Dollhouses of Irvine
Over the weekend, I assembled a dollhouse for my daughter. It's a tri-level beauty. Kitchen, dining room and patio on the first floor. Living room/ Family room on the second floor. Bedroom with a small Juliette's balcony on the third floor. As I tightened the final screw on the roof, and stepped back to marvel at the end product, the first thing that came to my mind were the multilevel Irvine condominiums. When we were house hunting, our Realtor showed us a few of those cardio-masterpieces. How are they doing now? Let's take a look.
Entry and garage, an optional second bedroom on the first floor, living/dining/laundry /kitchen/deck and little technology space tucked in a corner make up the second floor, and third floor has the master suite. Just like a dollhouse, the 'Jasmine' homes come with all bells and whistles.
Listing Price: $440,000 (Short Sale)
Beds/ baths: 2 bedrooms/ 2.5 bathrooms
Area: 1426 SF
Village: Quail Hill
Builder Tract Name: Jasmine
Builder Tract Code: JASM
Last Sale: $590,000 in June 2007 (that last sip of cool-aid!)
HOA Dues: $108 according to the listing
(But I think this property has two HOAs, $110+$186)
Mortgage/Month at 3.5: $1630
Property taxes: $4620 Annually
Mello Roos: $1820 Annually
Fixed Monthly Expenses: $2,462 Monthly
Sales history for similar houses in 2012:
45 Flowerbud $302/SF
54 Vermillion $325/SF
28 Perennial $318/SF
312 Dewdrop $303/SF
66 Vermillion $347/SF
205 Dewdrop $310/SF
50 Vermillion $340/SF
254 Dewdrop $318/SF
Also, here is a sales history of the year where cool-aid and its potential side effects were identified, but everybody thought their little nest was immune:
231 Dewdrop $448/SF
55 Flowerbud $485/SF
78 Dovetail $480/SF
50 Perennial $490/SF
92 Dovetail $464/SF
224 Dewdrop $475/SF
34 Dovetail $541/SF
36 Vermillion $483/SF
240 Dewdrop $450/SF
47 Flowerbud $414/SF
38 Vermillion $438/SF
The "Jasmines' have lost more than a $100/SF in the past six years. The property I have showcased in the blog today has lost 25% of its value. No wonder people are walking out on their properties. With lending rules a little relaxed and the record low mortgage rates, these properties will also get their due, and recover some of their losses in the next few years. But deflation and slow recovery of the job market will hold the prices back.
How did the housing bubble and the subsequent burst affect you?
Do you own a property that has lost more than 25% of its value?
Did you sell at the peak and lock in the profits?
Discuss below or at Talk Irvine.