April 07, 2008

577 days on the market, $500,000 in price cuts, and still no buyer... Welcome to the Epic SoCal Housing Crash



Happy 3rd SoCalBubble

And damn, this is one f*cked homedebtor... I'll offer $200k. Someone wake me up when they get there.

2023 South Capella CT
Costa Mesa, CA 92626

Listing Price History

Date Price
Jan 28, 2007 $1,099,000
Feb 07, 2007 $1,049,000
Feb 11, 2007 $999,000
Feb 13, 2007 $965,000
Feb 23, 2007 $935,000
May 16, 2007 $925,000
Jul 12, 2007 $899,000
Aug 15, 2007 $889,000
Aug 28, 2007 $875,000
Sep 11, 2007 $860,000
Oct 16, 2007 $799,000
Nov 15, 2007 $789,000
Jan 16, 2008 $719,000
Jan 29, 2008 $649,900
Today: $599,000

44 comments:

Anonymous said...

If that's not pets.com I don't know what is

Anonymous said...

Hahaha! Yeah, Costa Mesa is a joke. It's being overrun by the Mexican hordes but there are still yuppies that have bought homes there that think they're living in Newport Beach. If you want to find a derelict home with Mexican neighbors and the price tag of a Newport family home then Costa Mesa is the place to go!

BubbleGirl said...

what's the address? I would love to see the sale history on that house. It probably sold for $199,000 in 1999 or something like that...

John marshall said...

he needs to drop the price another 400k before it is to late and he will not find buyers at any price until 2012

it is worth 100k tops

Dave in So Cal said...

and to think this has just begun.............
its gonna get alot worse!!!!

What a DUMP. Burn it down. said...

Nice Steel Fence.

Is that to keep the Messycans IN or OUT?

SoCal not even safe to FLY OVER.

What a DUMP. Arson the only answer.

BubbleGirl said...

make that $99,000 not $199,000

Anonymous said...

Where's that New Yorker wannabe who thinks there's value on South Beach. This is for you:

http://tinyurl.com/6ce8ae

Anonymous said...

SUZANNNNNEEE!

SUCKER FISHING said...

AWE SHUCKS, THAT'S NOTHING...

THIS LITTLE GEM WAS $2.3 MILLION UNTIL IT HAD A DAYS ON THE MARKET MAKEOVER AND PRICE REDUCTION DOWN TO $1.3 MILLION...

http://franklymls.com/SM6677014.html

EVEN MORE SHOCKING, NO SUCH ADDRESS APPEARS TO EXIST IN THE MARYLAND PROPERTY TAX RECORDS...

http://tinyurl.com/3oop8c

Anonymous said...

i'm sorry i thought this was housing panic not aryan nation

Anonymous said...

and to think this has just begun.............
its gonna get alot worse!!!!


_______

The ripple effects have only started, LOTS more to go.

wc said...

I was trying to get a sales history but couldn't find so went to zillow and they still show at $649K - it's only 2 bedrooms. Nice kitchen though - the picture they had avoided showing the gate that clearly you need for security

wc said...

I didn't scroll down on the redfin site enough - it sold in July 1990 for $91K and then again in Sept 1990 for $295K - is that even possible? Was 1990 a boom year in California?

Out at the peak said...

You outbid me. Looks like you outbid all of us. :)

Anonymous said...

Nice to see that, after 3 years, Chuck is "exonerated as a non-insane person" by these data. *Sigh*

Frank@Scottsdale-Sucks.com said...

You have to be on serious crack to pay $1M+ to live in Costa Mexico.

what gos around comes around said...

side topic:

Why does Israel not urge the F*cking French to ‘exercise restraint’ against the Somali pirates.

Lowlife French Hypocrites!

k.w. - southern ca. said...

It'a all coming way down, especially here along the Southern Ca. coastal cities where prices skyrocketted the highest, way out of reach of most annual salaries - Huntington Beach, Belmont Shore, Seal Beach, etc...

Those who can still afford the monthly mortgage payments and wish to "move-up" , will be stuck in their houses much longer than they had hoped - besides, paying on a depreciating asset definitely hurts.

Until credit loosens up and housing prices are lowered by a realistic 40% to 50%, very few will be qualifying for the initial down payment - where they have to put in their own cash.

The longer housing prices stay propped up artifically high, the harder the crash will be.

Anonymous said...

looks like Northern VA to me also LMAO at these prices!

TM said...

I think he could probably move it with a price in the high 300's, depending on where in Costa Mesa it's at.

Larry said...

Straight from the original link:

Sales History

Date Price Appreciation Dec 30, 1988 $280,000


Jul 27, 1990 $91,000

-51.1%/yr
Sep 14, 1990 $295,000

>1,000%/yr

Larry said...

Actual RE ad: http://www.redfin.com/stingray/do/printable-listing?listing-id=445648

XangrymonkeyX said...

WTF!!!! 1 MILLION!!!!! WHAT! Is a gold mine included?

SoCal Real Estate Sucks. I am currently looking for a house and I keep waiting. Retards like this F'd it all up.

F these retards and thanks for pricing the smart guy out of the market.

ORANGE COUNTY CLEANUP CREW said...

ORANGE - A woman is believed to have committed suicide by jumping off of a seven-to-eight story parking structure Monday afternoon.

The incident was reported about 1:15 p.m. after a woman was seen falling from the structure next to the Ameriquest Mortgage Company building at 784 Lawson Way, near Town and Country Road, said Orange Police Sgt. Sean O'Toole.

The unidentified woman landed on a driveway below and was pronounced dead at the scene.

Lawson is closed while the investigation continues.

Anonymous said...

ive got 300,000 cash but i would offer 125,000

Anonymous said...

OMG - STILL OVERPRICED. WAY,WAY OVERPRICED.

Anonymous said...

I lived 4 blocks away from there for about year and a half.

6 months after I left, armed robbery in nearby RiteAid (Harbor and Wilson)

It's not nearly as bad as LA, but average household income there is about 45K. Meaning houses should be top around 3*45K = 135K

Much luck to 500K....

Anonymous said...

Sheesh, this is scary. You might have thought a year ago people would jump over the lower prices in some areas. But what is scary is nobody might have the money anyways!

Don't know about that one. Looks like a crap box to me. If you live in California you do not realize the rest of the country loathes stucco crap boxes.

Anonymous said...

messycans might buy it with pesos,,, come on now?

Anonymous said...

Looks like it is 1800-2400 sq ft.

In Texas they'd get $140Kish for it MAX.

Anonymous said...

This is a POS for 1 million; less of POS for $600K. You are a fool if you buy. Not as big of fool as the greedy sellers.

Anonymous said...

Who the hell wants to live in Costa Mesa for half a million dollars, let alone a million?

I'd offer them $200,000 at most.

Anonymous said...

This would cost as much if not more in Washington DC suburbs, where I live.

What's missing where I live is - everything else. Other than free museums and the government job base, what does DC have? Hispanics, traffic, crime, materialism. Same as SoCal.

BEACHES? NO. GREAT WEATHER? NO.

At least in Cali, you get something for the money.

Anonymous said...

ive got 300,000 cash but i would offer 125,000

---------------------------

i will offer 125,300

Common Cents Bear said...

Well, if thats a bubble I don't think you have seen anything yet.

In Vancouver Canada, the idiocity is still going strong and the original 1,099,000 pricetag of that place in sunny California can get you this beautiful home.

http://images.mls.ca/listings/reb89/highres/6/v694666_1.jpg

This isn't downtown, or in the rich neighbourhood. This is the biggest bubble ever. I don't think anywhere in the US got close to as stupid as here; considering the average household income is around 60k and the average house is pushing 900k. This is for the entire city (greater vancouver), not an upscale neighbourhood.

JaredTaylor said...

i'm sorry i thought this was housing panic not aryan nation

So, we should smile and be happy when our communities are turned into 3rd world dumps and kids have to go to school with kids who don't speak English and drag the rest down with them?

Anonymous said...

I lived 5 doors down until divorce in 1998, Ex got the house. My old place with 4 bedrooms, 2 BA, was $285K in 1990. It's an excellent neighborhood but the house isn't worth 500-600K. The gate is "decorative" but everyone on the block hates it. You can get better, newer in Irvine. I happily rent at the moment with 6 figure savings and 6 figure income while the Ex watches her equity dwindle. And you say there is no God..

Common Cents Bear said...

Sorry try this.

http://tinyurl.com/5m5spb

Anonymous said...

i'm sorry i thought this was housing panic not aryan nation

Don't give us your BS Political Correctness here. This isn't about racism it's about elitism. It would be the same if a bunch of white trailer trash and rednecks swarmed into your neighborhood.

AZDavidPhx said...

Love the ghetto fence!

Anonymous said...

What is up with the fence and all the crap in the house/yard? The house might as well be in compton

-MB

Anonymous said...

The problem with this country is not the immigrants, at least they work. The problem is the trailer park white trash who live on welfare but somehow think they are better than the Mexicans busting their ass to make a buck every day. Deport the white trash and let the Mexicans in, at least they work for a living.

-Rich

Anonymous said...

No way. What are you folks smokin' in California? What a bizzaro world out there....