IHB News 1-9-2010

This weekend’s featured property has one of the worst descriptions on the MLS.

20 VILLAGER, Irvine, CA 92602 kitchen

Irvine Home Address … 20 VILLAGER, Irvine, CA 92602
Resale Home Price …… $899,900


(Go West) Life is peaceful there
(Go West) In the open air
(Go West) Where the skies are blue
(Go West) This is what we’re gonna do

(Go West, this is what we’re gonna do, Go West)

Go West — The Village People

IHB News

I received the following email from a reader this week:

“My name is [New Customer] and I am looking to buy a house. I’m a
long time reader of the Irvine Housing Blog and in that time have
become an admirer of Larry Roberts for his candid analysis and opinions
of the Irvine housing market. I have witnessed the IHB go from a small
blog to a full fledged real estate business and I am interested in
working with you to purchase a house of my own. My wife and I are
currently working on getting a pre-approval on a mortgage loan but
wanted to start looking into real estate agents. We are first time
home buyers so we are very new to this process. We’re hoping to find
someone who’ll look out for our best interests and guide us through the
whole real estate process. At your convenience please contact me and
let me know what our next step should be.”

We started Ideal Home Brokers to help people like this reader. When I receive emails like this one, it pleases me to be of service. Thank you.

Congratulations Shevy!

Shevy Akason had a great 2009 recording 20 closed sales and 20 lease transactions. Several deals were IHB clients toward the end of the year. I am very impressed with the service he is providing IHB clients, and we are all looking forward to a successful 2010.


Congratulations IHB Readers!

During a slow December, the RSS Feed surpassed 3,000 subscribers.

I note an astuteness to the observations lately. I enjoy the conversation, and like checking email a few times a day, I plan to continue participating regularly. I am posting more news stories of late, and I like the format because it keeps us current on housing market news and developments. When new information becomes available, the collective wisdom of the IHB community of astute observers provide context for news in the larger narrative.

We don’t gather to be bearish; we gather to see the facts and anticipate future conditions that may impact the housing market. I believe many make better buying decisions when they have facts and a realistic set of future expectations. Everyone who contributes here adds to the wisdom of the IHB community and serves as a check and balance to the accuracy of my message.

I also want to congratulate AZDavidPhx on his great vision of the market through the eyes of Friday’s homeowner. This graphic represents the vision of many current buyers — too many.

IHB Trustee Sale Services

Ideal Home Brokers has established a relationship with an experienced trustee sale buyer. We are opening an interest list for those who want help (1) researching properties and (2) attending property auctions. We are not ready for primetime, but several potential all-cash buyers have expressed interest in this service, and we are testing demand prior to launch. If you are interested in this service, please email us at sales@idealhomebrokers.com and reference “IHB Trustee Sale Services.” We will get back to you as soon as possible.

Housing Bubble News from Patrick.net

Low rates didn’t cause bubble, Bernanke says (marketwatch.com)
Taylor Disputes Bernanke on Bubble, Blaming Fed’s Low Rates (bloomberg.com)
Mortgage Demand Near 6-Month Low as Rates Jump (cnbc.com)
Pending House Sales Fall After Months of Gains (nytimes.com)
A year into Obama’s reign, Ron Paul’s loopy ideas now making sense (latimesblogs.latimes.com)
Bernanke Speech on Monetary Policy and the Housing Bubble (federalreserve.gov)
If the Fed Missed That Bubble, How Will It See a New One? (nytimes.com)
Principal Cuts on Lender Menus as Foreclosures Rise (bloomberg.com)

Falling Rents

Apartment Vacancy Rate Highest on Record, Rents Plunge (calculatedriskblog.com)
U.S. Now a Renters’ Market (online.wsj.com)
Landlords lowering apt rents in Las Vegas (lvrj.com)
Manhattan Apartment Prices Fall as Finance Jobs Lost (bloomberg.com)


Real Estate in Cape Coral, FL, Is Far From Recovery (nytimes.com)
Foreclosures add honesty to house appraisals (sfgate.com)
Stockton, CA is Foreclosureville, USA (thecalifornian.com)
A $905,000 Foreclosure that Lasted 18 Months. Now Listed for $699,000. (doctorhousingbubble.com)
South Florida foreclosures up 29% (miamiherald.com)
Foreclosure Leading To… Happiness! (patrick.net)
SF Bay Area retail centers mired in foreclosures (contracostatimes.com)


Fannie and Freddie Execs Rewarded For Evil (washingtonpost.com)
U.S. to Lose $400B on Fannie, Freddie ($1,333 per citizen) (businessweek.com)
Fannie, Freddie proving too big to shrink (sfgate.com)


Men Happy to Be Free From Owning Houses (nytimes.com)
Housing Market in 2010: The Idiocy Continues (seekingalpha.com)
Walk Away From Your Mortgage! (nytimes.com)
Homebuyer Tax Credits Exceptionally Inefficient (bloomberg.com)
Fed May Extend Crap Mortgage Purchases With Counterfeit Money (housingwire.com)
5 centuries of bubbles and bursts – 1634-38: Tulips (money.cnn.com)
3 Housing “Truisms” That Make No Sense (fool.com)
Japan dealing with bubble aftermath (already old but good) (nytimes.com)
Living In A Real Housing Bubble (nytimes.com)
One Million is the new Two Million (calculatedriskblog.com)
Twenty years on, Japan is still paying its housing bubble bills (economist.com)
It’s Always the End of the World as We Know It (nytimes.com)

20 VILLAGER, Irvine, CA 92602 kitchen

Irvine Home Address … 20 VILLAGER, Irvine, CA 92602

Resale Home Price … $899,900

Income Requirement ……. $192,102
Downpayment Needed … $179,980
20% Down Conventional

Home Purchase Price … $1,148,000
Home Purchase Date …. 3/28/2005

Net Gain (Loss) ………. $(302,094)
Percent Change ………. -21.6%
Annual Appreciation … -4.8%

Mortgage Interest Rate ………. 5.27%
Monthly Mortgage Payment … $3,984
Monthly Cash Outlays ………… $5,190
Monthly Cost of Ownership … $3,870

Property Details for 20 VILLAGER, Irvine, CA 92602

Beds 5
Baths 4 baths
Size 3,537 sq ft
($254 / sq ft)
Lot Size 4,057 sq ft
Year Built 2002
Days on Market 5
Listing Updated 1/5/2010
MLS Number P716076
Property Type Single Family, Residential
Community Northpark
Tract Bela

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

Gourmet Kitchen Award

Attention Investors!!! Attention Buyers!!! Looking to Start 2010 with a Bang? Want the Deal of the Year? Nestled in Irvine s Prestigious Northpark Square & Priced to Steal, this HANDSOME Residence boasts STUNNING CURB APPEAL & LUXURIOUS Comforts that Surpass Every Home in this Price Range! Spacious Open floor plan offers 5 Bedrooms & 4 Baths w/2-Car Garage in approx. 3,537 sq.ft. Inviting Living Room & Elegant Dining Room is perfect for Entertaining. Gourmet Kitchen w/Granite Counters & Chef s Island opens to generous Family Room & Breakfast Nook. Spacious Master Suite w/Huge Walk-in Closet plus Large Secondary Bedrooms offers Abundant Closet Space! Wait till you see the HUGE Bonus Room. Near Shopping, Dining, Entertainment & Schools including community Pool, Spa, BBQ s, Sports Courts, Outdoor Amphitheater, Parks, Walking Trails, Bike Trails, Tot Lots & More! Make No Mistake This Home Will Not Last, So ACT FAST! Only ONE like this!!!http://www.pwhitrow.com/blog/images/original/kirk-phaser.jpg

That description contains every butchery of English I have come to despise in realtor listings. I knew it was in trouble with the cheesy “Attention” opening with three exclamation points. The only way it could have been worse is if it said “L@@K!!!” The author mixed in INTERMITTENT caps LOCK, Random capitalization, two of my favorite cliches, and the closing is a laughable attempt to create urgency. If I ever write a book on how not to write a description, I could feature this one.

16 thoughts on “IHB News 1-9-2010

  1. irvinewtf

    Something to chuckle about from NorCal.


    Great deal here. You can take over the $3458 mortgage payments for a 3br dump that you can rent for around $2200. Considering taxes and other costs, its probably twice as expensive to own the place. What a bargain. I am calling them right away.

    $3458 / 3br – 2 Ba house open for lease. Serious party only! (mountain view)

    Whitney Dr @ Hamilton Ave
    Mountain View, Ca 94043
    Spacious 3 Bedroom 2 Bathroom

    This is a very nice house built in 1955, all white/off white with a nice blue trim. The building size is roughly 1300 square feet. It is the landscaping in the front and back yards give this property is charm and privacy as well. The homeowners can no longer afford to make their monthly mortgage payments and have defaulted on the property. We will help you set up a lease on the home for 1-5 years depending on your qualifications and desire. After this time you have the option to refinance on the property. While there is only about $17,000 in equity on this property, Mountain View homes will gain their value back. Keep in mind that the defaulted amount of $7,951 must be paid in full prior to moving in, however once you do so you will gain the title of ownership. If you are interested in this place, please be sure you have sufficient income to pay off the default and make the mortgage payments on time each mounth. For any questions please call us between 9:00am and 5:00pm. You may also visit our website to search for other properties in the area.
    First Step Equity.com

    In order to refence the property use the Property ID: 652252. Thank you and have a wounderful day!

      1. Lee in Irvine

        Come on Dude, WTF did you expect?

        Besides, I wouldn’t call it a “dump”. It just needs about $50,0000 to 75,000 in remodeling.

        1. BeachRenter

          I would agree with Lee, this house is hardly a “dump”. If someone would have staged this house and photographed it professionally you would be amazed at how different it would look (at least in the photos). I have seen similar properties in the same condition being sold with descriptions like “updated this” and “newer that” so it’s good to see prices getting closer to real value.

        2. tonye

          What I mean is that in those pictures the house looks old, dated and used up. The backyard needs watering or just a new lawn, the interior looks awful. I can just imagine walking into the house and smelling a greasy kitchen everywhere… yuck!

          Whoever was selling this house did not put much effort into it. So that likely affected the price.

      1. Geotpf

        Yeah, seriously. According to Redfin’s sold autocomps, it’s worth more than twice price it sold for. At $150/sq ft, you are approaching Riverside territory.

        Now, it is interesting that the listing says that it has 4,200 sq ft and the tax records say 3,422-I wonder why there’s a difference. Unpermitted additions? Additions that were permitted but didn’t make the tax rolls? Plain out lying by the listing agent? The listing also says it has one more bedroom and one more full bathroom than the tax rolls.

  2. freedomCM

    our used house salesman of the day:

    The Associate Awards in the following categories were also awarded: “Most Improved Sales Performance Award” went to Amy Alvarez of the Corona office and Monica Carr and Sandro Siles of the Tustin office;

    For his memorable description, listing agent Sandro Siles of First Team Real Estate wins my first ever Listy Award!

    Sellers gone CRAZY!!! They Priced this HIGHLY UPGRADED Single-Story **WAY BELOW MARKET** & They Mean Business! **Bring Your Checkbook & RUN, DON’T WALK!** Searching for RARE SINGLE-STORY? Why Buy from Builder at Retail When You Can Own at a STEAL? *DROP-DEAD GORGEOUS* w/EXQUISITE Architecture & LUXURIOUS Comforts that Surpass Every Home in this Price Range! Nestled in Prestigious Tustin Community – The Gables – this DESIRABLE Open Floor Plan boasts SOARING 10-Foot Ceilings & SPACIOUS Open Design – BREATHTAKING! Expansive Foyer w/DRAMATIC Custom Travertine Welcomes Friends & Family, while you Stylishly ENTERTAIN in Formal Dining Room. Huge GOURMET Kitchen w/Granite, Stainless Steel Appliances, Rich Cabinetry & Chefs Island overlooks GENEROUS GREAT ROOM w/Cozy Fireplace. LUXURIOUS Master Suite w/Romantic Fireplace w/Large Spa-Like Bath & Huge Walk-in Closet. Steps to The District & Short Distance to the Beach, Golf, Shopping, Parks, Schools & More. HURRY!!! **Did you see the Price?!?**

  3. test

    “we are all looking forward to a successful 2010…..”

    Really? Why buy now when you keep predicting prices to drop until 2025.

  4. IrvineRenter

    We used to get smug bullish comments like this back in 2006. Everyone was so sure of pricing that they knew if OC prices dropped even 5%, buyers would come out in large numbers to buy everything up. Of course, they were wrong.

  5. jimfromJaxFla

    Seems as though the Banks have magically transfered payments from Landlords of all types to the Banks themselves.. no equity in either.. no how did they do that ??? and who allowed them to do that ?? answer.. the FED… humm…

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