kaulat

A commenter mentioned a while back that this place finally sold. Jan 2003 - Purchased $730,000 October 2010 - Sold $699,000 Looks like we're below 2003 prices even in Naples! Tough to even comprehend, given how Naples was supposed to be "special" and "immune," but this is indisputable evidence that the last eight years of equity for most homeowners has been completely wiped out -- even the "special" ones. Crazy. So, a $74,800 loss after commissions. Not terrible, given what we've seen over the years. But we musn't forget the substantial improvements DJ Bankrupt spun into the property. If you recall, the house's condition in '03 was so decrepit that the agent described it as "once thought to be lost to neglect." And I guarantee the "meticulous restoration by the [now former] owner" cost him at least $150,000. MINIMUM. So now we're staring down the business end of a $225,000 loss. And the bank sure as f...

The dearth of Long Beach inventory has made it really difficult to find properties worth featuring, but then I saw this outrageously overpriced pile of shit and just had to put it on the blog. WISHING PRICE: $499,000 ADDRESS: 6150 East BAY SHORE Walk #10, 90803 BEDS: 1 BATHS: 1 SQ. FT.: 815 $/SQ. FT.: $612 YEAR BUILT: 1965 COMMUNITY: Belmont Shore/Park/Naples/Marina Pacific/Bay Harbor MLS#: S640717 ON REDFIN: 15 days HOA: $298 DOWN PAYMENT: $99,800 INCOME REQUIREMENT: $114,000/year MONTHLY NUT: $2,800 DESCRIPTION: Beautiful sought after Alamitos Bay Shore Condo in the exclusive community of Bay Shore Yacht Club. This Bay front condominium features 1 master suite with upgraded kitchen and bath. Only 15 units in this secured building. Underground parking with storage unit. Elevator to the 3rd floor. Laundry facility onsite. Can watch the Naples Boat parade right from your Bay view balcony and front room. Low association. Rarely on the market. .. .so get you offers in fast! $499,...

That's down 3% just between September and October! Wow. And the result? A greed-driven divergence between List vs. Sold price per square foot. That's what happens when all but the dumbest, most delusional sellers take their ball and go home and wait for the market to "return to normal." Current sellers know there's no quality inventory out there and it makes them cocky and emboldened. As we enter the winter months we'll see if that approach pays off.

6915 SEASIDE Walk, Long Beach, CA 90803 Wishing Price: $3,300,000 Beds: 4 Baths: 2.5 Sq. Ft.: 3,498 $/Sq. Ft.: $943 Lot Size: 2,394 Sq. Ft. Year Built: 2002 Community: Belmont Shore/Park/Naples/Marina Pacific/Bay Harbor MLS#: P715930 On Redfin: 294 days Down Payment: $660,000 Income Requirement: $754,000 Monthly Nut: $18,000 Description: Private Spectacular Location, Oceanfront, on the Sand with Awesome Panoramic Views of Catalina Island, Port of Long Beach, Seal Beach, Alamitos Bay and Naples Island. This gorgeous tri-level Mediterranean (2002 new construction) Peninsula home provides effortless waterfront living and entertaining. Dramatic sweeping spiral staircase leads you from the first to the second and third levels wrapping the circular turret. This open and airy floor plan has high ceilings, gorgeous architectural details including barrel ceilings and beautiful arches. Gourmet kitchen with granite counters, Bosch dishwasher, custom cabinetry, over-sized center island, Master Bat...

Officially a short sale. Shocker. But you have to congratulate this delusional twit on riding the Extend-and-Pretend Express for an astounding 228 days. Any bets for the date of the Notice of Default? And in those 228 days his realtor hasn't even bothered to fix the typos...rats from a sinking ship. +++++++++++++++++++++++++++++ 5576 East VESUVIAN Walk, Long Beach, CA 90803 Asking Price: $799,000 Beds: 2 Baths: 1.25 Sq. Ft.: 1,200 $/Sq. Ft.: $666 Lot Size: 2,400 Sq. Ft. Year Built: 1957 MLS#: P719642 On Redfin: 53 days Down Payment: $160,000 Monthly Nut: $4,300 Income Requirement: $200,000 Description: The Opdahl Residence, 1957 by Edward A. Killingsworth, FAIA. With the use of two 18 ft. tall redwood walls at the setback lines on both sides of the property, Killingsworth skillfully created an oasis of privacy for the glass walled structure, reflecting pond & peaceful gardens within. Considered by the architect to be his most important work, the house stands as a prototype fo...

Sold on 09/09/10 - $1,200,000 To recap, after purchasing this property right after the peak of The Great Housing Bubble for $950,000 , the former owner demolished the existing home and built this overwrought monstrosity with what I imagine was a hefty construction loan. Unfortunately, the minute ground was broken on this eyesore of a McCastle, the real estate market began its horrific, Great Depression-esque decline. Stuck with an asset that was losing money before it was even completed, he spent the next eleven months sweating .50-caliber bullets, wishing that the housing market would somehow stop its rampant, freight-train powered return back to normalcy before he got his masterpiece on the market. Wish in one hand, and crap in the other...and see which one fills up first. We all know how that worked out. And so, in January of this year, after dicking around with extend-and-pretend short sale tactics, the bank finally foreclosed on his ass and took back the property for $1,260,000 ...

The price was "$334,000" and changed to "$324,900" Ever since the Federal tax credit expired, I've been seeing an awful lot of $10,000 price reductions. Anyone else notice that? P.S. This greedtard has been on the market for nine months and this is only the second price reduction. Great strategy! +++++++++++++++++++++++++++++++++++ Yet another 2008 loser. How long until 2009 losers start showing up? 5898 East NAPLES Plz #302, 90803 Asking Price: $359,000 Purchase Price: $355,000 Purchase Date: 7/2008 Beds: 1 Baths: 1 Sq. Ft.: 719 $/Sq. Ft.: $499 Year Built: 1971 MLS #: R905905 On Redfin : 110 days HOA : $240 Income Requirement: $90,000 Down Payment: $13,000 (FHA) Monthly Nut: $2,500 (FHA) Description: * * * REDUCED $31,000 * * * . This great home is located in the absolutely best area of Long Beach - Naples Island. This top floor unit features a large bedroom, tons of closets, eating area, fantastic kitchen with new microwave GE Profile convection oven, Berbe...

5576 East VESUVIAN Walk, Long Beach, CA 90803 Asking Price: $799,000 Beds: 2 Baths: 1.25 Sq. Ft.: 1,200 $/Sq. Ft.: $666 Lot Size: 2,400 Sq. Ft. Year Built: 1957 MLS#: P719642 On Redfin: 53 days Down Payment: $160,000 Monthly Nut: $4,300 Income Requirement: $200,000 Description: The Opdahl Residence, 1957 by Edward A. Killingsworth, FAIA. With the use of two 18 ft. tall redwood walls at the setback lines on both sides of the property, Killingsworth skillfully created an oasis of privacy for the glass walled structure, reflecting pond & peaceful gardens within. Considered by the architect to be his most important work, the house stands as a prototype for building with limited space, & as one of the purest, most sophisticated examples of mid-century modern architecture. As the SoCal chapter of AIA noted in it's [SIC] honor award, 'there is poetry in it's [SIC] restrained vocabulary of material and form-a precise artistry'. Winner of eight prestigious architectura...