With 78 Fringe Tree now in escrow, I look forward to another “IPO called it” moment.  I said $625-650K.  Janet went for $650-675K.  Wonder who got it right?!

Well spill it kid!

ipoplaya - 06 February 2009 05:18 AM

With 78 Fringe Tree now in escrow, I look forward to another “IPO called it” moment.  I said $625-650K.  Janet went for $650-675K.  Wonder who got it right?!

I hate to do this, but I’m betting you were right. Janet has a thing for being consistently wrong. However, it was down to $679k, it could end up being just above $650k…

Oh… and one more thing, it still has to close escrow. And that is I.F.

graphrix - 06 February 2009 07:21 AM

ipoplaya - 06 February 2009 05:18 AM

With 78 Fringe Tree now in escrow, I look forward to another “IPO called it” moment.  I said $625-650K.  Janet went for $650-675K.  Wonder who got it right?!

I hate to do this, but I’m betting you were right. Janet has a thing for being consistently wrong. However, it was down to $679k, it could end up being just above $650k…

I just wanted to let everyone know that this property fell out of escrow, was re-listed at $675k, showed backup offers for months, and now is active and no longer in back up offers at $659k.

At this rate of being on the market nearly 7 months, Ipo might be right after all, under $650k it could be. Had they priced it $599k back in November, the place would be closed by now for well over $600k. Oh well, that is what greed will do to ya. They could have even bought and sold another foreclosure property if they had done that.

Given what happened in the mortgage markets over the past two weeks, they need to take at least 75K off of it RIGHT NOW if they want to move it.

So much for the $699K comp.

It’s in back up offers for the third time. Third time is a charm… right?

graphrix - 10 June 2009 05:52 AM

It’s in back up offers for the third time. Third time is a charm… right?

Have you been paying attention to the saga user Soylent Green is People has been spinning?  This one is coming back.  If they don’t do something drastic - and fast - even the $480K flipper might wind up underwater.  I still say this dump goes for $200K at the bottom.  And that’s not because I want to piss off Janet.  It’s because I think it’s a real possiblity if we get to 9% rates.

62 Fringe Tree is now for sale as a short.

Redfin link to 78 Fringe Tree.

Currently accepting backup offers.

They better hurry and close escrow ASAP, because 57, 71, 77, and 81 Juneberry all received NODs in the last two months. Only 71 is actively for sale as a short with backup offers being accepted.

Great picture of the screen… moron.

BTW, I find it interesting that the majority of owners in default there happen to have Asian last names. I thought Asians didn’t default?

I thought all the FCB’s were going to save Irvine?

—

Goofy - 19 June 2009 11:34 PM

graphrix - 19 June 2009 10:27 PM

BTW, I find it interesting that the majority of owners in default there happen to have Asian last names. I thought Asians didn’t default?

That’s because the majority of owners there have Asian last names.  Almost all of my neighbors are Asian.

What I don’t understand is why people paid so much for these homes to begin with.  A three story row house with no yard can’t be anyone’s idea of a “forever home”, so why put up that much money to live there.

I review the property records daily for my posts, and I can assure everyone that Asians are just as irresponsible as the rest of Irvine homeowners when it comes to stupidly overpaying for real estate and borrowing themselves into oblivion with HELOCs. The myth of Asian frugality may have some truth in Asia, but once they get over here, they become full-borrowed Americans.

IrvineRenter - 20 June 2009 03:01 PM

Goofy - 19 June 2009 11:34 PM

graphrix - 19 June 2009 10:27 PM

BTW, I find it interesting that the majority of owners in default there happen to have Asian last names. I thought Asians didn’t default?

That’s because the majority of owners there have Asian last names.  Almost all of my neighbors are Asian.

What I don’t understand is why people paid so much for these homes to begin with.  A three story row house with no yard can’t be anyone’s idea of a “forever home”, so why put up that much money to live there.

I review the property records daily for my posts, and I can assure everyone that Asians are just as irresponsible as the rest of Irvine homeowners when it comes to stupidly overpaying for real estate and borrowing themselves into oblivion with HELOCs. The myth of Asian frugality may have some truth in Asia, but once they get over here, they become full-borrowed Americans.

How about the sterotype of Asians cramming their whole extended family into one house?  That is, the stereotypical number of people in a 4,000 sq foot house owned by white people might be four-husband, wife, two kids.  The stereotypical number of people in a 4,000 sq foot house owned by asians might be twelve-husband, wife, five kids, grandparents on the husband’s side, grandparents on the wife’s side, and the wife’s brother.  That could be considered frugal, I suppose.

Of course, this probably doesn’t apply to condos, although the square footage is above 2,000 in each unit, so maybe a bit…

ipoplaya - 06 February 2009 05:18 AM

With 78 Fringe Tree now in escrow, I look forward to another “IPO called it” moment.  I said $625-650K.  Janet went for $650-675K.  Wonder who got it right?!

Closed 7/10 for $637K per MLS.  Eerily, right in the middle of my suggested range…

ipoplaya - 12 July 2009 11:52 PM

ipoplaya - 06 February 2009 05:18 AM

With 78 Fringe Tree now in escrow, I look forward to another “IPO called it” moment.  I said $625-650K.  Janet went for $650-675K.  Wonder who got it right?!

Closed 7/10 for $637K per MLS.  Eerily, right in the middle of my suggested range…

Wow, that’s an incredible price for a 2685 sq ft 4/3 home. IPO, why does it show as recently sold for $479,774 on Zillow? Opps! my bad.. it shows the date as 10/30/2008. It must be a family asset transfer.

PANDA - 12 July 2009 11:55 PM

ipoplaya - 12 July 2009 11:52 PM

ipoplaya - 06 February 2009 05:18 AM

With 78 Fringe Tree now in escrow, I look forward to another “IPO called it” moment.  I said $625-650K.  Janet went for $650-675K.  Wonder who got it right?!

Closed 7/10 for $637K per MLS.  Eerily, right in the middle of my suggested range…

Wow, that’s an incredible price for a 2685 sq ft 4/3 home. IPO, why does it show as recently sold for $479,774 on Zillow? Opps! my bad.. it shows the date as 10/30/2008. It must be a family asset transfer.

No, that’s when the bank took it back as a foreclosure and sold it at auction.

no_vaseline - 13 July 2009 12:59 AM

PANDA - 12 July 2009 11:55 PM

ipoplaya - 12 July 2009 11:52 PM

ipoplaya - 06 February 2009 05:18 AM

With 78 Fringe Tree now in escrow, I look forward to another “IPO called it” moment.  I said $625-650K.  Janet went for $650-675K.  Wonder who got it right?!

Closed 7/10 for $637K per MLS.  Eerily, right in the middle of my suggested range…

Wow, that’s an incredible price for a 2685 sq ft 4/3 home. IPO, why does it show as recently sold for $479,774 on Zillow? Opps! my bad.. it shows the date as 10/30/2008. It must be a family asset transfer.

No, that’s when the bank took it back as a foreclosure and sold it at auction.

Wow, could have made a nice chunk of change if someone picked that up for $480k at the courthouse steps.

If they priced it at $645K right up front, they’d of made $20K more and had thier money 180 days sooner.

This thread is a spin off of this thread:

http://www.irvinehousingblog.com/forums/viewthread/3945/

Janet - 18 December 2008 12:53 PM
The home profiled today has a comp at $799,000.  Someone will buy it and make out quite well.  As for the District, it is profoundly sucessful and will help this area long term.  All the imaginary complaints about Columbus Grove are simple, uneducated sour grapes.  It is a fine community with fabulous schools, parks and proximity to, well, everything.

Don’t hire Janet to advise you on your comps.  You’ll be worse in the pocketbook for it.

no_vaseline - 13 July 2009 03:58 AM

If they priced it at $645K right up front, they’d of made $20K more and had thier money 180 days sooner.

This thread is a spin off of this thread:

http://www.irvinehousingblog.com/forums/viewthread/3945/

Janet - 18 December 2008 12:53 PM
The home profiled today has a comp at $799,000.  Someone will buy it and make out quite well.  As for the District, it is profoundly sucessful and will help this area long term.  All the imaginary complaints about Columbus Grove are simple, uneducated sour grapes.  It is a fine community with fabulous schools, parks and proximity to, well, everything.

Don’t hire Janet to advise you on your comps.  You’ll be worse in the pocketbook for it.

That was the thread Vas where you were arguing that auction values suggest and/or indicate general market values.  Doesn’t look like the lenders are seeing it your way or this $637K deal on 78 Fringe would likely have never gotten done…

ipoplaya - 14 July 2009 01:28 AM

no_vaseline - 13 July 2009 03:58 AM

If they priced it at $645K right up front, they’d of made $20K more and had thier money 180 days sooner.

This thread is a spin off of this thread:

http://www.irvinehousingblog.com/forums/viewthread/3945/

Janet - 18 December 2008 12:53 PM
The home profiled today has a comp at $799,000.  Someone will buy it and make out quite well.  As for the District, it is profoundly sucessful and will help this area long term.  All the imaginary complaints about Columbus Grove are simple, uneducated sour grapes.  It is a fine community with fabulous schools, parks and proximity to, well, everything.

Don’t hire Janet to advise you on your comps.  You’ll be worse in the pocketbook for it.

That was the thread Vas where you were arguing that auction values suggest and/or indicate general market values.  Doesn’t look like the lenders are seeing it your way or this $637K deal on 78 Fringe would likely have never gotten done…

Yeah, but Janet was trying to say the comps were $799K!  She was being extreme and so was I.  We both missed it by almost the exact same amount - $162K!

Calculated Risk has a post today discussing exactly this topic, at least insofar as Freddie is concerned:

http://www.calculatedriskblog.com/2009/07/appraisal-update.html

There have been quite a few complaints about the new appraisal rules from real estate agents, homebuilders and mortgage brokers.

Last Friday Freddie Mac updated their appraisal guidelines and clarified that the appraiser is not required to use distressed sales (REOs, short sales):

The appraiser’s selection of comparable sales is crucial to providing an accurate opinion of value based on market data. With respect to comparable sales, the appraiser must choose appropriate comparable sales, and certify that the comparable sales chosen are those most similar to the subject property. In underwriting the appraisal, the underwriter must consider whether any adjustments are supported and are reasonable. The amount and number of any adjustments must also be considered. Typically, the higher the amount of the adjustments or the number of adjustments the more likely the comparable sales might not be representative of the subject property. Freddie Mac does not have requirements about what comparable sales the appraiser is to use. For example, we do not require appraisers to use Real Estate Owned (REO), foreclosure or short sales. However, if the appraiser determines that these are representative of the properties available to typical purchasers for the market in which the property is located, appraisers must consider their use.

My favorite paragraph in the bulletin is:

To determine that a Mortgage is eligible for sale to Freddie Mac, a Seller/Servicer must conclude that the Borrower is creditworthy (acceptable credit reputation and capacity) and the Mortgaged Premises (collateral) are adequate for the transaction. Credit reputation, capacity and collateral are often called the “three Cs” of underwriting; if one of these components is not acceptable or if there is excessive layering of risk across components, the Mortgage is not eligible for sale to Freddie Mac. Sellers must accurately evaluate and determine a Borrower’s ability to repay the Mortgage.

Imagine that.

Apparently there was some other organic traffic that the appraiser could make a decision on.  At the time (almost 9 months ago) it was lookin’ pretty thin…..

Some parts of the IE I was watching for entertainment value only have a 10% spread between what it sells at the courthouse for and what the organic price is, so like the article says, it just depends on what is moving right now.  Where does one value a 2M+ home in Coto these days, with over 10 years of supply and exactly one sale in the past year?