xoneinax - 20 August 2009 08:56 PM

stepping_up - 20 August 2009 02:24 PM

640 Surf

$400/SF on a 6650 SF lot in that part of CM ?  Seems a bit high; lets see what the market says.

most of the sales in that neighborhood over the past year have been in the mid 300s/sf.

I guess it will depend on how “lite and bite” and “turnkey” the thing is after the renovations.

Okay… I’m too lazy to search for a better Costa Mesa thread to post this in, but since I know you CM fans will see it here, and how I know you will find it interesting… Then you will forgive me. So… I’m scanning through the foreclosures at the Placentia auction, and I stopped to drool over the Newport home one block from the water on 35th got postponed to October… sigh. And then… I see a $20M+ property in CM, but there is no address, it just says northwest corner of Newport and 19th. Well here is the NW corner…

Heh… notice the for lease sign on the bottom left… Who told me CRE was going to be fine back in 07 and even 08?

For a moment I though this was the back view of Triangle Square itself, which does have its own problems keeping tenants !

This is right across the street; I think the bottom floor is sometimes a club on Friday and Saturday nites.

[quote author=“freedomCM” date=“1250830967]most of the sales in that neighborhood over the past year have been in the mid 300s/sf.

I know you are correct, but somehow this looks more dumpy than those others.  I mean how hard would it be to paint the concrete patio ?  Cant something decent be found at $400/SF over in Santa Ana/Newport Heights ?  I guess the 8k incentive will make people jump on this.

You can obviously get $400/sq foot if you buy a larger home in Newport Heights, but if you look at 1000 sq ft tear downs you are still looking at something like $800/sq foot on a 6000 sq foot lot.  There are some obvious exceptions on tiny lots for tear downs, for instance the REO on the 400 block of Irvine Ave.

graphrix - 21 August 2009 12:13 AM

Okay… I’m too lazy to search for a better Costa Mesa thread to post this in, but since I know you CM fans will see it here, and how I know you will find it interesting… Then you will forgive me. So… I’m scanning through the foreclosures at the Placentia auction, and I stopped to drool over the Newport home one block from the water on 35th got postponed to October… sigh. And then… I see a $20M+ property in CM, but there is no address, it just says northwest corner of Newport and 19th. Well here is the NW corner…

Heh… notice the for lease sign on the bottom left… Who told me CRE was going to be fine back in 07 and even 08?

Have you been in this building?  It is really beautiful, and they clearly dumped alot of money into it, but the layout is awful.  I have some friends who have medical offices in the building and patients can’t find their way to the office.  Walking the halls I noticed alot of real estate related tenants, so it is no surprise that vacancies are up.

xoneinax - 21 August 2009 12:40 AM

For a moment I though this was the back view of Triangle Square itself, which does have its own problems keeping tenants !

This is right across the street; I think the bottom floor is sometimes a club on Friday and Saturday nites.

Wasn’t Club Vegas in that property before they shut down?

1901 Newport is an awesome building that has had a very hard time keeping tenants due to the layout, access and parking. Club Vegas was in there, and the Turnip Rose banquet facility is still there.  The City is very interested in keeping it and has proposed architectural and landscaping features in the public right of way to complement the 1901 Newport aesthetic.  There is a nice condo complex behind there that is dying on the vine, running newspaper ads trying to get buyers.  Again, tough spot to get to due to the end of the 55 gridlock.  Thanks, Newport!

The Costa Mesa house situation is frustrating at best. I’ve been looking for well over a year, and the vast majority of affordable homes are piles of sticks waiting to collapse, in terrible neighborhoods dominated by landlords who let renters shove multiple families in small SFRs, or short sales/REOs that are terribly difficult to buy.  A recent phenomenon has been the listing agent stunt of listing a nice house low in order to prompt bidding wars.  Look at 3100 Van Buren or 3099 Warren Lane for examples.  I went to look at 2054 National, listed at $320,000, and had to literally wait in line with 20 other people to look at the house during the showing.  It was completey as is - nothing had been done since it was built in 1953, the kitchen was so small that they knocked out the wall between the garage and kitchen and built an enclosure for the refrigerator - rendering the garage unusable as a garage - but the demand was insane.  We also looked at 2060 President, which allegedly sold recently, and the place was an absolute pile.  We entered escrow on a place that will remain unidentified, but has major unpermitted work which makes obtaining a loan impossible, so we will walk away - good luck to the sellers, they’re nice folks.

I’m waiting for the “wave” of foreclosures to finally correct the Westside CM market - that 640 Surf property is awful, and that street does not justify that price, IMHO.

Hah, that is so funny,

A leftover from the prior S&L crisis is in foreclosure again!!!

COSTA MESA — Federal thrift regulators are expected to sell the stylish former headquarters of the defunct Pacific Savings Bank, perhaps as early as today, for more than $10 million, according to several sources.

Among a few select bidders negotiating Thursday with the Resolution Trust Corp. for the Spanish-colonial-style office building was Nick Shammas of Los Angeles, who owns eight automobile dealerships and numerous office and other real estate properties in downtown Los Angeles and Orange County.

the story

I remember working as a temp in the summer of 1991 at Columbia Savings on Von Karman, photocopying residential RE docs in preparation for foreclosure filings.  Almost all were South OC, interesting stuff.

freedomCM - 21 August 2009 06:57 PM

Hah, that is so funny,

A leftover from the prior S&L crisis is in foreclosure again!!!

COSTA MESA — Federal thrift regulators are expected to sell the stylish former headquarters of the defunct Pacific Savings Bank, perhaps as early as today, for more than $10 million, according to several sources.

Among a few select bidders negotiating Thursday with the Resolution Trust Corp. for the Spanish-colonial-style office building was Nick Shammas of Los Angeles, who owns eight automobile dealerships and numerous office and other real estate properties in downtown Los Angeles and Orange County.

the story

Nice find! I love watching history repeat itself, just like I said it would… when people/bulls would tell me that I am crazy and that I have no idea what I am talking about.

.

freedomCM - 17 October 2009 01:47 AM

Finally, sorry for the delayed updates, but we moved to a (rented) condo in AV (Laguna Audubon) and have a new addition to the family, so sleep is at a premium now!

congratulations

Nude - 17 October 2009 02:09 AM

freedomCM - 17 October 2009 01:47 AM

Finally, sorry for the delayed updates, but we moved to a (rented) condo in AV (Laguna Audubon) and have a new addition to the family, so sleep is at a premium now!

congratulations

Ditto on the congrats, but I can’t believe you kept us in the dark! I’m referring to the addition, not the july numbers

Thanks!  We thought that we would have three weeks after the move to unpack.  Surprise!  We had one day of rest after the move before Elissa arrived.

.

On a more personal note, one of my “if I win the lottery” houses on Aviemore (great ocean views, 1/4 ac, 3000sf just renovated) sold for $1.6M (http://www.flaney.com/CA/Costa-Mesa/1167-Aviemore-Terrace-Costa-Mesa/S555796/)

Believe it or not, but back in the 60’s this was a starter home. My in laws first place was there and we went to look at a few months ago. MIL’s bricks that she laid 35 yrs ago were still there. Aviemore would be a dream for us, but it was their first home. I think she said they sold it for like $35K.

Graph, did that CRE building ever foreclose? My good friends have their dental office in that building. I know they just resigned their lease. I was told they got a lot of tenant improvements and a much lower rent. They had also told me one of the big tenants, a modeling agency, was their quite some time not paying a dime in rent. They’re gone now, though.

Mcdonna1980 - 17 October 2009 03:48 PM

Graph, did that CRE building ever foreclose? My good friends have their dental office in that building. I know they just resigned their lease. I was told they got a lot of tenant improvements and a much lower rent. They had also told me one of the big tenants, a modeling agency, was their quite some time not paying a dime in rent. They’re gone now, though.

Generally, if the bank forecloses on a CRE property they will keep the tenants in place until they can sell the building.  While your friends likely have a new landlord, they probably won’t be booted out.

Mcdonna1980 - 17 October 2009 03:48 PM

Graph, did that CRE building ever foreclose? My good friends have their dental office in that building. I know they just resigned their lease. I was told they got a lot of tenant improvements and a much lower rent. They had also told me one of the big tenants, a modeling agency, was their quite some time not paying a dime in rent. They’re gone now, though.

It hasn’t been foreclosed on yet, nor is it still scheduled for the month. So either it has been canned or postponed. When it pops up again I will post about it.

.

I have noticed that many of the new listings are on the east side and prices are finally starting to come down over there, but not nearly the same percentage as they did on the west side.

many of the sellers may be escaping by the skin of their teeth from early 2000s purchases (80% to 200% of their previous sale price).

OK, if you are selling at 200% of your purchase price, how the heck are you escaping by the skin of your teeth?

Ignoring the whole house as ATM thing, which I’m not in a position to assess…

most of the listings describe a plethora of esthetic upgrades (pergranteel), few of which I would guess were made from saved up cash, but instead from HELOCs.

it is possible that someone selling at 125% of their 2003 purchase price, after doing upgrades, is going to walk away with cash, IMHO given the excesses of the last ten years, it seems to me somewhat unlikely.

I’m looking in Costa Mesa, and have several offers in - all short sales.  The process has been a total clusterf@ck, dominated by listing agent horsepoop.  Every one is a gimmick, all designed to stimulate a bidding war.  Honestly, it is really pissing me off.  Why waste everybody’s time?

One property, a short sale listed at $399,000, is actually minimum $450,000.  I went to make an offer and my agent got right back to me and told me the listing agent said the bank wants $450,000 minimum.  If that is the case - LIST THE $@#!&^@%$ HOUSE FOR $450,000!!!!