There’s no doubt that we share the big picture with regard to this real estate bubble, and economic collapse. This is probably the case because we both work in industries that are tightly associated with real estate and the economy. We don’t follow the pack ... let’s face it, we’re contrarian.
I like my present position of occasionally spurring conversation here, and picking on members of the REIC over on Lansner’s blog. But thanks for the offer ... I consider it a complement and am flattered.
Thank you, Lee. BTW, if you ever wanted to write for the IHB, let me know. Your observations are astute, and we are certainly like-minded. Sometimes when I read your comments, I feel as if I wrote them.
irvinerenter@irvinehousingblog.com
Posted by DC Economist on 06/19/09 at 07:06 AM
Someone who intends to unload the loan before the widow has left the parking lot.
Boy, she burned through the money in a hurry.
Posted by Modguy on 06/19/09 at 07:07 AM
Oh. It might help to know that there is an running joke over there about those white, plastic stackable patio chairs - which is why they are featured in so many of the photos
(those chairs seem to be EVERYWHERE!)
Posted by Sue in Irvine on 06/19/09 at 07:51 AM
Thanks for some great morning belly laughs.
My employer is notifying us of a 8% paycut starting August 1 (our last pay increase was Oct. 2007). At least I have a job, benefits, a home,family, and my health. Let’s not talk about the 17 year old son who is lazy as hell.
Posted by tickedofftaxpayer on 06/19/09 at 08:12 AM
Your contributions are always appreciated. If you ever change your mind about writing, please let me know.
tickedofftaxpayer,
REIC is the Real Estate Industrial Complex. It is an allusion to Dwight Eisenhower’s warnings about the strength of the MIC (Military Industrial Complex).
The MIC is “an informal and changing coalition of groups with vested psychological, moral, and material interests in the continuous development and maintenance of high levels of weaponry, in preservation of colonial markets and in military-strategic conceptions of internal affairs.” Substitute real estate for weaponry, and you understand the REIC.
“The potential for the disastrous rise of misplaced power exists and will persist. We must never let the weight of this combination endanger our liberties or democratic processes. We should take nothing for granted. Only an alert and knowledgeable citizenry can compel the proper meshing of the huge industrial and military machinery of defense with our peaceful methods and goals so that security and liberty may prosper together.”
The REIC is very powerful, particularly here in California.
Perhaps I should make this a post….
Posted by tickedofftaxpayer on 06/19/09 at 08:27 AM
Thanks for the explanation.
Posted by tacoshark on 06/19/09 at 08:30 AM
Tell yuor boss to screw the paycut! Don’t work for a penny less. If you give a little today to give you security in the short term you’ll find that you’ll be hung out to dry for the long term. 8% today, 10% next year, its a slippery slope my friends.
Posted by tazman on 06/19/09 at 08:32 AM
Wow, this listing disappeared already! Showing up as delisted right after the umpteenth fake relisting. Amazing!
IrvineRenter, the agent must have read your comments and decided to polish up the listing a bit more (or maybe just got shamed)... LOL
Posted by Sue in Irvine on 06/19/09 at 08:56 AM
As a matter of fact I do work at UCI. Sorry to see you are one of those people who delights in taking joy in bashing the University. Hey, I just work here. I don’t make the policies. I’m a 20 year employee looking forward to my pension, which I’ve worked for. I’m a staff employee, not faculty. The majority of us are paid lower wages than you probably imagine and we do have to pay towards our medical plan monthly. Hell, I’ve spent $50 each month for 20 years just to park my car.
Posted by mike in irvine on 06/19/09 at 09:11 AM
Interesting to see the iron bars on the doors and windows, Personally, i have never seen this anywhere in my 10 odd years in Irvine. I wonder if this ‘feature’ is specific to this locality in Northwood.
Posted by Dan on 06/19/09 at 09:27 AM
That apartment is in a pretty nice part of Irvine. I doubt that those bars are necessary.
Posted by anon on 06/19/09 at 09:30 AM
Ride a bike? There i saved you $600 a year in parking alone. It isnt as if Irvine isnt bike-friendly. That’s not even counting potential gas savings and if you tossed the car all together (im sure your family has another one) you can save on insurance payments and maintenance costs as well.
If you think that is somehow out of the question, take the bus.
Posted by tjwilliams on 06/19/09 at 09:35 AM
I’ve seen homeless men in cardboard boxes that are bigger than 475 sq. ft. I can’t believe someone would $130,000 for this, let alone $250,000.
Posted by IrvineNeighbor on 06/19/09 at 09:37 AM
I think its just a poor choice of screen door. It does look like a prison combined with the vertical blinds on the sliding glass door. Is it really asking too much for the agent to retract the blinds and turn on their flash before taking that second picture. It probably wouldn’t be pretty but it wouldn’t look like a jail cell if the vertical blinds weren’t in view and the white walls and carpet were visible.
Posted by Hard Numbers on 06/19/09 at 09:52 AM
IrvineRenter,
The board in the toilet is an old plumber’s trick for adding leverage on the inner rim (the strongest part of the bowl) while trying to separate the wax sealing ring underneith the toilet. One can get a similar increase in torque on a wrench by using a long pipe around the handle.
However, why anyone would try to break the wax seal *while the bowel is full,* as in the photograph, is beyond me. The photo is a “before” picture.
Regards,
Hard Numbers
Posted by MalibuRenter on 06/19/09 at 09:54 AM
“California unemployment rises to 11.5% in May
Reporting from Sacramento—California’s unemployment rate shot up to 11.5% in May, its highest level since current record-keeping began more than three decades ago.” LA Times
Thanks for the explanation. I had no idea what that was for. You are right, though, why would someone do that while the bowl is full. What a mess!
Posted by Sue in Irvine on 06/19/09 at 11:22 AM
Gosh, you know I would except I have a phobia about bikes and busses. People on bikes seem to be hit by cars on Culver frequently and busses aren’t as cute as my Beetle.
Plus I have to contribute my share to the Parking Dept so they can build more parking garages for the 14% less students for 2009-10.
Posted by mike in irvine on 06/19/09 at 11:28 AM
...i thought the blinds were iron bars…lesson for the realtor.
Posted by hh on 06/19/09 at 11:43 AM
Sarcasm, cynicism, resignation. Yep, you work at UCI.
Posted by Irvinian on 06/19/09 at 11:52 AM
IR, thanks for starting off my Friday right! I love the photos and commentary. Sh1t hilarious.
Posted by Blueberry Pie on 06/19/09 at 12:09 PM
The photoshopping of house photos cracks me up. Are they expecting people to see a fancy painted house, and then show up to see a faded piece of crap and ignore that fact?
Sometimes the listing agent can’t be bothered to get out of their car and photograph the property.
In that picture, the agent couldn’t even be bothered to use the brakes.
Posted by John on 06/19/09 at 12:50 PM
Wow! What’s up with the shower? That’s going to require some major drywall replacement.
Posted by NOT on 06/19/09 at 01:09 PM
If you like the above you will LOVE this place. WORTH the visit for the pics!
Posted by newbie2008 on 06/19/09 at 01:29 PM
The picture were really funny, except I was eating lunch while reading the blog.
As for UCI staff employees, most don’t get paid the big bucks (higher than other university, but not like the administrators and some senior faculty). The gouvenator has targeted the lower paying position for the cuts. Home aid worked reduce from $12/hr to $8/hr. Big saving? I’ve only heard of reduced hours for the higher paid positions. Not a real cut in rate. When their on salary cutting their hours is a no brainer. Cut the hours I spend on the job, but leave my pay alone. Great for the top administrators.
Posted by CA on 06/19/09 at 02:32 PM
Haha, “Don’t drive?” You’re not from Orange County, are you? At least the $50 was taken out pre-tax.
Take the bus? Again, you’re not from OC, are you? I love how a 15 min drive turns into 60 mins on OCTA.
I used to work at UCI…yeah no one I knew made tons of money, most left within 5 years so pension = useless, much rather have a 401k.
I have to laugh about the more expensive homes that have the same issues with listing photographs. The most expensive property in San Diego County… 929 Border Ave. in Del Mar… 6 photos (photoshop tweaked) of landscape and view only, 2 are duplicates of the same view, no virtual tour ($76M asking price). I guess better photos and $100 for a virtual tour is too much to ask for such a shoddy listing.
Posted by newbie2008 on 06/19/09 at 03:16 PM
The listing is off the market. The $149,387 (01/14/2009) was that the borrower’s balance on the loan?
Posted by Geotpf on 06/19/09 at 03:33 PM
Random numbers like that ($149,387 as opposed to $149,000) almost always are.
Posted by Ponce de León on 06/19/09 at 03:59 PM
I like those “updated bath” descriptions with corresponding pictures of cabinets with psychedelic teal paint from the flower power era.
Posted by LC on 06/19/09 at 04:33 PM
Perhaps it is contructed from an ancient egyptian sarcophagus? Otherwise, it must be fun to take showers with midgets. That is the only way I can explain two shower heads, one half the hieght of the other.
Posted by NoWowway on 06/19/09 at 04:40 PM
Sold For: $149,387 (01/14/2009)
according to updated listing, btw.
Posted by retardedOzyol on 06/19/09 at 06:01 PM
Paying to park at work?!?!? Something’s SO wrong with that.
Posted by DeathToSinan on 06/19/09 at 06:06 PM
The only good thing about widespread paycuts is that deflation soon follows. If everyone gets a paycut, and credit dries up, then soon no one can afford as much as they used to, and various goods & services will start to cost less. The people who make money off you will also take a paycut. Thus, an 8% paycut may not be that bad if everything you buy costs 8% less. But that only occurs if the general population as a whole receives a paycut. If you’re the only one, or you’re the only industry, then you’re screwed.
Posted by Hard Numbers on 06/19/09 at 06:28 PM
IrvineRenter,
No problem. By the way, I found this little gem before logging off for the weekend:
Read towards the bottom how one of the first cutomers paid for her ‘space flight’ ticket by mortgaging her San Diego home for the $200,000 ticket price. Apparently, you _can_ be shot into space for that amount of HELOC abuse. I can only imagine what she wrote on the loan paperwork as to the reason she needed the funds for. Amazing!
Regards,
Hard Numbers
Posted by Geotpf on 06/19/09 at 09:41 PM
That was the bank taking it back, not the sale of the property by the bank to an actual purchaser.
Posted by Sam on 06/20/09 at 04:01 AM
I used to live in San Diego, but left CA because of the insanity mentioned daily on this blog.
I know this property is looking cheap (50% off peak), but let’s be real. $300/sq ft. ?!?!? That is still WAY overpriced. For that kind of money I expect diamond studded walls.
Posted by Lee in Irvine on 06/19/09 at 07:48 AM
There’s no doubt that we share the big picture with regard to this real estate bubble, and economic collapse. This is probably the case because we both work in industries that are tightly associated with real estate and the economy. We don’t follow the pack ... let’s face it, we’re contrarian.
I like my present position of occasionally spurring conversation here, and picking on members of the REIC over on Lansner’s blog. But thanks for the offer ... I consider it a complement and am flattered.
Posted by Dan in FL on 06/19/09 at 05:35 AM
This is one of my favorite photoshops lately.
http://www.realtor.com/realestateandhomes-detail/3905-Trentwood-Pl_Sarasota_FL_34243_1105730869
“Furniture in photos is virtually staged.”
(sorry, don’t know how to imbed the link. This listing is worth the effort of cut/paste, its that ugly)
Posted by MalibuRenter on 06/19/09 at 05:36 AM
Now we’re getting places where a lot of people in Irvine can pay cash.
That’s very healthy.
Posted by djd on 06/19/09 at 05:44 AM
Sometimes I can manage to do it correctly. I think it goes like:
<a href=“http://www.google.com”>Google</a>
So using the above:
http://www.realtor.com/realestateandhomes-detail/3905-Trentwood-Pl_Sarasota_FL_34243_1105730869
Posted by Modguy on 06/19/09 at 06:51 AM
I don’t know how to post a link either, but here’s a fun website I visit occassionaly:
Lovelylisting.com
People post crazy listing photos from around the world and post silly comments about them
Posted by IrvineRenter on 06/19/09 at 06:53 AM
Who gives an 85 year old widow a $556,000 loan?
Video interview of widow, 85, facing foreclosure
Posted by IrvineRenter on 06/19/09 at 06:55 AM
That site is great. I encourage everyone who enjoyed this post to check it out.
Posted by Lee in Irvine on 06/19/09 at 06:58 AM
IR
Good Work this week.
BTW, love that photo collection.
Posted by IrvineRenter on 06/19/09 at 07:06 AM
Thank you, Lee. BTW, if you ever wanted to write for the IHB, let me know. Your observations are astute, and we are certainly like-minded. Sometimes when I read your comments, I feel as if I wrote them.
irvinerenter@irvinehousingblog.com
Posted by DC Economist on 06/19/09 at 07:06 AM
Someone who intends to unload the loan before the widow has left the parking lot.
Boy, she burned through the money in a hurry.
Posted by Modguy on 06/19/09 at 07:07 AM
Oh. It might help to know that there is an running joke over there about those white, plastic stackable patio chairs - which is why they are featured in so many of the photos
(those chairs seem to be EVERYWHERE!)
Posted by Sue in Irvine on 06/19/09 at 07:51 AM
Thanks for some great morning belly laughs.
My employer is notifying us of a 8% paycut starting August 1 (our last pay increase was Oct. 2007). At least I have a job, benefits, a home,family, and my health. Let’s not talk about the 17 year old son who is lazy as hell.
Posted by tickedofftaxpayer on 06/19/09 at 08:12 AM
Lee:
What does REIC stand for?
Posted by IrvineRenter on 06/19/09 at 08:12 AM
Tell him the 8% pay cut eliminates his allowance and see if he goes and gets a job.
Posted by Ken on 06/19/09 at 08:17 AM
Sounds like the same 8% cut that all UC employees are getting… yippee!
Posted by IrvineRenter on 06/19/09 at 08:20 AM
Lee in Irvine,
Your contributions are always appreciated. If you ever change your mind about writing, please let me know.
tickedofftaxpayer,
REIC is the Real Estate Industrial Complex. It is an allusion to Dwight Eisenhower’s warnings about the strength of the MIC (Military Industrial Complex).
The MIC is “an informal and changing coalition of groups with vested psychological, moral, and material interests in the continuous development and maintenance of high levels of weaponry, in preservation of colonial markets and in military-strategic conceptions of internal affairs.” Substitute real estate for weaponry, and you understand the REIC.
“The potential for the disastrous rise of misplaced power exists and will persist. We must never let the weight of this combination endanger our liberties or democratic processes. We should take nothing for granted. Only an alert and knowledgeable citizenry can compel the proper meshing of the huge industrial and military machinery of defense with our peaceful methods and goals so that security and liberty may prosper together.”
The REIC is very powerful, particularly here in California.
Perhaps I should make this a post….
Posted by tickedofftaxpayer on 06/19/09 at 08:27 AM
Thanks for the explanation.
Posted by tacoshark on 06/19/09 at 08:30 AM
Tell yuor boss to screw the paycut! Don’t work for a penny less. If you give a little today to give you security in the short term you’ll find that you’ll be hung out to dry for the long term. 8% today, 10% next year, its a slippery slope my friends.
Posted by tazman on 06/19/09 at 08:32 AM
Wow, this listing disappeared already! Showing up as delisted right after the umpteenth fake relisting. Amazing!
IrvineRenter, the agent must have read your comments and decided to polish up the listing a bit more (or maybe just got shamed)... LOL
Posted by Sue in Irvine on 06/19/09 at 08:56 AM
As a matter of fact I do work at UCI. Sorry to see you are one of those people who delights in taking joy in bashing the University. Hey, I just work here. I don’t make the policies. I’m a 20 year employee looking forward to my pension, which I’ve worked for. I’m a staff employee, not faculty. The majority of us are paid lower wages than you probably imagine and we do have to pay towards our medical plan monthly. Hell, I’ve spent $50 each month for 20 years just to park my car.
Posted by mike in irvine on 06/19/09 at 09:11 AM
Interesting to see the iron bars on the doors and windows, Personally, i have never seen this anywhere in my 10 odd years in Irvine. I wonder if this ‘feature’ is specific to this locality in Northwood.
Posted by Dan on 06/19/09 at 09:27 AM
That apartment is in a pretty nice part of Irvine. I doubt that those bars are necessary.
Posted by anon on 06/19/09 at 09:30 AM
Ride a bike? There i saved you $600 a year in parking alone. It isnt as if Irvine isnt bike-friendly. That’s not even counting potential gas savings and if you tossed the car all together (im sure your family has another one) you can save on insurance payments and maintenance costs as well.
If you think that is somehow out of the question, take the bus.
Posted by tjwilliams on 06/19/09 at 09:35 AM
I’ve seen homeless men in cardboard boxes that are bigger than 475 sq. ft. I can’t believe someone would $130,000 for this, let alone $250,000.
Posted by IrvineNeighbor on 06/19/09 at 09:37 AM
I think its just a poor choice of screen door. It does look like a prison combined with the vertical blinds on the sliding glass door. Is it really asking too much for the agent to retract the blinds and turn on their flash before taking that second picture. It probably wouldn’t be pretty but it wouldn’t look like a jail cell if the vertical blinds weren’t in view and the white walls and carpet were visible.
Posted by Hard Numbers on 06/19/09 at 09:52 AM
IrvineRenter,
The board in the toilet is an old plumber’s trick for adding leverage on the inner rim (the strongest part of the bowl) while trying to separate the wax sealing ring underneith the toilet. One can get a similar increase in torque on a wrench by using a long pipe around the handle.
However, why anyone would try to break the wax seal *while the bowel is full,* as in the photograph, is beyond me. The photo is a “before” picture.
Regards,
Hard Numbers
Posted by MalibuRenter on 06/19/09 at 09:54 AM
“California unemployment rises to 11.5% in May
Reporting from Sacramento—California’s unemployment rate shot up to 11.5% in May, its highest level since current record-keeping began more than three decades ago.” LA Times
Posted by OC Progressive on 06/19/09 at 09:55 AM
Are they as prevalent as ice cream trucks in Jim the Realtor’s videos?
Posted by IrvineRenter on 06/19/09 at 10:09 AM
Thanks for the explanation. I had no idea what that was for. You are right, though, why would someone do that while the bowl is full. What a mess!
Posted by Sue in Irvine on 06/19/09 at 11:22 AM
Gosh, you know I would except I have a phobia about bikes and busses. People on bikes seem to be hit by cars on Culver frequently and busses aren’t as cute as my Beetle.
Plus I have to contribute my share to the Parking Dept so they can build more parking garages for the 14% less students for 2009-10.
Posted by mike in irvine on 06/19/09 at 11:28 AM
Posted by hh on 06/19/09 at 11:43 AM
Sarcasm, cynicism, resignation. Yep, you work at UCI.
Posted by Irvinian on 06/19/09 at 11:52 AM
IR, thanks for starting off my Friday right! I love the photos and commentary. Sh1t hilarious.
Posted by Blueberry Pie on 06/19/09 at 12:09 PM
The photoshopping of house photos cracks me up. Are they expecting people to see a fancy painted house, and then show up to see a faded piece of crap and ignore that fact?
In that picture, the agent couldn’t even be bothered to use the brakes.
Posted by John on 06/19/09 at 12:50 PM
Wow! What’s up with the shower? That’s going to require some major drywall replacement.
Posted by NOT on 06/19/09 at 01:09 PM
If you like the above you will LOVE this place. WORTH the visit for the pics!
Posted by newbie2008 on 06/19/09 at 01:29 PM
The picture were really funny, except I was eating lunch while reading the blog.
As for UCI staff employees, most don’t get paid the big bucks (higher than other university, but not like the administrators and some senior faculty). The gouvenator has targeted the lower paying position for the cuts. Home aid worked reduce from $12/hr to $8/hr. Big saving? I’ve only heard of reduced hours for the higher paid positions. Not a real cut in rate. When their on salary cutting their hours is a no brainer. Cut the hours I spend on the job, but leave my pay alone. Great for the top administrators.
Posted by CA on 06/19/09 at 02:32 PM
Haha, “Don’t drive?” You’re not from Orange County, are you? At least the $50 was taken out pre-tax.
Take the bus? Again, you’re not from OC, are you? I love how a 15 min drive turns into 60 mins on OCTA.
I used to work at UCI…yeah no one I knew made tons of money, most left within 5 years so pension = useless, much rather have a 401k.
Posted by San Diego Homes on 06/19/09 at 02:36 PM
I have to laugh about the more expensive homes that have the same issues with listing photographs. The most expensive property in San Diego County… 929 Border Ave. in Del Mar… 6 photos (photoshop tweaked) of landscape and view only, 2 are duplicates of the same view, no virtual tour ($76M asking price). I guess better photos and $100 for a virtual tour is too much to ask for such a shoddy listing.
Posted by newbie2008 on 06/19/09 at 03:16 PM
The listing is off the market. The $149,387 (01/14/2009) was that the borrower’s balance on the loan?
Posted by Geotpf on 06/19/09 at 03:33 PM
Random numbers like that ($149,387 as opposed to $149,000) almost always are.
Posted by Ponce de León on 06/19/09 at 03:59 PM
I like those “updated bath” descriptions with corresponding pictures of cabinets with psychedelic teal paint from the flower power era.
Posted by LC on 06/19/09 at 04:33 PM
Perhaps it is contructed from an ancient egyptian sarcophagus? Otherwise, it must be fun to take showers with midgets. That is the only way I can explain two shower heads, one half the hieght of the other.
Posted by NoWowway on 06/19/09 at 04:40 PM
Sold For: $149,387 (01/14/2009)
according to updated listing, btw.
Posted by retardedOzyol on 06/19/09 at 06:01 PM
Paying to park at work?!?!? Something’s SO wrong with that.
Posted by DeathToSinan on 06/19/09 at 06:06 PM
The only good thing about widespread paycuts is that deflation soon follows. If everyone gets a paycut, and credit dries up, then soon no one can afford as much as they used to, and various goods & services will start to cost less. The people who make money off you will also take a paycut. Thus, an 8% paycut may not be that bad if everything you buy costs 8% less. But that only occurs if the general population as a whole receives a paycut. If you’re the only one, or you’re the only industry, then you’re screwed.
Posted by Hard Numbers on 06/19/09 at 06:28 PM
IrvineRenter,
No problem. By the way, I found this little gem before logging off for the weekend:
http://www.google.com/hostednews/ap/article/ALeqM5hHoMzhnSgja1KQZorxv2CgyIuMXwD98U0KTO0
Read towards the bottom how one of the first cutomers paid for her ‘space flight’ ticket by mortgaging her San Diego home for the $200,000 ticket price. Apparently, you _can_ be shot into space for that amount of HELOC abuse. I can only imagine what she wrote on the loan paperwork as to the reason she needed the funds for. Amazing!
Regards,
Hard Numbers
Posted by Geotpf on 06/19/09 at 09:41 PM
That was the bank taking it back, not the sale of the property by the bank to an actual purchaser.
Posted by Sam on 06/20/09 at 04:01 AM
I used to live in San Diego, but left CA because of the insanity mentioned daily on this blog.
I know this property is looking cheap (50% off peak), but let’s be real. $300/sq ft. ?!?!? That is still WAY overpriced. For that kind of money I expect diamond studded walls.