Author Archives: IrvineRenter

Real Estate, Cashflow Investment and Retirement

Real estate can and should be a part of your retirement plan, but don’t bank on appreciation. Cashflow is the key.

34 Ardmore Irvine, CA 92602 kitchen

Asking Price: $429,000
Address: 34 Ardmore Irvine, CA 92602
{book}


Frank Sinatra

Come fly with me, let’s fly, let’s fly away
If you can use some exotic booze

Once I get you up there where the air is rarefied
We’ll just glide, starry-eyed

Come fly with me, let’s fly, let’s fly
Pack up, let’s fly away!!

Come Fly With Me — Frank Sinatra

Now that the high-flying real estate market of the Great Housing Bubble has crashed, let’s look back to an investment style of yesteryear to provide for retirement. Cashflow investing is the idea that stable inflows of money can be captured and diverted to you for a price. If you accumulate enough cashflow, you can retire.

Stable Sources of Cashflow

In retirement, what determines the amount of money available to enjoy for lifestyle expenses? Is it your wealth? Is it the equity in your home? Not really. It is the stability of the sources of cashflow you control.

Many are obsessed with being rich when what they really want is unlimited spending power. People who have attained great wealth may have amazing spending power, but they seldom use it. If they did, they would not be rich.

Being rich is about forming a habit of saving and consistently spending less than you earn. It is about having the self-discipline to limit your spending voluntarily rather than being forced to by a lender’s credit limit.

You and I work because we need a large amount of stable cashflow to cover personal spending and provide a balance to save. We need to work until we acquire enough assets to provide a stable source of cashflow from another source — our investments.

The quality of our lifestyle and the quantity of our available spending money in retirement is directly related to the sources and stability of cashflow you control and direct. The quantity of money or total net worth is not as important as the ability to convert it to cash.

Cashflow Investments

The problem with asset appreciation as the primary method of funding retirement is that this appreciation must be converted to cash in order to be used. This cash can be obtained through sale or through borrowing. Sale is the cleanest, and it is simple with stocks or other securities that you can sell part of, but houses are different. It is difficult to sell part of your interest in a house. Usually, you will need to borrow the money to stay in your house. This means either a reverse mortgage, or HELOC dependency.

Borrowing money is a bad way to go because you have compound interest working against you. The longer you live, the more you borrow, and the more interest on interest you pay. It is an airplane in a nosedive picking up speed heading to certain doom.

Cashflow investments like (1) dividend stocks, (2) bonds and other debt and (3) real estate are all worthy components of a balanced portfolio. Realistically, few people actually hold stocks or bonds for their cashflow. Most will trade these instruments if only by proxy through a mutual fund.

Real estate is the one cashflow investment that people are more familiar with because we all have homes, even if we rent them. It is also a great cashflow investment. Everyone should consider strategies for owning real estate as part of their retirement savings.

What I am proposing is different than what most people think when they invest speculate in California real estate. It doesn’t matter what it it resells for; appreciation is not important. Buy to obtain maximum future cashflow.

Real Estate as Cashflow

Real estate provides cashflow either through (1) renting the property or (2) living in it and saving the cost of a comparable rental. If you assume most people are putting about one-third of their income toward their housing expense, you see the expense is quite significant. If you own the property with no debt, you can enjoy the benefit of that money for yourself in other ways.

When you look at cashflow rental properties, you want to get the largest possible cashflow for the least amount of money. Don’t focus on appreciation potential unless you want to overpay and dilute the cashflow returns.

If you owned three properties with no debt where each one represented a market rent equal to one-third of your yearly income, you would have a stable income without having a job — other than perhaps property manager… if you want…

The retirement hurdle: own three properties of equal quality to what you rent or own today with no debt.

Living in Retirement

If you look at the fate that awaits us all as seniors, you can see distinct boundaries between the styles of life of various people based on how they lived and how they saved.

There is one group that will save nothing. They will have to chose between working until they die or living on about one-third of their lifetime wage average through Social Security. This is the minimum entitlement in our society as granted in the Social Security Act of 1935.

According to Wikipedia, “… the Social Security program began as a measure to implement “social insurance” during the Great Depression of the 1930s, when poverty rates among senior citizens exceeded 50%.” Social Security is the collective price of societal compassion to its senior citizens. I am glad it’s there.

How well you live above and beyond this minimum entitlement depends on your stable future cashflow from your investment savings.

The conventional wisdom among financial planners is that you need about two-thirds of your work salary as monthly spending to live comfortably in retirement. Social security gets you one of those two-thirds. If you can pay off your primary residence, you get the remainder. Paying off a home and living on Social Security in retirement is still an option in the United States.

Paying off Your Home

Paying off a Home mortgage became passe during the Housing Bubble. People had better things to do with their money than retiring debt. Debt was cheap and abundant; why pay it off under those circumstances? Paying off a house as an investment strategy nearly died. Did anyone keep their conventional mortgages during the bubble?

If you retire debt, you no longer have to service it. For those that keep a revolving credit line at its limit, this is a strange concept, but retiring debt is fundamental to having a stable retirement. Do you want to work and service debt forever? Who is the slave and who is the master?

Paying off your home mortgage removes an enormous financial drain from the family’s balance sheet and greatly improves an income statement; it is an historic measure of success.

Paying off Your Investment Property

If you pay off your home plus one other investment property — like perhaps your starter home — you have more than enough stable cashflow to live comfortably in retirement. (1) Social Security plus (2) a primary residence with no debt and (3) a paid off starter home as an investment equals (=) a prosperous retirement.

It is an old investment strategy to keep a small condo or first-rung property, and it is a good idea if the property is financed with a conventional mortgage. Unfortunately, most people simply used these properties as sources of additional leverage in building their speculative empires.

Remember the Emperor? He levered up and bought 15 properties with hugely negative cashflow and no equity. He will be wiped out. If he had purchased for cashflow, he may have obtained 5 properties up through about 2001, and spent the rest of the housing bubble paying down mortgages. He probably could have owned $3,000,000 in property free-and-clear; instead, he owns $12,000,000 worth of debt and $10,000,000 worth of property — on its way to being $7,000,000. He will be crushed.

When you purchase your first property, it should be near rental parity (at least it will be if you are an IHB reader). Ten years later, that property should have a positive cashflow due to 10 years of escalating rents.

If you keep the property, you can take the excess rent and put it toward the mortgage paying off the debt more quickly. Remember, the goal is to have maximum free cashflow in retirement, so you want to pay off those debts.

Debt equals delayed retirement.

Success

If you (1) save money, (2) acquire assets with maximum cashflow and (3) pay off debts, you will be successful and enjoy a very comfortable retirement. Real estate should not be the only component of your retirement savings plan, but it will be an important one. I hope this provides a way of looking at real estate that benefits you. Cashflow is King.

Your cash is king,Sade
Keep you in my bank.
Your cash is king,
never need to thank.
Your diamond ring,
round and round and round my head.
Wiping all the debt from me.
It’s making my soul sing.
Having the very best of things.
I’m crying out for more.

Your Cash is King — IrvineRenter

34 Ardmore Irvine, CA 92602 kitchen

Asking Price: $429,000

Income Requirement: $107,250
Downpayment Needed: $85,800

Purchase Price: $339,000
Purchase Date: 8/12/2009

Gain (Loss) after 6% Commission: $64,260
Percent Change: 26.5%
Annualized Return: 319%

Address: 34 Ardmore Irvine, CA 92602

Beds: 2
Baths: 2
Sq. Ft.: 1,300
$/Sq. Ft.: $330
Lot Size: –
Property Type: Condominium
Style: Other
Stories: 2
Floor: 1
Year Built: 2000
Community: West Irvine
County: Orange
MLS#: P702480
Source: SoCalMLS
Status: Active
On Redfin: 2 day

SOUGHT AFTER SHERIDAN PLACE, 2 BEDROOM 2 BATHROOM, FIREPLACE IN LIVING ROOM, SPACIOUS KITCHEN, INSIDE LAUNDRY. NOT A SHORT SALE OR REO. NEW PAINT AND READY TO MOVE IN. FABULOUS LOCATION CLOSE TO TRAILS, COMMUNITY PARKS AND POOLS. AWARD-WINNING SCHOOLS!!

Today’s featured property has an interesting history. It stands for everything opposed to the point of my post today. You have an owner who bought for appreciation, converted every penny to cash, and defaulted on his loans to IndyMac which you and I will pay for. Then you have the flipper who stepped in to make a quick buck at our expense.

  • The original owner paid $231,500 back on 6/28/2000.

  • After a series of refinances, he ends up with a $397,500 Option ARM first mortgage, and a $79,500 HELOC.

  • Total property debt is $ 477,000.

  • Total mortgage equity withdrawal of $245,500 plus his downpayment.

He had no problem converting appreciation to cash. Do you think lenders will be that stupid when you want to retire? Are you counting on it?

astute observation

Since so much of today’s post was about real estate investment and success, I want to direct you to John T. Reed’s website. If you have never heard of him before, he is a real estate expert and author whose work I admire greatly. I recently purchased Succeeding, and I enjoy his no-nonsense writing style. Check out his Guru Ratings.

Open Thread 9-12-2009

I am tinkering with the post data. Help me out if you can.

118 Winslow Ln Irvine, CA 92620 kitchen

Asking Price: $499,000
Address: 118 Winslow Ln Irvine, CA 92620

(you should know better)
Dream of better lives the kind which never hate
(you should see why)
Dropped in the state of imaginary grace
(you should know better)
I made a pilgrimage to save this humans race
(you should see why)
What Im comprehending a race that long gone bye

(Ill stop the world) Ill stop the world and melt with you
(Ill stop the world) youve seen the difference and its getting better all the time
(lets stop the world) theres nothing you and I wont do
(lets stop the world) Ill stop the world and melt with you

The futures open wide

Melt With You — Modern English

Does anyone remember the movie “Valley Girl?”

English music was much more popular in the 80s.

Post Layout

I am experimenting with the post layout and information. I am only working with 3 inputs: asking price, previous sale price and
the date of previous sale, so there is a limit to what I can do.

I developed a template I use to compile the property data and display it consistently with the least amount of work. For over two years, I did every calculation by hand — that was stupid. Hopefully, there will be fewer post errors.

I am introducing a few new lines to the typical post analysis. Since the point of these posts is not always to display a shocking loss — it is hard to shock anyone who has been reading a while — I am showing the profit or loss from the transaction as part of the data. I may mention it again if it is integral to the story of the day, but the information will be there if anyone is interested.

I am also showing the percentage change during the period of ownership and the annualized rate of appreciation or depreciation as the case may be. This is calculated by (1) taking the annualized appreciation, (2) dividing by the total number of days of ownership and (3) dividing by 365.25 to convert to years.

I have been having an internal debate if it is better to calculate this based on the raw numbers or if the transaction costs should be included. The total gain or loss is net of commissions. The percentage change and the annualized appreciation is gross. This does overstate the actual return net of commissions and fees, but it is accurate to the numbers presented.

I am also thinking about tinkering with the income data. I can create a formula that changes the income requirement based on current interest rates and other assumptions. This may be more useful, and it will certainly be more accurate.

For instance, for this post, I have used an income requirement that assumes 28% of income will be going to a conventional mortgage payment at 5.25% interest rates. As interest rates go up or down, the income requirement will change accordingly. This should be a close approximation to traditional lending standards applied to current interest rates.

Let me know what you think.

118 Winslow Ln Irvine, CA 92620 kitchen

Asking Price: $499,000

Income Requirement: $94,474
Downpayment Needed: $99,800

Purchase Price: $204,000
Purchase Date: 7/24/1998

Gain (Loss) after 6% Commission: $265,060
Percent Change: 144.6%
Annualized Appreciation: 13.0%

Address: 118 Winslow Ln Irvine, CA 92620

Beds: 3
Baths: 3
Sq. Ft.: 1,340
$/Sq. Ft.: $372
Lot Size: 1,769 Sq. Ft.
Property Type: Single Family Residence
Style: Cape Cod
Stories: 2
View: Courtyard
Year Built: 1998
Community: Northwood
County: Orange
MLS#: U9003959
Source: SoCalMLS
Status: Active
On Redfin: 1 day
Georgeous 3 bdrm, 2.5 bath home in prestious Northwood Pointe tract. Quiet cul-de-sac location. Dramatic high vaulted ceilings. French and dutch doors. Fire place and formal dining room. Large chefs kitchen. Custom paint and window coverings throughout. Surround sound and security system. Large master suite with large bath and walk in closet. Private brick patio. Completely finished garage with storage and work bench. Lowest priced 3 bedroom, 2.5 bath detached in Northwood.

I like the houses in this neighborhood, but the prices there are simply ridiculous.

Good Karma

Have you every done something good for no reason and watched the good flow back to you?

Today’s featured property is a Portola Springs homes struggling to find a bottom.

68 Bell Chime Irvine, CA 92618 inside

Asking Price: $698,500
Address: 68 Bell Chime Irvine, CA 92618

Here comes the sun, here comes the sun,
and I say it’s all right

Little darling, it’s been a long cold lonely winter
Little darling, it feels like years since it’s been here
Here comes the sun, here comes the sun
and I say it’s all right

Here Comes the Sun — The Beatles

In life there are periods of growth and expansion followed by periods of rest and consolidation.

sunshine

Spiritually, I am in a phase of reflection as has spilled over into my writing for the blog. My style is to be open and creative and filter as little as possible; it is why my writing is authentic. Like any phase, this will pass, and I will live on — hopefully at a higher level with a greater quality of life. Until then, you will see the occasional Friday post like this one.

I had a friend from High School email me recently and tell me he was beginning chemotherapy. I think about him often, as does the rest of our circle of friends. News like that makes you ask if you are (1) spending enough time with your family, (2) doing enough good in the community and (3) living your life by your own standards.

There are many reasons for my reflective moods, not the least of which is the story I am going to tell you today.

Clarity of Purpose

When I started writing for the IHB, I wanted to get the word out about the impending collapse of home prices. I wanted to save people. I still do.

I had no other motivation for writing other than to convince people not to buy; prices were not going to rise forever, and if that is why they were buying, they were making a big mistake. Each person I convinced not to buy was a person I saved from a major financial disaster. With the conviction of a religious zealot, I set out to tell the Truth about The Great Housing Bubble.

{book}

Back in March, a long-time reader came to the IHB gathering and told me his IHB story. In early 2007, this reader was contemplating buying an expensive home in Portola Springs. A colleague of his had discovered the blog and told him to check it out before making any purchase. After reading the blog, he decided not to buy right at the peak in Portola Springs.

This reader is convinced he would be hundreds of thousands of dollars underwater right now if it were not for my writing, and he is very grateful. As it turns out, he has connections with people in the land development industry, and when he became aware of a large project, he made some introductions and got me involved. When the initial planning of this project goes forward the recession will be over for me. The sun is poking through the darkness.

This reader did not have to bring me in to that project. He saw an opportunity to send some good back to me, and he made it happen, not because he owed my anything, but because he wanted to. How cool is that?

It doesn’t matter if I benefit in any way from this, it was the gesture that was so great. This is my public thank you to my anonymous friend.

Thank You

While I am thanking anonymous do-gooders, I thought I might mention a gentleman I worked with about 6 years ago when I first arrived in Irvine. He is a local developer with deals over the Southwest. When we first met, he liked me, so he offered me a chance to work with him. As it turned out, he needed someone with greater expertise in land acquisition.

Rather than sending me packing, he told me it is easier to find work when you have work, so I had 60 days to search — on his dime — and he would make some calls to help me. How cool is that?

He was going to gain nothing from doing this for me, and I was going to cost him a fair amount of money. What motivates a man like that?

I found new work quickly, and I did not need to take him up on the full term of his generous offer. I always remembered what he did.

Last year I had occasion to visit his office, and at the conclusion of our meeting, I closed the door, retold the story and thanked him for his generosity. I also told him I feel he is an outstanding human being. He is.

Maybe I make too much of this. Perhaps this is not new to you. If you have been living a life of service to others and you have seen goodness come back to you, these events would be an everyday occurrence. I have not been so saintly.

I have never been in a position to do so much good for so many people — at least that I was aware of — and I have never acted on the opportunity before the IHB. The experience has changed my life for the better.

The Connection

One of the features of my writing has always been the connection between the macro and the micro. I often tie big issues and statistics to individual properties. The owner of today’s Portola Springs property did not discover the IHB in 2007, and now they are ruined. They did not lose much money as this was a 100% financing deal, but their credit is trashed, and they are losing their home.

These issues are important, and the decisions people make have long-term impact on their lives.

68 Bell Chime Irvine, CA 92618 inside

Asking Price: $698,500

Income Requirement: $174,625
Downpayment Needed: $139,700

Purchase Price: $790,500
Purchase Date: 3/28/2007

Address: 68 Bell Chime Irvine, CA 92618

Beds: 4
Baths: 4
Sq. Ft.: 2,260
$/Sq. Ft.: $309
Lot Size: 3,000 Sq. Ft.
Property Type: Condominium
Style: Contemporary/Modern
Stories: 3+
Floor: 2
Year Built: 2007
Community: Portola Springs
County: Orange
MLS#: S588030
Source: SoCalMLS
Status: Active
On Redfin: 1 day

Gorgeous Remodeled Detached End Unit in Portola Springs! Beautiful Open kitchen with Huge Island complete with Granite Counters, Travertine Floors & Back Splash. Both Bathrooms up have Travertine floors including Master bath. Third Floor loft has Brazilian Cherry wood floors with Slate flooring in bathroom. Great new community recreational facility, clubhouse with Olympic size pool, spa, toddler pool, basketball and tennis courts, Irvine Unified School District. Future retail center only blocks away. Pictured home is the exact property.

The future of Portola Springs is uncertain. The Irvine Company has stated it plans to build out Woodbury East before it returns to Portola Springs and Woodbury. When they start building again in the new neighborhoods, it will be interesting to see what price points they are getting. If they can maintain a $300/SF price, then these communities will not be severely disrupted by the new product. It will bring down prices on units like this one further, but it will be easier on the resale market than if they restart at $240/SF — which is where the market might be in 2011.

There is a risk when writing a post like this one that readers will think the worst of me. I can’t control the thoughts of others, nor would I care to try. I don’t wish to say or imply that anyone who reads the blog owes me anything; expectation and obligation are paths to the Dark Side. I have no expectation, and you have no obligation. I wanted to share this story because it is represents a major event in my life, and I thought the reason it occurred was fascinating.

I write for the joy of giving and the belief I am doing good in the world, and I will continue as long as that is true.

If you want to share your stories of goodness, I would be delighted to read them….

.

And so concludes another week at the Irvine Housing Blog, chronicling the Irvine home market since September of 2006.

Have a great weekend.

🙂

Corporate Relocation Sales

What would you do if you were underwater and you were offered a great new job out-of-state?

66 Eclipse Irvine, CA 92620 kitchen

Asking Price: $1,499,000
Address: 66 Eclipse Irvine, CA 92620

I think it’s high time you knew
Whenever I think of you
My mind blows a fuse
When I look in your eyes
My meter starts to rise
And I become confused
My motor cranked electric goes
When I’m sitting next to you
Electricity starts to flow
And my indicator starts to glow

I, I, I’m just a love machine and I won’t work for nobody but you

Love Machine — The Miracles

To be quite frank, if you pass this up, you will be missing not only
the boat, the limo and party, BUT LIFE ITSELF!!! Buy it and let the
love begin!

I give the realtor credit for having the courage to put that in the description. He just landed some free exposure for his listing…

Corporate Relocation Sales

MalibuRenter emailed me recently and posed the following question:

Imagine you have a house in Irvine. You are offered a good job out of state, making considerably more than you do now. You want to accept the job, but you have a $900,000 mortgage on a home with a market value of $700,000 at most, and you are current on the payments. As far as you can tell, your current job is secure.

What would you do?

The answers have started a lively thread in our forums.

Calculated Risk noted the Housing Bust Impacting Labor Mobility.

According to the Census Bureau,
from 2005 to 2006 (the most recent data), approximately 1.7 million
owner-occupied households, moved to a different county or state. If
approximately 1 in 8 households (the same proportion as with negative
equity) will not accept a transfer now because of depressed home values
that would be about 200,000 households per year that will be reluctant
to accept job transfers.

This will not only impact the earning
potential of these households, but this could also impact the
performance of various companies. A significant majority of households
that migrate have incomes above the median – and negative equity
situations will limit the ability of companies to transfer these senior
employees.

…

One of the strengths of the U.S. labor market has been the flexibility
associated with labor mobility – households could easily move from one
region to another for better employment. The housing bust is now
limiting this flexibility.

That is the macro view, but what of the micro? What would you do in the circumstances above?

Today’s featured property owners are doing what many before them have tried; ask for a breakeven exit and see what happens….

66 Eclipse Irvine, CA 92620 kitchen

Asking Price: 1,499,000

Income Requirement: $374,750
Downpayment Needed: $299,800

Purchase Price: $1,438,000
Purchase Date: 5/30/2006

Address: 66 Eclipse Irvine, CA 92620

Beds: 6
Baths: 6
Sq. Ft.: 3,700
$/Sq. Ft.: $405
Lot Size: 8,000 Sq. Ft.
Property Type: Single Family Residence
Style: Mediterranean
Stories: 2
View: City Lights, Coastline, Greenbelt, Panoramic, Park or Green Belt, Trees/Woods, Has View
Year Built: 2005
Community: Woodbury
County: Orange
MLS#: S588282
Source: SoCalMLS
Status: Active
On Redfin: 5 day

Corporate relocation foreces sale – this is your good fortune – ONLY LOCATION OF ITS KIND on the Irvine Ranch.The most SPECTACULAR LOCATION in Woodbury! End of cul de sac with sunset, Disneyland fireworks and city lights view on SINGLE LOADED street. The safest family location on the planet. Fantastic for family block parties with plenty of guest parking. Seperate casita with bathroom and own HVAC system. 6th bedroom is huge playroom. Each bedroom has its OWN bathroom. Upgrades galore with wood floors, imported granite counters, stainless steel appliances, extra recessed lighting, custom designer paint,custom stone hardscaping and facade. To be quite frank, if you pass this up, you will be missing not only the boat, the limo and party, BUT LIFE ITSELF!!! Buy it and let the love begin!

foreces? Seperate?

ONLY LOCATION OF ITS KIND?

Is isn’t even the only (1) southeast side property (2) on the boulevard (3) at the end of a cul-du-sac. What makes this property unique?

Coincidentally, this property is listed at 3% over its purchase price — the cost of a buyer’s agent in the transaction. Do you think they will get 3% more than their purchase price? (Hint: they bought at the peak.)

I Want That One

I am a fan of the single-story homes built in the 70s. When I am ready to buy, I will take a good look at properties like this one.

29 Morning Dove Irvine, CA 92604 inside

Asking Price: $659,000

Address: 29 Morning Dove Irvine, CA 92604

{book4}

Adventure seeker on an empty street,

Just an alley creeper, light on his feet

A young fighter screaming, with no time for doubt

With the pain and anger can't see a way out,

It ain't much I'm asking, I heard him say,

Gotta find me a future move out of my way,

I want it all, I want it all,

I want it all, and I want it now,

I want it all, I want it all,

I want it all, and I want it now,

I Want It All — Queen

As I have stated before, I do not plan on buying in this market environment, but I see properties I would like to own all the time. Today's featured property has many of the characteristics I want in a home in Irvine.

I like Woodbridge, particularly the north side inside the loop near the lake. This property is outside the loop, but it is in one of the few areas outside the loop built out as single-family detached homes. The walk to a really nice park with a large pool is less than 100 yards (there is a path between two houses).

The house is on a corner lot, and although it is near enough to get road noise from the arterial streets, it does not back onto them (Woodbridge has more road noise from the arterials than other Villages because there is no wall. The hedge is useless.) I give it a "B" for location within Irvine.

I like this single-story floorplan. At a little over 1,500 SF, it isn't huge, but it is large enough to comfortably accommodate a family. This floorplan and the many variations of it have been built in Woodbridge and the communities to the north that were constructed in the 70s.

I am not sure when the plan was last built, but it isn't likely to ever be built again because it probably does not meet current fire codes. The exit from the master bedroom is a window onto an atrium space. These spaces are often enclosed by later construction leaving no secondary point of egress from the master bedroom. I doubt this is still allowed.

Single-story homes become more desirable with age. There are not many retired people living in the three-story condos popping up in the new Villages. A smaller home like this one can accommodate a young family as well as a retired couple. If you go through your life cycle without buying the McMansion, you could live in a house like this for life.

One of my favorite features in the house is this seating area off the main living room. I would use this space. I don't watch much TV, but I do read many books and work on the computer. In the evenings, I would hang out in here with a book or a laptop and be very comfortable. Late night, when the house is quiet, this would be a great place to unwind and enjoy the fire.

29 Morning Dove Irvine, CA 92604 fireplace area

I must be a throwback to the 70s. I find utility in this space that disappeared from home design 30 years ago. Perhaps if I get one of these houses, we can have an IHB fondue party on my new whisky barrel table.

70s Fondue

After dining, we can kick back in the groovy living room.

We can play some albums or spin a few 45s…

Then play video games…

29 Morning Dove Irvine, CA 92604 inside

Asking Price: $659,000

Income Requirement: $164,750

Downpayment Needed: $131,800

Purchase Price: unknown

Purchase Date: 8/21/1984

Address: 29 Morning Dove Irvine, CA 92604

Beds: 3

Baths: 2

Sq. Ft.: 1,538

$/Sq. Ft.: $428

Lot Size: 5,452 Sq. Ft.

Property Type: Single Family Residence

Style: Contemporary, Ranch

Stories: 1

Year Built: 1977

Community: Woodbridge

County: Orange

MLS#: S587361

Source: SoCalMLS

Status: Active

On Redfin: 7 day

This is the home you have been waiting for . Beautiful single level home in a fabulous corner location with upgrades galore…new paint, carpet, scraped ceilings, wide crown mouldings, recessed lights, new steel roof and the list goes on. The kitchen has been totally remodeled with white cabinets, granite counters, stainless steel sink and added pantry with pull out shelves. The family room is adjoining the kitchen and has wall of glass and built-in entertainment center with frosted glass fronts. The back yard is very private and features flagstone laced patio with patio cover and built-in BBQ. Run, dont walk… this home wont last long!!!

Run, dont walk… this home wont last long!!! Silly me, I was going to drive, but if running is better…

These homeowners have been in this house for 25 years. Do you think they paid off their mortgage? The property records show $544,000 worth of first and second mortgages — no HELOCs. They already spent their house.

I want that one — Little Britain

I want that one — Little Britain