Login
Subscribe
Recent Comments
- Lee Campbell on Uncovering the History of the Secret Garden
- Kelja on Uncovering the History of the Secret Garden
- Sylvia Walker on Irvine Housing by the Numbers - May 2012 Update
- Casual Observer on Irvine Housing by the Numbers - May 2012 Update
- Astute As It Comes on Open House Review: 35 Bella Rosa
- Sylvia Walker on Open House Review: 35 Bella Rosa
- Darin on Open House Review: 35 Bella Rosa
- Sylvia Walker on Investors Are Busy in Irvine's Low-End Housing Market
- Casual Observer on Investors Are Busy in Irvine's Low-End Housing Market
- irvine_home_owner on Tustin, but Irvine Schools
Recent Posts
- Uncovering the History of the Secret Garden
- Closed Sales from 5/10/2012-5/16/2012
- Open House Review: 52 Secret Garden
- Irvine Housing by the Numbers - May 2012 Update
- Paired Living with Privacy in Woodbridge
- Beige Ruth Sisters
- Closed Sales from 5/3/2012 to 5/9/2012
- Open House Review: 35 Bella Rosa
- Investors Are Busy in Irvine’s Low-End Housing Market
- Artist in Residence: Turtle Rock Glen Townhome
Categories
Archives
- May 2012
- April 2012
- March 2012
- February 2012
- January 2012
- December 2011
- November 2011
- October 2011
- September 2011
- August 2011
- July 2011
- June 2011
- Rest of archives
Browse Homes
Irvine Homes
- Airport Area Homes
- El Camino Real Homes
- Northpark Homes
- Northwood Homes
- Oak Creek Homes
- Orangetree Homes
- Portola Springs Homes
- Quaill Hill Homes
- Rancho San Joaquin Homes
- Turtle Ridge Homes
- Turtle Rock Homes
- University Park
- University Town Center Homes
- West Irvine Homes
- Westpark Homes
- Woodbridge Homes
- Woodbury Homes
Newport Beach Homes
- Newport Coast Homes
- Crystal Cove Homes
- Corona Del Mar / Spyglass
- East Bluff / Harbor View Homes
- Lower Newport Bay / Balboa Island
- Balboa Peninsula Homes
- West Bay / Santa Ana Heights
- West Newport / Lido Homes
Other Cities
- Aliso Viejo Homes
- Anaheim Hills Homes
- Brea Homes
- Costa Mesa Homes
- Coto de Caza Homes
- Dana Point Homes
- Huntington Beach Homes
- Ladera Ranch Homes
- Laguna Beach Homes
- Laguna Hills Homes
- Laguna Niguel Homes
- Lake Forest Homes
- Mission Viejo Homes
- Orange Homes
- Rancho Santa Margarita Homes
- San Clemente Homes
- San Juan Capistrano Homes
- Santa Ana Homes
- Tustin Homes
- Villa Park Homes
- Yorba Linda Homes
Contact
.(JavaScript must be enabled to view this email address)
Foreclosures
Housing
- Talk Irvine
- IHB Forum Archive
- OC Housing News
- Coto Housing Blog
- Housing Kaboom
- Patrick.net
- Housing Chronicles
- Housing Doom
- Dr. Housing Bubble
- Manhattan Beach Confidential
- Burbed
- SoCal RE Bubble Crash
- Professor Piggington
- Real C'ville
- Westside Bubble
- Bubble Meter
- Portland Housing Blog
- Sacramento Land(ing)
- OC Register Blog
Econ/Finance/Other
- Calculated Risk
- The Big Picture
- Economist's View
- Mish's Blog
- Matrix
- Bakers' Stock
- ML-Implode
- Eschaton
- Best Mortgage Rates
- Crackerjack Finance
Latest REOs
- $199,900 :: 3125 Watermarke Pl, Irvine CA, 92612
- $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
- $579,900 :: 8 Star Thistle, Irvine CA, 92604
- $458,500 :: 3 Ultimo Dr, Irvine CA, 92620
- $398,900 :: 191 Lockford, Irvine CA, 92602
For Irvine you need to eliminate FHA analysis since its virtually non existent, less than 1.6% need it.
For Las Vegas you need to provide more FHA information. You need to say seller assisted down payment, 0% down, let the good times roll. I wonder how much fraudulent FHA purchasing is going on now in Las Vegas.
Yeah IR, you need to do it differently because you do not know how to run this blog or what to write about. Planet Reality has much experience and success with his blog so you should be listening to him and taking his advice.
IR…are those your typos? perperty,consmetic?
Sue, LOL, how about
ALL CAPS, “desert landscaping” with no pictures, “freeway access” ?!?!
Oh shush PR. Please point me to your daily blog so I can read your perfect spelling of thousands of words written weekly.
I like IR. He’s taking care of business and building a future.
Here’s to you IR
PR - Your blog can provide daily updates of foot-traffic over at the Irvine Spectrum as well as congestion levels of the parking lot.
Why should house prices double every 15-20 years?
Doesn’t that depend on an increase in aggregate income (number of jobs x average wage) in a community?
In the short term, hasn’t LV lost jobs, thus lowering that result?
“Why should house prices double every 15-20 years?”
Because it’s THE LAW! You know…like gravity.
Sheesh.
>Canadian investors, Asian investors. A lot of cash coming in from there.
What is their objective?
Henderson is the city where it’s better (maybe, not cheaper) to rent than to own.
The reasons:
* All available jobs are in LV. If rents become comparable in Henderson and LV, it’s better to rent in LV in order to cut commute time.
It’s similar to the Inland Empire. People had to move to IE during the boom times, but are leaving now due to lack of jobs.
* The rent prices in LV will slowly decline. Now they are lagging compared to the house price declines.
For example, the Irvine Company can keep the rental prices steady. But there are numerous alternatives. Homeowners complain that it’s MUCH harder to rent now, and they have to negotiate.
* In Henderson, home prices are rapidly falling. 17% for the last year.
http://realestate.aol.com/Henderson-NV-real-estate
Vincenzo,
You hit the nail on the head on explaining why the IE and outer LV had a larger and quicker crash than OC and premium areas with higher paying jobs. Time is money but can be remade after it’s lost. LV economy is centered around the casino’s. LV lacks economic diversity, so it more prone to boon - bust cycles. IE when up in a large part due to too high cost on the costal area. The second raise for the IE will be for food if the water problem can be solved.
Those maintenance reserves at $50 a month are pretty low.
Why would I want to buy that house for 125k when I can go right around the corner and pick up a carbon copy house on a larger lot with a swimming pool for less than 99k?
http://www.redfin.com/NV/Henderson/912-High-Mountain-St-89015/home/29714091
I guess it’ll work until it doesn’t.
In 2010 the Irvine Company sold more than 1200 new homes:
http://lansner.ocregister.com/2011/02/17/irvine-co-reports-sales-of-1200-homes/99937/
“The incredible sales and rising prices at Woodbury in Irvine were the national new home story of the year,” Irvine-based housing consultant John Burns told the Register.”
“Although the housing market may not have turned nationally, it has unquestionably returned in Irvine”
It looks like the Irvine company is full speed ahead with even more new houses in Irvine, where else is this happening????
http://lansner.ocregister.com/2011/02/20/596-new-homes-coming-to-laguna-canyon-road/100021/
“The project will consist entirely of single-family homes, with prices ranging from the low $600,000s to more than $1 million. The development includes”
“Young said that all the homes in the Irvine Pacific Collection have new designs that incorporate innovations used in the 2010 models, such as replacing formal dining rooms with “great rooms,” and providing plenty of storage for items purchased from big-box stores like Costco or Wal-Mart.
Great quote, what recession in Irvine? Irvine company sold 100 homes per month in addition to the normal 200 per month resale transactions. Where else is this happening?
LOL, I suggest reading the comments of this story.
Planet Reality says:
February 17, 2011 at 6:27 pm
Can’t go wrong buying in Irvine.
Einstein says:
February 17, 2011 at 8:59 pm
“Can’t go wrong buying in Irvine.”
And you couldn’t be more wrong, Sparky.
For example, idiots as far as the eye could see bought houses in Woodbury 5-6 years ago on option ARM loans. Well, those ARM loans are now resetting and I’m getting a flood of Woodbury listings. Here’s yet another one I got earlier today:
Woodbury (WD) Zip 92620-2804 TGNO 861B1
Orange County (OR) XSTS Rhapsody/Lamplighter Aerial Map
P766454 Media: 10 Builder Tract Treo (WDTR)
Bed 2 Model (*)
Baths 3 Style Traditional Stories Two Levels Floor 1 of 2
View No View HOA Dues $ 105 + $170 Land Lse/Yr $
ASqFt 1,824 Estimated YrBlt 2005 Assessor Land Fee
List Date 1/19/2011 Date Added 1/19/2011 Tran Date 2/17/2011 DOM 29 LP/SqFt $269.68
Org Price $519,900 Prev Price $519,900 Cur List Prc $491,900
Peak pricing $519k, current $491k? LOL the Irvine “crash” was devastating. Thanks for proving my point. Where else are they selling new homes at half the normal resale pace?
The only point that has been proven is that other people who have no association with this blog also think that you are a buffoon. Shocker!
How are those 2% interest rate predictions working out for you? I am still anxiously awaiting these new record lows that mortgage rates are going to “continue” to break that you were pumping up a few months ago.
But some homeowners disagree, saying that their neighborhoods are becoming more transient.
Dawn Lane, owner of the Professional Realty Group, said people who want to buy a home in Las Vegas to live in are getting priced out of the market.
“They have an opportunity to buy a home and when they go to put an offer in, you’ve got investors purchasing the home for cash,” Lane said. “What’s a better deal for the bank? Let’s take the cash and run.”
And although Lane said it’s great homes are being sold, the investors could end up hurting Las Vegas in the end.
“If we’re trying to build neighborhoods up again, don’t we want solid families or people invested in our community who wants an opportunity to live in Las Vegas and grow?”
Agree 95%. I think the issue is more that the locals are being crowded out by the all-cash real-estate gamers ( not priced out ).
How is it helping Las Vegas to turn all these neighborhoods into these mini Feudalistic Kingdoms rather than let prices fall to where locals can buy them for what incomes support. IrvineRenter, don’t you think that you are overstating the “lenders will not loan” talk? It’s making it sound as though not a single person in Vegas can get a loan so they need a California landbaron to keep them warm at night.
These neighborhoods are going to turn into ghettos because no right-minded family is going to buy their family home in a neighborhood where 70% of the people living there are renter class. In terms of price appreciation, these neighborhoods are toast. Not to mention that Las Vegas is not exactly the first thing that comes to mind when it comes to a nice place to raise a family. What is this “revert to the mean” talk as though it is some kind of foregone conclusion?
There is a stated claim to an exit strategy: We will sell you back your house when you can get a loan. This claim sounds dubious. Suppose that prices drop for the next 7 years or stay completely flat and your tenant calls you up and wants to buy his house back. Are you planning on “helping” by selling the house for the lower price or would you “decline” and prefer to keeping renting it out for monthly cashflow until prices go up?
Irvine Renter is trying to make a living for his family. He’s not required to do charity work for anyone. He’s allowed to play the ruthless capitalist game like you or I. I don’t know how its going to turn out for him. I have my doubts I see LV with a bleak future. His vulture business model has created jobs in depressed Las Vegas.
He’s not required to do charity work for anyone.
Of course not. I am just evaluating the quality of the “help” that is being advertised. Who exactly is being “helped”?
I fail to see how a group of Californians forming a club to buy up houses in Las Vegas and rent them out is going to help those neighborhoods recover. I just don’t see it. I see the neighborhoods falling into disrepair and slum taking over as the land barons compete with each other for tenants. Some will get good renters, others will not. Some will keep the properties looking nice, some will not.
I sometimes wish that IrvineRenter would just come out and admit that it is all a game rather than promote it as community service. We all know that this is not about helping families so why not just tell it like it is and drop this veneer that it is about keeping families off the street because banks won’t “lend” to them?
The cash investors do it for the children. Whatever would the poor renters and poor new home buyers do without the cash investors? They would never be able to survive, if they were lucky they would be forced into a grapes of wrath nomadic life, only way they could keep on living… Most likely they would keel over and die without the cash investors.
If potential buyers in LV were actually being crowded out, then prices would be rising, not falling.
You also really need to think about what you’re saying. 5 years ago you had ‘absentee’ landlords from CA and everywhere else, including other LV residents, buying ‘investment’ properties in LV, with no money down. That provided a lot of air for the bubble. That was a real negative activity.
Either side of a rental transaction is not a sin. The idea that rental communities instantly become ghettos is false. What will become ghettos are areas with lots of vacant homes. That is the choice. IR is getting families into homes as renters, and that is an improvement over the home being vacant.
You also really need to think about what you’re saying.
I do think about what I say. You should too.
If potential buyers in LV were actually being crowded out, then prices would be rising, not falling.
Not true at all. Prices could reach an artificial plateau or just decline less rapidly with a sudden influx of outsider money. The market is trying to find a bottom that is supported by the local incomes. Outsiders swooping in and meddling with it are just causing distortion. Irvine Renter used the word “save” but I think that is a euphemism for “distort”. I do think “save” sounds better from a marketing perspective though.
The idea that rental communities instantly become ghettos is false. What will become ghettos are areas with lots of vacant homes.
These are not mutually exclusive statements at all. They can both be true. I do agree that the vacant houses are not a good thing. I do not agree that the only solution is for outsiders to buy and rent them out. The solution is to let the prices keep falling and let the local market find a balance rather than everyone from around the country swoop in and artificially push prices up to “save” the market.
IR is getting families into homes as renters, and that is an improvement over the home being vacant
Actually we don’t know who the renters are. Your choice of the word “families” has an underlying assumption involving “children” which is a Jedi Mind Trick. It certainly warms my heart to read about families. However, IrvineRenter could just as likely be renting to single people, childless couples, retirees, college kids, etc. I would be curious as to the Demographics that make up his tenants.
We also do not know if IrvineRenter has outbid any local Las Vegas residents at auction. Are the only people showing up to these auctions other real-estate gamers? Or are there some folks there who are trying to find shelter for their children? Can’t families bid for a house at auction and come up short against the “Superfund”? I hope this is not the case, but isn’t it possible? If it did happen, it sure would not be very “helpful” to all these “families”.
IR is not renting these homes he’s flipping them… nothing wrong with that. Just clarifying what he’s doing.
You might want to try reading the blog post. Take note of the part that talks about buying foreclosures and renting them back to you until you can get a loan.
i see the little blurb on the cartoon, but this house is vacant… therefore it’s a flip, if their were anyone living in it then why does he have it on the mls? dumbass…
How can you make profit by renting this property?
$15 .......... Maintenance and Replacement Reserves
$850 .......... Monthly Cost of Ownership
$15 will hardly cover carpet cleaning.
What about water leaks, repainting, etc.
If somebody moves in with a dog, he will trash the whole house.
One renter can be nice and clean, another one not so.
If you search for a 3-bedroom house below $1,000, there are numerous offers in LV:
http://lasvegas.craigslist.org/search/apa?query=&srchType=A&minAsk;=&maxAsk=1000&bedrooms=3
The low maintenance cost is due to the fact cash investors bought it. Without cash investors as middle men the monthly cost of maintenance would be $200-$300 per month easily. This would be the same as the cost of maintenance for a house in Irvine, amazing I know. Thank god for the cash investors.
ooh, ooh, updates on the Irvine Rectum. Sign me up!
I thought it was the Irvine Speculum.