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20 Harbor Island
Newport Beach, CA 92660
$64,000,000
Conventional
Property
Bedroom
6
Bathroom
5
Property Type
Conventional
Square ft
3600
Property Description
Lying on the westerly side of Harbor Island, Newport Harbor’s most revered and sought-after private island locale, this stately period home has been lovingly kept for nearly one hundred years. Held by generations of one family for nearly as long, this is the proverbial property ‘everyone has been waiting for’. Words cannot describe the relaxed feeling one experiences sitting here on the bayside terrace and watching sailboats glide across the harbor from this most scenic location. Towering eucalyptus trees frame the reserved, colonial-style residence that is an understated monument to its era. The home fronts on a large brick terrace that adjoins an expansive green lawn that spans two oversized lots and runs to the water’s edge. A private inner courtyard, and expansive mature gardens, lend to the coastal ambiance found here. The original house, built circa 1937, has been preserved and enjoyed, while its authenticity protected. There is also a private boat dock for several yachts up to one hundred feet in length that completes the property. With the filtered afternoon sun trickling in from above, and the massive trees swaying in the gentle ocean breezes, the setting is truly enchanting. Of the few original estate sized parcels on the Newport Harbor, only a handful remain today. This offering is comprised of two, independent lots (numbers 20 and 21); each fifty feet in width. Their combined one hundred feet of frontage, found on the most desirable island in Newport Harbor, represents the last opportunity of its kind. Surrounded by Southern California’s most impressive and expensive waterside residences, this property can be restored, expanded, or completely reimagined into something that will stand for the next one hundred years. In real estate parlance, ‘irreplaceable’ is a word that is overused. However, this single word best describes this unexpected and fortuitous opportunity.
Property Information
Lot Size
17,726 sqft square ft
Property Type
Residential
Year Built
1937
MLS Number
NP23124577
Location
Address
20 Harbor Island
City
Newport Beach
State
CA
Zip Code
92660
County
ORANGE (SOUTH)
Listing
Provider
Name
Compass
Phone
(949) 438-4340
Office Name
Compass
Office Phone
(949) 438-4340
Agent Name
Robert Giem

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HUD Foreclosures

HUD foreclosures and VA Foreclosures are some of the best homes to buy when price is part of the equation. As with most Americans, price is always a concern. If not buying the same house for less, why not buy more house for the same dollar invested? When looking for a good deal it is hard to do better than the VA or HUD foreclosures market. The simple truth is that there are just more VA and HUD homes on the market, as they represent such a large number of mortgages that are generated each year. This translates into more foreclosures just by the magnitude of difference between all others comparing to the two largest. The two largest also being government owned and operated means that they have less time to wait to make money back on the home. The FHA is especially known for selling HUD homes for less than the average sales price in a given area. FHA foreclosures represent a fraction of HUD but they are still a significant number of homes and both should be considered. VA (Veterans Administration) and HUD (Housing and Urban Development) have different and unique opportunities for the buyer. Both are often forgiven for the local taxes normally associated with the purchase of a home (this is on a county by county basis). Be sure to ask the local title company or escrow company to look into it for you before closing as this is often missed due to their are not used to dealing with the 2 to 3 percent of the market that VA and HUD foreclosures represent.

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Foreclosure Listings Increasing

As the market settled after the mortgage meltdown foreclosure listings also settled and fewer homes were on the market with a placard reading “Bank Foreclosure” in big red lettering. This was a good thing for the entire real estate market. Having an abundance of foreclosures brings the entire market down and it makes it harder for home owners, who would like to move, to get the appropriate price for their home as a similar home down the same street was sold for substantially less and the appraiser is using the foreclosure as a comparable sale. This is just one of the problems when there are too many foreclosure listings in any area. Another issue is the television set that sits in everyone’s living room harping about the price of homes based on the number of foreclosures and this constant barrage of negative information makes most people sit on the sidelines waiting for the market to either implode completely or to correct itself. Meanwhile while they wait, others are buying foreclosure listings and making great investments. Whatever the reason, a market can only handle so many foreclosure listings at any given time. The more foreclosures, the lower the market gets and this is a lesson the banks that were foreclosing and selling off realized too late. The market and their investments would have been better off if there had not been a rush to divest themselves of the toxic assets made more toxic by their own actions.