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Ziani does have a ton of units for sale. I think the original prices may have started in the 500s or 600s in 2003/2004. I recall seeing some listed for around 1.65mil last year. That’s just crazy!
Can you investigate what is going on at Zani Condo Development in OC, 92657. On Redfin they have 16 units for sale (800-1.3) within a couple of blocks with San Pietro showing 6,15,16,17,18 & 28 all for sale.
Cool, 1400 more apartments right next to the Spectrum. Rents are so screwed.
Interesting news stories:
Irvine OKs housing, retail project near Spectrum
http://www.ocregister.com/ocregister/news/local/irvine/article_1680319.php
New Century gets no bids, lays off 2,000 workers
http://blogs.ocregister.com/mortgage/archives/2007/05/new_century_gets_no_bids_lays.html
Just a note on inventory…...Zip says that the number of houses for sale in OC is around 17,350, just a few hundred houses short of the 17,800 high reached in the fall of last year. I remember someone saying that when we reach 9 months of inventory, we will have a “deep” buyers market. Looks like that day will be here pretty soon.
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