If there’s anyone left who hasn’t lost his shirt in the stock market, this just might be the house for them.
According to Prudential California Realty, $7.995 million buys you a Coto de Caza estate with a six-bedroom, 5 1/2-bathroom house, six acres of rolling pastures and private equestrian facilities for 12 horses.
The property also features a 55-foot waterfall cascading into a resort-style pool; see photo at right. (Click on any photo here to enlarge).
At just under $8 million, the price is by no means a record for Coto. A 10-acre Coto home sold for $19 million last spring.
Two waterfront homes also sold last winter for $34.5 million to $35 million, Orange County’s highest and second-highest home prices. Of course, that occurred before this week’s stock-market collapse.
[ NEW! See Register's Huntington Beach housing blog, CLICK HERE! ]
In addition, three other O.C. homes are listed for prices above the current record:
- $77 million for Villa del Lago in Newport Coast
- $75 million for the Portabello Estate in Corona del Mar
- $38.5 million for 18 Harbor Drive in Newport Bay.
Read more about O.C.’s priciest homes:
- Walk 150 feet, save $25 million on a home
- O.C. home reportedly goes for record $35 million
- Newport mansion will now cost you $77 million
- Emerald Bay home listed for $44.5 million
- Newport Beach bayfront mansion listed for $38.5 million
- O.C. price record set for off-water home: $27.125 million
- 8 O.C. homes go for $20 million or more — so far
- 28 O.C. ZIPs on most expensive U.S. homes list
- Slump pinches local ultra-luxury housing
… and MULTIMEDIA: How the Fed works!
Worried about your money in these troubled times?
- O.C. economist: Time to start buying good stocks
- Credit expert: Fed rate cut won’t help consumers
- O.C. investment experts say don’t buy yet — but get ready
- Yikes! What do I do with my money now?
- Should I bail on my 401(k)? Is my savings safe in my bank?
NEW: Register’s South Coast Plaza blog!
The property is nice, but the house is a tear down.
Before writing an offer on this lovely starter home, you might want to first invest $5 in the buyers’ seminar I’ll be teaching this Saturday morning for the city of Lakewood (info here).
One of our tips is to inspect 20 similar homes in the same neighborhood before making a purchase. In this case, that could take a while, but sounds like a lot of fun. I’d recommend trying out the pool and the horses as part of your initial tour of the property.
RealtorDaveE Says: “Before writing an offer on this lovely starter home, you might want to first invest $5 in the buyers’ seminar I’ll be teaching this Saturday morning for the city of Lakewood”
Sure, we are going to give you $5 bucks so you can tell us how great real estate is and that it can never go down. And then after that, you are going to get our email address so you can spam the hell out of us and of course, you’ll put us in touch with a mortgage broker (from whom you’ll get a kickback later on)
If I’m lucky enough to go into escrow on one of the overpriced homes you are going to sell me, you’ll also get a commission from the guy who does the home inspection and most likely from the escrow company that you’ll gladly recommend.
All this sound wonderful (at least for you). I can’t wait.
Bitter Bubble: You strike me as a bright guy. Don’t you have an email like unhappymarinsterstuckinnewport@gmail.com for these precise situations? You actually still receive spam at your preferred email address? Thought you were tech savvy.
You have become a class ‘A’ bitter, angry, ungracious blogger whose agnostic influences have corrupted your ability to just be nice to people. You are so overly consumed with the witch hunt that that you fail to use reason on a regular basis.
What you should do is hold your own “don’t buy” forum at a community center, and don’t charge for it…cover the expense out of your own pocket. You know…since you care for your fellow man so much.
You know as well as I do that Dave is covering the rental expenses with the “half-price” movie ticket charge.
An important feature that I think the listing may fail to mention is that this property has it’s own chicken coop, so the owner may have fresh eggs every morning. I am not kidding, and it is a good looking chicken coop, as far as chicken coops go
Another one of those free range, organic, poultry guys who is doing everything he can to encourage the spread of bird flu.
They ought to put him in jail.
“You know as well as I do that Dave is covering the rental expenses with the “half-price” movie ticket charge.”
At least, if I go to see a movie I know that all I’m going to lose is 10 bucks for the ticket, and not thousands of dollars on a depreciating asset.
so, what happened today? No new bailout plan from Paulson, Bernanke, and Co?
Well, hopefully they’ll come up with something new tomorrow morning or this afternoon if the market tanks.
As I remember in the last great down turn Hearst almost lost his little mansion on the coast. It will be very interesting to see how many of the rich are on borrowed time.
Yes…buying is an independent decision. You should not do so if you are not ready. But if one is ready…you will certainly try to talk them out of it…without knowing any of their circumstances as to how they arrived at their own conclusion to do so.
Stable for 12? Sounds like a good place to pimp out a string of Coto de Caza prostitute housewives.
Maybe HWOOD can buy it. He seems to have made a killing shorting the market this week.
behind every great fortune… lies a crime
Voltaire
TO LIAR LOAN
LOVE TO BUY A HOME BUT HAVE NO TIME. TO BUSY COUNTING MONEY FROM SHORTING..
THANKS TO PEOPLE LIKE MULLIGANHEAD AND THE REST OF HIS COHORTS IM GOING TO RETIRE .
LIKE I SAID BEFORE THE ONLY THING THAT WAS GOING ON WAS THE HOMEOWNERS AND LONGS IN THE MARKET WERE BORROWING WHAT I HAD. NOW THEY ALL GIVE ME WHAT WAS MINE BACK AND AT A DISCOUNT..
YOU HAVE TO LOVE AMERICA…
Mulliganville Says: “You should not do so if you are not ready. But if one is ready…”
What do you mean “if one is ready…”.
Who can be ready to lose money? Anybody who buys today is because he or she thinks that market has bottomed or is close to it.
I can bet you that if you told any buyer that the house he is buying will lose 20% of the value in the next couple of years, he would not buy right now. Even if he is “ready” as you put it.
You are mixing being able to afford it with buying at the wrong time.
Many of the people who bought in 2005 could afford it. I have friends who put 20% down and got 30 year fix mortgages and could certainly afford the payment. Yes, they haven’t lost their homes but they are now kicking themselves for not waiting until prices came down. If they had waited, they could have gotten a much nicer house today than they did in 2005.
So my point in, with the economy going into a recession. Who in his right mind would buy today if they know they could get a much nicer home for the same money in a year or two. It doesn’t take a rocket scientist to know that home prices will keep going down when credit is still tight and we are now entering recession. This is one of the few times you can actually predict the future for the next year.
This goes back to the same “instant gratification” doctrine that Americans follow: “I want it now, and I’m not willing to wait even if I lose money in the process”.
This the same reason why most Americans have tons of credit card debt.
Nobody HAS to buy a house, people CHOOSE to buy a house.
If you are a rich person, I don’t have a problem with you buying in a declining market because money is not an issue for you but for most people buying a house is a big deal.
HWOOD:
DONATE YOUR MONEY TO A GOOD CAUSE:
http://www.legalizeprostitutioninamericanow.org
UFO CRASH NEEDLES CA, HOAX I WAS THERE AND IT DIDN’T HAPPEN, BIG HOAX BY LOCAL RADIO STATION, I WAS CAMPING WHERE IT WAS SAID TO HAVE HIT THAT MORNING, NOTHING, FREE EMAIL S BETWEEN ME AND GEORGE KNAPP,L VEGAS TV REPORTER WHO BROKE THE STORY IN MAY, ASK AND ILL FWD, I WANT NOTHING BUT TO EXPOSE THIS HOAX! scottreiboldt@yahoo.com
Scott Reiboldt
Needles ca
Anyone who has to advertise in the comments on articles is full of it - simple as that.
My question is, how much is the writer of this article (or OCR) getting kicked back for this blatant display of advertisement?
HWOOD-
Where are you putting your gains now that some are calling a bottom for the stock market? Do you sense more downside on the way?
P.S. Those 12 stables and chicken coop might be a good place to store your cash. You can do it drug lord / mafia style.
So with the melt down of the EU as well now…where are all these people who are coming to save the OC and swoop in and buy anything going to come from?
Particio, asia….
oh wait, looks like they are having a melt down too…
… i guess maybe crab people will come in and buy 3 bed 2.5 baths in mission viejo…. they will clean up with all of this global deflation going on….
mav-
It looks like our discussion on mark-to-market was all for naught. The Feds are going to take more direct approach to recapitalization.
http://mortgage.freedomblogging.com/2008/10/09/us-may-invest-directly-in-banks/2127
LL, the market loves it:
DOW down over 400 points
3 month LIBOR at 4.75%
TED spread is going through the roof
classic lipstick on the pig problem with these bailouts
when nobody knows it’s a pig, the lipstick works great
when everyone knows it’s a pig….
…. well, you are witnessing it all live…..
…. deflationary death spiral….
The treasury hasn’t made a move yet. Let’s see what the TED does once solvent banks start getting a fresh supply of capital.
Don’t you think a guarantee from the treasury will restore trust?
I hope so. Even though I am 100% in cash.
Do I really think so? No. The market doesn’t either.
YOU CAN GET 4.8% TODAY TAX FREE.
TO LIAR LOAN
OH MY ANOTHER GREAT DAY FOR SHORTING…….
THIS IS UNREAL
BUT THIS IS BOTTOM HERE. ITS GOING TO BOUNCE BACK UP TO 10K ON DOW THAN FALL BACK AGAIN
IM LOOKING TO GO LONG NOW THE MARKET..
THIS IS SO EASY…
I MAYBE MOVE OVER TO NEWPORT COAST NEXT TO KOBE BRYANT INSTEAD
HEY MULLIGANHEAD MAYBE U WANNA BE MY LAWN BOY TOO OR MY TRAS MAN………LOLLLL
LIAR LOAN and his minions still dont get it
our nation has lived BEYOND its means
on BORROWED money
for TOOOOOOO LONG
the treasury is gonna inject money into the banking system LMMFAO
just where the hell are they getting this mystery money from?????
the day of reckoning has finally arrived and it came on
like a friggin tornado fast and devastating–
DOW JONES off 5000 in one measly year-
HOME PRICES off 30% in one measly year
the inmates are running the asylum
listen to one of the top stock shorters in the world describe
our plight
http://www.cnbc.com/id/15840232?video=883356704&play=1
rants great video
LL, please watch that video serveral times
then if you want to respond to me, watch it again
I can’t watch it from here. Streaming media is blocked. I’ll try to at home tonight.
Let me see if I understand Dave….you think someone who is going to spend $8M on home needs to come to your $5 seminar for buyers? HHAAHAHHHAHAHHHAHHAHHHAHHA.
That’s rich. Unless, of course, Donald Trump is going to speaking, well, then that’s different.
LL: the fact that you even communicated on a civil level with Hwood is shocking.
Wait: — “hang on hwood…yeah…look man I will get back to cutting your lawn in a sec…”
Geez…my boss, hwood, he communicates like my friend rants’ 10 year old. Uh anyway, what were you saying LL?
rants-
Since you quote the Bud Light commercial so often, maybe you should buy stock in BUD.
InBev has an offer in of $70 per share, and BUD currently trades at $61.61. That’s a quick 13.6% gain if the deal closes in the next few months.
What do you think bloggers? Will deflation destroy this opportunity or is this a quick gain to be had?
hey Liar Loan do you even understand what that means?
HELLOOOoooooooo….
… that means investors think there is a chance InBev might have a little problem with funding…..
…. anyways…. at least you are looking in the right direction…
…. alcohol is a good play…
… cash is a better play…
The Dow is under 8600 but don’t worry folks, Mulli and Steve Thomas say that everything is fine. You know. they don’t make land any more.
mav-
You just said alcohol is a good play. And we all know that BUD produces cheap ass alcohol. So again, is it really that risky?
You have the opportunity to make a quick buck if all goes well, and if not, well you still own a great company that will weather the storm.
LL, you missed my point…. that difference is sort of like the TED spread, it should scare you.
LL, after doing a little more analysis on BUD….
…. if that deal doesn’t go through BUD could easily drop to $30-$40 a share….. it is WAY over valued at $70 a share…. and even over valued at $60 a share….
I’ll start moving out of cash when I see value again.
I don’t think Rantswood is capable of fathering a child.
I dont think I want to bring another child into this world
at least not as it stands now anyways… but thanks for
your concern
Eat it in the OC,
You took the words right out of my mouth.
Realtor Dave is apparently having problems selling homes so he figures he can take money from people in other ways.
Gee, according to all the “other” realtors in here business couldn’t be better.
Even at 5 bucks it’s a total rip-off.
Let me guess, you’re going to charge people for telling them the same thing you’ve been telling us throughout this entire downfall, “It’s a great time to buy “ but for 5 bucks you’re not going to tell them you’ve been dead wrong now for over 2 years.
Taking advantage of people that don’t know how to buy a home is a realtor’s way of life.
The worst has yet to come. No Money. No Job. No Honey. No Bail Out.
OCR:
Thanks for deleting my comments on how this article. Shows great journalistic insight.
Lets start with the fact that there are six other homes in CDC up for sale for over 8mil.
Articles like this are bought and paid for through marketing companies. Gee, I wonder who owns the marketing company that got this article published?
yeah right
I guess the OCR believes in censership.
First there are over six homes for sale in Cota that are over 8mil right now. So this property is nothing special.
Second. This article is a typical bought PR campaign. Why would you right an article about a 7mil home when one of the ones for sale in Cota is 22mil