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Latest REOs
- $349,900 :: 10 Greenleaf 16, Irvine CA, 92604
- $439,900 :: 61 Olivehurst, Irvine CA, 92602
- $889,900 :: 14 Upland, Irvine CA, 92602
- $429,900 :: 56 Great Lawn, Irvine CA, 92620
- $465,000 :: 212 Garden Gate Ln, Irvine CA, 92620
- $329,000 :: 1006 Terra Bella, Irvine CA, 92602
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- $579,900 :: 8 Star Thistle, Irvine CA, 92604
- $458,500 :: 3 Ultimo Dr, Irvine CA, 92620
- $398,900 :: 191 Lockford, Irvine CA, 92602
On the bright side, this house looks like it could sell at close to this asking price.
Technically, they borrowed 3 times what they paid for it, if you know the 590k and 195k numbers to be true . Not too shabby!
Those pictures are priceless.
First the giant hedge shaped exactly like a dumpster. (I thought it was one at first)
Then the mis-use of the fish-eye lens to make your rooms look smaller. (1) it should just be wide-angle not fishbowl and (2) anything other than straight-on shots just look too obviously distortionary and thereby reveal the trick-camera work.
That’a perfectly awful house, and the decorating is going to be difficult for buyers to see past to any potential that might be there.
IMO, this is also one of the worst neighborhoods in Irvine. It is an island surrounded by commercial development, a high school and the 5. There is a total lack of a feeling of community, and it is not very peaceful there. You could walk to Heritage Park I suppose…
I thought the exact same thing about the hedge being a dumpster!!! I’m so glad you said tha.
I have a couple of question?
1. Where’s the front door?
2. What were they thinking with that awkward beadboard wainscotting/trim in the “dining room?”
3. Turnkey? Yes that 1980’s ear kitchen screams turn key.
Yeah, I think they have confused “turnkey” with “no major structural damage”.
No. “Turnkey” was misspelt. The Realtor meant “Turkey”
Seriously, this neighborhood should be the “Shoehorn Village” the way it is squeezed between I-5, Irvine High and the shopping center. I think if you hit a ball over the fence on the tennis courts it lands on I-5.
Come on now, that is a “gourmet” kitchen. The realtor said so right in the listing…
I the realtor said so, it must be true!
Hey, c’mon guyz, it’s kinda refreshing to see a kitchen with no pergraniteel these days.
I am enamored to the point of distraction over the fantastic flourescent light fixture that crowns this jewel of a kitchen. It’s just like the one that was OEM in my dad’s house way back in 1981. In fact, the whole kitchen is reminiscent of what dad’s house looked like back in the day, although the golden oak didn’t really get popular until about 1986 or so. But the kitchen is beautiful - museum-worthy, really.
Speaking of losing your house, this guy lost his house, but the reporter has spun it as a “victim of crime” story, where by all indications, he would have lost his house by now anyway.
http://www.ocregister.com/ocregister/life/themorningread/article_2116678.php
With all sympathy rightfully due to victims of crime, sounds like this guy was more of a victim of his own greed and the housing bubble, like tens of thousands of others like him.
According to the article:
His job: “a mortgage broker”
His wife’s job: “a job at an auto title company”
They bought a house for $1,019,000 with $800,000 first (adjustable rate), and $200,000 second (same). (contrary to what the reporter says, looks like they barely put anything down). How they got into a Million-plus home with virtually nothing down, on measly shaky jobs (and by all accounts, little credit and already heavily in debt), cannot be explained unless we speculate about some forgery or exaggerated income statements.
The reporter called them an “upper-middle class family.” I would say, based on the facts, they are barely lower-middle class, if not working class.
They are not done with purchases, they have “three nice cars” (seems like one was a Hummer, one a $100k MB, etc.)
They had an IRS lien of $71,300. They kept/spent the income that’s associated with the $71,300 taxes, but didn’t bother to hold the $71,300.
I see public records of him being sued for unpaid child support by some other woman.
The victim is quite a character. Now he’s stiffing the idiots that gave him a zero down mortgage. It seems like he can’t earn income anymore because the mortgage industry is dead. Not because of brain damage: “His brain injuries now manifest in benign, almost disarming ways – sometimes, he’ll forget the year, or the president’s name.” Surely he has enough brain power to go back to being a mortgage broker, the problem is that the industry has evaporated.
Now, he’s turned on to the mall and is suing them. That’s shameless to sue the mall. I guess the culprit in our legal system is always the party with the deepest pocket.
The only winner here is the guy who sold his million dollar home to them in 2005.
ps. “His job as a mortgage broker afforded him the luxury of buying his family anything their hearts desired.”
That’s how you end up losing your million dollar house and 3 cars….
$2.3 million and counting in medical bills?!?
It shows that it is not only the US mortgage and housing markets that are a WTF mess!
I agree the man in the article sounds like a financial nightmare but the article is about how some jacka$$ in a bimmer decided to run him over in a parking lot for telling him to drive slower. He is a victim of attempted murder. Also while it does seem unlikely he’d still have his house under any circumstances today major illness/injury is a major driver in many foreclosures so that certainly didn’t help either.
Most people think they’re immortal; this guy sure did. No one is entitled to a lifestyle. And in reading the article, he realizes that. He’s not upset about the house so much as the damage done to his role as provider.
“The victim is quite a character. Now he’s stiffing the idiots that gave him a zero down mortgage. It seems like he can’t earn income anymore because the mortgage industry is dead. Not because of brain damage: “His brain injuries now manifest in benign, almost disarming ways – sometimes, he’ll forget the year, or the president’s name.” Surely he has enough brain power to go back to being a mortgage broker, the problem is that the industry has evaporated.”
I’ll put this simply, since it’s obvious you’ve never dealt with anyone with a brain injury: you’re an asshole.
Sounds like The Moar You Know is a mortgage broker.
I think the top 5% of mortgage brokers make a good living, but for the rest it’s only good during a real estate up cycle. Sorry, The Moar You Know, you can always bartend until the real estate market comes back up in about 6 years.
I don’t think even in 2006 it was a good idea to spend every penny you had like this guy who sadly also became a victim of crime.
Let’s see how many more tragic stories like this come out with another 30% drop in real estate prices….
I have a serious brain injury. It may be difficult to tell just speaking with me but I am easily confused and have extreme difficulty keep more than a couple of thoughts in my head at the same time. My ability to do even simple arithmetic without paper or a calculator is gone. I am now living on insurance and disability and my wife’s income.
I was in a serious car accident three years ago, and the true extent of my brain injury was not known for about six months. Please have some kindness and charity in your heart for those that have been injured.
YOU SHOULD SUE!
Oh, wait, most folks who claim “serious brain injuries” six months after a car accident are already doing that.
Aren’t you.
p.s. The list of symptoms you gave for your “serious brain injury” shows that the our medical system has failed you. You should have been properly diagnosed as “stupid” many years ago.
Someone should censor these ignorant responses.
We are learning that in serious brain injury, there is white matter (nerve connections) damage that is not apparent on standard CT & MRI. I agree that not everyone with a head injury develops this condition but it exists and people have to deal with the consequences.
I am not stupid. Not in the slightest. I have a Ph.D. in Electrical Engineering and was a successful professional prior to my injury. It took six months to see my brain injury because my physical injuries (namely broken limbs, broken ribs and crushed foot) the more subtle nature of my disabilities went unnoticed. For example, I was in the hospital undergoing physical therapy for almost four months. During that time I didn’t have the opportunity to do arithmetic or even notice I had trouble following complex trains of thought. I was focused on the here-and-now: learning to walk. You may notice my writing is still good. Strangely if I focus on a single task my faculties are good.
I am not sure if it is worth responding to your depressing reply. I did NOT sue, because the accident was just that, an accident. Perhaps the medical system failed me in some respect, but I can walk without a cane now so I am overall happy with my care.
Please be more cautious with your assumptions and careless statements. Your words can be quite hurtful to people who have already suffered their fair share of hurt.
I’m sure your feelings are hurt. Perhaps writing so eloquently aggravates your “serious brain injury”?
You sued the other party and maybe even the doctor that treated you, or tried to, until even the whiplash lawyer laughed you out of his office. And now you’re on “disability,” because without the ability to do complex math, you can’t be expected to earn a living. After all, what do these people think you are, Mexican?
Goldbrick away. No one’s stopping you. Just don’t expect anyone to respect you for it.
Here’s my rambling rant on this thing:
Firstly, I’ve had two family members with “serious brain injuries”. One’s dead, the other’s still going. Both were brain tumors with one tumor being “the largest I’ve ever removed” (surgeon’s words). So, I hope this grants me the “moral authority” I need to comment on this subject.
When someone posts that they have an illness of some kind, you’ve got people that just flat out believe it, people that don’t believe it, and people that shrug and say, “Who knows?” I happen to be in the “Who knows?” category with the tendency towards not believing pretty much anything I read.
Now we throw in this mortgage crisis that was driven by stupidity and greed. Lots of people that got caught up in it want to play the victim card. They are victims, but so many are victims of themselves.
My point is that people simply don’t believe the excuses even if they are true, because we’ve heard one too many lies. So, they spout off with reckless abandon… like I’m about to.
Regarding the house part of the article, it stated:
The family bought three nice cars, and in 2005 put a down payment on their $1.3 million dream house in a quiet Aliso Viejo neighborhood.
-and-
“Back then, I would get my paycheck and just pass it to Arlene,’” John says. “I didn’t think twice about what was coming in, or going out.”
Hello? This is screaming irresponsible! This is BEFORE the accident. Look, we don’t really know the situation, but this fits the pattern we’ve seen so many times. They probably would have lost the house regardless of the accident.
As far as the brain injury: I believe it. And everything Kurtz says about brain injuries is correct. But, this doesn’t absolve the family if they did indeed act irresponsibly with their finances BEFORE the accident.
Here’s what gets me. And I am not targeting the family in the article. I’m targeting all the dumb Republican/Libertarians/Free market nutcases in OC. Yeah, you are all idiots. Now that this whole thing has blown up, pretty much everyone of you that got caught up in your own greed is screaming for help from someone or screaming that someone should have prevented this. Who?
The government? Really? You mean the same government that you all cry about whenever they attempt to enact any type of controls on business?
How about when you get sick and go bankrupt from medical bills? Oh, poor you. Yeah, when people tried to enact universal health care you called them bums and told them to get jobs. You reap what you sow you filthy bums. Why aren’t you working now? Again, I’m talking to the OC free market nutcases here.
Your disease is short sightedness.
Anyway… This family in the article? I’ve got no idea their political views. But, I do know if we had more people with common sense we would have had health coverage for the poor guy and his main focus would be on getting better, not on financial concerns. Missing doctor’s appointments to save money? Yeah, that’s not something we as citizens should feel ashamed of.
And up yours all you “The Fed/Fannie/Freddie caused this” idiots. Really? The Fed run by Ayn Randian Alan Greenspan? Fannie Mae that was privatized? Freddie Mac that was created to deal with the stupidity of privatizing Fannie Mae? Blind jerks.
I’m kinda mad for some reason. Can’t really put my finger on it.
Anyway, Heinrich, if you are telling the truth then I hope you get better.
Ouch, too bad there’s no procedure to add common sense or empathy. You need it.
Heinrich Kurtz writes so well. Surely he can find something to do that takes advantage of his abilities. 95% of the population does not write or reason that well.
The lack of the ability to do complex math is a shameless way to excuse living off your wife and taking hand-outs. Or “charity”, as he put it.
As the real estate market continues to plunge, there will be “victims” coming out from all sorts of places.
Go IHB!
Nice analysis.
I think this house would have made it on IHB, if it weren’t located in Aliso Viejo but in Irvine.
This guy just pushed leverage to a crazy level. The $73,000 tax debt that IRS has on him is not going to go away, even though he’ll walk out on his mortgages, medical bills, etc.
At least he didn’t pull a HELOC out, like we’ve seen in many IHB posts lately. I have no doubt he would have pulled a HELOC by 2007 if he wasn’t hit by this car.
Kirk, Dr. Greedscam hasn’t been a Randian since he gently and in a non-public way, detached himself from Ayn Rand and her little “collective” back in the 70s. He never declared his “independence”, but simply dropped away, and he has departed from her stated philosophy in so many ways since that you have to figure he returned to his Keynesian roots from the 70s forward.
A true Randian would have publicly championed the abolition of the Fed, what agency has done nothing but create massive credit bubbles and drive inflation.
the guy is a crime victim (it is outrageous that the a-hole who mowed him down only got 15 years) and he surely deserves some sympathy but to sue the shopping center is gross over-reaching—as if the shopping center had any responsibility for some maniac that wants to kill you by running you over, that speaks volumes on the scumminess of the personal injury bar: they would eff a woodpile if they thought there was a snake in it. I pray for a defense verdict, let’s just say no to this endless BS.
I see a lot of information in your post that is not in the article. It sounds like you’ve done some research on this guy. It also feels a little personal and vindictive.
Chances are he would have lost the house anyways with the Mortgage Industry meltdown, but getting run over didn’t help and probably hindered the family’s flexibility in selling the house or changing their situation.
Sure, they were living high on the hog for a while. Like many others. Nothing so usually or extravagant to warrant such vitriol.
I see a lot of information in your post that is not in the article. It sounds like you’ve done some research on this guy. It also feels a little personal and vindictive.
Anyone considered that Mr Royston may have recently been Jaimen’s mortgage broker?
That might explain the tone of the post…
The mortgage broker is a good guess, but that dude made his money and ran.
It could be the people out of pocket for his medical bills, the person that sued him for child support, the car dealership that had to repo his cars, the holder of the first mortgage, the holder of the second mortgage, some dude at IRS that’s getting personal about the $73k in back taxes, or the shopping mall owner that has to deal with the lawsuit/cash grab from him.
In keeping with this IHB posting’s subject matter, there are some positives for him in this story.
He lived in a house that he didn’t belong in, and rode cars he shouldn’t have. All he paid for them was a hit in his credit rating when he walked away.
Now he’s suing the owner of the parking lot where he got ran over.
All those costs (the bank’s write-off of the second (and probably first) mortgage and the defense of his frivilous lawsuit) get passed down to us who are more careful with our finances and don’t get into late night drunken shouting matches.
Who would have thought a drunk late-night altercation would be one of “535,000 Ways to Lose Your House”
If this guy really wanted to provide for his family, he would have purchased some disability insurance when he was making good money. It would have certainly helped his current situation to have an income stream from the policy. As to his $2.3 mil in medical bills: Is this a great country, or What!
I have completely failed on sending out an invitation to the featured listing agent.
I cannot get an email address in the usual search fashion for some reason.
Try Pat Doyle. Sold@patdoyle-re.com
Michael is her son.
http://www.regencyrealestate.com/Nav.aspx/Page=/OfficeRoster/Agents.aspx
“Her son, Michael, is now part of her 7 member team of top producing agents who incorporate the latest technology into each transaction.”
So they use the internet.
Thanks. and feel free to fill in for me when I am gone
What an interesting property. The 1988 price looks good but obviously too low for today. It looks clean but dated.
What’s the rental value of a 4/3 townhome with low ceilings, circa 1976 finishings and a low-end Irvine neighborhood?
When I think Irvine, I think Woodbridge, lots of little pocket parks, lots of paths to bike, walk, etc. As IR points out, this isn’t it.
A quick check of Craigslist shows 195 4BDs with keyword Irvine, many aren’t Irvine. But at $3000 max rent, 58 still list.
This one, http://orangecounty.craigslist.org/apa/788175987.html shows a $2885 list, better pictures and 200 more square feet, not to mention yard.
I’ll peg value on this right around $250-$300K for an investor owner.
For a live-in buyer, they can get a better deal for the money elsewhere.
Still very ugly out there and getting worse…following is from FNMA’s conference call earlier today:
“But on the downside, July was a tough month for our credit performance. We experienced higher defaults and higher loan loss severities in the markets that were experiencing the steepest home price declines. And that gave us higher charge-offs than we had experienced in any month in the second quarter, and higher than we had expected. We also saw a higher proportion of foreclosures coming from states and products with higher loan balances, which increases the absolute dollar losses. In terms of severity, the loss that we experienced when a loan defaults also increased from 19 basis points in the first quarter to 23 basis points in the second quarter. And that rose again in July to 27 basis points. We are now seeing average initial charge off severities of 40% for loans in California. Home prices have cratered in certain markets since the peak—Cape Coral, Florida, down 50%; Las Vegas, down 35%; northern Virginia, down 30%; and in California, Modesto, and Stockton, down 50%; Riverside, down 40%. The list goes on. Alt-A foreclosures have doubled in southern California. Our average serious delinquency rate in Florida increased in June to over 3%—four times the average on our total book of business last year. Almost 2% of the loans in our Florida book are now referred to foreclosure.”
I really wonder what the Bill Grosses of the word would do if all of that FNMA paper starting heading under 50 par value. Lord knows it deserves to be par 30 at best.
don’t ask that question!! he’ll just make us pay for it one way or another.
“Survey: Homeowners in denial about falling values”
http://www.bizjournals.com/baltimore/stories/2008/08/04/daily45.html
“…62 percent of homeowners believe their homes have increased in value despite the nation’s widely reported housing woes and market data indicating the contrary.
Homeowners are even more optimistic looking ahead as they anticipate their homes will be worth more in six months”.
If this doesn’t exemplify just how emotional homeownership is, I don’t know what could.
The kool aide flows through the veins of most homeowners.
Sheeple ready for slaughter.
Denial is the most powerful emotion.
Sorry, but I think the song is a poor choice today.
Inferring from the ratio of actual ways Paul Simon gives us (5, repeated) to ways he claims (50), am I to infer that there are only 53,500 ways to lose your house?
(Mostly, I’ve just always been angry at Paul Simon for not being able to think up some more rhymes)
Get down! Chase that market down, now! Funky.