Losses Outside of Irvine

NEW -> Contingent Buyer Assistance Program
Hey, look at the Google streeview pic.....closely.....next door......is that a freakin' Porsche parked up on the lawn ? Hmmm, new money ??? Ghetto boy done good ??? WTF !



OUCH ! When this sells it's going to be a comp <strong>killer</strong> for 1929 Irvine (listed at 1.02 M per Redfin).
 
43% loss in Orange. I can't believe how fast some properties/areas are dropping either.



1238 E Culver Ave

Orange, CA 92866



<strong>Price: $430,000 </strong>



Beds: 5

Baths: 2

Sq. Ft.: 2,181

$/Sq. Ft.: $197

Lot Size: 6,300 Sq. Ft.



Sales History

Jul 22, 2005 $637,000

<strong>Jan 16, 2007 $760,000</strong>



<a href="http://www.redfin.com/CA/Orange/1238-E-Culver-Ave-92866/home/4412525">http://www.redfin.com/CA/Orange/1238-E-Culver-Ave-92866/home/4412525</a>



http://i-0.rfimg.us/photo/46/bigphoto/940/S525940_1.jpg
 
They had that home listed at $450K a month ago and now it's "bank approved" at $430K?



Frankly, I think they are about 50K over market right now for that neighborhood. The pain train in Orange runs quickly. They should just get off and give it back to the bank.
 
[quote author="No_Such_Reality" date=1215261710]37% loss and growing in Newport Beach.



Bank apparently wants it gone but it's still available.



Last real sale $1.3M

Repo'd at $1.03M

For Sale at $875,000.



http://www.redfin.com/CA/Newport-Beach/1814-Irvine-Ave-92660/home/3560920/bankOwned-2215361</blockquote>


Man, that's still expensive. On a busy street, with jets from SNA taking off overhead...
 
[quote author="Strom" date=1215502160][quote author="No_Such_Reality" date=1215261710]37% loss and growing in Newport Beach.



Bank apparently wants it gone but it's still available.



Last real sale $1.3M

Repo'd at $1.03M

For Sale at $875,000.



http://www.redfin.com/CA/Newport-Beach/1814-Irvine-Ave-92660/home/3560920/bankOwned-2215361</blockquote>


Man, that's still expensive. On a busy street, with jets from SNA taking off overhead...</blockquote>


I agree. I love the homes in that neighborhood, but still wouldn't want to live on a main street unless it was drastically less (50%) than the interior streets. The summer I first started working from home, I set up my office over at my husband's apt (then boyfriend) on Irvine Ave. It had dual paned windows and shut you could still hear the jets and you could never open the windows during flight times. It was really awful.
 
43% loss in Tustin. REO. A little bit more and I'll be posting in the 50% off thread more often.



A picture of a window? Seriously?



17262 Medallion Ave

Tustin, CA 92780



<strong>Price: $409,900 </strong>



Beds: 4

Baths: 2

Sq. Ft.: 2,015

$/Sq. Ft.: $203

Lot Size: 7,315 Sq. Ft.



Sales History

Aug 11, 1999 $218,000

<strong>Jan 09, 2006 $730,000 </strong>

Dec 24, 2007 $641,982



<a href="http://www.redfin.com/CA/Tustin/17262-Medallion-Ave-92780/home/4493362">http://www.redfin.com/CA/Tustin/17262-Medallion-Ave-92780/home/4493362</a>



http://i-0.rfimg.us/photo/46/bigphoto/012/P647012_0.jpg

http://i-0.rfimg.us/photo/46/bigphoto/012/P647012_11_0.jpg
 
45% loss and ugly house of the day award goes to:



405 N Fern St

Orange, CA 92867



<strong>Price: $350,000 </strong>



Beds: 4

Baths: 2

Sq. Ft.: 1,908

$/Sq. Ft.: $183

Lot Size: 6,960 Sq. Ft.



Sales History

Jun 29, 1990 $183,500

<strong>Apr 13, 2006 $645,000</strong>



<a href="http://www.redfin.com/CA/Orange/405-N-Fern-St-92867/home/4394636">http://www.redfin.com/CA/Orange/405-N-Fern-St-92867/home/4394636</a>



http://i-0.rfimg.us/photo/46/bigphoto/970/P620970_1.jpg
 
Listing Price History

Date Price

Feb 05, 2008 $530,000

Jul 02, 2008 $350,000



Anyone smell short sale?



Sales History

Date Price Appreciation

Jun 29, 1990 $183,500 --

Apr 13, 2006 $645,000 8.3%/yr



This retreat in prices is in line with what I've seen in my neighborhood in Orange, and this one is within one mile of my house.



Once a perspective buyer purchases this home, they've got 20-40K in costs to rehab it if the outside looks like the inside.
 
34% loss in Costa Mesa.



3111 Dublin St

Costa Mesa, CA 92626



<strong>Price: $425,000</strong>



Beds: 3

Baths: 2

Sq. Ft.: 1,548

$/Sq. Ft.: $275

Lot Size: 6,080 Sq. Ft.



Sales History

Mar 01, 1989 $22,500

Mar 30, 2001 $212,000

<strong>Oct 04, 2005 $650,000 </strong>

May 09, 2008 $528,000



<a href="http://www.redfin.com/CA/Costa-Mesa/3111-Dublin-St-92626/home/4548863">http://www.redfin.com/CA/Costa-Mesa/3111-Dublin-St-92626/home/4548863</a>



http://i-0.rfimg.us/photo/46/bigphoto/121/P647121_0.jpg
 
Yikes! That Dublin house is in an AWFUL location! That hulking building behind it is the offices for a car lot, so I'm sure there are loud speaker announcements. The other downside is the close proximity to Harbor Blvd., I bet they have a noisy yard.
 
I went and looked at the 405 Fern home. Here is the trip report.



It has been added on to. And added on to. And added on to. Badly. Who knows if it was permited or not. There is no "For Sale" sign in front of it. There was about 4 random cars in the driveway and one on the lawn. And 3 or 4 random Mexicans hanging out on the porch/front door who didn't look related. There is no AC as evidenced by the window units. I think this home comes complete with renters (of questionable legal status). Lots of them.



I wrote that you could clean this place up for $40K. I was wrong. It won't be nearly enough. The neighborhood is fairly rough. Not as rough as Oak Street between Palm and Walnut, but close.



It has an interesting neighbor.



<a href="http://www.redfin.com/CA/Orange/2617-E-Walnut-Ave-92867/home/4394553">http://www.redfin.com/CA/Orange/2617-E-Walnut-Ave-92867/home/4394553</a>



<img src="http://i-0.rfimg.us/photo/46/bigphoto/705/P621705_2.jpg" alt="" />



2617 E Walnut Ave

Orange, CA 92867

Price: $499,000

Beds: 4

Baths: 3

Sq. Ft.: 1,400

$/Sq. Ft.: $356

Lot Size: 8,373 Sq. Ft.

Property Type: Single Family Residence

Style: Traditional

Year Built: 1960

Stories: 1 Level

Area: Orange & Garden Grove, East of Harbor, North of 22 Freeway

County: Orange

MLS#: P621705

Source: SoCalMLS

Status: Active

On Redfin: 159 days

Unsold in 90+ days



These people are high. I mean it. They are a minumum of $140K over market. The lawn is totally dead. The home is unoccupied. It's on a high traffic street. Here is the sales history on this property.



Sales History



Date Price Appreciation

Dec 16, 1988 $210,000 --

Mar 18, 1992 $201,000 -1.3%/yr

Nov 05, 1992 $212,912 9.5%/yr

Feb 11, 1993 $180,000 -46.5%/yr

Jun 25, 2001 $299,000 6.3%/yr



Listing Price History

Date Price

Feb 09, 2008 $620,000

Mar 08, 2008 $580,000

Apr 13, 2008 $499,000



There is a home close to this that was posted on this thread that closed around 2/10 for $406K. This realtor is clueless, and has a clueless client. I suggust everyone add the listing agent to the infamous "hate on/refuse to do business with" list as punishment for taking on an unreasonable client.
 
[quote author="CM_Dude" date=1216366977]Yikes! That Dublin house is in an AWFUL location! That hulking building behind it is the offices for a car lot, so I'm sure there are loud speaker announcements. The other downside is the close proximity to Harbor Blvd., I bet they have a noisy yard.</blockquote>


It's not just the noise that makes the proximity to Harbor a real negative, but also the fact that the location makes it a magnet for crime. I read the police blog in the Daily Pilot every day and the pattern for crimes that take place on streets that aren't that busy is that it is nearly always on a street very close to a main street. Petty thieves want quick in and out.



The block wall in the back doesn't look like it's continuous, rather it looks like a taller one behind the smaller one. If the taller one doesn't stretch beyond the car lot, it's pretty easy to hop right on over into the back yard. <a href="http://www.redfin.com/CA/Costa-Mesa/657-Cove-St-92627/home/4561800">Inside tract</a> Notice how one of the first things the agent notes on this property is its interior location.
 
Newport Beach, only 25% off, but it is $300,000. Looking like a REO judging by green pool.

<img src="http://i-0.rfimg.us/photo/46/bigphoto/733/P624733_1_2.jpg" alt="" />

<a href="http://www.redfin.com/CA/Newport-Beach/2919-Paper-Ln-92660/home/3565854">Redfin Link for Paper Ln Newport Beach</a>
 
How about another in Newport Beach. This one isn't very much off, but it is offered as a short sale at $1,995,000. A mere $300,000 off the 2005 purchase.



<img src="http://i-0.rfimg.us/photo/46/bigphoto/269/U8001269_7_5.jpg" alt="" />







<a href="http://www.redfin.com/CA/Newport-Beach/2209-Heather-Ln-92660/home/3566032">Redfin link for Heather Ln in Newport Beach</a>
 
Stepping - great point on the crime, that area is freeway close!



The Paper Lane house is DIRECTLY under the immediate take-off area from John Wayne. I learned to golf at the NB Golf Course, just a stone's throw from this house, and lived in the apartments at the corner of Mesa and Irvine - the noise is incredible. I'm stunned that place sold for as much as it did, and will be similarly amazed if it sells for a million in this market!
 
[quote author="CM_Dude" date=1216607554]Stepping - great point on the crime, that area is freeway close!



The Paper Lane house is DIRECTLY under the immediate take-off area from John Wayne. I learned to golf at the NB Golf Course, just a stone's throw from this house, and lived in the apartments at the corner of Mesa and Irvine - the noise is incredible. I'm stunned that place sold for as much as it did, and will be similarly amazed if it sells for a million in this market!</blockquote>


Were the bunnies there when you lived there?
 
[quote author="CM_Dude" date=1216607554] I'm stunned that place sold for as much as it did, and will be similarly amazed if it sells for a million in this market!</blockquote>


Me too. I suspect we won't be suprised any time soon.



On Redfin: 143 days

Unsold in 90+ days



Because I don't know, what are market rents for this sort of property in this area? Is there any discount because it's under the flight plan? I hate trains (because I used to live next to the tracks and never got used to it) and suspect I'd learn to hate airplanes for the same reason.
 
[quote author="caycifish" date=1216332764]34% loss in Costa Mesa.



3111 Dublin St

Costa Mesa, CA 92626



<strong>Price: $425,000</strong>



Beds: 3

Baths: 2

Sq. Ft.: 1,548

$/Sq. Ft.: $275

Lot Size: 6,080 Sq. Ft.



Sales History

Mar 01, 1989 $22,500

Mar 30, 2001 $212,000

<strong>Oct 04, 2005 $650,000 </strong>

May 09, 2008 $528,000



<a href="http://www.redfin.com/CA/Costa-Mesa/3111-Dublin-St-92626/home/4548863">http://www.redfin.com/CA/Costa-Mesa/3111-Dublin-St-92626/home/4548863</a>



http://i-0.rfimg.us/photo/46/bigphoto/121/P647121_0.jpg</blockquote>


This went pending today. As an aside, I couldn't recall which thread this property was in so for the heck of it I typed the address into the search bar and it pointed me right to Losses Outside of Irvine. Very cool tool! I think I'll try using it a little more often.
 
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