Irvine Housing Forums

MalibuRenter’s summer in Dallas

2009-05-19T19:06:39-08:00

So, here is the field report from Dallas. So far it’s a very positive impression.

Some things are pretty much as advertised:

-Lower traffic, yes. Of course, that’s true anywhere but NY, Cairo, Mexico City, or Tokyo. Average rushhour speeds on freeways are 50+ mph. Not quite screaming along with impunity, but pretty good.
-Parking, yes. Not many limitations. So far, I haven’t seen any gratuitous “No parking third mondays, full moons, except with zone 14 permit” kind of signs.
-Friendly people, yes. As a native Southerner, I pretty much expected this.
-Attractive women, yes. It’s kind of like being at UC Santa Barbara or USC, but on a bigger scale. FAR better than LA, moderately better than OC.
-Much lower housing prices, especially for nice places with big lots in good neighborhoods. However, inventory is building up and prices are dropping. Not an LA/OC/Riverside kind of collapse, but another 15-20% off wouldn’t surprise me. In Dallas there is no jumbo conforming and it’s hurting the high end. Still, a $700k property here would be $2.1 million in Irvine.
-Somewhat lower rents. Nice furnished place, short term lease, takes dogs, excellent neighborhood, 3 br 2 ba, 2000 sf, 1/2 acre lot. $2000/mo.
-No state income taxes. Just got my first TX paycheck, and yes, there is no state tax.

Some things aren’t at all as advertised:
-Rednecks, very hard to find in Dallas. There are some poor people, but not sunburned alcoholic guys with shiny cutouts of women on their mudflaps.
-Heat and humidity, missing in action. Santa Barbara’s summer weather appears to have been kidnapped and brought here. Very clear air, highs in the high 70’s. This might change at a moment’s notice.

Not advertised, but apparently true:
-Fewer tattoos.
-Much much less graffiti. I’ve found like 3 pieces of graffiti, and was able to read all of them.
-Almost no trash on the freeways. While this isn’t much of a problem in OC, LA apparently never cleans the freeway emergency lanes. You could do your Christmas shopping there.

Further updates as I notice things. Feel free to ask questions.

I watched it so you don’t have to tear you eyes out…“Million Dollar Listing”

2009-10-13T08:14:17-08:00

This show, like OC Housewives, is going to be such a disaster area it is kinda fascinating to watch. The three Douche brokers they follow are so over the top that you just hate them instantly. I watched this thing last year and it seemed the markets had not tipped just yet in BH. However, this year may be a bit different…ya think? Things in the BH and Malibu start out swimmingly but soon head into the trash can behind the Red Onion on Rodeo. The market does not seem to want to stay up…ooops. From what I can see it will just get worse in following shows. Too much fun, I think it will parallel the downfall on Housewives. There is already interviews in the Register as these Realtards expand their markets down to the OC in search of ANY Million Dollar listing that is left.

What the Three Stooges think

Long Beach general thread

2008-07-16T13:11:00-08:00

Well, I’ll start it off with a doozy:

Short Sales In Long Beach are 26.6% of the market

Here is a story from a local LB realtor’s blog. He never gets responses or comments, but keeps plugging along….

Long Beach

Fierce Competition in Coveted Neighborhoods

2009-05-03T09:38:07-08:00

interesting LA Times article:

House hunting? It’s not a buyer’s market everywhere

The median price in Southern California may have plummeted, but in more desirable neighborhoods, home buyers are still engaging in bidding wars.

Real estate brokers and investors say would-be buyers misunderstand how the drop in housing prices has affected desirable neighborhoods. Just because an abandoned house in a troubled part of San Bernardino County might be going for $200,000, it doesn’t mean you can get a nice place in Sherman Oaks for that amount—or even twice that amount.

House hunters are trying to pounce on deals from sellers they expected to be frantic—if not curled in the fetal position. What they’re finding instead are bidding wars as low interest rates and pent-up demand in traditionally stable or chic areas have kept prices up—not as high as the market’s peak, but not nearly as low as they had hoped.

“The biggest problem,” said agent Phyllis Harb, “is that people are overreacting to housing statistics, thinking they can come in and make an offer 20% below price.”

People interested in properties in coveted niche markets such as Pasadena, Culver City and Santa Monica have read or heard too much about frenzied activity in the bottom of the market, he said, without comprehending that it held little relevance for them.

On a recent Sunday, an open house for a vintage 3,159-square-foot Craftsman near Occidental College in Eagle Rock drew 105 people in the first hour despite sweltering temperatures, a Lakers playoff game and a list price of $699,000. Never mind the hilly curb appeal or the aroma of freshly baked cookies that listing agent Tracy King baked. There was plenty of head-shaking among would-be buyers about the absence of bargains.

Instant information, though, also means fiercer competition and fewer hidden gems. As an example, King cited a 1,625-square-foot, midcentury-style fixer-upper in La Crescenta priced at $299,000. Forty people were standing on the front lawn within an hour of its listing, she said. Ultimately, there were 80 bids, 15 of them exceeding $400,000. The winning bid was $480,000.

“What I’m seeing is that perceived bargains are going in multiple offers for more than the asking, and buyers are very disappointed,” King said. “Real estate is hyperlocal, so a [regional] $250,000 median price is meaningless here.”

I know that Detroit is an armpit..but this is just beyond sad.. rop

2009-10-07T12:41:25-08:00

A Dying Detroit

More High-End Homes Headed to Foreclosure

2009-11-11T11:08:44-08:00

Interesting LA specific numbers in there

http://blogs.wsj.com/developments/2009/11/11/more-high-end-homes-headed-to-foreclosure/

Shrink to Survive? Rust Belt City Downsizes

2009-10-29T00:29:10-08:00

In an act of residential triage, Genesee County, which includes Flint, has been knocking down the city’s vacant homes at an astounding rate—often up to four a day.

Flint, a blue-collar city in the Rust Belt, was once home to several thriving General Motors plants that helped build a strong work force here. But as the automaker declined and cut tens of thousands of jobs, Flint residents started leaving too; the city’s population has fallen to 115,000 from its peak of nearly 200,000 in the 1960s.

Dan Kildee, 51, a Flint native and now Genesee County treasurer has a plan to push his hometown out of a housing glut. Kildee proposed a radical idea: demolishing 6,000 abandoned homes in Flint. “We’ve lost 84,000 people. They didn’t take their houses with them,” he said.

Here’s the rest of the story—

http://abcnews.go.com/Nightline/Business/shrink-survive-rust-belt-city-bulldozes-vacant-homes/story?id=8936668

Signal Hill

2009-10-25T08:33:42-08:00

I guess there isn’t a dedicated Signal Hill thread; alright all you LBZ peeps out there, let’s hear it for Signal Hill… Thoughts, feedback and comments!

Very long ago, I used to live in the Marbrisa Apartment homes off the traffic circle. It wasn’t that bad, was on the “good” side of the hill. I know parts of Signal can get fairly shady fast; but what about all that new construction during the boom? In my mind, it’s a good compromise; the newness of Irvine in Long Beach, city/ocean views; reasonable prices. It’s the poor man’s newport coast! Youre not too far away from the Snoop Dog hood to remember your roots… but you are at least high enough to feel safe and the nearby Costco feels just right at home. How are the schools in Signal? I remember some plans to build new ones there… Isn’t it known that any child can attend any LBC school? I know Wilson is nice…

These are a couple of recent finds…

price? $1.2 mil? nah, just $749.. why live in Irvine?

For the price of this in Irvine

I can get this in Signal Hill…

Move Over Merced: Foreclosures Intensify in New Crop of Western Cities

2009-10-28T12:19:36-08:00

wsj.com

Some of the nation’s foreclosure epicenters, including perennial chart-toppers Merced and Stockton, Calif.– are seeing a decline in foreclosure activity. But the pain is intensifying in a new crop of Western cities, which have been hard hit by rising unemployment.

Of the top 50 foreclosure markets tracked by RealtyTrac, foreclosure activity increased most sharply in several mid-size Western markets including Boise, Idaho, where foreclosure activity was up 142%. Other big gains came in Provo, Utah, and Salt Lake City, Utah, which posted increases of 120% and 105% from one year ago, respectively. Reno, Nev., saw an 80% year-over-year increase in activity and ranked No. 9 in the country for foreclosure filings.

Article

Ugly house of the day

2009-10-26T13:55:28-08:00

Proof that money can’t buy taste.

1602 Viewmont, Los Angeles

For only $4.5 million (I’m sorry, $4,499,485), this lovely piece of architecture could be yours. If Scarface and Saddam Hussien got together to design a house, it would look like this. Bonus points for the listing having reductions in price of $400, $1, $1, $8, and $5.

(Found at Curbed LA.)