$186 Per-Square-Foot in Irvine
This Ole House -- Stuart Hamblen
Today's property sets a new low standard in Irvine. This is the first property I have seen below $200/SF. Granted, it is a fixer-upper, but those properties will always be the low-price leader. I really did not think we would see price levels this low in 2008.
This is the kind of property that will interest me in a couple of years. If you find a house in need of major cosmetic surgery (but nothing structural), you can buy it with FHA financing and take what would have been your 20% downpayment and renovate the property to your taste. After the renovation, you can get the property reappraised, and hopefully, you will have added enough value to be able to stop paying private mortgage insurance. At that point, you are in a house finished the way you want it for equal to or less than a "normal" property in the community. Right now, it would just be a money pit, but when we are closer to the bottom...
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