March 19, 08 Blog Article: Quail Hill, 132 Treehouse

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irvine_home_owner_IHB

irvine_home_owner_IHB

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I do wish the blog pages and the forums interlinked because I think there are portion of people who only read the blog or only post in the forums.



<a href="http://www.irvinehousingblog.com/blog/comments/aint-that-just-the-way/">http://www.irvinehousingblog.com/blog/comments/aint-that-just-the-way/</a>



The reason I posted this is because I actually went to the open house for this property and the story becomes a little different when you've actually visited the place rather than just looking at the Redfin listing.



IR posted on his article that although the owner didn't HELOC abuse it, there was about $26k pulled out in equity. You can see where this was spent if you've looked at the house.



The main floor is all travertine. This is probably the 5th house I've seen that uses similar travertine and it does not wear well at all. Someone posted in the comments that this was a rental and you can tell by how beat up the floor was. It's not as bad as other houses I've seen but it's getting there.



The landscaping is really nice (IMO)... they use an Italian-style flagstone and have a nice entry. The backyard has a covered patio and they've put in a fireplace and fenced off BBQ area. This is actually one of the nicer landscapes I've seen in the Tapestry models (and I've seen a few).



Considering the owner purchased this for about $900k, the current $1.375m price is WTF. Even if you add in the $26k and $50k for commissions, you can still get away with a $1.2m that similar Tapestry models are listed for (with view lots). This one is on the busy corner and although it's nicely sized... that noise, lack of view, non-upgraded bathrooms should at least be priced less than the other 2 houses listed. That price should still get you an FCB/KC and you walk with $260k in your pocket.



I can't believe that this was a rental for $5350 at one time. It's probably why the owner is selling because he's not going to get more than $4000 and that probably doesn't cover his expenses.



I'm still wondering when these Tapestry models are going to go sub $1mil... if they ever do. According to most IHBers, these things were overpriced when they first sold in 03/04 for $800k+... but I don't even know if they will get that low.



Argh!
 
I think you should just enjoy renting for a while, and quit driving yourself crazy looking at houses (I am speaking to myself as well).



Just like a watched pot never boiling, the housing markets glacial pace of downward price adjustment is frustrating.
 
[quote author="CapitalismWorks" date=1237876855]I think you should just enjoy renting for a while, and quit driving yourself crazy looking at houses (I am speaking to myself as well).



Just like a watched pot never boiling, the housing markets glacial pace of downward price adjustment is frustrating.</blockquote>


True, agreed, and true. But I can not help myself.
 
[quote author="awgee" date=1237877288][quote author="CapitalismWorks" date=1237876855]I think you should just enjoy renting for a while, and quit driving yourself crazy looking at houses (I am speaking to myself as well).



Just like a watched pot never boiling, the housing markets glacial pace of downward price adjustment is frustrating.</blockquote>


True, agreed, and true. But I can not help myself.</blockquote>
I think its like that for most of us....a nation looking for instant gratification.



Here's how I look at things...the longer I remaining employed doing something and earning money, the more I'll have to put down on a property, the lower the prices will go.
 
I actually do it to keep myself in tune with the local market.



Plus it's nice to see what people do in terms of design, landscaping etc. I only go to ones that have open houses as I don't want to waste IR2's time since I know I won't be purchasing for a while.



My sigoth told me the same thing... that since we can't buy now, it's a waste of time to look at anything. But then she got this notion about buying an older home in Woodbridge once prices settle so we looked at an open house last weekend. They wanted $1.2+m for a 4/3 2400sft that was built 20 years ago. It was nicely upgraded (and had a 3-car wide garage), but after seeing that... she appreciates the newer homes in QH and has put that notion aside.
 
[quote author="irvine_home_owner" date=1237877838]I actually do it to keep myself in tune with the local market.



Plus it's nice to see what people do in terms of design, landscaping etc. I only go to ones that have open houses as I don't want to waste IR2's time since I know I won't be purchasing for a while.



My sigoth told me the same thing... that since we can't buy now, it's a waste of time to look at anything. But then she got this notion about buying an older home in Woodbridge once prices settle so we looked at an open house last weekend. They wanted $1.2+m for a 4/3 2400sft that was built 20 years ago. It was nicely upgraded (and had a 3-car wide garage), but after seeing that... she appreciates the newer homes in QH and has put that notion aside.</blockquote>
Your time shall come IHO, good things come to those who wait. Watch, in 2-3 years those homes will be selling for under $700k. I think QH bottoms out +/- $250/sf for the homes and $225/sf for the condos.
 
I hope so, then we can look at Chantillys and Siennas (or maybe even Vicaras) instead of these Tapestry models.



I dunno though... seems to be very Kool-Aid rich here... you would think the Tapestrys would be listing at $1mil now but the FCBs keep buying them at $1.25+.
 
I can't believe the realtor wrote "a dream kitchen". I hope it looks better in person than it does in the picture. My immediate reaction was they left out a wall or something major. It reminds me of one of those "flip this house" remodels where they have no clue what they're doing. Maybe I hate it because I'm not a huge fan of that open floor plan/ great room concept. Probably because I'm not an entertainer who hosts a lot of parties, I like when the kitchen is its own separate room away from the main living space.
 
[quote author="usctrojanman29" date=1237877726]

Here's how I look at things...the longer I remaining employed doing something and earning money, the more I'll have to put down on a property, the lower the prices will go.</blockquote>


In that case you should wait until you're 65 and retired to buy a house.



I'm gonna wait until I'm 100 to buy a computer, because, you know, prices keep dropping and they keep coming out with better stuff. When I'm 100 I'll be able to buy something much better and for much less.
 
[quote author="asianinvasian" date=1237885102][quote author="usctrojanman29" date=1237877726]

Here's how I look at things...the longer I remaining employed doing something and earning money, the more I'll have to put down on a property, the lower the prices will go.</blockquote>


In that case you should wait until you're 65 and retired to buy a house.



I'm gonna wait until I'm 100 to buy a computer, because, you know, prices keep dropping and they keep coming out with better stuff. When I'm 100 I'll be able to buy something much better and for much less.</blockquote>
I'm talking about buying once home prices stop falling and begin to rise from the ashes...and trust me there won't be a huge "v" shaped rally like we can get in the stock market.
 
[quote author="usctrojanman29" date=1237886559][quote author="asianinvasian" date=1237885102][quote author="usctrojanman29" date=1237877726]

Here's how I look at things...the longer I remaining employed doing something and earning money, the more I'll have to put down on a property, the lower the prices will go.</blockquote>


In that case you should wait until you're 65 and retired to buy a house.



I'm gonna wait until I'm 100 to buy a computer, because, you know, prices keep dropping and they keep coming out with better stuff. When I'm 100 I'll be able to buy something much better and for much less.</blockquote>
I'm talking about buying once home prices stop falling and begin to rise from the ashes...and trust me there won't be a huge "v" shaped rally like we can get in the stock market.</blockquote>


Just chalk this one up as one the dumber things AI has said. Keep in mind, this is coming from someone who asked what a put option was when his name was jpmorganfunds.
 
[quote author="ABC123" date=1237880252]I can't believe the realtor wrote "a dream kitchen". I hope it looks better in person than it does in the picture. My immediate reaction was they left out a wall or something major. It reminds me of one of those "flip this house" remodels where they have no clue what they're doing. Maybe I hate it because I'm not a huge fan of that open floor plan/ great room concept. Probably because I'm not an entertainer who hosts a lot of parties, I like when the kitchen is its own separate room away from the main living space.</blockquote>


Agreed, I usually like open floorplans but this one is simply awful. I think open floorplans work great when they are more shaped like a square than a rectangal.
 
[quote author="graphrix" date=1237896815][quote author="usctrojanman29" date=1237886559][quote author="asianinvasian" date=1237885102][quote author="usctrojanman29" date=1237877726]

Here's how I look at things...the longer I remaining employed doing something and earning money, the more I'll have to put down on a property, the lower the prices will go.</blockquote>


In that case you should wait until you're 65 and retired to buy a house.



I'm gonna wait until I'm 100 to buy a computer, because, you know, prices keep dropping and they keep coming out with better stuff. When I'm 100 I'll be able to buy something much better and for much less.</blockquote>
I'm talking about buying once home prices stop falling and begin to rise from the ashes...and trust me there won't be a huge "v" shaped rally like we can get in the stock market.</blockquote>


Just chalk this one up as one the dumber things AI has said. Keep in mind, this is coming from someone who asked what a put option was when his name was jpmorganfunds.</blockquote>


I think he knew the answer the whole time. He just wanted to see if YOU knew!
 
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