Irvine Housing Forums

Costa Mesa

2008-07-26T09:07:52-08:00

There seems to be a handful of us interested in Costa Mesa. Often we hijack other threads with discussion of CM, so I’m starting a new thread dedicated to 92626 and 92627.

Real Housewives of OC update

2008-11-10T16:01:31-08:00

awgee

You may get a hot new neighbor in Coto.

The times are a changing as Bob Dylan said.

Good Luck!

OC Register: Housing threat looms in South County

2009-11-23T17:36:09-08:00

http://mortgage.freedomblogging.com/2009/11/23/housing-threat-looms-in-south-county/21617/

Falling rents aid homeowners in mortgage trouble

2009-11-29T09:02:08-08:00

Falling rents aid homeowners in mortgage trouble
Southern Californians facing the loss of their homes are finding refuge in rentals. At larger apartment complexes, monthly rents have declined an average of 4.9% in the last year.

http://www.latimes.com/business/la-fi-cover-rentals29-2009nov29,0,7731217,full.story

Newport Coast

2008-03-27T07:15:34-08:00

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.

Lifestyle of an Orange County Millionaire

2008-07-26T07:19:51-08:00

I found this stat from the book “Automatic Wealth” 2005 from Michael Masterson to be very suprising that Millionaires in America live in very modest homes. I was wondering if this same theory holds true for Millionaire Households living in Orange County?

Page 79: Step 3: Develop Wealthy Habits : Table 3.1

Networth (in millions) Average networth Average house value
$1 to under 2.5 $1,470,553 $220,796
2.5 to under 5 $3,392,416 $354,043
5 to under 10 $6,809,409 $545,499
10 to under 20 $14,045,501 $779,444
20 and more $58,229,024 $1,073,980

Let’s assume for argument sake that we double the Average house value for a millionaire living in orange county (since it is an expensive place to live compared to rest of America). That would put a millionaire who’s networth is between $1 to under $2.5 million without the equity of their primary home to be living in a average home value of $441,592 which is still very impressive? IPO, did you happen to see any of your detached condo neighbors in West Irvine with a networth of $2M - $10M range?

I am really curious about the lifestyles of the millionaires of Orange County compared to Cook County. The stats shown above is very realistic for millionaires I have known and ran into in Chicagoland area. Their home values are practically 10% - 12% of their entire networth? Is this the case for an Orange County Millionaire? Have any of you seen millionaires who have a networth between $5 - under $10 million live in a 1600 square feet detached condo in Irvine? or are they living in a 4000 square feet mansion in Shady Canyon? This is a very interesting topic for me and I was wondering if any of you can give me some input and opinions?

I could be completely off on my assessment, but the vast majorities of millionaires i have encountered in my life in Cook County, IL live the “Millionaire Next Door Lifestyle” modest cars, modest homes, and a frugal lifestyle. Perhaps Orange County millionaires are different in that they are indeed wealthy, but they are also show that they are wealthy in their lifestyle?

Agree or Disagree?

Thanks
Panda

Dataquick October Numbers - Houses Above $2M in Laguna are Overpriced

2009-11-24T21:04:02-08:00

The October dataquick numbers are in and the median price is flat for Laguna Beach, compared to recent months.
The median single family home price in Laguna for October was $1.195 million, but this is down a whopping 36.4% from October, 2008.

The interesting thing is that while the median price has been flat in the recent months, the economy and the lack of good financing is just killing the homes priced above the median, for which one would borrow more than the current $729,000 conforming jumbo limit. Specifically, sales of homes above $2,000,000 have been frittering away to nothing as the year has progressed. No sales of these homes in October. None at all. This means that homes in Laguna Beach that are listed for above $2 million are SEVERELY OVERPRICED.

I wouldn’t want to be a buyer of one of these homes earlier in the year - If I was, I would be listening to my home value deflating below the purchase price. sinking underwater…...
more info on Laguna Beach’s real estate market at
www.bluemove.blogspot.com

Greenbrier by MBK Homes in Yorba Linda

2009-11-21T23:19:53-08:00

One of my buyers is potentially interested in buying Plan 3 or 4 @ Greenbrier by MBK Homes in Yorba Linda (Vista Del Verde area). Anyone familiar with this development and this home builder?

Bloodbath in Coto de Caza

2008-01-21T11:07:16-08:00

I know this property isn’t in Irvine, but check out the bloodbath here in Coto De Caza. 6 TAIGA STREET, Coto De Caza, CA 92679

From ZipRealty:

Price Reduced: 01/10/07—$2,800,000 to $2,799,999

Price Reduced: 04/26/07—$2,799,999 to $2,799,000

Price Reduced: 06/27/07—$2,799,000 to $2,399,000

Price Reduced: 08/27/07—$2,399,000 to $2,349,000

Price Reduced: 09/26/07—$2,349,000 to $2,299,000

Price Reduced: 12/11/07—$1,999,900 to $1,899,900

Price Reduced: 12/17/07—$1,899,900 to $1,799,900

$1 million drop in 1 year.

Any guesses to why no takers? The house is sandwiched between two other McMansions, from the photos it seems to get barely any natural light. How much does it have to drop for it to be a "reasonable price?"

edit: oops. Sorry, should have posted this in the Losses outside Irvine Thread.

Here’s another in Coto:

							 									12 Bordeaux 							 						
						
							 						 	 							 									Coto De Caza, CA 92679

Listed at $1,999,000.

sales history:

09/19/2005
							
$2,500,000 							
							
								
								 								 									 										 										 										 											23.2%/yr 										 									 								 								 								
							
						

						 						

							
08/29/2002
							
$1,321,500 							
							
								

Case-Schiller for Costa Mesa

2008-11-01T12:15:17-08:00