The folks over at Crescent Del Sol Estates invited us back for a tour:
The home featured in this youtube tour is offered at $2,900,000 – the other list prices range from $2,800,000 to $3,100,000.
Speaking of new-home-tracts-who-have-followed-up-after-seeing-themselves-featured-here, remember the Emerald Estates tract in on Sapphire in Carlsbad? The one where they had sold seven, and had the other seven in foreclosure?
They called to say that the bank has cancelled their foreclosure proceedings.
sold!!!!!Anyone got 2 million they can loan me.I can state my income and have no assets.I work at walmart and bring down 10g’s a month.
I honestly think they are about 1 million over-priced (in this market). 4 years ago – SOLD! Hard to be a developer.
Loan mod examples at Piggington:
http://piggington.com/wamu_35_million_dollar_loan_at_175_40_year_fixed
The poster said,
As some of you know, I sublease space to a loan modification processing firm and a few times a week I stop by to get the latest and greatest regarding what banks are doing for delinquent borrowers. Check the latest two deals she got for borrowers:
Example 1:
First is a 3.5m loan with WAMU at 8.625% – payment was $25,500 P & I
Newly-modified loan is 40 year amortized at 1.75% – payment PITI is $11,000.00 – stopped trustee sale of July 12,2009 and capitalized $257k in delinquency.
Example 2:
First is a 1.0m loan with WAMU at 7.5% – payment was $6173 PITI
Modified loan is 40 years at 1.5% with new PITI payment of $2972.00 – stopped trustee sale of June 10, 2009
What do you think of the property, Jim?
They have an 180-page appraisal with 18 comps up and down the coast that justifies the value.
That, and about $4, will get you a cup of coffee, unfortunately.
They might find 1-2 takers in the mid-2s, but that’ll just extend the agony because it’ll keep hopes alive. I agree with Todd though, I think it’ll take them being under $2,000,000 to sell it out.
It depends how long they and the bank will hold out.
It’s becoming obvious that banks are going to do every trick they can to keep foreclosures from happening.
Nice of those guys to let you in there Jim, especially with the camera.
The banks are offering more stock and trying to raise as much cash as they can. At the same time they’re holding off foreclosures as long as possible. They’re hoping/betting that the RE market is going to come roaring back to save them from the mess they’ve gotten themselves into.
These banksters deserve to burn in hell.
How many appraisors does it take to appraise a house?Seems like it is a pretty vague estimate of value.If the guy is having a bad day you could get a low appraisal.Look at well their appraisals worked the last few years.Banks lost their ass bigtime.The system is a joke.A BPO is better than an appraisal for gods sake.
They’re nice. But I still have issues with the website using the term “estate” to describe these homes. When you cram 8 units onto less than an acre, with underground parking, common grounds… it’s hard to see how “estate” fits.
I think they’d be nice for aging boomers – but I have to agree with you about the roof deck and the added value being zero. The elevator solves the mobility issues of older boomers – but once you’re having trouble with stairs, the roof deck is inaccessible. (From the floor plans it looks like the elevator doesn’t go up there.)
The view from that unit was very nice though. I wonder about the units tucked back in the corner though.
You can get a comparable house for what, $1 mil, without the oceanfront location and view? So the view is $2 mil? If you put $2 mil into 10 year treasuries, you can get $80k a year, risk free. For that amount you can take 30 cruises a year and see all the worlds oceans still have money left over. What am I missing here?
http://www.carnival.com/find_a_Cruise/search_Results.aspx?src=ms&dur=D2
“What am I missing here?”
You’ve obviously never lived in an oceanfront home. The experience is hard to value.
Well, it’s a million dollar view. The rooftop deck makes it 50% better. Then Caltrain drops it by $250k. Total price should be $1,124,999.95
WAMU is now Chase – maybe I’ll have luck modifying my mortgage. 40 years, amortized, low interest? Just the deal I’m looking for – assuming I qualify.
These “estates” have already “lost value” and they’re not even done yet. It’s a vertical living style that, elevator or no, won’t appeal to anyone who grunts going up the stairs.
The bank plan is painfully clear. Prop up the distressed market by holding off all the inventory and dribble out a few at a time to create a buying frenzy. No need to mark to market the shadow inventory for who knows how long. Cook the books with loan mods and make it look like the loans are performing. Recapitalize with diluted overpriced shares and repay the tarp money. I remember an article a while back on the 12% of all loans are in default or late but I think more than half of that number is people doing it willfully to get their piece of the free cheese. I personally know two people who stopped making payments to allow themselves to get a loan mod. What will the neighbors do if they bought at the same time as the guy next door but are paying twice what he is because they are financially better off? I want a tax mod so I don’t have to pay for this huge mess.
“Modified loan is 40 years at 1.5% with new PITI payment of $2972.00 – stopped trustee sale of June 10, 2009”
Well I said it before- this is welfare capitalism run amok.
Where did that money go? This is not sustainable.
$3K per month for 1 million is completely out of whack. I don’t get it.
1.1 and 3.5 mil mods @1.75??? = If true, Political Affinity and Extortion??? I smell a rat.
Actually GameAgent, I’ve rented homes with an ocean view, and unless you’re looking into a bay of kind or have some sort of boat traffic, that empty ocean view will get old real quick. I certainly can’t justify it as a $220 a day view.
I don’t know…I have no idea why people think the beach area is the place to live.
The traffic, the apartments, the tourists covered in oil, trains, I-5, stiff breezes and that ever-present musty smell.
I really don’t get it. Me, I’ll live 5 to 10 miles inland and make the jaunt over to the beach on the rare days that I just have to see the ocean. Which, on this coast, is really quite boring to look at.
1.1 and 3.5 mil mods @1.75??? = If true, Political Affinity and Extortion??? I smell a rat.
Funny, I was thinking the exact same thing when I read that. Although, it could just be plain old self preservation. Look at the fallout from subprime and ask yourself if we want to go through that again? Either the banks stop the hemorrhaging now or a whole new legion of owners walks away from underwater properties in the mid to high end markets — in addition to the ones already getting mowed down by option ARM recasts.
Hey everyone, guess what?Walmart is hiring 22000 people.The recession is over.Go out and buy a chevy this weekend and some paris hilton perfume for the lady in your life.
“Walmart is hiring 22000 people.”
And, Walmart employs more people by a pretty wide margin than any other corporation operating in the state of Arizona.
Regarding this “estates”, there was a time when I would have found this sort of development appealing, but strictly from a fantasy point of view. Now, not so much.
The view is lovely, and the breeze soothing. I would never tire from either. The mix of surrounding housing, density, traffic and noise are all detractors. General maintanence requirements go up the closer your location to the water. Even if you owned one of these villas outright, the property taxes and HOA fees would be a sizable monthly expenditure.
I’d rather have a quiet location, further away high oceanview, single fam., detached, single level well maintained structure, less sq. footage, small yard well maintained & landscaped, no pool, lower taxes, no HOA/MR, all at a reasonable and rational purchase price – unfortunately there is no such thing. But, I’ll keep on dreaming & enjoy what I do have for the time being.
At the 7 minute mark you got my old condo in the shot Jim, the brown boxes on the tracks that the train went by. Was a killer place when I was in my 20’s and could walk to the Sand Bar and ride my beach cruiser along the tracks downtown! hen they added the Coaster to the Amtrack schedule it tripled the trains. These multi M$ home would roll like an earthquake “wave” is happening just like my condo did every 2:00am when the Santa Fe Freight train comes rolling through the hood.
I would hardly call these “oceanfront” homes… they sit off a side street that overlooks the lagoon. To get to the lagoon, you have to walk down a pretty steep hill where people take their dogs to poop.
I live around the corner from these and I’m really surprised that no one has yet mentioned the other “luxury” glorified condos (but they have elevators and roof decks!) just down the street about, what, 2 blocks away? These other properties have been sitting on the market for about a year (don’t believe that DOM 150 on the MLS). Price? Just shy of $2M. While these have less sq ft (and certainly less travertine) they are in fact a better location beach-wise. Are they worth $2M? Obviously not since they haven’t sold but I guess they’re just waiting for that special buyer.
Two to choose from. Take a look:
http://www.sdlookup.com/MLS-090001414-175_Sequoia_Carlsbad_CA_92008
http://www.sdlookup.com/MLS-090001412-3955_Garfield_Carlsbad_CA_92008
It’s official, recsession is over according to some experts.The govt has printed a trillion dollars and created a stimulous package.All is well move along.Walmart will hire you when you lose your job.Quit making your house payments and jump on board the gravy train.The govt is there for you.
“You’ve obviously never lived in an oceanfront home. The experience is hard to value.”
Total agent-speak.
As for the banks holding up foreclosures to create buying frenzies, I can’t give them credit for being that creative. I think they’d love to get those toxic assets of their books asap, but simply can’t afford to give their balance sheets the hit all at once. It’s a simple matter of survival for these companies. They have the responsibility to their shareholders, employees, bond-holders, etc. They have to spread the losses out to give them a chance to get healthy. It’ll absolutely take many months to get through them all. The downturn will be a long one.
That’s a pretty nice place if you don’t mind a lot of stairs. That bi-folding door to the patio/deck, depending on the brand, is $15-$25K, and the half-round French door before that is $6-$10K. They’ve spent some dough.
The garage is interesting. And I DO like the idea of a bomb shelter, or at least a fallout shelter. Cool!
The homes across are OK, but the ones between it and the water are what pi$$ me off about CA real estate. How junk like that EVER got built just blows me away. An aesthetics committee should start handing out retroactive fines for that!
Well, it is a “white water” view from the roof deck, but with the huge deck off the great room, I agree, you’d probably never use it.
Details are beautifully done–again, I just think they may be a bit too late to the party.
And I do not think they are really comparable to the listings jordana posted. A harbinger of market sentament, perhaps, but I’ve been in both the other ones. They are smaller, very modern (pushing “cold”) and the layouts are awkward. In one I couldn’t even figure out where to put the master bedroom bed! I do agree, though, that location is better on the Garfield/Sequoia pair.
And there may be some advantage to underground parking to keep your car out of the salty sea air. It certainly looks very well thought out, design-wise.
Now if the development had first right of refusal on the property in front of them, to ensure the view improved at some point in the future, that might be better.
Shopper — you’re onto something there. If they leveled that atrocity between them and the water and turned that into a park… then it would be a good location. Of course, you’d have to tack on $750K per unit for that to happen.