Monthly Archives: October 2009

Motivated Sellers

The conditions of the market cause sellers to change their motivations when pricing properties. The ones that do not need to sell, generally do not. Our market is almost exclusively motivated sellers.

47 Straw Flower Irvine, CA 92620 kitchen

Irvine Home Address … 47 Straw Flower Irvine, CA 92620
Resale Home Price …… $850,000

{book1}

Cross off the names
Of all who died here,
And I’ll become the sacred faith you lost.
I’m thinking…
Every second changes everything
In my life.
Every second changes everything –
The panic will see me through.

The Panic — Strata

Sellers are feeling the upper hand in the market locally due to the lack of available inventory. Motivation is suffering and WTF listing prices are springing up like greedy weeds. Buyers are beginning to panic — hopefully, the IHB readership is calm during this storm. You are not priced out forever.

When I wrote Negotiating for Real Estate, I included a graph showing basic negotiating concepts:

The third column represents seller motivation. As their motivation increases, they just want to get rid of the property, and they lower their price until they do so. Today, we are going to look at two properties purchased by knife catchers in early 2007. One of them has accepted his fate as a knife catcher and priced the property to sell; the other has not.

47 Straw Flower Irvine, CA 92620 kitchen

Irvine Home Address … 47 Straw Flower Irvine, CA 92620

Resale Home Price … $850,000

Income Requirement ……. $156,445
Downpayment Needed … $170,000

Home Purchase Price … $810,000
Home Purchase Date …. 8/2/2007

Net Gain (Loss) ………. $(11,000)
Percent Change ………. 4.9%
Annual Appreciation … 2.4%

Monthly Mortgage Payment … $3,650
Monthly Cash Outlays ………… $4,760
Monthly Cost of Ownership … $3,560

Redfin Property Details for 47 Straw Flower Irvine, CA 92620

Beds 3
Baths 2 full 1 part baths
Size 1,900 sq ft
($447 / sq ft)
Lot Size 3,988 sq ft
Year Built 1997
Days on Market 5
Listing Updated 10/11/2009
MLS Number S592398
Property Type Single Family, Residential
Community Northwood
Tract Trem

SHOWS LIKE MODEL Private community in a quiet area within Northwood. Living Room w/ textured hardwood floors & vaulted ceilings w/ plenty of natural light. Travertine throughout the kitchen w/ whisper-quiet BOSCH dishwasher & enjoy the spacious Family room w/ cozy fireplace- watch a movie w/ a built-in space saving entertainment area; The garage has cabinets, shelves, and overhead storage; Best schools in the Nation; Olympic-size pool and largest Neighborhood park in Irvine just steps away!

Do you think this property has appreciated since late 2007? This seller is following the typical pattern: (1) price to breakeven, (2) price to preserve some equity, (3) price to avoid short sale, (4) give up.

The owner of our second featured property is more motivated — or he has given up — the results are the same; lower prices.

BTW, is it snowing in that kitchen?

412 Quail Rdg Irvine, CA 92603 inside

Irvine Home Address … 412 Quail Rdg Irvine, CA 92603

Resale Home Price … $379,000

Income Requirement ……. $69,756
Downpayment Needed … $75,800

Home Purchase Price … $490,000
Home Purchase Date …. 3/1/2007

Net Gain (Loss) ………. $(133,740)
Percent Change ………. -22.7%
Annual Appreciation … -12.1%

Monthly Mortgage Payment … $1,628
Monthly Cash Outlays ………… $2,310
Monthly Cost of Ownership … $1,770

Redfin Property Details for 412 Quail Rdg Irvine, CA 92603

Beds 2
Baths 2 baths
Size 1,112 sq ft
($341 / sq ft)
Lot Size n/a
Year Built 2004
Days on Market 2
Listing Updated 10/14/2009
MLS Number S592734
Property Type Condominium, Residential
Community Quail Hill
Tract Ambr

According to the listing agent, this listing may be a pre-foreclosure or short sale.

Quiet upper end unit with no one above or below. Centrally located close to Irvine Spectrum. Resort style amenities including association pool, tennis courts, gym and parks.

The family losing this place at least tried to be responsible. They overpaid, but they put some money down, and when they refinanced in 2007, they did not take out much equity. They still had some of their own money in the property when prices when south.

{book2}

Maybe some sellers just need a little more motivation….

Hard Crash? or Soft Landing?

People are afraid to face the hard landing, so we prompt our officials to endlessly support the market to avoid an uncertain fate. Which is better? crashing hard? or landing soft?

33 Gingerwood Irvine, CA 92603 kitchen

Irvine Home Address … 33 Gingerwood Irvine, CA 92603
Resale Home Price …… $550,000

{book1}

I felt all flushed with fever, embarrassed by the crowd,
I felt he found my letters and read each one out loud.
I prayed that he would finish but he just kept right on …

Strumming my pain with his fingers,
Singing my life with his words,
Killing me softly with his song,
Killing me softly with his song,
Telling my whole life with his words,
Killing me softly with his song …

Killing Me Softly With His Song — Shirley Bassey

The mess in our housing and financial markets are slowly draining the life out of us. The powers-that-be are killing us softly with their endless song and dance. Our government and the Federal Reserve want to engineer the fabled “soft landing.” So how would we measure their success?

A soft landing for the FED would be a slow and controlled decline of
house prices to levels sustainable by local incomes and free-market
financing conditions. The reason they will let it drop is to shorten
the time they have to support the market. The reason the Federal Reserve does not want to let it crash hard… they do not want their member banks to lose any more money. Wait, perhaps you thought it was because the US Government cares about you and your home prices… victim of the spin machine.

The FED’s mechanism for making the soft landing happen is the control of mortgage interest rates through direct purchase of agency paper. If the government insures it and the FED buys it, they could theoretically completely support the US housing market. There is no limit to the size of the Federal Reserve’s balance sheet. I doubt it would come to that.

The mechanism for recycling bad debt is (1) for the GSEs and the FHA to encase it in a new 30-year fixed loan at very low interest rates and (2) have the Federal Reserve buy that paper and hold it through maturity. The FED would not care about its actual value, it is merely stockpiling the detritus from the housing bubble… A toxic mortgage enema… The Federal Reserve’s Yucca Mountain… It will fester on the FEDs balance sheet — a pestilence contained in a paper sarcophagus where nobody looks and nobody cares.

{book4}

Soft Landing?

Payments are now affordable with conventional financing on most
properties, particularly those outside of Irvine. This is just a fact. The Federal Reserve has accomplished its primary market objective — stabilize prices through creating affordability. I believe prices will continue to fall for a number of other reasons, but payment affordability is no longer driving the price decline.

Now that we have reached payment affordability, how stable is that
affordability? and what happens if the system collapses?

You get Las Vegas.

Hard Landing?

Hard Landing Las Vegas

Above is the Las Vegas S&P Case-Shiller Index with the conceptual stages of a bubble superimposed on it. Las Vegas landed hard; I am bullish on Las Vegas real estate. As you can see,
the despair stage can go on for a while and prices can remain depressed
and even fall further, but in my opinion, you have much greater
downside risk in Orange County than you do in Las Vegas.

Soft Landing? or Hard Crash?

The most common metaphor for a soft or a hard landing is removing a
band-aid quickly or slowly. You get the idea, but it doesn’t convey the
emotional trauma of an economic recession. The soft landing — to
continue the medical metaphor — is like a series painful bruises and
abrasions. It isn’t life threatening, but there is nothing pleasant
about daily pounding and skin scraping.

The hard crash is like a violent faceplant that is both humiliating and extremely painful — for a short period of
time, but then it is over, and you can move on with your life.

In many ways, the hard crash is better. Which would you prefer?

{book2}

Good Photo Presentation?

It is easy to make fun of the poor quality of marketing display on listings in the MLS because so many of them are so bad. Today, I want to compliment the photo presentation of this listing. The first photo on the listing display is not the drab front elevation, it is the best interior photo of the group. This presentation is much more eye-catching in a positive way. That’s the good…. Using the fisheye lens and distorting reality… that is not so good.

33 Gingerwood Irvine, CA 92603 inside

33 Gingerwood Irvine, CA 92603 kitchen

Irvine Home Address … 33 Gingerwood Irvine, CA 92603

Resale Home Price … $550,000

Income Requirement ……. $101,229
Downpayment Needed … $110,000

Home Purchase Price … $636,000
Home Purchase Date …. 12/2/2004

Net Gain (Loss) ………. $(119,000)
Percent Change ………. -13.5%
Annual Appreciation … -2.9%

Monthly Mortgage Payment … $2,362
Monthly Cash Outlays ………… $3,340
Monthly Cost of Ownership … $2,560

Redfin Property Details for 33 Gingerwood Irvine, CA 92603

Beds 2
Baths 2 baths
Size 1,598 sq ft
Lot Size n/a
Year Built 2004
Days on Market 6
Listing Updated 10/15/2009
MLS Number L31191
Property Type Condominium, Residential
Community Turtle Ridge
Tract Whgl

According to the listing agent, this listing may be a pre-foreclosure or short sale.

BEAUTIFUL HIGHLY UP GRADED SHORT SALE! Spacious 2 Bedroom and Den, Soring ceiling with lots of windows and light! Gorgeous hardwood floors,upgraded carpets in carpeted areas, upgraded tile in entry, MaBa, Laundry, Guest Bath. Upgraded cabinets & cabinet hardware throughout. Granite kitchen counter tops, upgraded tile backsplash & stainless appliances. Remote controlled shades in upper windows. Doorbell hookup to phone line. Master bedroom closets by California Closets, mirrored doors. Frosted glass/wood windows sliders in Master Bedroom. Silhouette brand window treatments. UV window tint on patio door and stairway windows. Phone trunk in Master Bedroom closet wired with wireless router & ethernet for jacks. Keypad entry at garage exterior, Epoxy garage floors. Park across street has Tennis, Basketball, etc. Near Beach, Newport Beach: Fashion Island, Corporate Plaza. Newport Coast Plaza. Orange County Airport, Freeways. Beautiful area! A must see home!

The pictures were good, but the description still needs work….

What is MaBa? Do they have Mexican Radio?

Master Bedroom closet wired with wireless router & ethernet for jacks? Is there a big demand for that?

  • This property was purchased on 12/2/2004 for $636,000. The owners used a $508,712 first mortgage and a $127,288 downpayment.

  • They did not waste much time before starting on the HELOC gravy train ride.

  • On 11/14/2006 they refinanced with a $652,000 Option ARM and a $81,410 HELOC.

  • Total property debt $733,410 plus negative amortization.

  • Total mortgage equity withdrawal is $224,698 which includes their downpayment.

The gave up early this year…

Foreclosure Record
Recording Date: 07/16/2009
Document Type: Notice of Default
Document #: 2009000379425

Irvine Company News

For those interested in what the Irvine Company is doing, you may have seen the story on Sunday, Irvine Co. bets on homebuyer sensibility. Below are links to the support materials also released by the Irvine Company.

ICDC New Home Collection Press Release — Irvine Company — Fall 2009.pdf

New Home Neighborhood Fact Sheet — Irvine Company — Fall 2009.pdf

New Home Builder Profile Fact Sheet — Irvine Company — Fall 2009.pdf

Rent or Own? Fall 2009

Everyone wants a comfortable family home; a safe place to share family
love and memories. The question becomes should you create this
environment in a home you rent? or a home you own?

life in Irvine, California

Irvine Home Address … 8 Blue Ridge Rd Irvine, CA 92620
Resale Home Price …… $675,000

{book1}

Such a feelins comin over me
There is wonder in most everything I see
Not a cloud in the sky
Got the sun in my eyes
And I wont be surprised if its a dream

Top of the World — The Carpenters

There is an excitement in the air. People believe the recession is over, there is not a cloud in the sky, and possibilities are endless. Now where is that HELOC money so we can get back to living?

The mainstream media is dominated by articles full of wishful thinking. The optimism is blinding people to the realities of the commercial real estate bust and the residential ARM resets yet to be written down. We still have two major deflationary events in front of us, and there is scarcely a mention of it in the MSM.

What is fueling optimism in the real estate market — other than residual kool-aid intoxication — is a host of government market props. These include (1) an $8,000 tax credit to qualified first-time home buyers purchasing a principal residence on or after January 1, 2009 and before December 1, 2009, (2) the Federal Reserve buying agency debt so the GSEs and the FHA can continue to underwrite loans no investors want in order to hold down mortgage interest rates, and (3) withholding of product inventory to create artificial shortages.

Buy? or Rent?

Buyers believe the government props will sustain the market long enough for free-market conditions to support current price levels. In short, buyers believe we are at the bottom. Renters believe the local market will fall off a cliff once the government market props have been removed. Who is right? Is the market “on ice” like buyers believe? or is it “on fire” like the renters believe?

Irvine Fire and Ice Scenarios

The Federal Reserve’s Dilemma

The Federal Reserve is not charged with re-inflating the housing bubble and returning our economy to HELOC borrowing for personal consumption. As Barney Frank put it, “It (expanding FHA) was
an effort to keep prices from falling too fast. That’s a policy.” Do you understand the implication of his official policy statement? The US Government — and the FED — are charged with making sure prices do not fall too fast. Once prices stop falling in an uncontrolled death spiral, the props will be removed.

The FED does not want to be a market prop, but they do not feel like they have much choice in the matter. Each market that crashes deflated hundreds of billions of dollars of lender collateral, or as is more common now, lender property. Lenders would love to maintain the illusion of high prices in Coastal California.

Once prices start to fall sharply, cure rates fall off and people walk away from their properties. This tipping point is reached when the downward spiral takes over; foreclosures lower prices which creates more foreclosures. The lenders are desperate to prevent this.

The Federal Reserve is under pressure to wind down special programs and market supports and return the economy to a regulated free market (do you like that oxymoron?) If the Federal Reserve keeps these programs in props in place, it will be very inflationary, and it may even result in a big inflation spike in 2011. Eventually, the market props will need to be phased out.

With the Federal Reserve trying to balance its competing priorities, sustained appreciation in the real estate market is not very likely, particularly in markets like ours where the downward spiral has not crushed prices yet. The FED will attempt to hold mortgage interest rates low by buying agency paper until such time they don’t need to. They will do this until inflation forces their hand and makes them stop. If they are able to succeed, they may be able to flatten the market and ease interest rates back up while the market fundamentals catch up.

The Lost Decade

The chart above shows median home prices in Irvine stabilizing at
$450,000 in 2010 as interest rates bottom at 4.5%. The average interest rate since the early 1970s when the GSEs
started keeping records is 8% (7.99% actually). I further assumed
interest rates will rise once this economic crisis is over from an
unprecedented 4.5% to the long term average of 8%.

None of us knows what will happen next. The best we can do is take an objective look at the information and try to make a good decision. Right now, in the fall of 2009, the circumstances favor renting unless you are buying with a 7-10 year timeframe. There is too much potential downside risk and very limited upside potential. If you are buying today in Irvine because you expect appreciation, you will be disappointed in the short and medium term. In the long term, we are all dead.

life in Irvine, California

Irvine Home Address … 8 Blue Ridge Rd Irvine, CA 92620

Resale Home Price … $675,000

Income Requirement ……. $124,236
Downpayment Needed … $135,000

Home Purchase Price … $865,000
Home Purchase Date …. 7/18/2007

Net Gain (Loss) ………. $(230,500)
Percent Change ………. -22.0%
Annual Appreciation … -7.9%

Monthly Mortgage Payment … $2,899
Monthly Cash Outlays ………… $3,780
Monthly Cost of Ownership … $2,830

Redfin Property Details for 8 Blue Ridge Rd Irvine, CA 92620

Beds: 4
Baths: 2.5
Sq. Ft.: 2,509
$/Sq. Ft.: $269
Lot Size: 5,998 Sq. Ft.
Property Type: Detached, Single Family Residence
Stories: 2
Year Built: 1979
Community: Northwood
County: Orange
MLS#: K09059907
Source: MRMLS
Status: Active
On Redfin: 137 days

Irvine home built in 1979 4 Bedroom 2 1/2 Bathroom boasting 2,495 sq ft in Living Space.

{book2}

Check out this listing price history:

Date Event Price
Oct 14, 2009 Price Changed $675,000
Oct 13, 2009 Price Changed $600,000
Oct 13, 2009 Relisted —
Jun 04, 2009 Delisted —
Jun 01, 2009 Listed $550,000

This is an unforeclosed short sale from what I can tell in the property records. Either the lender is getting greedy to recover more of its lost loan money or this seller is delusional. It could be a bit of both.

This property was purchased on 7/18/2007 for $865,000. The owners used a $778,500 first mortgage and a $86,500 downpayment. It didn’t take them long to give up on the property.

Foreclosure Record
Recording Date: 12/15/2008
Document Type: Notice of Sale (aka Notice of Trustee’s Sale)
Document #: 2008000573928

Foreclosure Record
Recording Date: 08/20/2008
Document Type: Notice of Default
Document #: 2008000396611

There must be more to this story. A couple who put in a significant downpayment gave up paying about a year after move in? I doubt they felt they were so far underwater it was hopeless. This may be a job loss or other family issue.

I assume the people must still live there and they are handling this as a short sale. If so, they haven’t made a payment to anyone for their housing for the last year. Free housing during the Great Recession is this family’s compensation for losing their home.

IHB: Personal Message from Shevy Akason

Hello, My name is Shevy Akason.

I
will be working with you as we search for your ideal home. I want you
to be comfortable with the process of buying or selling your home. I
promise to provide you with honorable representation and personal
service. Trust is of ultimate importance when approaching the biggest
transaction of your life. I am committed to earning your trust and
helping to make a sometimes stressful process as comfortable as
possible.

We will start by discussing openly and frankly
about whether or not the time is right for you to buy or sell your
home. As Larry mentioned, I encouraged many people not to buy while the
bubble began to deflate and I also encouraged many to sell as I felt
the peak neared. I continue to give advice that many would not expect
from a real estate agent regarding home ownership. It is frustrating to
see hard working; honest people lose their homes to foreclosure. It is
equally disheartening to see those that did everything that they were
told was right by those acting in self interest struggle for years to
sustain ownership as a result of the bubble. The stress that people are
going through and the strain it puts on families is a sad result of the
bubble and the lies that accompanied it. For me as for most, family is
the most important thing, as it should be; I work hard with my clients
to make sure that they understand that owning a home can be a great
thing, but only if the cost of their home still allows them to have
time for their family.

I approach every negotiation I enter
on behalf of my client as if I were negotiating for myself. I often
advise my clients “If I were you….” The advice I provide is my honest
opinion based upon years of real estate education and IHB principles,
and the course of action I recommend is the one I would follow if I
were in your circumstances. My goal is to see you in a comfortable home
you can afford, and you will always get my best effort to that end.

I
am drawn to the IHB because I share the commitment to excellence and
the desire to educate people that makes the IHB a trusted resource. I
want you to understand the realities of the real estate market,
property negotiation, and the behavior of parties in the transaction.
The more you know, the more empowered you are to make a good decision,
and the more comfortable you will be with the outcome.

Shevy Akason — Ideal Home Brokers

Credentials:

  • Bachelor of Arts – Claremont Mckenna College 2003

  • Real Estate investor since 2004

  • Academic All American (basketball) – NDSCS 2001

  • Associates Degree – NDSCS – Business Administration 2001

As
a competitive person I enjoy sports, team work, and a challenge. As a
result I have enjoyed real estate ever since I can remember. The recent
bubble was frustrating for me as I know it has been for many others. I
was happy when I started reading Larry’s blog posts and realized that
there were others out there that shared my views.

As a result
of recent bubble that was particularly severe in California as compared
to other areas of the country by 2004 when I was ready to start my real
estate career, I invested in cash flow real estate out of state and
took advantage of the low interest rates by getting 30 year fixed
loans. This allowed me to stay involved with my primary real estate
interest on a small level while I started a construction company with
the hope that what I learned would add value that I could translate
into my real estate career when the time was right.

Since
late 2007 my focus has been real estate and helping people to navigate
through today’s market. I am proud to be associated with Larry Roberts
and the IHB’s values and principles. In addition, I am proud of the
track record and the real estate business that I run. I pride myself on
giving people a clear picture of the market and helping them to feel
comfortable with the biggest decision of their lives while working
through what can be a challenging process. I look forward to working
with Larry provide a valuable alternative to the average residential
real estate company.

Thank
you again for sticking with us through these introductory emails. You
should have a good idea of the kind of people we are. We look forward
to working with you.

Sincerely,

Shevy Akason

When you are ready…

sales@idealhomebrokers.com

IHB News 10-17-2009

Our weekend update of IHB and housing bubble news. This isn’t over yet.

18 Southsand Irvine, CA 92614 kitchen

Irvine Home Address … 18 Southsand Irvine, CA 92614
Resale Home Price …… $474,900

{book1}

An American dream that’s never been sold.
The smile on his face is just his last disguise.
We’ve got trouble in paradise.
There’s a scream inside that shouts: Here I am !
Some people say: We’ve got to do what we can.
Me I don’t know you see I’ve been there myself once or twice.
Trouble in, paradise.

Trouble in Paradise — Huey Lewis and the News

Irvine Real Estate News

The Irvine Company has announced The 2010 New Home Collection.

IHB News

There were so many users for our Foreclosure finding service (provided by Foreclosure Radar) that we have devoted a navigation tab to make it easier to find.

The housing bubble news recap on the weekend is supplemented by the new Housing Bubble newsfeed added to the sidebar.

We are planning an IHB Block party for mid November, but we haven’t finalized the date yet. Do you have any preferences for night of the week?

Housing Bubble News

South Korea Doesn’t Have a Housing Bubble

Wall Street Journal – ‎Oct 13, 2009‎

I remain much more concerned by the increase in household debts than by real–estate valuations in Korea. While real estate remains affordable, …

FHA may be setting up repeat of housing bubble, lawmakers worry

Chicago Tribune – Jim Puzzanghera – ‎Oct 11, 2009‎

The real estate industry believes the FHA is vital to the housing market because its insurance enables people with modest incomes to buy homes — many of …

JP Morgan Blew It On Housing Bubble, Too

The Business Insider – ‎Oct 14, 2009‎

It was also heavily involved in mortgage securitization and derided fears of a housing bubble as “excessive.” This morning we pointed to an item by New York …

Sydney Morning Herald

Hong Kong says ready to avert possible property bubble

Forbes – Susan Fenton, James Pomfret – ‎Oct 14, 2009‎

‘Strong liquidity, low supply, strong external demand and aggressive mortgage lending are creating ideal conditions for another housing bubble in Hong Kong …

Hong Kong: price bubble? The Move Channel

Bernie Madoff, housing bubble: Costume suggestions for a recession Halloween

WalletPop – ‎Oct 12, 2009‎

Make a globe large enough to walk in, cover it with sections of the newspaper’s house sales section, and go trick or treating as the housing bubble! 10. …

Treasury Bond Rally Fails the Asset-Bubble Test: Caroline Baum

Bloomberg – Caroline Baum – ‎Oct 12, 2009‎

The recently expired housing bubble is a perfect example of the triumph of faith over reason. Soaring home prices in 2005 represented a little “froth,” not …

Americans Are Still Delusional About House Prices

Huffington Post (blog) – ‎Oct 12, 2009‎

Around major changes in market direction (the peak of the housing bubble, for example), there is widespread agreement about what future prices will do …

Case-Shiller Economist Warns of a New Bubble in Home Prices DSNews.com

The Coming Korean Bubble

Wall Street Journal – Jasper Kim – ‎Oct 12, 2009‎

Such numbers rival or exceed the property price increases seen during the recent US housing bubble period. And in some neighborhoods, particularly in Seoul, …

Signs of life in Southern California’s housing market

Los Angeles Times – ‎Oct 13, 2009‎

Christopher Thornberg, a Los Angeles economist who was an early predictor of the housing bubble, said several factors converged last month to give home …

Feds bust 41 people accused in $64M home mortgages scam

New York Daily News – Robert Gearty – ‎22 hours ago‎

In one scam, a property appraiser, Quentin Tucker, inflated the value of a Brooklyn house by submitting photos from other houses during the loan process, …

The Housing Bubble Is Seriously Back

The Business Insider – ‎Oct 15, 2009‎

We mentioned this a week ago, though this story has been kind of flying under the radar: The housing bubble is back. No, home prices aren’t (yet) at …

Secondary Sources: Bubble Thinking in Housing, Another Depression, Weaker Dollar

Wall Street Journal (blog) – Phil Izzo – ‎Oct 12, 2009‎

In the absence of another housing bubble and consumer boom, an export-led recovery is the best growth strategy the US could employ. …

EDITORIAL: Risky terms at the Federal Housing Administration

Waco Tribune Herald – ‎Oct 12, 2009‎

Not surprisingly, real estate agents in some areas say most clients are using FHA loans rather than those from banks. We see possible lessons in all this …

18 Southsand Irvine, CA 92614 kitchen

Irvine Home Address … 18 Southsand Irvine, CA 92614

Resale Home Price … $474,900

Income Requirement ……. $87,407
Downpayment Needed … $94,980

Home Purchase Price … $241,000
Home Purchase Date …. 4/25/1991

Net Gain (Loss) ………. $205,406
Percent Change ………. 97.1%
Annual Appreciation … 3.8%

Monthly Mortgage Payment … $2,039
Monthly Cash Outlays ………… $2,690
Monthly Cost of Ownership … $2,020

Redfin Property Details for 18 Southsand Irvine, CA 92614

Beds 2
Baths 2 baths
Size 1,241 sq ft
($383 / sq ft)
Lot Size n/a
Year Built 1981
Days on Market 2
Listing Updated 10/8/2009
MLS Number T09108509
Property Type Single Family, Residential
Community Out Of Area
Tract Ti

NOT A SHORT SALE OR A REO!!! HIGHLY DESIREABLE 1 STORY, GROUND LEVEL, END UNIT HOME IN WOODBRIDGE SOUTHLAKE COMMUNITY. IT HAS 2 BEDROOMS, 2 FULL BATHS, AND IS 1241 SQ FT. THIS SINGLE FAMILY ATTACHED HOME FEATURES VERY LARGE BEDROOMS, 2 CAR GARAGE, AND ELECTRIC STOVE AND OVEN. THE HOME HAS BEEN VERY WELL MAINTAINED, AND IS IN A QUIET AREA WITH A NICE BACKYARD FOR SITTING AND/OR GARDENING.

ALL CAPS

Three exclamation points!!!

{book2}

This property really is not a short sale or REO. In fact, there is a single loan on the property for a total of $74,500. Hurray! After a week of HELOC abuse, it is nice to see there are still sane people in the world.