Hormiguero_IHB
New member
<a href="http://www.redfin.com/CA/North-Tustin/2001-Lerner-Ln-92705/home/12225128">http://www.redfin.com/CA/North-Tustin/2001-Lerner-Ln-92705/home/12225128</a>
There's no HELOC story as far as I can tell, the property tax is negligible, so it is probably a long-term owner, but it is still remarkable as it is a few hundred grand under estimated neighboring values and has still sat there for 8 months or so, even after a 100K lowering and a fairly slick devoted marketing page.
Anyhow, this seems to be interesting as a real crack in the mindset that the high-end is fairly bust-proof. It's hard to ignore that places in the neighborhood routinely sold for up to and over 3 million bucks as recently as a year ago. Of course, those places may have twice the square feet, and a better view, but still - this looks to represent at least a 1/3 haircut in values in a part of greater Irvine which I had previously thought to be not as susceptible to the crash as outlying or more urban areas.
So is this a trend, or is there something odd about this listing? Should this put fear into the hearts of those in the pricier parts of California who thought that they were immune to the brunt of this downdraft?
Forgive me if this is too far from Irvine proper for this forum - it seems pretty close.
There's no HELOC story as far as I can tell, the property tax is negligible, so it is probably a long-term owner, but it is still remarkable as it is a few hundred grand under estimated neighboring values and has still sat there for 8 months or so, even after a 100K lowering and a fairly slick devoted marketing page.
Anyhow, this seems to be interesting as a real crack in the mindset that the high-end is fairly bust-proof. It's hard to ignore that places in the neighborhood routinely sold for up to and over 3 million bucks as recently as a year ago. Of course, those places may have twice the square feet, and a better view, but still - this looks to represent at least a 1/3 haircut in values in a part of greater Irvine which I had previously thought to be not as susceptible to the crash as outlying or more urban areas.
So is this a trend, or is there something odd about this listing? Should this put fear into the hearts of those in the pricier parts of California who thought that they were immune to the brunt of this downdraft?
Forgive me if this is too far from Irvine proper for this forum - it seems pretty close.
