Prices in Newport Beach have to fall

NEW -> Contingent Buyer Assistance Program
[quote author="graphrix" date=1257350130][quote author="SoCalRealtor" date=1257349021]Orange County has a Median Income of just over $81,000, NB is closer to $107,000, and that's on paper. I'm quoting numbers from www.muninetguide.com which is usually pretty accurate. We'll never see prices at $350,000 for NB LOL LOL LOL



They will come down though, mainly b/c the upper end market still has a pretty solid correction this coming year (2010).</blockquote>


Love it! Tie for post of the week. A Realtor that gets it. That is rare in this dead cat bounce. Just wait until 1962 Port Trinity comes back on the market.</blockquote>


Do you know something about Port Trinity that you can share? From what I understand this listing price caused quite a stir among the real estate agents who also lived in the Port Streets and were concerned how this would affect their listings (and their own homes). It seems to me that right after this listing came out at $1.2 million a number of other lower priced short sales/auctions/etc came out in this area, including the Port Barmouth house mentioned above that broke below the $1 million level......
 
I disagree that you are not getting the "Newport lifestyle" just because you are not living on the peninsula or Balboa island. I like that Newport is typically 5-10 degrees cooler than most parts of Irvine. (10-15 degrees closer to the water). I prefer to shop and hang out at Fashion Island. I am not really a fan of the Spectrum, Marketplace, and especially the District. I like that it takes me less than 5 minutes to get to Fashion Island, my tennis club, my work, and all the other places I go on a consistent basis. There are ton of reasons why i like Newport as opposed to the surrounding areas. As such, I am willing to pay a premium to live there and be in that location and compromise on the size of the house and yard.
 
[quote author="Minimorty" date=1257388251]I disagree that you are not getting the "Newport lifestyle" just because you are not living on the peninsula or Balboa island. I like that Newport is typically 5-10 degrees cooler than most parts of Irvine. (10-15 degrees closer to the water). I prefer to shop and hang out at Fashion Island. I am not really a fan of the Spectrum, Marketplace, and especially the District. I like that it takes me less than 5 minutes to get to Fashion Island, my tennis club, my work, and all the other places I go on a consistent basis. There are ton of reasons why i like Newport as opposed to the surrounding areas. As such, I am willing to pay a premium to live there and be in that location and compromise on the size of the house and yard.</blockquote>


I completely agree with you. You can't compare Newport Beach with Irvine, Tustin, Mission Viejo etc.. they couldn't be anymore different. You may be able to compare the neighborhoods just along the border of the two cities (Newport and Irvine) but other than that it's like trying to compare fashion island with the spectrum or Shady Canyon with Big Canyon. People who look to live in Newport Beach generally consider one or two of the other coastal cities (HB, DP, LB, SC or CDM). And there are distinct differences between each and every one of the coastal cities in Orange County. I like all of the coastal cities (some more than others) because they are truly all uniquely different, and you can typically tell which area a person is going to like after speaking with them for more than 10 minutes.
 
[quote author="RoLar_USC" date=1257403299][quote author="Minimorty" date=1257388251]I disagree that you are not getting the "Newport lifestyle" just because you are not living on the peninsula or Balboa island. I like that Newport is typically 5-10 degrees cooler than most parts of Irvine. (10-15 degrees closer to the water). I prefer to shop and hang out at Fashion Island. I am not really a fan of the Spectrum, Marketplace, and especially the District. I like that it takes me less than 5 minutes to get to Fashion Island, my tennis club, my work, and all the other places I go on a consistent basis. There are ton of reasons why i like Newport as opposed to the surrounding areas. As such, I am willing to pay a premium to live there and be in that location and compromise on the size of the house and yard.</blockquote>


I completely agree with you. You can't compare Newport Beach with Irvine, Tustin, Mission Viejo etc.. they couldn't be anymore different. You may be able to compare the neighborhoods just along the border of the two cities (Newport and Irvine) but other than that it's like trying to compare fashion island with the spectrum or Shady Canyon with Big Canyon. People who look to live in Newport Beach generally consider one or two of the other coastal cities (HB, DP, LB, SC or CDM). And there are distinct differences between each and every one of the coastal cities in Orange County. I like all of the coastal cities (some more than others) because they are truly all uniquely different, and you can typically tell which area a person is going to like after speaking with them for more than 10 minutes.</blockquote>


I guess my point is a neighborhood like the Port street area is more like mission viejo than balboa or cdm. Just my opinion.
 
[quote author="awgee" date=1257414568]Just curious, what is the Newport lifestyle?</blockquote>


Second wives in workout gear running around fashion island while the the kids from the first marriage are watched by uneducated migrants from the less civlized portion of the world.
 
[quote author="CapitalismWorks" date=1257464392][quote author="awgee" date=1257414568]Just curious, what is the Newport lifestyle?</blockquote>


Second wives in workout gear running around fashion island while the the kids from the first marriage are watched by uneducated migrants from the less civlized portion of the world.</blockquote>


Wow, that is :



1.) not funny;



2.) not true;



3.) completely racist; and



4.) not even close to being funny (thought I would emphasize).
 
[quote author="awgee" date=1257414568]Just curious, what is the Newport lifestyle?</blockquote>


In my mind it's the same as any other beach community. Walk to the beach, walk to shops, outdoor living, etc.
 
[quote author="Minimorty" date=1257464677][quote author="CapitalismWorks" date=1257464392][quote author="awgee" date=1257414568]Just curious, what is the Newport lifestyle?</blockquote>


Second wives in workout gear running around fashion island while the the kids from the first marriage are watched by uneducated migrants from the less civlized portion of the world.</blockquote>


Wow, that is :



1.) not funny;



2.) not true;



3.) completely racist; and



4.) not even close to being funny (thought I would emphasize).</blockquote>
I thought it was hilarious.
 
[quote author="awgee" date=1257465863][quote author="Minimorty" date=1257464677][quote author="CapitalismWorks" date=1257464392][quote author="awgee" date=1257414568]Just curious, what is the Newport lifestyle?</blockquote>


Second wives in workout gear running around fashion island while the the kids from the first marriage are watched by uneducated migrants from the less civlized portion of the world.</blockquote>


Wow, that is :



1.) not funny;



2.) not true;



3.) completely racist; and



4.) not even close to being funny (thought I would emphasize).</blockquote>
I thought it was hilarious.</blockquote>


You would.
 
[quote author="not a realtor" date=1257465152][quote author="awgee" date=1257414568]Just curious, what is the Newport lifestyle?</blockquote>


In my mind it's the same as any other beach community. Walk to the beach, walk to shops, outdoor living, etc.</blockquote>


It's the same as the other beach cities in those aspects but different in terms of personality. Laguna is artsy and more "liberal" (not sure how else to put it), Corona del Mar is like Laguna in that it's more laid back than Newport but also like Newport in terms of demographics, and trendiness and fashion. Newport is into fashion and is more up front with their wealth (or appearence of wealth), and lead more active lifestyles than the other two.



It's pretty hard to explain, but if you know Newport and you know San Clemente, they are complete opposites. And as you go up or down the coast from Newport or San Clemente there is a slow transition from the lifestyle of one city to the lifestyle of the other.
 
[quote author="RoLar_USC" date=1257472963][quote author="not a realtor" date=1257465152][quote author="awgee" date=1257414568]Just curious, what is the Newport lifestyle?</blockquote>


In my mind it's the same as any other beach community. Walk to the beach, walk to shops, outdoor living, etc.</blockquote>


It's the same as the other beach cities in those aspects but different in terms of personality. Laguna is artsy and more "liberal" (not sure how else to put it), Corona del Mar is like Laguna in that it's more laid back than Newport but also like Newport in terms of demographics, and trendiness and fashion. Newport is into fashion and is more up front with their wealth (or appearence of wealth), and lead more active lifestyles than the other two.



It's pretty hard to explain, but if you know Newport and you know San Clemente, they are complete opposites. And as you go up or down the coast from Newport or San Clemente there is a slow transition from the lifestyle of one city to the lifestyle of the other.</blockquote>


I agree with your take on Laguna -- but not on Newport, CDM or the comparison between NB and SC. First, CDM is not as laid back as NB -- especially if you factor in the portions of NB on the westside of the bay -- e.g. the peninsula. I grew up in CDM, went to CDM high school, so I know the area well. Don't forget, Spyglass, Harbor Ridge etc.. are technically CDM. The "appearance of wealth" stuff you mentioned is probably more applicable to Newport Coast -- new money, cougars, mougars (male cougars), etc...



Having grown up in CDM/NB, I can tell you this. SC reminds me much more of the way CDM/NB once were. You're right in that SC doesn't resemble CDM much now -- closer resemblence when comparing the peninsula -- but if you transport your memory back 20 years, SC is very similar to CDM -- young families, laid back, beach oriented -- especially Talega. Now, this isn't to say that large parts of SC aren't very diferent -- because they are, so is the way the town is situated, but the feel is similar.
 
[quote author="TR_Esq" date=1257473587][quote author="RoLar_USC" date=1257472963][quote author="not a realtor" date=1257465152][quote author="awgee" date=1257414568]Just curious, what is the Newport lifestyle?</blockquote>


In my mind it's the same as any other beach community. Walk to the beach, walk to shops, outdoor living, etc.</blockquote>


It's the same as the other beach cities in those aspects but different in terms of personality. Laguna is artsy and more "liberal" (not sure how else to put it), Corona del Mar is like Laguna in that it's more laid back than Newport but also like Newport in terms of demographics, and trendiness and fashion. Newport is into fashion and is more up front with their wealth (or appearence of wealth), and lead more active lifestyles than the other two.



It's pretty hard to explain, but if you know Newport and you know San Clemente, they are complete opposites. And as you go up or down the coast from Newport or San Clemente there is a slow transition from the lifestyle of one city to the lifestyle of the other.</blockquote>


I agree with your take on Laguna -- but not on Newport, CDM or the comparison between NB and SC. First, CDM is not as laid back as NB -- especially if you factor in the portions of NB on the westside of the bay -- e.g. the peninsula. I grew up in CDM, went to CDM high school, so I know the area well. Don't forget, Spyglass, Harbor Ridge etc.. are technically CDM. The "appearance of wealth" stuff you mentioned is probably more applicable to Newport Coast -- new money, cougars, mougars (male cougars), etc...



Having grown up in CDM/NB, I can tell you this. SC reminds me much more of the way CDM/NB once were. You're right in that SC doesn't resemble CDM much now -- closer resemblence when comparing the peninsula -- but if you transport your memory back 20 years, SC is very similar to CDM -- young families, laid back, beach oriented -- especially Talega. Now, this isn't to say that large parts of SC aren't very diferent -- because they are, so is the way the town is situated, but the feel is similar.</blockquote>


20 years ago CDM/NB didn't have the taste of fashion and popularity that is does today, which has completely transformed the two areas. SC doesn't want that, they want the complete opposite of that. Like LB, SC does not want to change, they want to preserve what they have and Talega is hardly representative of SC. Most of the original SC residents don't like the new developments. When I'm talking about the different cities, I'm talking about the factors that which the cities are known for. There are always neighborhoods that go against the norm. In general, SC is nothing like NB/CDM. If you ask an SC resident that has lived there for moer than 5 years, they would probably say they would enver live in CDM/NB and the opposite is true as well.
 
[quote author="RoLar_USC" date=1257474777][quote author="TR_Esq" date=1257473587][quote author="RoLar_USC" date=1257472963][quote author="not a realtor" date=1257465152][quote author="awgee" date=1257414568]Just curious, what is the Newport lifestyle?</blockquote>


In my mind it's the same as any other beach community. Walk to the beach, walk to shops, outdoor living, etc.</blockquote>


It's the same as the other beach cities in those aspects but different in terms of personality. Laguna is artsy and more "liberal" (not sure how else to put it), Corona del Mar is like Laguna in that it's more laid back than Newport but also like Newport in terms of demographics, and trendiness and fashion. Newport is into fashion and is more up front with their wealth (or appearence of wealth), and lead more active lifestyles than the other two.



It's pretty hard to explain, but if you know Newport and you know San Clemente, they are complete opposites. And as you go up or down the coast from Newport or San Clemente there is a slow transition from the lifestyle of one city to the lifestyle of the other.</blockquote>


I agree with your take on Laguna -- but not on Newport, CDM or the comparison between NB and SC. First, CDM is not as laid back as NB -- especially if you factor in the portions of NB on the westside of the bay -- e.g. the peninsula. I grew up in CDM, went to CDM high school, so I know the area well. Don't forget, Spyglass, Harbor Ridge etc.. are technically CDM. The "appearance of wealth" stuff you mentioned is probably more applicable to Newport Coast -- new money, cougars, mougars (male cougars), etc...



Having grown up in CDM/NB, I can tell you this. SC reminds me much more of the way CDM/NB once were. You're right in that SC doesn't resemble CDM much now -- closer resemblence when comparing the peninsula -- but if you transport your memory back 20 years, SC is very similar to CDM -- young families, laid back, beach oriented -- especially Talega. Now, this isn't to say that large parts of SC aren't very diferent -- because they are, so is the way the town is situated, but the feel is similar.</blockquote>


20 years ago CDM/NB didn't have the taste of fashion and popularity that is does today, which has completely transformed the two areas. SC doesn't want that, they want the complete opposite of that. Like LB, SC does not want to change, they want to preserve what they have and Talega is hardly representative of SC. Most of the original SC residents don't like the new developments. When I'm talking about the different cities, I'm talking about the factors that which the cities are known for. There are always neighborhoods that go against the norm. In general, SC is nothing like NB/CDM. If you ask an SC resident that has lived there for moer than 5 years, they would probably say they would enver live in CDM/NB and the opposite is true as well.</blockquote>


I understand the point, just think the broad generalizations are off.
 
[quote author="Minimorty" date=1257466100][quote author="awgee" date=1257465863][quote author="Minimorty" date=1257464677][quote author="CapitalismWorks" date=1257464392][quote author="awgee" date=1257414568]Just curious, what is the Newport lifestyle?</blockquote>


Second wives in workout gear running around fashion island while the the kids from the first marriage are watched by uneducated migrants from the less civlized portion of the world.</blockquote>


Wow, that is :



1.) not funny;



2.) not true;



3.) completely racist; and



4.) not even close to being funny (thought I would emphasize).</blockquote>
I thought it was hilarious.</blockquote>


You would.</blockquote>


I would why? Because I am Mexican?
 
[quote author="awgee" date=1257482845][quote author="Minimorty" date=1257466100][quote author="awgee" date=1257465863][quote author="Minimorty" date=1257464677][quote author="CapitalismWorks" date=1257464392][quote author="awgee" date=1257414568]Just curious, what is the Newport lifestyle?</blockquote>


Second wives in workout gear running around fashion island while the the kids from the first marriage are watched by uneducated migrants from the less civlized portion of the world.</blockquote>


Wow, that is :



1.) not funny;



2.) not true;



3.) completely racist; and



4.) not even close to being funny (thought I would emphasize).</blockquote>
I thought it was hilarious.</blockquote>


You would.</blockquote>


I would why? Because I am Mexican?</blockquote>


This conversation is clearly not going to go anywhere positive. Lets just agree to disagree.
 
I love it when awgee pulls the race card!



My wife is mexican, correspondingly so are my kids.



As for the innaccuracy of my statement, I will take some photos with my phone next time I drop by fashion island. I assure you my description is an accurate assessment of a common Newport Beach phenotype.
 
[quote author="Chuck" date=1257384808][quote author="graphrix" date=1257350130][quote author="SoCalRealtor" date=1257349021]Orange County has a Median Income of just over $81,000, NB is closer to $107,000, and that's on paper. I'm quoting numbers from www.muninetguide.com which is usually pretty accurate. We'll never see prices at $350,000 for NB LOL LOL LOL



They will come down though, mainly b/c the upper end market still has a pretty solid correction this coming year (2010).</blockquote>


Love it! Tie for post of the week. A Realtor that gets it. That is rare in this dead cat bounce. Just wait until 1962 Port Trinity comes back on the market.</blockquote>


Do you know something about Port Trinity that you can share? From what I understand this listing price caused quite a stir among the real estate agents who also lived in the Port Streets and were concerned how this would affect their listings (and their own homes). It seems to me that right after this listing came out at $1.2 million a number of other lower priced short sales/auctions/etc came out in this area, including the Port Barmouth house mentioned above that broke below the $1 million level......</blockquote>


It looks like 1962 Port Trinity, whch was listed at $1.19 million, just closed for $1.25 million.
 
I graduated from CdM High School in the '80s and moved to Newport in the '70s. I now live in Eastside Costa Mesa. My family purchased our first Port Street house for $157,000 in 1979, on Port Weybridge. We bought another house on Port Sheffield and finally ended up on Port Ashley, which was purchased in 1994 for $400,000. The home values there now are staggering - I'm not sure if many people realize what piles the non-remodeled homes are. They were tract homes built quickly way back when. That said, the neighborhood is quite literally idyllic for raising kids. Incredibly safe, neighborly and kid-friendly. Uncommonly wide streets and well-spaced out homes, with community pools, clubs, churches, an elementary school and grocery stores at either end. IF I had kids, which I don't, I would move back there in a heartbeat, if only I could afford to...



I don't get the walk to stores nonsense, sorry. I lived on both the Balboa Peninsula and Balboa Island. You can't walk to anything easily in either place, and the stores on the Island are hardly everyday shopping kinds of places. There is an Albertson's and a Pavilions on the Peninsula, as well as a Promeli's, but those are only within walking distance of the homes immediately adjacent - of which there are almost none for Pavilions.



Newport and CdM in the '70s and '80s were much less snazzy, with the Port Street homes and many of the CdM homes being modestly priced and occupied by teachers, lawyers, doctors, managers, engineers, small business owners and Ford Aerospace employees. It was not known for glamour or riches generally. I agree with the San Clemente comparison.
 
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