Author Archives: IrvineRenter

Market Sales Updates

Courtesy of Irvinexpat

Closed sfrs last 30 days: 42

address area tgn sale prc bd/bt sqft

29 Marsala Irvine/ Westpark 860C3 $540,000 3 2 1100

WTF Winner — $100K off asking

12 Woodland Drive Irvine/ Woodbridge 860D4 $550,000 3 2.5 1655

4 Terracima Irvine/ Northwood 830H7 $614,500 3 2.5 1549

30 Le Vanto Irvine/ Westpark 860C3 $590,000 3 3 1300

30 Appomattox Irvine/ Northwood 860H2 $613,600 3 2.5 1504

14871 Larkspur Circle Irvine/ El Camino Real 860G3 $580,000 4 2 1400

9 South Cherry Irvine/ University Park 860E7 $655,000 3 2 1550

14592 Sweetan Street Irvine/ El Camino Real 860H3 $640,000 3 2 1482

4052 Williwaw Drive Irvine/ Northwood 830G7 $687,000 4 2 1640

19 Sweet Rain Irvine/ Woodbridge 860D5 $685,000 3 2.5 1571

40 Finisterra Irvine/ Westpark 860B5 $685,000 3 2 1353

1 Wintersweet Way Irvine/ University Park 860B7 $680,000 4 2.5 2500

46 Willow Tree Lane Irvine/ University Park 860C7 $720,000 3 2.5 1708

14 Flaxwood Irvine/ Woodbridge 860E6 $705,000 3 2.5 1786

78 Summerstone Irvine/ Woodbridge 860c6 $745,900 4 2.5 1887

16 Wakefield Irvine/ Northwood 860G1 $738,000 4 2.5 2148

61 Finisterra Irvine/ Westpark 860B5 $747,000 3 2.5 1600

3 Recinto Irvine/ Northwood 830J6 $760,000 4 2 2000

11 Solstice Irvine/ Northpark 830G6 $775,000 3 2.5 2013

Sold for $75,000 off asking and $175,000 off peak.

104 Monticello Irvine/ Northwood 830H7 $830,000 4 2.75 2718

8 Champlain Irvine/ Northwood 830H7 $855,900 4 3 2718

7 Tory Corner Irvine/ Northwood 860H1 $870,000 4 2.5 2279

16 Glen Ellen Irvine/ Northpark 830H5 $855,000 4 2.75 2250

21 Valente Irvine/ West Irvine 830G4 $895,000 5 4 3200

23 Decente Irvine/ Westpark 860C5 $900,000 4 2.5 2446

22 Bamboo Irvine/ Northwood 860J2 $950,000 3 2.5 2460

14 Carnelian Irvine/ Woodbridge 860E6 $975,000 4 3 2600

48 Whitford Irvine/ Northpark 830F6 $1,050,000 3 3 2765

31 FLORA SPGS Irvine/ Northpark 830G6 $1,100,000 3 2 2850 28 Vacaville Irvine/ Northpark 830J4 $1,150,000 3 2.5 2468

6 Figaro Irvine/ Westpark 860D3 $1,265,000 5 4 3115

21 Breezes Irvine/ Woodbury 861A3 $1,312,384 5 4 3531

19151 Beckwith Terrace Irvine/ Turtle Rock 890C4 $1,320,000 5 3 3000

24 Bayporte Irvine/ Woodbridge 860E6 $1,675,000 5 3 3472

12 Dreamlight Irvine/ Quail Hill 890H3 $1,660,000 5 4.5 3700

50 Cezanne Irvine/ Turtle Ridge 890C6 $1,600,000 5 4.5 3660

WTF award winner. Sold for $300K off asking.

37 View Terrace Irvine/ Turtle Ridge 890C6 $1,949,000 4 4.5 3700

23 New Dawn Irvine/ Northwood 831A6 $1,875,000 5 5.5 5045

WTF award winner. Sold for $125K off asking. Lucky, IMO.

51 Hidden Trail Irvine/ Turtle Ridge 890C6 $2,250,000 4 4.5 3690

3 KENT Irvine/ Turtle Rock 890D2 $2,420,000 5 4.5 4894

17 Taggert Irvine/ Turtle Rock 890D2 $2,350,000 6 5.5 4515

22 Cactus Irvine/ Turtle Rock 890F4 $0 5 6 6250

Summer Solstice Sale Update

This property sold for $775,000. That is a $175,000 or >20% off the peak price.

The summer solstice is the longest day of the year. According to The American Heritage Dictionary, the solstice is “A highest point or culmination.” Interesting that our housing market peaked in June of 2006 coincidentally with the summer solstice.

Today’s seller purchased a property on Solstice street at the highest point in the market. Now, they are trying to sell before the sun sets on their bank account.

Asking Price: $849,900

Purchase Price: $950,000

Purchase Date: 7/31/2006

Address: 11 Solstice, Irvine, CA 92602

Beds: 3
Baths: 2.5
Sq. Ft.: 2,013
$/Sq. Ft.: $422
Lot Size: 5,800 sq. ft.
Year Built: 2002
Stories: 2
Type: Single Family Residence
View: Trees/Woods
County: Orange
Neighborhood: Northpark
MLS#: S497016
Status: Active
On Redfin: 10 days

From Redfin, “Well located on one of largest lots in tract!!! Culdesac, long drivewa y, very private. Beautiful new lush landscaping w/ palm trees! Terrific entertaining area w/ BBQ and firepit. Interior is upgraded throughout!! Exquisite hardwood flooring, upgraded carpet, 2-tone paint, custom fixtures, gourmet kitchen, walk in pantry, stainless steel appliances, etc. .. Great community and facilities.”

The exclamation points are back, and so is the gourmet kitchen.

Another property for sale 10% off the top in Northpark. If this seller gets their asking price, and after a 6% commission, they stand to lose $151,094 after one year of ownership. If they intended this as a flip, I would say they were not entirely successful.

And with that, the sun sets on another week at the Irvine Housing Blog.

Next week, I will be featuring properties from Quail Hill, so come back to see what’s happening. Have a great weekend.

Westpark Rollback

Said there ain’t no use in crying.

Cause it will only, only drive you mad

Does it hurt to hear them lying?

Was this the only world you had? Oh-oh

Houses of the Holy — Led Zepplin

Link to Music Video

Todays property is a large SFD in the heart of Westpark, and it is going to sell at a loss. The entire market spectrum is showing weakness now.

Asking Price: $819,000

Income Requirement: $204,750

Downpayment Needed: $163,800

Purchase Price: $865,000

Purchase Date: 1/6/2006

Address: 14 Posada, Irvine, CA 92414

1st Loan $691,840

Downpayment $173,160

Beds: 4

Baths: 3

Sq. Ft.: 2,000

$/Sq. Ft.: $410

Lot Size: 3,800 sq. ft.

Type: Single Family Residence

Style: Contemporary/Modern

Year Built: 1986

Stories: Two Levels

Area: Westpark

County: Orange

MLS#: U7004191

Status: Active

On Redfin: 5 days

From Redfin, “READY ! 4 BR (1 BR/BA DOWNSTAIRS)HOME ~ APPROX 2000 SQ FT ~ FRESHLY PAINTED / GLAZED TILE FLOORS / LIGHT BERBER CARPET ~ LIGHT AND BRIGHT KITCHEN W/ STAINLESS REFRIGERATOR INCL ~ ‘1’ LOW ASSOCIATION ($46/MO) ~ FRONT ATRIUM FULLY LANDSCAPED/REAR YARD W/ PATIO COVER ~ FRENCH DOORS AND SHUTTERED THROUGHOUT ~ GREAT NEIGHBORHOOD IN DESIRABLE ‘WESTPARK’ !”

I GUESS IT IS ALL CAPS WEEK.

READY ! Do I need to be prepped for a listing?

Slashes and tildes, / how ~ interesting!

Do you think the champagne and the candle distract someone from the 1986 tile kitchen?

This owner stands to lose $95,140 assuming a 6% commission.

Another week has gone by, and we have seen a bevy of rollbacks. They aren’t difficult to find these days. For those of you who are not members of our forums, you should check out the thread on Losses Outside of Irvine. All of Orange County is getting hit. We have one asking price 38% off the peak in Anaheim!

I hope you are enjoying our tour of the ‘the seventh circle of real estate hell.’ Have a great weekend.

Secret Gold

No sticks and stones can hurt us

Nor the liars or the thieves

We’ll use the stones to ring our garden

And the sticks to gather up the leaves

Brick by brick you know we built it up

Built a house to hold a dream

A shape that’s rising from the rubble

Where the shaking death had been

I found a map to buried treasure

Map to Buried Treasure — Crosby, Pevar & Raymond

Link to David Crosby Music Video

I think we have some buried treasure in Irvine…

Asking Price: $1,250,000

Income Requirement: $312,500

Downpayment Needed: $250,000

Purchase Price: $998,000

Purchase Date: 9/15/2005

Address: 42 Secret Garden, Irvine, CA 92620

Beds: 4

Baths: 3

Sq. Ft.: 3,134

$/Sq. Ft.: $399

Lot Size: –

Type: Single Family Residence

Style: Mediterranean, Modern

Year Built: 2006

Stories: Two Levels

View(s): Has View

Area: Northwood

County: Orange

MLS#: P601656

Status: Active

On Redfin: 14 days

From Redfin, “Private location! No neighbor behind! Exceptional upgrades T/O, stainless steel appliances and huge cook island w/ breakfast bar, greatroom style kitchen/DR/FR w/ fireplace. Massive office/bonus room above garage, slate decking at two patios with fountain & rock waterfall, built-in BBQ & frige, ceiling fans in all bdrms & FR, two balconies, porte cochere allows for 3 car storage plus long driveway! Best award winning schools, gated, clubhouse/pool/BBQ community areas”

I think these designs are very boxy. Plus, I would not want to back up through that little tunnel.

Despite the rollbacks in this neighborhood, this property has appreciated 25% since late 2005. When they landscaped the property, did they bury about $300,000 in gold in the back yard? That is the only way they can get this sales price. What makes me so sure? Let’s look at a neighbor…

Asking Price: $1,079,000

Income Requirement: $269,750

Downpayment Needed: $215,800

Purchase Price: $1,000,000

Purchase Date: 9/20/2005

Address: 36 Secret Garden, Irvine, CA 92620

Beds: 4

Baths: 3

Sq. Ft.: 3,100

$/Sq. Ft.: $348

Lot Size: –

Type: Single Family Residence

Style: Contemporary

Year Built: 2005

Stories: Two Levels

View(s): Park or Green Belt

Area: Northwood

County: Orange

MLS#: S505877

Status: Active

On Redfin: 20 days

From Redfin, “MODEL PERFECT 4BR W/ 1BR/BA DOWN & BONUS RM/OFFICE ABOVE GAR W/ PVT ENTRANCE. UPGRADED THRUOUT W. CUSTOM PAINT, EXTENSIVE TILE FLOORING ON LOWER LEVEL & LUXURIOUS CARPET IN BRMS. KITCHEN FEATURES VIKING STAINLESS APPLIANCES INCLUDING GAS COOKTOP W/ OVERHEAD VENT; GOLDEN WAVE GRANITE ON CENTER ISLAND; UPGRADED: CABINET COLOR THRUOUT; STAINLESS BATH FIXTURES & KNOBS; BATH TILE & COUNTERS. YARD FEATURES FLAGSTONE PATIO, RAISED PLANTER & COZY FIREPIT; DRIVE HAS PRIVACY GATE. GOOD LOC BY GRNBELT.”

ALL CAPS AGAIN!!!

THRUOUT?

These houses are identical. Well, they are mirror images of each other. They were purchased within a week of each other for a whopping $2,000 difference. These are the best possible comparables. The one that has been on the market longer is priced $171,000 less. That means our WTF winner above saw the listing and decided to list it for $171,000 higher. WTF?

Can’t you just hear the BS rationalizations why his house is worth $171,000 more? Give me a break.

Wednesday Sale

This house goes on sale ev’ry Wednesday morning

And taken off the market in the afternoon.

You can buy a piece of it if you want to

It’s been good to me if it’s been good for you.

Take the grand look now the fire is burning

Is that your reflection on the wall?

I can show you this room and some others

If you came to see the house at all.

The House Song — Peter, Paul & Mary

Link to Music Video

It is Wednesday, so I assume the house is for sale. I suppose part-day listings is one way to generate a sense of urgency. During the rally flippers were practically day trading houses.

Asking Price: $585,000

Income Requirement: $146,250

Downpayment Needed: $117,000

Purchase Price: $585,000

Purchase Date: 12/01/2004

Address: 14781 Doncaster Road, Irvine, CA 92604

1st Loan $468,000

2nd Mtg. $87,750

Downpayment $29,250

Beds: 3

Baths: 2

Sq. Ft.: 1,216

$/Sq. Ft.: $481

Lot Size: 5,000 sq. ft.

Type: Single Family Residence

Style: Contemporary

Year Built: 1970

Stories: One Level

Area: El Camino Real

County: Orange

MLS#: S506347

Status: Active

On Redfin: 16 days

From Redfin, “BEAUTIFUL SINGLE LEVEL IN A GREAT LOCATION WITH PRIVATE ENCLOSED FRONT COURT YARD. WALKING TO SCHOOLS, PARK & LIBRARY. NEW KITCHEN, BATHROOMS, HIGH BEAM CEILING, DOBLE PANEL WINDOWS, SLIDING DOORS, SKYLIGHTS, HARDSCAPED, COVERED LATTICE PATIO, 20X20 PORCELAIN TILE, CENTRAL AIR AND HEATING SYSTEM.”

ALL CAPS, AGAIN.

What is a DOBLE?

$481 / SF in El Camino Real? Good luck with that. If this property sells for its asking price assuming a 6% commission, the borrower stands to lose $29,250 (a total loss), and the bank stands to lose $5,850.

What commentary would you like to see closing this post?

Greedy buyer gets burned?

Poor homeowner leaves broken hearted?

The market continues to drop?

California dream a nightmare?

Stupid buyer should have known better?

Another victim of unscrupulous lenders?

How about, “It is what it is?”