Showing posts with label Las Vegas. Show all posts
Showing posts with label Las Vegas. Show all posts

Wednesday, April 21, 2010

Priciest O.C. house for sale again


Two years after a waterfront home in Newport Bay was sold by actor Nicolas Cage for an Orange County record price, the mansion’s new owner has but the property back on the market — for $3.25 million less than he paid for it.

Jerry Herbst, owner of the Las Vegas-based Terrible Herbst chain of gas stations and casinos, paid $35 million for Cage’s home on Bayshore Drive in January 2008.

That’s the highest price ever recorded for an Orange County home. Although numerous homes are on the market with higher asking prices, they either never sold or sold for less. (See 15 of the priciest homes ever sold in O.C.)

Photo by Laylan Connelly - click to enlarge

Last week, the bayfront house went back on the market for $31.75 million.

Herbst bought the home from Cage, who paid $25 million for it in July 2005.

The six-bedroom, nine-bathroom home sits at the intersection of Lido Channel and the Main Channel, with views clear across the harbor to the Balboa Pavillion. At night, rooms in the upper floor have views down the coast all the way to Dana Point, said listing agent Rob Giem of Hom Real Estate Services. It sits on a 30,492-square-foot lot.

The large boat dock that Nicolas Cage built has been enlarged to accommodate boats up to 156 feet long, plus several smaller craft, making it the harbor’s “largest single boat dock,” he said. (For more photos, CLICK HERE!)

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Posted via web from The Newport Beach Blog

Tuesday, March 9, 2010

Why Buying a Foreclosed House on the Cheap Is Harder Than You Think

The truth is that there are a lot more buyers and a lot fewer homes on the market than you'd expect.

The WSJ reports that bidding wars are common on foreclosed properties in desirable places like Orange County, California. And even in cities like Las Vegas, where the assumption is that there's a glut of properties, bidders are out in full force, and true bargains are hard to come by.

More than 50 people show up at daily auctions in downtown Vegas. That's about three times the number of prospective buyers making appearances last year. One investor says that the deals to be had aren't nearly the slam dunks that they were last summer:

At so-called trustee sales of homes in foreclosure cases, he could win with bids at around 70% of the estimated market value. Now, he says, with more bidders, homes are likely to go for 85% to 90% of resale value. After accounting for real-estate commissions, repairs and other costs, that leaves little margin for error.

By no means is this a game for amateurs.

Read more:

Posted via web from The Newport Beach Lifestyle

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