Irvine Condo Battles

NEW -> Contingent Buyer Assistance Program
<p>TS, I meant no hostility to you (or any Asians).</p>

<p>As Trooper pointed out, realtORS like to (or I should say, used to like to) say that foreigners with lots of money will keep the demand for housing elevated. Although, now it appears that this isn't true. </p>

<p>To help drain my reservoir of schadenfreude, I like to make fun of things like that.</p>

<p>Now, what is funny is that last night, when I wrote that comment, the year 1996 was registering in my mind as 2006 (tired after a long work week). So, I was being saracastic about your friend "being happy right now." However, certainly she is since she bought at probably the best time - good for her! I wish I had money back then to buy, but I didn't and don't now because of the bubble.</p>

<p>So, I keep blogging to drain the reservoir...</p>
 
<img width="200" height="150" src="http://i-0.rfimg.us/photo/46/midphoto/230/genMid.P626230_0.jpg" alt="" />





Two in this neighborhood are now asking below $400k:





<a href="http://www.redfin.com/stingray/do/printable-listing?listing-id=1541991">1520 Timberwood</a> - 2/1, 1,270 sq ft (pictured above) - $384,900





<a href="http://www.redfin.com/stingray/do/printable-listing?listing-id=1221901">800 Timberwood</a> - 1/1, 1,001 sq ft - $399,500





That second one has been on the market for about 5 months.
 
Wow, 1520 Timberwood is probably down to a 180-190 or so GRM. The condo/townhouse segment is getting destroyed by REOs... My West Irvine condo is running at about 200 GRM right now. At peak it was over 260.
 
I looked up a place in that neighborhood for rent, and that bottom unit looks like it could rent for $1750. That place has been offered for rent for a couple months, though, so it appears the price could be kind of high.
 
<p class="MsoNormal">Regarding 1520 Timberwood, looks like someone just bought it in Jan/08 at $449K.</p>

<p class="MsoNormal">They’re already down 100K in 3months, am I reading that correctly?</p>
 
<p class="MsoNormal">Cali-g,</p>

<p class="MsoNormal"> </p>

<p class="MsoNormal">How can you tell if the bank took this one back?</p>

<p class="MsoNormal">Prior sale listed was Aug/04 at $474K.</p>

<p class="MsoNormal">I’m having a difficult time following you guys on this one.</p>

<p>Is this a short sale?</p>

<p>Thanks!</p>

<p />
 
1520 Timberwood is bank owned, and the $449k price is what they took it back for. In other words, they offered it at the foreclosure auction for $449k, but no one bid, so the bank is the winning bidder at $449k and that is what price the trustee sale recorded at.





I hope that clears things up, I tend to forget that foreclosures are a foreign language for most.
 
ten - I also found in t<a href="http://forums.irvinehousingblog.com/discussion/410/">his old discussion thread </a>that the place sold for $440k in May 2007. Guess that owner was not in it for the long run...
 
Yeah, I don’t really follow the condo market, seems to be unraveling. Most of these appear to be newer and in nice locations, i.e. Northpark
 
<p>I think the Yale Loopers are doing battle now. 77 West and 32 East are the primary combatants. </p>

<p><a href="http://www.redfin.com/stingray/do/printable-listing?listing-id=1508369">http://www.redfin.com/stingray/do/printable-listing?listing-id=1508369</a></p>

<p><a href="http://www.redfin.com/stingray/do/printable-listing?listing-id=963974">http://www.redfin.com/stingray/do/printable-listing?listing-id=963974</a></p>

<p><a href="http://www.redfin.com/stingray/do/printable-listing?listing-id=1379266">http://www.redfin.com/stingray/do/printable-listing?listing-id=1379266</a></p>
 
<p><em>Wow, 1520 Timberwood is probably down to a 180-190 or so GRM.</em> </p>

<p>IPO, it's a 2/1. It's still well over 200 for GRM at 190, you're guesstimating a rent of $2000/month. Frankly, for the other 1/1 at 800 Timberwood, with $1200+ in Mello Roos, $235 in HOA a month, the right price for an investor is to drop the leading 3 from the price.</p>
 
<p>Yes, I am assuming a rent of $2000/month. One of my employees is going to lease a 1-bedroom 1000sf unit in that complex for $1750 and she's darn happy to do so. She is paying that much for her 800sf IAC apartment without attached garage. I don't think it unreasonable to expect another bedroom and 270 more square feet would fetch $250 more. Do you? </p>

<p>3-bedroom units in the 1600sf range have typically leased in that area for $2600-2800. Wouldn't a 2-bedroom place likely be somewhere between the 1-bedroom price of $1750 and the 3-bedroom price of perhaps $2700?</p>
 
WTF? People must not be doing enough rental research. We just downsized to and are paying 1530 a month for an 820 sqft bedroom with a huge patio AND detached garage in Northpark. This is also in an IAC complex.
 
<p>Sounds very similar to what she is renting in Serrano. She has this one with detached garage:</p>

<p><a href="http://www.rental-living.com/Communities/Serrano/Prices-And-Floorplans/Floorplan/Plan-D---The-Spice/">http://www.rental-living.com/Communities/Serrano/Prices-And-Floorplans/Floorplan/Plan-D---The-Spice/</a></p>

<p>The lowest she was able to get them down to on her last renewal was $1725, which is $60 below their low list...</p>

<p>Estancia advertises the Encino plan for $1670. Did you talk them down the $140 or were they running a special?</p>
 
<p>Well, this is downtown LA....but here come the price drops and incentives !</p>











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