Edgar Filing: CALIFORNIA COASTAL COMMUNITIES INC

Ownership Submission

FORM 4

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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(Print or Type Responses)

1. Name and Address of Reporting Person ^*

Sabin Thomas W Jr

2. Issuer Name and Ticker or Trading Symbol
CALIFORNIA COASTAL COMMUNITIES INC [CALC]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

__X__ Director	_____ 10% Owner
_____ Officer (give title below)	_____ Other (specify below)

(Last)

(First)

(Middle)

500 NORTH AKARD ST., SUITE 2960

3. Date of Earliest Transaction (Month/Day/Year)
08/09/2006

(Street)

DALLAS, TX 75201

4. If Amendment, Date Original Filed(Month/Day/Year)

6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person

(City)

(State)

(Zip)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1.Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock - $.05 par value	08/09/2006		X		275,000	A	$ 4.5	279,000	I ⁽¹⁾	275,000 held by GSSW-REO. LLC - See footnote ⁽¹⁾

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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security
(Instr. 3)

2. Conversion or Exercise Price of Derivative Security

3. Transaction Date (Month/Day/Year)

3A. Deemed Execution Date, if any (Month/Day/Year)

4. Transaction Code
(Instr. 8)

5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)

6. Date Exercisable and Expiration Date
(Month/Day/Year)

7. Title and Amount of Underlying Securities
(Instr. 3 and 4)

8. Price of Derivative Security
(Instr. 5)

9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)

10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)

11. Nature of Indirect Beneficial Ownership
(Instr. 4)

Code

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Stock Option - Common Stock $.05 par value

$ 4.5

08/09/2006

275,000

06/09/1999⁽³⁾

05/20/2008⁽⁴⁾

Common Stock - $.05 par value

275,000

$ 4.5

Held by GSSW-REO, LLC - See footnote ⁽²⁾

Reporting Owners

Reporting Owner Name / Address	Relationships
Reporting Owner Name / Address	Director	10% Owner	Officer	Other
Sabin Thomas W Jr 500 NORTH AKARD ST., SUITE 2960 DALLAS, TX 75201	X

Signatures

Thomas W. Sabin, Jr.		08/10/2006
^**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 4(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1)	Includes 275,000 shares held by GSSW-REO, LLC, for which Mr. Sabin serves as Manager and Vice President. Although Mr. Sabin is reported as the beneficial owner of the 275,000 shares, he disclaims beneficial ownership in these shares as he has no pecuniary interest in them.
(2)	Reflects options held by GSSW-REO, LLC, for which Mr. Sabin serves as Manager and Vice President. Although Mr. Sabin was reported as the beneficial owner of the options, he disclaimed beneficial ownership in the options as he had no pecuniary interest in them.
(3)	Options were exercisable as follows: 100,000 on 6/9/99, 100,000 on 6/9/00, 37,500 on 12/7/00 and 37,500 on 12/7/01.
(4)	Options were scheduled to expire as follows: 200,000 on 5/20/08 and 75,000 on 12/7/09.

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