The City of Irvine boasts nearly 20,000 tall Eucalyptus trees forming a series of windbreaks. Today’s owner from 4 Windrow thinks the market winds have changed and people are ready to pay $500K for old condos.
Have you noticed the rows of Eucalyptus trees crossing Irvine in many places? According to Wikimapia:
In Irvine, there are currently about 12,500 eucalyptus trees on private
property (either The Irvine Company land or HOA property) and about
5,700 trees on public property. These are arranged in 38 windrows,
stretching predominantly in northwest-southeast direction, parallel to
Santa Ana Mountains. The trees were originally intended as windbreakers
to protect the citrus groves from the Santa Ana winds blowing from the
mountains. As of today, the windrows have no agricultural use since the
citrus growing industry that gave name to Orange county has left Irvine.
The
oldest of Irvine’s windrow eucalyptus trees were planted by George
Irvine in the late 1800s. Another round of planting occurred between
1920 and 1940, again for agricultural purposes. As of 2009, the trees
are roughly between 70 and 100 years old. The lifespan of Eucalyptus
globulus, which are native to Australia and had to be imported, ranges
from 50 to 150 years, dependent on growing conditions, soils, and
overall care.
Irvine windrow trees were generally neglected for
their first 30 to 60 years. As agricultural windbreaks, they received
minimal care. When orchards were replaced with row crops, the
eucalyptus trees were considered to block sunlight and reduce harvest.
They were, as a result, routinely damaged from improper pruning
practices. The trees were not provided supplemental irrigation, but
opportunistically took advantage of crop irrigation. As agricultural
fields were converted to urban development, the trees again were often
damaged or encroached upon during grading and construction. Following
development, the trees have been provided a much higher level of care
and maintenance.
The City ordinance prohibits removal of any
eucalyptus trees that are part of the windrows, whether on public or
private property, without an explicit permission from the City.
These Eucalyptus tree windrows are one of the few pre-development features that still exists in Irvine. Just as the trees briefly slow the dust in the wind, people come and go from Irvine houses. In the bigger picture of cosmic time, our moment in these houses is just as ephemeral.
Beds 2 Baths 1 full 1 part baths Size 1,450 sq ft ($343 / sq ft) Lot Size 2,739 sq ft Year Built 1977 Days on Market 2 Listing Updated 11/25/2009 MLS Number S597251 Property Type Single Family, Residential Community Orangetree Tract Ph
According to the listing agent, this listing may be a pre-foreclosure or short sale.
Best of both worlds… detached homes with low maintenance yards and HOA ammenities … less land but well used so yard and patio are enclosed for privacy while grassy front yard is rolling lawn maintained by HOA. Living room with vaulted cathedral ceilings has double patio doors overlooking the rose garden and yard. Spacious kitchen has remodeled Euro-style cabinets with big island cooking area and breakfast bar. Direct access to laundry in garage and dining room/family kitchen with corner windows onto yard. Master suite is the only room perched above overlooking living room and corner windows over the yard. 2 Bedrooms down and next to bath. One has double door entry for use as work at home office or den or library.
Worst of both worlds… small and expensive.
Is this what affordability in Irvine is about? Should a family making $100K a year with $100K in savings be content to live here? Is every other buyer looking at nicer properties making more money and have more savings? I find it incomprehensible that a small, old condo in a spotty neighborhood (by Irvine standards) should cost a half-million dollars.
The third of a three part series exploring an owner’s options when they decide they want to sell their real estate, and yet another Quail Hill WTF listing.
Honey I know, I know, I know times are changing. It’s time we all reach out for something new, That means you too. You say you want a leader, But you can’t seem to make up your mind. I think you better close it, And let me guide you to the purple rain.
Some people — many people — can benefit from having an agent as a
leader and guide them to a closing. Yesterday, we explored the
for-sale-by-owner option and today we are going to look at utilizing a full-commission broker.
Today is the third of three parts where I examine the
conditions, circumstances and options owners face when they want to
sell their homes:
Once an owner has examined the alternatives available to them, for better or worse most end up choosing to have professional representation by a real estate agent. There are several advantages of using a full commission broker including:
The tasks are handled by a trained professional
The MLS presentation is also professional which captures the interest of buyers
Conduct the negotiation in a way that maximizes revenue
Manage to documents necessary to complete the transaction.
These advantages are possible from using an agent, but not a guarantee. As we have noticed on many occasions here at the IHB, agents are not always well-trained and professional in their MLS presentation. Many agents have weaknesses in key areas just as professionals in any occupation have their good and bad practitioners. Picking the good agents from the bad is part of the problem.
The cons of using a full-service brokerage
When an owner is considering going full service, they need to fully understand the drawbacks. There are five primary problems with taking the conventional approach:
The full-service brokerage is expensive. It is a full 6% commission, a number large enough to prompt people to go FSBO.
Many agents are not very good, as we have seen on many occasions.
I will explore these cons in more detail in following sections.
People do not trust realtors
The general public’s opinion of realtors is not good. IMO, one of the main reasons they are held is such low regard is their tendency toward dissembling and their manipulative sales techniques. In other words, they have earned the scorn they receive. If realtors change their ways, perhaps attitudes will change, but neither seems very likely.
Exposure off the MLS is key
All properties on the MLS are on equal footing for exposure to buyers, and many agents are capable of marketing a property on the MLS in a way that piques the interest of buyers. Some agents claim to be the best in this area, but such claims are subjective at best and spurious at worst. How would you measure such a thing? Mostly it is agent puff and sales nonsense. Property exposure outside the MLS listing is the tangible and identifiable feature that sets the best agents apart.
Print media has been the traditional method of reaching buyers. It doesn’t work very well. Besides the high cost, it only provides a marginal improvement over the MLS for individual property display. On the MLS, the property may be one in several thousand a buyer may or may not find, whereas in a glossy magazine of print ads — which has a limited circulation — the property may be one in a hundred; a little better, but not much. This is one of the reasons the print media is dying.
With the dawn of the internet, very few people use print media to find property. The National Association of Realtors concluded that 84% of buyers use the internet for their property search. When owners are selecting a full service broker, they want the one that dominates internet market both on and off the MLS.
Broker websites
Any listing agent will provide an owner with an exclusive listing on their website. Including the owner, the listing agent and the listing agent’s mother, maybe five people will see it. Nobody goes to a small-time neighborhood farming agent because their website delivers buyers eyeballs to the listing, and it is very unlikely this showcase treatment has any effect. With the death of traditional media and the limited success of realtor websites, the neighborhood farming agent is at a disadvantage.
Keep this in mind when interviewing agents; neighborhood farming agents are good at knowing owners and sellers since they spend so much time and effort farming certain neighborhoods; unfortunately, sellers are more interested whether or not an agent can find a future buyer, not whether or not the agent knows all the owners in the neighborhood. If you go with a local farming agent, you may not receive top-notch exposure off the MLS.
National real estate portals
Most broker websites, Ideal Home Brokers included, are set up as MLS portals where people can search the MLS for the exact property they are looking for. When a property is displayed on a real estate portal page, it is one of thousands or more available to view. Some of these real estate portals get copious internet traffic, but they all fail to deliver eyeballs to specific listings. Even when thousands go to these sites each day, it doesn’t give an owner much exposure because there are hundreds of thousands of properties competing for visitors attention.
In many ways, owners are no better off on the heavily trafficked real estate portal sites. Perhaps five people will see a showcased listing on a small realtor website, but the number is only marginally higher on the big portal sites due to the competition for attention. On all MLS portal sites, buyers will not be presented with an owner’s property; buyers must find it on their own.
What is the best solution?
There is no perfect solution to real estate sales challenges. Some people can be successful going FSBO, but most will not. It may look less expensive, but it generally results in a lower net because (1) it is hard to find the right buyer, and (2) it is even harder to motivate them. Discount listings reach many more buyers because the property is on the MLS, but it puts the burden of marketing and transaction management on the seller. Some can succeed in this scenario and save money, and others cannot. The full-service brokerage is the most expensive, but it reaches the most buyers in the most effective manner.
All agents have MLS access, and some of those have the competence to market a property well. Identifying and picking from this group is tough because there are few ways of knowing in advance the service you will receive; however, there is an objective and measurable feature owners can use to select a brokerage: reaching buyers outside the MLS through a strong internet presence is the key differentiating factor determining which brokerage will deliver buyers and which may not.
Selecting an agent is difficult
As we have seen here at the IHB, many agents are not competent, and it can be difficult to know which ones are good and which ones are not. There is often very little differentiating those that are competent. Given this truth, two trends emerge:
(1) over two-thirds of owners list their property with the first agent they meet, and (2) many sellers are not satisfied with their agent’s performance.
Real estate sales is a personal service business, and finding an agent the seller likes and feels comfortable working with is about the best they can hope for — if this agent is competent, it is a bonus. There ought to be a better way.
The best solution for most sellers is to use a full-service brokerage that presents their property well on the MLS and provides superior internet exposure of the MLS.
I don’t know where sellers might find that, do you?
Beds 3 Baths 2 full 1 part baths Size 2,460 sq ft ($487 / sq ft) Lot Size 8,038 sq ft Year Built 2004 Days on Market 5 Listing Updated 11/23/2009 MLS Number S597009 Property Type Single Family, Residential Community Quail Hill Tract Oliv STUNNING Olivos Plan 2 in upscale Quail Hill featuring three generous bedrooms PLUS LOFT (could be converted to bedroom #4), two & one-half baths & 2 car attached garage. Has curb appeal that only a super-sized, corner lot can deliver, including mature Olive trees, custom flagstone hardscape, Zen-like rear yard water feature, patio cover & much more. INTERIOR UPGRADES include elegant wide-plank distressed hardwood flooring, upgraded carpet, designer paint, integrated surround sound speaker system, custom media built-in, Plantation shutters,multiple ceiling fans & security system. GOURMET KITCHEN includes solid granite counters & sit-up island, custom mosaic stone backsplash, stainless steel appliances including premium built-in refrigerator & large walk-in dry-foods pantry. Enjoy resort-style amenities award-winning schools.
These owners were typical Irvine borrowers. When the purchased the property for $1,013,500 back in 2004, they used a $810,000 first mortgage, and a 203,500 downpayment. The refinanced in 2005 for more money — $864,000 plus they opened a $179,600 HELOC. There is no evidence they spent it, but why cash out $54,000 if you are not going to touch the HELOC?
Since they have increased their mortgage, they are entitled to sell the property for more and pay off the debt, aren’t they?
The second of a three part series exploring an owner’s options when they decide they want to sell their real estate. Today our featured property is a pergraniteel condo trying to get out at their 2003 purchase price.
I still consider Cash Listing Services under the umbrella of FSBO
because the owner is acting as their own agent even though a broker is
now involved to some degree. When FSBOs realize they can’t
beat the system, they set out to find a way to minimize their costs
working within the system.
There are many brokers out there that run MLS listing services. For
anywhere from $250 and up, a broker will list your property on the MLS
and eliminate the 3% buy-side commission. The level of support after
that varies, but as you can imagine, it is not very much. Someone
probably looks over documents (someone should, their license is on the
line), but there is little assistance in filling the documents out.
On the plus side, this does get the property on the MLS which
overcomes the primary weakness of FSBO; lack of exposure. Greater
exposure generally makes for a higher sales price, or to be more
precise, greater exposure increases the probability of encountering the
buyer willing to pay the highest amount for a property.
A klutzy FSBO may find a premium cash buyer at Starbucks, but the odds of that happening are about like hitting the lottery. The greater the individual exposure a property receives, the greater the likelihood that the right buyer is going to see it.
In addition, exposure increases the likelihood of multiple offers, a
situation that serves to further motivate buyers. The FSBO who finds
the best buyer in a non-competitive process will find that buyer less
motivated to bid higher and that same buyer feels no urgency to close.
The lack of a exposed bidding process means the buyer is not motivated and feels no urgency and thereby the buyer is less valuable to the seller. A buyer obtained through a high-exposure process will be a more motivated and more valuable buyer.
Cash Listing Services take cash!
Most services require an up-front fee for listing properties on the
MLS. They don’t care whether or not an owner enters into a transaction
as long as many FSBOs want to try (don’t be surprised if I launch an
FSBO listing service as a separate venture. The service has client
value if done properly.) The small fee stops most FSBOs because they
loathe spending money, even $300 if they have no guarantee of success.
This is also an area of enticement to the Dark Side of full commission
brokerage (using an agent is the failure of an FSBO if you accept their
mindset); full commission brokers will not charge any fees unless they
close a transaction. That is the alignment of interests that makes the
commission system work.
How much commission to pay?
Once you enter the world of cash listing services or discount
brokers, you can pay less than the full 6% most listing agents demand.
The question is how much less?
If you list with a cash listing service (or a relative), you pay for
the listing, so you cut out 3%. You can set the commission at whatever
level you feel motivates buyers agents who work the MLS. If you get
cheap and put 1%, clients of buyers agents will still see the property
on the MLS, and I am sure the buyer’s agent will work just as hard for
1% as they would for 3% in a normal transaction…. Do you see the
problem? Human nature gets in the way.
If you are a motivated seller, you might take advantage of a cash listing agent (why not spend the money when you know you
are going to sell the house). You can set the total commission at 4%
and have it all on the buy-side. This will entice every buyer’s agent
on the web to see your property; human nature again.
The next level up is a discount broker which is another version of
the reduced service and reduced price model. You can get commission
down to 4.5% (1.5% list and 3% buy), and there are various grades of
discount brokers going up to 6% full-commission brokers. These may be
good alternatives to sellers with various levels of expertise to help
the process along.
Seller is responsible for MLS marketing presentation
How much of a problem this is depends on the sellers skills in
marketing and their attention to detail. An MLS presentation has few
data points, so each one is important. The sellers who list with these
services (it may be the servicers fault as well) do an amazingly poor
job at presenting their properties; the descriptions are short,
inaccurate or missing entirely, the pictures are of low resolution,
poorly staged and poorly lit; in short, everything that can be wrong
generally is wrong. Again, many have skills here they can exploit, but
with FSBOs the MLS presentation quality — or lack thereof — speaks
for itself.
Advertising outside the MLS is still the seller’s responsibility
Being cost conscious, most FSBOs do not undertake a meaningful
property awareness campaign (many full-service brokers don’t either,
but that is another issue). Some will take out a Craigslist ad or other
classifieds, and some will print up fliers, but their efforts will be
measured in the hundreds of people and the tens of potential buyers —
none of which may be interested in the property. Most sellers don’t
have the resources or the expertise to reach a large number of buyers
and make a real difference in their efforts outside the MLS.
It is costly to reach people by conventional means even for the
established brokerages. Print media is dying, and most people look to
the internet today to find real estate (National Association of
Realtors studies show 84% of buyers now use the internet as their
primary method of finding properties). How is a novice FSBO going to
navigate those waters? Most don’t try.
Full-Service Brokerage
Tomorrow, I am going to explore the good and the bad of the full-commission model.
Cash Listing Services are a good option
There is money to be saved here, and this method does overcome the main problem of FSBO, lack of exposure. In fact, for the very motivated or those that must sell, this is probably the best method because it allows the seller to increase the motivation to buyers agents while reducing their overall cost. For the motivated with some expertise, this is the way to go.
Beds 3 Baths 1 full 1 part baths Size 1,230 sq ft ($284 / sq ft) Lot Size n/a Year Built 1977 Days on Market 11 Listing Updated 11/9/2009 MLS Number H09119075 Property Type Townhouse, Residential Community El Camino Real Tract Wdjb
STANDARD SALE!! NOT A REO & SHORT SALE. Totally remodeled kitchen with new kitchen cabinets, granite counter tops new stainless dual sink, new micro wave, new gas oven,new powerful garbage disposal,new interior paint,laminate flooring throughout,newly installed Mirror closet doors. Close to Irvine high,Heritage park, UCI.Ready to move in!!! Very motivated seller. Make an offer !!!
Today’s featured property was purchased back in 2003, and despite the artificially low interest rates, this property is going to sell 6 years later for no gain. The owners have been conservative with their mortgage, so if they can get this asking price, they will escape with some equity.
The first of a three part series exploring an owner’s options when they decide they want to sell their real estate. Today’s featured property is part of a trend toward WTF listings in Quail Hill.
Hey look me over Tell me do you like what you see? Hey,I ain`t got no money But honey I`m rich with personality Hey,check it all out Baby,I know what it`s all about Before the night is through You will see my point of view Even if I have to scream and shout
Every man’s home is their shining star. Some dress it up with elaborate pretense; others pare it down with sublime beauty, but every owner adores their star just the same.
Whenever you are parting with a superstar they should be yanked from your grasp by an aggressive bidder who recognizes the regal beauty of your magnificent gem….
Ooooh…
Channeling the fantasies of sellers everywhere….
Sellers almost universally believe their properties are more valuable than comparable properties if for no other reason than it is theirs, and they are entitled to a premium. You can imagine that pregnant moment for a listing agent when the seller is about to blurt out a price they want to offer… is it going to be reasonable or 40% over comps? Yikes!
Sell a Home Series
Today is the first of three parts where I examine the conditions, circumstances and options owners face when they want to sell their homes:
The answer sounds easy: sell their house, but there is more to it than that. The terms and conditions of the sale matter greatly, and when examining a seller’s deeper motivations, we see they want to accomplish three important things:
Sell their home and maximize their net gain
Get through the process with a minimum of effort and stress
Avoid legal and financial liability for problems with the transaction
When sellers ride off into the sunset cash-in-hand, they want to believe the transaction is complete and they got the most money with the least stress and effort. If they believe that, they are happy; if it is true, even better.
Sell their home and maximize their net gain
The net is what matters. When the seller gets his check from closing, he has no ties to the property, and the check is the sum of his remaining equity after all fees and costs have been paid, including the hefty realtor commission. Commissions are high enough that sellers are motivated to search for alternatives to eliminate the 6% fee coming out of the closing check.
In the end, agents must justify their fees to remain in business. Apparently, for all its flaws, this business model endures. Someone somewhere must be obtaining some benefit, so let’s see what those benefits are.
Get through the process with a minimum of effort and stress
Nobody wants to work or have any stress. If people could sit at the pool sipping Margaritas while someone sold their house and came back with a check, most people would chose to do that (have you been to a Lexus dealer?) To the degree sellers are willing to engage themselves in the process — work — they can save themselves money.
Many sellers have special expertise, they may have a real estate license, or they may just be brave and smart and know they can do it themselves. Sellers will find comfort (or stress) to the degree they have expertise in marketing and sales of real estate. If they have never done anything like it before, there is much to learn.
Avoid legal and financial liability for problems with the transaction
Nobody wants to have long-term financial liability. When a seller has that closing check in hand, they want assurance (or insurance) that the buyer cannot claw back at the money in that closing check later on.
Most people do not think about the liability involved because the transactions are usually handled through licensed brokers who have standardized forms they know how to fill out to ensure the transaction is proper. Brokers carry errors and omissions insurance to make sure an insurance company with deep pockets is there to step up if a serious problem occurred, and brokered transactions are generally financed transactions which will also have property liability and title insurance in case there are hidden claims on title (a big problem for trustee buyers). With the layers of liability protection in most transactions, sellers are secure. When they go FSBO, they need to figure out the insurances and liabilities on their own.
What prevents sellers from accomplishing their goals?
Sellers face four main obstacles achieving their objectives:
Finding a buyer who will pay the most money
Capturing the interest of motivated buyers who find the property
Conducting the negotiation in a way that maximizes revenue
Managing the documents necessary to properly complete the transaction
I will go over each of these goals as we explore an owner’s options. Real situations illustrate these obstacles best.
What are owner’s options for selling their property?
There are (3) main paths owners can take when they want to sell their properties:
For Sale By Owner (FSBO)
Cash Listing Service (MLS access)
Conventional Brokerage Listing
For Sale by Owner is much maligned by realtors for a simple reason; each FSBO is a commission lost. They see an FSBO as a failure; I see them as someone who used their skills and talents to their advantage.
When I worked for a homebuilder in Florida, I designed and general-contracted my own house. I suppose I should be hearing from the American Institute of Architects and the Building Industry Association for cutting them out of a transaction, but I doubt they care. When I built my house, I saved 10% or more because I used my industry training to my advantage. Why shouldn’t FSBOs?
Eliminating the brokerage commission is tempting, and many people explore that option (like you today). If they did not already know, FSBOs soon discover the range of tasks and responsibilities that befall them acting as their own agents.
The Six Challenges of FSBO
There are six major obstacles an owner must overcome to sell their own home:
Selling property is time consuming
Marketing is difficult
Negotiation is difficult
Escrow is difficult
Offers/buyers tend to be bottom fishers
Buyers are difficult to find
Any of these six challenges cause owners who consider FSBO to either (1) change their minds or (2) attempt FSBO and fail to sell their property. The latter outcome is a complete waste of time and energy — which many owners go through before they explore some level of agent assistance.
Selling property is costly and time consuming
What is the value of a seller’s time? There is a time requirement to complete the tasks necessary to sell a property. Some FSBOs think that all they have to do is put up a Craigslist ad and wait for competing offers over their asking price to be emailed to them within hours, probably not going to happen.
When sellers decide to work with an agent, sellers still must (1) keep the property clean and (2) staged to a reasonable degree and (3) be flexible with showings; however, the marketing, negotiation, and paperwork tasks are handled by the agent — at the agent’s expense. If a owner goes FSBO, all the tasks related to the sale must be performed by the owner — and paid for by the owner.
If the property is staged and professionally photographed, and possibly even maintained at the expense of the agent, it is an expected part of doing business, but when owners are faced with these same tasks (the ones that cost money), few FSBOs do what is necessary to present the property at all much less do it well.
Marketing is difficult
Whether a task is easy or difficult depends on the talent and experience of the individual, but in social environment, the difficulty of a task can be noted in the results it produces. Have you noticed FSBO presentations are uniformly bad? Some of the awful ones I have profiled are not outliers. Go to Redfin and look for the little pink houses and see for yourself. Marketing is a major challenge for most FSBOs.
Negotiation is difficult
Some people are skilled negotiators, and others consider it conflict to be avoided. This is an area where a good agent really can make a difference, but it is a challenging thing to get sellers to believe. Sellers all want to believe they are great negotiators who will obtain top dollar; unfortunately, most sellers are far too emotional about their own property, and they fail to close the deal because of it. Some get offended by a buyer’s comments about their questionable taste and refuse to negotiate — the list goes on. After a few deals fall apart, the emotions of fear creep in, and FSBOs often succumb to a lowball offer below price levels they rejected earlier.
Most sellers are not seasoned negotiators who handle these transactions routinely and are trained not to let their emotions get the better of them (many agents aren’t either). Part of the advantage of routine handling is access to and familiarity with standard forms. Agents have standard forms parties recognize that helps facilitate negotiation by calling attention to important deal points and simultaneously providing escrow instructions that make the transaction close quickly.
Escrow is difficult
Many FSBOs get a deal with a handshake, and they are shocked when it does not close. There are many pratfalls that prevent deals from closing, the most important of which are financing and inspection. There are a myriad of details and disclosures most FSBOs know little about. Without assistance in preparing the documents, even preparing escrow instructions will be difficult as key terms may be missing or contradictory.
Services are available to help sellers with the three difficulties listed above, but this assistance often comes at a price. Sellers who go FSBO do so because they want to make more money. Few recognize where there is a need to spend a few dollars efficiently, so they spend nothing at all, and they do not get the help available to them to close the deal.
Offers/buyers tend to be bottom fishers (and FSBOs are the bottom)
Because FSBOs rarely present themselves well, they actually become targets for bottom fishers. Professional flippers in particular are fond of buying from FSBOs. The flipper reasons the seller has 6% more they can drop the price and still close the deal (which using the FSBOs own logic, they do); therefore, FSBOs are perfect targets for lowball fishermen. A patient flipper can catch a frustrated FSBO with an offer just before they give up; they know the FSBO is more likely to take the deal in the hand rather than two in the 6%-off bush. Professional flippers and bottom fishers make a living off FSBO frustration among other opportunities they exploit.
Buyers are difficult to find
By far the biggest problem faced by FSBOs is the difficulty in finding buyers. If they are not on the MLS, nobody sees them. The odds are long of finding the buyer willing to pay the most money by marketing a non-MLS property on Craigslist or with a printed flier. This is the primary reason FSBOs fail.
Once FSBOs realize nobody willing to pay market value is finding their property, they explore ways to get onto the MLS.
Cash Listing Services
Tomorrow, I am going to explore the good and the bad of cash listing services and discount brokers.
FSBO is a good option
I may be overselling the bad case, but I want to be clear and
accurate about the perils facing sellers trying to sell on their own. There is money to be saved here, and if owners
have the expertise to sell a property and save the extra money, they
certainly should do so; I know I will when the time comes again, but I
suppose since I am a broker now, that doesn’t count as FSBO anymore.
{book3}
Today’s featured property was not effected by the bubble, and it has appreciated at 5.4% per years since 2004… WTF?
Baths 4 full 1 part baths Size 3,700 sq ft ($392 / sq ft) Lot Size 7,800 sq ft Year Built 2004 Days on Market 5 Listing Updated 11/26/2009 MLS Number S597065 Property Type Single Family, Residential Community Quail Hill Tract Sien
This rare, CUSTOM Plan 1 has been ENLARGED to 5 bedrooms–THREE of which are HUGE bedroom SUITES–with one suite + retreat down–4.5 baths, an upgraded tech center, situated on a PREMIUM CORNER LOT w/unparalleled PRIVACY & peek-a-boo views on one of the highest streets in Sienna w/a direct access 2-car garage + long driveway. The chef’s kitchen has a center island breakfast bar + nook, stainless steel appliances with a six-burner gas cooktop, granite counters, full designer tile backsplash, under-cabinet & recessed lighting, double ovens, microwave, a built-in fridge & walk-in pantry. The great room has a fireplace w/brick surround, built-in media center & an added 6 ft. picture window. The opulent master has a built-in media center & sitting area. The ENORMOUS BACKYARD includes a built-in BBQ w/Viking grill, covered patio, flagstone hardscaping w/a raised outdoor seating area, a fountain, & children’s play area. Quail Hill offers award-winning schools & a multiplicity of amenities.
rare, CUSTOM Plan 1? Do those words put together seem incongruous to you? Get your rare, custom tract home here….
My data source shows a couple of HELOCs on this property, buy nothing else. It may be owned free-and-clear and the HELOCs are emergency access to equity funds (a good arrangement if you limit it to true emergencies). These owners have plenty of room to negotiate, if they really want to sell the house, the price will need to come down significantly.
1. Preface & Introduction 2. What Is a Bubble? 3. Conservative House Financing – Part 1 4. Conservative House Financing – Part 2 5. Fundamental Valuation of Houses – Part 1 6. Fundamental Valuation of Houses – Part 2 7. Valuation of Lots and Raw Land 8. The Credit Bubble 9. The Housing Bubble – Part 1 10. The Housing Bubble – Part 2 11. Bubble Market Psychology – Part 1 12. Bubble Market Psychology – Part 2 13. Future House Prices – Part 1 14. Future House Prices – Part 2 15. Buying and Selling During a Decline 16. Preventing the Next Housing Bubble
The
Great Housing Bubble is a detailed analysis of the psychological and
mechanical causes of the biggest rally, and subsequent fall, of housing
prices ever recorded. This book examines the causes of the breathtaking
rise in prices and the catastrophic fall that ensued to answer the
question on every homeowner’s mind: “Why did house prices fall?”
If you are
familiar with the Irvine Housing Blog and my writing, then you know
that I publicly called the top of the housing bubble when few believed
there was a problem. Typically, when you ask a real estate agent what
is happening with the market, they will tell you prices are going up
and that you should buy now. Most are not capable of properly analyzing
a real estate market, and even among those that can foresee problems,
most will not tell you if there is a problem because they want to make
a sale and generate a commission.
By accurately predicting the
collapse of real estate prices and authoring the book on how and why it
happened, I have established my knowledge in this area. By spending
several years pleading with people not to buy real estate for financial
reasons, I have proven my willingness to tell the truth come what may.
Read
this book, and you will have a much greater understanding of how real
estate markets work. It will help you be prepared to make brave
financial decisions and understand the folly that caused the suffering
of so many. Given the importance of the financial decision to buy a
home, you owe it to yourself to learn as much as possible about how
real estate markets really work. Far too many learned their lessons
they hard way.
You
can obtain the complete text of The Great Housing Bubble in a series of
emails by inputing your name and email address below:
Thank you again for allowing us the opportunity to present ourselves to you in this manner. We look forward to working with you.
Sincerely,
Larry Roberts
When you are ready to buy or sell a house, we are here to serve you.
[Now] Don’t hang on,
STUNNING Olivos Plan 2 in upscale Quail Hill featuring three generous bedrooms PLUS LOFT (could be converted to bedroom #4), two & one-half baths & 2 car attached garage. Has curb appeal that only a super-sized, corner lot can deliver, including mature Olive trees, custom flagstone hardscape, Zen-like rear yard water feature, patio cover & much more. INTERIOR UPGRADES include elegant wide-plank distressed hardwood flooring, upgraded carpet, designer paint, integrated surround sound speaker system, custom media built-in, Plantation shutters,multiple ceiling fans & security system. GOURMET KITCHEN includes solid granite counters & sit-up island, custom mosaic stone backsplash, stainless steel appliances including premium built-in refrigerator & large walk-in dry-foods pantry. Enjoy resort-style amenities award-winning schools. 
I was dreamin’ when I wrote this
Nobody wants to work or have any stress. If people could sit at the pool sipping Margaritas while someone sold their house and came back with a check, most people would chose to do that (have you been to a Lexus dealer?) To the degree sellers are willing to engage themselves in the process — work — they can save themselves money.
This rare, CUSTOM Plan 1 has been ENLARGED to 5 bedrooms–THREE of which are HUGE bedroom SUITES–with one suite + retreat down–4.5 baths, an upgraded tech center, situated on a PREMIUM CORNER LOT w/unparalleled PRIVACY & peek-a-boo views on one of the highest streets in Sienna w/a direct access 2-car garage + long driveway. The chef’s kitchen has a center island breakfast bar + nook, stainless steel appliances with a six-burner gas cooktop, granite counters, full designer tile backsplash, under-cabinet & recessed lighting, double ovens, microwave, a built-in fridge & walk-in pantry. The great room has a fireplace w/brick surround, built-in media center & an added 6 ft. picture window. The opulent master has a built-in media center & sitting area. The ENORMOUS BACKYARD includes a built-in BBQ w/Viking grill, covered patio, flagstone hardscaping w/a raised outdoor seating area, a fountain, & children’s play area. Quail Hill offers award-winning schools & a multiplicity of amenities.
