Losses Outside of Irvine

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Here is a shocking set of numbers for Malibu.



1. LATimes median home price numbers. Single family home prices $1.4 million in November, down 56.4% from a year ago. Condos were down 62.8%. http://www.dqnews.com/ZIPLAT.shtm



2. "There is bad housing news everywhere, but has it had an effect on Malibu yet? The answer is yes, finally.



Besides the fact that only one house sold in Malibu the first 10 days of this month (a far cry from the year 2000 when one sold per day), properties off the beach now show tangible value decreases common to the outside world...



Buyers have certainly gained bargaining leverage, and it is borne out in statistics. Through 2006, final sales prices were generally within 5 percent of the last asking price. Now, that number is closer to 10 percent (another trend mirrored in state statistics). Almost anything goes in price negotiations these days." Rick Wallace, Malibu real estate, in the Malibu Times 12/28/07,http://www.malibutimes.com/articles/2007/12/30/news/news4.txt
 
Here is a <a href="http://www.redfin.com/stingray/do/printable-listing?listing-id=1382176">30% loss in Cerritos</a> if it sells for asking price not including commission. Prices for homes that feed into Cerritos HS (like this one) have not come down much yet. Maybe this can provide a nice low comp for other homes in the area and get the backslide in prices rolling .







<strong>Price: $450,000</strong>



13202 Andy ST



Cerritos, CA 90703











Beds:

3





Baths:

2





Sq. Ft.:

1,050





$/Sq. Ft.:

$429





Lot Size:

5,000 sq. ft.





Type:

Single Family Residence





Year Built:

1971





County:

Los Angeles





MLS#:

S517069










Sales History









<strong>Date</strong>



<strong>Price</strong>











07/22/2005



$641,000






 
<p>IIRC - It appears Slade's house has had another price reduction.</p>

<p><a href="http://www.redfin.com/stingray/do/printable-listing?listing-id=1173277">http://www.redfin.com/stingray/do/printable-listing?listing-id=1173277</a></p>
 
<p><a href="http://en.wikipedia.org/wiki/The_Real_Housewives_of_Orange_County">http://en.wikipedia.org/wiki/The_Real_Housewives_of_Orange_County</a></p>

<p>Read the Jo De La Rosa section.</p>
 
<p>Here's another 50% off listing in Anaheim. Check out the $/sqft! Note: Ziprealty link only as Redfin can't find this listing today.</p>

<p>1878 S MARGIE LN


Anaheim, CA 92802 </p>

<p><strong>Price: $295,000</strong></p>

<p><strong>$/Sq. Ft.: $174</strong></p>

<p>Beds: 3


Baths: 2


Sq. Ft.: 1,695


Lot Size: 7,207 sq. ft. </p>

<p>Sale History:</p>

<strong>08/31/2005 $585,000 </strong>


<p>Edit: the forum software is eating my anchor tag, so here's the ugly version that still isn't going to work (just copy and paste):</p>

<p><a href="http://www.ziprealty.com/buy_a_home/logged_in/search/home_detail.jsp?listing_num=R800504&page=1&property_type=SFR&mls=mls_so_cal&cKey=p5xfl6n3&source=SOCALMLS">http://www.ziprealty.com/buy_a_home/logged_in/search/home_detail.jsp?listing_num=R800504&page=1&property_type=SFR&mls=mls_so_cal&cKey=p5xfl6n3&source=SOCALMLS</a></p>
 
cacyc- probably a short sale and the bank will never approve it for that amount. tax on the place in 6580 so i am assuming that they bought it for 600k. the stupid realtard agent is just listing it at a low price to try to get some foot traffic. this will only piss of any potential buyer when they submit their offer of 295k and then wait 2-3 weeks and get rejected. realtard is probably hoping someone would fall in love with the place and pay 500k for it..... cause i don't see how a bank will take a 300k hit on that place.....
 
<p>28% loss in Orange.</p>

<p>1643 East Baldwin AVE


Orange, CA 92865 </p>

<p><strong>Price: $445,000</strong></p>

<p>$/Sq. Ft.: $325</p>

<p>Beds: 4


Baths: 2


Sq. Ft.: 1,369


Lot Size: 7,500 sq. ft. </p>

<p>Sale History:</p>

<p><strong>08/17/2005 $619,000 </strong></p>

<p>


<img alt="" src="http://i-0.rfimg.us/photo/46/bigphoto/849/P615849_0.jpg" /> </p>

<p><a href="http://www.redfin.com/stingray/do/printable-listing?listing-id=1373688">http://www.redfin.com/stingray/do/printable-listing?listing-id=1373688</a></p>
 
What an ugly house. View of a driveway instead of folliage, maybe a good thing as good at the burnt looking grass; roof looks like it needs replacing right now, what is that phony bracing attached to the roof for? I don't care how much the price has dropped, this looks like a redneck house to me. A redneck house for rednecks with poor taste. A price that has a lot further to drop.
 
<p>No Eff, if it was classic OC, the garage door would be were the front door is and the front door and windows would be were the garage door is.</p>

<p> </p>

<p> </p>
 
<p>That "Redneck House" was pretty regularly selling in my neighborhood for $650K about 18 months ago.</p>

<p>I live about five miles south of that particular jewel, on the south end of Orange.</p>
 
<p>Your "redneck" comment was closer to the mark than you might know.</p>

<p>Orange has always been a working class town. That home was built in the early 1960's and that developer built a bunch of them here in that period. Some of the homes in my neighborhood haven't been updated (the people who live in them are really really past retirement) and still bear all the archatectural trappings of suburban 1963.</p>

<p>Nothing says "suburban Californina" more than tearing out productive agricultural areas to build cookie cutter tract homes.</p>

<p>Using IR's Rental Multiplier of 160 x 1850 for my 3/2 gets me to 296,000. At the peak, the equivlent to my house sold for about 650,000 (which I've already cited) but today they'd be lucky to get $500K - IF they could get it to close.</p>
 
<p>Utah: Builders slam on brakes</p>

<p><a href="http://www.sltrib.com/business/ci_8004386">http://www.sltrib.com/business/ci_8004386</a></p>

<p>''I think this housing downturn will be unprecedented in terms of its breadth across the country and in its severity,'' said Mark Zandi, chief economist at Moody's Economy.com. ''I don't think we have seen anything like this, certainly since the Great Depression, and back then housing was much less of a factor in terms of the overall economy because fewer people owned their own homes.'' </p>

<p>...</p>

<p>"It's really affected the [demand for the] $350,000 to $800,000 price range," said Jordan Bangerter, president of the Salt Lake Home Builders Association. "There just aren't that many people that can afford that type of house payment now."


</p>
 
<p>27% loss in Orange.</p>

<p>1931 East Mount Vernon AVE


Orange, CA 92867 </p>

<p><strong>Price: $457,500</strong></p>

<p>$/Sq. Ft.: $351</p>

<p>Beds: 3


Baths: 2


Sq. Ft.: 1,303


Lot Size: 6,160 sq. ft. </p>

<p>Sale History:</p>

12/11/2007 $499,124


<strong>03/13/2006 $630,000 </strong>


06/21/2001 $260,000


03/21/1996 $169,000


06/05/1995 $110,604


<img alt="" src="http://i-0.rfimg.us/photo/46/bigphoto/597/P614597_0.jpg" />

<p> </p>

<p><a href="http://www.redfin.com/stingray/do/printable-listing?listing-id=1355207">http://www.redfin.com/stingray/do/printable-listing?listing-id=1355207</a></p>
 
<p>I drive by this house at least twice a day.</p>

<p>The pictures by the realtors do not do the house justice. In reality, it is much uglier. They built these horrible concrete planters in the front of the house that are just awful.</p>

<p>This home was subjet to a "standing room only" showing by it's listing realtor. Problem was, it has been victim of a poorly done remodel. The home three doors down was priced at a discount of $40K, bigger, and while dated, in far better shape than this one. And you get the discount of not having to do the crap remodel over again.</p>

<p>Note my SFR calcs a couple of posts up. Better than the $650K or so homes in this neighborhood fetched a scant 18 months ago, but still way too much.</p>

<p> </p>
 
<p><a target="_blank" href="http://www.redfin.com/stingray/do/printable-listing?listing-id=1344253"><img alt="" src="http://www.ziprealty.com/images_mls/SOCALMLS/S/51/52/29/_P/S515229_P00.jpg" /></a></p>

<p>Roughly rent x 150 in RSM. A 475sq ft studio with one carport spot for $149k. I'll bet we see these at $100k or less by the time this is over. It changed hands for $83k in Jan 02 and now the owner is busy chasing the market down. Wonderful entry timing, poor exit timing.</p>
 
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