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Latest REOs
- $199,900 :: 3125 Watermarke Pl, Irvine CA, 92612
- $349,900 :: 10 Greenleaf 16, Irvine CA, 92604
- $439,900 :: 61 Olivehurst, Irvine CA, 92602
- $889,900 :: 14 Upland, Irvine CA, 92602
- $429,900 :: 56 Great Lawn, Irvine CA, 92620
- $465,000 :: 212 Garden Gate Ln, Irvine CA, 92620
- $329,000 :: 1006 Terra Bella, Irvine CA, 92602
- $579,900 :: 8 Star Thistle, Irvine CA, 92604
- $398,900 :: 191 Lockford, Irvine CA, 92602
- $750,000 :: 69 Lakeview 6, Irvine CA, 92604
IR
I hate to enter this under astute aber if the lender loaned 333000 and she stopped paying why would they “pick it up” at auction for 293000.That seems like a greater loss than a buck twenty..
Asking price minus 6% is $249,006 ($264,900 - $15894 = $249,006). This is the amount recovered after foreclosure.
Original purchase price minus the amount of recovery is $120,994 ($370,000 - $249,006 = $120,994). This is the total loss I reported.
Since the owner got back her downpayment with a HELOC, this loss is entirely absorbed by the lenders.
Take one step in the front door and you’re standing in front of the fireplace. Two steps in and you’re standing in front of the TV. And I’m fairly sure I can reach out and touch both sides of that kitchen.
I realize that this kind of housing is pitched at me (single guy) but if I have to pay that kind of money (plus association fees!) to live in a place that small, I’d rather rent.
This seems to me to be much more of a rental, but think of what a great investment it will be and how much you’ll have gained when you sell it.
I had been under the impression that 2nd homes and investments required much higher than normal dp’s. I guess things got so bad that a 10% dp was much higher than normal. Did the ‘investor’ ever rent it?
Would this rent for $2000/month? How much do comparable units rent for?
Wha?
Is this a troll?
$2000/month? Are you serious? A 1 bedroom?
At a time when 4 bedroom 2000 sq ft homes in Laguna Niguel are renting for $2500/month for close to the beach and 3X the space with a back yard and view?
I’d find it hilarious if they could get $1300 in this market. Seriously. And then, you’ll have turnover like mad.
They could get $1300/month pretty easily. I lived in one of the bigger units upstairs and my neighbor below rents his 1/1 out for about $1500/month.
Westpark is pretty popular and there’s a K-8 school right down the street that seems to be well-regarded.
This is a 1/1, what interest do they have in the school system?
Creepiness?
I was referring to the neighborhood as a whole, but you are correct…generally these 1/1 units appeal to singles or married couples w/o kids. I have seen a few single moms/dads with kids in them, however.
The bigger units appeal to small families which would have more interest in the school system but even if you buy the 1/1, and don’t have kids, the value would be higher because of the schools.
All of the units in Brio make pretty good rentals/owner-occupied residences because of the proximity to UCI and job markets. I’m in escrow on my Brio property right now, for a fairly healthy price…hope it sticks!
You say “pretty easily.” But much has happened in the last six months or so, and those leases that will be coming up in the months to come may not be as high. What someone is under lease for right now may have been agreed to a year or longer ago, and things are a bit different now. People’s ability to re-negotiate is probably there in most areas. I for one will either be re-negotiating or moving in the next few months. Needless to say, 2000/mo. is a bit steep for a one-bedroom.
True, but I know what these things rent for and $1300/month is realistic for this unit.
$2000/month is a different story. I’d be lucky to get that on my bigger 2/2 unit with upgrades.
A good friend rents a 1/1 750 sq ft’r in the Avenue One apartments in the Jamboree corridor (I know it is not the same but somewhat of a comp). He signed a lease in Sept. 2008 for $1,450 per month. He told me he is currently seeing a bunch of ads for his exact same unit for $1300 to $1350. He thinks it is not unreasonable to think they will be $1200 to $1250 by the time his lease is up in Sept. 2009.
dinning
One entry found.
Main Entry:
2din
Function:
verb
Inflected Form(s):
dinned; din·ning
Date:
before 12th century
intransitive verb : to make a loud noise transitive verb 1 : to assail with loud continued noise 2 : to impress by insistent repetition —often used with into<lessons dinned into us as children>
That’s the perfect room for a realtor then.
BUY BUY BUY.
I am more intrigued by the “Bathroom with In Door Launfdry”. How do you fit a Launfdry into the bathroom door, while still having both a functional bathroom and Launfdry (whatever that is)? I guess since it is a single person dwelling, you don’t really need to use the bathroom door very often.
Hahaha
I thought your name was funnier…JK
bean head > Kitty
:D
$180k - $200k.
Good lord, I hope not. I’m thinking 100K tops. This thing would fetch 50-60K in Phoenix.
I’m with David - 100K.
If something like this brings in 200K, we are not anywhere near a bottom or I’ll never own a house anywhere near Irvine!
Depending upon the neighborhood, sure. In Paradise Valley or Scottsdale, it’d be $50 - 60K. Otherwise, somewhere along Encanto Village, or Alhambra, closer to $30 - 40K.
But as people keep reminding us here, Phoenix is a hellhole and no wonder housing’s so low-priced. :/ If you told most people how cheap it really is to build these overpriced dovecots, they’d blow a vein. Maybe two.
How about we split the difference and say $150k? I don’t think this will ever go to $100k in Irvine.
Meanwhile in the IE, the banks have started plowing homes under.
Ya I saw the video on that. Sad.
Admittedly, that was a fairly unique situation. They were vandalized ex-models sitting in unfinished streets in the middle of nowhere. The bank would have had to repaired the houses, finished the streets, and then sold the four houses sitting in this huge empty field. There’s no chance those would sell for more than it would cost to finish the streets, repair them, and prepare them for sale. Plus, the bank couldn’t just hold on to them until the market recovers because both the houses and the streets didn’t pass code and the city was threatening to fine the bank until they fixed them up or tore them down. The person who filmed them is a Ron Paul libertarian type who blames the tear down on the city enforcing their building codes.
This is not a situation that will come up regularily. Now, a slightly more common thing will be that a old home in poor condition, either in “the hood” or the middle of nowhere, is torn down because it’s not worth the costs to fix up, and the vacant property is attractive to vandals/bums/gangs/druggies/squatters and will probably burn down eventually due one of the above groups. The only difference between that and these houses is the fact the houses in question are brand new (but they were in the same poor condition due to vandals and the unfinished surrounding infastructure).
Irvine Renter: I’m a little confused by the price-to-rent ratios evidenced by the Gross Rent Multiplier in your book. The book gives a rule of thumb of 100 (100 x mo. rent = selling price). However, during the last 2-3 mos., I’ve rarely seen a GRM anywhere near that low on this blog, even in discussions on non-Irvine properties.
Question regarding Irvine: What is the GRM you use for Irvine properties (or the low-high GRM range if a single value isn’t usable)?
I thought it was 160 here
Rental parity at the time I wrote the book was at 160 times rent (157 in the book). Since then interest rates have dropped so much that it is probably closer to 175 today—at least temporarily while interest rates are artificially manipulated.
Cashflow investor levels for a GRM have historically been closer to 100; although with lower interest rates it now hovers between 120 and 135.
There was a link to a property yesterday in Riverside that is a 1992 rollback that is trading at a GRM less than 100.
.
David ... that’s classic. The dog defecating on the carpet. And is that a Barbie <a href=“http://www.patricknagel.com/taf/image_search.taf?_functi>Nagle</a>? And how about that plastic furniture.
I’m telling you, Irvine Barbie is the next big thing. The Malibu Beach House has nothing on the Irvine condo.
I heard they lost the Malibu Beach House. Foreclosure.
I saw a great term to describe the current optimism:
Hopium
The addiction continues, but you can never feel like you did the first time. You can always chase it though…
Thanks to Charles Hugh Smith: http://www.oftwominds.com/
Don’t worry I’m sure some korean/chinese/fillipino/thai/vietnamese/japenese/indian/persian/arab/sri lanka family will snatch this one up.
Bitter much ? Racists who cant spell…how odd
Good idea last white man in Irvine. Realtors should be courting cash rich foreigners (chinese, korean, indian, middle easterners) to buy up the excess housing inventory. Since these foreigners are usually more prudent with saving and generally have higher household incomes, they’ll have the money to buy with larger down payments and will likely have less trouble obtaining loans.
It’s nice to see a white boy. But don’t hate.
Crazy-listing-realtard-speak of the day:
Everyone has read the do’s and Don’ts of every aspect of life. This homme is the perfect example of the do’s and the don’ts of building or remodeling your home. YOU MUST VIEW THIS HOME to see first hand the importance of building permits in a community, THIS IS A FIXER. Close to schools and shopping. CASH ONLY!
http://www.trulia.com/property/1078387465-945-Marylin-Ave-Livermore-CA-94551
homme=man in french
Ignoring the “homme” typo, that’s a refreshingly honest listing.
LOL!
I was in one of the condos in this development yesterday picking up a lens I bought on craigslist.
Construction like this is worth at most $150 a square foot.
It’s got a long way to go down, and the association fees could go up substantially.
More folly per DataQuick:
92602 ~ $630,000 ~ -2.6%
92603 ~ $702,500 ~ -42.8%
92604 ~ $477,500 ~ -13.0%
92606 ~ $547,000 ~ -6.1%
92612 ~ $417,500 ~ -9.2%
92614 ~ $400,000 ~ -40.5%
92618 ~ $469,750 ~ -3.9%
92620 ~ $620,000 ~ -11.4%
Every - Single, Zip Code, Again.
But don’t worry ... we’re almost at rental parity in many cheap, junky, Irvine condos. LoL
Per Redfin
92603 Single-Family Home
Median Listing per SQFT ~ $481
Median Selling per SQFT ~ $382 <—- LOL
Bitter much? Yeah, that’s proper grammar, hypocrite.
ok.. damn… chill.. “bitter much” is a little girls expression i borrowed from the movie “heathers” and i thought it appropo for you…and rasera is not a spanish name.. it is the swedish word for destuction but i do mucho gusto beans…adios chica
“Bitter much ? Racists who cant spell…how odd “
You have a lot nerve criticizing others spelling, bean head.
This would be a great buy if it were a 2bd/2bth.
Another bear trap is for calculating rental parity as a good price to purchase. If the current interest rate is very low, especially by manipulation, but later the rates goes up and wages are stagnant or go down, the house price will go down down down. Rents will also go down with high unemployment and wage reductions. Job relocation usually means forced home sale.
Wages are the last sector to go up during inflationary periods (although business’ and govt claim wages are the cause of inflation). Wages are unlikely to go up with 8% unemployment except in a welfare state or union state (socialist environments such as some EU countries, few corporate gravy jobs or govt jobs).
I’m optimism, but haven’t been snorting nor free basing Obamaium.