Quail Hill Foreclosures

NEW -> Contingent Buyer Assistance Program
We need more quail hill condo forclosures! Come on you deadbeats, stop paying your mortgage on properties that are worth less then you bought them for!



I'm really hoping for a nice detached 1500 square foot place for oh, 450k sometime soon. :-)
 
All I can think of is some "due process" or procedural problem with the sale, e.g. the homedebtor filed for bankruptcy the morning of the sale and is using the automatic stay to void the sale. Can't see how this would achieve anything except to forestall the inevitable sale and eviction, though.
 
It must have been a legal reason, like BK, or there was an issue with an assignment of the note. No one bid on it when it states, back to the beneficiary. Plus, there is not an option for financing at the foreclosure auction, it is cashiers checks only.
 
It had been a couple of weeks since I had been to quail hell (as so tagged on the main blog the other day), and after this thread and that post I pretty much expected the whole village to be boarded up with tumbleweed blowing through the streets. Given that IHB had declared quail dead, seemed like a good idea to take my two valentine's to Mitsui. After about a 30 minute wait (at the late hour of 6:30), I told my wife that the IHB's calls of the demise of quail hill appeared to be a bit premature. As a matter of fact, the locals seemed in a rather jovial mood, despite the fact Mitsui was packed to the gills. Just wanted to point out to the folks who read this blog from afar that while there may be a handful of folks in distress, for the most part Quail Hill and Irvine seems pretty much the same to me today as it always has. But then I don't view it through bear colored glasses.



BTW -- dinner was great, although a bit steep at $109 for two parents and a toddler.
 
Mitsui is one of the worst restaurants I've ever eaten at. The food (especially the sushi) is way overpriced, bland, and forgettable. the service is par at best, and the atmosphere is that of a Carl's Jr.
 
I agree that Mitsui is not that great. Among the Japanese restaurants I tried around Irvine, Fukata has great udon, Kitayama in New Port Beach has excellent sushi, and Honda-Ya for sake and light snacks.
 
Maybe I am just as much an optimist on sushi as I am on real estate.....but while Mitsui is not world class, it's not that bad guys. But then again, my taste buds are probably out of tune after 4 years of kid friendly dining out....Heck, LM -- Carl's Jr. is a pretty nice place. They bring the food to your table!
 
I think most of the people that "declared QH dead" are the ones who live here. It isn't a literal ghost town, but when you walk down the street and it seems like every other property has a For Sale sign well...



I like the sushi bar at Mitsui, but the table service is pretty poor. A tip, if you are friendly to the sushi chefs they will give you fresh wasabi instead of the usual (and terrible) paste stuff.
 
I like Mitsui a lot. Service has been good (but we have kids, so go at the slow times of day), very kid friendly. Kids meals are good. Rainbow roll is good too.
 
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"Haven't we seen a chart showing that the gross rent multiplier in irvine has NEVER been 160, and was hovering around 200 before the 'boom'?"



Not a chart based on real market rents. The data you were referring to was based on the rental equivalent component of the CPI -- a made up number. Market rents will always be reflective on income because rents are paid out of current income. Look at the income data from 1997, and look at the median sales price, and what do you see?



Irvine Median Income Irvine Median Rent GRM

2006 $ 83,891 $722,928 $ 2,500 289.17

2005 $ 82,827 $635,675 $ 2,468 257.54

2004 $ 80,520 $609,397 $ 2,400 253.96

2003 $ 75,141 $461,888 $ 2,239 206.27

2002 $ 72,289 $379,852 $ 2,154 176.33

2001 $ 71,821 $334,741 $ 2,140 156.40

2000 $ 72,057 $308,089 $ 2,147 143.47

1999 $ 68,170 $278,148 $ 2,032 136.92

1998 $ 63,959 $263,172 $ 1,906 138.07

1997 $ 62,022 $245,437 $ 1,848 132.79



If you assume the rent on a median home in Irvine was $2,500 a month in 2006, you can take the same percentage of income and extrapolate backward to obtain the median rent back to 1997. We know what the median home price was. Once you have a rental rate and the median home price, the GRM is an easy calculation.

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Wouldn't it be more accurate to compare rents to average monthly payment? Last time I checked landlords primarily base their rents on their monthly payments, and renters decide whether it is better to rent or own based on monthly mortgage payments as well.



Would the GRM be the same if you did that?
 
<p>Just so happens I was at Mitsui on Tuesday night with a business associate. We were the only people at the sushi bar. It was around 7:00 PM. Just a few people at the table service. You got to love that real wasabi. Awesome with the Bluefin Sashimi. The sushi was excellent. But 3 sushi chefs and just the 2 of us at the bar ??? </p>

<p>After living in the area for 18 months now. You do see business in the Quail Hill center a bit slower. That Starbucks used to be out the door every morning at 7:00 am. Its about a 1/2 of what it was last spring as far as the line for coffee in the morning. Also seems like the wine place Baccus is not what it used to be. Used to have live entertainment and the place was packed. Now the Liquor License is screwed up. You cant buy wine by the glass or bottle any longer. Just by the half glass. ??? </p>

<p>But here is a good picture for you guys. Watch out for the Irvine PD. This is at 5:00 PM. Looking for a California stop at Quail Ridge and Knollcrest. Yes he is on the sidewalk being very sneeky and making $$$$$. I talked with him a bit. Rolling stop was OK. But no stop would get you the ticket.</p>

<p><img alt="" src="http://www.bltserv.com/images/IrvinePD.jpg" /> </p>
 
<p>Actually, the PD is helping the kids go to & from school., he is usually there at times when kids are going to or coming back from school. I often see kids that look really young (ex. 7 years?) crossing that intersection on the way to school. Drivers around there need to slow down and stop. It is worse when people park just before the stop sign, makes it very difficult for cars coming to the stop sign to see the little kids coming across.</p>

<p>And yes, it does need enforcement ... have seen some kooky driving (ex. on school grounds, saw 2 drivers rush to pull up to the curb and hit the curb hard enough with the front tire to cause alignment issues - luckily no kindergardeners going by were within striking distance of the front bumpers over the sidewalk those times). Also, have seen a driver play chicken with kids in the school crosswalk and cut them off. Less of that now with the crazy height speedbumps on the school grounds which some people still go rather fast over.</p>
 
<p><em> As a matter of fact, the locals seemed in a rather jovial mood, despite the fact Mitsui was packed to the gills. Just wanted to point out to the folks who read this blog from afar that while there may be a handful of folks in distress, for the most part Quail Hill and Irvine seems pretty much the same to me today as it always has.</em></p>

<p>Credit card offers are still showing up in their mailboxes. Party on!</p>

<p>As for Officer Neckvein, I wonder how large the fine might be if I were to pull Effenmoto onto an Irvine sidewalk and just sit there watching traffic? Hey, it's a neighborhood watch area, right? </p>
 
People always blow right through that intersection because there is only one way to go. If you are coming from Quail Hill Pkwy you can only go right. There's a dead end straight ahead and a parking lot entrance to the left.
 
"Actually, the PD is helping the kids go to & from school., he is usually there at times when kids are going to or coming back from school."



The only times I have seen officers there is between 4:30-6pm. I would not think of that as a prime time for kids to be walking to and from school.
 
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