Woodbury nearly 40% off the peak

Feb 192012
 
Woodbury nearly 40% off the peak

The decline in prices in the bubble-era neighborhoods like Woodbury have been truly remarkable. Today’s featured property was purchased right at the peak for $738,000. If the owner was hoping for continued double-digit appreciation, he was disappointed. Since 2006 when he purchased, the property has declined in value 8.5% per year for the last six years. Proprietary Irvine Housing News home purchase analysis 73 MISSION Irvine, CA 92620 $451,250 …….. Asking Price $738,000 ………. Purchase Price 5/19/2006 ………. Purchase Date ($286,750) ………. Gross Gain (Loss) ($59,040) ………… Commissions and Costs at 8% ============================================ ($345,790) ………. Net Gain (Loss) ============================================ -38.9% ………. Gross Percent Change -46.9% ………. Net Percent Change -8.5% ………… Annual Appreciation Cost of Home Ownership —————————————————————————— $451,250 …….. [Read More...]

Hottest Listings in Irvine 2-18-2012

Feb 182012
 
Hottest Listings in Irvine 2-18-2012

Redfin is the most popular real estate search site in Southern California. They track the most popular listings based on the number of views each receives. Below are some of the most viewed property listings in Irvine. Check them out. See what everyone else finds so interesting. 4521 CHARLEVILLE Cir Irvine, CA 92604 — $469,950 Competing Listings $593,300 4651 South LOCKHAVEN Cir 0.14 miles 4 bd / 3 ba 2,000 Sq. Ft. $499,000 4632 ROXBURY Dr 0.34 miles 3 bd / 2 ba 1,438 Sq. Ft. $542,000 6 FERN Cyn 0.45 miles 3 bd / 2.25 ba 1,899 Sq. Ft. $569,000 9 PENNY Pnes 0.52 miles 3 bd / 2 ba 1,900 Sq. Ft. $575,000 14961 DUSK St 0.53 miles [Read More...]

2002 rollback on Northwood condo: ten years, zero appreciation

Feb 172012
 
2002 rollback on Northwood condo: ten years, zero appreciation

Another Northwood condo rolling back a decade. This property was purchased on 11/19/2002 for $263,000. The lender took it back for the same price on 11/28/2011. They have marked it up a few dollars, but by the time is closes escrow, it will be a 2002 rollback. That puts every condo purchased in the last decade in Northwood below its purchase price and probably underwater as well. – —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- [Read More...]

El Camino Real prices off 9.3%, rents up 5.4%

Feb 162012
 
El Camino Real prices off 9.3%, rents up 5.4%

Rising rents, falling interest rates, and declining prices are making El Camino Real one of the most affordable villages in Irvine. All three factors are moving in favor of greater affordability. Today’s featured property is an REO that chased the market down all last year, so the bank decided to remodel to see if they could sell it in better condition. The bank’s loss will be that much larger, but perhaps they can find a taker now. – —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- [Read More...]

Woodbridge 8.4% off last year

Feb 152012
 
Woodbridge 8.4% off last year

Woodbridge is being hit particularly hard by the housing bust. With 75% of Woodbridge being condos, and with condo prices getting hammered, Woodbridge has become a bargain community relative to Irvine standards. Today’s featured property is being offered for 42.5% off its peak purchase price. This condo has declined in price nearly 10% per year every year since 2006. Double digit price moves are much more fun when they are going up. – —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- [Read More...]

Northwood 8% off last year, condo 44% off its 2004 price

Feb 142012
 
Northwood 8% off last year, condo 44% off its 2004 price

The price drops on condos are truly remarkable. The peak of the housing bubble was mid 2006. Early 2004 when this property was purchased was still 20% below the peak. For this property to be selling for 44% off its 2004 price puts it well over 50% off the peak valuation for this model. Ouch! Northwood has become a laggard in recent months. It is one of the few neighborhoods in Irvine that hasn’t seen any rent increases, and over the last six months, prices have really gone south as well. Currently, prices on a per-square-foot basis are 8% off last year. – —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- [Read More...]

Nearly 20% off the spring 2009 bottom

Feb 132012
 
Nearly 20% off the spring 2009 bottom

Most real estate pundits refer to the false bottom of 2009 as if it were the real bottom of the housing market. It was not. Today’s featured property was purchased at the bottom tick of the market in March of 2009, yet the current asking price is nearly 20% below that. Why is that? Shouldn’t this property have appreciated since them if spring 2009 was the real bottom? – —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- [Read More...]

A Westpark condo with no yard for $600K?

Feb 122012
 
A Westpark condo with no yard for $600K?

The condos at Barranca and Harvard are nicer than most of the glorified apartments in Westpark, but do they really hold their value that well? These units are very tight, and there is no yard whatsoever, only a small patio. For $600,000, I think buyers can do better. – —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- —- — ————————————————————————————————————————————- Proprietary Irvine Housing News home purchase analysis 17 ARESE AISLE Irvine, CA 92606 $599,000 [Read More...]

Hottest listings in Irvine 2-11-2012

Feb 112012
 
Hottest listings in Irvine 2-11-2012

Redfin is the most popular real estate search site in Southern California. They track the most popular listings based on the number of views each receives. Below are some of the most viewed property listings in Irvine. Check them out. See what everyone else finds so interesting. 12 FIREBIRD #76 Irvine, CA 92604 — $379,000 Competing Listings $389,000 12 EASTMONT 0.2 miles 3 bd / 2 ba 1,135 Sq. Ft. $374,900 10 WILLOWGROVE 0.24 miles 2 bd / 1.75 ba 1,235 Sq. Ft. $389,900 45 EASTMONT 0.3 miles 3 bd / 2 ba 1,104 Sq. Ft. $342,999 22 BRIARWOOD #72 0.4 miles 3 bd / 2 ba 1,220 Sq. Ft. $490,000 6 MEDICI AISLE 0.43 miles 3 bd / 2.5 [Read More...]

Northwood HELOC abuse ends in foreclosure

Feb 102012
 
Northwood HELOC abuse ends in foreclosure

The owners of today’s featured property paid $189,500 in 1991 at the peak of that housing bubble. The must have sustained ownership through a nine-year negative equity mortgage period, also known as a home prison sentence. After enduring such a protracted financial hardship, frugality should have been the lesson of the dark times. Instead, they went Ponzi. Their original mortgage data is not available, but they likely put 20% down ($37,900) leaving a first mortgage of $151,600. They may have borrowed more. In any case, on 1/4/1999, they had a $163,000 first mortgage. On 2/26/2002 they opened a HELOC for $40,000. On 7/24/2003 they refinanced the first mortgage for $200,000. On 5/27/2004 they obtained a $100,000 HELOC. On 1/28/2005 they [Read More...]

 Older Entries  Newer Entries