ipoplaya_IHB
New member
For Westpark lovers, this place on Calavera, an REO, just closed for $810K. That price is 10% less than the May 2004 purchase price...
What's going into escrow - Irvine and maybe some Tustin too
- Thread starter ipoplaya_IHB
- Start date
NEW -> Contingent Buyer Assistance Program
http://www.irvinehousingblog.com/blog/comments/pain/
I thought it would go for more than the $819k list (which I thought was a Short Sale teaser listing price) but I never saw the inside which other commenters said was not very good.
Whew... I wonder how much the listed $839k Arbusto is going to contract for considering it's a bigger and nicer plan.
I don't think the data is horribly meaningful. The RE market came crashing to a halt last Fall when jumbo loan rates went through the roof. Transaction volumes a year ago were very low as a result.
I think the YOY comparisons of DQ data will be more meaningful once the spring and summer come around as that is when transactions volume finally started picking back up last year...
I heard the closing price was $900k. Is it a 2003 rollback?
If you mean 2 Malibu closing for $900K, I think it would be 2003 but I'd have to verify. I don't see any last sale info for it so IR2 would need to supply.
2 Malibu still shows as accepting backup offers in MLS. Based on the assessed prop tax value of $649K today, I assume these were original buyers that purchased in 2000 for mid to high $500s. If that is true, and they sold for $900K, it would be rollback to late Dec 2003 prices per Case-Shiller.
It will be bought by my friend, who told me the price. The escrow will close this Friday. Will it drag down the price for other Northpark houses?
It may. It's going for a considerable discount compared to other recent closings in that area. The last couple of closes in NP have been 2400sf places that sold for $850Kish. I don't believe one comp drags down prices. It could put pricing pressure on future sales there, but ultimately buyers may elect to keep paying 2004 prices for NP properties and this sale will be an aberration.
I do hope it puts a drag on prices in NP and my beloved NW Pointe though...
Let’s hope so.
Ipop and I briefly discussed 2 Malibu
It's a great place and listed at a very nice price point.
The only drawback for me was it’s proximity to Culver.
It’s closing price as well as the other one across Culver should bring pricing below $300/ft. levels.
Very promising thus far.
According to Dataquick, OC price is down 27% , with 3% less sales when compared with 2007.
Irvine seems to be doing not bad with the exception of 92612 ( I suspect if you take out the highrises condos, that number is a lot better than -26%)
zip code 92603 and zip code 92620 (woodbury, northwood) seem to be just fine with down just 8%.
also i found it to be odd that 92782 is only down 1%. I thought that is the zip for tustin field area, which has been doing badly?
92603 is Turtle Rock.
In 92782 a year ago, there would probably would have been a number of smaller units closing in Columbus Grove. As those complexes sold out long ago, the only new construction moving in CG nowadays would be Madison properties and Ciara properties I believe. There has been more turnover in larger Tustin Field places than the condo units of late as well I believe. That'll push the median.
Prices haven't been falling much, at least on larger or newer properties, for a while now. Many of the closings this month are firmly 2004 pricing. The sample size is still small for January, but the numbers are darn close to September in terms of average CS index value. One more close with 2004 pricing and I'll be showing an increase in CS value for January...
No front door, gotta enter through the garage.
It's a progressive space-saving manuever. No one uses the front door anyway...
6 Los Olivos is the funny one... Asking for $300K, 20%, over their 2004 purchase price.
The front door faces north. You need to enter the front door from the side yard.
irvine_home_owner_IHB
New member
This was the one featured on the Blog and had misreported square footage:ipoplaya said:
http://www.irvinehousingblog.com/blog/comments/pain/
I thought it would go for more than the $819k list (which I thought was a Short Sale teaser listing price) but I never saw the inside which other commenters said was not very good.
Whew... I wonder how much the listed $839k Arbusto is going to contract for considering it's a bigger and nicer plan.
irvine123_IHB
New member
IPO,
OCRegister data shows that zip code 92612 and 92620 had two consective months of YTY price increase, and YTY transaction increase. Give the fact that high dollar value homes are not moving much, what do those data tell us if any?
OCRegister data shows that zip code 92612 and 92620 had two consective months of YTY price increase, and YTY transaction increase. Give the fact that high dollar value homes are not moving much, what do those data tell us if any?
ipoplaya_IHB
New member
irvine123 said:
I don't think the data is horribly meaningful. The RE market came crashing to a halt last Fall when jumbo loan rates went through the roof. Transaction volumes a year ago were very low as a result.
I think the YOY comparisons of DQ data will be more meaningful once the spring and summer come around as that is when transactions volume finally started picking back up last year...
luckyguy_IHB
New member
ipoplaya said:
I heard the closing price was $900k. Is it a 2003 rollback?
ipoplaya_IHB
New member
luckyguy said:
If you mean 2 Malibu closing for $900K, I think it would be 2003 but I'd have to verify. I don't see any last sale info for it so IR2 would need to supply.
2 Malibu still shows as accepting backup offers in MLS. Based on the assessed prop tax value of $649K today, I assume these were original buyers that purchased in 2000 for mid to high $500s. If that is true, and they sold for $900K, it would be rollback to late Dec 2003 prices per Case-Shiller.
luckyguy_IHB
New member
ipoplaya said:
It will be bought by my friend, who told me the price. The escrow will close this Friday. Will it drag down the price for other Northpark houses?
ipoplaya_IHB
New member
luckyguy said:
It may. It's going for a considerable discount compared to other recent closings in that area. The last couple of closes in NP have been 2400sf places that sold for $850Kish. I don't believe one comp drags down prices. It could put pricing pressure on future sales there, but ultimately buyers may elect to keep paying 2004 prices for NP properties and this sale will be an aberration.
I do hope it puts a drag on prices in NP and my beloved NW Pointe though...
tenmagnet_IHB
New member
ipoplaya said:
Let’s hope so.
Ipop and I briefly discussed 2 Malibu
It's a great place and listed at a very nice price point.
The only drawback for me was it’s proximity to Culver.
It’s closing price as well as the other one across Culver should bring pricing below $300/ft. levels.
Very promising thus far.
awgee_IHB
New member
According to DataQuick
zip med price YOY % decline
Irvine 92602 $647,000 -10.7%
Irvine 92603 $825,000 -7.8%
Irvine 92604 $540,000 -14.1%
Irvine 92606 $582,250 -13.9%
Irvine 92612 $457,750 -26.1%
Irvine 92614 $495,000 -10.2%
Irvine 92618 $540,000 -10.9%
Irvine 92620 $655,000 -8.4%
zip med price YOY % decline
Irvine 92602 $647,000 -10.7%
Irvine 92603 $825,000 -7.8%
Irvine 92604 $540,000 -14.1%
Irvine 92606 $582,250 -13.9%
Irvine 92612 $457,750 -26.1%
Irvine 92614 $495,000 -10.2%
Irvine 92618 $540,000 -10.9%
Irvine 92620 $655,000 -8.4%
irvine123_IHB
New member
awgee said:
According to Dataquick, OC price is down 27% , with 3% less sales when compared with 2007.
Irvine seems to be doing not bad with the exception of 92612 ( I suspect if you take out the highrises condos, that number is a lot better than -26%)
zip code 92603 and zip code 92620 (woodbury, northwood) seem to be just fine with down just 8%.
also i found it to be odd that 92782 is only down 1%. I thought that is the zip for tustin field area, which has been doing badly?
nefron_IHB
New member
irvine123 said:
92603 is Turtle Rock.
ipoplaya_IHB
New member
irvine123 said:
In 92782 a year ago, there would probably would have been a number of smaller units closing in Columbus Grove. As those complexes sold out long ago, the only new construction moving in CG nowadays would be Madison properties and Ciara properties I believe. There has been more turnover in larger Tustin Field places than the condo units of late as well I believe. That'll push the median.
Prices haven't been falling much, at least on larger or newer properties, for a while now. Many of the closings this month are firmly 2004 pricing. The sample size is still small for January, but the numbers are darn close to September in terms of average CS index value. One more close with 2004 pricing and I'll be showing an increase in CS value for January...
ipoplaya_IHB
New member
Goofy said:
No front door, gotta enter through the garage.
It's a progressive space-saving manuever. No one uses the front door anyway...
irvine_home_owner_IHB
New member
In my next house... I'm having the front door removed... so I can build my 3rd car garage in front of it.ipoplaya said:No front door, gotta enter through the garage.
It's a progressive space-saving manuever. No one uses the front door anyway...
ipoplaya_IHB
New member
Wow, 2 Malibu was a deep rollback into 2003 price equivalents. It's a 168 CS index at a $900K price. The original neighbor at 6 Malibu paid a very similar but lower price in 2000 for their property but got it re-sold for $1.067M in March of 2008.
In other words, the guy next door to 2 Malibu is probably down least $125K in around 10 months time... Ouch.
Why in the hell is there no 4 Malibu I wonder?
In other words, the guy next door to 2 Malibu is probably down least $125K in around 10 months time... Ouch.
Why in the hell is there no 4 Malibu I wonder?
tenmagnet_IHB
New member
35 Malibu is still available.
They obviously didn’t get the memo either asking $1.5M ( $374/ft)
They obviously didn’t get the memo either asking $1.5M ( $374/ft)
ipoplaya_IHB
New member
tenmagnet said:
6 Los Olivos is the funny one... Asking for $300K, 20%, over their 2004 purchase price.
luckyguy_IHB
New member
ipoplaya said:Goofy said:
No front door, gotta enter through the garage.
It's a progressive space-saving manuever. No one uses the front door anyway...
The front door faces north. You need to enter the front door from the side yard.