Banks will delay some foreclosures and evictions during the holidays

Dec 2nd, 2011  
by IrvineRenter  in Library News

Astute Observations

Astute Observation by Irvine Observer
2011-12-02 08:30 AM

At $167,500 the price/sq ft is $223. It is currently listed at $287/sq ft - way too high for this type of property. 

This type of property will probably sell for less than $200/sq ft by the time the market bottoms, even at current low interest rates.

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Astute Observation by IrvineRenter
2011-12-02 08:33 AM

Not long ago, I profiled a similar property asking $145,000. It does look like $200/SF for tiny condos is coming soon.

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Astute Observation by Irvine Observer
2011-12-02 08:38 AM

IR - do you (or any other readers out there) know what a property like this (and in this neighborhood) would rent for?

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Astute Observation by bigmoneysalsa
2011-12-02 09:53 AM

Since it’s been remodeled, I’d guess somewhere around $1400. Maybe as high as $1500, though it’s not a good deal at that price.

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Astute Observation by Irvine Observer
2011-12-02 08:35 AM

As a side note: at today’s market pricing, $223/sq ft appears to be in the range for a property like this.

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Astute Observation by lee in irvine
2011-12-02 10:38 AM

Latest figures per OC Register/DataQuick

Irvine Median Price and Year over Year
92602 $450,000 -30.8%
92603 $858,000 +2.1%
92604 $480,000 -12.1%
92606 $612,500 +17.8%
92612 $429,250 -15.0%
92614 $454,000 -19.9%
92618 $426,000 -14.0%
92620 $545,000 -22.1%

Right-on track for a future recovery.

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Astute Observation by bltserv
2011-12-02 12:02 PM

You could rent a 5 year old IAC with nice everything included for about $1400 in this size.
This thing is 30 years old. It will MOVE under $ 200K. Otherwise it just does not make any sense.

$ 370 HOA.  Thats a dealbreaker.

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Astute Observation by mangaku
2011-12-02 04:01 PM

Here we go wih more bank BS.  If anyone thinks B of A is suspending sales and evictions over the “holidays” follow the link below.  Stress tests are around the corner and they need money FAST!  Should be interesting to see which bank ends up evicting the wrong people this year over the holidays.

...change’n the locks  
  ...trash’n the house
    ...noth’n left behind but a stinky old mouse
      ...B of A is coming to town!!

https://recontrust.com/sold_result_details.aspx?county=Orange

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Astute Observation by irvine_home_owner
2011-12-02 05:52 PM


...change’n the locks  
  ...trash’n the house
  ...noth’n left behind but a stinky old mouse
    ...B of A is coming to town!!

Nice.

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Astute Observation by SanJoseRenter
2011-12-03 02:12 AM

IR:

Since you’re a slumlord now, this might be of interest to you.

For the past 40 years, one could protect a house in Detroit from door, brick and copper thieves by encasing your house in steel fencing.

But since the increase in metals prices, even steel is worth recycling.

So what happens now is that while you’re out of the house, metal thieves steal your fence. Then within a matter of days, the rest of your house is stripped and burned.

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Astute Observation by newbie2008
2011-12-03 04:01 PM

Armed guard outside of BoA in Irvine.  Very unusual for Irvine.

FC during holidays are more expensive with the remodeling and other help needed to get a place ready.  Everybody wants to go home and not work long hours during the holidays, even the bank people.

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