Prices at the high end still are clinging to peak valuations. Unfortunately for these homeowners, very little is selling at the prices of yesteryear.
Asking Price: $975,000
Address: 40 Morning View, Irvine, CA 92603
Some properties take longer to go through the system than others. This one has been shadow inventory for about 9 months, but now it is seeing the light of the MLS.
Asking Price: $409,800
Address: 24 Salton #63, Irvine, CA 92602
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As the high end of the market collapses, you will see a race to the bottom among similar properties. Today's featured property is one of three North Korean Tower penthouses competing for buyers who probably are not there.
Asking Price: $1,699,000
Address: 3141 Michelson #1704, Irvine, CA 92612
People who try to sell their own house do not use an agent to advise them on what to do or how to price it to sell. Some people do very well on their own; others... not so much.
Asking Price: $1,500,000
Address: 12 Lorenzo, Irvine, CA 92614
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In The Great Housing Bubble, I outlined both a A Free-Market Solution to Prevent Housing Bubbles and a regulatory solution to do the same. Today, we will explore a potential regulatory solution.
Asking Price: $600,000
Address: 62 Fringe Tree, Irvine, CA 92606
The big news this week was the introduction of regulatory reform of the financial services industry. I hope they get it right. Calculated Risk has a great overview of the reform proposals. It contains links to many documents including the governments white paper on the subject.
We have been updating and expanding our library and knowledge base. It is a work in progress.
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The price on this property is now under $6,000,000. The owner is asking $1,000,000 less than what was paid.
Real estate is notoriously illiquid. When you want to sell it, there is not always a buyer there to unchain it from your ankle.
Today's featured property is looking at a potential million dollar loss.
Asking Price: $6,495,000
Address: 29 Blue Grass, Irvine, CA 92603
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