CK - 25 July 2008 09:30 AM

Thanks for the great info, Ipo.  I still can’t believe some of the prices these places are getting.  We are particularly shocked by Westpark.  My wife and I looked at this place on Calavera when it was first listed a couple of weeks ago—- it would suit us pretty well.  But to us the $825k and $400+ sq ft is a total WTF price.  Well, here it lands in my inbox this morning as accepting backup offers, after just 14 days.  Man, these prices are sticky. 

66 Calavera

I’ve added your Calavera place to my site CK…

Here is an interesting recent escrow entrant in Quail Hill…

Maybe someone should send a letter to the tenants.

ok Schlotkins….you just made me look up endogeneity

Trooper - 25 July 2008 03:37 PM

ok Schlotkins….you just made me look up endogeneity

Sorry about that Trooper… I’m a finance geek so that’s what I’m trained to think about. The market here in Irvine is pretty interesting to watch. I think the real test is going to be this fall and winter, assuming something doesn’t stop the foreclosure train. A lot of people either won’t or can’t sell because of the price decline so a lot of the inventory moving is REOs. In the spring, there’s more demand than supply because of the supply problem. In the winter, I’m not sure if there will be enough demand as REO numbers should rise. I guess last year most of the decline happened after July so we’ll see what happens this year.

The thing I love most is when people say the median sales price was down X percent from last year. Duh, that number is biased downward because only cheap homes are selling.

Anyway, enough of a rant. Just to make this not OT, thanks to IPO for all of his work here. May his sale complete and may prices drop!

Couple of nice places recently fell out of escrow.  5 Brockton in NW Pointe didn’t last a week and surprisingly, 35 Malibu in Northpark, fell out after quite some time in escrow…

ipoplaya - 28 July 2008 04:57 PM

Couple of nice places recently fell out of escrow.  5 Brockton in NW Pointe didn’t last a week and surprisingly, 35 Malibu in Northpark, fell out after quite some time in escrow…

The price/sq.foot ($249) on 24 Tioga Place looks very nice.
3,950sq. feet with an amazing pool and backyard.
This may be the new Casa de Ipo.
Jump on it Ipop.
You may finally earn my respect.

tenmagnet - 29 July 2008 07:40 AM

ipoplaya - 28 July 2008 04:57 PM

Couple of nice places recently fell out of escrow.  5 Brockton in NW Pointe didn’t last a week and surprisingly, 35 Malibu in Northpark, fell out after quite some time in escrow…

The price/sq.foot ($249) on 24 Tioga Place looks very nice.
3,950sq. feet with an amazing pool and backyard.
This may be the new Casa de Ipo.
Jump on it Ipop.
You may finally earn my respect.

You’ll never catch me living in Legacy Ten…  I don’t like that area, even for $250/sf and no association dues.

ipoplaya - 29 July 2008 11:06 AM

You’ll never catch me living in Legacy Ten…  I don’t like that area, even for $250/sf and no association dues.

What?
I checked the map, looks like it’s next to your old place in West Irvine.
How could this location be any worse then your old place?
You have a fire alley posing as a street.
Front door opens to a wall, can slap the neighbor from your doorstep, etc…..
Okay, you win almighty Ipop, please tell me why this is an inferior location.

tenmagnet - 29 July 2008 01:12 PM

ipoplaya - 29 July 2008 11:06 AM

You’ll never catch me living in Legacy Ten…  I don’t like that area, even for $250/sf and no association dues.

What?
I checked the map, looks like it’s next to your old place in West Irvine.
How could this location be any worse then your old place?
You have a fire alley posing as a street.
Front door opens to a wall, can slap the neighbor from your doorstep, etc…..
Okay, you win almighty Ipop, please tell me why this is an inferior location.

Legacy is older, fuglier, rundown (in Irvine standards), and has a much higher quotient of WT than the rest of West Irvine.  Lots of rent-a-room houses with the tenants filling up street parking with rice rockets…  There is a reason my place will sell for over $370/sf and a similar sized Legacy units are probably more like $325-350/sf.  That part of West Irvine has always sold at a discount relative to the 2000/2001 build properties.

62 Knollwood, that lovely West Irvine detached condo, closed today for $604K.  $372/sf and a 17.8% discount to peak sale on the sale model on the same street…

Update IPO-Shiller with my sale right around Irvine average and a bit better than the typical West Irvine sale of late.

Couple of Northpark closes today.  8 Sunnyvale for $1.02M and 10 Fair Oaks for $1.225M…  Fair Oaks was a sub 200 CS price.

Fair Oaks was a sub 200 CS price.

What does sub 200 CS price mean?

CalGal - 31 July 2008 09:28 PM

Fair Oaks was a sub 200 CS price.

What does sub 200 CS price mean?

Case-Shiller index number under 200 which means equivalent to earlier than June 2004 pricing generally speaking.  It’s relevant because we have been stuck at summer 2004 price equivalents for a number of months.  For a home, especially a nice Northpark one, to sell at a 190 or so number hopefully suggests further down trending in the short-term vs. continued flattish prices.

It looks like the sellers of 10 Fair Oaks made a nice profit.
Zillow has the sellers buying the property in June 2000 for $678,500.

ipoplaya - 31 July 2008 08:51 PM

Couple of Northpark closes today.  8 Sunnyvale for $1.02M and 10 Fair Oaks for $1.225M…  Fair Oaks was a sub 200 CS price.

Wow, that’s too bad.
I was hoping 8 Sunnyvale would close sub $1M mark.
Went to the open house at 8 Upland this past weekend, the place is immaculate and fully loaded.
Very sweet!
Would’ve loved to pick it up in the high $900k or low $1M range.
Just don’t see it happening right now though.

ipoplaya - 29 July 2008 01:25 PM

Legacy is older, fuglier, rundown (in Irvine standards), and has a much higher quotient of WT than the rest of West Irvine.  Lots of rent-a-room houses with the tenants filling up street parking with rice rockets…  There is a reason my place will sell for over $370/sf and a similar sized Legacy units are probably more like $325-350/sf.  That part of West Irvine has always sold at a discount relative to the 2000/2001 build properties.

Speaking of timing,
This one’s being profiled on the main blog by IR today.

Strangely, new escrow activity seems to have tailed off considerably over the past week or two.  Only 7 new escrow entrants in the past week in my searches while the period just two weeks prior had 20 new escrows opened…  It appears the summer buying season is officially over.

That or the banks have effectively shut their doors since they made a bottom on the stock market a few weeks ago.

I half expect to see tumbleweeds in the parking lots…

Hormiguero - 06 August 2008 06:32 PM

That or the banks have effectively shut their doors since they made a bottom on the stock market a few weeks ago.

I half expect to see tumbleweeds in the parking lots…

August is usually the last hurrah during the typical summer selling season.  This is not a typical season so we will see what happens as fall settles in.
Funny you should mention tumbleweeds… there were just (maybe) 25 agents at the info/networking session this morning across all local brokerages (HanuReddy, Remax, Tarbell, CB, Firstteam, SevenGables, HOM, NorthHills, etc.)

Usually there are more than double that number.

33 Triple Leaf in WB finally closed…  $1.3M.

I believe 33 triple leaf is a short sale?  Still at close to $350 / sq ft.  Interestingly, with probably two expections, all the VR / MF / JB homes are selling around $350 a sq ft in the past 12 to 18 months…

That seems sucker high for 33 Triple Leaf. You’d think the really long time on the market would hurt the price more than that. And the landscaping clearly hadn’t been kept up very well in the past several months.

NewToOC - 08 August 2008 09:47 AM

That seems sucker high for 33 Triple Leaf. You’d think the really long time on the market would hurt the price more than that. And the landscaping clearly hadn’t been kept up very well in the past several months.

The closing price is in alignment with very recent closes elsewhere in Irvine.  Considering Woodbury is a “premium” newer area, I’m surprised it went that low.  I thought it would be more like $1.35M…

24 Tioga, featured on the blog a few days ago, is in escrow.  Interestingly, the list price was increased $150K in conjunction with it going to backups.  Maybe they are under contract for $1.1M?

ipoplaya - 08 August 2008 12:51 PM

24 Tioga, featured on the blog a few days ago, is in escrow.  Interestingly, the list price was increased $150K in conjunction with it going to backups.  Maybe they are under contract for $1.1M?

You better check your numbers, IPO—- that can’t be right.  AZDavid told me this was going to sell for $450k.