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

NEW -> Contingent Buyer Assistance Program
I guess people are still buying. I was surprised how quick these 3 disappeared from the MLS and entered escrow.

81 Sapphine sold in over a week 2000sq ft attached condo at West Irvine for 620K I believe

3 Zuma sold in 1 week 1900sqft attached condo at gated area of North Park Sq for 644K (smells like an REO)

111 Waterman sold in 2 days 1750 sqft detached condo at West Irvine for 659K
 
Looks like people who can buy are doing so as they think it will turn arorund before they know it.

When you talk to people not reading this blog, they have absolutely no clue if this is the bottom or what is going on. They relly on they RE agent which tells them whatever they want to hear to make a sell.
 
Roo said:
Looks like people who can buy are doing so as they think it will turn arorund before they know it.

When you talk to people not reading this blog, they have absolutely no clue if this is the bottom or what is going on. They relly on they RE agent which tells them whatever they want to hear to make a sell.
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I agree...most ppl just know prices are lower than they were at the peak...which of course signifies that "it's a great time to buy"
 
caliguy2699 said:
Roo said:
Looks like people who can buy are doing so as they think it will turn arorund before they know it.

When you talk to people not reading this blog, they have absolutely no clue if this is the bottom or what is going on. They relly on they RE agent which tells them whatever they want to hear to make a sell.
Click to expand...

I agree...most ppl just know prices are lower than they were at the peak...which of course signifies that "it's a great time to buy"
Click to expand...

I'm actually pondering starting a new thread on the thoughts of a knife catcher and following this blog.... Irvine may very well be different, but I'm just astounded at the continuous free fall in prices elsewhere in the county.
 
I just finished with a monster massive listing update for new properties. I picked the wrong weekend to get behind... It appears 20-25 properties in my search specs went into escrow over the past week or so.
 
I am pretty sure it was this thread that mentioned 50 Winding Way. And, I might have already posted that it went back to the bank for $1.077mil., but I can't keep up with all the foreclosures anymore. Sheesh, if it were only 2007 when I could keep up and remember the foreclosure stats off the top of my head.
 
EvaLSeraphim said:
I've got 2565 Reynolds as an REO with a sale date of 5/1. Has the bank put it into escrow?
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Yup, it went pending already. Man that was one ugly a$$ house on the inside...

Updated IPO-Shiller for new closes. Looks like June's prices are essentially flat with May:

IPO Shiller
 
stepping_up said:
ipoplaya said:
Big house in Tustin Ranch closed yesterday for $1.55M. Amazingly, at that price, it was a monster rollback. They paid $775K in March '98...

June continues to be another up month in terms of prices but the sample is still pretty small.

Updated IPO-Shiller
Click to expand...

I heard a NAR ad on the radio yesterday touting that on average, the value of a home doubles every ten years. It seemed really high to me, but this is exactly a 10 year double. Coupled with the fact that they are selling it during such a troubled market, it makes you wonder if 6% annually isn't a total exaggeration. ????
Click to expand...
The VALUE of a home does not change unless it is remodeled or changed to make it more valuable to the occupants. A three bedroom, two bath stucco box has the same value in 1950 as it does in 2008. The price of a home changes and adjusted for inflation and square footage, home prices have changed 0% over the last sixty years.
 
awgee said:
stepping_up said:
ipoplaya said:
Big house in Tustin Ranch closed yesterday for $1.55M. Amazingly, at that price, it was a monster rollback. They paid $775K in March '98...

June continues to be another up month in terms of prices but the sample is still pretty small.

Updated IPO-Shiller
Click to expand...

I heard a NAR ad on the radio yesterday touting that on average, the value of a home doubles every ten years. It seemed really high to me, but this is exactly a 10 year double. Coupled with the fact that they are selling it during such a troubled market, it makes you wonder if 6% annually isn't a total exaggeration. ????
Click to expand...
The VALUE of a home does not change unless it is remodeled or changed to make it more valuable to the occupants. A three bedroom, two bath stucco box has the same value in 1950 as it does in 2008. The price of a home changes and adjusted for inflation and square footage, home prices have changed 0% over the last sixty years.
Click to expand...

Isn't it 0.4% over inflation?

I should add if you invest 20%, 0.4% can be equivalent to 2.0% on your downpayment + inflation...not too bad, but not a sound investment. A home is really a home, not an investment.
 
Roo said:
awgee said:
stepping_up said:
ipoplaya said:
Big house in Tustin Ranch closed yesterday for $1.55M. Amazingly, at that price, it was a monster rollback. They paid $775K in March '98...

June continues to be another up month in terms of prices but the sample is still pretty small.

Updated IPO-Shiller
Click to expand...

I heard a NAR ad on the radio yesterday touting that on average, the value of a home doubles every ten years. It seemed really high to me, but this is exactly a 10 year double. Coupled with the fact that they are selling it during such a troubled market, it makes you wonder if 6% annually isn't a total exaggeration. ????
Click to expand...
The VALUE of a home does not change unless it is remodeled or changed to make it more valuable to the occupants. A three bedroom, two bath stucco box has the same value in 1950 as it does in 2008. The price of a home changes and adjusted for inflation and square footage, home prices have changed 0% over the last sixty years.
Click to expand...

Isn't it 0.4% over inflation?

I should add if you invest 20%, 0.4% can be equivalent to 2.0% on your downpayment + inflation...not too bad, but not a sound investment. A home is really a home, not an investment.
Click to expand...
I said, "adjusted for inflation and square footage." Homes have gotten larger over the years, but price per square foot is the same when adjusted for inflation. Think about for a minute. After all is said and done, can housing become more expensive, unless some other expenditure becomes less?

0.4%? Don't believe anything you read.
 
What about the land underneath it? Land in desirable areas is finite. A .4% is a national figure. The land in remote areas of Alabama and Arkansas doesn't have the same demand as a plot with an ocean view here or even a plot in Irvine with its schools, safety, ease of commute, etc....
 
For those who are watching Woodbury, and wondering when the prices will start to drop... well, it begins today.

120 Spanish Lace went back to the bank for $733.5k, and 134 Chantilly went back to the bank for $513k.

Now we return back to our regular scheduled programming: escrows. Up next Ipo's house, a nice detached unit in Northpark.
 
Trooper said:
Ipo....QUICK, do a FSBO here on IHB..... along the lines of what Palmspringseller did. Pocket IR2's 5% !!! :smirk:
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Oh man... that would be messed up. Troop, have you heard all the work IR2 has done? I mean, this guy was there helping him pack and move, paint, sod, and do gawd knows what. 5%! Hell, he deserves that plus 10% of what Ipo is netting, maybe even 20%. Poor sucker takes full service to a whole new level. He better get Ipo's business for life, along with all 42 members of his family. Seriously, I had lunch with IR2 after a day of packing and moving Ipo's crap, with more to come, and 5% ain't enough. He is my Realtor for sure, I will just wait until he signs the listing contract to tell him what my "necessary upgrades" are.
 
Trooper said:
Ipo....QUICK, do a FSBO here on IHB..... along the lines of what Palmspringseller did. Pocket IR2's 5% !!! :smirk:
Click to expand...

Speaking of PSS - looks like he's in escrow. Congrats!

Trooper, are you available for a security detail next week? I'm going to need some serious help; what with confiscating graphrix's camera, and bix's/cantaloop's guns. And I'll also need a trained eye for I.D. verification. Any chance you can make it down?
 
graphrix said:
For those who are watching Woodbury, and wondering when the prices will start to drop... well, it begins today.

120 Spanish Lace went back to the bank for $733.5k, and 134 Chantilly went back to the bank for $513k.

Now we return back to our regular scheduled programming: escrows. Up next Ipo's house, a nice detached unit in Northpark.
Click to expand...

What plans are Spanish Lace and Chantilly? I'm interested in waiting for Villa Rosa/Mille Fleurs/Juliets Balcony to drop like a rock!
 
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