How long before I get in?
Before it starts, before I begin?
How long before you decide?
Before I know what it feels like?
Where To, where do I go?
If you never try, then you’ll never know.
How long do I have to climb,
Up on the side of this mountain of mine?
Look up, I look up at night,
Planets are moving at the speed of light.
Climb up, up in the trees,
every chance that you get,
is a chance you seize.
How long am I gonna stand,
with my head stuck under the sand?
before I see things the right way up.
All that noise, and all that sound,
All those places I got found.
And birds go flying at the speed of sound,
to show you how it all began.
Birds came flying from the underground,
if you could see it then you’d understand?
Speed of Sound — Coldplay
Nearly every line of that song has meaning for those of us watching the deflation of the housing bubble from the sidelines. How long before you get in?
Well, if you are an entry level buyer, today’s property is a market entry point. These are basically glorified apartments, but they typically represent the lowest priced properties in the marketplace. At $450,000 it provides a great example of how crazy our prices are.
Income Requirement: $112,500
Downpayment Needed: $90,000
Purchase Price: $452,000
Purchase Date: 7/16/2004
Address: 17 Elderglen #15, Irvine, CA 92604
Sq. Ft.: 1,220
$/Sq. Ft.: $369
Lot Size: –
Stories: Two Levels
View(s): Park or Green Belt
On Redfin: 14 days
From Redfin, “Great opportunity in desirable Community of Woodbridge. This home features laminate floors throughout the main living area, living room fireplace, kitchen with newer kitchen cabinets and counters, eating area in kitchen and large laundry area which doubles as a pantry. Master bedroom has huge mirriored closet. Large enclosed patio with storage area, and direct access to your own carport. Newer water heater, newer heater and A/C unit.”
Direct access to your own carport? WTF? Is there another kind of access to a carport? Easy access to an insecure roof structure separated from your
apartment condo where you can park your one car. Yea, that’s a plus.
If you are making over $100K, is this your dream home?
This is a pretty deep Rollback in Woodbridge: a 2004 loser. I don’t know which is more insane, the current asking price, or the fact that someone paid more than that in 2004?
I would estimate you could rent this for $1,800 based on the third bedroom; nothing more because the lack of a second bath. With a gross rent multiplier of 160, this place is worth about $288,000. This would put it within reach of someone making $72,000 a year, which is below the median.
If this seller gets their $450,000 asking price and pays a 6% commission, they stand to lose $29,000. Doesn’t sound like a lot, but then again, this was a “sure thing” back in 2004. They should be figuring out how to spend their $100,000 in profit, not selling at a loss.