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

We looked at Santa Rida. It's one of our backups. We want to be in QH though... even if there are no 3-car wide garages there.



Interestingly enough... the rental market is just as soft as the purchase one. Almost every single lease we've looked at is willing to knock a few hundred off their listing.



If only we could find the right one.
 
[quote author="ipoplaya" date=1228799933]<a href="http://www.zillow.com/homedetails/2-Meade-Irvine-CA-92620/25516081_zpid">This somewhat sad and relatively old hovel</a> just closed for $379/sf...</blockquote>
This makes me sad that I countered back with my buyer at only $336/sf...what the hell what I thinking??? I think I have Seller's remorse. :(
 
[quote author="usctrojanman29" date=1228809069][quote author="ipoplaya" date=1228799933]<a href="http://www.zillow.com/homedetails/2-Meade-Irvine-CA-92620/25516081_zpid">This somewhat sad and relatively old hovel</a> just closed for $379/sf...</blockquote>
This makes me sad that I countered back with my buyer at only $336/sf...what the hell what I thinking??? I think I have Seller's remorse. :(</blockquote>


Yeah, I have a case of it too. Is there a doctor on the blog? I need a script for some IrvinePriceDeclineAcillin to cure it.
 
For any Woodbury watchers, <a href="http://www.zillow.com/homedetails/75-Rinaldi-47-Irvine-CA-92620/69258509_zpid">75 Rinaldi just closed for $640K.</a> It was purchased in late 2005 for $680K.
 
SoCal -



My doctor gave me a prescription for those 2 months ago. I went back to her after a week and gave her a piece of my mind and it went something like this:



IR2 - "What did you give me? These taste like $hi# and don't seem to work at all. I might as well have shoved them up my @$$."

Dr - "Um, they're suppositories, sir."



Lesson learned.
 
[quote author="tenmagnet" date=1208385928][quote author="ipoplaya" date=1208331644]15 Woodhaven in NW Pointe closed today for $1.195M. Down to $379 per sf... Actually a pretty good rollback considering they paid $720K back in early 2001. Works out to around Spring 2004 pricing.</blockquote>


Well apparently a lot of these sellers still aren?t getting the message.

I?m looking to offer $320/ft. for 35 Malibu

6 Malibu recently closed at $352/ft.

I thought all $$$ buyers dried up or like myself are sitting on the sidelines.

When do we start to see some real declines?</blockquote>


I am bumpy this oldie up because 35 Malibu is still for sale, and fell out of escrow once that I know of. Also because <a href="http://www.redfin.com/CA/Irvine/2-Malibu-92602/home/5772647">2 Malibu is for sale</a> for under a mil. and at $304 a sqft. Granted it is not as nice of a house, but don't be surprised if this one gets below $300 a sqft. They have until the 20th of January for the foreclosure auction. With the NTS being $899k, and lenders decreasing their minimum bids from the NTS amount, then it could be had at the auction for sub $300 a sqft.
 
[quote author="graphrix" date=1228832141][quote author="tenmagnet" date=1208385928][quote author="ipoplaya" date=1208331644]15 Woodhaven in NW Pointe closed today for $1.195M. Down to $379 per sf... Actually a pretty good rollback considering they paid $720K back in early 2001. Works out to around Spring 2004 pricing.</blockquote>


Well apparently a lot of these sellers still aren?t getting the message.

I?m looking to offer $320/ft. for 35 Malibu

6 Malibu recently closed at $352/ft.

I thought all $$$ buyers dried up or like myself are sitting on the sidelines.

When do we start to see some real declines?</blockquote>


I am bumpy this oldie up because 35 Malibu is still for sale, and fell out of escrow once that I know of. Also because <a href="http://www.redfin.com/CA/Irvine/2-Malibu-92602/home/5772647">2 Malibu is for sale</a> for under a mil. and at $304 a sqft. Granted it is not as nice of a house, but don't be surprised if this one gets below $300 a sqft. They have until the 20th of January for the foreclosure auction. With the NTS being $899k, and lenders decreasing their minimum bids from the NTS amount, then it could be had at the auction for sub $300 a sqft.</blockquote>


Damn straight!

They should?ve taken my offer at $320/ft. back in April while the getting was good.

Times are tough, they?re just aren?t that many horses in the race.

Given that Paso Robles closed at $311/ft.

$300/ft seems about right for an offer on 35 Malibu.
 
[quote author="ipoplaya" date=1228824106]For any Woodbury watchers, <a href="http://www.zillow.com/homedetails/75-Rinaldi-47-Irvine-CA-92620/69258509_zpid">75 Rinaldi just closed for $640K.</a> It was purchased in late 2005 for $680K.</blockquote>


IPO,



I wasn't sure--was that a <a href="http://www.johnlainghomes.com/stonetreemanor-residence1">Plan I StoneTree</a>?



Thanks for the update.
 
[quote author="ipoplaya" date=1228799933]<a href="http://www.zillow.com/homedetails/2-Meade-Irvine-CA-92620/25516081_zpid">This somewhat sad and relatively old hovel</a> just closed for $379/sf...</blockquote>


<a href="http://www.zillow.com/homedetails/6-Colonial-Irvine-CA-92620/25515086_zpid">Another aged Irivne property</a>, closed for much less per sf @ $600K on 12/4, but only 13% less than near peak purchase in Dec 2006.
 
[quote author="IACRenter" date=1228883182][quote author="ipoplaya" date=1228824106]For any Woodbury watchers, <a href="http://www.zillow.com/homedetails/75-Rinaldi-47-Irvine-CA-92620/69258509_zpid">75 Rinaldi just closed for $640K.</a> It was purchased in late 2005 for $680K.</blockquote>


IPO,



I wasn't sure--was that a <a href="http://www.johnlainghomes.com/stonetreemanor-residence1">Plan I StoneTree</a>?



Thanks for the update.</blockquote>


I don't know IAC. I am not very familiar with WB. The MLS listing says the builder tract name is "Cachette".
 
[quote author="ipoplaya" date=1228885270][quote author="IACRenter" date=1228883182][quote author="ipoplaya" date=1228824106]For any Woodbury watchers, <a href="http://www.zillow.com/homedetails/75-Rinaldi-47-Irvine-CA-92620/69258509_zpid">75 Rinaldi just closed for $640K.</a> It was purchased in late 2005 for $680K.</blockquote>


IPO,



I wasn't sure--was that a <a href="http://www.johnlainghomes.com/stonetreemanor-residence1">Plan I StoneTree</a>?



Thanks for the update.</blockquote>


I don't know IAC. I am not very familiar with WB. The MLS listing says the builder tract name is "Cachette".</blockquote>


75 Rinaldi is a<a href="http://floorplans.irvinerealtorsite.com/Woodbury/Cachette/CachetteA1580.JPG"> Plan I Cachette</a> (got the link from IrvineRealtor's site).



Thanks.
 
Finally had a couple of low closes in recent days so December is only showing a +7% over November. Good ole Tustin Field, with its 30% off peak, helped out nicely and an Oak Creek place that sides to the 405 got crushed on sales price.
 
[quote author="ipoplaya" date=1228970403]Finally had a couple of low closes in recent days so December is only showing a +7% over November. Good ole Tustin Field, with its 30% off peak, helped out nicely and an Oak Creek place that sides to the 405 got crushed on sales price.</blockquote>


Ouch!

Good ole Tustin Field got creamed.

Down $336,000 since March of ?06.

Nothing to get excited about, right?

Let me know when, I'm waiting for your cue
 
[quote author="tenmagnet" date=1228979365][quote author="ipoplaya" date=1228970403]Finally had a couple of low closes in recent days so December is only showing a +7% over November. Good ole Tustin Field, with its 30% off peak, helped out nicely and an Oak Creek place that sides to the 405 got crushed on sales price.</blockquote>


Ouch!

Good ole Tustin Field got creamed.

Down $336,000 since March of ?06.

Nothing to get excited about, right?

Let me know when, I'm waiting for your cue</blockquote>


Look at the rollback on Pineview. That one went deep into 2003 pricing... We need to see more of that pronto.
 
[quote author="tenmagnet" date=1228979365][quote author="ipoplaya" date=1228970403]Finally had a couple of low closes in recent days so December is only showing a +7% over November. Good ole Tustin Field, with its 30% off peak, helped out nicely and an Oak Creek place that sides to the 405 got crushed on sales price.</blockquote>


Ouch!

Good ole Tustin Field got creamed.

Down $336,000 since March of ?06.

Nothing to get excited about, right?

Let me know when, I'm waiting for your cue</blockquote>


You may like this one ten. <a href="http://www.zillow.com/homedetails/3-Templeton-Irvine-CA-92602/51632596_zpid">3 Templeton in NP.</a> 4300sf and a 13K sf lot. Looks like it was an REO. Just closed for $1.54M. Bought for $1M in mid 2001 so it's borderline 2003/2004 pricing.
 
[quote author="ipoplaya" date=1229039190][quote author="tenmagnet" date=1228979365][quote author="ipoplaya" date=1228970403]Finally had a couple of low closes in recent days so December is only showing a +7% over November. Good ole Tustin Field, with its 30% off peak, helped out nicely and an Oak Creek place that sides to the 405 got crushed on sales price.</blockquote>


Ouch!

Good ole Tustin Field got creamed.

Down $336,000 since March of ?06.

Nothing to get excited about, right?

Let me know when, I'm waiting for your cue</blockquote>


You may like this one ten. <a href="http://www.zillow.com/homedetails/3-Templeton-Irvine-CA-92602/51632596_zpid">3 Templeton in NP.</a> 4300sf and a 13K sf lot. Looks like it was an REO. Just closed for $1.54M. Bought for $1M in mid 2001 so it's borderline 2003/2004 pricing.</blockquote>


Yeah, that one?s sweet.

Ideal place situated on a fairly large lot.

Closing price put a damper on my enthusiasm.

Would like to see prices close to or near $300/ft.
 
Just added nine more new escrows and 3-4 cancels...



<a href="http://www.ipoplaya.com/iposhiller.pdf">December closing prices</a> are pretty much flat with November's right now.
 
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