Quail Hill Foreclosures

NEW -> Contingent Buyer Assistance Program
"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."



Making more money is most important to those cops, I guess. Unlike Trooper or our hero SWAT team members, those cops probably will run faster than me when they hear gun shots.
 
I think that is probably the same freaking gang-afraid cop who pulled me over. Hey, if he is a true hero, he will be working to reduce gang activities in OC.
 
I have seen that, also. Is it legal to have a motorcycle on the sidewalk? Aren't sidewalks designated as for pedestrians only?
 
Next to the Quail Ridge apartments, there is an large empty field under the powerlines. Empty no longer - saw a tractor busy plowing up furrows, and black plastic. Looks like there is some kind of farming going in there now.
 
I noticed that too. My guess is strawberries. They are using the land all along the powerlines on both sides of street.

They cleared all that land up above a couple months ago. Looks like they plan on doing this long term by the amount of debris they took out of the land just below the homes on the hill. Irvine company needs that Lease money. They sure are not making a dime on Laguna Crossing for awhile. And my rent at Quail Ridge sure as heck cant go up. The vacancy rate is

IMHO the highest its been since I moved in in Sept 06.
 
I think we should have a QH-IHB get-together for some beers/vino at the wine place down in the shopping center. Sounds like a lot of IHBer's live in and around QH.
 
Last time I went to the Bacchus' they were having problems with their liquor license. I don't know if that is still the case, but at the time they were only allowed to pour 1.5oz of wine at a time.
 
I drove past 51 momento on the weekend, and the realty sign out front has an add-on "TOO LATE" (in nice matching green background). Does anyone know if this actually sold? According to earlier posts the auction wasn't completed...
 
<p>Norcal2Socal</p>

<p>MLS shows 51 Momento as Backup Sale. List price was $1,799,000.</p>

<p>There was a Notice of Trustee Sale set for 2/13 and shows off market 2/14.</p>

<p>Sounds like the lender bought it back or it was picked up on the courthouse steps since it is in escrow.</p>

<p>Remind me in 15 to 30 days to check again for resolution and close price if you are interested.</p>

<p>Regards</p>
 
51 Momento did not go back to the back. It was an invalid sale, it went back to bank, the bank f'd up, and it is now with the original bagholder.
 
<p>graphrix</p>

<p>It currently shows Backup as of 2/14. Do you think it is in escrow or has the agent just not changed the status?</p>

<p>How was the sale "invalid"?</p>

<p>Things keep getting more interesting.</p>

<p>Thanks</p>
 
<p>Graphrix</p>

<p>I just read the other thread. It makes sense now. They are waiting for bank/lawyers to settle things before it goes back to Active.</p>

<p>Thanks</p>
 
<em>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?





</em>







<em> </em>

<em>Irvine Median Income</em>

<em>Irvine Median </em>

<em>Rent</em>

<em>GRM</em>





<em>2006</em>

<em> $ 83,891 </em>

<em>$722,928 </em>

<em> $ 2,500 </em>

<em> 289.17 </em>





<em>2005</em>

<em> $ 82,827 </em>

<em>$635,675 </em>

<em> $ 2,468 </em>

<em> 257.54 </em>





<em>2004</em>

<em> $ 80,520 </em>

<em>$609,397 </em>

<em> $ 2,400 </em>

<em> 253.96 </em>





<em>2003</em>

<em> $ 75,141 </em>

<em>$461,888 </em>

<em> $ 2,239 </em>

<em> 206.27 </em>





<em>2002</em>

<em> $ 72,289 </em>

<em>$379,852 </em>

<em> $ 2,154 </em>

<em> 176.33 </em>





<em>2001</em>

<em> $ 71,821 </em>

<em>$334,741 </em>

<em> $ 2,140 </em>

<em> 156.40 </em>





<em>2000</em>

<em> $ 72,057 </em>

<em>$308,089 </em>

<em> $ 2,147 </em>

<em> 143.47 </em>





<em>1999</em>

<em> $ 68,170 </em>

<em>$278,148 </em>

<em> $ 2,032 </em>

<em> 136.92 </em>





<em>1998</em>

<em> $ 63,959 </em>

<em>$263,172 </em>

<em> $ 1,906 </em>

<em> 138.07 </em>





<em>1997</em>

<em> $ 62,022 </em>

<em>$245,437 </em>

<em> $ 1,848 </em>

<em> 132.79 </em>







<p>


<em>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.</em> </p>

<p>Irvine renter, what is the source for these numbers? Are you sure about the median House price in 1997?</p>
 
<colgroup><col style="WIDTH: 48pt" span="9" width="64"></col></colgroup>







Income

House Pr

Rent

Rental yield

30y mtge

RY-Mtge

HP for RY=Mtge

vs actual





Now

$84,955

$650,635

$2,500

4.60%

6.50%

-1.90%

$461,538

-29%





2006

$83,891

$722,928

$2,500

4.10%

6.40%

-2.20%

$469,778

-35%





2005

$82,827

$635,675

$2,468

4.70%

6.40%

-1.70%

$466,394

-27%





2004

$80,520

$609,397

$2,400

4.70%

5.80%

-1.10%

$495,356

-19%





2003

$75,141

$461,888

$2,239

5.80%

5.90%

-0.10%

$457,250

-1%





2002

$72,289

$379,852

$2,154

6.80%

5.70%

1.10%

$455,391

20%





2001

$71,821

$334,741

$2,140

7.70%

7.10%

0.60%

$360,674

8%





2000

$72,057

$308,089

$2,147

8.40%

7.50%

0.90%

$343,520

12%





1999

$68,170

$278,148

$2,032

8.80%

8.40%

0.40%

$289,941

4%





1998

$63,959

$263,172

$1,906

8.70%

7.00%

1.70%

$328,621

25%





1997

$62,022

$245,437

$1,848

9.00%

7.40%

1.60%

$299,676

22%











<p> </p>

<p>expanded your table a bit. "Now" is based on my assumptions</p>
 
Saw two "For Lease" signs in empty Quail Hill Mall stores yesterday. One was the florist (who was open on Valentines, now is gone). Don't remember what the other store was.
 
<em>"Irvine renter, what is the source for these numbers? Are you sure about the median House price in 1997?"</em>





These numbers were emailed to me by a reader, but I believe they come from DataQuick. You can also find median house price information at the US Census Bureau, California Association of Realtors, National Association of Realtors, and Case-Shiller indexes.





I guess you do not remember affordable prices?
 
<em> I guess you do not remember affordable prices?</em>





That could be why some bulls seem to be clinging to <a href="http://lansner.freedomblogging.com/2008/03/05/oc-homes-7-overvalued-best-bargain-in-5-years/">this post on Lansner's blog </a>as evidence that the current prices are in fact affordable and we should be near a bottom. Or, there are other explanations of course...
 
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