Hold it right there, your attention folks We came here - to fulfill your hopes But you better WATCH OUT, it might get ugly Cause you my friend are beginnin to bug me So here's a little smack, goin back to the grill again Hit you in the hat like Skipper did Gilligan So get back, before I snap like a Kit Kat And pop you in the mouth, quicker than a Tic Tac Bif bam BOOM like a Batman fight scene You defeatin U.D. that was a pipe dream Kickin you around like a hackeysack With the beats and the raps that be action packed I'm ready to go, I got my foot on the petrol And if you didn't know I steal the show like a klepto I grew up, with the love for rap But this is combat and you're about to get smacked
Beds: 3 Baths: 2 Sq. Ft.: 1,500 $/Sq. Ft.: $373 Lot Size: 5,000 sq. ft. Type: Single Family Residence Style: Contemporary Year Built: 1972 Stories: One Level Area: Walnut County: Orange MLS#: S511568 Status: Active On Redfin: 8 days
From Redfin, "BEAUTIFUL, LIGHT & BRIGHT SINGLELEVEL HOME ON A SINGLE LOADED ST. IN A VERY DESIRABLE AREA OF IR. W/ walking distance to schools, parks shopping & freways. This contemperary & cute house is what U R looking for. Lots of CUSTOM Touches Thur-out and a great backyard with fruit trees, large patio cover. Wonderful Association Aminities of College Park area W/ Clubhose+ pool & spa just at the end of the steert. Its a real doll house you can call it HOME. "
"cute house is what U R looking for" and a big loser is what I R looking for.
"Its a real doll house you can call it HOME." Can someone translate that for me? Beyond the poor grammar, is there some kind of secret realtor code when they mention doll houses? Perhaps that means it is a tiny POS?
Today's seller stands to lose $63,694 after a 6% commission. Actually, the bank will eat this one because of the Neg Am refi, but, this is a substantial loss on a 2004 purchase.
This is a typical HELOC implosion. Remember when the bulls were claiming everyone in Irvine is sitting on mountains of equity? Us bears claimed people took out their equity and spent it, and these people would end up in foreclosure. In one sense both camps were right. There are a lot of financially prudent Irvine residents; however, there are enough like today's sellers to smack down prices.
Since our theme today is smacked, and we are in the rap genre, I have another one for you...
I feel you creepin', I can see you from my shadow. Wanna jump up in my Lamborghini Gallardo. Maybe go to my place and just kick it, like Taebo. And possibly bend you over. Look back and watch me smack that, all on the floor, smack that, give me some more, smack that, 'till you get sore smack that, oooh. smack that, all on the floor, smack that, give me some more, smack that, 'till you get sore, smack that, oooh.
When you see the Southern Cross For the first time You understand now Why you came this way 'Cause the truth you might be runnin' from Is so small. But it's as big as the promise The promise of a comin' day. So I'm sailing for tomorrow My dreams are a dyin'.
Would you like to feed the ducks off your patio? I think it would be great.
I like this complex. It isn't very practical if you have small children, but it looks peaceful, and the close proximity to water is always desirable.
20 Southwind Irvine, CA 92614 Beds: 2 Baths: 2 Sq. Ft.: 1,930 $/Sq. Ft.: $388 Lot Size: - Type: Condominium Style: Contemporary/Modern Year Built: 1983 Stories: Split Level View(s): Lake, Has View, Water Area: Woodbridge County: Orange MLS#: S510180 Status: Active On Redfin: 18 days Completely updated architechural waterfront beauty!Features include maple wood flooring in living rm, den/office, kitchen and dining room. Matching wide-blade plantation shtrs. New white kitchen cabinets, black Eurostone countertops, stainless steel appliances, stainless steel sinks. Recessed lights. Cust. living rm fireplace. Totally remodeled bathrms w/ cust. cabinets, pedestal sinks, custom flrs. Designer carpeting. Huge master w/ retreat & double-sided fireplace. Water views from all major rms!!
OK, we have a street named Southwind, we have the song southern cross, the artist Christopher Cross, and finally Christopher Cross's song Ride Like the Wind. We have come full circle...
And every Saturday we work in the yard Pick up the dog do Hope that it's hard (whaf whaf) Take out the garbage and clean out the garage My friend's got a Chrysler I've got a Dodge We're just ordinary average guys Ordinary average guys
Beds: 3 Baths: 2 Sq. Ft.: 1,440 $/Sq. Ft.: $431 Lot Size: 4,800 sq. ft. Type: Single Family Residence Style: Contemporary Year Built: 1977 Stories: One Level Area: Woodbridge County: Orange MLS#: P604325 Status: Active On Redfin: 29 days
From Redfin, "Beautiful 3 bedroom 2 full baths, 1440 Sq Ft, single story home in highly desireable Woodbridge area. Very Quiet, Inner loop location. Remodeled kitchen with newer appliances. Newer concrete tile roof. Very convenient location for shopping, entertainment and excellent schools. Very private back yard with a covered patio. Great woodbridge association ammenities with low HOA Dues ($69.00) and NO MELLO ROOS. PRICE REDUCED TO SELL! Not a short sale."
Can you find the misspelled word? No description on the MLS is complete without one.
Today's seller stands to lose $102,200 after a 6% commission, if they get their asking price. An ordinary house and an ordinary seller taking what has become an ordinary $100K+ loss.
Dogs of war and men of hate With no cause, we don't discriminate Discovery is to be disowned Our currency is flesh and bone Hell opened up and put on sale Gather 'round and haggle For hard cash, we will lie and deceive Even our masters don't know the webs we weave
One world, it's a battleground One world, and we will smash it down One world ... One world
Invisible transfers, long distance calls, Hollow laughter in marble halls Steps have been taken, a silent uproar Has unleashed the dogs of war You can't stop what has begun Signed, sealed, they deliver oblivion We all have a dark side, to say the least And dealing in death is the nature of the beast
One world, it's a battleground One world, and we will smash it down One world ... One world
The dogs of war don't negotiate The dogs of war won't capitulate, They will take and you will give, And you must die so that they may live You can knock at any door, But wherever you go, you know they've been there before Well winners can lose and things can get strained But whatever you change, you know the dogs remain.
One world, it's a battleground One world, and we will smash it down One world ... One world
Attention all homedebtors: The lender is coming for your house. Steps have been taken, a silent uproar, Has unleashed the dogs of war. You can't stop what has begun. Signed, sealed, they deliver oblivion.
Do you think they care about you? Hollow laughter in marble halls
Is the lender more concerned about you or about themselves? They will take and you will give, And you must die so that they may live.
Do you think you can work something out with them? The dogs of war don't negotiate. The dogs of war won't capitulate,
Do you think your mortgage broker is responsible? For hard cash, we will lie and deceive, Even our masters don't know the webs we weave.
Do you think the problem is widespread? You can knock at any door, But wherever you go, you know they've been there before.
Do you think those with good credit are unaffected? Well winners can lose and things can get strained. But whatever you change, you know the dogs remain.
Beds: 5 Baths: 3 Sq. Ft.: 2,700 $/Sq. Ft.: $267 Lot Size: 8,400 sq. ft. Type: Single Family Residence Style: Contemporary Year Built: 1970 Stories: Two Levels Area: Northwood County: Orange MLS#: S511527 Status: Active On Redfin: 4 days Fixer-upper
From Redfin, "Great Opportunity! Bank owned single family home with pool on huge lot. Located in a cul de sac close to park in the Northwoods area of Irvine. Added family/game room. Living room w/ fireplace, formal dining room, kitchenw /nook, one bedroom and bath downstairs. Needs some TLC "
If you submerged this house in water, it would make a great ski jump.
$267/SF: This is a new low in Irvine. It wasn't long ago that finding a property under $300/SF was difficult, now we are on our way back under the $200/SF mark, particularly for the larger properties. Based on the 20% off the peak we have been seeing, this property is still $60,000 overpriced, so we will likely see the $250/SF barrier fall. If the bank manages to get the full asking price, they stand to lose $105,294 assuming a 6% commission, and assuming the auction price did not already cause a loss on a second mortgage.
For those of you offended by some of my selections of fine art, please do not look below.
DANTE ET VIRGILE AUX ENFERS by William Bouguereau
Dogs of war and men of hate With no cause, we don't discriminate Discovery is to be disowned Our currency is flesh and bone
Sometimes I feel I've got to Run away I've got to Get away From the pain that you drive into the heart of me The love we share Seems to go nowhere And I've lost my light For I toss and turn I can't sleep at night
(chorus) Once I ran to you (I ran) Now I'll run from you This tainted love you've given I give you all a boy could give you Take my tears and that's not nearly all Oh...tainted love Tainted love
Does this song describe every homeowner's and speculator's relationship with the housing market? Everyone was so enamored with real estate during the bubble. However, now the fickle real estate market has turned, and speculators are losing money, losing sleep, and losing their love of real estate: tainted love.
Today, I am going to continue the great work done by Effenheimer (formerly OC Fliptrack) on the Brio Community. Nowhere is the silliness of the bubble more apparent than the pricing of 1 bedroom units in this development. Sorry if this post is a little long, but it is worth reading. Carry on.
Asking Price: $319,000
Income Requirement: $79,750
Downpayment Needed: $63,800
Purchase Price: $232,000
Purchase Date: 11/21/2002
Address:2304 Ladrillo Aisle, Irvine, CA 92606 Beds: 1 Baths: 1 Sq. Ft.: 800 $/Sq. Ft.: $399 Lot Size: - Type: Condominium Style: Mediterranean Year Built: 1994 Stories: One Level Area: Westpark County: Orange MLS#: S505561 Status: Active On Redfin: 52 days
From Redfin, "PRICE REDUCED TO SELL FAST!!!, Rare direct access to Garage, Newer Carpet, Central A/C, Ceiling Fan, Cozy Fireplace, sandstone color paint, Lighting under Kitchen Cabinets, and Water Purifier/Filter system. Very QUIET inside location, peaceful neighborhood, close to shopping, Association POOL and TENNIS courts for Brio only. Also, access to two other Master association pools and 5 tennis courts. Will go Quickly!!!! Entertaining ALL reasonable offers."
Will go Quickly!!!! There's an optimist. Is the four exclamation points a manifestation of wishful thinking?
INTERMITTENT caps LOCK again.
There were several transactions on these units in 2006 for over $400,000, despite the fact that the rental value is about $150,000. Prices have held up reasonably well in Brio, although the transaction volume has dropped off considerably.
So why is this seller dropping their price so radically to sell it? Perhaps the REO has something to do with it...
Beds: 1 Baths: 1 Sq. Ft.: 784 $/Sq. Ft.: $451 Lot Size: - Type: Condominium Style: Contemporary Year Built: 1995 Stories: One Level Area: Westpark County: Orange MLS#: P589581 Status: Active On Redfin: 109 days Unsold in 90+ days Fixer-upper
From Redfin, "BEST VALUE IN ALL OF WESTPARK, GREAT LOCATION, SELLER MOTIVATED, HERE IS A GREAT OPPORTUNITY TO OWN IN WESTPARK, NEEDS SOME TLC BUT WORTH A LOOK, BRING INVESTORS OR FIRST TIME BUYERS, FIREPLACE, ATTACHED ONE CAR GARAGE, GOOD SIZE BEDROOM W/ WALK-IN CLOSET, DUAL SINKS."
This appears to be a HELOC implosion. The former owner took the money, trashed the place, and left. Nice.
It looks to me that our featured seller has seen the light. This REO was purchased for $319,850 which coincidentally is the asking price of our featured property. The seller knows the bank is going to reduce their price until this unit is sold, and they know that $319,850 is where the market is at (actually if the bank bought it at auction the market is probably lower.) I think this is a smart move by our featured seller. If they can get in front of the bank, they may get the only buyer in the market. They still have some equity left, so if they move quickly, they might actually see some of it.
There are a few other sellers in this neighborhood who will not be too happy because of the properties profiled above...
Beds: 1 Baths: 1 Sq. Ft.: 800 $/Sq. Ft.: $488 Lot Size: - Type: Condominium Style: Other Year Built: 1995 Stories: One Level Area: Westpark County: Orange MLS#: P598440 Status: Active On Redfin: 62 days
From Redfin, "* * * * HIGHLY desirable and upgraded ground level in exclusive neigborhood with direct access garage. White fireplace highligts cozy living room. Beatiful laminate flooring througout the house. Designer paint, new crown moulding and baseboards. Association pool, tennis courts, and parks. Close to shopping, movies, restaurants, parks. THIS IS A MUST SEE!!!
neigborhood, highligts, Beatiful, througout, moulding: I count 5 misspelled words in that description. Doh! BTW, what does this realtor have against the letter "h" after a "g"?
Do you like how they got the flower in the corner of the picture? Of course, it throws off their exposure and makes for an awful photo, but it has a flower in it.
This is going to be a rollback. The competition is already under their 2004 purchase price. This isn't good for them, but others have it worse...
Beds: 1 Baths: 1 Sq. Ft.: 784 $/Sq. Ft.: $496 Lot Size: - Type: Condominium Style: Contemporary Year Built: 1995 Stories: One Level Area: Westpark County: Orange MLS#: S505997 Status: Active On Redfin: 48 days
From Redfin, "This unit in BRIO is exceptional. Recently refurbished and super clean. Well-designed floorplan offers super living space that is easy to maintain. Idyllic walkway offers a somewhat secluded home that is nevertheless walking distance from shops and eateries! Well managed complex offers great amenities without the sky-high fees (as in local highrises) Motivated seller can respond to offers quickly. Make it yours today!"
This seller is in a world of hurt.
Think about their state of mind. They were in a state of apprehension and denial hoping to get out near breakeven. Their competition was priced in the same general range, so they hoped they could convince a buyer that their place was "better" and somehow they would get out from under.
Then the REO happened, but this was just one property, so it shouldn't be a big problem, they would just have to be patient while the bank got rid of the competition. Then, suddenly, the featured property drops their price 20%. Talk about a disaster. They just lost $80,000! Yikes!
With two properties selling for $320,000, it is no longer an aberration, it is the new neighborhood property value.
Beds: 1 Baths: 1 Sq. Ft.: 800 $/Sq. Ft.: $506 Lot Size: - Type: Condominium Style: Contemporary Year Built: 1996 Stories: One Level Area: Westpark County: Orange MLS#: S482836 Status: Active On Redfin: 209 days Unsold in 90+ days
From Redfin, "BEAUTIFUL TURNKEY CONDO!! This condo has it all. Entrance has designer tile leading to beautiful laminate wood floors. Glass block divider between kitchen and living adds a distinctive touch. Modern track lighting in kitchen with new designer ceiling fan in dining room. Soft designer colors throughout. Bathroom has new cast iron tub & glass slider. Designer tile in bath/dressing area. New hot water heater. Direct entry to garage from kitchen. Beautiful home!!!"
What do you think of the glass block divider? I don't get it. Wouldn't you rather just have it be open? Glass block is great for letting exterior light into bathrooms, but I am not so sure about its use as an interior dividing wall.
Here is the last of our dreamers holding out for over $400,000. It is not going to happen.
Can you see the disaster playing out? Today's series of properties illustrates exactly how a price collapse proceeds. We are witnessing the first leg down of price drops: 20% off the top, and folks, we aren't even half way there yet...
People who bought during the rally must feel like they have been hit in the head. Do you think anyone who bought in 2004 thought they would be selling at a loss? Since most people are adverse to taking responsibility for their own decisions, many will blame the market itself. They wonder, why did you do it? That evil market, who can predict it?
93 Tarocco Irvine, CA 92618 Beds: 3 Baths: 2 Sq. Ft.: 1,000 $/Sq. Ft.: $390 Lot Size: - Type: Condominium Style: Other Year Built: 1983 Stories: One Level Area: Orangetree County: Orange MLS#: S503783 Status: Active On Redfin: 63 days Located adjacent to Irvine Valley College this unit with three bedrooms is ideal for investors as the areas location makes it attractive for student leasing. Originally a two bedroom unit, the owner added a very nice third which increases the income potential. The property is close to all major roads and convenient for the post office, parks, golfing, eating and entertainment.
Notice how they are trying to sell this as investment property. Unless this is getting about $3,500 a month rent to turn a positive cashflow, only a speculator betting on appreciation would pay this price. It is worth about $180,000 to an investor demanding positive cashflow.
. Sales History Date Price
As you can see, this is another 2004 rollback. In the race to the bottom, this property has surpassed the competition. From the old post...
Beds: 3 Baths: 2 Sq. Ft.: 1,150 $/Sq. Ft.: $370 Lot Size: - Type: Condominium Style: Other Year Built: 1978 Stories: One Level Area: Woodbridge County: Orange MLS#: S486749 Status: Active On Redfin: 139 days Unsold in 90+ days
From Redfin, “* * FANTASTIC BUY * * 3 BR 2 BA single level with HUGE backyard, come see the rose garden. Great Location. Everything has been upgraded, from the neutral tiled floors to the granite counters, kitchen cabinets & appliances. 3 Large bedrooms & 2 upgraded bathrooms also with granite & newer cabinets . Newer mirror closets with organizer. It is very lite and brite and definately a 10++ Newer water heater. Walk to all the fantastic amenities, pool, spa, park, tennis, basket & volleyball, schools & shopping.”
HUGE backyard. It is a freakin’ patio! Give me a break.
A 10++? Maybe on a scale from 1 to 100.
” lite and brite and definately” Three misspellings in 5 words, congratulations. I hope she is thankful for the word “and.”
Beds: 3 Baths: 2 Sq. Ft.: 1,110 $/Sq. Ft.: $386 Lot Size: - Type: Condominium Style: Other Year Built: 1972 Stories: Two Levels Area: El Camino Real County: Orange MLS#: S495498 Status: Active On Redfin: 78 days
From Redfin, “BEST PRICED & MOST REMODELLED UNIT ON THE MARKET. BRAZILIAN CHERRY WOOD FLOORS, RECESSED LIGHTING, REFURBISHED CABINETS, NEW APPLIANCES, MAYTAG STOVE, SCRAPED CEILINGS, NEW PAINT, BRAND NEW GORGEOUS DECORATIVE BATHROOM HAS TILES/BORDER ON WALLS & GRANITE SINK. SURROUND SYSTEM IN LIVING ROOM, MASTER WITH WALK IN CLOSET & CLOSET ORGANIZERS. SPACIOUS LAUNDRY ROOM. EXTRA STORAGE OUTSIDE. BEAUTIFUL SLATE FLOORS IN LARGE BACK PATIO. OPEN FLOORPLAN. SEE THE VIRTUAL TOUR!! PRICE REDUCED”
WHY THE ALL CAPS? I find all caps to be very hard on my eyes. It is painful to read that description.
Are any of you impressed by Brazilian Cherry Wood floors? Sounds rare and exotic, doesn’t it?
As you can see, we are now below the $400,000 barrier for 3 bedroom 2 bath homes in Irvine. Another milestone on our journey to the bottom.