A recent trustee sale in the North Korea towers sets a new standard for housing bubble losses in Irvine: $1,099,400. Perhaps Irvine isn't such a safe haven after all.
Irvine Home Address … 3131 MICHELSON Dr #1702 Irvine, CA 92612
Trustee Sale Price …… $653,100
He Wants To Dream Like A Young Man
With The Wisdom Of An Old Man.
He Wants His Home And Security,
He wants to live lke a sailor at sea.
Beautiful Loser, Where You Goona Fall?
You Realize You Just Can't Have It All.
Bob Seager — Beautiful Loser
The Marquee at Park Place: The North Korea Towers: The Beautiful Loser. Every original owner has lost a fortune. Some have realized their losses and given up, and some are still holding on waiting for 20 years when prices come back. Today's featured property transacted for 63% off the peak. That is quite a fall.
Was the housing bubble foreseeable? Did buyers like those profiled below simply get caught up in an unusual event, or was their foolishness obvious to anyone willing to examine the costs and benefits to make a rational decision?
I take you back to the prime of the housing bubble. In June of 2004 the kool aid was free flowing, people believed prices could only go up, and everyone who bought real estate was going to make a fortune. How wrong they were….
Penthouse Living at Marquee Park Place Offers Luxury, Panoramic Views
Publication: Orange County Business Journal
Date: Monday, June 7 2004
The luxurious penthouse condominiums atop the 17th and 18th floors of the Marquee Park Place residential towers in Irvine offer distinctive floorplans with up to 2,088 square feet of living space and panoramic views of city lights, distant mountains and the coastal horizon.
Orange County's first high-rise residential community, Marquee Park Place is being built by Bosa Development in ' the Park Place commercial and residential district. Nearly 95 percent of Marquee's 232 luxury condominiums are sold or reserved to date.
Marquee Park Place is Orange County's first high-rise residential community.
With the first move-ins scheduled for late 2005, Marquee Park Place consists of two gleaming concrete and glass 18-story towers. Each of Marquee's distinctive towers will house two-bedroom, two-bath luxury homes, as well as two-bedroom plans with den, ranging from approximately 1,275 to 2,088 square feet. Complementing the towers are four unique two-story townhomes that will be built as part of the Marquee community.
"The Marquee penthouses are elegantly designed and luxuriously appointed," said Ingrid Siikov, sales executive for Marquee Park Place. "The views from every penthouse are spectacular. When you're on the penthouse floors of Marquee Park Place, you're in your own world."
The marketing copy sounds very exciting, doesn't it? Living there seems like the American dream. And the prices will go sky high after the rich Asians come over to buy them later on.
The Penthouse Plan F encompasses approximately 2,088 square feet and features a master bedroom suite with master bath and large walk-in closet. The bedroom suite has direct access to the home's expansive view deck with up to 700 square feet that commands a spectacular view of the surrounding city lights, mountains and coastal horizon.
The stylish home also has a large second bedroom with walk-in closet, spacious living room with an exterior view balcony, formal dining room and contemporary kitchen.
The Penthouse Plan H floorplan features 1,908 square feet with a view deck off the dining room and covered deck off the master bedroom.
When Pat Burkhart read about Marquee Park Place last year, she knew immediately that she wanted Marquee to be her new home. Currently living in Newport Beach's Big Canyon golf course community, Burkhart was the first person to buy a Marquee penthouse, and she says she can't wait to move in. "I'm very excited about living at the Marquee," she exclaims.
I wonder how excited she is now?
Stylish, safe living
Burkhart is not new to living in a high-rise community. When she lived in Singapore in the late 1990s, she lived in a high-rise and she says, "I loved it. I could walk to stores, movie theaters, just about everyplace I wanted to go. I think living in the Marquee will be the same."
That is part of the problem with these towers: it isn't the same as living in an urban area. It has all the inconveniences of suburban, car-dependant living and all the inconveniences of urban living — no yard, plenty of noise, and so on.
A world traveler, Burkhart says she also likes the idea of being able to lock her door and leave on a trip without concern for maintenance or security. And when she's home, she can savor the view from her penthouse vantage point. "I've wanted to live in a high-rise community ever since Singapore, and the Marquee will be perfect for me and my lifestyle."
Another penthouse buyer who can't wait to move into the Marquee is Jenny Szell, who is planning to sell her larger single-family detached home in Irvine to downsize and simplify her life. An interior designer, Szell says she lived in a high-rise apartment in Marina del Rey and was enamored with the lifestyle and the view.
"I really look forward to moving into Marquee Park Place," she says. "The convenience of high-rise living is very attractive to me. It's all very exciting."
Szell points out that she was first introduced to Bosa Development and its high-rise communities when she visited Vancouver, where Bosa is headquartered, and immediately decided that she wanted to live in a high-rise. "I was pleasantly surprised when I discovered that Bosa was building the Marquee in Irvine. It took only 15 minutes for me to complete the sale."
It took this woman only15 minutes to complete a sale on a nearly $2M condo? Brilliant!
New trend in condo sales
Burkhart and Szell are among several single professional women who've purchased Marquee homes, and they also represent a national trend in condominium sales, according to the National Association of Home Builders. About a third of condo buyers today are single women, compared to those who purchase single-family homes, where single women makeup 20 percent of buyers.
Given how bad the condo markets have already been crushed nationwide, single professional women must not be too happy about the housing bubble.
In addition to the Marquee penthouses, Siikov says buyers can still choose from a selection of the Marquee Plan E signature residences, 2,063 square-foot homes on the 13th through 16th floors. Along with panoramic views, the Plan E encompasses special amenities such as a breakfast nook, a den, powder room, and spacious living and dining room areas contiguous to the contemporary kitchen.
All of the striking Marquee homes are appointed with the finest materials and fixtures, including quality wood cabinetry of cherry, walnut or zebrawood, and professional quality stainless steel appliances, and a state-of-the-art home-office communications/ Internet panel. Other amenities include rich carpeting and flooring selections in hardwood, limestone and marble, granite countertops, high ceilings, seven-foot interior doors, and a convenient storage locker.
Reflective of a five-star resort, the Marquee community will be served by a gated circular driveway with classic porte codiere and secured entrance leading to the elegant lobby with 24-hour concierge. Additionally, a 24-hour entry attendant will monitor access to the complex and closed-circuit cameras are stationed throughout the high-rise community. Residents and guests will park in a fourlevel, gated garage; each residence will have two reserved parking spaces in the garage.
The landscaped Marquee complex also features a business center, social room, billiards room, and an inviting outdoor plaza with a pool, barbecue area, lush gardens, and fitness facility with changing and locker rooms.
For $998 a month in HOA dues, the amenities need to be outstanding. The cashflow drain on these properties is enormous, particularly for those still paying on the ridiculous mortgages.
The Marquee Park Place sales gallery and model homes are open 11 a.m. to 5 p.m. Saturday through Thursday, and are closed Fridays.
To visit the Marquee sales gallery, from Jamboree Road take Michelson Drive east and turn left at Carlson Drive into Park Place. Drive through two stop signs going past the Edwards Cinemas, and take the first right after the second stop sign, at the six-story office building (3121 Michelson Drive) where the sales gallery is in Suite 150. Park in the parking structure adjacent to the office building (tickets will be validated). From Culver, take Michelson Drive west to Carlson Drive, turn right into Park Place.
For more information on Marquee Park Place contact the Marquee sales gallery, at 949-474-7703 or visit www.marqueeparkplace.com. For more information about Bosa Development, visit www.bosadev.com.
For more happy owners, please see Jan. 22, 2006: Orange County's high-rise era is under way.
The biggest loser
It is a policy of the IHB not to reveal the names of owners of properties. I am not out to embarrass any particular kool aid intoxicated fool but rather the mindset and thought process that produced their bad decision. Unfortunately, the name of the owner is in today's post because it is listed in the article above. I won't tell you which one because it doesn't really matter. Everyone who bought here was been wiped out.
The owner of this property paid $1,752,500 on 2/17/2006. She may have put down a deposit in 2004, but the sale is listed as occurring in 2006. She used a $1,226,600 one-year ARM and a $525,900 down payment. Ouch!
The property went up for auction on 7/2/2010 with an opening bid of $630,000: the bank was ready to lose half its stake on the courthouse steps. The bidders drove the price up to $653,100 leaving a total property loss of $1,099,400.
Let me repeat that: closed sale to closed sale, the loss was $1,099,400. The price of speculating in real estate can be quite high or those who have no idea what they are doing. Do you think the flipper will fare any better?
Irvine Home Address … 3131 MICHELSON Dr #1702 Irvine, CA 92612
Trustee Sale Price … $653,100
Home Purchase Price … $1,752,500
Home Purchase Date …. 2/17/2006
Net Gain (Loss) ………. $(1,099,400)
Percent Change ………. -62.7%
Annual Appreciation … -17.9%
Cost of Ownership
$653,100 ………. Asking Price
$130,620 ………. 20% Down Conventional
4.61% …………… Mortgage Interest Rate
$522,480 ………. 30-Year Mortgage
$129,291 ………. Income Requirement
$2,682 ………. Monthly Mortgage Payment
$566 ………. Property Tax
$0 ………. Special Taxes and Levies (Mello Roos)
$54 ………. Homeowners Insurance
$998 ………. Homeowners Association Fees
$4,300 ………. Monthly Cash Outlays
-$450 ………. Tax Savings (% of Interest and Property Tax)
-$674 ………. Equity Hidden in Payment
$226 ………. Lost Income to Down Payment (net of taxes)
$82 ………. Maintenance and Replacement Reserves
$3,483 ………. Monthly Cost of Ownership
Cash Acquisition Demands
$6,531 ………. Furnishing and Move In @1%
$6,531 ………. Closing Costs @1%
$5,225 ………… Interest Points @1% of Loan
$130,620 ………. Down Payment
$148,907 ………. Total Cash Costs
$53,300 ………… Emergency Cash Reserves
$202,207 ………. Total Savings Needed
Property Details for 3131 MICHELSON Dr #1702 Irvine, CA 92612
Baths: 2 baths
Home Size: 2,062 sq ft
($436 / sq ft)
Lot Size: n/a
Year Built: 2006
Days on Market: 3
Listing Updated: 40219
MLS Number: U10000651
Property Type: Condominium, Residential
Community: Airport Area
Penthouse Suite. .. 2 bedroom plus den. Highly upgraded. .. ultra luxury with 24 hour concierge. HOA dues were just lowered below $1,000. Unit comes with 2 parking spots next to elevator. .. Floor Plans can be obtained at www. bosadev. com H Model on 17th floor
The Biggest Loser… Do we give out awards for that?
So basically, the whole point of the ’04 article was to cast a line and sucker foolish women into this tower of pompous vanity.
I like the first gal through the door who “knew immediately!” that this was the lifestyle for her.
The other gal trying to “simplify” her life by jumping into one of these turds. I suppose if throwing awaying your life savings, ruining your credit, declaring bankruptcy, hiding your bankruptcy from friends and family, become a laughing stock is a simplification of one’s personal circumstances then I guess she succeeded. They do things differently over there – who am I to judge.
I assume that PlanetReality is actively snapping up these units as we speak. With 63% off – how can you lose now that the pretenders are being pushed out and the “real money” is finding a way in.
Real money just bought this for 100% cash, David you may be able to save that in your life time. This needs to be a real community first and not North Korea before it’s considered anything but speculation. David, unfortunately for you by the time you save $700K, in oh 20 years on your salary, this will go for double or triple. Sadly you will never have enough for the Irvine urban dream.
PR – You seem to have some kind of knowledge regarding the origin of the “real money” that paid 100% cash.
Did the buyer save for 20 years? Or is it just a real estate speculator using pools of investor cash? Or is it a gambler playing on “the house’s” money leftover from ’06?
Are you the buyer?
I will have to find a way to be happy in life without my Irvine Urban Premium. I may cry myself to sleep each night for a year or three, but I know in the long run I will learn to love again!
I simply have better reading comprehension skills than you which is merely one reason I earn 4 times your salary.
I don’t remember David ever bragging about his household income or lamenting it either. We could probably make certain assumptions based on his residing in Phoenix, but it would be pure speculation. I have a friend who makes pretty good money living in Phoenix (Obama would classify him as “rich.”).
What makes you think that I am concerned about your salary? Or even comparing incomes? Your post reminded me of being in the Jr. High locker room – Were you that guy who went around snapping other’s on the ass with the towel? I suspect that was you! You were the towel chaser guy weren’t you.
In Phoenix, we make very little money. Fortunately, Top Ramen is cheap and abundant and there is a dollar store, pawn shop, and blood donation center nearby to get a few extra dollars when Christmas rolls around.
“I simply have better reading comprehension skills than you which is merely one reason I earn 4 times your salary.”
This comment is the essence of low class.
While AZDave and I don’t see eye to eye on many things, resorting to low blows will just cloud your message.
BTW: Top Ramen tastes good no matter what income tax bracket you are in.
Oh, but PR’s messages are all clouds of smoke and hot air. Here, he has the opportunity to snap up all these deals with his big money salary and hold them for 20 years and then sell them for double or triple (his own words) and show us all how foolish we all are. But as usual, he balks and starts crowing and wanking himself. All bluster no action.
Top Ramen is made by Nissin Foods. Now I don’t know where they’re made, but Maruchan Ramen is made in IRVINE (or at least they were the last time I set foot in Irvine five years ago; if you’re close enough to the factory you can smell them!)
What if AZDavidPhx makes zero?
4 x 0 = 0 still 🙂
They’re still there in the Spectrum I think.
I remember I would play ball in the old Broadcom parking lot court and you could smell it… made me drool.
Maruchan is still there; I work just a couple buildings down from it. And it does smell good; as does the commercial bakery on the other side of Alton.
Nuke PR’s house! What a lowlife and yet an incredibly typical comment from an OC inhabitant.
You can say that again.
I am confident that I will never have enough for the “Irvine urban dream”, regardless of how much I save.
That dream is something I want no part in.
It’s like the famed voyage on the world-class luxury ship Titanic. Unsinkable.
On an aside, a friend of mine just picked up a similar place in Miami in a high rise (slightly larger) in Miami with a better view for just over $100/square feet. And the HOAs are only 450/month. (which includes hurricane insurance). I think I’d rather live with the wrinkly than Santa-Ana adjacent.
Summers in Florida are rather brutal. Then again, a few $100K does still buy a considerable amount of air conditioning. And I guess Miami is more of an urban environment than the Park Place of Irvine. Everyone can make their own choices.
Hey Planet, if we’re looking at 20 years of Japanese style deflation like you claim, these places will be selling for the same amount then as they are right now.
Have you ever examined current price to income ratios of premium areas in Japan. The middle class in Tokyo are not exactly buying small condos in Tokyo today, they can not and never will be able to afford them.
So Irvine California is to USA what Tokyo is to Japan!
Love the analogies today, PR. Keep them coming.
Comparing Irvine and Tokyo as job centers justifying premium pricing is hilarious. You’re spouting BS. Tokyo apts in desireable areas are priced very similar to Upper East side apts.Just as most NYC workers (including employees of big IB’s I know personally) live in nice parts of NJ or NYC suburbs like Bronxville, White Plains etc. and take the train, most Tokyo workers live outside the city and take the train in. I have a good friend that lives oceanfront in an exclusive town a 1 hr train ride to Shimbashi station and bought his place for $400K with a 35 year 2% fixed mortgage. He bought it 8 years ago and would be lucky to get his purchase price if he sold today. Absolutely no one buys real estate there with any hopes of price appreciation, a big factor in their asset deflation (same as stocks – check the Nikkei in 1989 and today).
There are plenty of affordable homes in Riverside, just like the Tokyo outskirts. Forget Tokyo the premium areas of Japan are the same, debt deflation hits different income brackets differently.
Yeah, I am not sure where PR is getting his Tokyo/Japan info. My Japanese friend would fall in the middle class category, and he is having a small home built about a 10 min walk from Osaki station on the Yamanote Line (center loop line in Tokyo). The cost of the plot of land + home construction is about the same as the cost of a 2bd/2ba condo in Irvine. He was happy to rent for many years due to home price deflationary fears, though wife (plus child) pushed him over into buying.
Of course, that being said, I am sure there are still many high end places to buy into in Tokyo . . . But for what a 2bd/2ba condo goes for in Irvine, you can find something in Tokyo . . . Then again, I keep forgetting Irvine is the center of the world ???.
Real estate deflation continues in Tokyo. This is unlikely to change given the country’s demographics, it’s a rapidly aging society and they’re still experiencing negative population growth. The current trend in Tokyo and Japan is families want out of the condos and in to homes. This is possible because real estate values continue to decline in value. Income deflation is hitting everyone in Japan except financial services! Amazing coincidence, no?
What FormerIrvinite said is accurate, for half a million in Irvine I can get custom construction in the Tokyo suburbs that’s 15 min. to the station and then 20 min. to Shinjuku station, the wife and I are looking to build a house there in about 4 years. It won’t be huge, but if you’re going to go urban, Tokyo is lightyears ahead of Irvine. Don’t even get me started on the food…
“…. in oh 20 years …. this will go for double or triple”
I see that we’re still struggling to understand how future value works and calculating rates of return. For the risk involved a doubling of principal over 20 years is pretty mediocre.
this was my thought as well. at 3%, you double your money every 18yrs. if inflation runs ~2.5%/yr, thats a pretty bad investment if your goal is to make money.
if you count in the costs of the HOA and other upkeep, you’ve probably gone backwards in 20yrs.
Your post is missing the resale price…obviously can click on links to see $899k!
You have to follow up on this one IR. Let us know what this ends up selling for!
The listing is the old short sale attempt. They haven’t taken it down since the trustee sale. The new owner may or may not want to sell it. If they can get a quick flip for a 25%-30% gain, I imagine they will take it.
The HOA dues were just lowered beneath the 1K per month threshold. Well I don’t know about you but I am now frothing at the mouth and ready to jump off the fence and buy one of these apartments and begin my new Irvine Urban Lifestyle!
I will pay the flipper whatever he asks – I simply request that he run a comb through the unit and change out the ’04 granite counters with the more desirable ’10 granite counters.
I got a kick out of the $998 per month. It is under $1,000. At least they didn’t lower it to $999.99.
If they really want to attract the serious buyers (most likely for an all-cash sale), they would lower the dues to $888.88. Better yet, price all distressed/unsold units at $888,888.88, and every unit will be snatched up, with ‘real money’ buyers who are in it for the long run. No pretenders here.
Is that $998 guaranteed, or based on the assumption of all units sold and all paying their assessments? What about the arrears, deferred maintenance and repairs, depleted or non-existent contingency reserve, …?
Would it be a surprize if there are still a few surprizes waiting for the new buyers?
That is a good point. The $998 HOA fees are like an Option ARM that is not amortizing all the costs of running the association. When that one “recasts” and everyone gets assessed, it may get ugly.
I would have loved to have bought this just so I could laugh at the short seller as I signed the paper.
I recommend you trademark that Irvine Urban Lifestyle(tm)
Or, if you’re worried about PR beating you to the punch, you could go for the Irvine Urban Discovery(tm)
Just remember that while the IUD is painful, it has its value. An IUD can enhance your lifestyle and bring greater intimacy between you and your partner. I highly recommend an IUD, though keep in mind that some serious side effects can come from IUDs such as cramping, bloating, loss of sex drive, and dizziness or vertigo. Check with your financial healthcare provider about your ability to experience an IUD(tm).
Looks like Chuck has the press release covered. Now you just need the TV ads to roll out during sweeps week at HGTV – preferrably during a really crappy episode of Property Virgins. Have some middle aged gal sitting on a horse strolling along a shoreline of perfectly manicured yards in front of McMansions 2 feet apart from each other. Some middle age guy walking behind trying to keep up. Dub in a soundtrack of some cheesy music that has at least 5 Saxaphones. Discover Irvine Urban Lifestyle.
Actually looks like you did the math based on the trustee price but not the asking price. The monthly cash requirements are even worse.
Oh that is just too bad about the Marquee Park Place…
Maybe HUD or Orange County can purchase it up and convert it into a nice Housing Authority. I can already hear the happy sounds of children and families getting to enjoy all of the opportunities of Irvine in a “futuristic” upscale living environment. They can call it the Marquee Park Place Housing Authority.
Their units will be “appointed with the finest materials and fixtures, including quality wood cabinetry of cherry, walnut or zebrawood, and professional quality stainless steel appliances, and a state-of-the-art home-office communications/ Internet panel. Other amenities include rich carpeting and flooring selections in hardwood, limestone and marble, granite countertops, high ceilings, seven-foot interior doors, and a convenient storage locker.”
This is much better than a crumbling tentament. Normally no one would ever consider such a thing. Thanks real estate bubble!!!
I was thinking that maybe you could sell these buildings to BP as housing for displaced fishermen who have to relocate. I’ve heard all the stories about how close the beach is!
Think about the headlines – Fancy Pants Orange County Community offers aid to displaced Gulf fishermen. Irvine Mayor to bunk with local fisherman and share a smoke.
It’s just what Irvine needs to show what a welcoming community it is and dispatch the critics who argue that it promotes socioeconomic eugenics among residences.
Is there parking for my Moller Skycar M400?
i wonder if any of the idiot condo buyers are going to come on this blog and defend their purchase like they did many years ago.
i remember them telling us we were jealous of them because we couldn’t afford their lifestyle.
Like this person?
$1.7 to this is breathtaking. Wonder who is financing in there given the high vacancy, NOD, and HOA issues.
Pitchforks today, torches tomorrow?
Soylent Green Is People.
I’d be upset about a $50k loss, but these people got absolutely throttled. Nice find. They did a good job of promotion and sales for these properties.
The developers did their job well. They created a salable product, used top-notch marketing consultants, and created a frenzy of publicity to sell their units. This project was a home run for the developer. For the buyers… not so much.
Irvine Renter – any rentals available in this building? I wonder what you could rent one of these units for? I wouldn’t buy here…but I wouldn’t mind renting here, just for a little while.
I have a friend that rents a two bedroom on a middle level floor looking out toward the new office building that went up near the 405. Not the nicest unit there, but not the worst either, I suppose. He said he is paying $2700/month in rent.
Some large grain salt crystals to rub into the wounds…
I personally know two Realtors who purchased in the NKT for “investments”, hoping to make the big bucks flipping out later. Have also heard stories of a few Agents who did the same. Don’t have their names, but it’s not hard to match homedebtors to careers in the age of Google.
In 2008 the Agents asked me to help refinance them out of there since they were “second homes”. 2ndHms my eye. None the less because of declining Realtor income during the housing crash combined with the nature of the property, no one could touch them.
The property is snakebitten. Given the buyers I mentioned there is little reason to wonder “why?”.
Soylent Green Is People.
Consult your realtor today to discuss if buying now is the right time for you.
Wow, it comes with “convenient storage locker”, plus “2 parking spots next to elevator”. That really does sound convenient! Much better than the 3 car garage attached to my McMansion. Where do I sign up?
“Perhaps Irvine isn’t such a safe haven after all.”
These type of products certainly are not.
But the average SFR seems to be doing quite well (even the new attached/detached condos).
The majority of Irvine real estate is not high-rise living.
I didn’t even think that this condo was part of Irvine, we all know North Korea is far from a Safe Haven. Another 1% drop in interest rates and the best parts of Irvine will all be back at peak pricing.
You are right. This tower doesn’t feel like part of Irvine despite the Irvine address. I used to live in Villa Siena apartments across the street, and we were quite shocked to find they were in the Santa Ana school district.
If interest rates drop another point, and if they are sustained there for a long time, we will see peak pricing again, except this time, the pricing will be payment affordable with conventional financing.
It doesn’t seem likely that interest rates will go much lower, but I didn’t think they would get this low either. The real question about interest rates isn’t whether or not they can spike up or down, it is how long they can be sustained there. The United States is not Japan, and although we are trying to slow the process of deflation, I doubt it will be dragged out here as long as it has gone on there. But anything is possible. I just wouldn’t invest my money based on the idea that interest rates will go lower and stay there for a long time. I will leave that one to you. More power to you if you make money.
Unlike the US, Japan’s main export is not inflation.
Apple and orange comparison:
For less than the 2006 price you could buy a cave house on 37 acres in Arizona
653K for a 2000 sq ft penthouse is reasonable, now if the $998/month was cut in half…
I looked at some of the cheaper ones here in 2006, they were still out of my budget. The realtor couple (who were both about 30) showed me 2 penthouses for kicks, and this may have been one of them. The view was fantastic, and the outside deck was the size of a decent condo itself.
If you reply to my comment, I’ll be the first to admit, this is not an astute observation.
Prices are going to go lower. Much lower. My house is paid and I expect it to go lower.
I just wish the government would get out of the way and let Mr Market do his thing. I will be much happier even if my house loses value, as long as we can return to free market principles.
BTW, thank you for this blog. I learn a lot and I appreciate your hard work.
My house is paid for as well and I expect its appraised to go quite a bit lower. But I paid off this house in 1992 so losing 50% is no big deal at all. (I’m not in Irvine, CA) Where I want “Mr. Gummint” is to require 20% down and to ban negative amortization mortgage loans.
Crap like these negative amortization mortgage loans is toxic waste to us (real) homeowners and if the government will not protect us from this by banning them who will? Not that I’m asking Uncle Sam for protection per se, it ‘s just that Uncle Sam is the only entity I can ask to protect me from theses predators. Or should I ask, instead, “Bank of Amerikkka” to stop making these predatory loans that generate massive bonuses for their elites? Har-de-fuckin’-har-de-har-har-har…
-18% a year!!!
-I average 49.22% a month from 1999 to 2008!
-That’s 198 properties I bought and sold.
-What a Dummy!
Sounds like Obama messing up the USA economy!
Dummy Citizens that elected this Harvard Dummy!
Obama = 100%/month return 4me this decade!