Real Estate Awards (Mega Schadenfreude)

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Listing Price History

Date

Price

Feb 22, 2007

$1,599,000

Mar 01, 2007

$1,499,000

May 04, 2007

$1,349,000

Jul 21, 2007

$1,299,000

Nov 07, 2007

$1,249,000

Feb 27, 2008

$1,149,000

That pesky Santiago fire last year took some of the shine off Modjeska Canyon...

http://www.redfin.com/stingray/do/printable-listing?listing-id=539756
 
For your consideration: a $300K nosedive in asking price and 303 DOM. (Psst! It's also a 29% loss!)

17552 Medford AVE

Tustin, CA 92780

Price: $550,000

$/Sq. Ft.: $227

Beds: 4

Baths: 3

Sq. Ft.: 2,425

Lot Size: 7,205 sq. ft.

Sale History:

May 16, 1991 $300,000

Apr 06, 2005 $780,000

Listing Price History

Jun 02, 2007 $850,000

Jun 30, 2007 $815,000

Jul 22, 2007 $799,900

Jul 31, 2007 $790,000

Sep 25, 2007 $782,000

Oct 04, 2007 $780,000

Oct 09, 2007 $760,000

Oct 31, 2007 $740,000

Feb 10, 2008 $550,000

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http://www.redfin.com/stingray/do/printable-listing?listing-id=800834
 
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www.redfin.com/stingray/do/printable-listing

This condo is nearby to where I live at east woodbridge lake. Mostly elderly people and small white dogs with screeching barks live there. Not an attractive area for younger or middle aged folks.

Assuming we finance this property with nothing down:

Results

$869,900.00

Purchase Price

$0.00

0% Downpayment

$869,900.00

Mortgage

$1,109,509.51

Interest Paid over the Life of Mortgage

Monthly Cost Breakdown

$5,498.36

Monthly Mortgage Payment @ 6.5%

$724.92

Property Taxes @ 1%

$181.23

Homeowners Insurance @ 0.25%

$0.00

Special Taxes and Levies @ 0%

$333.00

Homeowners Associate Dues or Fees

$1,087.38

Maintenance and Replacement Reserves @ 1.5%

$7,824.88

Total Monthly Cash Outflow
 
continued...

Assuming we put 20% down:

Results

$869,900.00

Purchase Price

$173,980.00

20% Downpayment

$695,920.00

Mortgage

$887,607.60

Interest Paid over the Life of Mortgage

Monthly Cost Breakdown

$4,398.69

Monthly Mortgage Payment @ 6.5%

$724.92

Property Taxes @ 1%

$181.23

Homeowners Insurance @ 0.25%

$0.00

Special Taxes and Levies @ 0%

$333.00

Homeowners Associate Dues or Fees

$1,087.38

Maintenance and Replacement Reserves @ 1.5%

$6,725.21

Total Monthly Cash Outflow

Assuming somebody has mounts of equity from their former residence and puts 50% down:

Results

$869,900.00

Purchase Price

$434,950.00

50% Downpayment

$434,950.00

Mortgage

$554,754.75

Interest Paid over the Life of Mortgage

Monthly Cost Breakdown

$2,749.18

Monthly Mortgage Payment @ 6.5%

$724.92

Property Taxes @ 1%

$181.23

Homeowners Insurance @ 0.25%

$0.00

Special Taxes and Levies @ 0%

$333.00

Homeowners Associate Dues or Fees

$1,087.38

Maintenance and Replacement Reserves @ 1.5%

$5,075.70

Total Monthly Cash Outflow

How many elderly people do you know with this kind of cash flow?
 
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16636 SONORA DRIVE, Tustin, CA 92782

He has been trying to sell this for over a year

Price Reduced: 09/20/07 -- $995,000 to $970,000

Price Reduced: 10/04/07 -- $970,000 to $949,800

Price Reduced: 10/20/07 -- $949,800 to $930,000

Price Reduced: 03/15/08 -- $930,000 to $899,800
 
Oh we are hitting the high end? OK try this one on for size..nothin like carrying a 2.9 million dollar mortgage for 481 days and lowering your price (and expectations of profit) over 1.5 million dollars...that's gonna leave a mark

http://www.redfin.com/stingray/do/printable-listing?listing-id=468908

Price: $3,250,000

On Redfin:

481 days

Listing Price History

Date

Price

Jan 29, 2007

$4,800,000

Feb 03, 2007

$4,299,000

Mar 16, 2007

$4,199,000

Jul 31, 2007

$3,999,000

Oct 26, 2007

$3,550,000

Jan 14, 2008

$3,250,000

Date

Price

Appreciation

Jun 19, 2002

$1,800,000

--

Apr 02, 2004

$2,500,000

20.2%/yr

Jul 16, 2004

$2,900,000

67.6%/yr
 
The high end is utterly disgusting. When you're not watchin' American idol one night, take a look at redfin.com. Search for properties between 2-5 million in OC. When you see the recent sales prices you will have a myocardial infarction.

I think in some ways the high end was inflated the most. The people who were making tons of money and had poor saving habits bought these places hoping to get super duper rich. A 20% gain on a million dollar property is 200,000 where a 10% gain on a 500k place is only 100,000. Big difference in $$$ amount.

Considering the insane leverage abilities (100% financing), the belief that real estate always goes up, and the high end is immune, the high priced properties went to the moon. The posers and speculators have been driven out of the market. The smart people who actually have big bucks are sitting on the sidelines. It's only down from here!
 
Screw Idol. I'm enjoying Super Nanny right now... Makes me feel like Super Parent!

239 properties priced over $1M right now in Irvine. That's a fourth of the friggin' inventory. I think we definitely could have a top down driven decline in Irvine.
 
What the hell LM this guy can't make up his mind what this house is worth. If you graph his price history it lools like a heartbeat. But also it is in Newport Coast and nothng there is under a mil these days.

Jul 12, 2007

$2,495,000

Aug 25, 2007

$2,295,000

Aug 25, 2007

$2,495,000

Aug 25, 2007

$2,295,000

Sep 05, 2007

$2,200,000

Nov 03, 2007

$2,225,000

Dec 19, 2007

$2,299,000

Jan 14, 2008

$2,295,000

Feb 17, 2008

$2,290,000
 
OMG look at this!

Purchased 12/30/2004 for $956,000

Listed at $2,895,000!! On the market for eight months!

That means from the time the home was purchased to the time it was listed was only 2 1/2 years!

This nincompoop is looking for a payday of $1,939,000 in only 30 months. WTF? Why even work? You could have refinanced one time and lived off the tax-free cash and lived like a king.

http://redfin.com/stingray/do/printable-listing?listing-id=994997
 
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