The North Korean Towers are still dark at night. Prices are still falling and equity is still burning. Even with the huge price reductions, asking prices are still well above fundamental valuations. These units are perhaps the most toxic assets in Orange County.
Asking Price: $430,000
Address: 3131 Michelson #802, Irvine, CA 92612
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One of the biggest myths of the real estate bubble is that responsible homeowners are losing their homes; they are not.
Today’s featured property is owned by HELOC abusers who already took out almost $900,000, and now they want $400,000 more.
Asking Price: $1,629,000
Address: 6326 Sierra Elena Road, Irvine, CA 92603
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I would like to share with an interesting blog post I read this week at The Housing Chronicles Blog, and at the site of local realtor, Shevy Akason, who has been profiling properties at or below rental parity.
The newly immobile United States
I have asked Shevy to provide both a recently closed good deal in the area plus a property currently for sale. As he closes his deals, they will be featured as the closed deal. I have asked him for this to show (1) there are good deals happening in the market and (2) there are still properties available that make good cashflow investments. The currently available deal may not be a property he recommends for one reason or another, but it is illustrative of what can be found in the market if you look.
South Orange County
3050 S Bristol #15, Santa Ana
I was also particularly impressed by the article posted in yesterday’s comments providing some perspective on the financial mess here in the US: The Quiet Coup.
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Back in September of 2007, I asked the question in a post Is Fear Gripping the Market? Fast-forward to 2009, and I think it is safe to say that fear rules the day.
Today’s featured property is REO that recently sold at auction for 36% off its peak purchase price.
Asking Price: $593,900
Address: 3562 Myrtle, Irvine, CA 92606
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Rent skimming is becoming more common in Irvine as floplords succumb to the financial pressures of crushing mortgage payments and collapsing home prices. Do we need to change our laws regarding these transactions?
Today’s featured property is a short sale that was offered for rent not long ago.
Asking Price: $525,000
Address: 23 Muir, Irvine, CA 92620
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We have become so accustomed to inflation that it is difficult to remember a past when prices were more expensive. Welcome to the age of deflation.
Todays featured property is a 35% rollback that will probably drop further.
Asking Price: $325,900
Address: 61 Costero Aisle #242, Irvine, CA 92614
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The rich are facing hard times; their prospects for the future are bleak. Asset deflation, taxation and future inflation are going to continue to eat away at their wealth.
Today’s featured property is a very high-end property being offered for 20% off.
Asking Price: $2,750,000
Address: 12 Prairie Grass, Irvine, CA 92603
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