A Message to all in the Irvine Housing Blog:

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NEW -> Contingent Buyer Assistance Program
[quote author="Janet" date=1229669717]Last time I checked, I'm sitting in my home. It's super-beautiful too! And I have twice the room to move around as I would if I spent $3000 on rent.</blockquote>


Oddly enough, my rent cost is quite comparable to my previous cost of owning. On an after-tax basis with a 5% mortgage rate, the condo I owned cost me around $1.18 per sf. This did NOT include any reserves for maintenance. This did include insurance, HOA, taxes, etc. and proper tax effecting of the components.



My rental costs me $1.28 per sf net (since there is nothing to pay but the rent) and has a large usable backyard, driveway, etc. that property additional utility I did not have with my owned home. Including those factors, I would venture that the per square foot costs are/were actually quite similar in my situation.
 
[quote author="Janet" date=1229669840]IPO, there is a model match within 6 months at $799,000 - it's on Juneberry. Regardless, you are the only person here who has the cajones to tell it like it is. There isn't a need to be rude to me....or you.</blockquote>


I was not aware of that comp. I see a sale on a smaller unit, approx 2100sf, at 27 Juneberry back in the summer at around $300 per sf. The only other recent Juneberry market sale I see on that street is 54 Juneberry. That home sold for about 20% off peak pricing and also closed this past October.
 
[quote author="skek" date=1229668796]IR, is there anyway to change the name or delete the account of the impersonator, both here and on the blog comments? If that is in fact the real identity of someone else, it should be removed immediately -- not because you have to, but because it's the right thing to do. I don't care about whether this thread stays open. It's already a train wreck. But having your identity exposed on the internet sucks.</blockquote>


I deleted the ones on the main blog, but I don't know how to do it in the forums. Perhaps Zovall can take care of it?
 
[quote author="Janet" date=1229671330]Thank you. Best of luck to you all.</blockquote>


You <em>really</em> don't mean that.



Come back to Lassner's blog. It sucks now that you aren't around.
 
I can't handle it anymore. Janet, this bullshit has to stop.



[quote author="Janet" date=1229662381]The home profiled today has a comp at $799,000. </blockquote>


The house in question sold at auction for 480K. You were well aware of it's status as early as August. If you think it is undervalue by $320K, why didn't you go buy it and flip it yourself?
 
Um, could it be because I don't have $450,000 in loose change hiding in my sofa cushions (not to mention the ability to absorb clouded-title risk)? Ya think? It went for hundreds of thousands less than it should have. THAT is criminal. How the hell can a bank be stingy on a loan mod of 2% and then take a hit like this? This is a huge story. I assure you the comps support well north of $700k. That trustee should be sued to kingdom come.
 
I assume you don't know the process. That price was decided on the spot on the day of auction. Cash bidders only, please.
 
[quote author="Janet" date=1229676798]I assume you don't know the process. That price was decided on the spot on the day of auction. Cash bidders only, please.</blockquote>


Nice try. I used to work at a bank in the early 1990's. My job title included the words "special assets" and "loan officer". I know exactly how the process works. And you know I know.



I got bad news for IPO (who I respect a lot) and you (well, I love you too!). This is the new comp in the neighborhood. There is no "cash discount" in real estate. If there was, everyone would pay cash for all of it. And with the new $417K caps on F&F that are coming, and the scarcity of fundable jumbos, well.............adios equity in the cesspool VoC.



<object width="325" height="250"><embed src="http://www.youtube.com/v/youtube" type="application/x-shockwave-flash" width="325" height="250"></embed></object>



Sorry girlfriend, this is the new comp moving forward. Everyone is underwater unless they put 50% down.
 
Well, the market doesn't care about your new rules. The prices per sq ft in this community are (low/high/avg) $252.83/$303.36/$385.41). That trustee accepted $178.77. Fringe Tree will sell in the $650,000 range. If you are right, then I and many, many, many others will walk and I will have no qualms whatsoever about starting over. Hell, I'd love to have lower expenses. Trust me, there are ways if you know what you are doing. Of course, no one will be employed at that point, so it is all moot.
 
I know you also get your jollies by dissing Columbus Grove. Problem is, you don't know jack about it. There are no smells of any kind, no dust, no toxins, no noise. It is a fine community and every bit as nice as most TIC properties.
 
[quote author="Janet" date=1229679262]Well, the market doesn't care about your new rules. </blockquote>


What new rules? You get 40% off if you pay cash? That's your rule sister.



<blockquote>The prices per sq ft in this community <u><em><strong>were</strong></em></u> (low/high/avg) $252.83/$303.36/$385.41). </blockquote>


Fixed that for you.



<blockquote>That trustee accepted $178.77. </blockquote>


Making that the new low comp.



<blockquote>Fringe Tree will sell in the $650,000 range. </blockquote>


No, it won't. All that crap that happened in sub prime Anaheim and Santa Ana has now spread to your nieghborhood.



<blockquote>If you are right, then I and many, many, many others will walk and I will have no qualms whatsoever about starting over. Hell, I'd love to have lower expenses. Trust me, there are ways if you know what you are doing. Of course, no one will be employed at that point, so it is all moot. </blockquote>


Start packing now.
 
[quote author="Janet" date=1229679450]I know you also get your jollies by dissing Columbus Grove. Problem is, you don't know jack about it. There are no smells of any kind, no dust, no toxins, no noise. It is a fine community and every bit as nice as most TIC properties.</blockquote>


<img src="http://tgr316.blazeirc.net/RPGMotivational/denial.jpg" alt="" />
 
No one cares if you want to buy in Columbus Grove! What will be will be. I will land on my feet no matter what. Like I said, I would love to have cheaper housing, just not enough to sacrifice everyone around me.
 
[quote author="Janet" date=1229679450]I know you also get your jollies by dissing Columbus Grove. Problem is, you don't know jack about it. There are no smells of any kind, no dust, no toxins, no noise. It is a fine community and every bit as nice as most TIC properties.</blockquote>




Its not Jollies. Its keeping a grip on reality.



Its one thing to live in a Condo.

But a Condo thats stacked like an IAC Rental for $ 700,000. with 2+ common walls ?

And its in what was originally planned as an industrial area.

With a Cement Processing plant and a Waste Management Facility with Open garbage

within 1000 feet ? That may be ok if you never go outside in your neighborhood.

$ 400.00+ HOA Fees and $14K a year in Taxes. YIKES.



I just cant drink that much Kool Aid. Sorry.
 
[quote author="bltserv" date=1229680943]



I just cant drink that much Kool Aid. Sorry.</blockquote>


Neither can anyone else. That's why it'll be real sad when these make it into the 200K range.
 
[quote author="Janet" date=1229680108]No one cares if you want to buy in Columbus Grove! What will be will be. I will land on my feet no matter what. Like I said, I would love to have cheaper housing, just not enough to sacrifice everyone around me.</blockquote>


First of all I'd like to let you know that I do find some of the schadenfreude on the board disturbing and I think some of them are absolutely nuts about where they think prices will bottom. However, the vast majority of the posting are from people who want to own or do own. I should have listened to these guys back in April and waited, but we didn't. It's not that big of a deal. However, when you say that you would skip the opportunity to have cheaper housing if it means that you were hurting your neighbors has got to be BS unless you are a saint. I suspect it has more to do with the fact that you put a few hundred down and don't want to walk away from the cash you put in because you think prices will come back.



When we bought this house I didn't expect to see appreciation again for at least 5 years and figured it would be at LEAST 15 years before it could sell for what it did at peak. You are just going to have to accept that it's going to be a long time before the value of your home comes back to peak. If you can afford it and you like it so much, it shouldn't bother you that much. It's your house.... it's value is largely irrelevant if the cost of owning it is not signficantly more than renting it.
 
[quote author="stepping_up" date=1229681728]However, when you say that you would skip the opportunity to have cheaper housing if it means that you were hurting your neighbors has got to be BS unless you are a saint.</blockquote>


What if she was a Saint? Would that make the property more valuable? <a href="http://www.irvinehousingblog.com/forums/viewthread/1296/">Trust me, she's not.</a>



Why do I feel like another black guy Colin Powell all of a sudden?



<blockquote> I suspect it has more to do with the fact that you put a few hundred down and don't want to walk away from the cash you put in because you think prices will come back. </blockquote>


Well, that and the whole denial of guilt thing for putting hundreds of people into loans she knew they never could afford on the wages they had - but found the strenght to cash the commission checks anyway.
 
[quote author="Janet" date=1229679450]I know you also get your jollies by dissing Columbus Grove. Problem is, you don't know jack about it. There are no smells of any kind, no dust, no toxins, no noise. It is a fine community and every bit as nice as most TIC properties.</blockquote>


I know quite a bit about Columbus Grove. I came very close to buying a home there at Madison. The house I was going to purchase is a few doors down from <a href="http://www.redfin.com/CA/Tustin/16620-Mosscreek-St-92782/home/7202638">this relatively new listing</a>.



In January of 2007, this particular listed house was put under contract for $920-930K (pre upgrades) or so. The house I thought about buying is 150sf bigger and was going for $967K back then before upgrades. They lost all kinds of buyers in that phase as prices started tanking during 2007 and evidently sold this house to somone after the build was complete for a great price at the time, $810K. Now, a year later, those people are having trouble moving this place for north of $800K.



Others that bought the same plan on Sage are in for over $1M for sure after landscaping so they are probably staring at 28-30% losses after commissions if they sold today. There was one evening, when I drove over to the Madison after work, that convinced me not to buy there. I got off Jamboree at Warner and had a stiff jolt of WM transfer station smell and proceeded into the Madison, parked my car and turned off the engine. Standing there next to those big lots (by Irvine standards), staring at the power lines and listening to the sound of people racing home on Harvard and Jamboree, it was obvious that it was insane to spend $1M for a house there.



Columbus Grove is not a nice neighborhood. I tried to convince myself that it was, but deep down, I knew better... There are some nice floorplans and some generous lots, but it's a relatively small enclave of homes slammed between some major streets, an industrial area, and the train tracks. CG is a value neighborhood that commanded premium neighborhood prices because of the bubble. As a result, it has and will fall harder than much of Irvine. The price declines on resales in the Alexandria tract have been enormous. While not VoC, Tustin Field is getting destroyed as well. Westbourne and Madison properties but post ugly declines in 2009 I suspect as those that bought 1-1.5 years ago get further and further under water.
 
[quote author="no_vaseline" date=1229682307][quote author="stepping_up" date=1229681728]However, when you say that you would skip the opportunity to have cheaper housing if it means that you were hurting your neighbors has got to be BS unless you are a saint.</blockquote>


What if she was a Saint? Would that make the property more valuable? <a href="http://www.irvinehousingblog.com/forums/viewthread/1296/">Trust me, she's not.</a>



Why do I feel like another black guy Colin Powell all of a sudden?



<blockquote> I suspect it has more to do with the fact that you put a few hundred down and don't want to walk away from the cash you put in because you think prices will come back. </blockquote>


Well, that and the whole denial of guilt thing for putting hundreds of people into loans she knew they never could afford on the wages they had - but found the strenght to cash the commission checks anyway.</blockquote>


are you serious vas? If she is/was a loan officer or broker and did that then she can go straight to you know where. Honestly, if that's the case, who does she think she is? The people who arranged loans for people that couldn't afford them are absolute pigs. I hold them largely responsible for the innocent people losing their jobs because of this awful recession.
 
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