Hurry on down to Columbus Grove and get a sweet deal on a honey of a property!!! Over 20% off!!! Wow!!! GOURMET kitchen, PERGRANITEEL, this ONE is TURNKEY!!! This one will not last!!! Hurry!!! Buy now or you will miss your chance!!! These prices will not last forever!!! Real estate only goes up!!!
Oh, Honey Honey.
You are my candy girl,
and you got me wanting you.
Oh, Sugar, Sugar.
You are my candy girl
and you got me wanting you.
Sugar, Sugar — The Archies
Are you catching the fever of the spring rally yet? Sellers like this one hope you will. I imagine they would rather someone else lose the next $250,000 in depreciation on this property.
Income Requirement: $224,750
Downpayment Needed: $179,800
Monthly Equity Burn: $7,491
Purchase Price: $1,140,500
Purchase Date: 9/19/2006
Address: 34 Honey Locust, Irvine, CA 92606
1st Mortgage $910,428
2nd Mortgage $227,608
|Lot Size:||4,505 Sq. Ft.|
|Type:||Single Family Residence|
|On Redfin:||4 days|
Absolutely beautiful single family home in the master planned community of Columbus Grove. Family room with fireplace and media niche. Hardwood floors. Gourmet kitchen with GE Monogram appliances and granite countertops. Preparation island. Breakfast nook. Master bedroom with fireplace and jetted whirlpool tub. Oversized walk-in closet with organizers. Laundry room with storage space and sink. 2-bay expanded garage. Porte cochere. This home has everything!
Did you notice how close the power lines are to this property? One of our regular readers did, and he sent me this song.
If this seller gets their asking price, Indymac stands to lose $295,440. I know we profile these daily, and after a while you get used to it, but sometimes you have to wonder, “what in the hell were these lenders thinking?” How do you loan someone over a million dollars when the borrower has put less money into the deal than many of us have put down as a rental deposit? (I suppose in some ways it really was cheaper to buy than to rent.) There has been much discussion here and on other blogs about the willingness of borrowers to walk away from their obligations. The obviousness of it becomes apparent when you imagine yourself in the various circumstances.
Imagine you are today’s homedebtor/bank renter/whatever you want to call him. You have put a modest security deposit ($3,464) into a property, and it has declined in value about $300,000. This property is costing you twice as much as a comparable rental, and it will be many years before resale values would provide you any profit. Wouldn’t you stop renting from the bank at that point and go find a cheaper rental? Of course you would; why wouldn’t you?
That concludes another week at the Irvine Housing Blog. As you may have surmised, I am making progress toward completing my book on the Great Housing Bubble. You will likely be treated (or you will have to endure) more of the combined analysis and property profile posts in the future. Come back next week as we continue chronicling ‘the seventh circle of real estate hell.’ Have a great weekend.