We wrap up our week of music from Children’s Christmas shows with this old favorite.
Down to the village,
With a broomstick in his hand,
Running here and there all
Around the square saying,
Catch me if you can.
He led them down the streets of town
Right to the traffic cop.
And he only paused a moment when
He heard him holler “Stop!”
For Frosty the snow man
Had to hurry on his way,
But he waved goodbye saying,
“Don’t you cry,
I’ll be back again some day.”
Thumpetty thump thump,
Thumpety thump thump,
Look at Frosty go.
Thumpetty thump thump,
Thumpety thump thump,
Over the hills of snow.
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This particular street in Quail Hill is showing signs of stress. We profiled two properties on this street in the post Reunion Rollback. The rollbacks are still coming. This one is from 2004.
Income Requirement: $132,487
Downpayment Needed: $105,990
Purchase Price: $567,500
Purchase Date: 12/29/2004
Address: 109 Reunion, Irvine, CA 92603
1st Mortgage $564,000
HELOC $70,500
Total Debt $634,500
Beds: 2
Baths: 2
Sq. Ft.: 1,447
$/Sq. Ft.: $366
Lot Size: –
Type: Condominium
Style: Spanish
Year Built: 2005
Stories: Three or More Levels
View(s): Park or Green Belt
Area: Quail Hill
County: Orange
MLS#: P611008
Status: Active
On Redfin: 7 days
From Redfin, “Numerous amenities adorn this spacious upscale Quail Hill Condo. 2 Bedrooms, 2 full baths. A Great room design with built in desk and romantic fireplace. clean and sleek gourmet kitchen with stainless still appliances, granite countertops and custom design backslash. Ceramic tile floors and upgraded carpet. Assoc Pool, Assoc Barbeque, Assoc Gym/Exercise Room, Assoc Sport Court, and Assoc Tennis. Great Corner Location.”
What is a backslash? Sounds like a karate move in a horror film.
Do the “still” appliances work?
A “clean and sleek gourmet kitchen.” I am impressed. Since it is “clean” does that mean it comes with lifetime maid service? I would like to thank Shhhhh for our fabulous new Gourmet kitchen award. These will be prominently displayed on any listing mentioning a gourmet kitchen from this day forward
Did they really need to write “Assoc” 5 times?
.
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So how much will the lender lose on this one? Assuming the HELOC is fully tapped, and assuming the owners never made more than the minimum payment on their negative amortization loan with the 1.25% teaser rate, the lender will lose over $137,000.
Anybody want to invest in second mortgages in California?
This has been an eventful week at the Irvine Housing Blog. Monday’s post was linked by several national websites. That post was viewed by more than 4800 people. Our traffic was well above average for the week. Make sure you come by Monday as the post is titled “What is a Bubble?” It should help everyone fully grasp the psychological factors that drove our real estate prices into the stratosphere (and subsequently into the dirt.)
I hope you have enjoyed the past week as much as I have, and come back next week as we will have more Christmas music and we will continue to Chronicle ‘the seventh circle of real estate hell.’
Have a great weekend.
🙂
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