January 16, 2006

Housing Slump? What Housing Slump?


ONE OF MY COCK-EYED OPTIMIST REALTOR FRIENDS, sends me the following listing: Corona Del Mar/ Newport Beach "Fixer-Upper" .

"The Portabello Estate, an art form complementing its natural environment. 8 bedrooms, 10 baths and 5 half baths. Beyond five star resort luxury, private, triple oceanfront lot in Corona del Mar and amenities beyond your wildest dreams. Locations of this uniqueness not available anywhere.�""

Price? A humble $75,000,000. Step right up and be the last in before the big quake and the nuking of San Diego. I'll be right behind you.

Posted by Vanderleun at January 16, 2006 2:36 PM
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"It is impossible to speak in such a way that you cannot be misunderstood." -- Karl Popper N.B.: Comments are moderated and may not appear immediately. Comments that exceed the obscenity or stupidity limits will be either edited or expunged.

For a second there I thought the price was 75 grand. Only a second.

Posted by: Final Historian at May 16, 2006 4:01 PM

It's zoned "R-1 Manor Lord"

Posted by: mrp at May 16, 2006 7:01 PM

I was really thinking about buying a decomissioned TitanI missile silo in Eastern Washington. It sold for $778,000 last week.

Posted by: Mumblix Grumph at May 16, 2006 7:35 PM

Speaking of the nuking of San Diego, are you ever going to finish "The Sacrifice and the Reckoning"? I sure hope so...

Posted by: gabrielpicasso at May 16, 2006 8:09 PM

On the other hand, the People's Republic of Del Mar does have a few environmental regulations that the Sierra Club considers radical. It's the community for people who think La Jolla is too inclusive.

Posted by: Alan Kellogg at May 16, 2006 8:13 PM

You haven't put the deposit down yet?

Posted by: AskMom at May 16, 2006 8:57 PM

It's only a matter of time until John and Teresa snap it up in expectation of using it as the West Coast White House.

Posted by: Connecticut Yankee at May 16, 2006 11:24 PM

I'll take two.

Posted by: Wm. Gates at May 17, 2006 6:27 AM

Wm. Gates,

Once you've got the guest houses, where are you going to live?

Posted by: Alan Kellogg at May 17, 2006 7:00 AM

Umm, Corona del Mar is not in San Diego, it's snugged up to Newport Beach on the south side. Much more desirable than Del Mar in SD. Having lived in Corona del Mar for a short time, I know that unobstructed ocean views are very rare, the sunsets always spectacular, and every possible amenity pretty much within walking distance. Can't imagine anyone shelling out that much, but I wouldn't be surprised to see it go for 35. After all, position is everything in life, right?

Posted by: Jan at May 17, 2006 11:09 AM

Mr. V.

OK. So what's happinin? Is that all you have to offer today? Reminds me of a 24 cot, 10 hole in the ground tent where I spent 11 months back in '68. But that was just before history stopped...Right?

Regards, JCC

Posted by: Running Roach at May 17, 2006 5:40 PM

It's got more bathrooms then bedrooms. Does the owner suffer from explosive diareah? (I'm just jealous because I do).

Posted by: JohnO at May 17, 2006 7:54 PM

We have a second home in Corona del Mar, and that $75,000,000 house is not representative of CdM. Most of Cdm is made up of darling cottages and new builds where the cottages have been torn down. It's a quaint community where one can walk to everything -- the Rite Aid, the hardware and the grocery store are right next to each other. It technically is a part of Newport Beach -- Newport Beach fire and police, utilities and trash pickup. We love it there and hope that before anyone judges the community by THAT house, come and see the real CdM!

Posted by: Debbie at May 22, 2006 4:01 PM

Hey, don't forget about the $900,000 a year property taxes that go along with that unique slice of heaven if it sells for full price.

Now if you put 20% down your at 6.75% interest only on amoritized over 30 years your monthly payment would be $389,000 approx.

Since Warren Buffet already has a house in Laguna Beach I guess we will have to wait for another savvy investor.

Posted by: Robert Hows at May 25, 2006 11:15 AM