Losses Outside of Irvine

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Here's a loss that's way outside of Irvine. Detroit, actually. Pretty sad...

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Asking price: $100

Asking price/sq ft: $0.14

Description: SUBJ SOLD AS-IS. NO SELLERS DISC. SELLER MAY CONSIDER DONATING TO CHARITABLE ORGANIZATION.
 
That "asking price" on the Magnolia property was in fact the starting auction price. Here's what the description said:

'Property To Be Sold At Public Auction Event March 15Th At The Pomona Fairplex. List Price Is The Starting Bid For This Home, Subject To A Reserve Price And Lender Confirmation. You May Bid At The Auction, Or Via Live Internet Web Cast, Or Via Absentee Bid ( Written Offer ) Submitted In Advance Of The Auction. No Offers Will Be Accepted Prior To Auction. Homes Open For Inspection From 10Am To 4Pm On Sat And Sun March 8Th And 9Th. For Property And Auction Information Contact Listing Broker'
 
That Orange property is "state of the market" prices too. 799,000 sounded like a lot, but it's 341/sq. ft., about the same price as houses in my neighborhood were. It was a typical bubble price. And there's a comp across the street from last month for 219/sq. ft., almost identical to the 217/sq. ft. on this asking price. By IR's and my estimates, that's almost a post-bubble price too.
 
http://redfin.com/stingray/do/printable-listing?listing-id=1573869

17321 Flame Tree CIR Fountain Valley, CA 92708

Price: $799,900

Buy with Redfin and Save $15,998*

Beds:

4

Baths:

3

Sq. Ft.:

3,040

$/Sq. Ft.:

$263

Lot Size:

7,200 Sq. Ft.

Type:

Single Family Residence

Style:

Other

Year Built:

1976

Stories:

Two Levels

County:

Orange

MLS#:

P628122

Status:

Active

On Redfin:

1 day

icon_pq_new.gif
New Listing (24 hours)

ABSOLUTELY BEAUTIFUL HOUSE!! Well maintained immaculate home interior tract location. High vaulted ceilings in front room make the home feel much larger than sq. ft. shows. One downstairs bedroom and bath perfect for guest, relative or office. Backyard and patio excellent for entertaining with a pool and jacuzzi. LOCATED CONVENIENTLY TO 405,39, AND 22 FREEWAYS. LESS THAN 7 MILES TO THE BEST OC BEACHES. YOU MUST COME AND TAKE A LOOK AT THIS EXCELLENT BARGAIN. Buyer to pay $75. doc fee paid by buyer at closing.

Sales History

Date

Price

Appreciation

Aug 14, 1990

$357,000

--

Dec 19, 2001

$460,000

2.3%/yr

Jun 21, 2002

$520,000

27.6%/yr

Feb 27, 2006

$1,045,000

20.8%/yr

Dec 01, 2006

$1,200,000

20.0%/yr

Dec 12, 2007

$837,000

-29.5%/yr
 
And, another down the street that's 51% off the peak price and $25k away from the 2002 price:

221 East Anahurst PL

Asking price: $330,000

3 BEDROOM, 2 BATH, GATED FRONT YARD, LOCATED IN THE HEART OF ORANGE COUNTY. CLOSE TO SCHOOLS, SHOPPING CENTERS, ENTERTAINMENT ETC. .. .

Date

Price

Appreciation

Feb 09, 1990

$170,000

--

Dec 06, 2002

$305,000

4.7%/yr

Nov 24, 2004

$475,000

25.2%/yr

Dec 06, 2005

$608,000

27.0%/yr

Aug 04, 2006

$670,000

15.9%/yr

Aug 23, 2007

$480,683

-27.1%/yr
 
These houses purchase prices were sheer insanity. I mean, I try not to comment on Cali prices, since I've never been to your state, but, but, they are so unbelievable, I just have to put in my 2 cents.
 
What is the most amazing part of these Santa Ana prices is that the neighborhhod is that it is hardcore gangland, with shootings and crime galore. I would love a home of that size and price, but the neighborhood is very, very dangerous.
 
LL, those prices look crazy even to people with California eyes.

The Tustin cottage might make sense as a land purchase (in the context of bubble prices). Looks like you could have subdivided the property and built two homes. But then the inside has obviously been remodeled recently, so go figure.
 
Sorry that I have no photos or anything but as I was driving down the 15, I decided to go check out the "new large homes" off of Indian Truck Rd. My GF and I looked at a set of 3200sq. ft houses with no knowledge of the prices as no one was available in the sales office. My GF guessed 700,000 as they were brand new. We decide to go look at what we'd get for 500k in Corona and went to another area. We saw the placards with 3200sq. foot plans so we were about to leave and then the man handed us a price sheet, 360k-390k! I could not believe that prices. So I drove to the top of the hill, through the gates, and went to check out some other homes. 4400-4800 from mid 600's, and she said that they were asking in the 800s before. So that is like 150k.

Today I spoke with a friend and she said that most of the houses in the community are empty and I actually saw a few too many for sale signs as it was. Looks like that area may start getting even cheaper.
 
In Inglewood:

Asking price: $330,000

Previous sales price in 2005: $460,000

28% off; $149,800 loss if sale at full asking price minus commissions

Don't feel bad 'cause the buyer put nothing down:

1st loan: $368,000 adjustable from WMC Mortgage Corp (subprime subsidiary of GE)

2nd loan: $92,000 fixed-rate also from WMC

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