You could enjoy an easy stroll to the sand in Newport Beach if you can arrange to snap up this week’s spotlighted foreclosure. Click on the photo for a bigger image.
This three-bedroom, two-bathroom house, at 235 Walnut St., became bank-owned property on Aug. 11, according to ForeclosureTrackers.com, which provided the photo.
Countrywide Home Loans was the lender — and presumably is now the owner — of the property, according to ForeclosureTrackers.
Zillow.com “Zestimates” that the house is worth $820,000. That’s down from a “Zestimate” of $1.27 million in 2006.
This handy Google map shows the location, just blocks from the beach.
Related posts:
- O.C. 7th riskiest place to make home loan
- The finest foreclosures
- Foreclosure of the week: 5 bedrooms in Coto
- Pimco to up bet on distressed debt
- More banks in trouble
- Another mortgage-broker bill heads to the governor
- Bill to regulate mortgage brokers passes state Senate
- O.C. foreclosures soar to record in July
- The man who caused 10 foreclosures
- Banks offer 28% discount to O.C. foreclosure shoppers
- O.C. bank-owned properties rise 37%
- Homebuilder warns foreclosure shoppers
Last week sometime, I posted the URL for Countrywide’s list of properties coming up for trustee’s sale, but the post was in moderation purgatory for so long I don’t know if anyone saw it.
Anyway, I commented at the time that the number of properties on the list had grown dramatically over the last couple of years that I had been watching the site, and was still growing. Looking at the site this morning, I see that in just a week (or less), the number for CA as a whole has gone from around 15,000 to 16,151 and for OC it has gone from around 1,000 to 1,160.
I called Countrywide’s designated realtor on this property about one week ago and they indicated that the trustee sale was unwound and the property was given back to the owner.
Additionally, this house is on leased land and hold little value as the lease has approximately 9 years remaining. At that point the house will revert to the land owner.
Perhaps this is not a foreclosure of the week.
If you did this right, you could remodel this 1960’s house into a real mid-century modern go-go pad. You would need to repaint it in hipper colors and strip all of the 1990’s Home Depot accesories off of there in favor of period pieces. But you could make this a very stylish, hip place that a MCM fan would want to buy. But it still wouldn’t be worth 820 Grand.
Maybe after a complete redo and infusion of 1960’s style, you could get 600 Grand for it? It is in a nice location.
Apparently it sold to the bank for:
Sold 08/11/2008: $494,926 *
This is according to Zillow.com, so I wonder how much they are going to be asking for it?
I’m not entirely sure why, but Newport Shores is the armpit of Newport Beach. Perhaps its because there are eyesores like this house.
It looks like a church.
it’s on the peninsula near the catholic church and el school.
Newport Shores is on the west end of Newport Beach right off PCH before the Santa Ana River bed and Huntington Beach. Years ago I looked into buying there when prices were in the low 200’s. One big issue for not buying there is that it is on leased land.
I am not in the industry. Years ago, I used to think that no way I could ever own my own home. I was a college grad, making decent money in Orange County but they always needed at least 10% down on a property before all of the other things that you had to qualify for….. Finally, after years of hard work, saving and borrowing a little from family, managed to buy the first home at age 36 and it was a starter home. Years later, I would watch new neighbors move in about 5 years ago. Many of these people had no education and some worked while the other watched the kids. I would see signs on banks announcing no down payment. I began to wonder what on earth was going on? While it is the American Dream, you still need to do your homework. The fau7lt lies with all involved. In addition, the capital gains shift I believe allows many to flip houses and a lot of people got in at this time thinking they could make a massive fortune living in a place, selling it and moving to another for two years. Buyers need to do their homework. If it sounds too good to be true………it usually is. I am in my second and last home now. I have seen people on both sides of me lose their homes. It is sad but it is the instant gratification society. No one seems to believe in the value of hard work and education anymore. That is a story for another day. I am glad I truly won’t live long enough to see where this decadent society will ultimately end up. Just my opinion folks.