2003 Prices or Rollbacks

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ns2524_IHB

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<p>I would like to open this discussion and post proprrties that are close to 2003 prices or rollbacks.</p>

<p>27532 JASMINE AVENUE, Mission Viejo, CA 92692


List Price: $419,900


Last Sale: 08/01/03


Sales Price: $392,000


Bedrooms: 3


Full Baths: 2


Partial Baths: 1


Square Feet: 1,401


Lot Size: N/A


Year Built: 1987


Listing Date: 10/18/07


On Market: 1 day


Type: CONDO/TH


Status: ACTIVE


MLS #: U7004441


A 2003 Rollback</p>

<p>19525 AREZZO STREET, Lake Forest, CA 92679


List Price: $299,000


Last Sale: 11/26/03


Sales Price: $334,000


Bedrooms: 2


Full Baths: 2


Partial Baths: 1


Square Feet: 1,205


Lot Size: 6,696 Sq. Ft.


Year Built: 1994


Listing Date: 10/15/07


On Market: 2 days


Type: CONDO/TH


Status: ACTIVE


MLS #: S509370


</p>
 
<p>And these are asking prices. . .</p>

<p>Taking 10% off, we could afford to live there. . if we were willing to live in a place half the size we have now.</p>

<p>The space coast has nice weather too, except in the summer. And no earthquakes.</p>

<p> </p>

<p> </p>
 
Exactly, going back to '02 to early '03 would be my expectations for irvine. For areas like the IE, I imagine it could go lower. From 2002 to late '03 some of the brand new housing tracts in turtle ridge increased 66% in one year.
 
I'm at a bit of a loss trying to guess what the 2003 price would have been for newer areas built in 2004, like Quail Hill or Turtle Ridge. Does anyone know any comparable Irvine properties built in 2003 I can keep my eye on?
 
<p>When we bought our house in 2003 we did so thinking that propery values had been somewhat nuts for at least a couple of years, and we half expected to be upside down on the property at some point. House prices were going up $20-40k per month even then. Looking at the Shiller home price index going back to 1890, and especially allowing for the credible scenario of rising inflation, should we be the least bit surprised to find prices falling to levels last seen in the late '90s? I don't think so.</p>

<p>http://graphics8.nytimes.com/images/2006/08/26/weekinreview/27leon_graph2.large.gif</p>
 
<p>Featured at http://www.southoctracker.com/.Definately a 2003 rollback.


26861 GOYA CIRCLE, Mission Viejo, CA 92691**


List Price: $711,900


Last Sale: 11/20/06


Sales Price: $938,212


Bedrooms: 6


Full Baths: 4


Partial Baths: 0


Square Feet: 3,268


Lot Size: 8,250 Sq. Ft.


Year Built: 1969


Listing Date: 01/16/07


On Market: 287 days


Type: CONDO/TH


Status: ACTIVE


MLS #: I100269 </p>

<p>Date Price Appreciation


11/20/2006 $938,212 -8.1%/yr


01/03/2005 $1,100,000 31.3%/yr


06/11/2003 $718,000 18.6%/yr


09/15/1999 $380,000 13.8%/yr


06/23/1997 $285,000 --


</p>
 
<a href="http://cagle.com/caglecards/main.asp?image=/news/HousingMarket07/images/bennett.jpg"><img height="368" width="504" align="bottom" border="0" naturalsizeflag="3" alt="" src="http://cagle.com/news/HousingMarket07/images/bennett.jpg" /></a>
 
Profette,





Great cartoon.





It never ceases to amaze me what realtors put in their descriptions on the MLS and other RE sites. Things like......."hurry, this home will sell fast"........ and then they price the home at high 2006 prices.





Your probably remember a year ago when Gary Watts was telling real estate agents not to put "price reduced" for sale signs because it would cause consumers to lose confidence in the real estate markets......ha ha.
 
The "won't last" tactic is the single most annoying thing a real estate agent can put in a MLS listing.





Even more annoying than CAPS LOCK, ***asterisks***, or "gourmet kitchen" with white tiles.
 
<p>The Goya house is at least a biggish house on a biggish lot.</p>

<p>What a loss!! And it's been on the mkt for a while.</p>

<p>What would it have to cost for you guys to want to buy it?</p>

<p>$500,000? less?</p>
 
Slightly above what it sold for in 99 probably. 400k sounds right.





If it were in the heart of Irvine close to industry, it deserves more due to it's convenience. But suburbs should be priced accordingly.
 
<p><em>Date Price Appreciation


11/20/2006 $938,212 -8.1%/yr


01/03/2005 $1,100,000 31.3%/yr


06/11/2003 $718,000 18.6%/yr


09/15/1999 $380,000 13.8%/yr


06/23/1997 $285,000</em> </p>

<p></p>

<p>I wonder what the sales record looks like prior to 1997. Anyway to search it out? It was built in 1969. How many times have this place changed hands? When the bank clears the REO, it'll be close to 5 owners in ten years. The average hold period looks be about 30 months. </p>

<p>That's a rental with a 6% surcharge to leave and 1% annual taxes.</p>
 
If you work in Irvine and am looking in nearby cities, you should take a drive around morning rush hour and check traffic conditions on the roads. Some are pretty clogged. The toll roads help a little if you care to spend the $.





As for prices, I think it started leaping from 1998'ish. I recall waiting on the side line and trying to save for 20% down payment. By 1999 it was obvious that it was a dumb idea and I had to buy ASAP with 95% loan.
 
Getting closer

11 MORNING SONG #18, Irvine, CA 92603

List Price: $469,000

Last Sale: 09/10/03

Sales Price: $408,000

Bedrooms: 2

Full Baths: 2

Partial Baths: 0

Square Feet: 1,090

Lot Size: N/A

Year Built: 1980

Listing Date: 11/27/07

On Market: 0 day

Type: CONDO/TH

Status: ACTIVE

MLS #: S513896

From Zip:

Description

Gorgous end unit in highly sought after turtle rock community! Surrounded by greenbelt. Details to come soon.
 
<p>You California guys think this is approaching reasonable for this measelly amount of square feet? In a really nice neighborhood here they would never have built such a small unit in the first place.</p>
 
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