Losses Outside of Irvine

NEW -> Contingent Buyer Assistance Program
<a href="http://tinyurl.com/2fvwo7">Here's a loss that's way outside of Irvine</a>. Detroit, actually. Pretty sad...





<img width="200" height="133" src="http://p.rdcpix.com/v01/l62a53641-m0l.jpg" alt="" />


<strong>Asking price: </strong>$100


<strong>Asking price/sq ft:</strong> $0.14


<strong>Description:</strong> 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'
 
<p>35% loss in Orange.</p>

<p>2745 East Bennett AVE


Orange, CA 92869 </p>

<p><strong>Price: $519,000 </strong></p>

<p>$/Sq. Ft.: $222</p>

<p>Beds: 5


Baths: 2


Sq. Ft.: 2,338


Lot Size: 8,500 sq. ft. </p>

<p>Sale History:</p>

May 12, 1988 $200,000


Dec 09, 2002 $465,000


<strong>Apr 26, 2006 $799,000 </strong>


<p>


<img alt="" src="http://i-0.rfimg.us/photo/46/bigphoto/301/P627301_1_1.jpg" /> </p>

<img alt="" src="http://i-0.rfimg.us/photo/46/bigphoto/301/P627301_1.jpg" />

<p> </p>

<p><a href="http://www.redfin.com/stingray/do/printable-listing?listing-id=1558310">http://www.redfin.com/stingray/do/printable-listing?listing-id=1558310</a></p>
 
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.
 
<p><a href="http://redfin.com/stingray/do/printable-listing?listing-id=1573869">http://redfin.com/stingray/do/printable-listing?listing-id=1573869</a></p>





17321 Flame Tree CIR Fountain Valley, CA 92708

Price: $799,900

<a style="TEXT-DECORATION: none" href="http://www.redfin.com/stingray/do/how-you-save?direct-section=buy">Buy with Redfin and Save $15,998*</a>









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









<img style="VERTICAL-ALIGN: middle" alt="" src="http://p1.rfimg.us/v4.5.3/images/icon_pq_new.gif" /> New Listing (24 hours)













<p>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. </p>



Sales History







<thead>



Date

Price

Appreciation



</thead>





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











<p> </p>
 
58% off in Santa Ana...


<a href="http://i-0.rfimg.us/photo/46/bigphoto/924/P620924_0.jpg" target="_blank"><img width="300" height="225" src="http://i-0.rfimg.us/photo/46/bigphoto/924/P620924_0.jpg" alt="" /></a>


<a href="http://www.redfin.com/stingray/do/printable-listing?listing-id=1454404">2144 South Ross ST</a> , Santa Ana, CA 92707


<strong> Asking: </strong>$284,900


Sales history:




<thead>

Date



Price



Appreciation



</thead>









Jun 29, 1988



$132,000





--













Oct 01, 1993



$156,000





3.2%/yr













May 19, 2006



$562,000





10.7%/yr













May 21, 2007



$675,000





20.0%/yr






 
And, <a href="http://www.redfin.com/stingray/do/printable-listing?listing-id=1497016">another down the street</a> that's 51% off the peak price and $25k away from the 2002 price:





<a target="_blank" href="http://i-0.rfimg.us/photo/46/bigphoto/608/P623608_0.jpg"><img width="300" height="183" alt="" src="http://i-0.rfimg.us/photo/46/bigphoto/608/P623608_0.jpg" />





</a> 221 East Anahurst PL


<strong>Asking price: </strong>$330,000


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







<thead>

Date



Price



Appreciation



</thead>









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






 
<p>41% loss in Tustin. And seriously people? $620K for a 740 sq ft "cottage"? That buyer was the real nutter. </p>

<p>1081 West Bonita ST


Tustin, CA 92780 </p>

<p><strong>Price: $362,900 </strong></p>

<p>$/Sq. Ft.: $490</p>

<p>Beds: 2


Baths: 1


Sq. Ft.: 740


Lot Size: 6,001 sq. ft. </p>

<p>Sale History:</p>

Oct 03, 1989 $85,000


Oct 28, 2004 $360,000


<strong>Apr 03, 2007 $620,000 </strong>


Jan 17, 2008 $337,500


<p>


<img alt="" src="http://i-0.rfimg.us/photo/46/bigphoto/944/S520944_0.jpg" /> </p>

<img alt="" src="http://i-0.rfimg.us/photo/46/bigphoto/944/S520944_2_0.jpg" />

<p> </p>

<p><a href="http://www.redfin.com/stingray/do/printable-listing?listing-id=1464810">http://www.redfin.com/stingray/do/printable-listing?listing-id=1464810</a></p>
 
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.
 
From $700k in 2006 to $364,900 asking price for an REO in Santa Ana...<strong>$335,100 depreciation (48%) if sold for full asking price.</strong>



<a href="http://www.redfin.com/stingray/do/printable-listing?listing-id=1605967">1523 W 12th St, 92703</a>



Sales History

Apr 16, 1999 $154,500



Feb 19, 2002 $268,000



Apr 29, 2005 $520,000



Oct 25, 2006 $700,000



<img src="http://i-0.rfimg.us/photo/45/bigphoto/188/T08047188_0.jpg" alt="" />
 
<p>37% loss in Tustin in about a year. Ouch.</p>



<p>13412 Charloma DR

Tustin, CA 92780 </p>


<p><strong>Price: $449,900 </strong></p>


<p>$/Sq. Ft.: $287</p>

<p>Beds: 3

Baths: 2

Sq. Ft.: 1,565

Lot Size: 7,350 sq. ft. </p>


<p>Sale History:</p>

Nov 30, 2005 $657,500

<strong>Mar 22, 2007 $715,000</strong>

<p>


<img alt="" src="http://i-0.rfimg.us/photo/46/bigphoto/440/P630440_0.jpg" /> </p>

<p><a href="http://www.redfin.com/stingray/do/printable-listing?listing-id=1611823">http://www.redfin.com/stingray/do/printable-listing?listing-id=1611823</a></p></blockquote>
 
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.
 
<a href="http://www.redfin.com/stingray/do/printable-listing?listing-id=803115">In Inglewood</a>:

Asking price: $330,000

<strong>Previous sales price in 2005:</strong> $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:

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

<strong>2nd loan:</strong> $92,000 fixed-rate also from WMC





<img src="http://i-0.rfimg.us/photo/40/bigphoto/729/07-190729_1.jpg" alt="" />
 
You must log in or register to reply here.
Back
Top