Irvine Condo Battles

NEW -> Contingent Buyer Assistance Program
TS, I meant no hostility to you (or any Asians).

As Trooper pointed out, realtORS like to (or I should say, used to like to) say that foreigners with lots of money will keep the demand for housing elevated. Although, now it appears that this isn't true.

To help drain my reservoir of schadenfreude, I like to make fun of things like that.

Now, what is funny is that last night, when I wrote that comment, the year 1996 was registering in my mind as 2006 (tired after a long work week). So, I was being saracastic about your friend "being happy right now." However, certainly she is since she bought at probably the best time - good for her! I wish I had money back then to buy, but I didn't and don't now because of the bubble.

So, I keep blogging to drain the reservoir...
 
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Two in this neighborhood are now asking below $400k:

1520 Timberwood - 2/1, 1,270 sq ft (pictured above) - $384,900

800 Timberwood - 1/1, 1,001 sq ft - $399,500

That second one has been on the market for about 5 months.
 
Wow, 1520 Timberwood is probably down to a 180-190 or so GRM. The condo/townhouse segment is getting destroyed by REOs... My West Irvine condo is running at about 200 GRM right now. At peak it was over 260.
 
I looked up a place in that neighborhood for rent, and that bottom unit looks like it could rent for $1750. That place has been offered for rent for a couple months, though, so it appears the price could be kind of high.
 
Regarding 1520 Timberwood, looks like someone just bought it in Jan/08 at $449K.

They’re already down 100K in 3months, am I reading that correctly?
 
Cali-g,

How can you tell if the bank took this one back?

Prior sale listed was Aug/04 at $474K.

I’m having a difficult time following you guys on this one.

Is this a short sale?

Thanks!
 
1520 Timberwood is bank owned, and the $449k price is what they took it back for. In other words, they offered it at the foreclosure auction for $449k, but no one bid, so the bank is the winning bidder at $449k and that is what price the trustee sale recorded at.

I hope that clears things up, I tend to forget that foreclosures are a foreign language for most.
 
Yeah, I don’t really follow the condo market, seems to be unraveling. Most of these appear to be newer and in nice locations, i.e. Northpark
 
Wow, 1520 Timberwood is probably down to a 180-190 or so GRM.

IPO, it's a 2/1. It's still well over 200 for GRM at 190, you're guesstimating a rent of $2000/month. Frankly, for the other 1/1 at 800 Timberwood, with $1200+ in Mello Roos, $235 in HOA a month, the right price for an investor is to drop the leading 3 from the price.
 
Yes, I am assuming a rent of $2000/month. One of my employees is going to lease a 1-bedroom 1000sf unit in that complex for $1750 and she's darn happy to do so. She is paying that much for her 800sf IAC apartment without attached garage. I don't think it unreasonable to expect another bedroom and 270 more square feet would fetch $250 more. Do you?

3-bedroom units in the 1600sf range have typically leased in that area for $2600-2800. Wouldn't a 2-bedroom place likely be somewhere between the 1-bedroom price of $1750 and the 3-bedroom price of perhaps $2700?
 
WTF? People must not be doing enough rental research. We just downsized to and are paying 1530 a month for an 820 sqft bedroom with a huge patio AND detached garage in Northpark. This is also in an IAC complex.
 
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