1000 Words, Streamwood, Northwood, Irvine
Sometimes listing pictures are really awful. At least today's property wasn't touted as being "light and bright."
Asking Price: $137,900
Address: 25 Streamwood, Irvine, CA 92620
One house where lovers dwell
Three little kids for flavor
Stir carefully through the days
See how the flavor stays
These are the dreams you will savor
Memories Are Made Of This -- Dean Martin
I am always surprised by the low quality of many listing photos on the MLS. In many instances these pictures are so bad that no picture at all would be better. What is the point of putting up a picture that reveals nothing about a property?
Occasionally these pictures are atrocious in an attractive way. We have a thread in our forums devoted to Funky Listing Photos. Let's take a look at what our members have found:
Sometimes the listing agents want to enhance their pictures with a little photoshop work.
Isn't the oil painting effect picturesque?
Sometimes the listing agent can't be bothered to get out of their car and photograph the property.
Perhaps they are worried about running into a meth lab or crackhouse.
Some places are just dirty and need to be cleaned.
Some are downright crappy. Can someone tell me what that board is doing in the toilet?
It isn't only the people who have bathroom problems.
Some animals are in better shape than their owners.
And some have more taste.
Pink is the new black.
Dean Martin is the man.
It is possible to over stage a property. Am I buying the dishes too?
The pictures of today's featured property has a unique artistic effect. Perhaps an artist will want to buy this dungeon property for a studio? Perhaps not.
Asking Price: $137,900
Income Requirement: $34,475
Downpayment Needed: $27,580
Purchase Price: $253,000
Purchase Date: 4/5/2006
Address: 25 Streamwood, Irvine, CA 92620
| Beds: | 1 |
| Baths: | 1 |
| Sq. Ft.: | 475 |
| $/Sq. Ft.: | $290 |
| Lot Size: | - |
| Property Type: | Condominium |
| Style: | Contemporary |
| Stories: | 1 |
| Floor: | 1 |
| Year Built: | 1977 |
| Community: | Northwood |
| County: | Orange |
| MLS#: | U9001577 |
| Source: | SoCalMLS |
| Status: | Active |
| On Redfin: | 71 days |
Quiet,Serene... yes, the tranquility is everywhere... Particularly since this is almost half off its 2006 purchase price.
This property was purchased at the peak for $253,000. The owner used a $202,400 Option ARM first mortgage and a $51,600 downpayment. He did open a HELOC for $28,900 a year later, so he may have pulled out his downpayment. In either case, he lose whatever he put into the property, and now his credit is trashed.
If this property sells for its current asking price, and if a 6% commission is paid, the total loss on the property will be $123,374.
This propperty is being offered for 46% off its peak purchase price.
I hope you have enjoyed this week at the Irvine Housing Blog. Be sure to come back next week as we continue chronicling ‘the seventh circle of real estate hell.’ Have a great weekend.
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)
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
Wow! What’s up with the shower? That’s going to require some major drywall replacement.
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.
Now we’re getting places where a lot of people in Irvine can pay cash.
That’s very healthy.
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
That site is great. I encourage everyone who enjoyed this post to check it out.
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!)
Are they as prevalent as ice cream trucks in Jim the Realtor’s videos?
Who gives an 85 year old widow a $556,000 loan?
Video interview of widow, 85, facing foreclosure
Someone who intends to unload the loan before the widow has left the parking lot.
Boy, she burned through the money in a hurry.
IR
Good Work this week.
BTW, love that photo collection.
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
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.
Lee:
What does REIC stand for?
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….
Thanks for the explanation.
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.
Tell him the 8% pay cut eliminates his allowance and see if he goes and gets a job.
Sounds like the same 8% cut that all UC employees are getting… yippee!
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.
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.
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.
Sarcasm, cynicism, resignation. Yep, you work at UCI.
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.
Paying to park at work?!?!? Something’s SO wrong with that.
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.
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.
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
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.
That apartment is in a pretty nice part of Irvine. I doubt that those bars are necessary.
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.
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.
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
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!
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
“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
IR, thanks for starting off my Friday right! I love the photos and commentary. Sh1t hilarious.
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.
If you like the above you will LOVE this place. WORTH the visit for the pics!
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.
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.
The listing is off the market. The $149,387 (01/14/2009) was that the borrower’s balance on the loan?
Random numbers like that ($149,387 as opposed to $149,000) almost always are.
I like those “updated bath” descriptions with corresponding pictures of cabinets with psychedelic teal paint from the flower power era.
Sold For: $149,387 (01/14/2009)
according to updated listing, btw.
That was the bank taking it back, not the sale of the property by the bank to an actual purchaser.
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.