Today, I want to tell you about a new blog I came across recently that may be of interest to those who really want to understand real estate markets: Deal Breaker.
I wrote Land Value 101 long ago to describe how raw land parcels are valued. I found Deal Breaker which is a blog devoted to documenting the details of raw land transactions around Southern California. If you want to see what is happening in this market, it will provide you insight into what the builders and developers are doing and where they see the housing market going. We are just entering a phase of cleaning up the mess; properties are going for a small fraction of their peak valuations.
{book4}
Here are a couple of properties that were taken off the market before I could profile them this week.
Asking Price: $439,000
Address: 95 Costa Brava Irvine, CA 92620
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Here comes the sun, here comes the sun,
and I say it’s all right
Little darling, it’s been a long cold lonely winter
Little darling, it feels like years since it’s been here
Here comes the sun, here comes the sun
and I say it’s all right
Here Comes the Sun — The Beatles
Asking Price: $439,000
Income Requirement: $109,750
Downpayment Needed: $87,800
Purchase Price: $596,500
Purchase Date: 7/19/2006
Address: 95 Costa Brava Irvine, CA 92620
| Beds: | 2 |
| Baths: | 3 |
| Sq. Ft.: | 1,205 |
| $/Sq. Ft.: | $364 |
| Lot Size: | – |
| Property Type: | Condominium |
| Style: | Contemporary |
| Stories: | 2 |
| Floor: | 1 |
| Year Built: | 2006 |
| Community: | Woodbury |
| County: | Orange |
| MLS#: | S582516 |
| Source: | SoCalMLS |
| Status: | Active |
| On Redfin: | 4 days |
bedrooms,2 1/2 baths,2 car side by side garage, nice sized patio,all
downstairs ceramic tile flooring and all upstairs hardwood
floorings,plantation shutters,just walking distances to Woodbury
shopping center and The commons and Woodbury elementary school.
Asking Price: $500,000
Income Requirement: $125,000
Downpayment Needed: $100,000
Purchase Price: $575,000
Purchase Date: 5/8/2007
Address: 146 Briarwood #45 Irvine, CA 92604
| Beds: | 3 |
| Baths: | 3 |
| Sq. Ft.: | 1,400 |
| $/Sq. Ft.: | $357 |
| Lot Size: | – |
| Property Type: | Condominium |
| Style: | Townhouse |
| Stories: | 2 |
| Floor: | 1 |
| Year Built: | 1978 |
| Community: | Woodbridge |
| County: | Orange |
| MLS#: | P695630 |
| Source: | SoCalMLS |
| Status: | Active |
| On Redfin: | 7 days |
Travertine entry begins your journey into a beautiful Bradford townhome
with pride of ownership. Remodeled kitchen w/granite countertops,newer
white appliances with travertine flooring. Scraped ceilings accent the
recessed lighting. Remodeled guest bath.Masterbath has travertine
countertop, master closet is walkin closet.Guest bath off kitchen with
granite countertops. Central air and newer furnace with newer ducting.
Steps to East Shore school. Driveway leads to 2 car garage with direct
access. Backyard has cement patio. Traverinte fireplace.Owning a home
in woodbridge gives you access to all pools,spas, tennis courts,
volleyball courts and parks as well as the Beaches and Lagoons in North
and South lake.
Not a bad description, although it overdoes the travertine (including one misspelling).
Back in February I profiled the holdings of the Emporer of Woodbridge in Everybody Wants to Own the World.
The owner of that empire traded today’s featured property. Back
on 7/25/2000, the Emporer bought this property for $243,000. He sold it
on 3/8/2007 for $575,000. While he owned it, he took out an Option ARM
for $357,000, probably to finance his ongoing operations.
The couple he sold the property to on 3/8/2007 have not done quite
so well. If they get their asking price, it will not be a short sale,
but their equity will be gone.