I have completed my manuscript on The Great Housing Bubble. I have never published a book, and I know very little about the publishing industry. It was suggested to me that I use the power of the blog to get some help. Please, help me. My first attempt at a book proposal is contained in the PDF link above. It contains the information typical of a submission including a table to contents, a list of tables and exhibits, the preface explaining why I wrote the book, and introduction describing the book in more detail, and 2 sample chapters. Advice on writing a good book proposal would also be appreciated. If any of you know publishers or agents who could help me get my manuscript in print, I would appreciate any advice or contacts you can offer. My first choice would be a large, commercial publisher. I would like this book to reach the widest possible audience. Smaller publishers, niche publishers or University Presses would be my next choice, and self-publication would be my last resort.
Observation of the housing market in the months since last August’s meltdown in the secondary mortage market shows increasing signs of stress among the homebuilders. In addition to numerous further postponements, some builders have started throwing in the towel on certain communities. Here is a summary of what is updated and new since my initial post on this subject in October of 2007.
One source of particular interest and discussion is Orchard Hills. Originally slated for opening in late 2007, this was officially pushed back to 2009, and only a few months later the website is showing 2011.
Although a dissappointment to some Irvine Housing Blog
Today’s property has been featured before, but the price reduction is so significant, I thought it worthy of a new post. This property may be selling for rental parity.
One of the key concepts we have been espousing here at the Irvine Housing Blog is the idea that prices will bottom at rental parity. When a potential homebuyer can save money versus renting, it makes sense to own. A homeowner does not need appreciation for real estate to be a sound financial investment. If you are saving money versus renting, you are coming out ahead. This property can likely be owned for its rental value. If you are willing to live there long term, you will see substantial savings over renters who face subsequent rental increases. Of course, you have to want to live there, and that is the problem with this property and all apartment-like condos for that matter: They are transitory housing. These units will likely fall below rental parity. They should bottom out at prices where an investor can obtain positive cashflow as a rental. Properties like this will see $250,000 at the bottom.
Great opportunity in desirable Community of Woodbridge. This home
features laminate floors throught out the main living area, living room
fireplace, newer kitchen cabinets and counters, eat-in kitchn and large
laundry area which doubles as a pantry. Master bedroom has huge
mirrored closet. Large enclosed patio with storage and direct access to
your own carport. Newer water heater, heater and A/C unit.
throught? kitchn?
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Do you think this 3/2 could be rented for $2200? That would cover the cost at a 160 GRM. I have seen other rentals in the area at $2,500, so I don’t think $2,200 is unrealistic. It looks updated inside.
When I first featured this property, I did not have access to mortgage data. Now I do. The bank is going to eat a steaming $hit sandwich on this one. The owner exercised their “put” option back in November of 2006. The Homecomings Financial Network loaned them $550,000 on this property with a $440,000 first mortgage and a $110,000 stand-alone second. WTF? How did this property ever appraise at $550,000? Can you imagine the lender losing in excess of $200,000 on such a small property? For the record, assuming the lender agrees to the short sale, assuming they get their asking price, and assuming they pay a 6% commission, the total loss will be $220,154. We get used to $200K plus losses here at the blog, but we usually don’t see them on small condos. Yikes!
Is it any wonder the banks are hoping someone, anyone, will save them?
I hope you have enjoyed the week at the Irvine Housing Blog. Come back next week as we continue chronicling ‘the seventh circle of real estate hell.’ Have a great weekend.
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Prison gates won’t open up for me On these hands and knees I’m crawlin’ Oh, I reach for you Well I’m terrified of these four walls These iron bars can’t hold my soul in All I need is you Come please I’m callin’ And oh I scream for you Hurry I’m fallin’, I’m fallin’ Savin’ Me — Nickelback
Another day, another market crushing REO. I have to wonder when the knife catchers will start to realize there is a steady flow of these properties entering the market. It isn't like you need to buy this one because it is the only good deal in the market, and it isn't going to be the only one we will see in the future. In fact, as each one of these comes on the market, they lower the comps and cause a whole new wave of foreclosures as all the overextended homeowners in the area lose their ability to refinance. We are witnessing the first stage of the market's downward spiral.
THIS IS A GREAT CHANCE TO OWN A HOME IN ONE OF THE BEST CITIES IN ORANGE COUNTY. THIS IS THE CITY OF IRVINE! THE HOME FEATURES THREE BEDROOMS AND TWO AND ONE HALF BATHROOMS. THE REAR YARD IS JUST THE RIGHT SIZE FOR YOUR ENTERTAINING NEEDS; YOU WILL ENJOY THE ASSOCIATION POOL AND SPA AND PARK AND RECREATION. THE HOOME IS CLISE TO AL THE GREAT THINGS IN THE CITY; SCHOOLS, SHOPPING, ENTERTAINMENT AND TRANSPORTATION. COME HOME TO IRVINE AND START LIVING THE ORANGE COUNTY LIFESTYLE TODAY.
HOOME IS CLISE TO AL? What?
ALL CAPS?
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This property has an interesting history. It was first purchased from Pulte homes in May of 2005 for $650,000. The first owner obviously grossly overpaid, but they were fortunate enough to find the greater fool to buy this property for $745,000 on November 30, 2006. Even after commissions, this original buyer made $50,000 for holding the property just over a year. The second owner was not so fortunate. This owner put $149,000 down and lost it all. The bank purchased the property for $625,338 which appears to be the outstanding balance on the mortgage when the missed payments are added on. If the lender gets their asking price (some knife-catcher will probably step up,) they stand to lose about $60,000 after commissions. A relatively small loss by Irvine standards. Of course, the total loss on the property is over $200,000, but the buyer lost the majority of it. It wasn't a particularly successful flip. Also noteworthy is the asking price is a full 20% under the peak sales price. We are 20% off the peak and still falling…
Prison gates won’t open up for me
In my place, in my place
