Trooper_IHB
New member
ipop, I just checked out the Case-Schiller index link. Question....is the number listed price per square foot on average ? (ie: 224.15 = average home sold for $224.15 a sq foot during that time frame)?
What's going into escrow - Irvine and maybe some Tustin too
- Thread starter ipoplaya_IHB
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NEW -> Contingent Buyer Assistance Program
Nah Troop. The number listed is a calculation of the price index relative to the previous sale. Index values in the 200-200 range were last seen during the summer of 2004.
It's amazing, but as a general rule, prices in Irvine do not appear to be falling much at all for the past few months. The April sales are averaging around the same as February sales in terms of index value / depth of rollback. As I contended on this thread, or maybe another, I think we've got a short-term floor on prices in the mid 2004 range and its going to take time or a catalyst to move us through it...
Almost. Perception plays a vital role. Even as supply approaches zero (which it is not), demand will bear only the cost that is perceived as reasonable.
And it will only bear the cost that they can afford. If lenders keep tightening, people will not be able to borrow the sums necessary to keep prices inflated. Plus, with all the foreclosures and REOs, there will be no shortage of supply.
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?
I think the lowest you pick up 35 Malibu for today is $340-350 per sf. They aren't priced aggressively so probably just fishers...
One on Sunnyvale just followed one on Walnut Creek down with a price drop. It's just getting started my friend ten.
Tell that to the guy at 10 Fair Oaks.
I was looking to offer $1.150M
So it seems like you’re sitting this one out.
In that case, put on the Capt. Ipop cape and loan me that $200K so I could add it to my war chest and bring home the trophy, 35 Malibu.
PM me and I’ll instruct my attorney to write up a promissory note for 3years @ 7%, which is 4% more than the bank is currently paying you.
Alas, 200 large would be 3/4 of my down payment fund and I can't afford to wait 36 months to buy. Would love to make 7% though!
How about 21 Upland? They might take your $1.15M...
ipoplaya_IHB
New member
Trooper said:
Nah Troop. The number listed is a calculation of the price index relative to the previous sale. Index values in the 200-200 range were last seen during the summer of 2004.
It's amazing, but as a general rule, prices in Irvine do not appear to be falling much at all for the past few months. The April sales are averaging around the same as February sales in terms of index value / depth of rollback. As I contended on this thread, or maybe another, I think we've got a short-term floor on prices in the mid 2004 range and its going to take time or a catalyst to move us through it...
ipoplaya_IHB
New member
Got a Woodbrige close on Laurelglen. Good rollback although the price per square foot is still really high...
Updated IPO-Shiller
Updated IPO-Shiller
etheran_IHB
New member
Ipoplaya,
Isn't it amazing how Turtle Rock just holds up in price? I consistently look at your website and turtle rock prices just simply holds their value well. I gotta imagine that it will fall later.... but why it is taking so long?
Isn't it amazing how Turtle Rock just holds up in price? I consistently look at your website and turtle rock prices just simply holds their value well. I gotta imagine that it will fall later.... but why it is taking so long?
Irvine Allergy Dr_IHB
New member
It is a simple matter of supply and demand. If not that people have an immediate need to sell, and enough people are still willing to pay exorbitant prices, then prices will not come down. No one can predict for sure if this will change, or if it will, how long it will take.
ipoplaya_IHB
New member
37 Crimson Rose in Turtle has gone into escrow, along with a few more properties. Been a busy couple of days for buyers...
IrvineRealtor_IHB
New member
Irvine Allergy Dr said:
Almost. Perception plays a vital role. Even as supply approaches zero (which it is not), demand will bear only the cost that is perceived as reasonable.
IrvineRenter_IHB
New member
IrvineRealtor said:
And it will only bear the cost that they can afford. If lenders keep tightening, people will not be able to borrow the sums necessary to keep prices inflated. Plus, with all the foreclosures and REOs, there will be no shortage of supply.
IrvineRealtor_IHB
New member
Buyers are more than welcome to pay WTF prices in cash. But if the home is sold with a loan on it, the perception has to be extended to the lender's eyes, through their appraisal process. With increased scrutiny, appraisals are being held to higher standards, getting closer to rental-alternate "highest and best use" costs.
Essentially, they've come to the consensus: you can be an idiot on your own time, but if you want to do it on our dime the jig is up.
Essentially, they've come to the consensus: you can be an idiot on your own time, but if you want to do it on our dime the jig is up.
awgee_IHB
New member
From Dataquick:
"The onset of spring did little to thaw Southern California's semi-frozen housing market: The seasonal boost in sales between February and March was less than half its normal level and a record low. The weak start to the home buying season also saw another record dive in the median sales price, the result of depreciation, slow sales for higher-priced abodes and growing sales for discounted homes fresh out of foreclosure."
"The onset of spring did little to thaw Southern California's semi-frozen housing market: The seasonal boost in sales between February and March was less than half its normal level and a record low. The weak start to the home buying season also saw another record dive in the median sales price, the result of depreciation, slow sales for higher-priced abodes and growing sales for discounted homes fresh out of foreclosure."
ipoplaya_IHB
New member
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.
etheran_IHB
New member
IPO, how fast do you get the data? Lets say an escrow closes today when do you get to see the data?
ipoplaya_IHB
New member
I see within 4-6 hours of the realtor updating MLS. An escrow could close and the realtor sometimes takes weeks to update the listing with close info though...
One I just saw closed on 3/31 but the realtor just did an update yesterday.
One I just saw closed on 3/31 but the realtor just did an update yesterday.
tenmagnet_IHB
New member
ipoplaya said:
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?
ipoplaya_IHB
New member
tenmagnet said:
I think the lowest you pick up 35 Malibu for today is $340-350 per sf. They aren't priced aggressively so probably just fishers...
One on Sunnyvale just followed one on Walnut Creek down with a price drop. It's just getting started my friend ten.
tenmagnet_IHB
New member
ipoplaya said:
Tell that to the guy at 10 Fair Oaks.
I was looking to offer $1.150M
So it seems like you’re sitting this one out.
In that case, put on the Capt. Ipop cape and loan me that $200K so I could add it to my war chest and bring home the trophy, 35 Malibu.
PM me and I’ll instruct my attorney to write up a promissory note for 3years @ 7%, which is 4% more than the bank is currently paying you.
ipoplaya_IHB
New member
tenmagnet said:
Alas, 200 large would be 3/4 of my down payment fund and I can't afford to wait 36 months to buy. Would love to make 7% though!
How about 21 Upland? They might take your $1.15M...
etheran_IHB
New member
Cool Crimson Rose fell thru in one day of escrow??? Buyer probably spoke to lender and found out the tougher lending conditions.
mike in irvine_IHB
New member
ipo,
just looked at your site, 15 Aberdeen was a foreclosed property listed at 700k, interesting to see that it sold at more than the list price @ 709k.
mike
just looked at your site, 15 Aberdeen was a foreclosed property listed at 700k, interesting to see that it sold at more than the list price @ 709k.
mike