Merry Christmas from the IHB

Santa left Super Mario Bros. Wii!!! I am having so much fun!!!

27 KERNVILLE Irvine, CA 92602 kitchen

Irvine Home Address … 27 KERNVILLE Irvine, CA 92602
Resale Home Price …… $1,250,000


Oh come all ye faithful
Joyful and triumphant
Oh come ye, oh come ye to Bethlehem

Sing choirs of angels
Sing in exultation
Oh sing, all ye senders of the heaven above

Oh Come All Ye Faithful
— Nat King Cole

Merry Christmas from the IHB

I hope you are enjoying this Holiday whatever your faith or belief. Few are working today, and for those that are at their jobs, thank you for giving up your Holiday to make ours possible.

27 KERNVILLE Irvine, CA 92602 kitchen

Irvine Home Address … 27 KERNVILLE Irvine, CA 92602

Resale Home Price … $1,250,000

Income Requirement ……. $261,187
Downpayment Needed … $250,000
20% Down Conventional

Home Purchase Price … $641,500
Home Purchase Date …. 10/2/2002

Net Gain (Loss) ………. $533,500
Percent Change ………. 94.9%
Annual Appreciation … 9.3%

Mortgage Interest Rate ………. 5.08%
Monthly Mortgage Payment … $5,417
Monthly Cash Outlays ………… $7,100
Monthly Cost of Ownership … $5,190

Property Details for 27 KERNVILLE Irvine, CA 92602

Beds 4
Baths 3 baths
Size 3,650 sq ft
($342 / sq ft)
Lot Size 6,000 sq ft
Year Built 2002
Days on Market 9
Listing Updated 12/16/2009
MLS Number S599020
Property Type Single Family, Residential
Community Northpark
Tract Tria

A must see. Best floorplan in track. 3 bedrooms downstairs (including master) and one studio master with loft upstairs. Built-in BBQ and fountains. Travertine in living room, family room and kitchen.

Does is seem right to you that this property has appreciated at 9.3% per year every year since 2002? I don’t see how these houses maintain these price levels.

12 thoughts on “Merry Christmas from the IHB

  1. newbie2008

    Merry Christmas IrvineRenter and IHB’ers,
    Wishing you and your success in your life and business.

    Since this house is listed under HELOC abuse/short sale, how much $ will the borrower walking away with?

    + Loan amount
    – purchase price
    – less improvements
    – his cash to bring to closing (if any)?

  2. TO Renter

    Winds of change taken me out of the OC. (HB) …to Thousand Oaks, but I’m thankful for finding immediate full salaried employment and still in coastal Southern California. In other words there were no tens of thousands lost because I WAS RENTING IN HB, NOT DEBTING.

    This is unlike other refugees like myself at the new place who are now paying for multiple residences because they weren’t free to leave the mortgage behind them. Very sad indeed. They have cover stories that sound more sentimental and family oriented, but I really believe it comes down to the financial trap aspects of home debting and the hope for the bubble to re-expand until they can finally walk away.

    Merry Christmas to IR, loved ones, and all fellow readers.

    By the way, the new rental is a SFR with many nice upgrades all over the house and a spa in the ground on one of several patios. The point is that we’re enjoying so many amenities without having to get them by HELOC debts. There *IS* life without ownership.

    See you back in the OC maybe in a couple years? 😉 Until then keep shining your bright light into the dark realtard night of usury and betrayal.

    1. A lease can still shackle you

      If you have a lease of a year or so, you may still be shackled if you find a job elsewhere, albeit,the liability or what is at stake is less.

      1. AbroadThankGod

        By this logic, anything that requires a commitment of more than a few weeks can shackle you.

        What do you expect him to do? Find month to month – furnished – corporate housing? As someone that has done that in the past, I can tell you it’s much more expensive than a regular rental.

        I think it’s pretty obvious that TO Renter has made the responsible choice for the time being. No need to nitpick about specifics. Sheesh.

        1. A lease can still shackle you

          It’s obvious that TO renter did well and especially in this employment environment! If you do not have a job, then all bets are off. I was alluding to myself having a new lease, fell out of the market to buy and somehow felt shackled to my new lease. I was hoping to buy sooner than later but…

          It’s amazing though how some people jump to their conclusions and start labeling people!

  3. lawyerliz

    Merry Christmas everybody.

    Just walk away, except don’t do it
    til you see the whites of their eyes.

    I’ve now got foreclosures which are
    coming up on 3 years of free Florida

    Long lost


    1. E


      You think it won’t catch up with them?

      The banks will get their pound of flesh.


      Just watch.

      It’ll be more fun than insurance subrogation!

  4. AbroadThankGod

    I don’t like the moral implications of this argument. But it’s becoming more and more obvious that the unwinding of the housing bubble will take years (a decade?). The savers and more responsible folks out there will be fleeced as part of the process. The profligate and unethical will wind up better off. It’s a frustrating dilemma — doing the “right thing” will cost you and your family and line the pockets of the jerks who skirt their responsibilities.

    I can tell you where this ends as a society. During communism in Eastern Europe, there was a saying, “what you don’t steal from the state, you steal from your own family.” After forty years of this attitude there has been a real cost to the level of trust between people (and institutions) in countries like the Czech Republic and Slovakia. Moreover, corruption is far worse (at least on the small scale) than it is in the States. They are still struggling with these issues and probably will for another generation.

    This is the direction we are choosing to move in by ignoring moral hazards.

  5. Gemina13

    Merry Christmas, everybody.

    I’ve long lost my Schadenfreude, but I’m now at the point where I see houses like this and want to tell anyone who wants to buy now, just don’t do it. Please. Walk away, unless you plan on spending at least 10 years in this house, because I guarantee you’ll find something larger and cheaper in a year. If you rent, you can even find something cheaper and larger now.

    Wishing well to you all, and looking ahead to another year of survival.

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