Tainted Market

Sometimes I feel I’ve got to
Run away I’ve got to
Get away
From the pain that you drive into the heart of me
The love we share
Seems to go nowhere
And I’ve lost my light
For I toss and turn I can’t sleep at night

Once I ran to you (I ran)
Now I’ll run from you
This tainted love you’ve given
I give you all a boy could give you
Take my tears and that’s not nearly all
Oh…tainted love
Tainted love

Tainted Love — Soft Cell

Link to Music Video

Does this song describe every homeowner’s and speculator’s relationship with the housing market? Everyone was so enamored with real estate during the bubble. However, now the fickle real estate market has turned, and speculators are losing money, losing sleep, and losing their love of real estate: tainted love.

Today, I am going to continue the great work done by Effenheimer (formerly OC Fliptrack) on the Brio Community. Nowhere is the silliness of the bubble more apparent than the pricing of 1 bedroom units in this development. Sorry if this post is a little long, but it is worth reading. Carry on.

3403 Ladrillo Aisle Front3403 Ladrillo Aisle Kitchen

Asking Price: $319,000IrvineRenter

Income Requirement: $79,750

Downpayment Needed: $63,800

Purchase Price: $232,000

Purchase Date: 11/21/2002

Address: 2304 Ladrillo Aisle, Irvine, CA 92606
Beds: 1
Baths: 1
Sq. Ft.: 800
$/Sq. Ft.: $399
Lot Size: –
Type: Condominium
Style: Mediterranean
Year Built: 1994
Stories: One Level
Area: Westpark
County: Orange
MLS#: S505561
Status: Active
On Redfin: 52 days

From Redfin, “PRICE REDUCED TO SELL FAST!!!, Rare direct access to Garage, Newer Carpet, Central A/C, Ceiling Fan, Cozy Fireplace, sandstone color paint, Lighting under Kitchen Cabinets, and Water Purifier/Filter system. Very QUIET inside location, peaceful neighborhood, close to shopping, Association POOL and TENNIS courts for Brio only. Also, access to two other Master association pools and 5 tennis courts. Will go Quickly!!!! Entertaining ALL reasonable offers.”

Will go Quickly!!!! There’s an optimist. Is the four exclamation points a manifestation of wishful thinking?




There were several transactions on these units in 2006 for over $400,000, despite the fact that the rental value is about $150,000. Prices have held up reasonably well in Brio, although the transaction volume has dropped off considerably.

So why is this seller dropping their price so radically to sell it? Perhaps the REO has something to do with it…

2301 Ladrillo Aisle #54

Asking Price: $353,310IrvineRenter

Income Requirement: $88,327

Downpayment Needed: $70,662

Bank Purchase Price: $319,850

Bank Purchase Date: 7/13/2007

FB Purchase Price: $141,000

FB Purchase Date: 5/28/1999REO

Address: 2301 Ladrillo Aisle #54, Irvine, CA 92606

Beds: 1
Baths: 1
Sq. Ft.: 784
$/Sq. Ft.: $451
Lot Size: –
Type: Condominium
Style: Contemporary
Year Built: 1995
Stories: One Level
Area: Westpark
County: Orange
MLS#: P589581
Status: Active
On Redfin: 109 days
Unsold in 90+ days




This appears to be a HELOC implosion. The former owner took the money, trashed the place, and left. Nice.

It looks to me that our featured seller has seen the light. This REO was purchased for $319,850 which coincidentally is the asking price of our featured property. The seller knows the bank is going to reduce their price until this unit is sold, and they know that $319,850 is where the market is at (actually if the bank bought it at auction the market is probably lower.) I think this is a smart move by our featured seller. If they can get in front of the bank, they may get the only buyer in the market. They still have some equity left, so if they move quickly, they might actually see some of it.

There are a few other sellers in this neighborhood who will not be too happy because of the properties profiled above…

3105 Ladrillo Aisle Front 3105 Ladrillo Aisle Kitchen

Asking Price: $390,000IrvineRenter

Income Requirement: $97,500

Downpayment Needed: $78,000

Purchase Price: $339,000

Purchase Date: 2/19/2004

Address: 3105 Ladrillo Aisle, Irvine, CA 92606

Beds: 1
Baths: 1
Sq. Ft.: 800
$/Sq. Ft.: $488
Lot Size: –
Type: Condominium
Style: Other
Year Built: 1995
Stories: One Level
Area: Westpark
County: Orange
MLS#: P598440
Status: Active
On Redfin: 62 days

From Redfin, “* * * * HIGHLY desirable and upgraded ground level in exclusive neigborhood with direct access garage. White fireplace highligts cozy living room. Beatiful laminate flooring througout the house. Designer paint, new crown moulding and baseboards. Association pool, tennis courts, and parks. Close to shopping, movies, restaurants, parks. THIS IS A MUST SEE!!!

neigborhood, highligts, Beatiful, througout, moulding: I count 5 misspelled words in that description. Doh! BTW, what does this realtor have against the letter “h” after a “g”?

Do you like how they got the flower in the corner of the picture? Of course, it throws off their exposure and makes for an awful photo, but it has a flower in it.

This is going to be a rollback. The competition is already under their 2004 purchase price. This isn’t good for them, but others have it worse…

1504 Solvay Aisle Front1504 Solvay Aisle Kitchen

Asking Price: $389,000IrvineRenter

Income Requirement: $97,250

Downpayment Needed: $77,800

Purchase Price: $390,000

Purchase Date: 7/30/2004

Address: 1504 Solvay Aisle, Irvine, CA 92606

Beds: 1
Baths: 1
Sq. Ft.: 784
$/Sq. Ft.: $496
Lot Size: –
Type: Condominium
Style: Contemporary
Year Built: 1995
Stories: One Level
Area: Westpark
County: Orange
MLS#: S505997
Status: Active
On Redfin: 48 days

From Redfin, “This unit in BRIO is exceptional. Recently refurbished and super clean. Well-designed floorplan offers super living space that is easy to maintain. Idyllic walkway offers a somewhat secluded home that is nevertheless walking distance from shops and eateries! Well managed complex offers great amenities without the sky-high fees (as in local highrises) Motivated seller can respond to offers quickly. Make it yours today!”

This seller is in a world of hurt.

Think about their state of mind. They were in a state of apprehension and denial hoping to get out near breakeven. Their competition was priced in the same general range, so they hoped they could convince a buyer that their place was “better” and somehow they would get out from under.

Then the REO happened, but this was just one property, so it shouldn’t be a big problem, they would just have to be patient while the bank got rid of the competition. Then, suddenly, the featured property drops their price 20%. Talk about a disaster. They just lost $80,000! Yikes!

With two properties selling for $320,000, it is no longer an aberration, it is the new neighborhood property value.



203 Tropea Front203 Tropea Inside

Asking Price: $405,000IrvineRenter

Income Requirement: $101,250

Downpayment Needed: $81,000

Purchase Price: $330,000

Purchase Date: 2/20/2004

Address: 203 Tropea Aisle, Irvine, CA 92606

Beds: 1
Baths: 1
Sq. Ft.: 800
$/Sq. Ft.: $506
Lot Size: –
Type: Condominium
Style: Contemporary
Year Built: 1996
Stories: One Level
Area: Westpark
County: Orange
MLS#: S482836
Status: Active
On Redfin: 209 days
Unsold in 90+ days

From Redfin, “BEAUTIFUL TURNKEY CONDO!! This condo has it all. Entrance has designer tile leading to beautiful laminate wood floors. Glass block divider between kitchen and living adds a distinctive touch. Modern track lighting in kitchen with new designer ceiling fan in dining room. Soft designer colors throughout. Bathroom has new cast iron tub & glass slider. Designer tile in bath/dressing area. New hot water heater. Direct entry to garage from kitchen. Beautiful home!!!”

What do you think of the glass block divider? I don’t get it. Wouldn’t you rather just have it be open? Glass block is great for letting exterior light into bathrooms, but I am not so sure about its use as an interior dividing wall.

Here is the last of our dreamers holding out for over $400,000. It is not going to happen.

Can you see the disaster playing out? Today’s series of properties illustrates exactly how a price collapse proceeds. We are witnessing the first leg down of price drops: 20% off the top, and folks, we aren’t even half way there yet…

Link to another music video

Some closing thoughts on California’s love affair with real estate from the J. Geils Band:

I’ve been through diamonds
I’ve been through minks
I’ve been through it all
Love stinks

(Love stinks)
Love stinks yeah yeah
(Love stinks)
Love stinks yeah yeah
(Love stinks)
Love stinks yeah yeah
(Love stinks)
Love stinks yeah yeah

40 thoughts on “Tainted Market

  1. OptimusPrime

    These condos are such a joke…I live near this area and I’m still laughing at the $300-400k asking price.

    These “boxes” are worth on average $150k….what a joke…$400-500 sq ft hahahahahahahaha

    IHB needs to do an update in 6 months on the status of these places.

  2. NanoWest

    I wonder if the banks and investment companies that can’t figure out what their mortgage holdings are worth are looking at this blog. I am sure that there is some real owner(bank) of these properties somewhere that is trying to figure out the value of their asset……that is the real story here.

    When I was a kid, they used to sell the mystery box at the corner store. You paid 1 dollar, but did not know what was in the box. It was alway exciting to buy the mystery box, open it, and see the surprise.

    Well, I am sure that the owners of all the mortgages on these properties are sort of opening their boxes right now. I wonder if they are able to value what is in their box………maybe that’s why the CEO’s of all the major investment houses are being outed.

    So, maybe wall street is figuring out the true value of these properties.

  3. tonye

    Let’s go back past the 80s, eh? How about some Traffic? This is one of my all time favorite songs and I think it really is very apropos to IR’s current musical counterpoint.

    Sometimes I feel so uninspired
    Sometimes I feel like giving up
    Sometimes I feel so very tired
    Sometimes I feel like I’ve had enough
    Sometimes you feel like you’ve been hired
    Sometimes you feel like you’ve been bought
    Sometimes you feel like your room’s been wired
    Sometimes you feel like you’ve been caught
    But don’t let it get you down
    There is no reason for not failing
    You’ve got to smile and turn the other cheek
    So today you might get up
    But by tomorrow you’ll be sailing
    And you won’t even hear these words I speak
    Some people want to be so desired
    Some people can’t stand the light of day
    Somebody’s laughing while someone is crying
    But for to want in the close of the day
    But sometimes I feel like my head is spinning
    I’m gonna cave with all I see
    I don’t know who’s losing and I don’t care who’s winning
    Hardship and trouble following me

  4. no_bogeys

    It’s not Irvine, but there is some pretty nasty competition in San Clemente. Two houses in particular are right next door to each other.


    Purchased 1/23/07 for $707k

    Listed 28-days ago for $689k, now reduced to $599k.

    The next door neighbor is also a short sale. Only problem is their asking price is $695k for less home. Guess they are unaware their neighbor just cut out any hope for getting their price of $695!!


    That’s going to leave a mark!! Think these neighbors will be friends when this is all said and done?

  5. Carl

    Westpark may fight it out with Quail Ridge to be the biggest bloodbath in Irvine over the next few years. It has a nice location, but it is soul-less (more so than a lot of Irvine), VERY dated (it could be a late ’80s time capsule) and quite overpriced in the bubble.

    I think Turtle Rock is in the best shape, as many people there have unreal amounts of equity, but with the magnitude of the false price spike, I think the term “best shape” is quite relative.

  6. lawyerliz

    For an income of 80 grand, you only get an eensy weensy 800 square feet? Even after reductions? Keep on renting guys.

  7. tonye

    I agree. Also I would think that Northwood and Woodbridge will be OK too. The older parts of Irvine should weather this fine because there are many long term owners for whom this is a paper gain/loss.

    Sure, there will be a number of HELOC’d and late buyer catastrophes but because there will be small number of homes on sale you won’t see an avalanche of REOs on the market.

    TR, in particular, should do fine because of the mess in TRidge. As the newer homes went on a ballistic price path, TR did not wholly partake on that path, hence while TR at 500/600 sq foot was overpriced, TRidge at 800+ was sustained only by 100LTV, Neg Am intravenous injections.

    Now that the easy money drug is being withdrawn, TR will slide down to more reasonable levels ( 350 -> 450 ) while TRidge will crater. In fact, once TRidge homes hit the “used” market, people will start to notice how tight they are and how small the lots are. At that point, the much larger TR will suddenly look a lot more “exciting”.

    Woodbridge and Northwood will be impacted somewhat by their lower prices and competition… However they have larger lots and the neighborhoods feel larger. I will caveat that Woodbridge has too many condos and small homes in the inner loops. Those won’t sustain prices above 350 sq/foot when this is done.

    Just my impressions. However, I remember that I was astonished when our homes in the Broadmoor went over 300 bucks per square foot back in late 01.

  8. No_Such_Reality

    Puts in perspective. These 1/1s are the kind of place a parent puts the down payment of 20% on for their college kid and the college kid then makes the monthly ‘rent’ payment. At the end of school, you sell the place hopefully getting your principal plus inflation back and maybe a little more.

  9. Ryan

    When I sold real estate back in the late 90s I farmed the Brio track. I remember selling some of the 1 bedrooms for about 140K and 2 bedrooms for 225k. It has been about 6 years since I have seen the prices and I can’t believe the 1 bedrooms got up to 400k. You can go right across the street and rent an apartment for 50% less a month.

  10. John

    I used to live in this community. Bought a 1+1, 917 sq. ft unit in 1999 and sold in May of ’05 (How’s that for timing?) The place took two weeks to sell and profit was close to $300k. I actually had a case of sellers remorse for a while as prices continued to rise but now I have a smirk on my face. As I recall, the person who bought my place put a whopping 5% down and is no doubt facing a rate reset.
    I enjoyed the community. The HOA was really good – very proactive. The stairs up to my unit were rebuilt, buildings painted, pools well maintained, grass cut and hedges trimmed all for less than $200 per month.
    My unit was upstairs and received sunlight from sun up to sun down. The featured property here is downstairs, gets absolutely zero sunlight and faces another building that is about 15 feet away so if you have your windows open you will hear other people’s tv, stereo, voices and bodily functions. I could not for the life of me imagine living in this place, and paying through the nose to do so. If it sells for the current asking price I will be shocked.
    Some units in this community are pretty decent, especially some of the larger units that are upstairs, but these downstairs units featured here really blow. They have a lot further to fall, IMHO.

  11. NanoWest

    Yea, you can see all these bankers sitting around a table in NYC looking at the IHB on their computers saying………..

    Holy sh**, look at this, you mean we own all these crappy little places in Irvine……………..these place are only worth 1/3 of the mortgage value………you mean our 100 billion dollar mortgage portfolio is really only worth 33 billion dollars…….damn. ouch. aaaaaaaaargh.

  12. John

    Just remembered this: Earlier this year, April or so, a former neighbor called and asked me to help her move some furniture around. Reluctantly said ok. I get there and a couple of pieces are too heavy for just her and I, so she goes to get another neighbor to assist. We exchange pleasantries and I mention I used to live near here, but sold. Oddly enough we had never met but he said he and family have lived here for about 5 years. I mentioned I was biding my time, waiting for prices to come down some so I could get back in. He shoots me this look like I had just kidnapped the Lindberg baby. Somehow my statement had offended him. “They won’t,” he said. End of conversation on that topic. He seemed so bent out of shape that I didn’t have the heart to tell him about the IHB, but damn, I wish I did.
    My former neighbor (whose furniture I was moving) is another kool-aid drinker. She used to maintain that her place was worth a good $50k to $75k premium to mine, no matter they had the same exact floorplan. Why? She put in some crown molding that I didn’t have and she has a two car garage whereas mine was just a one-car. Somehow I don’t think she’ll be getting that premium anymore…

  13. Hold out in LA

    OT but I didn’t see a post from you yet on this:

    … Lennar has decided to temporarily stop taking orders at one of its largest and highest-profile projects in southern California – Central Park West in Irvine. The Miami-based builder has also postponed construction of two high-rise projects in Anaheim, known as A-Town Metro and A-Town Stadium.

    Central Park West … sprawling over four city blocks, was supposed to start moving in its first buyers last month. But company officials concluded that too much of the village was still under construction for early buyers to be able to fully appreciate its amenities and living environment. … The builder has refunded earnest money to buyers who had already purchased homes there. For the time being, Lennar is keeping open Central Park West’s sale office, which is across the street from the massive construction site.


  14. Land of Delusion

    Almost half a million clams for a 1 bedroom apartment?!

    I used to enjoy reading these posts about severe price reductions, greed-mongers with poor timing, confounding wishing prices…but it’s not fun anymore.

    In fact, it’s really depressing.

    These sellers and their agents obviously have a mental illness. They are severely deluded, creeping up on insanity, and it’s just painful to witness their obliviousness to what’s happening to them (and what’s about to).

    It’s kind of like the first few episodes of American Idol when the producers slip in someone who is CLEARLY mentally retarded or at least is a few fries short of a Happy Meal. You know that feeling when the judges laugh at their horrendous performance and you laugh at home along with them…then you suddenly realize the singer has NO IDEA what everyone is laughing about. They truly believe they are talented and just gave a phenomenal, bring-down-the-house performance. Then you start to feel guilty for laughing at a vulnerable, tragic person, and you don’t quite feel right for a few days afterward.

    That’s how I feel today.

  15. lendingmaestro

    Yup. I live in Quail Hill and it is getting blitzkrieg’d with for sale signs. I’ve noticed quite a bit of FSBO signs as well.

    As for these 1 bd units it is unbelievable. Simply unbelievable. I can only shake my head in utter disbelief @ these prices. And by the way…what is “newer carpet?” Is that interchangeable with “slightly stained?”

  16. rastaman

    although I am bearish on West Park as well, the house for sale down the street from me there has been getting some nibbles from immigrants with all cash offers. evidently, there are still plenty of greater fools over there in Taiwan so I wouldn’t hold a funeral yet for West Park. The amount being offered surprised me — although significantly below asking price, it was still bubbly IMHO.

  17. Diana K

    Believe me, no one on Wall Street wants to know the true value of their securities. They’re just hoping to hold them long enough for the housing market to get back to bubble times.

    But it’s not going to happen for at least another 20 years.

  18. effenNOD

    The first featured property is actually 3403 Ladrillo with a NOD filed for $416k. Just got the alert this morning.

  19. Jim Jones

    I just don’t understand why anyone would buy one of these “apartments” to live in. How did apartments that you would rent become “homes” that warranted owning and making a mortgage payment on? I guess I can understand how SFH’s would have been subject to the crazy runup during the bubble but how did “apartments” get included as well? The last time I mentioned this someone responded by saying that in their particular situation at a specific time they came out a few bucks ahead by owning their “apartment” verses renting. But owning entails a whole host of responsibilitiesthat renting does not. And of course the fact that you need to take a large portion of potential investment money and put it towards a purchase in the form of a down payment cannot be ignored. I’m at a loss trying to understand why people would feel compelled to make the financial committmentsacrfice neccessary to own and “apartment.”

    Am I the only one who has no interest in owning an “apartment” to live in?

  20. ice weasel

    And then there’s this to contend with, it’s not just the ridiculous sales prices of these small condos, it’s the HOA fees and taxes. Even pretending the properties themselves sold a “reasonable” price, the taxes and HOA fees are likely to double that monthly cost. Who will pay that? Well, who aside from people with money to burn and people who aren’t getting “free” money from the bank are going to pay this money?

    This is one the things I don’t understand about the bubble. Ok, fundamentals were ignored. Loan money was essentially free as everyone could “make” money just by owning something. But didn’t they also look at the costs to actually own these properties? And while this probably applies more to mcmansions and SFRs than these condos, it still has an impact.

    My mortgage is $650 per month. My taxes are a little more than another $100 per month (and no, I’m not saying where I love is better because of this, that’s not my point). Throughout California, from what I’ve read, that might cover taxes, Mello Roos and HOA fees on most places offered for sale. It’s like the interest only adjustable all over again.

    At the part of San Diego I’m looking at relocating to (someday, not soon) it’s possible, probably likely that the prices could drop by 50%. Even with that taken into consideration, the taxes and fees could double a prospective mortgage payment.

    And please, if I’m missing something here I would love an explanation.

  21. ice weasel

    Jim, although I share much of the emotion of what you wrote I can answer that in two ways but before I do, I have to set some preconditions. Those preconditions are that the prices of the aforementioned (errr, I have to say it) “apartment homes”, let’s just call them condos, have to bear some semblance to reasonable, fundamental values. If they do I could be the owner of one as I would love to have a relatively trouble free place in California to spend time at that would be low cost and require no maintenance. I can see some single people or young couples possibly wanting to buy something like this if they too did not want deal with the larger responsibilities of home ownership but needed to invest in property for financial reasons.

    Again, with all that said, half a million dollars for an apartment in Irvine isn’t reasonable (unless there’s a couple of hundred large tucked into one of the spacious closets).

    There’s nothing intrinsically wrong with small places to live, even places such as these. It’s just the money it costs to do so is way out of line with reality.

    That’s just my opinion and now that I’m done sound grampa Simpson, I’ll shut up.

  22. Mike

    I was waiting for a Westpark post, thanks. Most, if not all of the SFRs/condos for sale have crazy expectations. I too agree that immigrant nibbling will sustain the pricing for 6 months.

  23. IrvineRenter

    Looks like another HELOC implosion. Based on their purchase price, I assumed they still had equity.

  24. lendingmaestro


    Why do I want to pay taxes, when I can live in the same neighborhoods, enjoy the well-maintained parks and established school system without paying a dime in taxes? Or Association dues?

  25. TW

    My thoughts–the thought of living in one of these things–It’s like being in a college dorm all over again. Small room(s) tucked into anonymous building. Need a parking pass for visitors. Don’t talk too loud or you might disturb the neighbors above.

    Everything is taken care of for you, they even strategically locate generic national chain eateries and Starbucks that hire and train anonymous people within ‘walking distance’.

    That isn’t a home to me. Get a place that you want to cook, clean, do some yardwork, go out back and play with my dog and kids in our own space. I don’t unerstand why I would want my family all the time hanging out in the ‘ammenities’ that my $400 HOA would pay for.

    Never would I buy one of these things–unless the price was so low that I could make money renting it to a student or something.

    Just my thoughts.

  26. lawyerliz

    Oh, come on. Your bubble is worse than our bubble.

    My honest realtor buddy just sold a house after a 100,000 decrease.
    The house the seller is buying will also be cheaper, so it’s just paper.

    Lennar was sued here after hurricane Andrew for the defects in its contruction. Lennar may be yuckky, but Miami is weird and interesting.

    Are you not going to read my posts because they are coming from Miami? Sniff, sniff. (Actually Hialeah)

  27. Shark

    I just saw the two san clemente homes and 695K has to be extremely depressed.. I mean in every aspects of house, 599K looks better. Kitchen is more contemporary, back yard looks less cramped, 599K is BIGGER, curb appeal is better.. Wow! 695K has to have a bucket of tomatoes standing by for when the 599K comes out to get the morning paper.

  28. Iblis

    Some, but not plenty. There will always be a few buyers who are not sensitive to price for whatever reason. Just aren’t enough of them to make a market.

  29. Iblis

    There is no explanation. It’s crazy. What’s worse is that lots of people are willing to pay it. You can argue all day long about what a stupid idea it is, but who cares when there’s a line of idiots getting out their checkbooks.

  30. no_bogeys

    What’s funny about the San Clemente propery @ $599k is that it took forever for the previous owner to sell the home @ $707k, was on the market for a long time in the upper $700’s.

    Along came the new FB and 6-months later there is huge losses. I could see this coming from a mile away as the new FB (I mean owner) had a brand new H2 Hummer repo’d just a few months after moving into the property. Now it’s a short sale… must have been one of the last 100% financed deals in the area.

    The guy next door for $695k (also a short sale) is desperately searching for a new FB to bail them out… their Realtor held cheesy BBQs, etc to attract First Time Buyers, investors, & retirees. When has $695k been a starter home? 6-months ago this same house was listed for $795k. 4 years ago all of the homes on this street were within reach of First Time Buyers.

    I doubt that either of these places will sell even for $550k. As a plus they are located on a golf course (if you want to even call it a golf course — Shorecliffs aka The Ditch), however the street they are on is extremely busy with lots of traffic going inland towards Forester Ranch & Talega… the traffic noise is horrendous.

  31. Formerbanker

    Holy moly – you’d think the seller of the $695M disaster would at least clean up the house just a tad, out of personal pride – guess they figure the bank’s going to get it, so what do they care. It reeks of ‘we didn’t care of this house while we owned it’. Nice.

  32. Irvinexpat

    There is 3 Shady Canyon properties getting close to selling…big ones. Same agent (JOHN MCMONIGLE) is lisitng each property, that some serious commission…Any inside info out there???

    Pending Sales:
    U7002075 P 51 Golden Eagle Irvine/ Turtle Rock 890F6 $5,995,000 no sq footage info, must be big, maybe 5 or 6k sq ft. $1 million in landscaping on a 33,000 sq ft lot. Bullbutter!

    U6601263 P 3 Redbird Irvine/ Turtle Rock 890E5 $3,295,000 4 5 4240 (Mark McGwire place) note: Total Assessed Value: 4,004,256.00

    Back-up offer:
    U7003406 B 31 Salt Bush Irvine/ Turtle Rock 890F3 $6,750,000 5 5.5 6600
    These will tilt the numbers in the 92603 toward the agents camp.

  33. Gray

    “Newer Carpet”
    Hehehe! Who do they want to fool with this phrase? I’m very certain that “newer carpet” means it isn’t quite as old as the stinking thing grandma has been stomping on for thirty years now…

  34. ice weasel

    LM, of course I’m not arguing about the fees and taxes themselves. I’m just pointing out that at least on the low end, they can quickly double the cost of owning a given property. So while we look at mortgage payments, they’re not the entire story by any means. Again, that’s obvious but without seeing those numbers here it’s, I think, taken for granted.

    That’s all.

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