Let's see: prices are up where volume is way down, prices are down where volume is way up, and 92618 is having a massive price rally. Wait a minute. Didn't we just profile 92618 last week and show many examples of lower prices? Why is the median up 41%?
Do you see how a few sales can skew the median and make it look high when prices are dropping?
Huge price reduction from $935,000 to $799,950! Short sale? Bank repo? Who cares? That is a huge price drop. At the current price, the house is selling for $254.77 per square foot. That is a new low in Irvine as far as I know.
Old Asking Price: $935,000
New Asking Price: $799,950
Purchase Price: $925,000
Purchase Date: 11/03/2006
Address: 32 Choate, Irvine, CA 92620
Beds: 5
Baths: 3
Sq. Ft.: 3,140
Lot Sq. Ft.: 5,188
Year Built: 1978
Stories: 2
Type: Single Family Residence
County: Orange
Neighborhood: Northwood
$/Sq. Ft.: $298
MLS#: F1710198
Status: Active on market
On Redfin: 27 days
Sale Price $925,000
1st Loan $740,000
2nd Mtg. $185,000
100% Financing
Lender Fremont Invs / Ln
From Redfin, "5+3+ Bonus Room, Master w/ retreat; fireplace; walk-in closet; huge bath Tiled roof Fireplace in family room Wood flooring in family room Tile floor in living room, formal dining & kitchen Landscaped backyard w/ jacuzzi."
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This must have seemed like a no-brainer: A Northwood house for less than $300/SF. As a flipper, how could you go wrong?
First, you could do nothing to improve the property and rely on your low purchase price to make your money. Second, you could take the marketing pictures with your cell phone camera so your property can look like as undesirable as possible. And third, you could completely ignore the market collapsing around you, drink some kool-aid, and believe the next selling season will bring you riches.
But why not? It is 100% financing, and you can always make the bank eat your losses, right?
The Aldea tract built was by California Pacific Homes. It is located at the corner of Valley Oak Drive and Barranca Parkway. We have featured this tract on other occasions: Aldea - Oak Creek Detached Condo and Aldea - Oak Creek Detached Condo - UPDATE #1.
There are a number of properties for sale in this neighborhood, and one distressed seller who is going to lose a lot of money.
Asking Price: $600,000
Purchase Price: $605,000
Purchase Date: 7/29/2005
Address: 9 Alevera, Irvine, CA 92618
Beds: 2
Baths: 2.5
Sq. Ft.: 1,030
$/Sq. Ft.: $583
Lot Size: -
Year Built: 2003
Stories: 2
Type: Condominium
County: Orange
Neighborhood: Oak Creek
MLS#: S489605
Status: Active
On Redfin: 46 days
From Redfin, "California Pacific Former MODEL Plan 1.Each bedroom is a nice size sui te w/ its own full bath. UPGRADES GALORE * * * Includes 400 Sqft. Enclosed Outdoor Living Structure w/ Integrated Speaker System, Ceiling fan, Cable TV and Outomated Irrig. System. Corian Kitchen Counters, Stainless Steal GE Appliances, Walk-in Pantry, Build-in Audio System, Upgraded Flooring, Euro Style Custom Buld-ins Living Room & Both Bedrooms, Custom Paint & Wall Paper, Custom Brick Wall in Living Room * * * Resort Style Living++"
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I guess we are moving away from exclamation points to asterisks and plus signs?
At $583 SF, this is clearly in WTF price territory, but the real question I have to ask is: "WTF were you thinking when you paid almost $600 SF back in 2005?" This property is never going to sell for this price as we will see when we look at the competition, but assuming they get their asking price, and assuming a 6% commission, they stand to lose $41,000. In the real world (where prices reflect the market), this seller is probably going to lose closer to $100,000.
Here is a close comparable...
Asking Price: $569,000
Purchase Price: $280,000 ?
Purchase Date: unknown
Address: 46 Alevera, Irvine, CA 92618
Beds: 2
Baths: 2.5
Sq. Ft.: 1,050
$/Sq. Ft.: $542
Lot Size: -
Year Built: 2002
Stories: 2
Type: Condominium
County: Orange
Neighborhood: Oak Creek
MLS#: S490707
Status: Active
On Redfin: 36 days
From Redfin, "Outstanding DETACHED HOME in Prime location of Irvine's Beautiful Oak Creek, Featuring 2 Beedrooms and 2 1/2 Baths w/ Patio and 2 car garage w/ Direct Access. This TURNKEY Property has many Upgrades of New Flooring, New Carpeting, New Paint, Gourmet Kitchen w/ New Stainless Steel Appliances and Fine Cabinetry, Plus Epoxy Finishing in Garage. Enjoy Resort-Style Amenities of Pools, Spas, Parks and Tennis. This is Truly a Home You've Been Waiting For. Near Award Winning Schools, Fwys, and Great Shopping."
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This listing has some of the worst photos I have seen in a while. Looks like a camera phone, only worse. Another Gourmet kitchen with white tile...
So here we have a property with the same floorplan which is being offered for $31,000 less, and at $542 SF, it is also overpriced.
Let's see what else you can get in this neighborhood...
Price: $629,900
68 ALEVERA
Irvine, CA 92618
Beds: 3
Baths: 2.5
Sq. Ft.: 1,300
$/Sq. Ft.: $485
Lot Size: -
Year Built: 2002
Stories: 2
Type: Condominium
County: Orange
Neighborhood: Oak Creek
MLS#: P579931
Status: Active
On Redfin: 41 days
PRICE REDUCTION FOR FAST SALE * * EXCELLENT QUIET INSIDE LOCATION * * IMMACULATE CONDITION * * SPACIOUS KITCHEN W/ WHITE CABINET * * SPACIOUS FORMAL DINING AREA * * ROMANTIC ARCH ENTRY * * TRUELY 3 BEDROOMS * * ALL GOOD SIZE BEDROOMS UPSTAIRS * * GOOD SIZE BACKYARD W/ COZY LANDSCAPING * * SPACIOUS MASTER BEDROOM W/ WALK-IN CLOSET * * SPACIOUS MASTER BATH W/ ROMAN TUB & SHOWER STALL * * PRICED TO SELL * * MUST SEE * *
ALL CAPS and astericks ***** GREAT !!!
Comparing this property to 9 Alevera, I get 300 SF more and an additional bedroom for $29,000. Hmmm...
Price: $649,900
59 ALEVERA ST
Irvine, CA 92618
Beds: 3
Baths: 2.5
Sq. Ft.: 1,497
$/Sq. Ft.: $434
Lot Size: -
Year Built: 2002
Stories: 2
Type: Condominium
County: Orange
Neighborhood: Oak Creek
MLS#: S484851
Status: Active
On Redfin: 79 days
NEW PRICE REDUCTION! BEST VALUE IN THE AREA! Beautiful detached home in a quiet/secluded area. Bright and open with lots of grades. 
Gourmet kitchen features plenty of oak cabinets, walk-in pantry and recessed lighting. Three spacious bedrooms, master suite/w walk in closet. The downstains den is perfect for a home office. Award Winning Schools, Close to all freeways/tollroads, Amtrack/Metrolink, The Spectrum, UCI Campus, Dining and Entertaiment.
New price reduction! Hurray! Lots of grades (I hope they were "A"s), and a gourmet kitchen to boot.
Compared to 9 Alevera, this property gives you a 450 SF more space and an additional bedroom for $50K, and it appears this property is not finished reducing its price either.
In short, the seller at 9 Alevera is going to be a loser.
This is a strange time in our real estate market. Easy credit money is still being made available to high-income borrowers with good credit scores. As a result, what few transactions are occurring in the market are happening at the upper price points. This also explains why the median does not drop much when we all know prices of individual homes are declining.
This peculiar set of circumstances puts sellers in an awkward position: there are not enough buyers to absorb the inventory, but the few buyers who are out there are foolish enough to pay ridiculous prices. As a seller, if you hold out for your price, you might just get it, albeit like hitting the lottery. Everyone is begging and praying for the greater fool to come along.
Asking Price: $950,000
Purchase Price: $394,500
Purchase Date: 12/4/2000
Address: 28 Chadwick, Irvine, CA 92618
Beds: 5
Baths: 3.5
Sq. Ft.: 2,600
$/Sq. Ft.: $365
Lot Size: -
Year Built: 2000
Stories: 3
Type: Single Family Residence
County: Orange
Neighborhood: Oak Creek
MLS#: P531417
Status: Active
On Redfin: 332 days
Unsold in 90+ days
From Redfin, "* Spectacular Home in Cul-de-Sac Location * Private Gated Community * 5 BR 3.5 Baths (one 3rd level suite) * Very Desirable Floor Plan w Separate Family RM Adjacent to Open Kitchen w Center Island, Granite Countertop & Full Back Splash * Fireplace in Cozy Family RM * Upgraded Expensive Tile, Wood Floor & Berber Carpert * Plantation Wood Shutters * Upgraded Ceiling Fan * Beautiful Professional Landscaping * X'lnt Assoc. Amenities w low Assoc. Dues * Award Wining Schools * Don't Miss this out"
The realtor forgot to mention the relaxing drone of freeway noise...
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This listing is coming up on its birthday. At first glance this doesn't seem like a WTF price, but 332 days on the market says otherwise.
Asking Price: $1,100,000
Purchase Price: $462,000
Purchase Date: 10/27/2000
Address: 20 E Sutton, Irvine, CA 92618
Beds: 4
Baths: 2.5
Sq. Ft.: 2,700
$/Sq. Ft.: $407
Lot Size: 4,200 sq. ft.
Year Built: 2001
Stories: 2
Type: Single Family Residence
County: Orange
Neighborhood: Oak Creek
MLS#: S494519
Status: Active
On Redfin: 11 days
From Redfin, "Looks Just Like a Model Home! 4 Bedrooms + Large Office on Corner Lot. Designed to Perfection with Pottery Barn Style Wainscotting, Crown Molding, Beautiful Wood Floors, Plantation Wood Shutters, Beautiful Custom Built-ins, Designer Carpet & Paint. Large Gourmet Kitchen w/ upgraded appliances, wine refrigerator. Over $100,000 in Custom Upgrades. Professionally Landscaped w/ Fireplace, Built-in Gas Bbq. Apoxy Garage floors w/ built-ins. Can convert downstairs office to bedroom & add bedroom upstairs if needed"
Looks just like a model home... BS. Designed to perfection... BS (I guess Pottery Barn is the new black.) Over $100,000 in custom upgrades... major BS. What is up with all the capital letters? Maybe the realtor meant to change everything to ALL CAPS buy instead chose Title Case?
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Is someone ready to pay $1,100,000 for this estate / Irvine tract home? I guess if you are a seller in this market you start your pricing at WTF, lower it to OMG, and finally sell at LOL?
Asking Price: $1,050,000
Purchase Price: $515,000
Purchase Date: 10/02/2001
Address: 24 Highfield Glen, Irvine, CA 92618
Beds: 4
Baths: 3.5
Sq. Ft.: 2,800
$/Sq. Ft.: $375
Lot Size: 4,050 sq. ft.
Year Built: 2001
Stories: 2
Type: Single Family Residence
County: Orange
Neighborhood: Oak Creek
MLS#: S480792
Status: Active
On Redfin: 107 days
Unsold in 90+ days
From Redfin, "MOST UPGRADED HOME AT END OF CUL-DE-SAC IN GATED OAKCREEK COMMUNITY. 4 BEDROOMS PLUS A OFFICE AND HUGE LOFT WHICH CAN COVERT TO ANOTHER BEDRM MAIN FLOOR SUITE AND POWDER ROOM, DESIGNER'S UPGRADED MARBLE FLOOR THOUGHOUT FIRST FLOOR, WOOD SHUTTERS, KITCHEN UPGREDED GRANITE COUNTERTOPS, CENTER ISLAND WITH WINE REF. owner will give $10000 allowance for replace the grandite countertop in kitchen. same model with larger yard and add one room sold and closed for $1300000.in May."
I guess the CAPS LOCK must have broken in mid description...
Can you hear the whining, "same model with larger yard and add one room sold and closed for $1300000.in May." Where is my buyer? Boo Hoo. You can feel the temper tantrum about to start. That statement is perhaps the most feeble attempt to justify a price I have heard to date. After 107 days on the market, someone needs to alert this seller to the possibility that the price is too high; of course, I don't want to be the one to do it because then I would have to watch the temper tantrum.
In a falling market, there are always those who believe the correction is temporary. In trading it is called "buying the dip." In a market rally, it is a good strategy. In a market decline, it is a sure way to become a bagholder and lose a great deal of money. Lately, I have been feeling a certain satisfaction from finding flips like these because I know the fate that awaits them. I suppose each one helps empty my Reservoir of Schadenfreude.
Today's seller has had a visit from the Kool-Aid Man. To believe you can flip a property for a $200,000 profit in this market you either have to be crazy or intoxicated with kool aid.
Asking Price: $814,900
Purchase Price: $615,526
Purchase Date: 2/2/2007
Address: 5 Bottle Tree, Irvine, CA 92618
Beds: 4
Baths: 2.5
Sq. Ft.: 2,018
$/Sq. Ft.: $404
Lot Size: -
Year Built: 2000
Stories: 2
Type: Condominium
County: Orange
Neighborhood: Oak Creek
MLS#: P564630
Status: Active
On Redfin: 123 days
Unsold in 90+ days
From Redfin, "Nice open floor plan in prime Cul De Sac location of Cypress/ Oak Creek. 4 bedrooms, 2.5 baths. Open kitchen overlooks family room with fireplace and backyard. Freshly painted and and new carpet make this home a pleasure."
A concise description with no typos: I am speechless.
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I can't give this seller a WTF award as this is merely a wishing price. The $404 SF price is near enough the current market to be plausible; although, after 123 days on the market, it clearly is above the market. I will give this flipper credit for finding a good buy (you make money in real estate when you buy, when you sell you merely convert to cash), but this property needs updating, and this flipper is going to have to reduce his price to sell this place.
Since this flipper's purchase helped set the neighborhood comps at $305 SF for similar properties, the two underwater neighbors who are holding out for $400 SF can't be too pleased.
Asking Price: $959,000
Purchase Price: $960,000
Purchase Date: 3/30/2006
Address: 45 Commonwealth, Irvine, CA 92618
Beds: 3
Baths: 2.5
Sq. Ft.: 2,400
$/Sq. Ft.: $400
Lot Size: -
Year Built: 2001
Stories: 2
Type: Single Family Residence
View: Hills
County: Orange
Neighborhood: Oak Creek
MLS#: C101239
Status: Active
On Redfin: 25 days
From Redfin, "Premium Cul-De-Sac location home in Oak Creek. 3 large bedrooms with 4th room used as master retreat/office upgrades includes: Travertine floors, designer carpet, custom paint, crown molding, base molding, plantation shutters, stainless steel appliances call owner to show."
This makes two reasonably well-written MLS descriptions. Do you think we are shaming realtors into checking their copy?
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Another seller holding out for a breakeven price. Of course they will still lose about $58,540 after commissions, but there is a psychological aspect to trying to get out at breakeven. Too bad it probably won't happen.
They are doing better than a nearby rollback...
Asking Price: $700,000
Purchase Price: $725,000
Purchase Date: 10/7/2005
Address: 2 Pearleaf, Irvine, CA 92618
Beds: 3
Baths: 3
Sq. Ft.: 1,750
$/Sq. Ft.: $400
Lot Size: -
Year Built: 2000
Stories: 3
Type: Condominium
County: Orange
Neighborhood: Oak Creek
MLS#: S485590
Status: Active
On Redfin: 72 days
From Redfin, "Spacious 3 bd/3ba DETACHED Home w/ Private Backyard in Gated Oak Creek! Elegant Upgrades include Cherry Wood Laminate Flooring * Upgraded Carpet * Custom Built-Ins * Designer Paint * California Closests in all Bedrooms * Recessed Lighting Package * Security System & Integrated Surround Sound Speakers throughout the entire Home! Gourmet Kitchen has Granite Counters & Stainless Steel Appliances! Enjoy the beautiful Resort Style Amenties of Oak Creek!"
Two misspellings and several exclamation points: that is more like it.
I can't help thinking this seller overpaid when he bought back in 2005, but why not? Real estate only goes up, right? This property is also going to have to cut price significantly to find a buyer, but if they were to get asking price, they would lose $67,000 after a 6% commission.
You can clearly see the behavior of a commodities market at work here (and Houses Should Not Be a Commodity). First we have a "dip buyer" gambling that the recent price decline is temporary. The final two properties are your classic "weak hands" who are the first to dump their holdings as they go underwater. As the weakest holders are wiped out and forced to sell, it drives prices down further. At some point, our intrepid flipper realizes he was wrong and adds another property to the falling market: which, of course, pushes it down even more. The downward spiral becomes obvious, predictable and inevitable.
I hope you are enjoying the show.
Friends, Irviners, countrymen, lend me your ears;
I come to bury Danbury, not to praise it.
The evil that markets do lives after them;
The good is oft interred in stucco boxes;
So let it be with Irvine.
William Shakespeare -- From Julius Caesar (III, ii, 78-79)
(paraphrased by IrvineRenter)
Welcome to Oak Creek week at the Irvine Housing Blog. I will be looking at properties from this neighborhood all week. For those of you not familiar with Oak Creek, you may want to start with our Oak Creek Community Profile.
Personally, I like Oak Creek as I have rented units in two of the apartment complexes there. It will be one of the neighborhoods I strongly consider when I am ready to buy.
The prices in Oak Creek have been more resilient than in some other Irvine Villages. It has only been in the last several weeks that I have been noticing rollbacks, and pricing has just gone under the $400 SF level.
There is a cute neighborhood called Cobblestone at the intersection of Alton Parkway and Jeffrey Road in Irvine's Oak Creek neighborhood. It features small, single-family detached homes arranged in a 6 unit cluster with 2 houses on the street and 4 units behind. This neighborhood is a model of good land planning for a small-lot, detached condominium project.
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The loop street is narrower than typical Irvine local streets with pockets of green with street trees located in what ordinarily would be parking spaces. The front setbacks are very tight with houses set back 5 feet from the sidewalk on the narrow street. It all sounds rather claustrophobic, but this neighborhood doesn't feel that way. The judicious use of street trees, a slight bend in the street, and the abundance of landscaping makes this neighborhood feel more cozy than cramped.
Lets take a detailed look at what is happening in the market on this street...
Asking Price: $590,000
Purchase Price: $324,000
Purchase Date: 6/14/2002
Address: 50 Danbury Lane, Irvine, CA 92618
Beds: 2
Baths: 2.5
Sq. Ft.: 1,200
$/Sq. Ft.: $492
Lot Size: -
Year Built: 2000
Stories: 2
Type: Condominium
County: Orange
Neighborhood: Oak Creek
MLS#: M105109
Status: Active
On Redfin: 164 days
Unsold in 90+ days
From Redfin, "LIGHT & BRIGHT IN HIGHLY DESIRABLE COBBLESTONE, IN OAK CREEK! * EASY A CCESS TO 405 & 5 FWYS. QUIET NEIGHBORHOOD. LOW HOA'S, PINE LAMINATE & CERAMIC FLOORS TRHOUGHOUT. CUSTOM PAINT, ATTACHED GARAGE W/ OVERHEAD STORAGE & LOTS OF BUILT-INS. LARGER, MORE PRIVATE, WRAP-AROUND BACKYARD W/ NO HOMES BEHIND. WALKING DISTANCE TO ASSN. POOL, SPA, TENNIS, PARK, RESTURANTS & MUCH MORE! MOTIVATED SELLER. BRING ALL OFFERS!!! *"
Turn off the CAP LOCK, please...
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This is our low-price leader in this community. It has been on the market for 164 days, so this price is not done dropping: Bad news for our house flipping neighbor...
Asking Price: $598,000
Purchase Price: $610,000
Purchase Date: 10/10/2006
Address: 55 Danbury Lane, Irvine, CA 92618
Beds: 2
Baths: 2.5
Sq. Ft.: 1,200
$/Sq. Ft.: $498
Lot Size: -
Year Built: 2000
Stories: 2
Type: Condominium
County: Orange
Neighborhood: Oak Creek
MLS#: S489835
Status: Active
On Redfin: 39 days
From Redfin, "Absolutely Charming Detached Home w/ 2 Master Suites + Loft and Vaulted Ceiling at Cobblestone in Oak Creek with an Stone Arch Exterior Design. Highly Upgraded includes New Polished Travertine Flooring Thruout, 4' BaseBoard Around inside of the House. New Berber Carpet and New Paint. Plantation Shutters Thruout and Crown Molding in 2 Bedrooms. New Professonal Landscaping in backyard. Close to the Gelsons' Market & Restaurants in Walking Distances."
Has "thruout" become a word now? I think "thru" has become accepted through extensive use, but I haven't seen other forms yet. No matter...
This seller is hurting. They are priced $8,000 over an identical neighboring property, and that property is overpriced. In short, they are going to bleed some more before they bury this stucco box. If they somehow manage to get their asking price, they will lose $47,880 after a 6% commission. That is a great deal of money to lose after only 8 months of ownership. When you factor in holding costs and the additional $30,000 they will need to drop the price in order to sell this property, they will really lose more like $75,000.
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Also in this cluster is one of two properties priced at borderline WTF territory which are beginning a race downward to find the market. They still have a ways to go...
Asking Price: $674,900
Purchase Price: $488,000
Purchase Date: 12/19/2003
Address: 56 Danbury Lane, Irvine, CA 92618
Beds: 3
Baths: 2.5
Sq. Ft.: 1,360
$/Sq. Ft.: $496
Lot Size: -
Year Built: 2000
Stories: 2
Type: Condominium
County: Orange
Neighborhood: Oak Creek
MLS#: S492424
Status: Active
On Redfin: 23 days
From Redfin, "WOW!!You'll Love this Detached Stunning Sweet Home in Highly Desirable Cobblestone Community in Oak Creek. The Home Is Upgraded w/ Amazing Designer Media Niche & In The 2nd Bedroom w/ Walk-in Closet, Crown Molding w/ Custom Paint, Laminate Floors Throughout, New Carpet, Professionally Landscaped Backyard w/ Mature Palm Trees and Inside Light Switch. 2-Car Attached Garage w/ Driveway. Quiet Neighborhood, Easy Access to 405 FWY & UCI. Walking Distance to Asso. Amenities, Restaurants and shops."
You lost me at WOW!!...
Asking Price: $647,900
Purchase Price: $267,500
Purchase Date: 6/29/2000
Address: 33 Danbury Lane, Irvine, CA 92618
Beds: 3
Baths: 2.5
Sq. Ft.: 1,350
$/Sq. Ft.: $479
Lot Size: -
Year Built: 2000
Stories: 2
Type: Condominium
County: Orange
Neighborhood: Oak Creek
MLS#: S495255
Status: Active
On Redfin: 4 days
From Redfin, "MOTIVATED SELLER - WILL LOOK AT ALL OFFERS!!! Location! Location! Loca tion! Fabulous French Country exterior. Pristine detached 3 bedroom home located in the exclusive Oak Creek Community. Features include ceramic tile flooring, newer designer carpet, custom paint, built-in media & private rear yard. Great resort amenities and walking distance to Irvine schools, parks, pools spas and sport courts."
I can't believe how consistent realtors are with the three exclamation points. Is that on the realtor test?
So what do we have in these last two Danbury properties? These are two identical floorplans across the street from each other. The first seller hits the market with an almost $500 SF asking price. This is a wishing price bordering on WTF. Then seller #2 comes along and undercuts the seller #1 by $27,000. Now both of these sellers are well above the market. They will probably be closer to $600,000 to $625,000 before they sell. They might even break under $600,000. They both have plenty of equity to reduce price -- assuming they haven't HELOCed themselves into oblivion -- so this should be an interesting race to the bottom.
They are not alone. on the street around the bend, Cherrybrook Lane, there are 2 pairs of identical houses having the same game of chicken.
Pair #1:
Price: $669,000
191 CHERRYBROOK LN
Irvine, CA 92618
Beds: 3
Baths: 2.5
Sq. Ft.: 1,357
$/Sq. Ft.: $493
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Price: $669,900
201 CHERRYBROOK LN
Irvine, CA 92618
Beds: 3
Baths: 2.5
Sq. Ft.: 1,350
$/Sq. Ft.: $496
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Pair #2:
Price: $699,000
186 CHERRYBROOK LN
Irvine, CA 92618
Beds: 3
Baths: 2.5
Sq. Ft.: 1,500
$/Sq. Ft.: $466
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Price: $699,000
180 CHERRYBROOK LN
Irvine, CA 92618
Beds: 3
Baths: 2.5
Sq. Ft.: 1,500
$/Sq. Ft.: $466
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So far, none of those sellers has blinked. We will see...
Since we are the Irvine Housing Blog, and since we can be unbiased (we don't take advertising dollars from realtors), we are the perfect conduit for information regarding the performance of local realtors. We are strictly acting as an information conduit -- with our own interpretation, of course. The source data can be found at OC Home Review. The OC Home Review's list of Irvine Realtors provides a ranking of realtors based on the number of active listings they currently have on the market. Since it is my opinion that this is a completely meaningless statistic, I have downloaded their information and sorted it on different criteria.
I have compiled 4 different categories of agent rankings:
The largest number of sales is self-explanatory. The agents who are closing deals, particularly in this market environment, are doing a great job, and I wish to recognize their accomplishment here. If you want to sell your house in Irvine, these are the people you should be seeking out.
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The Highest Sales Rate is another way of looking at performance. These realtors may not take as many listings and sell as many houses, but if they take a listing, they get the job done. These are the realtors who will be able to focus more attention on your listing and make sure it sells. To make this list, the realtor must have had at least 4 listings, and sold at least 3 of those.
These final two categories are something you will only find on a website like ours. These are the lists of realtors who are not doing a good job. There are plenty of starving realtors out there who are doing no job at all, but these lists do not include those. To make either of these lists, you have to be actively listing properties. The one thing both of these lists have in common is that the realtors are not acting in their clients best interest. These are the realtors who pandered to their clients fantasies and wishing prices and put properties on the market at prices that simply will not sell. When these sellers most needed a dose of market reality, these realtors served them kool aid.
The Lowest Sales Rate list is composed of realtors who had at least 3 market listings and less than a 25% sales rate. Basically, these people did not get the job done. A realtor's job is not to make a homeowner feel good about their property values by stroking their egos with ridiculous asking prices. A realtor's job is to sell houses -- period. Unless they are getting paid as psychologists or emotional hookers by pretend sellers, they are simply wasting everyone's time. Which leads us to our last category: Dishonorable Mention.
Dishonerable Mention is our WTF Hall of Fame -- or Hall of Infamy if you prefer. Any realtor with a listing that makes our WTF list is featured here. A realtor can be removed from the list in three ways:
Other than that, they are blacklisted for life.
If you click on the agent's name in the lists below, it will lead you to a complete listing of the properties these agents represent. I clicked on some of these, particularly the poor performers, to see what was -- or wasn't -- going on. Two things jumped out at me: first, John McMonigle and Rodney Sudbeck have almost all of their listings in Turtle Ridge, and nothing is selling there; second, Lee Ann Canaday (the Sunday Morning TV Show) took on a bunch of listings in the Marquee towers, and nothing is selling there either.
Largest Number of Sales
| Agent Name | Sold | Expired | Sold Rate | Active | Total Listings |
| 1 | Todd Muradian | 62 | 20 | 75.61% | 15 | 97 |
| 2 | Roula Fawaz | 25 | 9 | 73.53% | 0 | 34 |
| 3 | Frank Agahi | 17 | 12 | 58.62% | 13 | 42 |
| 4 | Fred Stepanian | 17 | 12 | 58.62% | 0 | 29 |
| 5 | Mike Dunn | 16 | 8 | 66.67% | 0 | 24 |
| 6 | Matthew Ingalls | 15 | 6 | 71.43% | 0 | 21 |
| 7 | Doris Lipscomb | 15 | 4 | 78.95% | 0 | 19 |
| 8 | Ali Atri | 14 | 8 | 63.64% | 3 | 25 |
| 9 | Donna Gillespie | 14 | 4 | 77.78% | 0 | 18 |
| 10 | Hanu Reddy | 13 | 7 | 65% | 0 | 20 |
Highest Sales Rate
| Agent Name | Sold | Expired | Sold Rate | Active | Total Listings |
| 1 | Ryan Kashanchi | 11 | 1 | 91.67% | 0 | 12 |
| 2 | Tom Nash | 7 | 1 | 87.50% | 3 | 11 |
| 3 | Chris Merritt | 11 | 2 | 84.62% | 4 | 17 |
| 4 | Amy Farrell-Caves | 5 | 1 | 83.33% | 0 | 6 |
| 5 | Dale Cheema | 5 | 1 | 83.33% | 0 | 6 |
| 6 | Lynn & Gina Yang | 5 | 1 | 83.33% | 0 | 6 |
| 7 | Sherman Smith | 4 | 1 | 80% | 3 | 8 |
| 8 | Maurice Sousse | 4 | 1 | 80% | 0 | 5 |
| 9 | Mehri Borhani | 4 | 1 | 80% | 0 | 5 |
| 10 | Kevin Tolan | 4 | 1 | 80% | 0 | 5 |
Lowest Sales Rate
| Agent Name | Sold | Expired | Sold Rate | Active | Total Listings |
| 1 | John Mcmonigle | 0 | 8 | 0% | 0 | 8 |
| 2 | Rodney S. Sudbeck | 0 | 5 | 0% | 1 | 6 |
| 3 | Michael Lowary | 0 | 4 | 0% | 0 | 4 |
| 4 | Janto Hariyanto | 0 | 3 | 0% | 1 | 4 |
| 5 | Connie Chung | 0 | 3 | 0% | 1 | 4 |
| 6 | Olga Matthews | 0 | 3 | 0% | 0 | 3 |
| 7 | Hannah Lim | 0 | 2 | 0% | 10 | 12 |
| 8 | Kerianne Waldrop | 1 | 5 | 16.67% | 3 | 9 |
| 9 | Nancy Keeley-Campbell | 1 | 5 | 16.67% | 1 | 7 |
| 10 | Lee Ann Canaday | 3 | 12 | 20% | 0 | 15 |
Dishonorable Mention
Paula Allen - WTF-Were-You-Thinking Prices
Mija Kim - LOL, OMG, WTF?
Marcus Garcia - Insulting Asking Prices
Brian Righetti - Edington Terrace Trifecta
Kathy Kudray - Turtle Ridge Dreamers
Joanne Chivers - Turtle Ridge Dreamers
Sheila Mayers - Turtle Ridge Dreamers
Dale Cheema - Birds of a Feather (will be removed for making highest sales rate list)
Sally Anne Sheridan - Birds of a Feather
Susan Lombardi - Happy Birthday
Michael Pickell - New Mountain High
Final Thoughts
As many of you have probably speculated, we have a number of realtors who read this blog regularly. The vast majority are lurkers who just want to be aware of what the bears are saying. Some of them may not be happy about being called out here.
Too bad.
Realtors who are doing a poor job should be called out. A spotlight should be shined on them until they perform better or get out of the profession. Perhaps a little public humiliation will cause them to change their ways. They should be happy this isn't medieval Europe. They had effective ways of dealing with problem behavior.
Bring back the stocks...
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