One advantage of a big house is entertaining guests in a fancy ballroom. When buyers wonder why the asking price is so high, owners can say, “because I have big balls.”
Asking Price: $1,998,518
Address: 5 New Dawn, Irvine, CA 92620
BTW, if you want to see some of the biggest balls in Orange County, check out the new Coto Housing Blog, and check out this HELOC abuse case in San Clemente.
Big Balls — AC/DC
Well I’m upper upper class high society
God’s gift to ballroom notoriety
And I always fill my ballroom
The event is never small
The social pages say I’ve got
The biggest balls of all
The United States has always been a society of the have and the have nots. That is how capitalism works. The disparity of wealth and income is the incentive society allows the individual to motivate hard work, innovation and contribution to societal goals. Communism was an attempt to create a classless society, but it failed, mostly due to the failure of the society to provide any tangible rewards for individual effort. Socialist societies try to strike a balance between the two extremes by allowing a measure of income disparity, but not allowing very much of it by taxing residents very heavily. For better or worse, we are about to take a big step toward Socialism here in the United States.
The schism between the haves and the have nots is notable in our current real estate market. The low end of the market is getting pummelled. Have you looked at the prices in Orangetree or The Lakes lately? Every unit in there is being offered for 30%-45% off, and the bottom is nowhere in sight. Despite the collapse in pricing at the low end, the high end seems to think they are immune. Asking prices are typically at WTF levels with many owners believing their properties have appreciated 30%-45% since the peak. Some owners ask these prices from willful ignorance, but some just have big balls.
Some balls are held for charity
And some for fancy dress
But when they’re held for pleasure
They’re the balls that I like best
We all know the party is over. Everyone had their fun during the bubble, but the time has come to pay the piper, and he is only accepting cash. People will buy up these high end properties, but the end will not be quite as high when prices stabilize. Perhaps when prices are reasonable relative to incomes, people will have money left over from their wage income to throw big parties. It will not be as much fun as the bubble years with all the HELOC funding, but as long as people want to entertain, we will still have big balls.
Asking Price: $1,998,518
Income Requirement: $499,629
Downpayment Needed: $399,703
Monthly Equity Burn: $16,654
Purchase Price: $690,000
Purchase Date: 6/22/1999
Address: 5 New Dawn, Irvine, CA 92620
Beds: | 4 |
Baths: | 5 |
Sq. Ft.: | 4,600 |
$/Sq. Ft.: | $434 |
Lot Size: | 8,084
Sq. Ft. |
Property Type: | Single Family Residence |
Style: | Other |
Stories: | 2 |
Year Built: | 1998 |
Community: | Northwood |
County: | Orange |
MLS#: | P665398 |
Source: | SoCalMLS |
Status: | Active |
On Redfin: | 178 days |
w/full bath),4.5 Baths, 4 car garage, separate home office, hardwood
floors, designer granite kitchen, family room,upstairs bonus room or
giant 5th bedroom, custom woodwork and built-ins, custom
closets,Plantation shutters and over $180,000 in upgrades. The master
retreat has dual walk in closets as well as a quiet sitting area This
Taylor Woodrow built dramatic home is perfect for owners who love to
entertain. Great attention was paid to details in every room of this
beautiful home. Association parks, pools and tennis courts and Hicks
Canyon Hiking Trails are a short walk away. This is a private enclave
of estate homes that rarely come on the market. No need to preview, it
shows like a model. Sound system in LVRM, Family Room & Master
Bedroom. Check out award winning schools just minutes away!
The word “stunning” needs to come out of the realtor vocabulary.
over $180,000 in upgrades. So that is why this is worth $1,300,000 more than they paid. [smacks forehead]
LVRM?
This is a private enclave
of estate homes that rarely come on the market. Oh, really?
8 New Dawn, Irvine, CA 92620; Price: $1,999,000
71 New Dawn, Irvine, CA 92620; Price: $1,749,000
73 New Dawn, Irvine, CA 92620; Price:
$1,899,000
Can you pick out the “estate” in this map?
This owner has delisting dementia.
Property History for 5 New Dawn
Date | Event | Price |
---|---|---|
May 15, 2009 | Relisted | — |
May 08, 2009 | Delisted | — |
May 08, 2009 | Relisted | — |
Apr 26, 2009 | Delisted | — |
Apr 19, 2009 | Relisted | — |
Mar 05, 2009 | Delisted | — |
Mar 05, 2009 | Relisted | — |
Mar 04, 2009 | Delisted | — |
Feb 26, 2009 | Relisted | — |
Feb 25, 2009 | Delisted | — |
Feb 11, 2009 | Relisted | — |
Feb 10, 2009 | Delisted | — |
Feb 01, 2009 | Relisted | — |
Jan 20, 2009 | Delisted | — |
Nov 18, 2008 | Listed | $1,998,518 |
Jun 22, 1999 | Sold | $690,000 |
This owner has no grip on reality, but at least there is no HELOC abuse. The property was purchased on 6/22/1999 for $690,000, and the owner used a first mortgage of $350,000 and a downpayment of $340,000. The first mortgage has been refinance twice, and the final balance is $301,000. This owner actually paid down a mortgage! If this property sells for its current asking price, the owner stands to make a fortune.
Of course, we all know this property is not going to sell for its asking price, but it takes courage to ask that much. With all the foreclosures in the pipeline, anyone who buys this place must be brave as well. I guess it takes big money to have big balls…
{book2}
Well I’m upper upper class high society
God’s gift to ballroom notoriety
And I always fill my ballroom
The event is never small
The social pages say I’ve got
The biggest balls of all
I’ve got big balls
I’ve got big balls
They’re such big balls
And they’re dirty big balls
And he’s got big balls
And she’s got big balls
(But we’ve got the biggest balls of them all)
Big Balls — AC/DC