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

[SoCal78_IHB]

Good job with the listing photos. I's dotted, T's crossed.

 

[graphrix_IHB]

I got a juicy one for WPR... This house in Westpark, just closed for $850K, an early 2005 price. The same plan house, just across the street, with similar lot size, sold for $874K in Feb 2008, ten months ago. Congrats to IHO BTW for getting a great price.

December closing prices so far are 8% above November's level. Small sample size though so the number is mostly meaningless at this point and higher price point homes for the most part...

I took a look at the median CS index levels for closes over the past couple of months. Houses selling for over $800K have in general held their values 6-7% better than houses selling under $800K. In other words, the higher end hasn't fallen nearly as far as yet.

IHO + IPOP = IHOP

Coincidence? I think not.

Congratulations IHO. Great news.

It is a great price, but losing $45k plus three years of payments on an inflation adjusted basis... Well, I suppose it is better to sell this year than next. I hope it is not IHO because even this IHBer, who has butted heads with him and his FCBer theories, hopes that he would have profited. But then again, minimizing losses can be a good thing too. IHO say it ain't so.

 

[irvine_home_owner_IHB]

It is a great price, but losing $45k plus three years of payments on an inflation adjusted basis... Well, I suppose it is better to sell this year than next. I hope it is not IHO because even this IHBer, who has butted heads with him and his FCBer theories, hopes that he would have profited. But then again, minimizing losses can be a good thing too. IHO say it ain't so.

I will tell this story once I'm ready... but yes... it was the hardest decision we've ever made.

We actually lost way more than that but kool-aid detox isn't a cheap treatment.

Had it been the area/home we wanted to stay in for the next 10 years... we would have stayed... but it was not.

And the story isn't finished... we still haven't found a new place to live... anyone want to rent a Quail Hill home to me?

 

[ipoplaya_IHB]

I got a juicy one for WPR... This house in Westpark, just closed for $850K, an early 2005 price. The same plan house, just across the street, with similar lot size, sold for $874K in Feb 2008, ten months ago. Congrats to IHO BTW for getting a great price.

December closing prices so far are 8% above November's level. Small sample size though so the number is mostly meaningless at this point and higher price point homes for the most part...

I took a look at the median CS index levels for closes over the past couple of months. Houses selling for over $800K have in general held their values 6-7% better than houses selling under $800K. In other words, the higher end hasn't fallen nearly as far as yet.

IHO + IPOP = IHOP

Coincidence? I think not.

Congratulations IHO. Great news.

It is a great price, but losing $45k plus three years of payments on an inflation adjusted basis... Well, I suppose it is better to sell this year than next. I hope it is not IHO because even this IHBer, who has butted heads with him and his FCBer theories, hopes that he would have profited. But then again, minimizing losses can be a good thing too. IHO say it ain't so.

I am amazed that people aren't more amazed that houses, even individual/ones I have profiled over the last couple of days, apparently haven't gone down in value since the beginning of 2008. So much has happened in our economy over the past ten months and yet in Irvine, the same model/location house is selling for essentially what it was in February?! Personally, I don't even get how that is possible, but I know it is the case. Over that time the equity markets have cratered, huge companies have gone under, some 20 banks failed, millions of people have lost their jobs, etc. How do those economic issues not put downward pressure on prices?

I told IHO he would be lucky to get $800K and I was wrong. I thought for sure with his same house right across the street selling for $875K in Feb 2008 that surely his would be worth 10% less by now. Hell, this is supposed to be the slow season in RE isn't it?

 

[irvine_home_owner_IHB]

To be fair... it was a different floorplan across the street. It started off as a smaller model but they converted their 3rd car garage to increase their square footage. It was also a short sale.

However, a floorplan very similar to ours also sold within the last 3 months for around the same price.

And almost every single comp in our area that was actually older or smaller than ours was listed higher.

So yes... prices are not rapidly decreasing which has made us question selling this house many times.

 

[No_Such_Reality_IHB]

I am amazed that people aren't more amazed that houses, even individual/ones I have profiled over the last couple of days, apparently haven't gone down in value since the beginning of 2008. So much has happened in our economy over the past ten months and yet in Irvine, the same model/location house is selling for essentially what it was in February?! ...

You've got a very selective target market that IMHO, is geared towards the cream of new Irvine. Pigginton's has addressed it well with a Case Shiller review of High, Mid and Low end properties. Time will tell.

 

[rickhunter_IHB]

I thought these were the homes that we want to buy on the Irvine blog.

What other homes? areas are we talking about then?

I am amazed that people aren't more amazed that houses, even individual/ones I have profiled over the last couple of days, apparently haven't gone down in value since the beginning of 2008. So much has happened in our economy over the past ten months and yet in Irvine, the same model/location house is selling for essentially what it was in February?! ...

You've got a very selective target market that IMHO, is geared towards the cream of new Irvine. Pigginton's has addressed it well with a Case Shiller review of High, Mid and Low end properties. Time will tell.

 

[No_Such_Reality_IHB]

It's been covered many times on the main blog: Plankton Theory

While it's what most of us would like to have, it represents less than 20% of the Irvine housing market. That market doesn't exist in a vacuum. On a more macro note, Irvine doesn't exist in a vacuum.

 

[graphrix_IHB]

I will tell this story once I'm ready... but yes... it was the hardest decision we've ever made.

We actually lost way more than that but kool-aid detox isn't a cheap treatment.

Had it been the area/home we wanted to stay in for the next 10 years... we would have stayed... but it was not.

And the story isn't finished... we still haven't found a new place to live... anyone want to rent a Quail Hill home to me?

I look forward to reading your story, and not to fill my cup of schadenfreude, but to understand the decision process you went through and why you ultimately made your decision.

I may give guys like you and Ipo crap. But, in the end I hope that you would make the best decision for you and your family, and for you to be living happily in your home whether you are paying rent or a mortgage. I'm sorry to hear you lost money on your home. I know it was more of financial loss than the rough numbers I posted, and there is the emotional loss too. I think you posting your story will be an important lesson for many readers to understand the total costs of not waiting to buy the home that you love.

Having posters like yourself and Ipo contribute greatly to IHB. It is awesome to have people who actually are or have recently gone through the process of selling or buying a home, and who are willing to share that experience with everyone here. Even if Ipo steals my cranky pants from time to time and puts the anal in anal retentive, and you think there are planes flying into LAX filled with FCBers with there armored trucks full of cash to buy homes in only Irvine and no where else in the US. I'm just glad we can now joke about those things without getting all wound up about it.

 

[tenmagnet_IHB]

So 17551 Wayne closes at $560K.

Previous sale was $760K, Oct. ‘05

Where does that put Wayne in ’01 pricing?

 

[ipoplaya_IHB]

So 17551 Wayne closes at $560K.

Previous sale was $760K, Oct. ‘05

Where does that put Wayne in ’01 pricing?

At least in terms of Case-Shiller, Wayne was around 25% off peak... At peak it probably would have been $800K. In the middle of 2001, $350K or so.

 

[ipoplaya_IHB]

To be fair... it was a different floorplan across the street. It started off as a smaller model but they converted their 3rd car garage to increase their square footage. It was also a short sale.

However, a floorplan very similar to ours also sold within the last 3 months for around the same price.

And almost every single comp in our area that was actually older or smaller than ours was listed higher.

So yes... prices are not rapidly decreasing which has made us question selling this house many times.

I think you are lucky to have been able to get closed without too much issue IHO.

I just went back through my escrow list and 7 of the 30 or so homes that went under contract between 11/15-11/30 have already fallen out and are back again... That is a HUGE percentage, at least for Irvine.

 

[tenmagnet_IHB]

So 17551 Wayne closes at $560K.

Previous sale was $760K, Oct. ‘05

Where does that put Wayne in ’01 pricing?

At least in terms of Case-Shiller, Wayne was around 25% off peak... At peak it probably would have been $800K. In the middle of 2001, $350K or so.

From what you’ve said, then it appears that Wayne falls somewhere in the ’03 range.

Is that correct?

 

[ipoplaya_IHB]

So 17551 Wayne closes at $560K.

Previous sale was $760K, Oct. ‘05

Where does that put Wayne in ’01 pricing?

At least in terms of Case-Shiller, Wayne was around 25% off peak... At peak it probably would have been $800K. In the middle of 2001, $350K or so.

From what you’ve said, then it appears that Wayne falls somewhere in the ’03 range.

Is that correct?

Spring 2004. If you see a CS number between 145-175 my closed sale list, that would mean 2003 pricing, at least in terms of my rudimentary Case-Shiller wanna-be calc...

On another note, I just added another 11 new (or replacement) escrows that went under contract within the last few days.

 

[tenmagnet_IHB]

So 17551 Wayne closes at $560K.

Previous sale was $760K, Oct. ‘05

Where does that put Wayne in ’01 pricing?

At least in terms of Case-Shiller, Wayne was around 25% off peak... At peak it probably would have been $800K. In the middle of 2001, $350K or so.

From what you’ve said, then it appears that Wayne falls somewhere in the ’03 range.

Is that correct?

Spring 2004. If you see a CS number between 145-175 my closed sale list, that would mean 2003 pricing, at least in terms of my rudimentary Case-Shiller wanna-be calc...

Okay, how did you calculate the 25% off peak number?

 

[irvine_home_owner_IHB]

I think you are lucky to have been able to get closed without too much issue IHO.

Well... there's one BIG issue left. We have no place to go.

But that should change soon... and then I'll post my "Legend of the FCB" documentary.

 

[ipoplaya_IHB]

I think you are lucky to have been able to get closed without too much issue IHO.

Well... there's one BIG issue left. We have no place to go.

But that should change soon... and then I'll post my "Legend of the FCB" documentary.

There are always places to go, you are just looking for something in particular in a rental that is probably hard to come by...

 

[irvine_home_owner_IHB]

We were very picky buyers... you would think we would be less picky renters... after all...it's a rental.

But this is where the kool-aid addiction comes in... it's still the place we are going to live in.

You don't really want to move down... but we can't even move parallel because what's out there in the area we want is either too small or too large. Is there any other place than the MLS to find rentals?

 

[ipoplaya_IHB]

This somewhat sad and relatively old hovel just closed for $379/sf...

 

[ipoplaya_IHB]

We were very picky buyers... you would think we would be less picky renters... after all...it's a rental.

But this is where the kool-aid addiction comes in... it's still the place we are going to live in.

You don't really want to move down... but we can't even move parallel because what's out there in the area we want is either too small or too large. Is there any other place than the MLS to find rentals?

You could go for 12 Santa Rida. Right around the corner from you so you already know the neighborhood... Get them to take $3300.

How about 27 Teak Bridge or 25 Mount Vernon? Both in great areas.