Random Bits

Stupid MLS Login Procedures

I haven’t been able to scour MLS lately. The reason is that the MLS system I have access to, Tempo SoCalMLS, requires the use of a token that has a code that changes every minute or so (and I don’t have this stupid token handy). I’ve been able to get around it by using the MLS Alliance system which actually is a more comprehensive database as it contains listings from the EIGHT Southern California (excluding SD) MLS systems (of which Tempo is one – the main one for OC). But just recently, they changed the login procedure so that I HAVE to login through Tempo first. Argh! Time for me to get that token. Until then, I won’t be able to feature any flips. I should get this squared away in the next few days.

Bad news from New Century of Irvine

LA Times: “The bad news from Irvine’s New Century Financial Corp. and London’s HSBC Holdings sent shares of sub-prime lenders tumbling by double digits, with New Century down 36%.”

“New Century is the second-largest sub-prime mortgage originator after San Francisco-based Wells Fargo, with HSBC just behind in the No. 3 slot. The Irvine company said late Wednesday that it had greatly underestimated the losses it would record as a result of loan buyers forcing it to repurchase mortgages that had quickly fallen into default.”

OC Register story

Reuters story

Central Park West Grand Opening

Central Park West, the development on the corner of Jamboree and Michelson (across from Park Place), is debuting their Lennar homes tomorrow. Almost all of the tracts in Central Park West are built by Lennar. The high rise towers are built by another company and I’m not sure who is building the affordable condo complex hidden behind the high rises. I won’t be able to check it out tomorrow but hopefully some of you will. Here are the details:

Date: February 10th

Time: 10am – 4pm

Place: CPW Living Studio / Central Park West

2500 Michelson Drive, Suite 100, Irvine, CA

Complimentary valet parking

5 thoughts on “Random Bits

  1. Hope To Buy In Irvine Some Year

    A buddy of mine & I stopped by there today. They are on the south side of Michaelson just west of Jamboree where they have an office area setup with several models inside, computers to look at virtual units, nice foofoo food being offered on platters, water bottles (yes selzter was there too) being offered and desserts.

    One big thing was missing from all the materials that were there – THE PRICE LIST! After asking around, one lady who works for Lennar said prices would start from $600K up to about $1M (3 different areas). Another couple who was just there looking around said they’d start from $400K+.

    Looks like they release starting later 2007 so it will be interesting to see what the prices are at that time.

    Anybody else go??

  2. Aeneid

    I did go to the CPW opening. I toured the highrise model, Astoria. I think it was plan C, around 1400 square feet. If I am not wrong, that unit goes for around $1 million. The model looks really nice in terms of the quality of the materials used etc. I was not impressed with the layout, however. When you open the door, you will see the kitchen right away. There were no closets for shoes or coat storage. So shoes would be lying on the floor. That would be somewhat annoying.

    The two master suites were spacious compared to some of the SFUs I have seen in recent time. The materials used were of high quality. Much nicer than those you would find at Kensington in Tustin etc. Cannot really complain about the bedroom.

    I would imagine living in such unit as I like the more urban feel. At the same time, the surroundings are just industrial/office buildings. That is a huge negative aspect. One cannot walk to anything. The sales person did mention that there will be restaurants, cleaner, supermarket in the development-maybe not so bad after all.

    The bad part is, I cannot imagine myself paying a million dollars for such a place. It is more expensive than NY. I cannot afford to live there either. The “perceived value” for such unit should be around $500K. Anyone visited the model and any thoughts on the prices?

    Also, as I understand it, they are still in the reservation phase and the prices are approximate and no set price yet. I am guessing that they are trying to gauge the market.

  3. Hope To Buy In Irvine Some Year

    Aeneid – ya we talked in that 1400 square foot one it was reeelly nice. But for $1 MIL? Thats crazy.

    On top of the $1 Mil price tag is the “estimated” $150/mo HOA and County tax + 2 Mello Roos Bonds = total of 1.6% according to one of the Lennar reps.

  4. DrHousingBubble

    New Century Financial (NEW) took it in the shorts last week. Apparently they didn’t factor in that some of the loans that would go bad would have to be bought back. Whoops! Maybe THEY should read their own fine print. Turns out that the secondary market isn’t so hungry for no-doc suicide loans all of a sudden. HSBC warned that they would have to revise “loan provisions” by 20% for the upcoming quarter. HSBC isn’t a wolf crier so their warning comes as a big deal.

    How fitting that NEW is located here in good old Irvine. Turns out that market sentiment can change on a dime. Especially when $1 trillion in loans is set to reset this year and we’re only in February. 2007 will be a very interesting year don’t you think?


  5. Aeneid

    Sorry this post is somewhat off topic. I really like to live in an urban area. I dream of living downtown San Diego. I think downtown SD is much better compared to CPW or the pseudo/quasi urban Marquee Park. One can really walk to many shops, restaurants etc.

    Here is the frustrating part, our household incomes are around around 180 K per year. So in theory, we can afford something. We have good credit, and student loans. However, we don’t really want to be mortgage slaves. If we were to do the traditional mortage, we can afford something three times of our incomes. For downtown SD, it will be shoe box place. I thought that having incomes of 180K would make one somewhere in the middle class range. I guess we are just house poor.

    So here is the interesting part. We have been eyeing certain buildings in downtown SD that we want to buy. So we visited the sales office yesterday to see if the prices have changed since I last visited about three months ago. Nothing has changed so far. However, some of the buildings that were slated to be built soon are still on the drawing board as the sales agent put it.

    So we chatted with the agent about the price and explained to her that we were really poor etc. She told me there are many ways we can qualify for a loan. I guess she meant some sort of exotic loans. We are not going to that route. Then, I heard the most amazing thing ever- the 50 year mortgage. I have heard of 40 year mortgage before but 50 year mortgage. My God!

    Anyone is frustrated as I am? And what is up with 50 year mortgage?

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