Irvine Housing Blog

I did not realize this neighborhood existed either until I started seeing properties for sale there. It was constructed on a left over piece of land at the intersection of Culver and the 5. It is adjacent to the freeway, a high school, and a large shopping center. I suppose everything is convenient, but it certainly does not have the sense of neighborhood and community you come to expect in Irvine.

I also remember them saying if prices did drop 10% they, and everyone they knew, would rush in and buy multiple properties.

This is a reoccuring problem, people offering properties for sale for prices that they don’t actually have permission to sell for.  It seems very odd to me.  Kind of like me offering to sell my neighbor’s property without their permission.

If you are so far underwater that it’s a definite short sale, how do you set a reasonable price?  The bank will have to approve it, but I hear they typically don’t want to state a number unless they have an offer.

the Kool-Aid is strong with this one.

I’d say he’s partly true - you’ll always see the bottom in the rearview mirror. its very tough to call it while you’re in it.

Even if rental values start to dip under ownership costs again, that still doesn’t mean that we won’t see a loooong term deflation/unemployment cycle that drags both variables lower.

The baby boomers and their entitlements are going to be a massive drag at every level for the next couple of decades.

Wow, those are some of the worst decisons ever made when it came to pictures. 4 bedrooms supposedly and yet I get a couple of pool table shots, one with the dog and a wall of computers. I guess there are fraternity houses in Irvine.

The place looks hideous. You have to remodel extensively. Getting it to the perigraniteel level will take at least 150k. Your time with the contractor in getting everything done will of course be priceless.

CZ

fancy staircase ?????
fugly-ugly

I will profile that one, too.

You know what’s wrong with Irvine?  3,448 square foot homes on 3,200 square foot lots . . .

IR-

didn’t you profile one accross sandburg earlier this year that was halfway renovated?  or was that IR2?

What’s with all those weird brick red carpets every where ? LoL

The cornerstone of my proposal for ending bubbles in house prices is to change the appraisal system to rely on the income approach considering market rents. The current system using the comparative sales approach simply enables irrational buyers to bid prices higher with someone else’s money. If people were limited in their borrowing ability to stabilized cashflow, they could still bid up prices with their own money, but it is much harder to inflate a real estate bubble with savings without an expansion of credit.

<<< Yes, you actually gotta “do work” to make a living and not just trade inflated assets back and forth with each other.  An ugly, sobering fact which our bozo leaders are now (or should be) slowly realizing.>>>

I guess it depends on which side of the glass you are standing on. Most “elites” have never really done any work. IOW, they have never really had to design, build, market, sell, and collect money from a tangible product.

Most rich people have been doing just what you are saying for a lifetime, why would they think that their business “model” could not be expanded to include the everyman?

Why do you think they all agree it was a good thing for the Fed’s to bail out Fanny and Freddie? Surely you couldnt just flush all that worthless paper down the toilet, how would Warren Buffet pay his dividend? (only the commoners own the common stock, which is now worthless)