Irvine Housing Blog

I thought to be considered an “estate” you would have to have something on at least a half-acre or more, not something less than 1/8 of an acre. Only in California…

This one has a very long way to fall. No need to even guess at this point.

I’m not 100% sure, but this appears to be the same model home as 7 Green Hollow.

Wow, this house made it’s owner’s $86,000/yr tax free for 10 straight years.

Now if they had the foresight to put all the money into gold.

They have plenty of company.  There is one in Malibu purchased in 1994 for $550k going to auction this week.  They ran up loans + credit lines of $1.9 million.  The property, in good condition, might sell for $1.2 in the current market.  If abused or requiring major repairs, maybe $1.0 million, probably less.

Nice house.  Grossly overpriced. 

Once the financial crisis soaks in deep, this place should depreciate nicely.

Remember “The Ultimate Post”?
http://www.irvinehousingblog.com/blog/comments/the-ultimate-post/

Check out the overhead map on redfin.  These guys were backdoor neighbors.  Maybe they chatted about how much “income” they were making over koolaid.

Or, they paid the PMI+taxes+insurance with the Refinances and lived in the house for 10 yrs for free or ( $18,000 down). Now, with current prices they might just be able to get a free and clear house with the rent savings of 10 yrs.

SMART!!!!

This is absolutely pathetic.  My post is addressed to the “owners” of this Pottery Barn “Palace”. 

You were greedy and irresponsible, now the American people will have to bail you out.  Yeah, you got to live in your unrealistically perfect home for a while and you bought some nice toys, but at what price?  What sort of lesson is this for your kids?

I hope you enjoy moving back in with your parents, or better yet, living in that Mercedes you paid for with your HELOC money.

Sorry for the rant, but I feel better now.

One saving grace is that these greedy borrowers WILL pay a nice chunk of income tax and have no cash with which to pay it.

The price is wrong, it is currently up for sale for 1,199K not 1,119K

Just goes to show you how clueless or greedy these lenders were. On November 30th of last year they gave these folks $350K for house that was already worth less than the oustanding paper. God help us all!

This was a pretty smart buy.

While Congress is working on the bailout, watch out, IAC may start its own bailout plan too. IAC just write off some bad asset (layoff) and they are plotting some zone changes again. Basically, more high-rise, more 5 stories apt.

To me, zone changes more like when you play a baseball game at bottom of 9, 2 out, and you need to re-play from 3rd inning again because Irvine City Council rules that the previous call at 3rd inning is not right.

All this will make IAC the biggest winner at end of the game.

Sweet house.  Too far north and too $$$ for me though.

Maybe we should change prop 13 so that your tax base changes every time you refi.  That might also have put a break on this bubble.

Yep.  We have to reform our laws to make it so selfish people can’t take us all down like this anymore.

Email your congressmen.  Make sure they hear you.  Who cares if only a staffer reads the first sentence?  Make the first sentence count!

I emailed Campbell and I felt better….like I’m doing something.  I’m emailing Boxer and Feinstein tonight.  I also emailed radio station KNX when they did a stupid story today about this poor mortgage broker couple in Culver City who are in their 60’s and 70’s and who have to keep working because their house depreciated in value and there’s no business coming in.  I almost ripped the radio out of my dashboard…portraying them like a pair of elderly victims.  Give me a break!

IR, doesn’t this property deserve the: WTF award?

and you say that some fool lent then a second for 350K in 11/07, and now i get to pay for it, thanks to the US Senate

Are there any homes in Irvine that come with a reasonable lot?

Hey people, unless you pay **EVERYTHING** by cash, and I do mean **EVERYTHING**, STFU.

Don’t tell me that all of you in this blog are Chinese who takes Cash Only on all transactions.

Although this bailout sucks, it is needed for **CREDIT** to continue to exist. Think about it hard before spewing unfounded truth.

Let’s see you try to buy a house with 100% down (and don’t give me that I rent bullcrap).

You don’t understand what it takes to live in Irvine. I had an elementray when I was in chemistry. It is where we put all of our elements after we were done with our experiments. Next, TREMENDOUSLY SPECTACULAR PALACIAL ESTATE is clearly evident from the photos—the view—as if you are in the air, and your own tennis courts and olympic sized swimming pool are included, no charge. You don’t understand that Irvine is different.

Let’s up the ante on this BS talk on asking congresspeople to reject this $700 Billion bailout.

Let’s call congresspeople to scrapping GAAP. No more Liability section since Liability = Credit. Asset = Stockholders’ equity (for those that didn’t study for MBA, look it up). Everyone pay by cash. No more this credit/mortgage/borrowing bullcrap. Everyone deleverage so that everyone paid CASH for EVERYTHING!! You can’t pay cash for a house? Tough shit. You can’t pay cash for a car? Tough shit (I’m sure there are some, including me, that pay car by cash only). You can’t find a job because businesses can no longer extend the Asset section of GAAP because there is no longer a Liability section so that they can’t extend their businesses by hiring more people? Tough shit.

Go live like Amish.

Since the original purchase price was $360,000 and they have outstanding loans in 1,207,500, if they just walk away, do they pocket $847,500 ?

Do the banks/lenders have any ability to go after the $847,500?

A Newbie.