AIRPORT CONDOS

Loanowner bailouts were designed to benefit banks

Nov 132012

The bubble collapse was rife with denial caused by false rumors of homeowner bailouts. Many homeowners held out hope that if they could just keep current on their mortgage long enough, the government would come to their rescue in the form of a mandated bailout program. Many such programs were attempted, but if their stated goal was to keep loanowners in the properties they occupied, these programs were a dismal failure — thankfully. If they had succeeded, the moral hazard would have served to inflate an even more massive housing bubble in the future. Moral hazard is central issue in housing bust. Part of the bailout fantasy was not just that people could keep their homes, but that they could [Read More...]

An entire generation of buyers is underwater

Aug 312012

Pwned. A term originally coined by mistake when the word “owned” was misspelled by a video game programmer. The word has come to symbolize domination of one party over another, and it’s a particularly appropriate term for loanowners who bought a house hoping to “own” it, and instead they find themselves being “pwned” by the house. I first wrote about this phenomenon in 2008: Generation Y began buying starter homes in earnest during the Great Housing Bubble. Generation X is just now coming into their prime earning years, and many of them bought move-up homes at inflated bubble prices. The Baby Boomers took their equity and bought multiple properties during the bubble. They all have one thing in common: they [Read More...]

Airport Area Condo prices moving up

Jul 232012

Irvine: Airport Condos Overview Median home price is $391,000. Based on a rental parity value of $504,000, this market is under valued. Monthly payment affordability has been worsening over the last 2 month(s). Momentum suggests worsening affordability. Resale prices on a $/SF basis declined from $357/SF to $347/SF. Resale prices have been weak for 2 month(s). Price momentum suggests unchanging prices over the next three months. Median rental rates increased $83 last month from $1,975 to $2,058. Rents have been rising for 12 month(s). Price momentum suggests rising rents over the next three months. Market rating = 8 Proprietary Irvine Housing News home purchase analysis 2243 MARTIN #320 Irvine, CA 92612 $375,000 …….. Asking Price $174,000 ………. Purchase Price 12/28/1993 [Read More...]

Airport condos undervalued but prices rising sharply

Jul 032012

Irvine: Airport Condos Overview Median home price is $377,000. Based on a rental parity value of $476,000, this market is under valued. Monthly payment affordability has been worsening over the last 1 month(s). Momentum suggests unchanging affordability. Resale prices on a $/SF basis increased from $342/SF to $357/SF. Resale prices have been weak for 1 month(s). Price momentum suggests weak prices over the next three months. Median rental rates declined $33 last month from $2,008 to $1,975. Rents have been rising for 12 month(s). Price momentum suggests rising rents over the next three months. Market rating = 9 Proprietary Irvine Housing News home purchase analysis 3131 MICHELSON Dr #502 Irvine, CA 92612 $415,000 …….. Asking Price Cost of Home Ownership [Read More...]

Airport condos are rallying strong

Jun 132012

Irvine: Airport Condos Overview Median home price is $377,000. Based on a rental parity value of $476,000, this market is under valued. Monthly payment affordability has been worsening over the last 1 month(s). Momentum suggests unchanging affordability. Resale prices on a $/SF basis increased from $342/SF to $357/SF. Resale prices have been weak for 1 month(s). Price momentum suggests weak prices over the next three months. Median rental rates declined $33 last month from $2,008 to $1,975. Rents have been rising for 12 month(s). Price momentum suggests rising rents over the next three months. Market rating = 9 Proprietary Irvine Housing News home purchase analysis 3141 MICHELSON Dr #405 Irvine, CA 92612 $419,900 …….. Asking Price $630,000 ………. Purchase Price [Read More...]

Airport area condos deeply undervalued

Apr 202012

Irvine: Airport Condos Overview Median home price is $328,000. Based on a rental parity value of $450,000, this market is under valued. Monthly payment affordability has been improving over the last 6 month(s). Momentum suggests improving affordability. Resale prices on a $/SF basis declined from $351/SF to $341/SF. Resale prices have been falling for 12 month(s). Price momentum suggests falling prices over the next three months. Median rental rates declined $50 last month from $1,950 to $1,900. Rents have been rising for 12 month(s). Price momentum suggests rising rents over the next three months. Market rating = 10 Proprietary Irvine Housing News home purchase analysis 2305 SCHOLARSHIP Irvine, CA 92612 $330,000 …….. Asking Price $580,500 ………. Purchase Price 4/28/2006 ………. [Read More...]

Airport Condos becoming a strong value

Apr 062012

Irvine: Airport Condos Overview Median home price is $269,000. Based on a rental parity value of $466,000, this market is under valued. Monthly payment affordability has been improving over the last 5 month(s). Momentum suggests improving affordability. Resale prices on a $/SF basis declined from $351/SF to $344/SF. Resale prices have been falling for 12 month(s). Price momentum suggests falling prices over the next three months. Median rental rates increased $16 last month from $1,950 to $1,966. Rents have been rising for 12 month(s). Price momentum suggests rising rents over the next three months. Market rating = 10 Proprietary Irvine Housing News home purchase analysis 1142 SCHOLARSHIP Irvine, CA 92612 $224,900 …….. Asking Price $370,000 ………. Purchase Price 4/27/2007 ………. [Read More...]

What’s really going on in the Irvine housing market? 3-31-2012

Mar 312012

The Irvine Housing News profiles properties for sale each day and presents current market data on each village and neighborhood. If you really want to know what’s happening in the Irvine Housing market, you need to read the Irvine Housing news and subscribe to the our monthly newsletter. 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. 37 ROCKY Knl Irvine, CA 92612 — $749,000 $1,030,000 14 MONTEREY #1 0.92 miles 3 bd / 2.5 ba 2,328 Sq. Ft. $824,900 12 MONTEREY [Read More...]

Prime Jamborree corridor condos crashing

Mar 292012

Irvine: Airport Condos Overview Median home price is $269,000. Based on a rental parity value of $466,000, this market is under valued. Monthly payment affordability has been improving over the last 5 month(s). Momentum suggests improving affordability. Resale prices on a $/SF basis declined from $351/SF to $344/SF. Resale prices have been falling for 12 month(s). Price momentum suggests falling prices over the next three months. Median rental rates increased $16 last month from $1,950 to $1,966. Rents have been rising for 12 month(s). Price momentum suggests rising rents over the next three months. Market rating = 10 Proprietary Irvine Housing News home purchase analysis 5096 SCHOLARSHIP Irvine, CA 92612 $1,350,000 …….. Asking Price $2,024,500 ………. Purchase Price 6/20/2007 ………. [Read More...]

Airport area condo lost 8.2% in value for 4 consecutive years

Mar 092012

Irvine: Airport Condos Overview Median home price is $324,900. Based on a rental parity value of $458,341, this market is under valued. Monthly payment affordability has been improving over the last 5 month(s). Momentum suggests improving affordability. Resale prices have been falling for 12 month(s). Price momentum suggests falling prices over the next three months. Resale prices that are falling generally causes payment affordability to increase. Rents have been rising for 12 month(s). Price momentum suggests rising rents over the next three months. Rents that are rising generally causes payment affordability to decrease. Proprietary Irvine Housing News home purchase analysis 2233 MARTIN #219 Irvine, CA 92612 $309,900 …….. Asking Price $457,500 ………. Purchase Price 6/15/2007 ………. Purchase Date ($147,600) ………. [Read More...]

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