What's going into escrow - Irvine and maybe some Tustin too

NEW -> Contingent Buyer Assistance Program
For you Northpark watchers, looks like the sub $300 per sf on 10 Mineral King was a bit of an aberration. 22 Mineral King went for $645K...

Tossing out a couple of $500+ per sf closes, the average price per sf across the sales I've picked up is around $331. For all those forecasting $175-200 per sf prices at the bottom, you'll need another 40-50% drop from prices transacting in the market today.
 
They sound very reasonable to me, just very difficult to come by... All my 40-50% below list offers aren't getting much attention from sellers.
 
LOL. And in two years, they may look too high!

Like all good fairy tales, when the Magic Pixie Dust Financing expired at the stroke of midnight, the beautiful horse and carrige turned back into a rotting pumpkin and some rabies infected rats........and a lot of folks standing around scratching thier heads wondering what the hell just happened.
 
More escrows, more closes without issue:

www.ipoplaya.com

Looking at housingtracker.net, prices haven't moved down much in six weeks... Sellers are getting much more traffic these days, better offers, etc. I think. No one in Irvine appears to be in a big rush to cut prices and dump. That wasn't the case later last year when volume dried up.
 
Thank you for your continued tracking efforts IPO. It is greatly appreciated and very interesting to watch. We seriously considered putting in an offer of $600k on 22 Mineral King. Guess we would have looked silly on that, at least in February 2008. Maybe in February 2009.
 
Yikes, two homes in the $500/sq ft range. I'm still hoping for Tustin Ranch/Northpark/Woodbury homes in the 1-1.4M range to close in the $300-330 range. When I see that happening, I'm putting our home up for sale.
 
Just got a close price on 26 Teak Bridge in NW II... $1.075M. $350 per sf... They were probably $1.2-1.25M all-in after landscaping and such so only 12% or so off purchase or 16-18% off peak pricing.
 
If IR's post about the current REOs holds true (ie. the current REO's in current inventory are from the speculators who defaulted long ago) ... then you'd expect there to be a fall in inventory, an eye in the storm so to speak. Until the next wave (REOs due to loan resets & recession job losses) hit ....
 
excellent observation from IR. I noticed several foreclosures in woodbury that were abandoned by investors long time ago. Actually, no one actually lived there!
 
It appears as though the kool-aid man is alive and well in Northpark.

More fantasy pricing as 28 Oroville hits the market at $989K.

Next door, there’s 27 Oroville, which was supposedly bought at auction for $840K, now listed at $959K. When will the madness end?
 
What do you think 70 Rockport sells for? They’re asking $934K.

Will we finally see one of these in Northpark break into the high $800K mark? It's like a slow death waiting for prices to decline there.
 
But this surely won't have any effect on Irvine home sales because this is agency paper, $417,000 or less.

http://www.bloomberg.com/apps/news?pid=20601087&sid=a6YQBSTD2Rgg&refer=home
 
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