This property sold for $775,000. That is a $175,000 or >20% off the peak price.
The summer solstice is the longest day of the year. According to The American Heritage Dictionary, the solstice is "A highest point or culmination." Interesting that our housing market peaked in June of 2006 coincidentally with the summer solstice.
Today's seller purchased a property on Solstice street at the highest point in the market. Now, they are trying to sell before the sun sets on their bank account.
Asking Price: $849,900
Purchase Price: $950,000
Purchase Date: 7/31/2006
Address: 11 Solstice, Irvine, CA 92602
Beds: 3
Baths: 2.5
Sq. Ft.: 2,013
$/Sq. Ft.: $422
Lot Size: 5,800 sq. ft.
Year Built: 2002
Stories: 2
Type: Single Family Residence
View: Trees/Woods
County: Orange
Neighborhood: Northpark
MLS#: S497016
Status: Active
On Redfin: 10 days
From Redfin, "Well located on one of largest lots in tract!!! Culdesac, long drivewa y, very private. Beautiful new lush landscaping w/ palm trees! Terrific entertaining area w/ BBQ and firepit. Interior is upgraded throughout!! Exquisite hardwood flooring, upgraded carpet, 2-tone paint, custom fixtures, gourmet kitchen, walk in pantry, stainless steel appliances, etc. .. Great community and facilities."
The exclamation points are back, and so is the gourmet kitchen.
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Another property for sale 10% off the top in Northpark. If this seller gets their asking price, and after a 6% commission, they stand to lose $151,094 after one year of ownership. If they intended this as a flip, I would say they were not entirely successful.
And with that, the sun sets on another week at the Irvine Housing Blog.
Next week, I will be featuring properties from Quail Hill, so come back to see what's happening. Have a great weekend.
Said there ain't no use in crying.
Cause it will only, only drive you mad
Does it hurt to hear them lying?
Was this the only world you had? Oh-oh
Houses of the Holy -- Led Zepplin
Link to Music Video
Todays property is a large SFD in the heart of Westpark, and it is going to sell at a loss. The entire market spectrum is showing weakness now.
Asking Price: $819,000
Income Requirement: $204,750
Downpayment Needed: $163,800
Purchase Price: $865,000
Purchase Date: 1/6/2006
Address: 14 Posada, Irvine, CA 92414
1st Loan $691,840
Downpayment $173,160
Beds: 4
Baths: 3
Sq. Ft.: 2,000
$/Sq. Ft.: $410
Lot Size: 3,800 sq. ft.
Type: Single Family Residence
Style: Contemporary/Modern
Year Built: 1986
Stories: Two Levels
Area: Westpark
County: Orange
MLS#: U7004191
Status: Active
On Redfin: 5 days
From Redfin, "READY ! 4 BR (1 BR/BA DOWNSTAIRS)HOME ~ APPROX 2000 SQ FT ~ FRESHLY PAINTED / GLAZED TILE FLOORS / LIGHT BERBER CARPET ~ LIGHT AND BRIGHT KITCHEN W/ STAINLESS REFRIGERATOR INCL ~ '1' LOW ASSOCIATION ($46/MO) ~ FRONT ATRIUM FULLY LANDSCAPED/REAR YARD W/ PATIO COVER ~ FRENCH DOORS AND SHUTTERED THROUGHOUT ~ GREAT NEIGHBORHOOD IN DESIRABLE 'WESTPARK' !"
I GUESS IT IS ALL CAPS WEEK.
READY ! Do I need to be prepped for a listing?
Slashes and tildes, / how ~ interesting!
Do you think the champagne and the candle distract someone from the 1986 tile kitchen?
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This owner stands to lose $95,140 assuming a 6% commission.
Another week has gone by, and we have seen a bevy of rollbacks. They aren't difficult to find these days. For those of you who are not members of our forums, you should check out the thread on Losses Outside of Irvine. All of Orange County is getting hit. We have one asking price 38% off the peak in Anaheim!
I hope you are enjoying our tour of the ‘the seventh circle of real estate hell.’ Have a great weekend.
This house goes on sale ev'ry Wednesday morning
And taken off the market in the afternoon.
You can buy a piece of it if you want to
It's been good to me if it's been good for you.
Take the grand look now the fire is burning
Is that your reflection on the wall?
I can show you this room and some others
If you came to see the house at all.
The House Song -- Peter, Paul & Mary
Link to Music Video
It is Wednesday, so I assume the house is for sale. I suppose part-day listings is one way to generate a sense of urgency. During the rally flippers were practically day trading houses.
Asking Price: $585,000
Income Requirement: $146,250
Downpayment Needed: $117,000
Purchase Price: $585,000
Purchase Date: 12/01/2004
Address: 14781 Doncaster Road, Irvine, CA 92604
1st Loan $468,000
2nd Mtg. $87,750
Downpayment $29,250
Beds: 3
Baths: 2
Sq. Ft.: 1,216
$/Sq. Ft.: $481
Lot Size: 5,000 sq. ft.
Type: Single Family Residence
Style: Contemporary
Year Built: 1970
Stories: One Level
Area: El Camino Real
County: Orange
MLS#: S506347
Status: Active
On Redfin: 16 days
From Redfin, "BEAUTIFUL SINGLE LEVEL IN A GREAT LOCATION WITH PRIVATE ENCLOSED FRONT COURT YARD. WALKING TO SCHOOLS, PARK & LIBRARY. NEW KITCHEN, BATHROOMS, HIGH BEAM CEILING, DOBLE PANEL WINDOWS, SLIDING DOORS, SKYLIGHTS, HARDSCAPED, COVERED LATTICE PATIO, 20X20 PORCELAIN TILE, CENTRAL AIR AND HEATING SYSTEM."
ALL CAPS, AGAIN.
What is a DOBLE?
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$481 / SF in El Camino Real? Good luck with that. If this property sells for its asking price assuming a 6% commission, the borrower stands to lose $29,250 (a total loss), and the bank stands to lose $5,850.
What commentary would you like to see closing this post?
- Greedy buyer gets burned?
- Poor homeowner leaves broken hearted?
- The market continues to drop?
- California dream a nightmare?
- Stupid buyer should have known better?
- Another victim of unscrupulous lenders?
How about, "It is what it is?"
How do you think I'm going to get along
Without you when you're gone
You took me for everything that I had
And kicked me out on my own
Are you happy are you satisfied?
How long can you stand the heat
Out of the doorway the bullets rip
To the sound of the beat look out
Another one bites the dust
Another one bites the dust
And another one gone and another one gone
Another one bites the dust hey
Hey I'm gonna get you too
Another one bites the dust
Another One Bites the Dust -- Queen
Link to Music Video
Asking Price: $695,000
Income Requirement: $173,750
Downpayment Needed: $139,000
Purchase Price: $730,000
Purchase Date: 7/9/2005
Address: 7 Hawkcreek, Irvine, CA 92618
1st Loan $584,000
2nd Mtg. $146,000
Downpayment $0
Beds: 3
Baths: 2
Sq. Ft.: 1,750
$/Sq. Ft.: $397
Lot Size: -
Type: Condominium
Style: Mediterranean
Year Built: 2001
Stories: Three or More Levels
View(s): Hills
Area: Oak Creek
County: Orange
MLS#: P603968
Status: Active
On Redfin: 1 day
New Listing (24 hours)
From Redfin, "ABSOLUTELY GORGEOUS DETACHED HOME IN GATED OAK CREEK FEATURES: 3 FULL BEDROOMS & 3 BATHS, SPACIOUS FLOOR PLAN WITH MAIN FLOOR BEDROOM & BATH, LIVING ROOM W/ FIREPLACE, LIGHT & BRIGHT KITCHEN WITH BREAKFAST BAR, FORMAL DINING ROOM, MASTER BEDROOM WITH RETREAT ON TOP FLOOR WITH BEAUTIFUL PARK & HILL VIEW, LONG DRIVEWAY WITH 2-CAR ATTACHED GARAGE! UPGRADES INCLUDE HARDWOOD FLOORS, DESIGNER PAINT, NEUTRAL CARPET, AND CERAMIC TILE. ASSOC. POOL, CLUBHOUSE, TENNIS COURT - A MUST SEE!"
THE CAPS LOCK ATTACK. Am I the only one who finds that painful to read?
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I know it is hard to believe, but I do not set out to find 100% financing deals gone bad. Lately, almost all of the properties up for sale as a short sale are 100% financing. That really should not be terribly surprising. Which homeowners have the least holding power? Those who bought with someone else's money.
If this property sells for asking price, the owner stands to lose $0, and the bank stands to lose $76,700 assuming a 6% commission.
Are these posts getting redundant? Well, so is the market. Loser after loser after loser... Another One Bites the Dust.
Should have been different but
It wasn’t different, was
Same old story, dear john, and so long
Should have fit like a glove
Should have fit like a ring
Like a diamond ring
A token of true love
Should have all worked out
But it didn’t
There's Your Trouble -- Dixie Chicks
Link to Music Video
The rally was supposed to be different this time, wasn't it? People say it every time, but it never is. Today's property was purchased during the peak of the frenzy to buy real estate. It should have been a ticket to riches; it should have all worked out, but it didn't...
Asking Price: $649,000
Income Requirement: $162,250
Downpayment Needed: $129,800
Purchase Price: $685,000
Purchase Date: 6/22/2005
Address: 73 Chula Vista, Irvine, CA 92602
1st Loan $547,920
2nd Mtg. $136,980
Downpayment $100
Beds: 3
Baths: 3
Sq. Ft.: 1,820
$/Sq. Ft.: $357
Lot Size: -
Type: Condominium
Style: Other
Year Built: 2002
Stories: Two Levels
View(s): Has View
Area: Northpark
County: Orange
MLS#: M107208
Status: Active
On Redfin: 91 days
Unsold in 90+ days
From Redfin, "Great Opportunity! Highly Upgraded WIth A View!!!! Short Sale!!! Must Go Fast!!! Priced Below Market Value For Quick Sale!!! Present All Offers!!!"
Enough with the exclamation points. Do realtors realize how incredibly stupid they look when they write like that? My guess is no!!!!!!!!!!!!!!!!!!!
What Is With The Title Case?
Must be written for the ADHD buyer. Each sentence has between 2 and 7 words.
That description is painful to my eyes. If realtors are trying to stand out in the crowd with their descriptions, they are succeeding. They stand out as being terrible.
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If this seller gets their asking price -- which seems unlikely after more than 90 days on the market -- they stand to lose $74,940 after a 6% commission. Of course, the seller is only losing $100, and the bank will lose $74,840. Yet another 100% financing deal gone bad.
I know I am flagellating the equine which has already perished, but 100% financing is hastening the decline of prices. These borrowers have no holding power. These are gamblers who saw an opportunity to make huge sums with no risk, and they acted on it. How many of these properties does it take to cause prices to plummet? How many more of these time bombs are awaiting detonation? If there is any one factor which has the potential to greatly increase the rate of price decent, it is 100% financing deals.
Works for me. I would be happy to buy sooner rather than later...
Does anybody really know what time it is? Sometimes I wonder if I have too much time on my hands.
Another week has passed 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.
