Irvine Housing Blog

Yep, lack of credit affects the market.

—- 2007 2006
Jul 239 257
Aug 229 236
Sep 165 232
Oct 133 194
——-

Hmmm….best sales volume=lowest average price.

Sing along now that Frank has moved to Palm Springs

Happy Days
are here again
in the our ‘203
things are all swell
We’re gonna to sell
and flip and earn
‘cause Happy Days are here again

I don’t understand how some zips are stil posting 10% gains over last year this time?  We’ve known a bunch people who have sold in certain zip codes who took a pretty big hit.

I live in 92603. All it takes is a Shady Canyon to close with all of 12 transactions. And “Presto” Huge price average increase. Whats tragic is I think sales are really “Negative” more people are losing homes than buying them. And if these sales numbers get any worse. No Comps.

In Brevard County on the Space Coast of Fla, they are already planning for much less money for the county to spend, tho I rather think that it is due to Gov. Charlie Crist’s efforts to lower property taxes.  Unfortunately, what they are cutting is the fire dept, where he works.  The first 40 hours of work is paid in an abysmally rate; he makes money for overtime.  Too much overtime and not enuf sleep equates to accidents, after al while.  The individual fireman who falls asleep on the job or crashes a fire truck will be held accountable, but not the politicians or potitical system that caused the lack of sleep in the first place.

Any way, if there are no comps, how are the tax assessors to do their jobs, here there, or anywhere?

And does anybody know where Sue went?

He, being my son’s friend.

Hmm. Talk about schziophrenic sales data! The Northwood area is down almost 10% for obvious reasons well documented here by IR and others but what is going on in 92603? (Shady?) Must be what BLT Bill suggests, just need one $5MM pad to sell and voila!, sales data goes up. But what I don’t understand is why supposed millionaires would be buying depreciating real estate with the fundamental economic data what it is. Perhaps they know something we don’t? I suppose there’s no safe place for one’s cash these days. (besides the euro and gold)   Also looks like Woodbridge is holding up suprisingly well but it’s only a matter of time before they get caught-up too. Maybe their loans are standard and most are in a position to ride it out. Seems to me sales would plummet if that’s the case.

IrvineRenter:
You must get the Nov. 12 issue of Fortune magazine.  It arrived today, and there is a big article called “How Low Can They Go” starting on page 76.  The do calculations using historical home price to rent ratios, and are calling for a 33% drop in upscale home values (upscale is one that sells for double the local median price) in Orange County over the next 5 years.  See the table on page 88.  Maybe people will start believing you now!

soapboxpolitico,

These are MEDIAN prices.  A single expensive home won’t affect it.

high $300,000’s for most Irvine zips by 2010.  4 X median income.

“Comment by steve
2007-11-04 07:10:47
high $300,000’s for most Irvine zips by 2010. 4 X median income.
“

Awe, you’re too kind… I say high $200’s if that.