A seven-bedroom, eight-bathroom mansion — plus guest quarters, a pool, a cabana with a frescoed ceiling, a tennis court, and two acres of landscaped gardens — in Anaheim Hills (pictured on right) sold earlier this month in an all-cash deal for $6.3 million after a one-week escrow.
“This home in Newport Coast would probably be around $25 million — at least,” listing agent Carole Geronsin said of the property.
Geronsin said this Anaheim Hills home, located on Copa de Oro, had been on the market for a year, most recently with range pricing (meaning it was listed to sell within a given range, rather than for a single list price). It ended up selling above the intended asking price after getting multiple offers, she said. The next closest selling price in Anaheim Hills was another Copa de Oro home that sold for $5.65 million two or three years ago. As with other properties in the trophy home market, the Copa de Oro sale likely had little to do with what’s going on with the housing market overall, Geronsin said. “I think people who have money, when they see what they want, they’ll buy it,” she said.
The $6.3 million sale is believed to be the second-highest price paid for a residence in Orange County’s north-inland quadrant, according to several agents who deal with high-end real estate in that territory. The record-holder is a home on a five-acre subdivided parcel in North Tustin that sold for $7.6 million in June. (The countywide record is $35 million paid for actor Nicholas Cage’s Newport Beach home.)
According to Dan Shusterman of Coldwell Banker Previews International, listing agent for the North Tustin home, the owner of the subdivided property planned to sell it as three separate home sites. But a buyer bought the entire parcel and intends to use it as a family compound.
Want more views of the $6.3 million Copa de Oro home, courtesy of The Geronsin Team? Click on picture to see larger version …
Great news if you a bull.
Ask they real estate agent how much it would have feteched a year or two ago.
National Bubbie,
The only thing in the Bag is you meathead
Ah, NationalBubbleBath is back after a few days hiatus. ( Yeah, we missed your spew of doom & gloom, plus your blatant postings to seduce peole into clicking on your website, to help you make the payments on your house in Newport.)
You probably couldn’t think of a negative response sufficient to counter the CURRENT, LOCAL good news reported by Steven Thomas, so you wait and post this tiresome OLD national news. You’ll REALLY have difficulty coming up with negative fodder in another month or two, so you’d better make gloom while you can, Mr. Bubble.
and seduce people, too!
The upper end market is a completely different animal than all the doom and gloom news about short sales and foreclosures …especially in affluent areas such as we see many areas in SoCal. Here in the Montecito CA area we only see the demand for high-end homes ($ 7.5 Million plus) outstretching the supply. Amazing but true.
Santa Barbara REV,
You betcha, didn’t Kosner just pay $15 million for a 3acre ocean front lot with a barn on it and no house? And you’ve got the Wine Country and the weather working for you too. Montecito is a beautiful place.
Rants,
Your posts amount to just so much verbal flatulence
Proof that Anaheim Hills is nothing like the rest of Anaheim…
So Lee, how much of a finders fee do you get from Redfin for hawking their junk? Since they got in trouble up in Seattle for MLS abuse I figure they hired smucks like you to do the dirty work.
Hey Lee,
I hear you’re so ugly that when you were born the Doctor slapped your mother.
Lee,
Thanks for posting these links……we are now seeing the leaders in the race to the bottom………..homes listed for between $200 and $250 per square foot. Soon this will be the norm and the sellers at winning the race will be in the $150 PSF range.
Funny, both of those cherry-picked listings appear to be short-sale wishing prices. Both have competitors price hundreds of thousands of dollars higher. They also have recent comps that support much higher prices. Sounds like stupid realtor tricks. Let us know when they close and for how much.
Hey Thoughtless … the only thing that really matters is the trend. And the trend had become the friend of this “bitter” renter. Actually I’m not a “bitter” renter. I chose to rent … and it sure does FEEL REAL GOOD TO BE RIGHT ABOUT THIS! I’ve been hearing the crap from my wife for 3 years now about buying a home. I keep telling her, our day is coming … it’s coming like a freight train. LoL!
BTW … I do believe we’ve reached the “bottom” … the bottom of the 3rd inning. LoL
lee
If this wasn’t bad enough, NOD’s are sent out after payments are 90 days late. I’ve read that banks are holding off much longer to kept things looking better than they really are. Steve Thomas, the gull-a-bulls hero.
Holy cow look at those property taxes.
Ah, just as I suspected. All of the homes in Ladera under $281 psf are bank owned or short sale. I know how Lee get’s his cherry-picked data. Redfin lets you sort by price per square foot, and he just grabs those. I remind you, Lee, that normal sales are occuring as well. The trend? I’m glad you went there:
Pending sales WAY up.
Closed sales increasing every month this year.
Inventory dropping steadily.
Interest rates good.
ARM indices PLUMMETING.
NOD’s slowing.
The trends are not your friend!
Why don’t you do us all a favor and dispute them?
You made your wife/family unhappy for three years out of their life? Way to go!
Three years of unhappiness = $100,000.
Oops, the $100,000 got eaten up by commissions, transaction fees, moving expenses (twice), transaction fees and lost property tax basis.
I saw this online today, it’s great!
If Lawrence Yun wanted to be more helpful…
In the National Association of Realtors’ monthly report on existing home sales, where sales fell 2.0 percent in March (now down 19.9 percent on a year-over-year basis) and home prices continued to tumble (down 7.9 percent from a year ago), NAR chief economist Lawrence Yun had the following comments:
Though mortgage rates are at historically low levels, some borrowers are facing restrictive lending practices in declining markets. At the same time, many buyers continue to bide their time with a large number of homes to choose from, while other potential buyers remain on the sidelines.
If Lawrence had wanted to paint a more accurate picture of current conditions, he might have said something like this:
Look, everyone is scared to death right now - lenders, buyers, realtors - never, ever in a million years did we think that prices would drop like this. I mean, who wants to buy a house that is probably going to lose $20,000, $50,000, or $100,000 over the next year? If you can buy a foreclosed property at a steep discount, have it at. Otherwise, stay away.
Spin this bullies:
DataQuick: California Foreclosure Activity Up Sharply in Q1
From DataQuick
The number of mortgage default notices (NODs) filed against California homeowners in Q1 2008 increased by 39% over Q4 2007, to the highest level on record.
For Q1 2008, a record 113,676 NODs were filed in California, compared to 254,824 total NODs in 2007. This is more than double the 46,670 NODs filed in Q1 2007.
For 2008, the number of NODs was estimated at 4 times the Q1 rate. Based on recent experience - with NODs increasing every quarter for the last 3 years - this is probably conservative.
As bad as 2007 was, 2008 will be much much worse.
Not all NODs go to foreclosure, but the percentage has been increasing (well over 50% now).
David Pogo stick, u still trying to talk down the OC market? I thought u bought a condo in the armpit of soca??
You made your wife/family unhappy for three years out of their life?
Are you kidding me? We just got back from Maui last month. My wife doesn’t work, she drives a nice car, she lives a very comfortable life. She’s just impatient and wants all the pretenders that used time-bomb mortgages with no money down, and who were undermining our efforts to buy a house, TO GET OUT! NOW! :)
And any talk of the government bailing these people out, just sends my wife into orbit. Why should we, who pay thousands of dollars in taxes every quarter, pay for these naive numbskull’s who were bidding up real estate … undermining our efforts. My wife and I feel bad for the children … but not the foreclosed owners.
Don’t worry though, sigburfool and thoughless said values in OC are already on the rise, so you all have nothing to worry about!
And shockg is still in denial.
Show your wife the ALT A stats that I posted recently that show solid credit and large downpayments were the norm in Orange County. That might help her with her misplaced anger.
shockg, the OC market doesn’t need my help coming down.
It’s been doing fine the past 18-months on it’s own.
LOL
Sorry to see you’re still living in dream land.
I just bought a very nice and almost new foreclosure at 50% off.
If anyone thinks that’s a bad investment you’re a loony.
I can rent it at 100% of the mortgage payment unlike in OC, and that’s before my write-offs.
“Show your wife the ALT A stats that I posted recently that show solid credit and large downpayments were the norm in Orange County.”
That’s all well and good, but think about this: There were enough people who bought with toxic loans/0 or next to nothing down during 04-05-06, combined with longer-term owners who cashed out equity by refinancing into bigger loans and/or opening multiple HELOC lines to push foreclosure numbers to the highest point in 15+ years.
Inflation.
Inflation.
Inflation.
Inflation.
…
Me thinks somebody is laundering ill gotten riches through RE.
Wow that’s quite a house! But silly Carol Geronsin, the reason it would be $25 mil in Newport Coast is because Newport Coast is right by the beach. People pay primo for the view and possible beach access.
I know Thoughtful…the bears typically cherry pick some distressed, bank owned property…sad thing is the bank makes itself look desperate, especially that one in Talega. The bank is the fool in that example in my opinion. It is obvious they are not in the RE business…if they were, a little patience goes a long way.
“Pending sales WAY up” WAY up? I guess if you like to stretch the use of the term “WAY”. But then again when someone has a bent for wanting to see home prices be unaffordable, what do you expect?
Thanks for the comic relief, rants. Even the article calls this guy the gloomy gus of all gloomy gus’s. The people who read his books want to leave the USA, he’s such a negative nutjob. Hey, has anyone ever seen the two of you in the same place at the same time?
Thoughtful, you must be a Realtor, someone who bought a home in 2004-2008 or just some dude who likes to argue for a hobby. How can you possibly know that the market is going to stabilize? You should join up with David Lereah. You would make a good team.
I didn’t say “going to stablize”. I said IS stabilizing. Cause I have eyes!
Mick,
All these columnist are under a lot of pressure to say something that hasn’t been said 100 times before, or say the same thing, only go further. If they don’t do that, they have nothing to write! Then they pick and choose the “stat of the day” to prove their point. This has been going on since this slowdown has begun on both sides of the coin. We should NEVER forget one of the golden rules of knowledge: Believe half of what you see and none of what you read.
Thoughtful,
Did I read that right that you say the TREND is POSITIVE. Wow oh wow. I mean, the bulls have no credibility as we’ve been dropping for over a year now, but that takes it to new heights if you’re trying to sell the fact that the outlook and trend is positive.
Also, a few threads ago, Steve Thomas’ pendings were the golden idol for you bears. Didn’t matter that they weren’t closed sales, just potential. Now, with short sales/foreclosures, you want to say the price doesn’t matter b/c it’s not a closed sale. Hmm. Which is it?
Finally, funny how bulls think that somehow short sales or bank owned sales or comps don’t matter. Like somehow, they aren’t real transactions, and people should just ignore them. A buyer doesn’t care if it’s you, the bank, or santa selling it, as long as they like it and can afford it and they know the title is clear. Get used to the bank and short sellers being the norm….
Wow this market is geting ugly.
Question for everyone else. Where do you put your $ now while on the sidelines? Gold, commodities? Talking with a few really smart folks who’re recommending anything but the dollar… buying/holding Euros or some other currency. Still investigating…
The $5+ million market is in a category of its own as people that can afford those home prices are not directly as affected as much as the “average” American by changes in the economy.
The exterior of the home is alright, the interior I don’t like at all. I’m surprised anybody paid that much money for that house. Although I haven’t seen that home in person there are many other ones available for $6M that are much nicer in my opinion. Of course everybody has their own taste and opinon but I doubt that this home would have gone for $25M in Newport.
Funny story. Back in the day Mark Langston, used to live in this community. Long story short, I let a friend drive my car. She them proceeded to run over his mailbox, dragging it down the street. Mark was kinda a jerk about the whole thing, despite my repeated assurances that 1995 was not his fault.
Hey lee in irvine :
If you cannot afford to buy RE in OC even in this down market you need to move out to Riverside. ISounds like you have no clue as to the wealth in OC. Not everyone that lives here bought homes with no money down.
lee in Irvine says:
Are you kidding me? We just got back from Maui last month. My wife doesn’t work, she drives a nice car, she lives a very comfortable life. She’s just impatient and wants all the pretenders that used time-bomb mortgages with no money down, and who were undermining our efforts to buy a house, TO GET OUT! NOW!
And any talk of the government bailing these people out, just sends my wife into orbit. Why should we, who pay thousands of dollars in taxes every quarter, pay for these naive numbskull’s who were bidding up real estate … undermining our efforts. My wife and I feel bad for the children … but not the foreclosed owners.
newportlandlord says:
Are you kidding me. No one is can undermining anyones efforts. Take control of your destiny Buddy!
By the way save your money for your OC home don’t waste it on a trip to Maui and your nice car for your wife. Don’t you know that cars are a depreciating asset? It sounds like you need the money to buy so stop wasting your funds!
gawd, if this house were in Newport Coast, it would be sold as a “tear-down”.
By the way, another record sale in Newport Beach just closed last week (4/14). It broke the highest sold price for a SFD home off the water (non oceanfront/bayfront). It was under $30M.
Fight on!
JJ, Maybe if you had your MBA back when you sold your families home from under their nose you would’ve thought twice, Now we have to put up with your angry attacks. An education is a wonderful thing.
[...] Newport Bay home. • O.C. record for off-water home: $27 million for a Corona Del Mar house. • An Anaheim Hills home fetching $6.3 million, a near-record for that [...]