Newport Beach Prices Dropping

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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.
 
JoonB said:
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.
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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an offer on it- but ultimately decided to pass. 700 Bison was a great house for the pool- but the layout was very outdated.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?
 
JoonB said:
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?
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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!
 
JoonB said:
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!
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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.
 
JoonB said:
Also- the house is in desperate need of a roof and it says it has no A/C!
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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.

Link
 
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.
 
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.
 
JoonB said:
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.
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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.
 
CapitalismWorks said:
JoonB said:
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.
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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.
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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.
 
OC Zed said:
Check out this incredible WTF listing...

239 Carnation Ave

$9,000,000 for a teardown on a postage stamp lot? What the hell are these people thinking?
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These people obviously love their VIEW:

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

FABULOUS VIEW!..... THIS VIEW IS BREATHTAKING.... A SINGLE STORY COTTAGE BY THE SEA.... THE BEST VIEW IN ALL OF CORONA DEL MAR. LOOKS OUT TO THE OCEAN, NEWPORT HARBOR, PALOS VERDES PENINSULA, CATALINA ISLAND , BALBOA ISLAND...AND MORE.... WHAT A VIEW. 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.
 
awgee said:
I was 180 degrees wrong about PIMCO. The information I had on how Gross was directing long term investments was incorrect.
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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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