2002 Rollback

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halfnote19_IHB

halfnote19_IHB

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<a href="http://www.redfin.com/CA/Costa-Mesa/2062-Pomona-Ave-92627/home/4561759">2062 Pomona Ave </a>

Costa Mesa, CA 92627



<img src="http://i-0.rfimg.us/photo/46/bigphoto/952/S529952_1.jpg" alt="" />



They are serious about trying to sell this home.



<strong>Sales History</strong>

Date - Price - Appreciation

Aug 05, 1988 $155,500 --

Dec 09, 2003 $398,000 6.3%/yr

May 10, 2005 $610,000 35.1%/yr

Jan 18, 2008 $538,020 -4.6%/yr (by lender)



<strong>Listing Price History</strong>

Date - Price

Apr 24, 2008 $390,000

May 13, 2008 $370,000



So according to this its a 2002 rollback if you use case shiller.

<pre class="code">Last Sale Date - Last Sale Price - Prev Index - Ratio - Current Index

May 2005 - $610,000 - 236.68 - .606 - 143.56</pre>

With the new index of 143.56 (that is if I did everything right) brings it back to Dec 02.
 
There has to be something seriously wrong with that house as it is on an R2 lot. I'm going to drive by it and look in the windows later today.
 
[quote author="PadreBrian" date=1210810678]Now that is one ugly house.</blockquote>


The pricing is certainly making it look more attractive.
 
[quote author="stepping_up" date=1210808843]There has to be something seriously wrong with that house as it is on an R2 lot. I'm going to drive by it and look in the windows later today.</blockquote>


have you been to the area? it is costa ana. not the type of neighorhood you would want to live in. major cross street is victoria and harbor. yuck....
 
"have you been to the area? it is costa ana. not the type of neighorhood you would want to live in. major cross street is victoria and harbor. yuck.... "





I guess I won't be inviting you to my Memorial Day BBQ :) But personally, you couldn't pay me to live in most of Irvine. I wouldn't want to live on Pomona, but 2002 pricing for a place on an R2 lot there could be attractive to some people.
 
[quote author="stepping_up" date=1210813710]I wouldn't want to live on Pomona, but 2002 pricing for a place on an R2 lot there could be attractive to some people.</blockquote>


The people who wouldn't mind living here still can't afford it. The people who could wouldn't want to live here.
 
[quote author="halfnote19" date=1210820102]The people who wouldn't mind living here still can't afford it. The people who could wouldn't want to live here.</blockquote>


I sent the club a wire stating, PLEASE ACCEPT MY RESIGNATION. I DON'T WANT TO BELONG TO ANY CLUB THAT WILL ACCEPT ME AS A MEMBER. - Groucho Marx
 
[quote author="jbatzmaru" date=1210812973][quote author="stepping_up" date=1210808843]There has to be something seriously wrong with that house as it is on an R2 lot. I'm going to drive by it and look in the windows later today.</blockquote>


have you been to the area? it is costa ana. not the type of neighorhood you would want to live in. major cross street is victoria and harbor. yuck....</blockquote>


LOL! Please refer to my town by it's proper name.... Costa Mexico!
 
Since I found one house in Costa Mesa at 02 pricing I thought I would do a quick check of some other cities.... and look at what I found.



<a href="http://www.redfin.com/CA/Mission-Viejo/26751-Via-Grande-92691/home/5016481">26751 Via Grande </a>

Mission Viejo, CA 92691



<img src="http://i-0.rfimg.us/photo/46/bigphoto/507/S532507_0.jpg" alt="" />



<strong>Sales History</strong>

Date Price Appreciation

Nov 12, 2003 $353,000 --

Mar 31, 2004 $735,000 577.6%/yr

Feb 08, 2008 $749,508 0.5%/yr (appears to be by the lender)



Again if I use case shiller this is a Oct 2002 rollback. Its priced this way because "there are cracks, possibly structural cracks"

<pre class="code">Last Sale Date - Last Sale Price - Prev Index - Ratio - Current Index

March 2004 - $735,000 - 186.55 - .75 - 139.6 </pre>
 
Is Costa Mesa really that bad (not taking into account the school distrcits)? Honestly, I prefer Costa Mesa to Irvine. If I have to go to Target I usually go to the one on Harbor even though there are 4 in Irvine/Tustin that are closer. I prefer the Peet's coffee on 17th to the ones at the District, Orchard Hills or UCI. I usually buy my gas at an Arco in Costa Mesa. I prefer Henry's to Sprouts., The list can go on and on. If I'm running errands I usually find myself ending up in Costa Mesa or Huntington Beach even though I can find much of the same things in Irvine.



The only thing I dislike about Costa Mesa is the traffic (and pedestrians) and parking lots in the shopping centers. Even though I hate the Irvine Company, they seem to know what they're doing when it comes to designing parking spaces in their cookie cutter strip malls. The good thing about Irvine compared to Costa Mesa is that everyone drives so you don't have to worry about running over mothers and their five children.
 
The ocean breeze is really nice too! I think what everyone who bashes CM dislikes are the Hispanics. They seem to prefer Asian neighbors and everything looking all the same.
 
I also prefer Costa Mesa, that's where I would eventually like to buy a house.

There are areas that are not the nicest, but there are also nice areas like Mesa Verde and East Costa Mesa.
 
OK, so I went by Pomona today and looked in all the windows. The bank is going to have a really hard time unloading that one. Zillow and the other sites say the public record is a 1 bedrooom 1 bath. There were additions to it, which don't seem to have been permitted. The worst part of the additions is that they don't look like they were done very well, which can mean moisture and termite. I saw major water damage in the ceiling of one of the add on rooms. It won't qualify for an FHA loan, that's for sure and no one with 20% down is going to buy that to live in. It will most likely end up in an investors hands, but not at that price. Essentially, it appears to be a tear down.



It's just an awful location as well. The weird thing is that they were building a structure in the back. Not sure what the plan was for it. It looked like it could have been a casita or a work room, but the foundation was so shoddy. It had two sets of French style doors on it.
 
[quote author="ABC123" date=1210825225]Is Costa Mesa really that bad (not taking into account the school distrcits)? Honestly, I prefer Costa Mesa to Irvine. If I have to go to Target I usually go to the one on Harbor even though there are 4 in Irvine/Tustin that are closer. I prefer the Peet's coffee on 17th to the ones at the District, Orchard Hills or UCI. I usually buy my gas at an Arco in Costa Mesa. I prefer Henry's to Sprouts., The list can go on and on. If I'm running errands I usually find myself ending up in Costa Mesa or Huntington Beach even though I can find much of the same things in Irvine.



The only thing I dislike about Costa Mesa is the traffic (and pedestrians) and parking lots in the shopping centers. Even though I hate the Irvine Company, they seem to know what they're doing when it comes to designing parking spaces in their cookie cutter strip malls. The good thing about Irvine compared to Costa Mesa is that everyone drives so you don't have to worry about running over mothers and their five children.</blockquote>


don't get me wrong. i like costa mesa. some part are ok, some i like very much, and there is that one bad area of costa mesa. and the house that we been talking about just happen to be located in that area.
 
"don?t get me wrong. i like costa mesa. some part are ok, some i like very much, and there is that one bad area of costa mesa. and the house that we been talking about just happen to be located in that area. "



There are even pockets in that area that aren't so bad. Sure, the pockets are not ideal, but overall not bad today. I still think that in 20 years that area will be more like the bluffs and the east side than santa ana.
 
I couldn't find an '03 rollback thread, <a href="http://www.redfin.com/CA/Santa-Ana/13052-Rosalind-Dr-92705/home/4443968">but check this out</a> in the 92705. Current list is $469K, and the prior sale in 8/04 was$544K.
 
Oh yeah? That's nothing. Check out some of <a href="http://www.redfin.com/CA/Santa-Ana/2613-N-Ponderosa-St-92705/home/4458019">this</a> 1/2 a mile away.



Hat tip for Eva on this one, it was listed on the same page as "similar properties".



Sales History

Date Price Appreciation

May 02, 1989 $23,000 --

Mar 06, 1995 $193,074 43.9%/yr

Aug 31, 1995 $165,000 -27.6%/yr

Nov 05, 2001 $277,000 8.7%/yr

Apr 28, 2006 $630,000 20.1%/



Listing Price History

Date Price

Jan 19, 2008 $529,900

Jan 31, 2008 $479,900

Apr 05, 2008 $399,900

Apr 18, 2008 $379,900

Apr 29, 2008 $339,900



At this pace they'll have a 2001 rollback by the end of the summer.
 
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