I think some property owners and realtors are still in denial about how the internet has shifted the balance of power with respect to information about real estate. In the good old days you relied on realtors for data, and they could show you the comps they wanted to show you and exclude those that could be a problem to them. Prospective buyers were grasping at straws to really understand the market. With the internet, and web sites like Zillow and Irvine Housing Blog, that has changed a great deal, but I think some realtors are in deep denial about it.
Even buying a car has changed a great deal.
Posted by No_Such_Reality on 05/25/07 at 05:01 AM
Hmm, I wonder if they bought to live in it or bought it to be on “Flip That House”
They’ve added 1400 sq ft of living area and turned a 2.5 bath into a 4 bath. Zillow shows it as a 1971 2076 sf 5/2.5 and you can see soon of the different in the dated photo.
That’s a lot of arch planning and work. Surely they’ve lived in it right? It’s been three years since they bought it. But… can you imagine living in it as you did that much work? ——-
#2 on the list, Friends Ct, it appears gets the message: they have lowered their price since you posted this. It’s now $850K. That’s competitive for the area. (at least for 2007).
Good find.
Chuck Ponzi
Posted by 90803 on 05/25/07 at 06:05 AM
Exactly when did a neighborhood of cookie cutter stucco boxes like Westpark acquire a “the,“ as in “the Paseo Westpark?“ “Yes, are main residence is in the Paseo Westpark, but we summer at our beachfront place in the Hamptons.“ LMAO.
The other WTF -> who on earth designs these places? This one is simply breathtakingly hideous.
Posted by William Jones on 05/25/07 at 06:16 AM
I agree with 90803…it is ugly. The whole problem is garages in front of townhouses. Since the lot is small (little or no side yard) it makes the garage look big, because you really can’t shrink the size of the garage that much, especially when everyone wants to drive an SUV alone. Thus subdivisions like this look like garages with small residential attachments.
When I first saw the front elevation with its octagonal feature, the first words that came to my head were “McMansion” and “Starter Castle.“
The garage dominance of the architecture of the 80’s and 90’s is one of the reasons we have so much rear-loaded architecture in more recent communities. Of course, you give up a back yard to improve the front elevation, so there is no perfect answer.
I happen to think that this is a very nice house. Only thing I dont like is the exterior colors.
This place sold for 635k in 2004. There was a time when it took 20 to 25 years for a house to double in value. AG really did a number on this country by overheating an already pretty hot market back in 2003. Not to mention the fact the he helped promote “creative financing” in some of his speaches.
Amazing that it was only a few years ago when 600k was considered and extremely large amount of money. I really feel bad for young couples who would like to own a home at this time.
Even though I like this house, I think 600k would be a good price. But in a world that is so effed up like this one, that aint going to happen….at least not yet.
Posted by crucialtaunt on 05/25/07 at 07:14 AM
437 Days on Market! I dedicate this song to this WTF-prize winner!
http://www.youtube.com/watch?v=Aal_ryGQ5Ck
Manic Depression
Jimi Hendrix
Manic depression is touching my soul
I know what I want, but I just don’t know
How to go about gettin’ it
Feeling sweat, feeling
Drops from my fingers, fingers
Manic depression is catching my soul
Woman so weary, the sweet cause in vain
You make love, you break love
It’s all the same
When it’s, when it’s over mama
Music, sweet music
I wish I could caress, caress, caress
Manic depression is a frustrating mess
Well, I think I’ll go turn myself off
And go on down
All the way down
Really ain’t no use in me hanging around
In your kinda scene
Music, sweet music
I wish I could caress, caress, caress
Manic depression is a frustrating mess
Posted by Purple Haze on 05/25/07 at 10:16 AM
Ok so I get it that the Irvine housing prices are inflated. Now how about us discussing what might be the right time to buy? It seems like everyone seems to agree that the market is going to remain sluggish for 1-2 years. So does that mean that we should just rent for this time? At what prices would you think that there is a bargain out there?
I am trying to take our discussions into a more constructive and beyond the current scenario situation.
Thanks.
Posted by crucialtaunt on 05/25/07 at 10:28 AM
I might buy if and when prices stabilize around $250 - $280 per sq ft in Irvine (granted they will vary in different sections of town). I will slug it out as a renter until then.
This may be wishful thinking (but still not “WTF-were-you-thinking”), but I cannot justify taking on a huge debt burden for prices above this threshold. I will consider moving to another part of the country instead.
Posted by lendingmaestro on 05/25/07 at 11:10 AM
I think it also has to do with each individuals comfort level. I am definitely nto burdened by the desire to own a home just to own a home. I’d rather have less financial burdens and more discretionary money to spend (wisely), travel, and save for a rainy day.
I can’t take my house with me when I die, and I’d rather work for myself while I live and not work for a bank. Except I do work for a bank…..but you get the idea!
Posted by No_Such_Reality on 05/25/07 at 11:18 AM
When prices return to the historical mean, we’ll be in better shape.
In the meantime, if prices don’t correct, leaving becomes a very viable option as the $4000/month cost differential between homes here and elsewhere provides awful lot for “living”.
Posted by MMG on 05/25/07 at 01:44 PM
200 per sq/ft would be a good place to start.
Posted by interloper on 05/25/07 at 02:59 PM
I did a quick evaluation and the are no good comps for this house, it appears to be oversized for the area. It appears they have come down from their overly optimistic initial price of 1.8mill.
Better comps are at 4 Bernini and 3 Bergamo
The probability of getting it appraised for over 1.2-1.3 million is fairly slim.
Posted by NickStone on 05/25/07 at 05:49 PM
Prices in Irvine are certainly going to go down from here, but will never go as low as other areas in Orange County. Simply put, Irvine is far too contrived, too cleverly packaged, too much emphasis on the is placed on the resale value of the properties for any real bargains ever to exist.
Actually, Irvine is an AMAZING accomplishment, considering the fact that the area (raw land) actually has no desirable features on it’s own. Unlike Newport Beach, Laguna Beach, or any other costal region, Irvine really isn’t any closer to the ocean than Fountain Valley. There are hills, yes, but none with any real views. Irvine was planned from the beginning for upper middle class people who wanted a clean, safe place to live and were worried about the maintenance of their property values. Thus, restrictive HOA policies were seen as an advantage, not a problem, because everyone wanted to make sure that no undesirable element was permitted to enter the area.
And it worked!
Personally, I like Irvine. I like the fact that even the commercial / industrial areas are clean and well maintained. I am not fond of Irvine drivers running me off the road while talking on the cell phones at 90 miles per hour… but that is another story. But it shows what kind of people prefer living in Irvine… people who are agressive, hard working, and looking to maintain their wealth (mostly through real estate). I am sure that is exactly what Irvine Company had in mind when they planned the community.
It’s like Ebay. At first, when no one knew what they were doing, real bargains could be found. Good luck today. Finding true bargains within the listings is damn well near impossible. To me, the Irvine real estate market will always be like that. Every house, hell…. every neighborhood, is crafted, packaged and sold to maximize value.
Regardless of where property values end up (and I do see a 50% drop coming), it is my guess that Irvine will always be overpriced for the current market.
Posted by William Jones on 05/25/07 at 05:34 AM
I think some property owners and realtors are still in denial about how the internet has shifted the balance of power with respect to information about real estate. In the good old days you relied on realtors for data, and they could show you the comps they wanted to show you and exclude those that could be a problem to them. Prospective buyers were grasping at straws to really understand the market. With the internet, and web sites like Zillow and Irvine Housing Blog, that has changed a great deal, but I think some realtors are in deep denial about it.
Even buying a car has changed a great deal.
Posted by No_Such_Reality on 05/25/07 at 05:01 AM
Hmm, I wonder if they bought to live in it or bought it to be on “Flip That House”
They’ve added 1400 sq ft of living area and turned a 2.5 bath into a 4 bath. Zillow shows it as a 1971 2076 sf 5/2.5 and you can see soon of the different in the dated photo.
That’s a lot of arch planning and work. Surely they’ve lived in it right? It’s been three years since they bought it. But… can you imagine living in it as you did that much work?
——-
Posted by Chuck Ponzi on 05/25/07 at 05:19 AM
#2 on the list, Friends Ct, it appears gets the message: they have lowered their price since you posted this. It’s now $850K. That’s competitive for the area. (at least for 2007).
Good find.
Chuck Ponzi
Posted by 90803 on 05/25/07 at 06:05 AM
Exactly when did a neighborhood of cookie cutter stucco boxes like Westpark acquire a “the,“ as in “the Paseo Westpark?“ “Yes, are main residence is in the Paseo Westpark, but we summer at our beachfront place in the Hamptons.“ LMAO.
The other WTF -> who on earth designs these places? This one is simply breathtakingly hideous.
Posted by William Jones on 05/25/07 at 06:16 AM
I agree with 90803…it is ugly. The whole problem is garages in front of townhouses. Since the lot is small (little or no side yard) it makes the garage look big, because you really can’t shrink the size of the garage that much, especially when everyone wants to drive an SUV alone. Thus subdivisions like this look like garages with small residential attachments.
Posted by IrvineRenter on 05/25/07 at 06:21 AM
When I first saw the front elevation with its octagonal feature, the first words that came to my head were “McMansion” and “Starter Castle.“
The garage dominance of the architecture of the 80’s and 90’s is one of the reasons we have so much rear-loaded architecture in more recent communities. Of course, you give up a back yard to improve the front elevation, so there is no perfect answer.
Posted by Mr Vincent on 05/25/07 at 06:58 AM
I happen to think that this is a very nice house. Only thing I dont like is the exterior colors.
This place sold for 635k in 2004. There was a time when it took 20 to 25 years for a house to double in value. AG really did a number on this country by overheating an already pretty hot market back in 2003. Not to mention the fact the he helped promote “creative financing” in some of his speaches.
Amazing that it was only a few years ago when 600k was considered and extremely large amount of money. I really feel bad for young couples who would like to own a home at this time.
Even though I like this house, I think 600k would be a good price. But in a world that is so effed up like this one, that aint going to happen….at least not yet.
Posted by crucialtaunt on 05/25/07 at 07:14 AM
437 Days on Market! I dedicate this song to this WTF-prize winner!
http://www.youtube.com/watch?v=Aal_ryGQ5Ck
Manic Depression
Jimi Hendrix
Manic depression is touching my soul
I know what I want, but I just don’t know
How to go about gettin’ it
Feeling sweat, feeling
Drops from my fingers, fingers
Manic depression is catching my soul
Woman so weary, the sweet cause in vain
You make love, you break love
It’s all the same
When it’s, when it’s over mama
Music, sweet music
I wish I could caress, caress, caress
Manic depression is a frustrating mess
Well, I think I’ll go turn myself off
And go on down
All the way down
Really ain’t no use in me hanging around
In your kinda scene
Music, sweet music
I wish I could caress, caress, caress
Manic depression is a frustrating mess
Posted by Purple Haze on 05/25/07 at 10:16 AM
Ok so I get it that the Irvine housing prices are inflated. Now how about us discussing what might be the right time to buy? It seems like everyone seems to agree that the market is going to remain sluggish for 1-2 years. So does that mean that we should just rent for this time? At what prices would you think that there is a bargain out there?
I am trying to take our discussions into a more constructive and beyond the current scenario situation.
Thanks.
Posted by crucialtaunt on 05/25/07 at 10:28 AM
I might buy if and when prices stabilize around $250 - $280 per sq ft in Irvine (granted they will vary in different sections of town). I will slug it out as a renter until then.
This may be wishful thinking (but still not “WTF-were-you-thinking”), but I cannot justify taking on a huge debt burden for prices above this threshold. I will consider moving to another part of the country instead.
Posted by lendingmaestro on 05/25/07 at 11:10 AM
I think it also has to do with each individuals comfort level. I am definitely nto burdened by the desire to own a home just to own a home. I’d rather have less financial burdens and more discretionary money to spend (wisely), travel, and save for a rainy day.
I can’t take my house with me when I die, and I’d rather work for myself while I live and not work for a bank. Except I do work for a bank…..but you get the idea!
Posted by No_Such_Reality on 05/25/07 at 11:18 AM
When prices return to the historical mean, we’ll be in better shape.
In the meantime, if prices don’t correct, leaving becomes a very viable option as the $4000/month cost differential between homes here and elsewhere provides awful lot for “living”.
Posted by MMG on 05/25/07 at 01:44 PM
200 per sq/ft would be a good place to start.
Posted by interloper on 05/25/07 at 02:59 PM
I did a quick evaluation and the are no good comps for this house, it appears to be oversized for the area. It appears they have come down from their overly optimistic initial price of 1.8mill.
Better comps are at 4 Bernini and 3 Bergamo
The probability of getting it appraised for over 1.2-1.3 million is fairly slim.
Posted by NickStone on 05/25/07 at 05:49 PM
Prices in Irvine are certainly going to go down from here, but will never go as low as other areas in Orange County. Simply put, Irvine is far too contrived, too cleverly packaged, too much emphasis on the is placed on the resale value of the properties for any real bargains ever to exist.
Actually, Irvine is an AMAZING accomplishment, considering the fact that the area (raw land) actually has no desirable features on it’s own. Unlike Newport Beach, Laguna Beach, or any other costal region, Irvine really isn’t any closer to the ocean than Fountain Valley. There are hills, yes, but none with any real views. Irvine was planned from the beginning for upper middle class people who wanted a clean, safe place to live and were worried about the maintenance of their property values. Thus, restrictive HOA policies were seen as an advantage, not a problem, because everyone wanted to make sure that no undesirable element was permitted to enter the area.
And it worked!
Personally, I like Irvine. I like the fact that even the commercial / industrial areas are clean and well maintained. I am not fond of Irvine drivers running me off the road while talking on the cell phones at 90 miles per hour… but that is another story. But it shows what kind of people prefer living in Irvine… people who are agressive, hard working, and looking to maintain their wealth (mostly through real estate). I am sure that is exactly what Irvine Company had in mind when they planned the community.
It’s like Ebay. At first, when no one knew what they were doing, real bargains could be found. Good luck today. Finding true bargains within the listings is damn well near impossible. To me, the Irvine real estate market will always be like that. Every house, hell…. every neighborhood, is crafted, packaged and sold to maximize value.
Regardless of where property values end up (and I do see a 50% drop coming), it is my guess that Irvine will always be overpriced for the current market.