Silver and Gold

Silver and gold, silver and gold
Ev’ryone wishes for silver and gold
How do you measure its worth?
Just by the pleasure it gives here on earth

Silver and gold, silver and gold
Mean so much more when I see
Silver and gold decorations
On ev’ry Christmas tree

Silver and Gold — Burl Ives

It has been a while since I have come across a truly jaw-dropping WTF listing price. When someone in Turtle Ridge prices that way, it can be written off as a mass delusion from the free-flowing kool aid dispensed in the area, but when someone lists at a ridiculous price in the midst of foreclosures and declining prices… well, that takes a special kind of greed and foolishness. Perhaps the silver and gold they were looking for in Rudolph the Red-Nosed Reindeer is buried in the back yard?

337 Tall Oak Front 337 Tall Oak Kitchen

Asking Price: $1,059,000IrvineRenter

Income Requirement: $264,750

Downpayment Needed: $211,800

Purchase Price: $479,000

Purchase Date: 10/16/2002

Address: 337 Tall Oak, Irvine, CA 92603

1st Loan $401,100
Downpayment $77,900WTF

Beds: 2
Baths: 2.5
Sq. Ft.: 1,800
$/Sq. Ft.: $588
Lot Size: –
Type: Condominium
Style: Spanish
Year Built: 2003
Stories: Three or More Levels
View(s): City Lights, Hills, Mountain, Panoramic, Has View
Area: Quail Hill
County: Orange
MLS#: S512657
Status: Active
On Redfin: 6 days

From Redfin, “This superbly appointed single detached home was customized by a senior exec. w/ the homebuilder. Every detail was considered w/ the goal of making this home not just a notch above the rest, but THE BEST. An entertainer’s delight, this designer-inspired home has commanding views, and an innovative flr plan that has every bldr & seller upgrade imaginable, incl. a 2nd fl. deck w/ custom blt-in furniture, stainless Viking BBQ, fully mature garden–the largest in the Ivy Wreath–spa, fountain, & fire ring! “



Kool Aid Man

So let’s put this in context: Quail Hill is getting killed. We have documented REOs (here, here), a group of three bedroom condos priced $350K to $400K less racing to the bottom, and more rollbacks than I can bother to link to (look here), and yet this place has more than doubled in value. Pricing in Quail Hill is falling below the $400 / SF mark and trending lower, but this property is supposed to be worth $588 / SF?


I can’t fathom the metric they used to come up with this price. It clearly isn’t based on comps. Perhaps it is an ego listing, or perhaps they commissioned their realtor for a special rectal extraction.

In fact, that is my challenge for you today: please tell me how someone could possibly arrive at this asking price.

The winner gets a free pitcher of kool aid.

Perhaps it is the $500K view of Quail Hill Boulevard and the apartment lights?

337 Tall Oak View

101 thoughts on “Silver and Gold

  1. irvinesinglemom

    Wow. You have to wonder if the greedy “senior exec. with the homebuilder” has any clue how laughable his listing price is. It would appear that he is serious, though, given the description of how incredibly upgraded the place is (yeah, those sure are sweet white particle-board kitchen cabinets!). So greedy, so revoltingly greedy. Truly a WTF find, IR.

  2. Diana K

    THat’s what I had to say, too. WOW!

    How stupid/ignorant does one have to be to even ask for that amount?

    If I lived in Irvine, I would so print this page out & stick it in their mailbox.

    This makes absolutely no sense.

    Did they refi with an option arm?

  3. Mr Vincent

    I kinda like this “detached condo”. It’s done up the way I would like.

    1800 sq ft for 1m is the obvious problem here. And forget about ever having that tennis court and pool, which you would expect for a million $ home. When they dont list the lot size…well, you know the rest.

    I have a feeling that they dont really need to sell and are fishing for a sucker with some $ to burn.


  4. Don from the Tanning Salon



    There are only a few places in the U.S. that I can envision a condominium appropriately valued at 1 million dollars or more (for this size): Manhattan, Chicago, Malibu, and Dubuque Iowa. That’s the list. Please note that I omitted QUAILL FRIGGIN’ HILL.

    Also, the “wall of wine,” thing in the dining room is absurd. It takes the whole affectation of a wine room down yet another level. What’s next? Pasting labels directly on the wall? Toilet seats made out of leftover corks? It just looks cheap and makes your home look like a dive bar. Displaying empty wine bottles for your guests is on par with a college dorm beer can pyramid, and about as classy, IMO.

    Real world price:

  5. NoWow!way

    Thanks for the laugh this am!

    They must be offering the buyer’s agent a free car or whatever the current door prize seems to be?

  6. mino2126

    Well I think this sums up the question of how talented the “senior execs” are at some of the home builders. Would love to know what builder this RETARD works for.

  7. AZDavidPhx

    I came across this blog while googling the housing bubble a little over a week ago and now it has become part of my daily routine.

    I am not from CA, but the house prices here in Phoenix, AZ are bubbled as well as many CA residents have been able to sell their puny shacks over there and move to AZ to buy 4 times the house with their phoney profits, pushing most of the AZ locals out of the market.

    I rent here in PHX now after selling my townhouse down in Tucson, knowing that the market was about to tank. From my point of view only a complete fool would even consider “buying” a house right now. I know of at least 2 people who bought a house within the last 2 months claiming that “they got a great deal!” because of all of the price cuts. It doesn’t even dawn on them that their great deal will most likely be under water by this same time next year. I try to tell them this but they stick their heads in the sand.

    I see all of this, what appears to be, financial foolishness where all that people care about is the “monthly payment”. There is no concept of how much money they are borrowing and pledging to pay back. “The house costs 1 million bucks? Bah, so what as long as my monthly payment is within reach”.

    It seems like the mortgage hustlers feed on this type of mentality which is why we see all of these idiotic loans that people are unable to pay back once the adjustment is made.

    These people take out mortgages for huge sums of money whom the vast majority of have no intension of paying back. Just pay for a couple years until the capital gains clause is satisfied and then hand the balance off to the next guy and collect some extra money in profits too.

    The one simple question that I have is – are all of the people who buy these over priced houses just very well off or are the majority of them house poor, using the husband and wife’s first monthly paycheck just to cover the mortgage and praying that nobody loses a job? Are these people able to save any money or does it all go to the mortgage?

    For some reason I have this belief that you should not be spending more than 25% of your monthly income on housing. Is this just complete pie in the sky thinking or what? I’m renting in PHX that is costing me 20% my monthly income in rent which allows me to save money each month and go out for a nice dinner or two on weekends.

    I can’t fathom how all of you in CA are able to get buy with the gas prices and the house prices like that. I love visiting, but could never live there just for that reason.

    Thanks for the read. Great website.


  8. tonye

    Dear Renter.

    It’s is clear to me that you have no clue about the nature of this abode.

    It has been designed exclusively after Austin Power’s Shag Pad in a contemporary 21st century fashion. It blends traditional California ( vide the fancy stuff on the walls and the Etruscan furniture ) with the owner’s classy education at a private university while taking his marketing degree (note the novel wine bottle crown molding…. at privateU he only drank Heineken).

    Note too the combination of 1960s motifs ( suede, browns, purple ) with the 21st century design (flat panel TV) and traditional (dining room table patterned after Torquemada’s work desk). This is an astounding palette that clearly undescores the owner’s timeless taste and classic elegance.

    This fine domicile is also blessed with a large Viking BBQ sporting a unique “”Hilton like” pedestal. Never you mind the cheap GE appliances inside. No one ever cooks in a Shag Pad. So long as there is a bar in tje dining room, close to all that wine BTW, and an outdoor BBQ we have all that is required to hold a fine bacchanalia with a few chicks and a couple of buddies from the old alma matter.

    Pricing wise it is simply obvious that you are clueless. The gentleman who owns this fine town home is a senior executive with a large national firm that develops executive type homes. The pricing reveals that this home is indeed owned by an executive. The “comps” you are referring to are owned by “non executives” who got in over their heads and thus reflect their lack of pedigree.

    In conclusion, when you buy a home you are buying more than the physical entity. You are buying the gestalt, that particular je ne c’est quoi, that is embodied within the metaphysical. This above will lavish upon their next owner the karma and bonhomme of the executive who took it from a mere mortal assemblage of wood, stucco and metal, and turned it into one of the most memorable, most exciting, most rewarding shag pad in all of the Southland.

    The owner will entertain your offers only for a short while, so don’t delay. Do not prod our patience with below asking price offers as they will all be flushed down the neighbor’s toilet ( ours being too good ). Offers significantly above our asking price will be given priority.

  9. argus

    what strikes me looking at the kitchen is yech! BUT it has all the boxes checked off: granite: check, viking: check, the whole house sounds like that. easiest ad the realtor ever wrote, so i was not surprised that a building exec lived in the home, it was built to check all the boxes in a real estate brochure – not nec. to live in

    does that make any sense?

  10. Don Brown

    Whoa! A lot of whining comments here…. I think you need to get over it. This housing swing comes every 10 years or so and if you think this is the end of the world in O.C. you have a short short memory (or were born after 1980).
    History repeats itself, not the first, won’t be the last. There is opportunity in every situation.

    O.C. from afar.

  11. tonye

    Read carefully. It says “Viking BBQ”….. the interior of the kitchen looks like an Irvine Co. apartment.

  12. Chrissy

    That’s how they arrived at their price:

    The wine in the bottles is an EXTREMELY rare and expensive vintage, alone it’s worth $400,000, and it’s included in the sale!

    Or maybe it’s just the koolaid in those wine bottles….

  13. lendingmaestro

    I guarantee you, I guaran-damn-tee you there is 7 series BMW and/or a s500 class or higher mercedes in the garage.

  14. Stupid

    Your linked comps over at Stepping Stone aren’t really an apples to apples comparison as those units are smaller. However, this listing of a 3 br/3.5 ba in Tall Oak, is.

    Price: $589,000
    Redfin Savings: $11,780*
    111 Tall Oak
    Irvine, CA 92603
    Beds: 3
    Baths: 3.5
    Sq. Ft.: 1,607
    $/Sq. Ft.: $367
    Lot Size: –
    Type: Condominium
    Style: Contemporary/Modern
    Year Built: 2004
    Stories: Three or More Levels
    Area: Quail Hill
    County: Orange
    MLS#: S507462
    Status: Active
    On Redfin: 57 days
    Detached condo, most popular floor plan. Granite counter top, shutter, berber carpet, wood flooring, stainless appliances, new paint courtyard location, move in ready.

  15. Stupid

    Typo: replace “those units are smaller” with “those units are in a less nice area of Quail Hill” in the post above

  16. awgee

    I have no words to express my lack of comprehension of the asking price. Why would a realtor take a listing like this?

  17. tonye

    This is an executive of a builder.




    In two years…. it will be a Yugo.

    Would you like fries with that burger?

  18. Land of Delusion

    “Every detail was considered…”

    Well, every detail but those horrendous 70s style stair railings. Yikes.

    And they are so prominently featured in the pictures!

    Ah, maybe they were imported from a 17th century chateau.

  19. No_Such_Reality

    My guess, the Exec is getting relocated. Hence his corporate induced shag pad is up for sale at an insane price and when it doesn’t sell in 90 days, corporate relocation will eat it and pay him for it.

    IMHO, that’s the most tasteless interior I’ve seen blogged.

  20. Stupid

    Interesting choice of kitchen cabinets. Are they upgraded? They look similar to the ones in my IAC rental apartment (or at least used to before I turned the over up to 450F and the edges of my drawers next to the over melted a little).

  21. NanoWest

    Mr. Prime,

    These places will be selling in the $220 per square foot range in 3 years…..that puts this place at just under $400,000. This is a starter condo for a professional that makes an above average income. Given the initial pricing here, this place may be on the market for 3 or 4 years.

    My congratulations are in order to the realtor that listed this house at this price….you are living proof that forest was right….stupid is as stupid does.


  22. IrvineRenter

    The other units may be smaller, but they have a third bedroom. This is only a two-bedroom unit this seller wants more than $1M for.

  23. EvaLSeraphim

    Well done, Tony. Personally, I think it looks like a high end brothel (if I knew what such a thing actually looked like). Since that home in Northpark was sold, I wonder where Sakae Escort service is running now? If you think I’m kidding, go here:

  24. GrewUpInIrvine

    Is this for real? Maybe I should leave a copy of this blog in his mail box, Christmas stocking, etc… if we could only wire these WTF properties for sound. How great would that be? Oh, the apoplexy!

  25. tenmagnet

    Yeah, I agree who cares that the home was customized by a senior exec. Is that supposed to legitimize the outrageous asking price. The dining room lined with wine bottles is tacky and what about the naked male pictures in the office. Wow! That will really impress the ladies. Personally, he should have went with Da Vinci’s Vitruvian man. It’s worked wonders in my place as conversation starter. Right next to it, is a picture I had taken of me with Fabio, that’s the real ice breaker. Like a one-two punch.

  26. buster

    My guess is the Exec is getting laid off and needs this price to pay off his credit cards, or at least make a dent in them. And buy out the lease of his BMW. And pay back the 401(k) loan he took out before he gets canned and it becomes an early withdrawal. And pay back his parents for the “loan” they gave him.

    Best way to bring them back to reality, let’s figure out when the open house is being held. Then we march in and make offers between $450,000 and $475,000, just like it’s worth. Oh, but make sure you put a “seller paid kitchen remodel and appliance upgrade” in the contract. And if it is a corporate relocation, the Realtard will be obligated to inform the corporate relo department of the offering prices.

  27. Stupid

    The “smaller” was a typo – see correction above.
    Main point is that Stepping Stone has a very different feel from Tall Oak when you walk though it. Stepping Stone is cramped, hardly any vegetation compared to the Tall Oak area.

    I agree though, $1 million is way too much, esp. compared to the $589,000 for 111 Tall Oak ($367 sq. ft) nearby.

  28. houseonlegs

    Yeah, thats it, lets pay property taxes on $400,000 in wine for the next 30 years. This realtor is stupid to think that people will pay that much more just because the home is so called “upgraded.”

  29. Stupid

    BTW – IR – (off topic, not a comp here, but interesting) have you seen this listing in Quail Hill yet?

    Price: $1,975,000
    Redfin Savings: $39,500*
    Irvine, CA 92603
    Beds: 4
    Baths: 4
    Sq. Ft.: 5,500
    $/Sq. Ft.: $359
    Lot Size: 7,000 sq. ft.
    Type: Single Family Residence
    Style: Spanish
    Year Built: 2005
    Stories: Two Levels
    View(s): City Lights, Hills, Mountain, Panoramic, Park or Green Belt
    Area: Quail Hill
    County: Orange
    MLS#: S512844
    Status: Active
    On Redfin: 12 days

  30. no_vaseline

    Somebody pick up the phone and call the realtor and ask what the real deal is.

    There might be 500K in neatly packaged bundles waiting in a closet or something.

  31. lendingmaestro

    They should put a large scarecrow outside holding a sign that says “straw-buyers welcome.”

  32. Genius

    The majority of everything within 15 miles of the coast in California is VASTLY overpriced. It seems even the people who read and post here think Cali demands a massive premium, because it’s so fantastic. Other than the weather, I can’t honestly imagine why anyone would stay here with these prices. I’m stuck here because of what I do for a living and the fact that I got addicted to surfing; don’t believe the people that tell you socal is the finest place in the nation, because it isn’t.

    I was just out in AZ visiting family over TGiving. I feel really bad for the people who bought in ’05 or ’06. Somebody right up the street from my parents will lose about 50%, or more if they don’t get their asking price. Lots of carnage all over Scottsdale too.

  33. Mike

    “this designer-inspired home” Are you kidding me? I’m a professional designer and all I have to say about they way that place was…… hold on, hold on…………..………… I feel better now, I just had to puke a little bit.

  34. tonye


    $800k + $640 min bonus + bennies up the ying yang… and the this:

    “We also have an understanding that use of the corporate plane will be made available per your conversation with me, assuming availability not in conflict with your schedule. ”

    No wonder this country is going down to pot so fast. We got too many people who don’t add much to the GNP but suck up all the wealth.

    I wonder if this EGOmaniac will ever grace a middle seat in the economy cabin of a 737? You know? 12B or 21E?


    Agree with NO_SUCH_REALITY.If they find an idiot willing meet the price- fine.If not…corporate will swallow it .

    @EvaLSeraphim…I’ve recently toured some of the “high-end bordellos”
    that dot the upscale apt/condo complexes of Orange County.Please refrain from insulting the bordellos with your comparison.



    We are SOOOooo glad that we left the SoCal market and moved to Austin, TX!

    We even added on to our Toll Brother’s home and got a full basement for $18.00 a FOOT!

    YEP – you read that right = $18.00 a foot!

    So now we have a 7,004 foot home for 20% of what it was there!

    Now, I am not a huge KB Home fan – but you can get a 5,211 foot home here in Austin, for $250,000!

    HOW can they even build that for $48.00 a FOOT AND it
    be a brand NEW home on top of that!

    HERE – check out these blog pictures here!

    We did the MATH – it was 4.3x MORE there than here!

    Like y’all said = WTF?!?!??!?!?!?!?

    If y’all wanna come check out Austin – we think you will LOVE Austin!

    The Live Music rocks here too!

    Cynthia & Jeff


    we did have a guy here in Austin, include his $160,000 Ferrari with the sale of his home!

    base on this Toll Brother’s Home is now up from $300k to $415k – and this is for a 3,500 BRAND NEW TOLL BROS HOME to boot!

    this way – we can fly back WHENEVER we want to for $200 bucks, or drive and stay for a week with friends!

    We’re NOT a slave to an $800,000 mortgage – ad for WHAT too!

    Ciao’ – I gotta clean the pool on my half-acre HOUSE that costs HALF of what this CONDO costs!


    ha ha ha


  38. GavriloPrincip

    38 Silhouette has been on the market for a long time. It was bought new by flippers in 2005 AND IT HAS NEVER BEEN LIVED IN!! They were trying to sell it last Spring for about $2.7 million, then brought the price down to $2.3 million, and now they’re below $2 million.

    I think the purchase price was about $1.8m in 2005, so the $1.9 figure is probably just to get them out for what they paid, after factoring in commissions. This does not could the cash they’ve bled by paying $15-20k each month for over two years. Ouch.

    Also, they were trying to rent it at the end of the summer, starting at around $7k. They eventually dropped the price as low as $4300, but I don’t know if they found a tenant.

    All-in-all, this flipper is in a world of pain.

  39. Irivne Soul Brother

    Robin Fenchel is the seller’s agent. If you’ve ever talked to her, you know that she’s a total genius, so I’m sure they’ll be able to sell it for something in the 7 figures. Who knows? Maybe higher!

  40. IrvineRenter

    No takers at $4,300. Assume they could find one at $4,000, a GRM of 160 puts the value at $640,000.

  41. ice weasel

    Pete may have hit on something I thought as well.

    As for Texas, Hunter Thompson may have said it best, “Feel cheated? Go to Texas.”

    As for the listing itself, IR you have outdone yourself. That listing may qualify as the wordiest and best illustrated definition of the appellation, “nouveau riche” as any in existence.

    Other than that, I’m mostly speechless.

  42. donthaveaclue

    its fine trashing QH.. i dont like the look of those houses.. the color combo is crap.. and it looks like its in the desert..and its deserted from IRvine.. it shouldn’t even come under irvine.. should be another suburb!..
    but..for argument sake.. shouldnt we have some qh people defending it???..

  43. GavriloPrincip

    Interesting that there are no tenants even at $4300. There are a lot of houses for rent in Quail Hill and Turtle Ridge between $4500 and $7000. Every one is much smaller than 5500 square foot 38 Silhouette, and not nearly as nice. Yet 38 Silhouette is not renting. Neither are the others. I take this to mean that there are simply very few renters who will pay $4000 + to rent in Irvine.

    This also suggests that using a GRM of 160 times rent will still produce a figure higher than what the market will bear, if the “rent” variable in the multiplier is an asking rent that nobody will pay. (Kind of like a wishing price.)

  44. GavriloPrincip

    Robin and Eric Fenchel’s listings always seem to be overpriced. Yet if you talk to Eric about prices, he will spew all sorts of crap about how the prices are justified. The sellers must be listening. It seems the buyers aren’t getting the memo, though.

  45. No_Such_Reality

    I think most landlords will tell you that qualified renters above $2500 thin out quite quickly. Over $3500, the word sparse applies as they largely have their pick of functional housing in Irvine and OC.

  46. CK

    That’s great, Jeff. All of us back here are very happy that you are so proud of yourself. Looking at your website and reading your 3 posts today, it would appear your ego is a good match for Texas. Everything is bigger there, right? How’s that mortgage broker thing working out in TX? What’s the commission on a $90k home loan? I’m curious as to home many loans you need to write to cover your AC bill on a 7,000 sq ft house in August? Oh, sorry — you don’t need to run the AC because you are lounging at the pool. You were so discrete about the fact that you have a pool on your website, I hardly noticed it.

    BTW – Love the picture of that 928. Have not seen one of those since Tom Cruise drove it off the pier into Lake Michigan. Thought they retired all those POS’s out to the scrap heap already.

  47. lendingmaestro

    Quail Hill is actually a very nice place to live, if you aren’t enslaved with a mortgage. The buildings are all new, I’ve got two large fenced in acreages that my dog can play in at the Alderwood Basics school. I can walk to 2 impeccably maintained baseball fields. There are lots of bike trails and hiking trails. A few seconds to the 405, but the smog usually blows the other way.

  48. rastaman

    The idiomatic expression, “drinking the Kool-Aid”, was originally a reference to the Merry Pranksters, a group of people associated with novelist Ken Kesey who, in the early 1960s, travelled around the United States and held events called “Acid Tests”, where LSD-laced Kool-Aid was passed out to the public (LSD was legal at that time). Those who drank the “Kool-Aid” passed the “Acid Test”. “Drinking the Kool-Aid” in that context meant accepting the LSD drug culture, and the Pranksters’ “turned on” point of view. These events were described in Tom Wolfe’s 1968 classic, The Electric Kool-Aid Acid Test.[4]

    It is also now closely associated with the 1978 cult suicide in Jonestown, Guyana. Jim Jones, the leader of the Peoples Temple, convinced his followers to move to Jonestown. Late in the year, he then ordered his flock to commit suicide by drinking grape-flavored Flavor Aid laced with potassium cyanide. In what is now commonly called the “Jonestown Massacre,” a large majority of the 913 people later found dead drank the brew. (The discrepancy between the idiom and the actual occurrence is likely due to Flavor Aid’s relative obscurity, compared to the easily recognizable Kool-Aid.) The precise expression can be attested in usage at least as early as 1987[4]. One lasting legacy of the Jonestown tragedy is the saying, “Don’t drink the Kool-Aid.” This has come to mean, “Don’t trust any group you find to be a little on the kooky side,” or “Whatever they tell you, don’t believe it too strongly.”[5] It seems to be in this sense that commentator Bill O’Reilly uses the expression. He calls those who disagree with him “Kool-Aid drinkers” when he wants to imply that they accept an incorrect point of view without question, or that they have no understanding of the facts or reality of a situation. [6]

  49. Lost Cause

    Really nice house. But how do you put up with those conservative yahoos? Oh wait, that pretty much is an Orange County conversation. Never mind.

  50. HK

    I also live in Quail Hill and we love the area. Actually live on Tall Oak! Love all the areas to bike and walk. The parks are really nice. We really like our house but they are very close. We bought in an early phase and have an affordable mortgage so not worried. We figured the prices got way out of control. It is just crazy to see someone in our subdivision thinking they can sell for a million. But of course, he has the BEST house (in his mind). I think there are 4 of that same floor plan for sale with one being priced at $699,000 (and looks nice from the pics) thru high $700,000’s. Good luck 337.

  51. Lost Cause

    Yes: all dolled up and prettied up, just flashing those raw wood banisters at you. But in the end, you will have that same empty feeling and same empty wallet. So do what your momma told you to do, and meet a nice girl at church. Leave that Tall Oak behind, and move on.

  52. Lost Cause

    It has to be worth it. How many houses have their own dungeon?

    The laughs alone make this house priceless.

  53. Gray

    “Assume they could find one at $4,000, a GRM of 160 puts the value at $640,000.”

    Uh, would you want to rent a house that’s on redfin? Yeah, sure, there’s lots of fun in moving on a 14 day notice when the new owner wants to get in…

    (I know that this house getting a new owner soon is unlikely, but, however, as a renter, why take any chances???)

  54. Gray

    “this designer-inspired home”
    Certainly true. Average people just aren’t able to create such a disaster. Only a real designer, having experience from creating numerous tunnels of horror, can come up with this.

  55. Gray

    Hmm, the front side is a bit too much ‘american gothic’ to me (hey, you really should get some Amish costumes and a pitchfork to pose for a picture!), but this place is HUUUGE. And the deck with the pool is awesome! Congratulations.

  56. Gray

    Uh, Gavrilo, what are you doing in California? Looking for a new opportunity to mess things up, after many people don’t even remember any more that it was you who almost singlehandedly started WWI? Come on, confess, did you throw the bomb that burst this bubble, too?

  57. GavriloPrincip

    Gray: damn, my cover is blown.

    I say: I shot the Archduke, but I did not burst the housing bubble…

  58. JimmyJohnson

    “Yet if you talk to Eric about prices, he will spew all sorts of crap about how the prices are justified. ”

    Eric is just trying to blow smoke up your ass to make a comission, just like Robin.


  59. JimmyJohnson

    “Comment by buster
    2007-11-27 09:34:13
    My guess is the Exec is getting laid off and needs this price to pay off his credit cards, or at least make a dent in them. And buy out the lease of his BMW. And pay back the 401(k) loan he took out before he gets canned and it becomes an early withdrawal. And pay back his parents for the “loan” they gave him.

    Buster, I think you are 100% correct.

  60. tonye

    You have to live in Austin though.

    I’ve been there twice so far. Nice place. Huge storms with hail the size of golf balls.

    I like it here in Irvine MUCH better.

  61. tonye

    My concern about both QH and TRidge is that even Phase 1 was overpriced. We went to see the model homes on all SFH developments and couldn’t believe the chupzah of the builder.

    And people rode the ludicrous Phase 1 price past absurd to bubblelicious as each 8 or 10 home “micro” Phase was released.

    IMHO, the prices will drop to Phase 1 and lower. QH is truly overpriced for its location and TRidge will come to parity with TR.

  62. tonye

    Dude… with all of that land around you, why would you build two stories? I mean, there’s a lot of land around Austin, it ain’t like you are right next to the Ocean with a ton of illegals in Santa Ana breathing down your neck so you need to build next to each other.

    I think they got you bud… the locals saw the Californian coming in and sold you a tiny lot.

    Meanwhile the locals got their 20 acre ranches just north of Austin, in the “hill country” with their 10000 sq foot ranch houses, corral, horsies and they only paid like 10 bucks per square foot.

    Besides, what’s with the museum piece anyhow? Real Texans don’t have old Porches.. They have TRUCKS. BIG TRUCKS.

    And they only use TEXAS OIL. REAL TEXAS OIL.

    Jeez…. I just hope you like all that Wonder White Bread with your Texas BBQ. I could never figure out why they eat White Bread with their BBQ, but I just shut my mouth and eat the beef, chicken and pork and left the carbos for the less “manly” around me.

    Oh , yeah, the “hill country”. If you’ve ever been to Austin you soon notice that those freeway overpasses are the highest points in like 100 miles around. Flat as a Texas Pancake: flat and huuuuge.

  63. tonye

    Oh… yes music.

    We just saw the St. Petersburg Symphony doing Prokofiev. They come to OC like every other year. They used to be called the Leningrad Symphony until sometime in the mid 90s.

    My son goes to the bands…

    And, there’s only one KROQ with their Weenie Roast. Try tuning to 106.7 in Austin… you’ll probably get some Mexican station doing ads for swimming lessons on the Rio Grande…. 😉

    Man… when it comes to music…. SoCal rules…. Don’t start there.

    Sometimes, you see, you DO get what you pay for.

  64. slacker kate

    the “checklist” approach to design/marketing (having become one and the same) totally makes sense – it’s the mark of someone who has formed their identity through branding.



    HOW true your comments ARE!

    We moved from San Diego 18 months (took our money & RAN) to Austin, TX!

    My wife lived in SoCal for her last 15 years – and when she saw the SIZE of home here – versus Carlsbad – I think she wrote the $ check without even looking back or even telling me!

    I was in the Toll Brothers model getting a cookie & a coke…and when I came back – she was shaking the salesman’s hand!

    we have 7,004 FEET here, with .50 acres – and base prices are now $415,000 – which is UP from $315,000 when we bought!

    we go back and visit San Diego about every 3-4 months for shits & grins….and HOW many of our neighbors are mortgaged up to their EYEBALLS just trying to make a $4,000 – $5,000 mortgage payment; and then have NADA in savings!


    You can get a BRAND NEW KB Home here, of 5,211 feet for $248,000!

    ha ha – $48.00 a FOOT her for a BRAND NEW BUILD with 5 bedrooms, 3.50 baths – and still be 20 minutes from downtown Austin!

    That is a LOT of trips back home to SoCal – we figured that it is 4.3x MORE there, than it is here!

    Come visit Austin!

    you will NOT go back!

    Cynthia & Jeff

  66. ipoplaya

    I spent a lot of time in Austin when I was closing down an office there…

    The poor people I had to terminate took FOREVER to get jobs. Had a good experienced accountant that had to start bartending to make the rent until she could find a decent 9-5 accounting gig again.

    Boy, that really made me want to move there – NOT!

  67. AZDavidPhx

    Genius, funny that you mention that. I live in Scottsdale. The house prices here are taking a hit very badly, but it’s about time.

    I am seeing fewer and fewer H2’s on the road as well. Should tell you something.

    When I was apartment hunting a year and a half ago – I had the hardest time because so many of the apartment complexes here were “going condo”.

    Supply of apartments dropped and price increased. My apartment was renting for 200.00 a month less before the house bubble came along.

    It hurts everybody even renters.

  68. AZDavidPhx

    Hi Cynthia and Jeff.

    Yea, I definitely cannot blame you for doing the logical thing.

    We had relatives who sold their house in L.A for bubble prices and the moved to Arkansas and bought a huge house with cash and still had enough left over to put in the bank.

    I managed to sell my townhouse down in Tucson a couple months before the bubble popped.

    Never been to Austin, TX but will be sure to visit sometime!

  69. Jack

    Has anyone noticed it’s down to 975K now? A good drop, but still a drop in the bucket. Drop it another 500K please.

  70. HK

    Jack, I hadn’t noticed. Oh good. That was pretty quick. He will have to drop it lots more. But hopefully that means he is willing to drop the price to sell it. Would like to see him move. I’m thinking if he can find the right buyer, he could possibly get low $800,’s. Maybe.

  71. tonye

    Low 800K? What Kool Aid are you drinking?

    Those places are all going down to Phase 1 pricing and below.

    How about 500K if he’s lucky?

  72. George Tsai

    Within a year, rolling back to 2002 prices is highly probable. That means the units will sell $450k-$550k in Dec. 2008.

  73. George Tsai

    $700k top now just because of multiple competing listings now in the market.

    A year from now, it most likely will not sell until it is below $550k.

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