Login
Subscribe
Recent Comments
- Lee Campbell on Uncovering the History of the Secret Garden
- Kelja on Uncovering the History of the Secret Garden
- Sylvia Walker on Irvine Housing by the Numbers - May 2012 Update
- Casual Observer on Irvine Housing by the Numbers - May 2012 Update
- Astute As It Comes on Open House Review: 35 Bella Rosa
- Sylvia Walker on Open House Review: 35 Bella Rosa
- Darin on Open House Review: 35 Bella Rosa
- Sylvia Walker on Investors Are Busy in Irvine's Low-End Housing Market
- Casual Observer on Investors Are Busy in Irvine's Low-End Housing Market
- irvine_home_owner on Tustin, but Irvine Schools
Recent Posts
- A Review of The Field Tract at Lambert Ranch
- Open House Review: 34 Redwood Tree Lane
- Uncovering the History of the Secret Garden
- Closed Sales from 5/10/2012-5/16/2012
- Open House Review: 52 Secret Garden
- Irvine Housing by the Numbers - May 2012 Update
- Paired Living with Privacy in Woodbridge
- Beige Ruth Sisters
- Closed Sales from 5/3/2012 to 5/9/2012
- Open House Review: 35 Bella Rosa
Categories
Archives
- May 2012
- April 2012
- March 2012
- February 2012
- January 2012
- December 2011
- November 2011
- October 2011
- September 2011
- August 2011
- July 2011
- June 2011
- Rest of archives
Browse Homes
Irvine Homes
- Airport Area Homes
- El Camino Real Homes
- Northpark Homes
- Northwood Homes
- Oak Creek Homes
- Orangetree Homes
- Portola Springs Homes
- Quaill Hill Homes
- Rancho San Joaquin Homes
- Turtle Ridge Homes
- Turtle Rock Homes
- University Park
- University Town Center Homes
- West Irvine Homes
- Westpark Homes
- Woodbridge Homes
- Woodbury Homes
Newport Beach Homes
- Newport Coast Homes
- Crystal Cove Homes
- Corona Del Mar / Spyglass
- East Bluff / Harbor View Homes
- Lower Newport Bay / Balboa Island
- Balboa Peninsula Homes
- West Bay / Santa Ana Heights
- West Newport / Lido Homes
Other Cities
- Aliso Viejo Homes
- Anaheim Hills Homes
- Brea Homes
- Costa Mesa Homes
- Coto de Caza Homes
- Dana Point Homes
- Huntington Beach Homes
- Ladera Ranch Homes
- Laguna Beach Homes
- Laguna Hills Homes
- Laguna Niguel Homes
- Lake Forest Homes
- Mission Viejo Homes
- Orange Homes
- Rancho Santa Margarita Homes
- San Clemente Homes
- San Juan Capistrano Homes
- Santa Ana Homes
- Tustin Homes
- Villa Park Homes
- Yorba Linda Homes
Contact
.(JavaScript must be enabled to view this email address)
Foreclosures
Housing
- Talk Irvine
- IHB Forum Archive
- OC Housing News
- Coto Housing Blog
- Housing Kaboom
- Patrick.net
- Housing Chronicles
- Housing Doom
- Dr. Housing Bubble
- Manhattan Beach Confidential
- Burbed
- SoCal RE Bubble Crash
- Professor Piggington
- Real C'ville
- Westside Bubble
- Bubble Meter
- Portland Housing Blog
- Sacramento Land(ing)
- OC Register Blog
Econ/Finance/Other
- Calculated Risk
- The Big Picture
- Economist's View
- Mish's Blog
- Matrix
- Bakers' Stock
- ML-Implode
- Eschaton
- Best Mortgage Rates
- Crackerjack Finance
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
- $750,000 :: 69 Lakeview 6, Irvine CA, 92604
- $499,900 :: 84 Deermont 51, Irvine CA, 92602
The photos are a bit confusing. Are they trying to sell this home or ...?
What on Earth did these people spend approximately $400K on?
They sure as hell didn’t spend it on the house. The kitchen is a horror and dates back to the 70s, at least. Everything in this house is ugly, outdated, and shabby.
What a shame- these people could probably have safely borrowed about $30K against the house to reno the kitchen, and left it there, and then made small extra payments against their mortgage principal to offset the small HELOC. They’d be beautifully situated now with a house nearly paid off.
They spent it on food, cars, bills, vacations, and house payments.
I think they re-did the outside. That’s an old neighborhood and I’m pretty sure that’s not the original outside. Did you notice there’s a picture with a man in it? I see you Mr. Heloc Abuse F.
Sue in Irvine, you’re hilarious!
I’m about 1/2 way through “Monster”...the book about the subprime players. Things look incredibly bleak from that angle, and I just can’t understand why so many of these players aren’t in prison.
What on Earth did these people spend approximately $400K on?
Oh medical bills I’m sure.
1 s-serie Mercedes : 125k
1 lexus something : 75k
=> 200k$ in cars !
vacations in high-end resort (500 to more/d) + trip
20-35k /year * 5y = 100k$+
left 100k$ ... well, yeah, daily stuff and dinners out for 5years
400k$ for < 50 IQ people goes fast.
While I still wonder if these people have actually a >200 IQ !
Wouldn’t a couple of new Lambos do the trick?
That list looks long
Interesting article from Time.com titled:
No Reason to Pay Realtor Commissions When Selling a House
http://money.blogs.time.com/2010/11/02/study-no-reason-to-pay-realtor-commissions-when-selling-a-house/#ixzz161vpi5OJ
So I drove around Woodbury East yesterday. They are thisclose together, packed in like sardines. Even the detached “houses” are close with no yard, maybe a small patio in back right up to the neighbor. It’s nice to look at models, but once they actually build your place you are in for a big letdown.
Did you “MOOOOO” at the residents?
IrvineRenter:
Wow… I’m surprised you tried to pull this.
Not only is that statistic not directly relevant (lower median price could just mean more homes were built at below the median) but you are trying to tie overall statistics to what is factually happening in Irvine. Take almost any tract in the 2010 New Home Collection, look at Phase 1 pricing and then look at the last phase (I say “last” because almost every tract has SOLD THROUGH). If you don’t think they raised prices… check the batteries on your abacus.
As for increasing building… Stonegate East is selling, Portola Springs is expanding, Cypress Village, Laguna Altera, Stonegate and Orchard Hills are on deck.
Maybe if you drove around and looked at the projects, you could see all the activity. Why don’t you write an article on how well the New Home Collection did despite all the doom and gloom going on every where else. Your blog could benefit from some different perspective once in a while.
And by the way… this doesn’t mean Irvine is totally immune. I do notice lots of softening in the resale market, especially the older homes and the inflated ones sold during the boom… but the declines just aren’t as bad as other places.
Excellent post,
Completely agree with all the points IHO made.
New construction in those areas of Irvine is happening at a frenzied pace.
It’s demand driven.
Where else do you see this momentum in new construction taking place?
In other areas, they can’t give away homes fast enough.
I’m confused I thought this post was talking about Las Vegas, wait Orange County? How about Irvine?
Who’s on first, what’s on second, I don’t know who’s on third.
IHO, you are too thorough in your discussion of the Irvine housing market. I don’t see much desire here to discect and understand why building is occuring at a feverish pace and large cash down payments are flocking to Irvine.
The approach here is more talk about general housing conditions, a dash of Las Vegas, and a mockery of a HELOC abusers financial history.
Irvine is still a bubbly cauldron of koolaid thanks to dismal savings account returns, hedging against inflation, shadow inventory choking supply, and foreign cash.
The govt and fed are forcing people to speculate. RE has less perceived downside risk than cash, savings, etc.
Dissection is futile if you dont see/understand the bigger picture.
Why Irvine? Is it special?
Irvine may have a clientele with more sound financials and thus, a greater ability to foolishly overpay.
The overleveraged exist in all cities as does downward pressure on prices, in varying degrees of course.
To say that Irvine is the exempt from market forces is laughable.
The overleveraged exist in all cities as does downward pressure on prices, in varying degrees of course.
Either way - large down payments or not, it’s obvious that these Irvine house debtors are not going to pay off the loans.
I’d say the declines in Irvine are bad IHO. Condos where I live..highest price sold in 2005 was $535,000. Latest sales in 2010 are around $400,000 for the same model.
@Sue:
I didn’t say they weren’t bad… just not AS bad as other places.
If that same condo sold elsewhere for $535k, it would probably be $250-300k now.
Maybe worse in the IE or Vegas.
Regardless, new homes pace and pricing in Irvine is phenomenal considering the economic climate. For IR to state the contrary makes me wonder because he is usually straightforward and even he should recognize it.
All I can see right now in the MLS are dropping prices (when looking at potential purchases). Here is a typical example for an Irvine 3 BR: Original price: $620k, Previous price: $590k, Current price: $555k. And that’s asking price, not sales price…So the price drops a real and make people sit on the sidelines. No wonder sales are down.
@Marc:
Yes… I said a portion of resales have been dropping. But new homes in Irvine sold fast and even when The Irvine Company increased prices during that time… they still sold.
Whatever the explanation is for that—it happened… despite the statistics that IR mentions.
Portola and Orchard? I always wonder who is crazy enough for pay $600k plus for a showbox in a location that is almost Riverside!
O.C. unemployment drops to 9.1%
http://economy.ocregister.com/2010/11/19/o-c-unemployment-drops-to-9-1/44408/
“Orange County saw particular strength in professional and business services, which added 3,000 jobs in October. This sector, which includes accountants, lawyers, engineers and temp workers, increased by 9,600 in the past year.”
any bullish news stands on the shoulders of unsustainable stimulus and artificially low interest rates, UNSUSTAINABLE being the key word.
You’re anonymous for a reason.
Ha ha ha ha
Did you see any opinion there? I didn’t
Just linking statistics.
radio guy has good points.
i cringe when people bitch about the banksters and GS.
the source of the problem is cheap money and govt subsidy.
Yup!
If you visit this community at 11:00 pm, the car parking all over both sides of the street, just like traffic jam in the pick hour of freeway 5.
This problem is hidden when you see the model home but after the community is built up, you will feel just live in the middle of freeway 5.
OC Homes are 4th most costly in the nation.
http://lansner.ocregister.com/2010/11/22/o-c-homes-nations-4th-most-costly/88900/
Why is that article using the median SFR price for OC as opposed to median house price? I guess I can’t expect that much from the OC Register.
If one city is overweight in condo’s compared to another, does it really make sense to use median price for all housing types? Using median SFR price compares apples to apples (well, as long as you’re willing to ignore the FAR smaller lots in The OC.)
Would you prefer that they used median price/sf? The OC would look even more ridiculously-overpriced in that light. But that stat wouldn’t fit very well with the view of the world that your broker has told you to believe, now would it?
-Darth
Do you think they used median SFR in NY, SF, and Honolulu ? No they didn’t, they used median price, same with LA. Please for once try to accept the reality that I’m right.
The knife catchers are getting a bit shrill.
Pathetic, I can’t understand why your blog is so popular and you can’t understand the truth.
In a strange way I like this house because the outside is as ugly as the inside. There is no false advertising here…no effort made to disguise a lousy interior with at least a half-way attractive paint job. No sirree, Bob, someone said, “We have to be sure the outside looks just as bad as the inside” or vice versa.
What always gets me is that here is a house selling for over 1/2 a million dollars and it’s got furnature from your local goodwill store. This really brings home the consequences of being “house poor”. There isn’t one decent item of furnature in any of the pictures.
Well put, but I gotta wonder whether the exterior is really that pink color or whether that’s due to poor photography. Seems like a color an Irvine HOA wouldn’t approve.
Year Built: : 1971
Asking Price $583,731
LOL!!!!! Get real!
PMI thinks both OC and Las Vegas are ‘high risk’
http://lansner.ocregister.com/2010/11/19/o-c-called-high-risk-housing-market/89084/
How much would any of you guess it cost to re-clad the exterior of the house? Did it really cost $400K? Or 300K? I’m asking because I really have no idea how much a job like this would cost for a house this size.
Notice a second refrigerator parked right in front of the sliding glass doors in the dining room- dead giveaway of house overcrowding. I’m going to guess that two families were living in this place.
Still scratching my head wondering where all the HELOC money went, because it did not go into improving or furnishing this house.
Who would buy houses in Irvine if there were tunnels and high-speed trains to Riverside with $150,000 4-bedroom houses?
It’ll happen eventually in 15-25 years, but the Irvine Company will do everything to oppose these plans.
I’m not sure that “candy coating turds” really requires more of a visual than the imagination already conjures up, IR.