Wednesday, December 31, 2008

How NOT to Lose at Least $500,000 in 2009

As we enter the new year in this receding real estate market, it is hard to predict when the turn around will come. thing I can do after following the Laguna Beach and Newport Coast real estate market for over a year is offer my opinion on what NOT to do.

So here's some invaluable advice that could save you $500,000 in 2009 if you are planning to buy in Crystal Cove, CA.

1. Do NOT buy 100 Sidney Bay Drive for the asking price of $2,495,000. In my opinion, this condo will be worth less than $2,000,000 some time in 2009 (if not now).
Jacquiline Thompson is the listing agent and it is listed on as a condo, not a detached single family residence. The neighboring property at 106 Sidney Bay Drive was, according to, repossessed in 2008 on a mortgage having a value of roughly $150K less. What does this mean? The market has gone down since then. There's no way in my opinion that 100 Sidney Bay is worth more. Look for 100 Sidney Bay to sell for less than $2,000,000 in 2009, in my opinion.

2. Do NOT buy 88 Sidney Bay Drive for $2,488,888 - it is in the same club as 100 Sidney Bay Drive. Look for the value of these condos to go down significantly in 2009, in my opinion. The same could be said for the other homes in Crystal Cove - they could be positioned for a major hit in 2008, some losing a million or more dollars.


Anonymous said...

These sold for about 500K in 2001. The workmanship is pretty average (sprayed walls, Home Depot pillars), and most don't have much of a view.

*Te* said...

I still can't get past paying that much for a track home...