78 Fringe Tree

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ipoplaya_IHB

ipoplaya_IHB

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With 78 Fringe Tree now in escrow, I look forward to another "IPO called it" moment. I said $625-650K. Janet went for $650-675K. Wonder who got it right?!
 
[quote author="ipoplaya" date=1233922728]With 78 Fringe Tree now in escrow, I look forward to another "IPO called it" moment. I said $625-650K. Janet went for $650-675K. Wonder who got it right?!</blockquote>


I hate to do this, but I'm betting you were right. Janet has a thing for being consistently wrong. However, it was down to $679k, it could end up being just above $650k...
 
[quote author="graphrix" date=1233930115][quote author="ipoplaya" date=1233922728]With 78 Fringe Tree now in escrow, I look forward to another "IPO called it" moment. I said $625-650K. Janet went for $650-675K. Wonder who got it right?!</blockquote>


I hate to do this, but I'm betting you were right. Janet has a thing for being consistently wrong. However, it was down to $679k, it could end up being just above $650k...</blockquote>


I just wanted to let everyone know that this property fell out of escrow, was re-listed at $675k, showed backup offers for months, and now is active and no longer in back up offers at $659k.



At this rate of being on the market nearly 7 months, Ipo might be right after all, under $650k it could be. Had they priced it $599k back in November, the place would be closed by now for well over $600k. Oh well, that is what greed will do to ya. They could have even bought and sold another foreclosure property if they had done that.
 
Given what happened in the mortgage markets over the past two weeks, they need to take at least 75K off of it RIGHT NOW if they want to move it.



So much for the $699K comp.
 
[quote author="graphrix" date=1244638326]It's in back up offers for the third time. Third time is a charm... right?</blockquote>


Have you been paying attention to the saga user Soylent Green is People has been spinning? This one is coming back. If they don't do something drastic - and fast - even the $480K flipper might wind up underwater. I still say this dump goes for $200K at the bottom. And that's not because I want to piss off Janet. It's because I think it's a real possiblity if we get to 9% rates.
 
<a href="http://www.redfin.com/CA/Irvine/78-Fringe-Tree-92606/home/12253241">Redfin link to 78 Fringe Tree.</a>



Currently accepting backup offers.
 
They better hurry and close escrow ASAP, because 57, 71, 77, and 81 Juneberry all received NODs in the last two months. <a href="http://www.redfin.com/CA/Irvine/71-Juneberry-92606/home/12253236">Only 71 is actively for sale as a short with backup offers being accepted</a>.



Great picture of the screen... moron.



http://media.cdn-redfin.com/photo/46/bigphoto/775/R901775_6_0.jpg



BTW, I find it interesting that the majority of owners in default there happen to have Asian last names. I thought Asians didn't default?
 
[quote author="Goofy" date=1245479661][quote author="graphrix" date=1245475651]BTW, I find it interesting that the majority of owners in default there happen to have Asian last names. I thought Asians didn't default?</blockquote>


That's because the majority of owners there have Asian last names. Almost all of my neighbors are Asian.



What I don't understand is why people paid so much for these homes to begin with. A three story row house with no yard can't be anyone's idea of a "forever home", so why put up that much money to live there.</blockquote>


I review the property records daily for my posts, and I can assure everyone that Asians are just as irresponsible as the rest of Irvine homeowners when it comes to stupidly overpaying for real estate and borrowing themselves into oblivion with HELOCs. The myth of Asian frugality may have some truth in Asia, but once they get over here, they become full-borrowed Americans.
 
[quote author="IrvineRenter" date=1245535305][quote author="Goofy" date=1245479661][quote author="graphrix" date=1245475651]BTW, I find it interesting that the majority of owners in default there happen to have Asian last names. I thought Asians didn't default?</blockquote>


That's because the majority of owners there have Asian last names. Almost all of my neighbors are Asian.



What I don't understand is why people paid so much for these homes to begin with. A three story row house with no yard can't be anyone's idea of a "forever home", so why put up that much money to live there.</blockquote>


I review the property records daily for my posts, and I can assure everyone that Asians are just as irresponsible as the rest of Irvine homeowners when it comes to stupidly overpaying for real estate and borrowing themselves into oblivion with HELOCs. The myth of Asian frugality may have some truth in Asia, but once they get over here, they become full-borrowed Americans.</blockquote>


How about the sterotype of Asians cramming their whole extended family into one house? That is, the stereotypical number of people in a 4,000 sq foot house owned by white people might be four-husband, wife, two kids. The stereotypical number of people in a 4,000 sq foot house owned by asians might be twelve-husband, wife, five kids, grandparents on the husband's side, grandparents on the wife's side, and the wife's brother. That could be considered frugal, I suppose.



Of course, this probably doesn't apply to condos, although the square footage is above 2,000 in each unit, so maybe a bit...
 
[quote author="ipoplaya" date=1233922728]With 78 Fringe Tree now in escrow, I look forward to another "IPO called it" moment. I said $625-650K. Janet went for $650-675K. Wonder who got it right?!</blockquote>


Closed 7/10 for $637K per MLS. Eerily, right in the middle of my suggested range...
 
[quote author="ipoplaya" date=1247467929][quote author="ipoplaya" date=1233922728]With 78 Fringe Tree now in escrow, I look forward to another "IPO called it" moment. I said $625-650K. Janet went for $650-675K. Wonder who got it right?!</blockquote>


Closed 7/10 for $637K per MLS. Eerily, right in the middle of my suggested range...</blockquote>


Wow, that's an incredible price for a 2685 sq ft 4/3 home. IPO, why does it show as recently sold for $479,774 on Zillow? Opps! my bad.. it shows the date as 10/30/2008. It must be a family asset transfer.
 
[quote author="PANDA" date=1247468141][quote author="ipoplaya" date=1247467929][quote author="ipoplaya" date=1233922728]With 78 Fringe Tree now in escrow, I look forward to another "IPO called it" moment. I said $625-650K. Janet went for $650-675K. Wonder who got it right?!</blockquote>


Closed 7/10 for $637K per MLS. Eerily, right in the middle of my suggested range...</blockquote>


Wow, that's an incredible price for a 2685 sq ft 4/3 home. IPO, why does it show as recently sold for $479,774 on Zillow? Opps! my bad.. it shows the date as 10/30/2008. It must be a family asset transfer.</blockquote>


No, that's when the bank took it back as a foreclosure and sold it at auction.
 
[quote author="no_vaseline" date=1247471993][quote author="PANDA" date=1247468141][quote author="ipoplaya" date=1247467929][quote author="ipoplaya" date=1233922728]With 78 Fringe Tree now in escrow, I look forward to another "IPO called it" moment. I said $625-650K. Janet went for $650-675K. Wonder who got it right?!</blockquote>


Closed 7/10 for $637K per MLS. Eerily, right in the middle of my suggested range...</blockquote>


Wow, that's an incredible price for a 2685 sq ft 4/3 home. IPO, why does it show as recently sold for $479,774 on Zillow? Opps! my bad.. it shows the date as 10/30/2008. It must be a family asset transfer.</blockquote>


No, that's when the bank took it back as a foreclosure and sold it at auction.</blockquote>
Wow, could have made a nice chunk of change if someone picked that up for $480k at the courthouse steps.
 
If they priced it at $645K right up front, they'd of made $20K more and had thier money 180 days sooner.



This thread is a spin off of this thread:



<a href="http://www.irvinehousingblog.com/forums/viewthread/3945/">http://www.irvinehousingblog.com/forums/viewthread/3945/</a>



<blockquote><strong>Janet - 18 December 2008 12:53 PM</strong>

The home profiled today has a comp at $799,000. Someone will buy it and make out quite well. As for the District, it is profoundly sucessful and will help this area long term. All the imaginary complaints about Columbus Grove are simple, uneducated sour grapes. It is a fine community with fabulous schools, parks and proximity to, well, everything.

</blockquote>


Don't hire Janet to advise you on your comps. You'll be worse in the pocketbook for it.
 
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