Real Estate Awards (Mega Schadenfreude)

NEW -> Contingent Buyer Assistance Program
Priced_Out_IT_Guy_IHB

Priced_Out_IT_Guy_IHB

New member
After seeing this property I became compelled to give them an award:





<a href="http://www.redfin.com/stingray/do/printable-listing?listing-id=1065199" target="_blank"><img alt="" src="http://ramidogstyle.com/images/market_chaser.jpg" /></a>


Days on market: 211





I'm sure everyone has an award or two to give out so lets see 'em.<a name="this" href="http://www.redfin.com/stingray/do/printable-listing?listing-id=1065199"></a>
 
<p><img style="WIDTH: 329px; HEIGHT: 216px" height="259" alt="" width="410" src="http://i-0.rfimg.us/photo/46/bigphoto/532/S476532_1_2.jpg" /></p>





Listing Price History







<thead>



Date

Price



</thead>





Feb 22, 2007

$1,599,000





Mar 01, 2007

$1,499,000





May 04, 2007

$1,349,000





Jul 21, 2007

$1,299,000





Nov 07, 2007

$1,249,000





Feb 27, 2008

$1,149,000













That pesky Santiago fire last year took some of the shine off Modjeska Canyon...





<a href="http://www.redfin.com/stingray/do/printable-listing?listing-id=539756">http://www.redfin.com/stingray/do/printable-listing?listing-id=539756</a>
 
<p>For your consideration: a $300K nosedive in asking price and 303 DOM. (Psst! It's also a 29% loss!)</p>

<p>17552 Medford AVE


Tustin, CA 92780</p>

<p><strong>Price: $550,000 </strong></p>

<p>$/Sq. Ft.: $227</p>

<p>Beds: 4


Baths: 3


Sq. Ft.: 2,425


Lot Size: 7,205 sq. ft. </p>

<p>Sale History:</p>

May 16, 1991 $300,000


<strong>Apr 06, 2005 $780,000</strong>


<p>Listing Price History</p>

<strong>Jun 02, 2007 $850,000 </strong>


Jun 30, 2007 $815,000


Jul 22, 2007 $799,900


Jul 31, 2007 $790,000


Sep 25, 2007 $782,000


Oct 04, 2007 $780,000


Oct 09, 2007 $760,000


Oct 31, 2007 $740,000


<strong>Feb 10, 2008 $550,000 </strong>


<p>


<img alt="" src="http://i-0.rfimg.us/photo/46/bigphoto/718/P580718_1.jpg" /> </p>

<p><img alt="" src="http://i-0.rfimg.us/photo/46/bigphoto/718/P580718_1_1.jpg" /></p>

<p><a href="http://www.redfin.com/stingray/do/printable-listing?listing-id=800834">http://www.redfin.com/stingray/do/printable-listing?listing-id=800834</a></p>
 
<img src="http://ramidogstyle.com/images/wtf_price.jpg" alt="" />





<a href="http://www.redfin.com/stingray/do/printable-listing?listing-id=1313927">www.redfin.com/stingray/do/printable-listing</a>





This condo is nearby to where I live at east woodbridge lake. Mostly elderly people and small white dogs with screeching barks live there. Not an attractive area for younger or middle aged folks.





Assuming we finance this property with nothing down:


Results









$869,900.00

Purchase Price





$0.00

0% Downpayment





$869,900.00

Mortgage





$1,109,509.51

Interest Paid over the Life of Mortgage









Monthly Cost Breakdown









$5,498.36

Monthly Mortgage Payment @ 6.5%





$724.92

Property Taxes @ 1%





$181.23

Homeowners Insurance @ 0.25%





$0.00

Special Taxes and Levies @ 0%





$333.00

Homeowners Associate Dues or Fees





$1,087.38

Maintenance and Replacement Reserves @ 1.5%





$7,824.88

Total Monthly Cash Outflow




 
continued...








Assuming we put 20% down:





Results









$869,900.00

Purchase Price





$173,980.00

20% Downpayment





$695,920.00

Mortgage





$887,607.60

Interest Paid over the Life of Mortgage









Monthly Cost Breakdown









$4,398.69

Monthly Mortgage Payment @ 6.5%





$724.92

Property Taxes @ 1%





$181.23

Homeowners Insurance @ 0.25%





$0.00

Special Taxes and Levies @ 0%





$333.00

Homeowners Associate Dues or Fees





$1,087.38

Maintenance and Replacement Reserves @ 1.5%





$6,725.21

Total Monthly Cash Outflow










Assuming somebody has mounts of equity from their former residence and puts 50% down:





Results









$869,900.00

Purchase Price





$434,950.00

50% Downpayment





$434,950.00

Mortgage





$554,754.75

Interest Paid over the Life of Mortgage









Monthly Cost Breakdown









$2,749.18

Monthly Mortgage Payment @ 6.5%





$724.92

Property Taxes @ 1%





$181.23

Homeowners Insurance @ 0.25%





$0.00

Special Taxes and Levies @ 0%





$333.00

Homeowners Associate Dues or Fees





$1,087.38

Maintenance and Replacement Reserves @ 1.5%





$5,075.70

Total Monthly Cash Outflow










How many elderly people do you know with this kind of cash flow?
 
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<img alt="" width="394" border="0" name="mainphoto" src="http://www.ziprealty.com/images_mls/SOCALMLS/S/50/17/S501702.jpg" />







<p><strong>16636 SONORA DRIVE, Tustin, CA 92782</strong></p>

<p>He has been trying to sell this for over a year</p>

<p> </p>

<p><strong>Price Reduced: 09/20/07 -- $995,000 to $970,000</strong>


<strong>Price Reduced: 10/04/07 -- $970,000 to $949,800</strong>


<strong>Price Reduced: 10/20/07 -- $949,800 to $930,000</strong>


<strong>Price Reduced: 03/15/08 -- $930,000 to $899,800</strong>


</p>

<p> </p>

<p> </p>

<p> </p>
 
<p>Oh we are hitting the high end? OK try this one on for size..nothin like carrying a 2.9 million dollar mortgage for 481 days and lowering your price (and expectations of profit) over 1.5 million dollars...that's gonna leave a mark</p>

<p><a href="http://www.redfin.com/stingray/do/printable-listing?listing-id=468908">http://www.redfin.com/stingray/do/printable-listing?listing-id=468908</a></p>

<p>Price: $3,250,000 </p>

<p>







On Redfin:

481 days







</p>





Listing Price History







<thead>



Date

Price



</thead>





Jan 29, 2007

$4,800,000





Feb 03, 2007

$4,299,000





Mar 16, 2007

$4,199,000





Jul 31, 2007

$3,999,000





Oct 26, 2007

$3,550,000





Jan 14, 2008

$3,250,000













<thead>



Date

Price

Appreciation



</thead>





Jun 19, 2002

$1,800,000



--







Apr 02, 2004

$2,500,000



20.2%/yr







Jul 16, 2004

$2,900,000



67.6%/yr






 
The high end is utterly disgusting. When you're not watchin' American idol one night, take a look at redfin.com. Search for properties between 2-5 million in OC. When you see the recent sales prices you will have a myocardial infarction.





I think in some ways the high end was inflated the most. The people who were making tons of money and had poor saving habits bought these places hoping to get super duper rich. A 20% gain on a million dollar property is 200,000 where a 10% gain on a 500k place is only 100,000. Big difference in $$$ amount.





Considering the insane leverage abilities (100% financing), the belief that real estate always goes up, and the high end is immune, the high priced properties went to the moon. The posers and speculators have been driven out of the market. The smart people who actually have big bucks are sitting on the sidelines. It's only down from here!
 
<p>Screw Idol. I'm enjoying Super Nanny right now... Makes me feel like Super Parent!</p>

<p>239 properties priced over $1M right now in Irvine. That's a fourth of the friggin' inventory. I think we definitely could have a top down driven decline in Irvine.</p>
 
<p>What the hell LM this guy can't make up his mind what this house is worth. If you graph his price history it lools like a heartbeat. But also it is in Newport Coast and nothng there is under a mil these days.</p>

<p> </p>







Jul 12, 2007

$2,495,000





Aug 25, 2007

$2,295,000





Aug 25, 2007

$2,495,000





Aug 25, 2007

$2,295,000





Sep 05, 2007

$2,200,000





Nov 03, 2007

$2,225,000





Dec 19, 2007

$2,299,000





Jan 14, 2008

$2,295,000





Feb 17, 2008

$2,290,000




 
OMG look at this!





Purchased 12/30/2004 for $956,000





<strong>Listed at $2,895,000!! On the market for eight months!





That means from the time the home was purchased to the time it was listed was only 2 1/2 years! </strong>





This nincompoop is looking for a payday of $1,939,000 in only 30 months. WTF? Why even work? You could have refinanced one time and lived off the tax-free cash and lived like a king.





http://redfin.com/stingray/do/printable-listing?listing-id=994997








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