I want to wish a happy birthday to this listing; 365 days on the market. Will our bear rally give him his price?

Asking Price: $664,900

Address: 15082 Glass Cir Irvine, CA 92604

cause I gonna make you see
Theres nobody else here
No one like me
Im special, so special
I gotta have some of your attention
Give it to me
cause I gonna make you see
Theres nobody else here
No one like me
Im special, so special
I gotta have some of your attention

Give it to me

Brass In Pocket — The Pretenders

Asking Price: $664,900

Income Requirement: $166,225

Downpayment Needed: $132,980

Purchase Price: $520,000

Purchase Date: 8/29/2003

Address: 15082 Glass Cir Irvine, CA 92604

Beds:	4
Baths:	3
Sq. Ft.:	1,820
$/Sq. Ft.:	$365
Lot Size:	7,100 Sq. Ft.
Property Type:	Single Family Residence
Style:	Contemporary
Stories:	2
Year Built:	1972
Community:	El Camino Real
County:	Orange
MLS#:	S544247
Source:	SoCalMLS
Status:	Active
On Redfin:	364 days

TURNKEY AND TASTEFULLY REMODELLED. MAIN FLOOR MASTER BEDROOM.4
bedrooms, 3 full BATHS. 2 BEDROOMS ON LOWER LEVEL. TOTALLY NEW KITCHEN
WITH BRAND NEW STAINLESS STEEL APPLIANCES,REFERIGERATOR. RESURFACED
CABINETS, corean COUNTERTOPS. WOOD FLOOR IN MOST OF LOWER LEVEL. NEW
GRANITE SINK AND TILED WALLS IN both BATHROOMS. beautiful home with NEW
STONE FIREPLACE IN FAMILY ROOM. FRENCH DOORS & WINDOWS, CEILING
FANS, CENTRAL AC.LOTS OF STORAGE..PRICED TO SELL. GORGEOUS
NEIGHBORHOOD..HUGE YARD WITH LIME TREES.ELEGANT CURB APPEAL AND
professional LANDSCAPING. LARGE DRIVEWAY, 2 CAR GARAGE.CLOSE TO ALL THE
SCHOOLS. WALK TO MIDDLE AND ELMENTARY.THIS IS A MUST SEE!AND A GREAT
BUY FOR THE WONDERFUL, ESTABLISHED NEIGHBORHOOD OF IRVINE. NO MELLO
ROOS, NO ASSOCIATION DUES…AND LOW TAX RATE.

almost ALL CAP

How much do you want for it?

Date	Event	Price
Aug 01, 2009	Price Changed	$664,900
Jun 28, 2009	Price Changed	$669,000
Jun 19, 2009	Price Changed	$674,900
Jun 11, 2009	Price Changed	$664,900
Jun 11, 2009	Relisted	—
Mar 14, 2009	Delisted	—
Mar 06, 2009	Price Changed	$668,000
Feb 11, 2009	Relisted	—
Feb 10, 2009	Delisted	—
Feb 06, 2009	Price Changed	$674,900
Jan 09, 2009	Price Changed	$675,000
Dec 08, 2008	Price Changed	$677,500
Oct 23, 2008	Price Changed	$677,000
Oct 16, 2008	Price Changed	$679,900
Sep 28, 2008	Price Changed	$684,900
Sep 28, 2008	Price Changed	$679,000
Sep 19, 2008	Price Changed	$689,900
Sep 16, 2008	Price Changed	$697,000
Aug 28, 2008	Price Changed	$699,000
Aug 15, 2008	Listed	$719,000
Aug 29, 2003	Sold	$520,000

Shouldn’t that be embarrassing?

I looked out this morning and the sun was gone
Turned on some music to start my day
I lost myself in a familiar song
I closed my eyes and I slipped away

So many people have come and gone
Their faces fade as the years go by
Yet I still recall as I wander on
as clear as the sun in the summer sky

More Than A Feeling — Boston

I hope you are enjoying the beautiful Southern California summer sky. I will probably be at Wild Rivers this weekend enjoying an Irvine amenity. I hope they develop a suitable replacement before they knock that park down for more offices. The office market will be down for a few years, so perhaps there is still time to get a new water park built.

Matt Padilla wrote a great post this week on the foreclosure problem: Foreclosure wave gathers momentum. I am seeing a great deal of misplaced bullishness lately. The market is tight due to government manipulation, but they can only hold back the tide so long.

Marilyn Kalfus wrote Surf City home offered for $2.3 million reverts to the bank as a update to the post I did on HELOC Abuse Huntington Beach Style.

Beautiful Boy — John Lennon

I want to wish my son a happy birthday.

Cookie… So nice…

Here are some interesting charts for you:

Agricultural land was the last real estate bubble in the US that saw a 300% increase followed by a 50% decline.

I love these charts Rich Toscono did for Voice of San Diego:

This is our first look at Astoria at Central Park West, the towers that missed the peak.

Asking Price: $519,000

Address: 401 Rockefeller #311 Irvine, CA 92612

I dont wanna talk
About the things weve gone through
Though its hurting me
Now its history
Ive played all my cards
And thats what youve done too
Nothing more to say
No more ace to play

The winner takes it all
The loser standing small

The Winner Takes It All — ABBA

When you look back on the towers built along the Jamboree corridor, you see differing groups of winners and losers. The developers of the North Korea Towers (Marquee at Park Place) were winners. They sold the property out at peak prices and made a fortune. The buyers and the lenders who bankrolled the purchases there are the big losers. The other condos that came a little later have a mixed bag of winners and losers with both the developers and the buyers suffering.

Today’s featured property, Astoria at Central Park West has a clear loser — the ownership entity that developed this property (Lennar has only a small investment). None of these units sold at the peak, and now that we are nearing a long, flat bottom, these units are hitting the market. The early buyers will be knife catchers, but in a couple of years, some of these units will be good buys — at about $300,000 to $350,000.

When this property is completely built out and sold, it will be a nice community. The Jamboree/405 intersection will always be a traffic nightmare at certain times, but the convenience of this location together with a good master plan will make this a successful project in the long term. It is getting from now through build out that will be interesting.

As it stands, the developer does not really want to sell these units because the revenue will fall far short of their financial proformas. Somebody somewhere is taking a big loss on each sale. There will be little economic incentive to finish off the remaining construction and complete the project. Perhaps someone will buy the property inexpensively enough to warrant completing construction, or perhaps this property will sit, partially finished, for another decade.

Asking Price: $519,000

Income Requirement: $129,750

Downpayment Needed: $103,800

Purchase Price: New

Purchase Date: 6/30/2009

Address: 401 Rockefeller #311 Irvine, CA 92612

Beds:	2
Baths:	2
Sq. Ft.:	1,421
$/Sq. Ft.:	$365
Lot Size:	–
Property Type:	Condominium
Style:	Contemporary/Modern
Stories:	1
Floor:	3
View:	City Lights, City
Year Built:	2009
Community:	Airport Area
County:	Orange
MLS#:	S583769
Source:	SoCalMLS
Status:	Active
On Redfin:	1 day

Fisher Paykel SS Appliances? Am I that ignorant? Does everyone else know these brands?

There is no mortgage history on this property as it is new construction. It would be interesting to see the financials of the venture to see just how much money they are losing. At current pricing, I would estimate they are losing $100,000 to $150,000 per unit. These were likely estimated to sell at around $700,000 each. That might happen 20 years from now.

This is the open thread for the conference call.

Conference Call Reminder

The IHB Community has been invited to an open conference call with Daniel Young, President of Community Development for the Irvine Company. The time is 7:00 PM. The call-in number is 877 269-7289. Callers will be asked to enter a
PIN, which is 13113. That allows them to listen to the conversation.
If they want to ask a question—and Dan will remind people of this
periodically—they need to hit *3. They can also e-mail questions to
Dan at info@cardinalhq.com.

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Monday is our big day. The IHB Community has been invited to an open conference call with Daniel Young, President of Community Development for the Irvine Company. The time is 7:00 PM. The call-in number is 877 269-7289. Callers will be asked to enter a
PIN, which is 13113. That allows them to listen to the conversation.
If they want to ask a question — and Dan will remind people of this
periodically — they need to hit *3. They can also e-mail questions to
Dan at info@cardinalhq.com.

We have two threads going in our forums What do you want to ask the Irvine Company?, and An Open Invitation to The Irvine Company. You can also use this open thread to pose questions.

This will be meeting between the makers of our community and the residents who live within it. An opportunity for both parties to learn from each other; you can make your voice heard, and and you can hear from the inner sanctum of The Irvine Company.

Let’s keep this encounter respectful. This kind of direct contact is rare, and if we make this a positive experience for everyone, it will happen more often. This is one of the unique opportunities opened by social networks.

Daniel Young, President of Community Development for the Irvine Company

Dan Young is president of Irvine Community Development Company LLC
(ICDC), an affiliate of the Irvine Company responsible for all
residential development on The Irvine Ranch®.

As president of ICDC, Mr. Young guides all facets of the Irvine
Company’s community master-planning and development process, which
began more than 45 years ago. From the villages of Woodbury, Northpark
and Woodbridge in Irvine, to the coastal communities of Crystal Cove
and Newport Coast, the residential communities on The Irvine Ranch have
won many national awards and are admired for their unique character and
livability.

Mr. Young came to the Irvine Company in November 1999, after a
20-year career as a real-estate developer and a consultant to the
industry. In his previous role with the Irvine Company, he served as
executive vice president of Entitlement and Public Affairs, overseeing
the company’s entitlement on The Irvine Ranch.

His community involvement includes 11 years on the Santa Ana City
Council, including eight years as mayor. In his official capacity as
mayor, Mr. Young also served on the board of directors of several
regional agencies, including the Metropolitan Water District and the
Orange County Transportation Authority.

Mr. Young received his bachelor’s degree from California State
University, Fullerton, and his master’s degree in public administration
from the University of Southern California.

The Irvine Company is a 140-year-old privately held company known
throughout the world as a best-of-class master planner and long-term
owner, investor and operator of a large and diversified real estate
portfolio. The company also is known as a steward of some of the most
beautiful, permanently preserved land in California. In addition to its
master-planned communities on The Irvine Ranch® in Orange County,
Calif., the company also is known for its portfolio of high-quality
investment properties—office, retail and apartment—it owns in San
Diego, Orange County, West Los Angeles and the Silicon Valley. The
company traces its roots to the 1860s with the assembly of The Irvine
Ranch from Mexican and Spanish land grants. The Irvine Company was
incorporated in 1894.