Wednesday, October 22, 2008

Ojai Too High

2259 McNell Rd, Ojai, CA
Price: $5,800,000
BEDS: 4
BATHS: 6
SQ. FT.: 4,730
$/SQ. FT.: $1,226
LOT SIZE: 1.86 Acres
YEAR BUILT: 1981


Wow, luxury living at its finest. And only $5.8m. Quite a payday for the current owners who paid in May 02, 2001: $1,057,500. Get over it. It's just Ojai not Shangri-La. Will we see 2001 prices again? Oh yes.

32 comments:

Mike said...

first

Mike said...

murst

Mike said...

I think Casey is curled up in a fetal ball slowly rocking back and forth in his house errrrrr I mean hotel room. GSPG at $0.0127. And truecasey goes silent. Only a matter of time until all traffic dries up. I wish he'd go back to the caseylive where we can watch him on video all day...

Lost Cause said...

$3.59 million foreclosure in Huntington Harbor.

Pleather Murse said...

The most expensive mansion I ever was physically inside was a place on the PCH in Malibu, way up high in the hills with a beautiful view of the ocean. Hearsay valuation was $25M at the time (2001?) It was supposedly owned by some Iranian diamond merchant from Beverly Hills but evidently he needed help paying for it, as he was renting it out occasionally to film crews. I briefly worked on the set of a short-lived reality show called "Mr. Personality" that was being shot on the grounds. It was a fun place to shoot. Hell, the poolhouse was bigger than some places I've lived. I also got to meet Monica Lewinsky who was the celebrity hostess of the show but that's another story.

Pleather Murse said...

BTW, I think the most expensive house (palace) in L.A. is the late Aaron Spelling's custom built home. Built in 1991 for $47M, put on the market by Spelling's widow in 2006 for $150M. 56,000 sq.ft. and 123 bedrooms. If you google "aaron spelling mansion" you can see some aerial photos.

Peripheral Visionary said...

"High-end" real estate (I use that term very loosely in the context of this particular piece of real estate) has proven to be very slow in the adjustment of prices, but it will happen. Yes, big bonuses going out for executives despite big losses--but that's only for those who still have a job. Combine that with record losses in hedge funds, and buyers for "high-end" homes are going to be rarer than sub-prime lenders with positive cash flows.

And that's not even taking into consideration speculation by builders and floppers. Banks have likely been more generous on terms for jumbo mortgages under the (often false) assumption that if someone qualified for a jumbo mortgage, they would have a better chance of staying current, but that won't last forever. Foreclosures will be moving up the food chain very soon.

Lost Cause said...

IIRC, the most expensive house to sell in Orange County in 1998 was something over $1 million. The high end is grossly over-inflated.

Property Flopper said...

Staying with the last week's theme of 60's / 70's music, I'd suggest SuperTramp's "Dreamer" for this one.

Going to be some PAINFUL repos coming along. If the current owner pulled equity out, the bank is going to eat a lot on this one. If the owner didn't... well, they're going to still be crying, even though they'll probably make SOME profit off it... they've just got that huge price tag in mind and that ain't going to happen.

BTW: I just love the $1,226 per square foot. NOTHING justifies that.

Lost Cause said...

What is the countdown for Casey getting kicked out of the hotel room? How many more days? Maybe there is room for him down at the Plaza?

Sweet Cashback said...

GSPG up nearly 8%. Murseboy must have thrown whatever corporate money he had left at the stock.....or turned some tricks last night and invested the tips.

Pleather Murse said...

Maybe I lived in L.A. too long, but $1M just doesn't seem like a "high end" home. They have (had?) tiny shotgun shacks down by Venice Beach going for half that, fer crissakes.

Rob Dawg said...

GSPG buyout rumor. One idjit on the msg board thinks $1. Another thinks 10-20¢. Either would make Casey wealthy. What an incredible story. Then he could pay back every dirty penny and his taxes and his lawyers and leverage the publicity into his dream career. Then we can watch him blow it all again.

Property Flopper said...

Sure GSPG will get bought out - someone will pick up the (few) assets at pennys on the dollar when they go belly up. The bag holders won't see any of it though, what little comes in from the sale will go to partially pay off their lenders.

Sure sign a company is in trouble - Casey invests in it.

Rob Dawg said...

Any new believers in the strange attractor of 8800?

Captain Nemo said...

Rob @2:34

I doubt the people posting "rumors" of a buyout of GSPG are idiots. It's quite possible they are employees or paid "consultants", or perhaps someone trying to make money out of stock manipulation.

Benoit™ said...

Lost Cause: What is the countdown for Casey getting kicked out of the hotel room?

He checked into the motel on October 4th. So he'll officially be homeless on November 3rd or 4th (he claimed a 30-day stay rather than "one month").

He'll sell more of his precious GSPG; he still has 2.3 million shares left. Even if the share price is one cent, that's still a decent chunk of change to play with and prolong this nightmare.

Rob Dawg said...

I doubt the people posting "rumors" of a buyout of GSPG are idiots.

I agree. I was trying to say the people who thought 10-20¢ and $1 were the idiots. THere was a wicked buy spike at the end of the day. This when the price of gold is cratering. There's been no good technical news and no recent "events." I wonder if there were some "side bet" transactions the needed to be settled.

Benoit™,
I think he has between 2.1 and 2.2 million left. Unfortunately for boi™ he has also taken a substantial (80%+?) physical delivery of the stock certificates. It will take him many days at least to execute another transaction and no matter what he will get screwed by the handling costs. Lose-lose.

Pleather Murse said...

For a few grand he could easily buy himself a trailer at a mobile home park and he'd at least have a solid place to hide out indefinately. Even with his debts there are homesteading laws that allow him to keep a basic residence and a vehicle below a certain dollar amount (or just put it all into someone else's name, like his brother.)

Maxwill said...

Robdawg-

Does CHC not allow anyone new? I've never tried to get in there, but I tried to see what the fuss is all about and couldn't register.

segfault said...

...and no matter what he will get screwed by the handling costs.

He learned from his real estate ventures that handling costs don't matter when you're dealing with OPM. War is peace, freedom is slavery, and debt is income!

H Simpson said...

-541

7th worst day in market.

And it is not even on the home page for CNN.

Wow!!!!!!!

h.

w said...

I talked to a realtor who has a new listing in Malibu. It is supposedly a $6 million dollar house that the owner refi'd and never paid a payment on. The bank had to pay over 100k just in taxes when they foreclosed.

Curious said...

Good grief, not only is the blog comment free, there's a new haterz/listenerz free boicast up on talkshoe.
http://www.talkshoe.com/talkshoe/web/talkCast.jsp?masterId=29098&cmd=tc

Lost Cause said...

I think he has between 2.1 and 2.2 million left. Unfortunately for boi™ he has also taken a substantial (80%+?) physical delivery of the stock certificates.

That will make a lot of paper airplanes. Perhaps he should think about wallpapering his cell with them.

Lost Cause said...

And it is not even on the home page for CNN.

...because far worse is on the way.

Lou Minatti said...

Casey's no longer in the motel room. he drove up to Redding to listen to a preacher he saw on TV for the next few days. He knows it's the end. Better listening to a TV preacher than listening to Alex Jones at 3:00 in the morning while drinking cheap wine and obsessing over bizarre conspiracy theories and mourning the loss of everything.

Jean ValJean said...

@Lou

Yeah, I was just about to post that, given how he has changed his sidebar to just "survive", he has spent all this time listening to his conspiracy podcasts. He has found his new "shiny" to feed his narcissistic "I know something you don't know".

Peripheral Visionary said...

Ah, the old buyout rumor. The problem is that with well over $10M in debt outstanding that needs to be paid off, nobody is going to pay more than a cent a share for GSPG. If that. More likely is that if anyone actually has any interest in the barren patch of desert that is GSPG's only real holding (they would presumably know something that the survey team doesn't), they'd buy up GSPG's debts at pennies on the dollar, then force them into bankruptcy court and take the property then.

Or maybe Warren Buffett will just buy the company out. Hey, why not--he's got money, and GSPG's shareholders don't, so why wouldn't he be nice and bail the company and the shareholders out!

Peripheral Visionary said...

Off topic, I've heard a lot of wonderment at gold's drop, but there's really no mystery to it--hedge funds were long gold, and they have been hit with mass redemptions, and are very likely dumping it to meet redemptions and margin calls. "Selling the winners to pay for the sinners", etc. Underlying real demand is still high, it's only a matter of time before spot price catches up (usually the other way around, but not this time--and I would bet that physical gold distributors are making a pretty penny on the price discrepancy.)

Rob Dawg said...

Glod and the paper/physical and for delivery spreads are on the EN menu today. There's a couple factors. You are correct about liquidation. That's also why Apple is down. A core holding darling and always an easy profit. Silver is "trading" $9.40 but try and find some at that price. We'll test a 6 handle today or by Monday. There's a new paradigm, everything we think of as an asset is being priced as take profits whenever in anticipating that the assets can be bought back cheaper. All trading and no investing makes America a poor nation.

WeWantTheFunk said...

@ Maxwill:
Does CHC not allow anyone new?
You have to email one of the admins.