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Happy

Sep 21st, 2007 by IrvineRenter 

Smiley FaceHere is a little song I wrote
You might want to sing it note for note
Don't worry be happy
In every life we have some trouble
When you worry you make it double
Don't worry, be happy......

Ain't got no place to lay your head
Somebody came and took your bed
Don't worry, be happy
The land lord say your rent is late
He may have to litigate
Don't worry, be happy
Look at me I am happy
Don't worry, be happy

Don't Worry, Be Happy -- Bob Marley / Bobby McFerrin

Link to Music Video

Whether you are a renter or a homeowner, we all have our problems. Don't worry, be happy.

Taquitz Front Taquitz Kitchen

Asking Price: $498,900IrvineRenter

Income Requirement: $124,725

Downpayment Needed: $99,780

Purchase Price: $509,000

Purchase Date: 8/18/2004

Address: 20 Taquitz #38, Irvine, CA 92602

Beds: 2
Baths: 2
Sq. Ft.: 1,400
$/Sq. Ft.: $356
Lot Size: -
Type: Condominium
Style: ContemporaryRollback
Year Built: 2002
Stories: Two Levels
View(s): Mountain
Area: Northpark
County: Orange
MLS#: S501493
Status: Active
On Redfin: 34 days

From Redfin, "MISSION IMPOSSIBLE TO SELL THIS FABULOUS NEWER CONDO IN 5 DAYS! Premier Location. Very Inviting Floor Plan w/ Formal Dining Area, Gourmet Kitchen Open to Entertainers Great Room. Decorator Paint, Lighting, Designer Carpet Throughout!Private Master Retreat w/ Walk-in Closet. Close to Freeways, Irvine Marketplace, New Schools. .Voted Best Neighborhood in Irvine. .. .Fabulous Value!"

THE CAPS LOCK IS BACK, AND MISSION IMPOSSIBLE IS RIGHT.Taquitz Table

So are the exclamation points! Yippee!!!

Why the "w/"? A "w/" saves 2 characters over typing "with."

A gourmet kitchen, of course.

You think we would have embarrassed enough of these realtors to quit doing this.

BTW, I really like that dining room table. Do you think they would throw it in to close the deal? (They can keep that awful painting.) I have never seen pill bottles used as a centerpiece before. Have you? Great staging. That should help is sell in 5 days... Not.

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Another day, another 2004 rollback. Is this making you happy?

If this seller gets their asking price, they stand to lose $40,034 assuming a 6% commission. I have to imagine when this property sells, they will be able to quit worrying and be happy...Smiley Face

On a personal note, I imagine all of you can look back on different periods in your life when you were relatively free of worries and very happy. I am enjoying one of those periods right now. Life is good. My family life is great, and I look forward to coming home each evening. I have no debts and any of the worries that go along with it. I enjoy my work and my other productive hobbies. I have a creative outlet on this blog and the sense of community and social contact that comes with it. What more can anyone ask of life?

And so concludes another week at the Irvine Housing Blog. Come join us next week as we continue to chronicle ‘the seventh circle of real estate hell.’

Have a great weekend. smile


Posted in Price Rollback

Run Away

Sep 20th, 2007 by IrvineRenter 

Basement JaxxEverybody's all gone
Everybody's had enough
It's gettin' ugly out
I'm so tired so tired so tired so take me home

It's getting late (getting late)
Come here and wait for me
Let's get out of this place
It never changes, it just stays the same
So take me home

(Come on, let's go)
I just wanna run away, I've had it here
I just gotta get out of here, I've had it here
I just wanna run away, I'm done with this...

Take Me Back To Your House -- Basement Jaxx

Link to Music Video

The market is getting pretty ugly right now. Do you get the feeling some of these sellers have just had enough? Over 100 days on the market after rolling prices back to 2004 levels? If I were them, I would want to run away and just be done with it.

213 Huntington Inside 213 Huntington Kitchen

Asking Price: $399,000IrvineRenter

Income Requirement: $99,750

Downpayment Needed: $79,800

Purchase Price: $399,000

Purchase Date: 7/15/2004

Address: 213 Huntington, Irvine, CA 92620

Beds: 2
Baths: 2
Sq. Ft.: 987
$/Sq. Ft.: $404Rollback
Lot Size: -
Type: Condominium
Style: Contemporary
Year Built: 1986
Stories: One Level
Area: Northwood
County: Orange
MLS#: S487213
Status: Active
On Redfin: 133 days
Unsold in 90+ days

From Redfin, "Nice floor plan 2 Bedroom 2 Bath, with new laminate floors, master bathroom upgraded. Well kept unit. Close to UC Irvine, Close to shopping malls, restaurants, church and easy access to Hi-way 5"

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You have to make almost $100K to own a small, twenty year old, two-bedroom apartment in Irvine. Does that feel right to you?

Another 2004 rollback at the low end of the market. At 133 days on the market, they are not done lowering their price. I think we have seen enough of these to conclude the low end of the market is now at 2004 pricing and still declining. The dreams of later buyers hoping to get out at breakeven are starting to look like sad fantasies which will never come true.

If this seller gets their asking price (which seems unlikely), and they pay a 6% commission, they stand to lose $23,940. Doesn't sound like much, but this is a summer 2004 purchase. Those weren't supposed to lose money...


Posted in Price Rollback

Catch a Wave

Sep 19th, 2007 by IrvineRenter 

Beach Boys Catch a wave and you're sitting on top of the world
Don't be afraid to try the greatest sport around
Everybody tries it once
Those who don't just have to put it down
You paddle out turn around and raise
And baby thats all there is to the coastline craze
You gotta catch a wave and you're sittin' on top of the world

Catch a Wave -- The Beach Boys

Link to Video

Isn't flipping houses a bit like surfing? Just catch a wave and ride it to financial prosperity. Today's flipper who bought a Pacific Crest home certainly hopes so.

Pacific Crest Front Pacific Crest Kitchen

Asking Price: $979,900IrvineRenter

Income Requirement: $244,975

Downpayment Needed: $195,980

Purchase Price: $791,000

Purchase Date: 8/15/2007

Address: 15 Pacific Crest, Irvine, CA 92602

Knife Catcher Award

Beds: 4
Baths: 3.5
Sq. Ft.: 2,557
$/Sq. Ft.: $383
Lot Size: -
Type: Single Family Residence
Style: Modern
Year Built: 2002
Stories: Three or More Levels
Area: Northpark
County: Orange
MLS#: S504923
Status: Active
On Redfin: 6 days

From Redfin, "4 Bedroom plus 3rd floor bonus room or master suite with full bath, 2nd floor bonus room for games/den, ground floor living/kitchen open floor plan with office or additional family room. Seperate laundry room on 2nd floor. Upgraded tiles on ground floor, fireplace, built-in entertainment center, huge kitchen with center island and lots of cabinet space."

Only 1 misspelled word. Not bad...

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So all of you making $250K, is this your dream home? Do you like the white tile kitchen? Is this an estate worthy of someone with such a high income, or is this a nondescript tract home more suited to someone making $150K? The market will decide.

Kool Aid Man

I have to give this flipper credit for nerve. To drop $791K on a house in this market environment takes courage. I think it is remarkably foolish, but the market may prove me wrong.

In today's market, this does seem to be a good purchase price at $791K. You would think a buyer would see this as reflective of the overall market, but if you are drinking the kool aid, this is a steal. Of course, this sale went through before our most recent round of credit tightening, so this flipper may regret the purchase, but this regret certainly isn't reflected in the asking price.

Surfing is fun, but sometimes it does not go as planned.


Posted in House Flips

You Ugly

Sep 18th, 2007 by IrvineRenter 

You have to sing along to this one...

Link to Music Video

U.G.L.Y you ain't got no alibi you ugly eh! Hey! You ugly
U.G.L.Y you ain't got no alibi you ugly eh! Hey! You ugly

I saw you walking down the street just the other day
I didn't see your damage from that far away
I should have got a clue when the kids started screaming
You walked up to me with your buck teeth a gleaming
Your hair was all frizzy and your face was a mess
I thought it was a sack but it's your favourite dress
You hurt the trees feelings and the birds all flew
I don't mean to insult you
Ugly
Oh wait! Yes i do.

Your teeth are yellow, they're covered in mould
You're only fourteen you look a hundred years old
When looks were handed out you were last in line
Your face looks like where the sun don't shine
Did you fall off a building and land on your head
Or did a truck run over your face instead
There ain't no pill cos you ain't ill

You're ugly!
U.G.L.Y you ain't got no alibi you ugly eh! Hey! You ugly
U.G.L.Y you ain't got no alibi you ugly eh! Hey! You ugly

What you really need is to wear a mask
And book that plastic surgeon fast - (girl)
You're scary - you're hairy I heard about you
You're the main attraction at the city zoo
You're so fat and ugly with a belly full of flab
When you wear a yellow coat people shout out cab
(so funny)

You got eyes like a pig and your nose is big
And with hair like that you should be wearing a wig
Uncle fester remember him? I never knew that you had a twin
You can't disguise your googly eyes
In the miss ugly pageant you win first prize
Yo mama says you ugly -
You ugly!

Daphne & Celeste - U.G.L.Y.

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When I saw this property, I couldn't help but be reminded of the song above and the picture at the bottom. This listing is the least desirable single family detached home in Irvine. Everything about this property is a negative:

  • It is 36 years old.
  • There is no back yard.
  • It only has 1 full bathroom.
  • The front elevation has no windows. It looks like a 3 car garage next to a 2 car garage. Nice...
  • The colors are awful. Check out the dark brown flooring and the blue cabinets and walls. The view of the block wall is a reminder of your prison sentence.
  • The living room has three incompatible shades of ugly.
  • The house itself is right on the 405 on ramp at Culver. A location guaranteed to have maximize noise and air pollution as people accelerate onto the freeway.
  • If that wasn't bad enough, it is adjacent to a huge power pole with enough electricity running through it to make your hair stand on end and give your children brain cancer. Perhaps the hum of the power lines drowns out the freeway noise. Who knows?

I would not live in this house.

Claremont Front Claremont Kitchen

Asking Price: $534,500IrvineRenter

Income Requirement: $133,625

Downpayment Needed: $106,900

Bank Purchase Price: $594,915

Bank Purchase Date: 8/14/2007

FB Purchase Price: $520,000

FB Purchase Date: 8/10/2004REO

Address: 3922 Claremont ST, Irvine, CA 92614

Beds: 3
Baths: 1.75
Sq. Ft.: 1,222
$/Sq. Ft.: $437
Lot Size: 5,521 sq. ft.
Type: Single Family Residence
Style: Traditional
Year Built: 1971
Stories: One LevelRollback
Area: Westpark
County: Orange
MLS#: S503237
Status: Active
On Redfin: 19 days

From Redfin, "You'll love this great home in a wonderful school district. The light and bright floorplan features neutral carpet, pergo flooring and cathedral ceilings. The large yard provides lots of space for entertaining & play. This home is located just steps to the community pool and park. Plus, there are no Mello Roos! This is a bank owned property. Bring us an offer!"

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This is an interesting property for many reasons:

First, this is another example of a HELOC implosion. Why would a bank foreclose at a number $75,000 over the original purchase price if this had not been refinanced to some peak value appraisal? I suspect this was purchased by the second mortgage holder hoping to avoid a complete loss. The first mortgage holder probably would not have bid this property up over 80% of the original purchase price ($416,000.) The FB doesn't care because they took their money out already.

Second, this is the first example I have seen of a bank offering a property at a cut-rate price in order to move it quickly. From the REOs we have observed to date, the banks start off at an amount over their foreclosure bid price and lower it until it sells. This pricing is a departure from that pattern.

Ugly DogThird, This is the first single-family detached home I have seen in Westpark rolling back to 2004 pricing. Westpark has held up pretty well to date. This property will not help the neighborhood comps.

Finally, it is one of the least desirable SFDs I have seen in a while. During the rally, quality did not matter. Now that someone who buys this may have to live there for several years to wait out the market, desirability is becoming a concern. I think they will have to lower the price further to attract a buyer to this dog.

For the record, if the bank gets its asking price and pays a 6% commission, they stand to lose $92,485.


Posted in Real Estate Owned

Irvine Sales Trends - 1998-2007

Sep 17th, 2007 by zovall 

We did our first post on Irvine Sales Trends many months ago. Today's post includes the 2007 numbers through August. Although the charts are an improvement from the past, I still have a lot to learn from twist. Keep in mind that the data used to generate these charts comes from MLS.

We'll start with a look at # of sales by month from 1998-2007:

The 3 Month and 12 Month Moving Averages help indicate the trend. Next, we'll compare the data by year. I've create separate charts for 1998-2002 and 2003-2007 because it is a little messy with 10 data sets.

It looks like although SFR sales are about the same in 2007 when compared to 2006, Condo sales are definitely slower in 2007.

Now only if I had the median sales price data for Irvine for the last 9 years. smile

UPDATE: Here is the data used to generate the charts above: Irvine Sales Trends.xls


Posted in Uncategorized

Home Sales Data thru 9-11-2007

Sep 16th, 2007 by IrvineRenter 

Median sale price

Sales volume

ZIP

code

Prev. 4 weeks

% change

from ’06

Prev. 4 weeks

% change

from ’06

92602

$690,000

-6.8%

15

-53.1%

92603

$730,000

-21.5%

22

-31.3%

92604

$615,000

-7.2%

22

10.0%

92606

$750,000

-1.3%

10

-33.3%

92612

$627,000

-5.4%

33

13.8%

92614

$660,000

10.0%

16

-48.4%

92618

$557,500

-8.5%

16

-33.3%

92620

$821,000

-1.3%

49

-5.8%

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Those are not the most bullish numbers I have ever seen. They are perhaps the most anemic sales numbers we have seen to date.

Despite the slow sales, declining prices and ballooning inventory, Turtle Ridge (92603) still has a huge number of WTF asking prices.


Posted in News

Paved Paradise

Sep 15th, 2007 by IrvineRenter 

They paved paradise and put up a parkin' lot
With a pink hotel, a boutique, and a swingin' hot spot
Don't it always seem to go
That you don't know what you got till it's gone
They paved paradise and put up a parking lot

They took all the trees, and put em in a tree museum
And they charged the people a dollar and a half to see them
Don't it always seem to go
That you don't know what you got till it's gone
They paved paradise, and put up a parking lot

Big Yellow Taxi -- Counting Crows

Link to Music Video

Isn't this the story of Irvine? Haven't we planned, designed and paved over the whole valley?

Works for me, but then again, that is my job.

There is nothing special about today's property. I just thought it had the ugliest picture I have seen on the MLS in a while, so I thought I would share it here.

Just a suggestion for the photographer: perhaps you could select the angle that shows the front door and some grass and foliage rather than the garage door, water stains, an antenna and power lines.

Dutcher Front

In case you are interested:

5052 Dutcher Ave, Irvine, CA 92604

Price: $625,000IrvineRenter

Beds: 4
Baths: 2
Sq. Ft.: 1,480
$/Sq. Ft.: $422
Lot Size: 5,543 sq. ft.
Type: Single Family Residence
Style: Other
Year Built: 1971
Stories: One Level
Area: El Camino Real
County: Orange
MLS#: P588169
Status: Active
On Redfin: 63 days
Lowest 4 bedroom house in Irvine!!! One level with large well maintained yard. 4th bedroom was converted from dining room with city permit. Brand new airconditioner/heater just installed, all windows replaced a year ago. Just need new carpet/paint per your taste.

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Lowest 4 bedroom in Irvine? Is it below sea level? Oh, they mean the price is low... {smacks forehead}

Judging by the picture, I thought they were having some drainage problems.


Posted in News
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