Don’t think it can happen in prime areas?
This Newport Beach residence sold for 2.5M in August 2006. It’s now for sale for $781,000.
One might consider buying this just to rent it out and sell it later on to a developer.
Contrary to my first thought, it’s not trashed inside:
Better like some traffic noise, though. It backs to Newport @ Via Lido. Nice weather, too bad you won’t want to open your windows.
whats killing me is that the low end cratered first. now the high end is a sitting duck with tons of inventory and no sales.
whilst I’m dying to get into the middle tier.. and sales are keeping up with inventory. I’m afraid it’ll be the last to fall.
Attn real estate market: HURRY UP. Lets get this over with.
This is unbelievable. I had no idea the market there was in this kind of freefall…
Not a necessarily attractive house, small lot, noisy location. Its current price is not a surprise, in fact still a little steep except for the close harbor access. It is now priced closer to reality.
The real shocker here is that it WAS bought for 2.5 MIL at one time!
Is this a repo?
Regardless of location that is a nice spot to be, at the price it is even better. It just shows that no location is immune to what is happening.
It is actually a decent spot, if you take out the road noise. It’s a couple blocks from marina, couple blocks from the beach.
No location is immune.
Many, however, are living in a dreamland hoping that reality won’t hit. Just look at turtle ridge, or Port Series in Newport. Most are still asking $400-600/sq ft in these areas for 4000+ sq ft homes.
Large homes historically have a lower price per square foot, and high-end homes right now are vastly overpriced to their lower-priced counterparts. They just have more staying power. I doubt we’ll say we’re forming a bottom in 12 months. There is still a long way to go on the high end.
Chuck Ponzi