irvine123_IHB
New member
any idea the no of short sales shows as "backup" in the 185 homes?
A new escrow thread for a new housing market...
- Thread starter ipoplaya_IHB
- Start date
NEW -> Contingent Buyer Assistance Program
I unfortunately have 15 new escrows not yet updated to offset that loss of 2... That's 15 new in the span of two days.
WE'VE HIT BOTTOM!!!
Just kidding.
Yeah, but you got out of the neighborhood right before I moved in, and you really can't put a price tag on the value of that smart move....
Are you regretting selling your house?
Yup. If my company wasn't going under and my employment coming to an end, probably not nearly as much so. If we were still in the condo, we'd be able to eek out monthly break-even with my UI income. In the rental, even with UI, it'll mean dipping into savings by $1K per month. I hate spending reserves.
Yessir, I am paying way more to rent. Bigger spend for a bigger place...
I don't think prices have fallen that much in QH either. 90 Canopy just closed with a 221 CS. 8 Tall Oak was a 227. When the cost of upgrades is factored in to the basis on your old condo, your sale was a 228 CS value. If you'd have paid for labor on those upgrades vs. doing in yourself, your CS number would have probably have been around 220 meaning the two most recent sales would have actually been higher relative to yours.
I bet you'd be able to sell your old place today for $600K.
ipoplaya_IHB
New member
Lots of closes have come through recently. Prices, as indicated via 3-month moving average, continue to head up:
Some of the increase is probably related to product mix. More higher-end properties have sold in June, as evidenced by the materially higher median price, and prices on these higher price point homes have been stickier than their cheaper cousins.
I am amazed at the holding power of Woodbury. Two closes there this week on Regal. They averaged only 13% off peak...
Some of the increase is probably related to product mix. More higher-end properties have sold in June, as evidenced by the materially higher median price, and prices on these higher price point homes have been stickier than their cheaper cousins.
I am amazed at the holding power of Woodbury. Two closes there this week on Regal. They averaged only 13% off peak...
usctrojanman29_IHB
New member
I noticed 2 more properties fell out of escrow today, including one that was pending.
usctrojanman29_IHB
New member
I noticed 61 Duet got into escrow on the 13th. Wow, I wonder if it will close around $550k or under $300/sf. That would be over a 10% discount to my condo.ipoplaya said:
Cuatro_IHB
New member
http://irvinehomes.freedomblogging.com/2009/06/15/six-irvine-zips-see-home-sales-rise/
I caught this short article breaking down Irvine May sales by zip code using DataQuick numbers. Average price down, number of sales up vs a year ago. Nothing shocking but it's a quick/dirty look at local figures.
I caught this short article breaking down Irvine May sales by zip code using DataQuick numbers. Average price down, number of sales up vs a year ago. Nothing shocking but it's a quick/dirty look at local figures.
ipoplaya_IHB
New member
usctrojanman29 said:
I unfortunately have 15 new escrows not yet updated to offset that loss of 2... That's 15 new in the span of two days.
irvine_home_owner_IHB
New member
And the OCRegister reports that the median went above $400k for the first time in 7 months.ipoplaya said:
WE'VE HIT BOTTOM!!!
Just kidding.
usctrojanman29_IHB
New member
Yeah, but all those escrows are just sitting and sitting...I don't see a lot of closings. Btw, I personally know of one listing in escrow that is listed as "pending" while the listing agent waits for an answer from the bank on a short sale.ipoplaya said:
ipoplaya_IHB
New member
Not a lot of closings? I have 65 so far this month, which is a little slower than May it feels, but not slow...
The rally continues:
A condo just like my old one recently closed for $602K. It was in NP, which commands a premium for the same model, but didn't have granite, crown, built-ins, etc. or the premium associated with the location of my old place. I got $604K a year ago and based on this most recent comp, would probably get right around $600K if I still owned and sold today.
What that tells me is that the recent price rally has undone all the depreciation from last summer... I paid much more to rent over the past year so I've actually lost money by selling a year ago.
The rally continues:
A condo just like my old one recently closed for $602K. It was in NP, which commands a premium for the same model, but didn't have granite, crown, built-ins, etc. or the premium associated with the location of my old place. I got $604K a year ago and based on this most recent comp, would probably get right around $600K if I still owned and sold today.
What that tells me is that the recent price rally has undone all the depreciation from last summer... I paid much more to rent over the past year so I've actually lost money by selling a year ago.
kcmkane_IHB
New member
ipoplaya said:
Yeah, but you got out of the neighborhood right before I moved in, and you really can't put a price tag on the value of that smart move....
irvine123_IHB
New member
Timing the market is tricky for most people, as it is hard to predict the unpredictables. I sold a portion of my investments on the way down, and I was happy that I sold it when Dow finally hit 6700. Guess what, I would have been better off today if I have stayed put.
Stuff It_IHB
New member
ipoplaya said:Not a lot of closings? I have 65 so far this month, which is a little slower than May it feels, but not slow...
The rally continues:
A condo just like my old one recently closed for $602K. It was in NP, which commands a premium for the same model, but didn't have granite, crown, built-ins, etc. or the premium associated with the location of my old place. I got $604K a year ago and based on this most recent comp, would probably get right around $600K if I still owned and sold today.
What that tells me is that the recent price rally has undone all the depreciation from last summer... I paid much more to rent over the past year so I've actually lost money by selling a year ago.
Are you regretting selling your house?
ipoplaya_IHB
New member
Stuff It said:
Yup. If my company wasn't going under and my employment coming to an end, probably not nearly as much so. If we were still in the condo, we'd be able to eek out monthly break-even with my UI income. In the rental, even with UI, it'll mean dipping into savings by $1K per month. I hate spending reserves.
irvine_home_owner_IHB
New member
I must have missed this. You're paying more to rent? I thought you were paying the same so you were basically getting a bigger SFR for the same monthly cost.ipoplaya said:
rickhunter_IHB
New member
IPO - Sorry to hear this. I hope it gets better for you. I know you were fighting the decision to sell for awhile. GOOD LUCK!
ipoplaya said:
usctrojanman29_IHB
New member
Don't worry, in due time your decision to sell will look like a great call. Prices for my old condos are down to the high $500k.ipoplaya said:
ipoplaya_IHB
New member
irvine_home_owner said:
Yessir, I am paying way more to rent. Bigger spend for a bigger place...
ipoplaya_IHB
New member
usctrojanman29 said:
I don't think prices have fallen that much in QH either. 90 Canopy just closed with a 221 CS. 8 Tall Oak was a 227. When the cost of upgrades is factored in to the basis on your old condo, your sale was a 228 CS value. If you'd have paid for labor on those upgrades vs. doing in yourself, your CS number would have probably have been around 220 meaning the two most recent sales would have actually been higher relative to yours.
I bet you'd be able to sell your old place today for $600K.