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- $199,900 :: 3125 Watermarke Pl, Irvine CA, 92612
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- $398,900 :: 191 Lockford, Irvine CA, 92602
Excellent sharing Thanks for share i am sure its must help me in my work
The NAR may have sway in Congress where local realtors are big contributors, but they have little sway in the Executive branch. Now, too-big-to-fail banks have a revolving door in and out of the White House, which is one of our problems.
Purchased in 2008 for $390K.
Current market value is what? $420K, $425K, $440K?
Not sure but looks like a pretty freaking dull knife, maybe it’s a rubber knife.
The IR legend of continued price drops in Irvine were a great fantasy, thanks for acknowledging reality.
You’re right. The market value of this condo is definitely more than the purchase price, probably by $50k or so. Still not a great investment, since with closing costs and commissions, they will more or less break even (not counting any remodeling costs-they say it was remodeled and it was formerly bank owned, so the condition at purchase may have been poor). Even factoring in their use of the property for those two years (IE, either they rented it out, almost certainly at a loss per month, or lived there themselves), this smells like a wash to me, unless the cost of the remodel was significant.
I’m only analyzing market values. The story from IR up until just recently was that prices were dropping in Irvine over the past 2 - 3 years. The reality was different.
Not sure why you would try to analyze this as an investment. Why wast the time, it’s an outlier. Whatever happened I could care less. I don’t want to know, it’s their business.
I like looking at the facts. It’s good to acknowledge the reality if irvine which includes:
This house sold for more in 2008
Inventory is extremely low at 730
30 year fixed 4.7%
5/1 arm 3.4%. But we all know nobody would use a 3.4% arm in orange county
If you are looking at real market values, you have to account for remodeling expenses. Say someone tears down a 100k home and puts up a million dollar home. Are market values up 900k because of that?
That is a fundamental error to people looking at average or median home sale price in an area. If the area started with all $250k homes and had 10k of them, and then you build 10k $750k homes, the average would end up at $500k, but the value of your $250k home could easily be unchanged, or even have fallen.
given current mark to fantasy, subsidy, and resulting shadow inventory, using current inventory levels as an argument for a “hot” market is as foolish and short-sighted as it gets.
current market value will be the sale price.
it hasn’t sold yet.
No way this 2-bed condo is worth almost half a million. The 204 days on market says the seller is dreaming. Try $300,000 - $350,000 and maybe you’ll get a nibble.
But thank you knife catcher for saving the banks, and thus us taxpayers, from an even more catastrophic loss. The $80,000 down payment YOU made will certainly help when this thing sells for $325,000 and YOU eat the entire loss. You added $80,000 to the prior lender’s balance sheet.
So sincerely, THANK YOU!
Here is the list of sold comps Redfin found:
$425,000
7 CERRITO #4
Sold on Aug 31, 2010 0 miles
3 bd / 2 ba
1,507 Sq. Ft.
$403,000
7 MONTANAS ESTE #48
Sold on Nov 24, 2010 0.24 miles
2 bd / 2 ba
1,463 Sq. Ft.
$450,000
7 PALOS #53
Sold on Sep 07, 2010 0.36 miles
2 bd / 2 ba
1,507 Sq. Ft.
$400,000
64 NAVARRE
Sold on Oct 12, 2010 0.46 miles
2 bd / 1.75 ba
1,280 Sq. Ft.
$390,000
40 COLUMBIA #12
Sold on Jul 28, 2010 0.51 miles
2 bd / 2 ba
1,137 Sq. Ft.
$385,000
74 LEHIGH AISLE #82
Sold on Dec 22, 2010 0.57 miles
2 bd / 2 ba
1,242 Sq. Ft.
$485,000
24 AUBURN AISLE #115
Sold on Dec 09, 2010 0.57 miles
2 bd / 2 ba
1,682 Sq. Ft.
$420,000
15 AUBURN AISLE #124
Sold on Oct 06, 2010 0.57 miles
2 bd / 2 ba
1,242 Sq. Ft.
$470,000
18 OXFORD #16
Sold on Jul 20, 2010 0.59 miles
3 bd / 3 ba
1,524 Sq. Ft.
$445,000
35 WELLESLEY #48
Sold on Nov 07, 2010 0.59 miles
2 bd / 2.5 ba
1,480 Sq. Ft.
Range: $385,000 - $485,000
Average: $306/Sq. Ft.
This home at $306/Sq. Ft.: $447,268
Remember, each one of these sold on the open market at the price stated. This condo is worth close to the list price.
You’re welcome buster. I hope your glad when I ,lose my 20% and then squat in my home for 12+ months while the taxpayer eats the loss.
You are more than welcome
He who laughs last, thinks slowest.
You are right prices stalled for 2 years. I bought in 2008 because after tax breaks my place is below rental parity after my large down payment. This is still true for the low end and I do not see much movement in the low end sector. This was even stated by IR over a year ago…
That said house prices to income clearly show a still sizable divide between home prices in the mid to high end and real income.
Make of it what you will but that basic bit of information should tell you what trend to expect in those market segments over the next 5 years. If you want to look at it as an investment as most on here do a basic Price to income barometer is very useful.
Keep up the trolling
Long time bear, now I’m a bull. It’s the “Charlie Sheen” economy…no matter how far it stumbles, it bounces right back with little consequence. Stock market rallies almost daily. Shops are crowded, Starbucks line is long, the OC version of austerity is a kid who doesn’t have an iPhone. Most unemployed somehow find jobs once the UE checks stop; chronically unemployed move back with Mom/Dad or have a spouse/honey who will support them. No riots in the streets. Euro debt crisis? QE2? Who cares? My guess the next surprise will be new loan programs for folks with bad credit/foreclosures to get them back into a house. Taxes will be raised in Cali, pensions will be saved. The public will grumble but pay and plan a trip to Disneyland to forget. Being a bull now is like standing in front of a freight train; I think it’s time to get off the tracks.
Oops, make that being a bear now is like standing in front of a freight train. Hope that wasn’t a Freudian slip.
Yes economy getting better but OC housing will be lagging for some time: there’s too much inventory real+shadow, not that many surviving first time buyers with good credit and with no first time buyer, the food chain of move-up buyers can’t start, they are frozen in place!
ah forgot the FCB!, they will save us all!
Funny and so true. It’s like the recession never happened in many parts of the OC. One can deny it, or acknowledge it and understand why.
Yes, it’s all just peaches and cream, isn’t it. You moniker should be Planet Bubble.
The economy is improving, and the housing market has stabilized. Why is it so hard for some people to accept that? Get on with your life and quit worrying! Go buy a house!
From the cited article: “What’s worse, it’s not over yet: Home values are expected to continue to slide as inventories pile up, and likely won’t recover until the job market improves.”
No. Many across all segments have society have lost a lot of money. People are just tired of austerity; they want what they want and feel they deserve and will figure out a way to get it; if it doesn’t work out a relative or government program will help and provide a fresh start. It feels good to spend money and impress people.
People hear about Octomom shopping or some Housewife with eviction/NOD’s lunching poolside with cocktails discussing plastic surgery, they become angry and head to the mall or dealership. Who needs frugality, it’s Rock Star time.
0% interest rates. there is your answer. there is the fountainhead for the smoke and mirrors recovery.
Haven’t been in these condos but used to play RSJ weekly… (we called it Rancho San Wide Open because you couldn’t get into trouble, there were no hazards) RSJ was build on a landfill (yes, there are parts of Irvine built on landfills PR) and you still smell methane after the rain. We played there because most other public courses (Costa Musa, Mile Sq) were impossible to get out on the weekend without a tee time. So I’ve passed these things many times. They are dumps. Pigs with lipstick with an odor on the weekends. I used to feel sorry for the people who had to live there. Sorry, PR, but that’s my truth about this part of your ‘hevenly Irvine which is different’. $450K, I wouldn’t give you $250K for this location.
I never said Irvine was heavenly. If you want to live the Irvine dream that’s your choice. I wouldn’t pay $0 for this if I had to live in it, but if I could immediately sell it I would pay $250K all day and night until I could no longer buy more for $250K.
Sounds like a good course to play though, Any chance of losing less than 1/2 my balls would be welcome! As long as I don’t start growing a 3rd arm or something.
Really fun course for the money and you have to be REALLY bad to hit the condos or lose too many balls. But then again, I usually bring three sleeves just in case….
A highlight was getting the outdoor BBq RSJ dog at the turn (not ‘Triple D’ material but still good). Don’t know if they still do that. You have to keep an eye on your food. The birds will swoop into your cart and steal it on the 10th if you take your eye off it. Just try not to play right after a rain.
A second perspective on the BofA-GSE settlement.
http://www.housingwire.com/2011/01/10/the-bofa-gse-settlement-were-we-robbed-or-not
A long-ish read, but worth your time.
SGIP
I think it’s a bit disingenuous to characterize this as a bail of of BofA. These deals were done by Countrywide (and our hero, Mr Mozilla of the eternal tan). BofA was forced to swallow Countrywide by the feds when Countrywide went down. You can’t make someone eat bad food, then get upset when you have to pay for their medicine to treat food poisoning. If anything, we should be going after the investment banks, GS becuase they set up Countrywide to provide them with an endless stream of bad loans to securitize. Whatever happened to the chain of blame?
>Did Bank of America get a sweetheart deal with the GSEs concerning their poor mortgage origination practices?
Only these mortgage practices can be considered wise:
1. Short term - 10-15 years
2. Only variable rates = higher than inflation + good profits
3. 30% downpayment
4. No mortgages to the poor, people whose payment history has spots anytime since childhood…
Currently, banks unload all risky 30-year fixed mortgages, which are definitely “poor mortgage origination practices”, to the government and silly investors.
For those who argue and dont understand or pay attention to the market prices, look at KB Homes brand new primrose detached single family homes in Portola Springs, its Irvine and Irvine school district, 1739 SF home brand spanking new is being offered for $529K plus you get $10K towards closing. Of course you pay $280/month HOA which is not bad and taxes are 1.74%, only about 0.5% higher due to mello roos Link here http://www.kbhome.com/Community.aspx?CommID=00450013
If you want condos, they are even cheaper.
YES! I would call anyone who pays $500K for this old crap a big knife catcher!
Kaufman & Broad used to make crappy homes. Not sure about now but I wouldn’t touch their homes.