What do you think Port Carlisle should go for?
 
[quote author="JoonB" date=1242265028]usctrojanman-

Thanks so much! I've been waiting for the Cassia house to finally show the selling price. My husband and I were thinking of putting an offer on it- but ultimately decided to pass. 700 Bison was a great house for the pool- but the layout was very outdated. There was also another house on Aralia (don't remember the addy) but it not longer is on the MLS either. It was listing for $1.599 as well. Do you know if it ever sold?



What do you think Port Carlisle should go for?</blockquote>
2351 Aralia comes up as "pending" status so it should close in the within the next week or so.



In terms of what I think the Port Carlisle home should go for...that's a loaded question. I can give you the "based upon current comps" answer or I can give you my "what I believe it is worth when the dust settles" answer. Looks like East Bluff is trading in the $350-$500/sf range (depending upon the upgrades). I'd say the house will probably go for around $1.6-$1.7MM if sold in the next few months.
 
Give me your "what I believe it is worth when the dust settles"- and what you think a knife catcher will offer and the seller will accept today.

Thanks!
 
[quote author="JoonB" date=1242267462]Give me your "what I believe it is worth when the dust settles"- and what you think a knife catcher will offer and the seller will accept today.

Thanks!</blockquote>
Dust settles around price - around $200/sf to $225/sf or about $900,000-$1,000,000 (1998-1999 price) so using a $5,775 monthly rental price you would be about rental parity



Knife catcher price - around $350/sf to $375/sf or about $1,550,000 to $1,650,000
 
Wow- I've been seeing (not drinking) too much kool-aid. Somehow I can't see it going to $1 million. I used to live in the Chicago burbs and $1 million would be considered cheap there for this house in a similar type suburb without the proximity to the ocean and with crappy winters (but it was a 20 minute commute on an express train to Chicago which is key).



I was thinking $1.5 million would be an offer that might be accepted today. Also- the house is in desperate need of a roof and it says it has no A/C!



Thanks for your perspective.
 
[quote author="JoonB" date=1242268019]Also- the house is in desperate need of a roof and it says it has no A/C!</blockquote>


You don't need air conditioning in Newport Beach.



The average high temperture in June is 68 degrees, 71 for July, 73 for August, 73 for September, and 71 for October.



<a href="http://en.wikipedia.org/wiki/Newport_Beach,_California">Link</a>
 
Every $1M plus house should have an air-conditioner (2 in most cases). Additionally, it can be really wet in CDM (or anywhere by the water for that matter), and an air-conditioner is essential as a de-humidifier.
 
[quote author="JoonB" date=1242272497]i think for that price there should be A/C whether it's needed or not!</blockquote>


It would literally never be used, so why would you?
 
i've been to many open houses in CDM (Harbor View South) even nearer the water without A/C and it was as stuffy as could be in the summer. I see most newer homes in NB/NC have them- so for resale purposes, if 2 houses are the same, and one has has it and the other doesn't, then i'd take the home with the A/C.
 
[quote author="JoonB" date=1242275330]i've been to many open houses in CDM (Harbor View South) even nearer the water without A/C and it was as stuffy as could be in the summer. I see most newer homes in NB/NC have them- so for resale purposes, if 2 houses are the same, and one has has it and the other doesn't, then i'd take the home with the A/C.</blockquote>


Agreed. Having lived within walking distance of the water for the entirety of my 20s, I can attest that the line about never needing A/C by the beach is BS.
 
[quote author="CapitalismWorks" date=1242280526][quote author="JoonB" date=1242275330]i've been to many open houses in CDM (Harbor View South) even nearer the water without A/C and it was as stuffy as could be in the summer. I see most newer homes in NB/NC have them- so for resale purposes, if 2 houses are the same, and one has has it and the other doesn't, then i'd take the home with the A/C.</blockquote>


Agreed. Having lived within walking distance of the water for the entirety of my 20s, I can attest that the line about never needing A/C by the beach is BS.</blockquote>
Ditto that, I grew up in Huntington Beach about a mile from the ocean and there were days when having an A/C at my parent's home would have been great. It can get really humid certain days and then there are those days you get the santa ana winds too.
 
http://www.bloomberg.com/apps/news?pid=20601087&refer=home&sid=a5750zUcnEEs#



Nice link about the pressure on the high end. Newport Coast is in the first anecdote.
 
[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>




These people obviously love their VIEW:



View: Bay, Catalina Island, Coastline, Harbor, Marina, Ocean, Panoramic, Pier, Has View, Water, White Water



FABULOUS <strong>VIEW</strong>!..... THIS <strong>VIEW</strong> IS BREATHTAKING.... A SINGLE STORY COTTAGE BY THE SEA.... THE BEST <strong>VIEW</strong> IN ALL OF CORONA DEL MAR. <strong>LOOKS OUT </strong>TO THE OCEAN, NEWPORT HARBOR, PALOS VERDES PENINSULA, CATALINA ISLAND , BALBOA ISLAND...AND MORE.... <strong>WHAT A VIEW</strong>. SOLD AS IS......... OWNER WILL CONSIDER A REASONABLE OFFER.
 
I was 180 degrees wrong about PIMCO. The information I had on how Gross was directing long term investments was incorrect.
 
[quote author="awgee" date=1248955695]I was 180 degrees wrong about PIMCO. The information I had on how Gross was directing long term investments was incorrect.</blockquote>
Really, is he the one behind all the all-cash offers in Irvine through some kind of gov't sponsored real estate hedge fund???
 
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