Our sellers we profiled back in October of 2007 are being very stubborn about their price, but now they have opted to become floplords.
$3800 Northpark Beauty
At this price, the property is worth $608,000 with a 160 GRM. Anybody want to go pay them $968,000 for it?
Up a lazy river by the old mill stream
That lazy, hazy river where we both can dream
Linger in the shade of an old oak tree
Throw away your troubles, dream a dream with me
Lazy River — Louis Armstrong
Are sellers still dreaming of a market that no longer exists? There haven’t been many $500/SF transactions in Northpark lately, but who knows, this guy might get lucky.
Income Requirement: $242,000
Downpayment Needed: $193,600
Purchase Price: $1,025,000
Purchase Date: 10/6/2005
Address: 12 Riveroaks, Irvine, CA 92602
1st Loan $700,000
Sq. Ft.: 2,000
$/Sq. Ft.: $484
Lot Size: –
Type: Single Family Residence
Style: Contemporary, Spanish
Year Built: 2003
Stories: One Level
On Redfin: 1 day
New Listing (24 hours)
From Redfin, “STUNNING SINGLE STORY! CHECK OUT AWESOME PHOTOS! FIRST CLASS Feel Good Home with TWO Master Bedrooms! BIG BACKYARD w/ MAGNIFICENT Garden, Hardscape and Fountains! Gorgeous GRANITE Kitchen with ENORMOUS Center Island! Exclusive, GATED Community with RESORT-LIKE Pool, Spa, Cabanas, and State-of-the-Art GYM. Italian Porcelain Tile Floors, Plantation Shutters and Custom Silk Drapery, TALL Baseboards, DESIGNER Paint, Built-in Closet Organizers, Epoxy Garage Floor, Security System. TURNKEY. .. HURRY!”
INTERMITTENT caps LOCK problem.
I guess this realtor wanted everyone to know they actually paid for photos. They are pretty good.
FIRST CLASS Feel Good Home? Is that before or after it declines another $400K in value?
This seller put down a significant downpayment, so the bank will not be sharing in his loss. If he gets his asking price (unlikely), and assuming a 6% commission, the seller stands to lose $115,080. Considering he owned it just less than 2 years, that isn’t very good. Realistically, this price will need to come down before it sells, so look for a much larger loss.
BTW, this sold for $560,000 on 2/28/2003. Don’t be surprised if we see that price again in a few years.
$560,000 in 2003? Sound about right for 2008 as well.
If they actually slashed the price to $850K, I bet they could still find a knife-catcher to buy it.
I wouldn’t be surprised if they waited a year to go that low, & then had to sell it close to the $700K they have on the first.
That said, I have to agree with IR & say it’s really worth no more than the 2003 price, if you look at sq ft & rental prices.
“BTW, this sold for $560,000 on 2/28/2003. Don’t be surprised if we see that price again in a few years.”
I think I would be much more surprised if it didn’t drop below $560,000 in the next few years.
BTW, the funny money is now gone (not that we didn’t already know that). The investment banks are getting killed by this mess. This morning it was Merrill Lynch’s turn.
Per The WSJ:
“Merrill Lynch & Co. swung to a wider-than-projected third-quarter net loss because of $7.9 billion in write-downs on collateralized debt obligations and subprime mortgages.”
close to 1M for a 3/2.5 in Irvine? you must have been joking.
I don’t pay even 560K for this home. It’s a starter home God sake
Well, it is a cute little house.
That’s all. In Florida even at the very height of the boom, for
a million bucks, you got something distinctive.
Does anybody other than me think that these write offs are the
minimum that the banks, and other writers-off felt that they
could get away with, and the true losses are vastly greater?
Lots are approx 5,000 sq ft in this tract, what a joke.
A million bucks for that? People are stupid! And greedy!
Yep, that’s a starter home already, and wildly overpriced.
Should price per square foot be a rough constant? And why?
Can it (should it) vary with price point? Meaning: does a larger home deserve a higher price per square foot, with the assumption it is probably a nicer home/nicer neighborhood and there is a built in premium. Or should it paradoxically be lower, as the building costs are on economies of scale for a larger home. Should a smaller house, or a better designed house have a higher price per square foot value because of scarcity of space?
What say you, IR? Others?
Site size is nowhere to be found. The agents make this omission on regular basis. She will probably claim it was a clerical error and blame it on her assitant.
BTW, The listing agent today was the listing agent in back in 2005 when this bag holder had $150k burning a hole in his pocket.
Imagine their discussions on how real estate in OC never goes down.
The larger the home, the lower the construction cost per square foot because the extra space tends to be bedrooms and open living spaces which are less expensive to construct.
Large homes tend to sell for less on a per-square-foot basis, particularly when you compare them to small condos.
As for what they should be…
That explains why they don’t want to disclose the lot size.
The Price per sq ft tool works in Irvine when used on newer homes and condos. But when older homes with varying degrees of renovations are being compared, it does not work.
Remember that the dirt has value, as well — larger homes on the same size lot should have a relatively lower PSF.
This home’s pricing is a perfect example of the greed that surrounded new homes in the last few years.
This was a new home that was purchased by the first owners with speculation in mind. They sold it within three years and almost doubled their money.
Meanwhile, folks that wanted to buy a house to LIVE IN were being priced out by the greed of the speculators and builders. The builders kept raising prices and the speculators didn’t care about the quality of their loan because they weren’t planning on keeping the house past the loan resetting terms.
Folks that already had homes were frozen out from the “move up” market too because of the huge change in prices. Newer homes appreciated like crazy for no rational reason. For example, while TR went up 50%, TRidge went up 100%.
Well, now the time of reckoning is here. TRidge is dropping like a rock and homes like this one in Northpark are coming back to Southpark. That is… this home should sell for 600K… that would be around 300 per square foot max.
And even that price may be too high. Northpark is way inland and after the recent fire people may rethink going up so far into the hills. Plus it’s tight with a small lot, has fairly high HOA fees and deals with a Mello Roos district.
One million for this? Whoever paid that much in 06 was simply financially irresponsible and/or negligent.
26.2% annual rate of return. Some chump, bought this place which was inflated when but from the builder during the rush in 2003 for just short of doubling in less than three years. In fact, at that rate of appreciation, the home would have doubled in three years.
That’s just stupid.
We’ll see $560K briefly, as we blow right on past it. IMHO, 2003 would have been the peak of the RE cycle. Prices would have pulled back from there except we pull the no capital gains taxes trick, put fed funds through the floor and gave loans to anything that put an alleged name on a loan application.
bought not but. BTW, I corrected that before I pushed add comment. I think that’s the 2nd or 3rd time that has happened.
Yep. Almost a million bucks and the most prominent feature of the backyard is…… a birdbath?! WTF
Looking at the comps:
31 Flora Springs 3/2 sold on 9/13 for $1,100,000
48 Whitford 3/3 sold on 10/2 for $1,050,000
On face value, it would seem the list price is certainly within reason based on very current comps. But on a PSF basis, this house is priced higher at $484 PSF compared to $380-$385 on the comps above. HOWEVER, I am a little suspect about the the 2,000 SF claim on Redfin, as I can’t find any other properties in this neighborhood with that SF.
Perhaps someone knows this neighborhood and can shed some light?
In any event, Price per SF is not a true linear scale, so it would not be appropriate to apply the PSF from the comps above to the size of this property. But it would give you a floor on the current value, which would be $770K or so.
IMHO, this house will not sell for below $900K.
Wow, an actual single story SFR built in Irvine, new construction. Some what anachronistic don’t you think?
Good job IR with your choice of black music! Although I don’t think that’s what poster “Dr. Ruth”had in mine when she asked for black music.
I am listening to these blow-hards from the White House summit talk about “everything EXCEPT for housing is doing excellent!” WTF? Idiots, all of them. Funny, I didn’t hear them mention that consumer spending accounts for roughly 3/4 of our nation’s economy, not exports.
There are actually only 5 photos of the place, the rest are grounds or a dupe. And while the photos are not a total debacle, as has been seen in the past, it’s a shame when you trumpet doing your basic job. What is nextYou don’t have to search too far to find a schlub with a DSLR shooting 6 MP or higher to snap stuff like this. And staging a home is part of the job. Final sale on this will be a greater fool who thinks he/she is getting a bargain at 799k. They’ll watch it sink further, below 6, and probably panic too.
I suspect it is an accurate size because it is a single story. You are also probably correct that someone will buy this place for $900K or above. Whether or not that is a good idea is another issue.
I agree with everything that you are saying here…..except that this will sell for $250.00 PSF. That would put the house at $500,0000. Fact is that not so many can afford a 1/2 million dollar home.
I’m missing something…there are 3 bedrooms and 2.5 baths. According to the realtor, there are 2 master bedrooms. So the occupant of the 3rd bedroom has only a 1/2 bath to use? Or has to go through someone else’s bedroom to get to the shower?
Will never sell at this price for one simple reason: The banks won’t do a jumbo on this. It will never appraise out, and with banks having to lend their OWN money for jumbos, they are going to be ultra conservative when it comes to LTV. So unless the seller wants to do some “seller financing,” it’s not going to move anywhere near this price. Of course, “seller financing” really isn’t selling since the “seller” still bears the risk of loss in a market decline.
I’d buy this for $560K. That’s $280 sq ft — about right for a neighborhood like North Park Square. This is a nice house in a very nice neighborhood, and IMO — far from a starter. A starter home in Irvine is a 1400 sq ft townhouse or condo. The fact that this is a one level home would hold a lot of appeal for many people, not to mention that this is far from starter appointed. Certainly $1M is crazy, but to think this will sink to $500k or less in Irvine?. Not so much. Now, I’m sure there will be a hundred downers on this blog who come out of the woodwork and say what a POS this house is and how it should cost $250k max and if you buy this North Park house your kids will end up in prison because they will go to TUSD…..
I vote for 400s soon 😆
Assuming that the 560k price in 2003 was not already artificially inflated, and a respectful annual appreciation of 6%, the property would be valued at just under 707k. 6% appreciation is far better than any long term/low risk investment yield over the past 7 years, and its twice the rate of inflation.
a 707k price corresponds to a 27% price reduction off the existing list price of 968k. I think this place will be worth less than 707k in a few years. This is why leverage can hurt you. People who purchased from 2002-2004 could reduce the asking prices 25%-30% across the board and they’d still come out ahead. The problem is, you have to sell your property for more than what you owe on it, and too many people used their homes as piggybanks.
I’m not going to argue what this house may or may not sell for, now or in the future. I do know that if I was looking for a home in that area I would be attracted to that one. Fairly new, Spanish with red tile roof, and one story. Outside of the cap lock addiction that realtors can’t seem to kick, this one looks to be doing a fair job of presenting the home in an emotional way. While those of us [me] who lately have nothing better to do than read and post in blogs can pick a million holes, I think an everyday buyer might bite on this home. If it doesn’t sell I suspect it won’t be from a lack of interest.
My field is jumbo and super jumbo loans, and yes, business stinks. Thanks for asking. Anyway, I just wanted to say that if the house sold at a price a bit lower than the last comps, I don’t think a buyer with high fico’s and good reserves would have a problem, even reduced doc, although rates a good bit better with tax returns.
CK– do your initials stand for catching knife 😆 just kidding.
right now many bigger (as good as this one) homes are selling for way less than one million, including in IRVINE where everyone makes a mil a year. I dont have examples but maybe one of the other brilliant posters can give examples.
at 560k, a household income should make roughly 180k to afford this house. at 180k you should be able to afford something a little bigger. JMHO
MMG….That’s a good one…I may need to change my callsign now. I’m just trying to be realistic. Sure, I’d love to pay $450K or less for this house. But I also think that there is also an inflation factor from 2003 we must consider. My family fits the $560k profile perfectly, and this is a house that would suit us perfectly. More sq ft just means a bigger electric bill to cool that baby. So if I’m a knife catcher to consider buying this at $560K, I can live with that label….
Wow. That price, or even the lower 500k price would buy quite the place where I live (Atlanta). Still the forclosures here are way up and builders a cutting price on homes for sale. Some are trying a first six months “free” gimick. But I’ve lived around San Francisco before, so I do understand how pricey homes can be out there.
Yeah, but would difference in the OC to Atlanta price be eaten up in the cost of importing your water from Lake Michigan?
Good point about leverage…….when it works for you its great, when it works against you, its painful
You go to the 1/2 bathroom and empty 1/2 of you bladder. Then you take a shower and wash the left 1/2 of your body.
It is a 1/2 bathroom for goodness sakes!!!
But it says to “HURRY.”
Damnit, where are my keys?
Yeah..Importing from Colorado is cheaper.
(1) Many can afford a 500K house. With a 20% down, it’s a 400K mortgage, that is a conforming loan and your payment would be around $2400 a month or so. If you went in with a 10% down and PMI, you’d be looking at a jumbo and the payment would be $2700 or so. Quite doable.
(2) You make an interesting point. If we assume that this house was OVERPRICED the day it got sold brand new. That is, the builder was selling these homes into a frenzy and overpricing them, it’s likely thaat this would be a 400K house at the lowest part of the market. When I first quoted the 250 per sq. foot I was having some trouble believing it too because I just don’t see homes on the East Side of the Santa Ana Fwy going for that much per square foot when homes in Westpark and Woodbridge go for the same.
So, it may be that the natural price for a home like this… which is in reality more of a condo than a SFH, would have been 180 when it was new and 200 after allowing for an appreciation of several years.
This has to be a scary thought for everyone who bought a new home since ’02. The idea that their homes were overpriced from day one.
And, I remember going to TRidge back in 01 and 02 and the prices per square foot were like 50% higher than TR. My wife and I thought they were all overpriced even in the early phases of the build out.
Perhaps the bagholder thought, “Well, this realtor did such a good job of suckering me into buying this place for twice at what it was worth, perhaps she can work her magic on someone else?”
Actually I grew up in Ohio and Minnesota and I have had many experiences with many people of African descent. I can start spouting off a bunch of numbers but I won’t. Louis Armstrong’s music is classic and still easy to listen to. Ludacris or Kanye West are not.
I think the write-offs are temp. They will have to increase them as time goes on.
Chase is now only lending 90% max in California.
Exactly Tonye. The market in late ’01 and ’02 was cresting, then loan products turned it into speculation central.
If you look back at the historical price graph and mentally map in the turning of the peak starting 2002, and flatlining in 2003 … I think you will see just how far above a sustainable cycle it really has gone.
Also note the steepening of the rent curve and realize that it also is not sustainable due to the lack of income growth to support it.
I grew up in Irvine and I can tell you that there were two black students in my entire elementary school. One, whose parents were UCI professors, left after only one month because the teacher treated him like he was a retard. After that I didn’t see any black students until I got go high school and those students were bussed in from the nearby military bases.
Also, I understand that Atlanta is about to totally run
out of water.
Hope it rains, Atlanta-person!!
In Dade County Florida, you can go on the tax assessor’s website, and often tho not always, you can get the square footage of the lot.
Also, an aerial view, with rough subdivision lines drawn around the houses. Does the tax assessor there post this info?
I found this over @ the HP site and I am blown away that I did not know this.
When calculating the sales number they use the NEW SEASONAL PACE compared to the PREVIOUS SEASONAL PACE. In other words as of August 31st we were “on pace” to hit 5.38 Million sold units by dec 31st. As of September 30th we were only on pace to sell 5.04 million units. So according to the NAR the pace of existing home sales slowed by only 8%! Talk about twisting the numbers, this makes me want to vomit!
Here are the actual sales numbers for August and September….as posted by HP.
Sept 2007: 409,000 sales (down 29% versus last month, down 23% versus last year)
Sept 2006: 529,000 sales
August 2007: 575,000 sales
That’s like saying a baseball player’s “estimated season-ending batting average fell from .325 to .310, for the month of september when his actual batting average for the month of september was only .250
This is extraordinary my friends. Am I the only one that just realized this???
No. It’s been reported all day. I’ve seen it on 4 other blogs since this morning. Really good catch, though. I sure would not have spotted it on my own.
setting aside ridiculous price, photos of these two neighboring houses are quite unique (construction photos:
I think the older neighborhoods will go back to mid to late 03 pricing. They were slower to take off.
The new homes. OTOH, oh boy… anything built after 01 is gonna be hit really hard. I think all the new homes built since 02 were overpriced with a huge premium over existing homes.
At some point, the newer homes need to come into conformance with existing homes. Maybe even lower as the quality of building sort of deteriorated.
Newer homes are NOT worth a 50% premium over older but well maintained homes.
I bid $160k!
Pretty much sums up my thoughts.
IR NEEDS to use Good Life by Kanye for one of these postings. It’s perfect. DO IT!
You guys are pretty sad. Don’t you have anything better to do than sit around all day complaining about high prices? These bubble blogs are a joke. Slanted opinions and nothing but angry renters. You fools missed the boat. Too bad. Enjoy renting and being miserable for the rest of your lives.
We will enjoy renting from you for half of what you pay to the bank to “own” it!
Are you enjoying “fall”?
I am, except for all the smoke. It permeates everything in the house and the ashes clog the AC intake filters. Plus, fire insurance will surely go up after this episode. But those aren’t my problems, they’re yours!
Perhaps I’m not so miserable after all! 🙂
LOL! That comment is so 2005.
As the prices continue downward we will see who has the last laugh.
I wish the bitter debtors would come by more often. They are always good for a laugh.
“You fools missed the boat.”
But why do these “haters” always assume that we didn’t own property during the bubble?
Missed the boat? Anyone who didn’t sell missed the boat. I hate to be stuck with one of several identical Irvine crapboxes, all for sale. You can’t buy that kind of entertainment.
Though I am new to this blog- I think that IR and the regular contributors come about their opinions in an well thought out and honest way. And, it seems that IR is able to find daily examples of how our local market is trending (down).
So, Bubble in LA- perhaps you can locate several current Irvine listing/sales that bucks this trend. I think everyone here would find it interesting.
furious sugar – cool name
I’ll personally be willing to pay a higher price per square foot for a really well-designed small dwelling with fine architecture and elevated energy efficiency,and I believe more and more people will make a similar choice in coming years, as we begin to experience higher fuel prices and spot shortages of gas and oil.
I am also willing to pay extra for real beauty and real amenity. Like leather parquet floors, larger bathrooms, and extra closet space, not to mention things that make the house more functional and energy-efficient, like R-39 insulation, really high-grade windows that have real insulating properties, heavier pipes and wiring, and, dare I dream, a geothermal heating system.
I will take architecture, funtionality, and luxury materials over size, anytime. A larger house or apt just means more housework and more space to fill with stuff I don’t need and that clutters up my life.
The age of oversized, cheaply built houses may be behind us. In the 50s and 60s, most middle-income families lived in less than 2000 sq ft, mostly WAY less.
Can anyone check this out? If this is as good as it looks on paper, it will be a giant comp. killer for the featured property. It is more than $350k below their listing price.
128 LONG GRASS, Irvine, CA 92618
3/4, 2106 sf, $614,880
How is this development, location wise? New construction at less than $300/sf.
Just FORGET about importing water from Lake Michigan, to Atlanta or Vegas or any other overbuilt place!
It will NOT happen.
The American states and Canadian provinces in the Great Lakes watershed have signed one of the most tightly-worded and protective water pacts ever written, that specifically prohibit exporting water beyond a fairly circumscribed area close to the lake.
Even newer Chicago and Milwaukee suburbs that lie just outside the watershed cannot import Lake Michigan water. Suburbs in Lake County that did previous to the agreement are “grandfathered” in, but no new agreements can be made.
Plans are in the works now to once more reverse the Chicago River so that it will once more drain into the lake, now that the river no longer receives sewege. This will put Chicago completely into compliance with the pact.
The pact was forged in response to the threat to our water supply from places like Las Vegas- someone had proposed building a pipeline that would pipe our water to Vegas.
Atlanta might just have to deal with the fact that they’ve allowed their growth, especially sprawl-growth, to vastly overshoot their water supply, and adopt such remediation as limiting further suburban expansion.
$3800 to rent this? They must be smoking something.
$2950 will rent you (although smaller) 3 bedroom in Turtle Ridge.
I wonder which is larger: the year’s worth of rent at $3800 or the amount the house has lost in value in the 138 days it’s been on the MLS?
It does look like they have a wishing rent to go with their WTF price. Interesting that even with their inflated asking rent, the value is is still well below asking. Realistically, this probably does rent closer to $3,000-3,200 for a value around $500K.
That’s a trick question. The answer is neither.
They won’t rent it, and they won’t sell it – both for the same reason – they won’t lower the price.
I wonder what is larger – the ammount of value this home has lost in it’s first 138 days or the ammount it will lose going forward before the owners either grow a brain and cut their losses or chase the market all the way down?
We currently rent an IAC apartment in this price range. They are currently advertising rents that are 10% below what they were getting last year in our complex. It looks like the people that supported WTF prices can’t even afford to rent in the area anymore. There must be a mass exodus because I’m noticing that across the board 3+ bedroom condo/apt/home rents are falling in the quail hill to harbor view home corridor.
Agreed. Maybe even a little bit lower as the pendulum swings.
Leather parket floors?
Does that go with the hooks on the wall and ceiling? ;-D
Energy wise most new homes in SoCal already are. And when remodeling a home we also have those standards. In our post Enron world the greater the R value the more reasonable your electric bill.
Speaking of electric bills, areas near the ocean have much better weather. In Irvine, just a few miles make a huge difference. In TR and TRidge we don’t have to run the AC very often because of the ocean breeze, but if you go past the 405 then it heats up pretty quick and on the East side of the Santa Ana Fwy -where this home is- it’s mighty hotter and colder.
One of the issue of a larger home is the ability to have larger rooms. However this opportunity was squandered in many of the McMansions because they added a lot of wasted spaces (hallways, useless nooks) and then topped it off with a small parlor or casita in lieu of a proper living (front) room.
I agree with you that the era of 4000 sq foot McMansions will draw to a close. Indeed my 2700 sq foot home has more useable space that those monstrosities. It’s all in the design and the quality of construction.
But I still want to build a 500 sq foot room upstairs… it will make for a great TV/Stereo/music/card room.
Even $560K would be on the high end. Remember that this house is still only 2000 sq.ft. Not a very big home and certainly not for well north of half a million. If it sells at all in the next two years they should consider themselves lucky, knife catcher indeed. I’d wager $200 to $215/sq. foot would make it an affordable home for a first time move-up buyer. That’s puts my estimated sell price at about $430,000. With that said, I might consider it at $450K to $490K.
I think the key to these size and type of homes selling in the next few years will be can the loan conform with 15 to 20% down. Just off the top of my head, I’d call that a “tipping point”. My 1.75 cents … (2 cents minus currency deflation). 🙂
Are you guys kidding me?
This will go for $279k in 2012, and probably a lot LESS!
My source of info? That Montly Morgage Rate Reset chart.
You’ll have to REPLACE 80% of the of the shitty materials they used building it in the first place…Roof, 90% of the plumbing…etc
Geesh, you OC people are BEYOND STUPID.
Take a breath and back away from the remodel. Invest in something more useful than another 500 sq ft of nothing. 2700 sq is reallly nice. why need more? 😛
oooo…turnkey!! IR, you need to add the turnkey graphic!
Also, I see the a landfill that’s within 3 miles or so from NorthPark. Who would want to live so close to a landfill ?
$968k for this dump, sure go ahead….
Imagine the smell on a windy summer night….
Again, you dopes who live near there are BEYOND STUPID.
IR – Here’s an excellent article if you REALLY want to start a furious blog commentary … especially from bitter home debtors! I’d wager this would trigger some serious denial and some very fun commentary. Enjoy.
All — slightly off topic but perhaps somewhat relative to the discussion of what is worth what and where …. “The Next Slum?” ….
The way be rebuilt the entire house in that part we ended up with a 600 sq foot second story deck that can support a small pool -or a second story. This includes electrical.
Hence adding three walls, a roof and a separate HAVC unit will not cost so much. Specially as the cost of residental remodelers is cratering.
If I could get the whole thing done for under $75K then it will be done. I figure I’ll plumb it for a bathroom in the future and that may add 5K to the construction.
A 24 by 20 by 12 room would make a great place for my Maggies.
Speaking of the “The Next Slum?” …. I see that whole
area (Northpark, Portola…etc) being just that.
See that move Back to the Future 2 ?
Who would want to spend that much money to live next to a landFill (ie. City DUMP).
So sad. Buty then again “IR’s aptly named Cultural Pathology of OC.”
Rings oh so true…
The entirety of Newport Coast is within a 3 mile radius of a landfill…
” The entirety of Newport Coast is within a 3 mile radius of a landfill…”
You just PROVED my point…
Now I understand why the autisic birthrate in CA is SKYHIGH !!!
Have a nice day.
Who let this joker jimmyjohnson on to this board?! There should be some kind of test taken before someone can post here… Should only allow people with 70+ IQs to participate.
Any fool who thinks a house in Northpark Square will be going for anywhere near $139 per sf at any time in recorded history should be committed, shot, or at least castrated so they absolutely cannot reproduce.
For $279K on this house to actually occur, they’d have to be giving houses away in Corona for free… I’d probably still pay $300K for this even if the same house in the IE cost zero bucks.
“Comment by ipoplaya
Who let this joker jimmyjohnson on to this board?! There should be some kind of test taken before someone can post here… Should only allow people with 70+ IQs to participate.
Ha! fat chance sucker! I live in the world of REALITY
“Comment by ipoplaya”
I probably already own your ass.
You lost, keep on justifiying all you want, I win and you WILL LOOSE.
Ill bet my whole retirement $500k+ in SRS in whatever you’re invested in..
Ill own your ass in 2 years. or maybe I ALREADY own you! Like some many SUCKERS in OC.
300 per sq.ft at the bottom. You guys hoping for 250 are dreaming.
At least you are entertaining JJ. Given that it would appear you can’t type or write, I have a feeling your “whole retirement” probably amounts to your Dairy Queen pension plan and your NASCAR collectibles, but by all means, please continue indulging in your WT rhetoric. It provides a nice reminder as to why I live here in Irvine…
I think it was satire. (I hope…)
what does “WILL LOOSE” mean?
” It provides a nice reminder as to why I live here in Irvine…”
hahahahh that just PROVES MY POINT!!!!
You WILL lose SUCKER !
See ya in 2012 when you are living on the street sucker !
“At least you are entertaining JJ. Given that it would appear you can’t type or write, I have a feeling your “whole retirement” probably amounts to your Dairy Queen pension plan and your NASCAR collectibles, but by all means,”
HAHAHH ROFL! Talk all you want SUCKER!
I ALREADY OWN your ass.
I cannot believe how many people are holding onto property, waiting for the market to “come back”. I even met a flipper over xmas that was waiting to sell his new purchase in the “spring”.
The majority of people are not paying attention to the market or are at least in denial. I don’t care what the headlines say, people are a couple of years AT LEAST behind in what they know about real estate.
Keep an eye on this property. A floplord with this kind of equity burn is gonna get roasted at some point.
Arfer property, imol.
Should I sign up as Kyle Busch now?
But…but…but…Irvine has excellent schools! Clearly it is worth the extra $200,000 to buy there. I mean, a Harvard education costs how much?
OK, Irvine residents, pleeeze google your water situation. City of Irvine website gives average annual rainfall of 13-10 inches per year. This is an average over what scholars agree has been a very wet century. I suspect that in 2007 (for which I have found no numbers) it might have been half that. Orange County is now treating sewage to produce potable water. Do NOT laugh at Atlanta, or Phoenix, or whatever. We are all in big trouble, which is why I’m so cranky about water features and tropical landscaping in these properties.
I looks like Florida. Too bad there are no hurricanes to take care of it, though.
does irvine have enough high income jobs to support the high housing costs of the area ?
Wow, he hates us, he really does.
Haha, no big deal.
In fact, you just gave me a smile.
This must really be getting to you to write a oldie but goodie such as “bitter renter”
Don’t worry the market just has another 25% to 30% more to fall.
I’m sure you can handle it with all your realestate holding and all.
Bitter renters can pay for part of your motgages while the value goes down and down
The JPMorgan report included a revised bleaker forecast for subprime-related home prices. The bank now sees prices falling 30 percent, from its prior 25 percent forecast. Those prices have declined 14 percent since mid-2006, JPMorgan said.
haha, good one sparky!
I am a “bitter renter”, and I am very, very proud about that right about now. haha
Yeah, you know that was good stuff JJ… Dairy Queen pension, damn I’m witty…
If you can come up with more than “I own you” let me know. Maybe you could upgrade to “my dad can kick your dad’s a$$”?! Until you can get a little creative and give me reason to exercise my intellect, I’ll leave you to your junior high level rants.
Without the creative finance that came about in 2003, no.
Must make you numb to be in the pilot’s seat …trying to restart the engines…with the ground rushing up to meet you.ZERO SYMPATHY.
The trends the author of the Atlantic article you linked are already evident in Chicago and New York, and have been for some time.
I live on Chicago’s north lakefront and own no car. I can procure everything I need and want within 4 blocks of the train that runs a few blocks from my place. I’m a block from the beach. I have every amenity known to the human race ,including museums, fine retail and restaurants, and parks, recreation, and friends, within easy reach of trains, buses, and my feet. But friends from the outer ‘burbs are forever pointing out to me that I could buy an ample, newer SF house in a remote place like Antioch or Woodstock for what I will pay for a 2 bed condo here in Chicago.
Yeah, and I would have to buy a car, and drive a mile or two just to procure a gallon of milk and the Sunday paper. I would also be, most likely, saddled with a 30-mile-each direction commute. It is very easy to buy a place in Vernon HIlls, clear out to the far northwest, and end up having to commute down to Matteson, way south.
The author had no space in which to touch on some of the really serious problems involved in the slumification of the suburbs, mainly this: that when the cities suffered a massive wave of disinvestment and the poorer folk were left stranded, they at least had the transit, access to jobs, the libraries and museums within easy reach, and cozy neighborhoods where you can at least walk to a cruddy corner store. They also had their pick of absolutely beautiful old housing stock-wonderful,large homes built at the turn of the last century and luxurious, elegant old apartment buildings built in the 20s and 30s.
When the outer burbs start to disinvest, tens of millions of formerly middle class people will be left with nothing at all but maybe a rail stop three miles away. Lower middle calss people, who seem to make up the bulk of the population in the outer burbs, will fall off the ladder as they lose their access to jobs and necessities following the hikes in oil prices.
Meanwhile, the houses they live in are falling apart visibly at less than 30 years of age.
This is where we touch on really sensitive class issues. The fact is, most of Chicago’s outer suburbs, with a few outstanding exceptions, are populated by the lower middle class- folks who are hanging on by their fingernails in overmortgaged houses and who have to have two cars, driven 60 miles a day each, just to haul a living. The cozy, leafy, older inner suburbs like Winnetka and Wilmette are out of their price range and are populated by well-off professionals who get the advantages of both urban and suburban living with the downside of neither. They walk to the Metra train and ride in comfort to downtown jobs, and their wives walk to shop at charming boutiques in their old downtowns.
Taking one leg of public transit to work has almost become a class privilege.
Over the weekend, 821 Polaris, an REO property in the Irvine area of Tustin, was sold to a young couple. Through second-hand information, the real estate agent at the open-house was expressing that 3% down payment would be acceptable to the bank. Of course, the ones who have the least to put down have the least to lose. So, WTF, I thought the credit bubble is gone. Would the banks start to offer these incentives to potential buyers to lower their lost because of their own irresponsible actions?
Thanks for posting Polaris Food. The listing went straight to pending sale and I would have missed it… I had a feeling that place would sell quick for that list price.