October | 2009 | Irvine Housing Blog

The defensive perimeter of the kool-aid intoxicated in Woodbridge is Yale Loop. The foreclosures and defaults are threatening to overrun market prices.

1 Cornsilk Irvine, CA 92614 kitchen

Irvine Home Address … 1 Cornsilk Irvine, CA 92614
Resale Home Price …… $769,000

In my defence, what is there to say?
All the mistakes we’ve made must be faced today
It’s not easy now, knowing where to start
While the world we love tears itself apart

I’m just a singer with a song
How can I try to right the wrong?
For just a singer with a melody
I’m caught in between, with a fading dream

In My Defence — Freddie Mercury

At the end of World War I, the French decided it would be a good idea to construct a massive defensive line along the German border to deter a major ground offensive: the Maginot Line. It turned out to be an expensive boondoggle as the Germans simply flanked the complex and conquered the French in May 1940. Never has so much money been spent in a completely wasted effort to overcome a problem… sounds like our various homedebtor bailouts and market manipulation, doesn’t it?

Just as the French had the Maginot Line to give them a false sense of security, residents of Woodbridge have Yale Loop.

As I noted in my community profile of Woodbridge:

Residents who really “know” Woodbridge will tell you there is a
hierarchy of desirability radiating outward from the center.
Neighborhoods closer to the lakes have larger homes and are more
desirable. People in this area are the creme de la creme, and they defecate without odor.

Those who live outside the loop are the “wannabes” who really aren’t
worthy of Woodbridge’s aura of greatness. You must pardon my facetious
banter, but I was given a very similar description by a long-time
resident. Interesting that even within one of Irvine’s best
neighborhoods, the competition to put oneself above others is notable.

Prices inside the loop have barely budged since the peak, whereas prices outside the loop are getting hammered. Not all of the product inside the loop is single-family detached housing at high price points. Wherever the condos have crossed the Maginot Loop, the foreclosure problem has taken hold, and further price blowouts are on the way.

Woodbridge loop foreclosures

Here is what is happening with 1/2 mile of today’s featured property.

ForeclosureType	Address	City	State	Zip
Bank Owned	127 GREENMOOR 53	IRVINE	CA	92614
Auction	15 BLOOMDALE	IRVINE	CA	92614
Auction	242 GREENMOOR	IRVINE	CA	92614
Auction	158 GREENMOOR 67	IRVINE	CA	92614
Auction	23 FALLINGSTAR 10	IRVINE	CA	92614
Bank Owned	360 E YALE LOOP 15	IRVINE	CA	92614
Bank Owned	31 SPRINGFLOWER 37	IRVINE	CA	92614
Auction	9 GREENBRIAR 30	IRVINE	CA	92604
Preforeclosure	21 GOLDENROD 86	IRVINE	CA	92614
Preforeclosure	366 E YALE LOOP 12	IRVINE	CA	92614
Preforeclosure	9 SEADRIFT 66	IRVINE	CA	92604
Preforeclosure	1 FALLCREST 98	IRVINE	CA	92614
Auction	135 FALLINGSTAR 7	IRVINE	CA	92614
Preforeclosure	388 FALLINGSTAR 39	IRVINE	CA	92614
Auction	643 SPRINGBROOK N 20	IRVINE	CA	92614
Auction	212 GREENMOOR 94	IRVINE	CA	92614
Preforeclosure	21 GOLDENROD 86	IRVINE	CA	92614
Preforeclosure	153 CHERRYBROOK LN	IRVINE	CA	92618
Preforeclosure	38 WINTERHAVEN 107	IRVINE	CA	92614
Preforeclosure	5 BAYPORTE	IRVINE	CA	92614
Auction	409 E YALE LOOP 16	IRVINE	CA	92614
Preforeclosure	7 SAND	IRVINE	CA	92614
Preforeclosure	37 FIRWOOD 29	IRVINE	CA	92604
Auction	5 CHAMOMILE 23	IRVINE	CA	92604
Preforeclosure	346 FALLINGSTAR 54	IRVINE	CA	92614
Preforeclosure	110 DANBURY LN	IRVINE	CA	92618
Preforeclosure	366 E YALE LOOP 12	IRVINE	CA	92614

Will the Maginot Loop hold?

1 Cornsilk Irvine, CA 92614 kitchen

Irvine Home Address … 1 Cornsilk Irvine, CA 92614

Resale Home Price … $769,000

Income Requirement ……. $141,537
Downpayment Needed … $153,800

Home Purchase Price … $741,000
Home Purchase Date …. 4/14/2004

Net Gain (Loss) ………. $(18,140.00)
Percent Change ………. 3.8%
Annual Appreciation … 0.7%

Monthly Mortgage Payment …. $3,984
Monthly Cash Outlays …………. $4,981
Monthly Cost of Ownership … $3,369

Property Details for 1 Cornsilk Irvine, CA 92614

Beds 4
Baths 2 full 1 part baths
Size 1,900 sq ft
($405 / sq ft)
Lot Size 3,400 sq ft
Year Built 1985
Days on Market 2
Listing Updated 9/23/2009
MLS Number S590292
Property Type Single Family, Residential
Community Woodbridge
Tract Othr

According to the listing agent, this listing is a bank owned (foreclosed) property.

Wonderful Inside Loop – Corner Lot Location. Convinient One Bedroom & 3/4 Bath Downstairs. Owner Spent $20k to Create A Beautiful Back Yard Retreat With Tranquil Fountain, Custom Follage Lighting, Stone Planters Box Wall, and Stamped Concrete (See Pics). It’s like Having Your Own Tropical Get Away. This Home Also Boasts A Whole House Attic Fan To Cut Down On A/C Costs. Plantation Shutters, Vaulted Ceilings, Direct Access Garage, and Longer Driveway To Park Your Cars Make This A Must see. Short Walk To School Pools & Parks. Enjoy All Woodbridge Amenities

Convinient? Custom Follage Lighting?

Why Title Case?

This asking price is relatively easy to explain; these owners have money in the property. This house was purchased for $741,000 on 4/14/2004. The owners used a $592,800 first mortgage and a $148,200 downpayment. They later refinanced the first mortgage for $585,000 which suggests they were paying down the first mortgage. They did get a $250,000 HELOC at the peak, but there is no indication they spent it. Perhaps they were the exception to the rule.

{book3}

Just for fun, let’s try to identify the objects on the mantle.

1 Cornsilk Irvine, CA 92614 fireplace