The IHB began its life with this post: Welcome to the Irvine Housing Blog. The rest is history…
Asking Price: $459,900
Address: 390 Quail Rdg Irvine, CA 92603
Every time I look in the mirror
All these lines on my face getting clearer
The past is gone
It goes by, like dusk to dawn
Isn’t that the way
Everybody’s got their dues in life to pay
Yeah, I know nobody knows
where it comes and where it goes
I know it’s everybody’s sin
You got to lose to know how to win
Half my life
is in books’ written pages
Lived and learned from fools and
from sages
You know it’s true
All the things come back to you
Dream On — Aerosmith
What do you dream for?
I have known Zovall now for three years, and in all that time, he has been consistent about his dream to build a website and community. He started with a vision, and now he is enjoying watching the IHB grow and evolve.
It all started three years ago today when Zovall and IrvineSingleMom set out to write about Irvine housing. With the fascination with housing caused by The Great Housing Bubble, the Internet was fertile for growing a blog about housing. From its humble first post, the IHB enjoyed a steadily increasing readership and a greater sense of community.
Ideal Home Brokers
We have grown into something more now. It is easy to be an armchair quarterback and criticise the way real estate is bought and sold. We are taking action to do something about it with Ideal Home Brokers.
For those of you who like the IHB the way it is, nothing will change here at the blog. I will continue to write what I believe to be true about market conditions, and during the week, there will always be posts featuring properties in Irvine. Look at Ideal Home Brokers as an add-on; it is an extension to the service you receive when you come to read the IHB.
Some people will want our reports and our advice when buying and selling homes; some will not. We are here to fill what we perceive to be an unmet need. Only time will tell if that need is real or imagined. We are here to serve.
One of the first property profiles on the IHB was near today’s featured property: Olivos – Quail Hill: A Flip Disaster in the Making.
I have to admit something here. When I first read the IHB, I thought Zovall and IrvineSingleMom were tops. When they first asked me to write with them, I did not feel worthy….
Asking Price: $459,900
Income Requirement: $87,071
Downpayment Needed: $91,980
Purchase Price: $541,000
Purchase Date: 11/30/2004
Net Gain (Loss): -$108,694
Percent Change: -15.0%
Annual Appreciation: -3.1%
Address: 390 Quail Rdg Irvine, CA 92603
Beds: 2
Baths: 2
Sq. Ft.: 1,656
$/Sq. Ft.: $278
Lot Size: –
Property Type: Condominium
Style: Other
Stories: 1
Floor: 1
Year Built: 2005
Community: Quail Hill
County: Orange
MLS#: S589265
Source: SoCalMLS
Status: Active
On Redfin: 4 day
Highly upgraded home! Kitchen with granite countertops and back splash,oversized bar area, stainless steel appliances, 18X18 diagonal tile, walnut cabinets and more! Computer niche off kitchen. Designer paint throughout with suede finish in some areas, large crown moldings, base boards and door casings all around. Upgraded carpet, recessed lighting and fans. Balcony off the master has been transformed into a chic sitting area with white curtains all around.
This property was purchased for $541,000 on 11/30/2004. The owner used a $400,000 first mortgage, a $100,000 second mortgage, and a $41,000 downpayment. On 9/16/2005 the first mortgage was refinanced for $500,000. The records show three HELOCs for $62,500 all recorded at different times. It is unclear if this is a single HELOC reopened three times or three different HELOCs.
Foreclosure Record
Recording Date: 05/13/2009
Document Type: Notice of Sale (aka Notice of Trustee’s Sale)
Document #: 2009000240832
Foreclosure Record
Recording Date: 02/13/2009
Document Type: Notice of Default
Document #: 2009000066139
It looks like the buyer extracted their equity plus some extra, but it is difficult to be sure.
If you had only started 4 years ago.
http://www.redfin.com/CA/Irvine/3131-Michelson-Dr-92612/unit-406/home/7211426
Looks like the North Korea Towers are starting to sell.
Wow — $500,000 haircut! That’s gotta hurt.
The listed prices for that place are all over the map.
Also, they have a 13th floor? Only asians will buy on that floor, huh? No westerners will.
Most skip the number 13 and 666. Maybe the number 4 will also be skipped.
If only the prior buyer of “http://www.redfin.com/CA/Irvine/3131-Michelson-Dr-92612/unit-406/home/7211426” read Irvinehousingblog back in 2006.
What’s happening on the purchase vs. the property taxes? 2004 $541,000 purchase and $7,136 in taxes?
Property History for 390 Quail Rdg
Date Event Price Appreciation Source
Sep 14, 2009 Listed $459,900 — SoCalMLS #S589265
Nov 30, 2004 Sold $541,000 — Public Records
Property Tax
Taxable Value
Land $314,712
Additions $169,288
Total $484,000
Tax (2009) $7,136
IHB, Happy Birthday. Keep up the good work.
Great song, BTW.
Happy anniversary, IHB!
Happy Birthday IHB!
As a Realtor, long time stock trader and computer programmer at 2 mortgage companies, I had a decent understanding of the housing market. But the excellent coverage here at the IHB has most definitely added to my understanding and knowledge.
Keep up the good work.
Happy anniversary, IHB. Thanks to IrvineRenter and Zovall for their dedication.
How funny, that owner used to be my next door neighbor. The wife is a realtor and the husband is a doctor. I remember that they moved out as they bought a home in Laguna Niguel back in 2006 (right at the peak) and they rented the Quail Ridge property to a few tenants. I lost track of what was going on until I subscribed to foreclosure radar where I saw that this thing was heading into foreclosure. What a small world.
This must be one of Irvine Realtards listings (IR). Saw that knucklehead at Google.. we all had a good laugh when he left. Guy is a total Dbag.
Happy Birthday, IHB. And thanks. 🙂
Happy B-Day IHB – My favorite morning read!
Gotta love the featured listing today- Did you catch the professional staging going on there?!! Dropping that corner unit in the living room with the vase and sticks on the mantle should get this place sold pretty quick. That or this is all that is left after the owner has sold all other posessions to continue living the dream in Irvine.
This is not a short sale price. This is 6 months away from a no sale price.
i miss ocfliptrack and irvinesinglemom
Happy Birthday!
I’ve learned a lot from the IHB, and shared my limited knowledge about things here and there, it’s been very good for everybody
Are you kidding Sep 27th is my birthday too! Wow, I knew we had more in common than just “the housing bubble”.