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

NEW -> Contingent Buyer Assistance Program
Wow, talk about riding the market down from $2.4M to $1.799M and still no takers. This should put some pressure on 11795 Willard to reduce their price. They’re 1,000 sq. feet smaller and less upgrades asking $1.75M. Either way, would like to see larger haircuts on these two.
 
Good point, missed it when I first checked Ipop’s site. Didn't see it listed until I scrolled down to January. It will be interesting to see where it closes or if it closes.
 
New entrant, first I have seen in Lennar's Westbourne development at VoC:

www.ipoplaya.com

List of $1.15M. Hope the would-be buyer realizes there is $8200 of mello roos on this bad boy. Yeesh... At purchase price of $1.25M, total property tax bill was over $22K. For that big sum you get one small park (guess there is another going in along Harvard), a community center, one pool and schools all the way over in Woodbridge.
 
Hey Ipop,

Do you really think they’re getting $4,500 a month for that place? I really like the home and location but still needs some dramatic declines before I could get in. It seems like a lot of the $$$ has left this particular area so hopefully we’ll see those declines and soon. The baseball and hockey players, in addition to some other celebrities that once lived here have moved on to Shady Canyon, bigger and better as they say.
 
Ten, you can always edit your post and fix the original. Look in the upper right corner near your post, where it usually says "thanks". If you post, the word thanks turns into the word "edit". Click, edit, repost the changes.
 
Trooper,

Thanks, I definitely need to pay more attention to some of the features. Until you pointed it out, I never saw that edit function. Last week I was trying to post a picture of IR to no avail, thankfully Nude told me what I was doing wrong or else like an idiot I’d have kept trying. Like that guy who’s driving in circles because he doesn’t want to stop and ask for directions.
 
There definitely appears to be a bit of an early spring bounce happening. Still low volume but up significantly from the depths of the last several months. My neighbors on Sarabande (in Woodbury) finally sold their condo that has been for sale since at least early summer.
 
I recently had a discussion with one of my colleagues who works part time as a real estate broker. I had not met him in 3 months and he looked a different person yesterday - very stressed and worried. On further inquiry he told me that he had just bought two new investment properties at deals per current pricing further south of Irvine. He also gave me some bullish prediction that come June 08, prices are going to start continuing their upward climb into the stratosphere - he reasoned that most foreclosures would be taken care of by then based on his crystal ball view that most interest only loans that have resulted in foreclosures would be 'sorted out' by then. He also reasoned that the confirming loan limit increase would make it easier to buy and easier to price homes higher.

I sat there silently, trying not to smile, partially feeling bad for this guy and partially thinking about how denial had gripped this poor soul's imagination and made him see what he wants to see. I guess it is a lesson to everyone to examine market realities in an unbiased manner before making any decisions. In any case, I think the bulls are feeling a lot of pressure but the amount of kool aid they have ingested will probably continue to slowly poison them for a long time.
 
He reasoned that most foreclosures would be taken care of by then based on his crystal ball view that most interest only loans that have resulted in foreclosures would be 'sorted out' by then.

ROFLMAO! Oh... this is just scary. As a broker, doesn't he know how to check the foreclosure stats? Well... it looks like we can add him to the soon to be sorted out list.

I am planning on having a foreclosure stat update blog post for the weekend. Maybe, you should give him the link. The new record for NODs in one day of 225, should scare any Kool-Aid free baser to put the pipe down.
 
I’m somewhat unclear about what it means to go from active straight to pending sale? Does that refer to the fact that no back up offers are being accepted.
 
Somewhat yes ten. The most typical sequence in MLS with regards to a sale goes from active status, then to accepting backups during the majority of escrow, then to pending sale towards the end of escrow, and finally to closed. Usually properties that go straight to pending sale are ones which have very little likelihood of not closing, i.e. all-cash buyer, uber well-qualified buyer, etc. My guess is that the recent New Dawn and Teak Bridge moves to pending were probably as a result of big money buyers. Also, realtors sometimes go straight to pending (vs. accepting backups) so the neither the realtor nor owner are bothered by other interested prospective buyers.

Sometimes realtors will elect to keep a home with active status, in spite of it being in escrow, to keep up interest/marketing of the property. I think that is probably some kind of ethical no-no though...
 
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