Irvine Housing Blog

“..it has been discouraging to watch prices hold steady over the last several months.”

IPO was right. My own research confirmed there was not enough “distress” in distressed sales. I was really hoping the sharp drop would hit this area similar to the inland. So I decided to “move up” to leasing a nice house. There is definite softening in lease rates for those willing to look. Renters with high credit scores are in demand.

At least we won’t be wringing our hands over a “Money Pit” during the holidays.

Developers should be imprisoned for building 2265 sq. ft. condominiums, why would someone needing this much space opt for a mega apartment instead of a SFR.

Housing corrections take years, especially when the eventual losses are so large. The fact that the government keeps throwing life rafts to the drowning markets gives hope the drowning home owners is slowing down the process.

In Q3 2009 we will see the housing market start to correct. So far all that has happened is a minor slow down.

People still think real estate is a good “investment” for the long term. They think that real estate will at least keep up with inflation. There is a belief that home prices are in some way tied to median income and rental values. The correction will begin when these “beliefs” are shaken and people buy homes for one reason, to live in them and raise a family.

The Hitler video is pretty good.  It was good, too, when Hitler was a Cowboys fan.
http://www.youtube.com/watch?v=M_9UTvESBIc

Love the clip.

Why “built-in media cter.” but no trouble with “center island” or “fitness center” later on? In addition to dropping the price, they have to drop a few letters too? Clearly there is plenty of room to fall farther!

I would at least say that it is closer to actually being worth $400k than yesterday’s offering.

I was going to point out that there are reasons for preferring a condo rather than a house, like not having to do yard work. Then I remembered, Irvine mansions don’t come with yards anyway.

How in the world did someone justify paying almost 1 million dollars for a condo during the peak of the bubble.  This is pure insanity.  For that inflated price you could have bought a very nice Turtle Rock home.  I’m sure TR prices are down too, but nowhere near the slaughter that has/will take place in Quail Hill.

I know this has already been said but I can’t help it—a four bedroom CONDO? Weird…

Interesting article about unemployed homeowners needing help to avoid foreclosure:
http://money.cnn.com/2008/11/20/news/economy/unemployed_foreclosure/index.htm?postversion=2008112007

“Homeowners are often left in the lurch. Take Dave Breitenbach, who lives in an upscale condo apartment with ocean views in Fort Lauderdale Beach. He had no trouble making his $5,000-plus monthly payments when he was employed. But now that he’s lost his executive job at a fitness chain, he’s struggling. “They said we can’t help you because you don’t have any income,” said Breitenbach, who has started his own business and is trying to sell the place, but has seen little interest. “You don’t qualify. They said once I get a job, I could call back and they could try to help me then.”

Um, yeah you’re probaly stuggling. You lost your job. This article smacks of the pervasive attitude that nothing should stand in the way of the lifestyle you DESERVE. You shouldn’t have to downgrade just because you lost your job! Why should you sacrafice the lifestyle you have “worked” so hard for? I don’t take joy in these types of situations but I find it frightening that no one is prepared to deal with REAL LIFE and sacrafices you sometimes have to make.

Scary. Scary. Scary.

650K and you have to share a wall with your neighbor.  I love it!

A very interesting read on what could happen if we end up having a Depression. Irvine being one gaint suburb, some of the points there may even come true here:

Depression 2009: What would it look like?
http://www.boston.com/bostonglobe/ideas/articles/2008/11/16/depression_2009_what_would_it_look_like/?page=full

I have been reading this blog for quite some time and I am appalled by the association fees most of these homes carry.  Based on my understanding, people buying this property will have to pay $286 association.  Then if you add mello roos and tax, you have to pay ~$1000 over your mortgage.  That is just ridicules.  How did these people afford to stay with such high payments is beyond me.

1st of all, I took a dump on the US economy, 2nd, I took a dump on the titanic b4 it sank, but I got 2 tell u, not everyone thought it couldn’t sink, u must have watched that stupid movie with Leo De-Crappio, well even in the move the designer and the Capitan know it could sink, most people even back then knew it was just a boat and could sink especially with all that doodoo in steerage, and most people here knew housing was getting pretty bubbly under the watch of my bitch-on-a-leash, little Bush, yes I took a dump on the housing market very nicely, and I took a dump inside all your houses, right in your fireplaces, Santa Clouse will not come down ur chimneys this x-mass, its like I would send all you bastards $300 or $600 checks, but u had to pay $300 more a month to put gas in ur SUVs, this was after I was in control of the Iraqi oilfields, did I mention I took a huge dump on Iraq? I ran the big 3 US automakers into the toilet, I also took a huge dump right inside ur mama’s car, yes right into her cup-holder, haha, I helped her out, when she puts her little cup down my doodoo will hold it nice and secure, and I can rest assured that everytime she pulls it up to take sip she can get a nice wif of my doodoo, then after all that, I took a dump on SS and ur mama’s Medicare, yes I squeezed the doodoo out of all you bastards, u can’t blame me, I had to secure me and my gay daughter’s future, I shall end with letting you doocky-brains know that I took a humongous dump on the entire world economy.

Kirk’s replacement doesn’t seem to have Kirk’s skillz
However based on how they spell dookie it looks like they may be a realtor…