Irvine Housing Forums

Aliso Viejo Discussion Thread

2007-11-25T13:15:27-08:00

Does anyone currently reside, or have lived in Aliso Viejo? If so could you please provide us with some info on the city, its neighborhoods, quirks, etc.? I’m also very interested in traffic situation during daily commute times. As a RE board, I’m sure everyone is also interested in the types of housing, HOA fees, prices, etc.

Why would a bank file an NOD after accepting the terms of a short sale?

2009-10-14T20:36:39-08:00

A bank (BofA) had accepted our offer on a short sale (after 4 months) and asked us for proof of funds. We provided the proof of funds as requested. The bank then went silent for 3 business days. That delay concerned us so we checked Realtytrac. We learned that an NOD was filed on the home yesterday. Is there a plausible explanation for this other than the bank is about to back out of the deal?

Thanks.

Newport Coast

2008-03-27T08:15:34-08:00

Who are these delusional people kidding?...

While most, if not all of Newport Coast is grossly overpriced currently (even though prices have been coming down, just not as much in other housing markets) lets take 1 community as an example and pick it apart. Named “The Summit”, this is a gated development of approximately 150 or so townhomes ranging in size from 1,200 - 1,900 sq.ft. approximately. When built in 1994, these condos were basically going anywhere from $200k-$300k.

Here are the number of home sales in The Summit according to the MLS for the following years:
2003 - 18
2004 - 18
2005 - 12
2006 - 15
2007 - 5
2008(up to 3/27/2008) - 0

Um….5 sales in the entire year for 2007? Pathetic. 0 Sales so far this year? Even more pathetic. We are in a recession, or atleast barely floating above one (as if the affluent don’t read the newspapers and understand what is going on with our economy), yet 95% of the 180 or so active properties for sale in all of NC are so grossly overpriced, its no wonder home sales are suffering, and will continue to suffer until the 95% of these sellers adjust asking prices by 10-15% NOW. And even by adjusting those asking prices 10-15% its still a buyers market to make an offer 10-15% under that number.

2007 was anything but a positive year for overall housing. March 2007, NC had a total of 22 sales. March 2008 (and we have few days left) so far has 6, a 72% decrease in sales. I expect prices in NC to drop further this year and into 2009, just like the rest of Orange County, and California for that matter.

Going back to The Summit, here is a look at the total days on the market count for homes (with their $/Sq.ft. next to them respectively). Mind you this is days on the market. I don’t know about you, but having your house on the market 200, 300, or more days is not normal, and you can question if that’s really even called “selling your home”. What do you call it?

216 ($560)
168 ($538)
304 ($533)
255 ($509)
218 ($643)
76 ($578)
37 ($645)

The latest home to come on the market in The Summit has been on the market for 37 days. This home is a 2 Bed, 2 Bath 1,200 square foot condo being offered at $775K. Hello???!!! $775K! a 2 Bed condo for almost $800k? Mr.Mrs. Seller, put the crack pipe down. Drugs are bad for you! If this home wants to sell it needs to be offered between $620K-$650K with tremendous hopes that a buyer would be willing to spend $600k right now in this market.

Well the good news is if your luxury home is priced to sell (or atleast entertain offers) it should sell. Other than that, plan to have it sit 200,300,400,500, 600 days on the market while you chase the market down with your delusional asking prices. Prices will come down more than they already have, just takes a little longer than everywhere else.

Bon Voyage Irvine, Hello Fullerton: Story of Finding our Dream Home

2009-11-05T16:58:34-08:00

The two year house hunt has finally come to a close. The process was certainly tiring and tested our patience many times but we found a home that was worth the wait.

We began looking for a home in the winter of 2007. Our search for a home first began in Irvine and gradually branched out across Orange County. We put offers on homes ALL OVER the place but luckily none of them panned out.

My husband and I could never agree on any of the homes. Everything he liked, I would hate and vice versus. Many times, either he or I probably could have pushed one another into to settling for X house. But we kept at it, looking for “the one” that would make us both happy. Our dissimilarity was quite a blessing in disguise, though, as some of the houses we came very close to buying declined tens or even hundreds of thousands of dollars. Quite frankly, I don’t think either one of us knew exactly what we were looking for. I’m glad we explored many different options. We feel extremely confident now, the home we bought couldn’t be any better.

We bought a house like this. It’s in Fullerton, close to the downtown. I hope it has the Bk stamp of approval.

Irvine Renter, I was a good student. I exercised self control on the WTF houses above rental parity. The IHB calculator says my cost to own this house is $500 less than the cost to rent. Big thanks to you as if it wasn’t for my daily Blog studies I’d probably be trapped in an ill-suited house and severely underwater right now.

I can assure you, T (aka USCTrojanCPA), is not being paid for his rave reviews. He is just providing full service to his clients for half cost. And he is just the easiest person to work with. We started our journey with T in January. Even after 11 months of looking, never once did I feel pressure from him to buy. I truly felt he had put my interest ahead of his. When I did ask for his opinion he was always eager to help & brainstorm with me. And had it not been for him contacting me first thing in the morning, the day my prefect house, for the prefect price, in my prefect neighborhood, on the exact street I told him I wanted to live on, I would have probably been crying right now about how I let my dream home slip through my fingers. We love ya, T!

Well, that’s all I got for now. Stay tune for the update on whether my dream house & neighborhood turns out how I envisioned it to be. And stay tune for the big house party in honor of all my IHB forum comrades that provide the savviest guidance on the web!

Harbor Lofts Revisted

2008-06-23T12:08:22-08:00

Hi,

I recently viewed the Harbor Lofts and liked them due to the its location as it serves as a reasonable compromise area for my girlfriend and I who work in completely opposite areas of southern california.

The loft representatives have indicated that they are not selling any units at the moment because the developer is re-assessing the pricing structure. I believe that the 2brm/2bath units will be listed at approximately $320k ultimately. I think this is still overpriced. I’m looking at something more in the line with $230k - $250k. I’ve done some research as to the already sold units (9 out of 129 units) and the lowest sales price I saw for a 2/2 was $330k.

So my question is whether anyone else here thinks that newly built units can/will dip to this price due to the mounting downward pressure on these builders. Also, what are the chances the builder will sell below the actual cost of construction?

I’d appreciate any information, insight, comments you can provide.

Is Talega near bottom?

2008-12-02T21:23:56-08:00

I’ve been monitoring the sales at Talega and it seems like prices are holding steady at about $220 PSF. Has this community bottomed early than the rest of Orange County due to all the foreclourses and short sales?

Interesting/Amusing Property Finds

2007-08-20T09:05:33-08:00

Hat tip FatWallet Poster.
356 PLAZA ESTIVAL, San Clemente, CA 92672
! *s-m-o-k-i-n - h-o-t - d-e-a-l* * good location, does not back - ($40k in u-p-g-r-a-d-e-s) s-e-l-l-e-r - h-a-s - e-q-u-i-t-y = quick escrow. Granite slab counters w/ full back splash & breakfast counter. New kitchen cabinets, newer sinks, faucets, appliances,..+ 2 remodeled baths w/ granite counters, sink & hardware, new toilets, granite shower & new plumbing * today’s high temp. 72 degrees * walk to beach, only 1/2 mile to pacific ocean. Interior location
Price Reduced: 06/21/07—$575,000 to $525,000

Price Reduced: 06/21/07—$525,000 to $524,900

Price Reduced: 06/24/07—$524,900 to $524,750

Price Reduced: 06/26/07—$524,750 to $524,600

Price Reduced: 06/27/07—$524,600 to $524,500

Price Reduced: 06/28/07—$524,500 to $524,400

Price Reduced: 06/30/07—$524,400 to $524,300

Price Reduced: 06/30/07—$524,300 to $524,200

Price Reduced: 07/01/07—$524,200 to $524,100

Price Reduced: 07/02/07—$524,100 to $524,000

Price Reduced: 07/03/07—$524,000 to $523,900

Price Reduced: 07/08/07—$523,900 to $523,600

Price Reduced: 07/08/07—$523,600 to $523,200

Price Reduced: 07/09/07—$523,200 to $522,900

Price Reduced: 07/10/07—$522,900 to $522,800

Price Reduced: 07/10/07—$522,800 to $522,200

Price Reduced: 07/11/07—$522,200 to $521,700

Price Reduced: 07/12/07—$521,700 to $521,200

Price Reduced: 07/13/07—$521,200 to $520,500

Price Reduced: 07/14/07—$520,500 to $519,500

Price Reduced: 07/16/07—$519,500 to $518,500

Price Reduced: 07/17/07—$518,500 to $518,000

Price Reduced: 07/18/07—$518,000 to $517,000

Price Reduced: 07/19/07—$517,000 to $516,000

Price Reduced: 07/20/07—$516,000 to $513,000

Price Reduced: 07/23/07—$513,000 to $512,000

Price Reduced: 07/25/07—$512,000 to $511,000

Price Reduced: 07/26/07—$511,000 to $509,900

Price Reduced: 07/27/07—$509,900 to $508,900

Price Reduced: 07/28/07—$508,900 to $507,900

Price Reduced: 07/29/07—$507,900 to $506,900

Price Reduced: 07/30/07—$506,900 to $505,900

Price Reduced: 07/31/07—$505,900 to $504,900

Price Reduced: 08/01/07—$504,900 to $504,000

Price Reduced: 08/02/07—$504,000 to $499,800

Price Reduced: 08/03/07—$499,800 to $495,000

Price Reduced: 08/04/07—$495,000 to $485,000

Price Reduced: 08/05/07—$485,000 to $479,900

Price Reduced: 08/08/07—$479,900 to $479,500

Price Reduced: 08/11/07—$479,500 to $479,250

Price Reduced: 08/16/07—$479,250 to $478,900

Price Reduced: 08/18/07—$478,900 to $478,888
Last Sale: 10/30/03

Sales Price: $400,000

I found the perfect house!

2009-10-31T00:02:00-08:00

...too bad I just bought a semi-fixer with no view which is STILL gutted and won’t be finished until (hopefully) early next year. Wah. Here it is:

My housecrush - 28471 Rancho de Juana

I think the kitchen is a little cheeseball and I’m not a big fan of travertine, imported Italian marble, yadda yadda yadda, but I love the view, the pretty yard, the layout, the family room, etc.

Can somebody please tell me why I shouldn’t be drooling over this house? I don’t think my husband wants to listen to me whine about it anymore.

What is wrong with this house?

2009-11-19T10:08:41-08:00

Do any of you IHB realtors have any insight on what might be wrong with this property? Maybe there is something in the Realtor’s notes that would indicate that it has major problems.

Barrett House

It it in a very nice area, but has been on and off the market several times, so I know it must have some issues. It looks nice on the outside. THe price is right, but not if it is a gut job. Any information would be appreciated.

REOs will rise 50% in the next 4 months.

2008-05-24T13:23:29-08:00

Looks as if the market is already in line to get hammered with REOs.

Last month, the banks took back 22k houses in CA, and managed to sell 11k

but MrMortgage reports

VERY IMPORTANT - Keep in mind that the 22,324 homes that the lenders took back in April were from Notices-of-Default from approx Dec, when there were 33k. In Jan, Feb, March and April there were 38,600, 37,300, 42,700 and 44,100 NOD’s respectively and in the past few months we have seen an increase to about 70% make it from NOD all the way to REO. This means that over the next few months banks will take back up to 31k homes per month, so sales better really pick up or the bank REO inventory will just get worse.

http://mrmortgage.ml-implode.com/

Will the market be able to sell this much inventory? How much will this hammer prices?