What's going into escrow - Irvine and maybe some Tustin too

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For Westpark lovers, <a href="http://www.zillow.com/homedetails/35-Calavera-Irvine-CA-92606/25475387_zpid/">this place on Calavera</a>, an REO, just closed for $810K. That price is 10% less than the May 2004 purchase price...
 
[quote author="ipoplaya" date=1232421042]For Westpark lovers, <a href="http://www.zillow.com/homedetails/35-Calavera-Irvine-CA-92606/25475387_zpid/">this place on Calavera</a>, an REO, just closed for $810K. That price is 10% less than the May 2004 purchase price...</blockquote>
This was the one featured on the Blog and had misreported square footage:



<a href="http://www.irvinehousingblog.com/blog/comments/pain/">http://www.irvinehousingblog.com/blog/comments/pain/</a>



I thought it would go for more than the $819k list (which I thought was a Short Sale teaser listing price) but I never saw the inside which other commenters said was not very good.



Whew... I wonder how much the listed $839k Arbusto is going to contract for considering it's a bigger and nicer plan.
 
IPO,



OCRegister data shows that zip code 92612 and 92620 had two consective months of YTY price increase, and YTY transaction increase. Give the fact that high dollar value homes are not moving much, what do those data tell us if any?
 
[quote author="irvine123" date=1232429269]IPO,



OCRegister data shows that zip code 92612 and 92620 had two consective months of YTY price increase, and YTY transaction increase. Give the fact that high dollar value homes are not moving much, what do those data tell us if any?</blockquote>


I don't think the data is horribly meaningful. The RE market came crashing to a halt last Fall when jumbo loan rates went through the roof. Transaction volumes a year ago were very low as a result.



I think the YOY comparisons of DQ data will be more meaningful once the spring and summer come around as that is when transactions volume finally started picking back up last year...
 
[quote author="ipoplaya" date=1230625269][quote author="SoCal78" date=1230543814][quote author="ipoplaya" date=1230515940]<a href="http://www.ipoplaya.com/iposhiller.pdf">December closing prices</a> for Irvine are now UP over 1% vs. November and running at the same level as September.</blockquote>


Whatdya mean, Ipop? I'm looking at the chart and it shows the median price being less than September by ten grand.</blockquote>


The median is an imperfect measure of price. The fluctuations in median sales prices on such a small sample could be related to a number of factors.



The CS index, which my tracking is geared toward, is a much better measure of price changes. It's showing December prices at just a smidge less than September's right now...



Added ten more escrows that started over the past week or so. Also, added a few more closings.



Ten - I assume you didn't take down 2 Malibu? Wanna guess at closing price?</blockquote>


I heard the closing price was $900k. Is it a 2003 rollback?
 
[quote author="luckyguy" date=1232436036]



I heard the closing price was $900k. Is it a 2003 rollback?</blockquote>


If you mean 2 Malibu closing for $900K, I think it would be 2003 but I'd have to verify. I don't see any last sale info for it so IR2 would need to supply.



2 Malibu still shows as accepting backup offers in MLS. Based on the assessed prop tax value of $649K today, I assume these were original buyers that purchased in 2000 for mid to high $500s. If that is true, and they sold for $900K, it would be rollback to late Dec 2003 prices per Case-Shiller.
 
[quote author="ipoplaya" date=1232439692][quote author="luckyguy" date=1232436036]



I heard the closing price was $900k. Is it a 2003 rollback?</blockquote>


If you mean 2 Malibu closing for $900K, I think it would be 2003 but I'd have to verify. I don't see any last sale info for it so IR2 would need to supply.



2 Malibu still shows as accepting backup offers in MLS. Based on the assessed prop tax value of $649K today, I assume these were original buyers that purchased in 2000 for mid to high $500s. If that is true, and they sold for $900K, it would be rollback to late Dec 2003 prices per Case-Shiller.</blockquote>


It will be bought by my friend, who told me the price. The escrow will close this Friday. Will it drag down the price for other Northpark houses?
 
[quote author="luckyguy" date=1232440103][quote author="ipoplaya" date=1232439692][quote author="luckyguy" date=1232436036]



I heard the closing price was $900k. Is it a 2003 rollback?</blockquote>


If you mean 2 Malibu closing for $900K, I think it would be 2003 but I'd have to verify. I don't see any last sale info for it so IR2 would need to supply.



2 Malibu still shows as accepting backup offers in MLS. Based on the assessed prop tax value of $649K today, I assume these were original buyers that purchased in 2000 for mid to high $500s. If that is true, and they sold for $900K, it would be rollback to late Dec 2003 prices per Case-Shiller.</blockquote>


It will be bought by my friend, who told me the price. The escrow will close this Friday. Will it drag down the price for other Northpark houses?</blockquote>


It may. It's going for a considerable discount compared to other recent closings in that area. The last couple of closes in NP have been 2400sf places that sold for $850Kish. I don't believe one comp drags down prices. It could put pricing pressure on future sales there, but ultimately buyers may elect to keep paying 2004 prices for NP properties and this sale will be an aberration.



I do hope it puts a drag on prices in NP and my beloved NW Pointe though...
 
[quote author="ipoplaya" date=1232441742][quote author="luckyguy" date=1232440103][quote author="ipoplaya" date=1232439692][quote author="luckyguy" date=1232436036]



I heard the closing price was $900k. Is it a 2003 rollback?</blockquote>


If you mean 2 Malibu closing for $900K, I think it would be 2003 but I'd have to verify. I don't see any last sale info for it so IR2 would need to supply.



2 Malibu still shows as accepting backup offers in MLS. Based on the assessed prop tax value of $649K today, I assume these were original buyers that purchased in 2000 for mid to high $500s. If that is true, and they sold for $900K, it would be rollback to late Dec 2003 prices per Case-Shiller.</blockquote>


It will be bought by my friend, who told me the price. The escrow will close this Friday. Will it drag down the price for other Northpark houses?</blockquote>


It may. It's going for a considerable discount compared to other recent closings in that area. The last couple of closes in NP have been 2400sf places that sold for $850Kish. I don't believe one comp drags down prices. It could put pricing pressure on future sales there, but ultimately buyers may elect to keep paying 2004 prices for NP properties and this sale will be an aberration.



I do hope it puts a drag on prices in NP and my beloved NW Pointe though...</blockquote>




Let?s hope so.

Ipop and I briefly discussed 2 Malibu

It's a great place and listed at a very nice price point.

The only drawback for me was it?s proximity to Culver.

It?s closing price as well as the other one across Culver should bring pricing below $300/ft. levels.

Very promising thus far.
 
According to DataQuick



zip med price YOY % decline

Irvine 92602 $647,000 -10.7%

Irvine 92603 $825,000 -7.8%

Irvine 92604 $540,000 -14.1%

Irvine 92606 $582,250 -13.9%

Irvine 92612 $457,750 -26.1%

Irvine 92614 $495,000 -10.2%

Irvine 92618 $540,000 -10.9%

Irvine 92620 $655,000 -8.4%
 
[quote author="awgee" date=1232688753]According to DataQuick



zip med price YOY % decline

Irvine 92602 $647,000 -10.7%

Irvine 92603 $825,000 -7.8%

Irvine 92604 $540,000 -14.1%

Irvine 92606 $582,250 -13.9%

Irvine 92612 $457,750 -26.1%

Irvine 92614 $495,000 -10.2%

Irvine 92618 $540,000 -10.9%

Irvine 92620 $655,000 -8.4%</blockquote>


According to Dataquick, OC price is down 27% , with 3% less sales when compared with 2007.



Irvine seems to be doing not bad with the exception of 92612 ( I suspect if you take out the highrises condos, that number is a lot better than -26%)



zip code 92603 and zip code 92620 (woodbury, northwood) seem to be just fine with down just 8%.



also i found it to be odd that 92782 is only down 1%. I thought that is the zip for tustin field area, which has been doing badly?
 
[quote author="irvine123" date=1232698135][quote author="awgee" date=1232688753]According to DataQuick



zip med price YOY % decline

Irvine 92602 $647,000 -10.7%

Irvine 92603 $825,000 -7.8%

Irvine 92604 $540,000 -14.1%

Irvine 92606 $582,250 -13.9%

Irvine 92612 $457,750 -26.1%

Irvine 92614 $495,000 -10.2%

Irvine 92618 $540,000 -10.9%

Irvine 92620 $655,000 -8.4%</blockquote>


According to Dataquick, OC price is down 27% , with 3% less sales when compared with 2007.



Irvine seems to be doing not bad with the exception of 92612 ( I suspect if you take out the highrises condos, that number is a lot better than -26%)



zip code 92603 and zip code 92620 (woodbury, northwood) seem to be just fine with down just 8%.



also i found it to be odd that 92782 is only down 1%. I thought that is the zip for tustin field area, which has been doing badly?</blockquote>




92603 is Turtle Rock.
 
[quote author="irvine123" date=1232698135]

also i found it to be odd that 92782 is only down 1%. I thought that is the zip for tustin field area, which has been doing badly?</blockquote>


In 92782 a year ago, there would probably would have been a number of smaller units closing in Columbus Grove. As those complexes sold out long ago, the only new construction moving in CG nowadays would be Madison properties and Ciara properties I believe. There has been more turnover in larger Tustin Field places than the condo units of late as well I believe. That'll push the median.



Prices haven't been falling much, at least on larger or newer properties, for a while now. Many of the closings this month are firmly 2004 pricing. The sample size is still small for January, but the numbers are darn close to September in terms of average CS index value. One more close with 2004 pricing and I'll be showing an increase in CS value for January...
 
[quote author="tenmagnet" date=1232506998][quote author="ipoplaya" date=1232441742][quote author="luckyguy" date=1232440103][quote author="ipoplaya" date=1232439692][quote author="luckyguy" date=1232436036]



I heard the closing price was $900k. Is it a 2003 rollback?</blockquote>


If you mean 2 Malibu closing for $900K, I think it would be 2003 but I'd have to verify. I don't see any last sale info for it so IR2 would need to supply.



2 Malibu still shows as accepting backup offers in MLS. Based on the assessed prop tax value of $649K today, I assume these were original buyers that purchased in 2000 for mid to high $500s. If that is true, and they sold for $900K, it would be rollback to late Dec 2003 prices per Case-Shiller.</blockquote>


It will be bought by my friend, who told me the price. The escrow will close this Friday. Will it drag down the price for other Northpark houses?</blockquote>


It may. It's going for a considerable discount compared to other recent closings in that area. The last couple of closes in NP have been 2400sf places that sold for $850Kish. I don't believe one comp drags down prices. It could put pricing pressure on future sales there, but ultimately buyers may elect to keep paying 2004 prices for NP properties and this sale will be an aberration.



I do hope it puts a drag on prices in NP and my beloved NW Pointe though...</blockquote>




Let?s hope so.

Ipop and I briefly discussed 2 Malibu

It's a great place and listed at a very nice price point.

The only drawback for me was it?s proximity to Culver.

It?s closing price as well as the other one across Culver should bring pricing below $300/ft. levels.

Very promising thus far.</blockquote>


All I see is garages, where is the front door of 2 Malibu? Around the corner next to Culver?



I'm thinking that BK wouldn't approve of this one.
 
[quote author="Goofy" date=1232771514]



All I see is garages, where is the front door of 2 Malibu? Around the corner next to Culver?



I'm thinking that BK wouldn't approve of this one.</blockquote>


No front door, gotta enter through the garage.



It's a progressive space-saving manuever. No one uses the front door anyway...



:)
 
[quote author="ipoplaya" date=1232773648]No front door, gotta enter through the garage.



It's a progressive space-saving manuever. No one uses the front door anyway...



:)</blockquote>
In my next house... I'm having the front door removed... so I can build my 3rd car garage in front of it.
 
Wow, 2 Malibu was a deep rollback into 2003 price equivalents. It's a 168 CS index at a $900K price. The original neighbor at 6 Malibu paid a very similar but lower price in 2000 for their property but got it re-sold for $1.067M in March of 2008.



In other words, the guy next door to 2 Malibu is probably down least $125K in around 10 months time... Ouch.



Why in the hell is there no 4 Malibu I wonder?
 
[quote author="tenmagnet" date=1232784830]35 Malibu is still available.

They obviously didn?t get the memo either asking $1.5M ( $374/ft)</blockquote>


6 Los Olivos is the funny one... Asking for $300K, 20%, over their 2004 purchase price.
 
[quote author="ipoplaya" date=1232773648][quote author="Goofy" date=1232771514]



All I see is garages, where is the front door of 2 Malibu? Around the corner next to Culver?



I'm thinking that BK wouldn't approve of this one.</blockquote>


No front door, gotta enter through the garage.



It's a progressive space-saving manuever. No one uses the front door anyway...



:)</blockquote>


The front door faces north. You need to enter the front door from the side yard.
 
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