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

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[quote author="ipoplaya" date=1232784321]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?</blockquote>


6 Malibu is 3030sf and 2 malibu is 3250sf. 6 Malibu is probably down $200k.



"4" means dead in Chinese. Probably that's the reason for no 4 Malibu. Do you see "4" in other streets in Northpark?
 
[quote author="Goofy" date=1232771514][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.</blockquote>


The sale has already closed at 900k. The previous owner just owned one bank around $900k. Therefore it's easy to get the short sale approved.
 
[quote author="luckyguy" date=1232788223]



The sale has already closed at 900k. The previous owner just owned one bank around $900k. Therefore it's easy to get the short sale approved.</blockquote>


I noticed that. Definite case of MEW. Had an $860K first mortgage opened up a year or two ago I believe. Original mortgage was $512K so they pulled around $350K out.
 
Just encountered a rarity... A house that had gone pending sale in MLS, usually indicating that all contingencies had been removed, a week or two ago just went back active. Ole 14 Arbusto in Westpark is one the market again.
 
[quote author="ipoplaya" date=1232797500]Just encountered a rarity... A house that had gone pending sale in MLS, usually indicating that all contingencies had been removed, a week or two ago just went back active. Ole 14 Arbusto in Westpark is one the market again.</blockquote>
And Calavera selling for $810k isn't going to help.



Man... I got lucky.
 
Where the heck are all the sales for Irvine? I've only got 28 on my closed sale list so far and its almost the end of the month. In Jan 2008, there were around 65 sales indicated in MLS for places over 1200sf. I don't even have 30 yet!



January, at least in terms of Irvine, is shaping up to be a very slow month, probably rivaling the pace of the late 2007 market freeze. I'm showing a pretty big price drop too right now, over 4% month-over-month, but with only 28 properties that isn't a good figure yet.
 
Everyone is holding for Obama to save housing prices with $825 trillion.



Seriously... the same people who drank the Housing Bubble Kool-Aid are now sipping the Bailout Kool-Aid. Maybe IR should write a book about The Great Bailout Bubble.
 
[quote author="irvine_home_owner" date=1233135179]Everyone is holding for Obama to save housing prices with $825 <strong>trillion</strong>.



Seriously... the same people who drank the Housing Bubble Kool-Aid are now sipping the Bailout Kool-Aid. Maybe IR should write a book about The Great Bailout Bubble.</blockquote>


Actually the Big O could save the entire world with $825 trillion ;)



But $825 billion is like me loaning my foreclosed buddy $100 to save his home.
 
[quote author="optimusprime" date=1233136621][quote author="irvine_home_owner" date=1233135179]Everyone is holding for Obama to save housing prices with $825 <strong>trillion</strong>.



Seriously... the same people who drank the Housing Bubble Kool-Aid are now sipping the Bailout Kool-Aid. Maybe IR should write a book about The Great Bailout Bubble.</blockquote>


Actually the Big O could save the entire world with $825 trillion ;)



But $825 billion is like me loaning my foreclosed buddy $100 to save his home.</blockquote>


I think all of the lay-offs, the poor Christmas sales and the talk about all levels of government budgets being in the red has finally made the recession started by the housing bubble burst a sudden, cold reality. I think for the first time buyers are starting to say to themselves, "This house could be many thousands of dollars cheaper next spring. I could make out better if I wait." There is absolutely no good news and, in fact, the news is scary.
 
[quote author="optimusprime" date=1233136621][quote author="irvine_home_owner" date=1233135179]Everyone is holding for Obama to save housing prices with $825 <strong>trillion</strong>.



Seriously... the same people who drank the Housing Bubble Kool-Aid are now sipping the Bailout Kool-Aid. Maybe IR should write a book about The Great Bailout Bubble.</blockquote>


Actually the Big O could save the entire world with $825 trillion ;)



But $825 billion is like me loaning my foreclosed buddy $100 to save his home.</blockquote>
Hehe... that would mean $825 trillion would be like loaning him $100,000... which still may not be enough for some of those $1mil+ foreclosures.
 
[quote author="irvine_home_owner" date=1233135179]Everyone is holding for Obama to save housing prices with $825 trillion.



Seriously... the same people who drank the Housing Bubble Kool-Aid are now sipping the Bailout Kool-Aid. Maybe IR should write a book about The Great Bailout Bubble.</blockquote>


Dude... you don't read <a href="http://www.ritholtz.com/">Barry's blog</a>? Eh, nevermind, if you did you would not have bought the house you did. I have to remember the detox process has just begun, and it's all about the baby steps. Anyway, <a href="http://www.amazon.com/Bailout-Nation-Corrupted-Street-Economy/dp/0071609059/">pick up your copy of Bailout Nation now</a>, and stop giving IR more work.



Seriously though, you should be reading Barry's blog.
 
Got a couple of closes in Northpark yesterday, both at 2005 price equivalents... 28 Morro Bay went for $1.825M, only 9% less than their late-2005 near peak purchase price of $2M. For those scoring at home, that was $414 per sf for guard-gated NP.
 
[quote author="graphrix" date=1233160798]Seriously though, you should be reading Barry's blog.</blockquote>
I go there every once in a while... I've checked out most of the blogs on IHB's blog roll.



Didn't know about the book though... have to look into that when it releases.



I really do think people are trying to hold on hoping they can get a "modification", some type of bailout or a market rebound. Having the Prez constantly talk about how the gov is going to save the homeowner just feeds this fantasy.



Prices in Irvine... although a few may be 40% off... are still way above fundamentals... and if you look at IPO's tracking... it's been a lot slower drop than expected (which was good in a way for me).



This last peak cycle was almost 10 years... does that mean bottom isn't going to be until 2015/16?
 
good stuff! It was just at -2.5% just a couple days ago right? what were the big droppers?



edit: nevermind. looks like tall oak, martin, and woodland



I'm waiting for that Viento one to close. Judging by the list price, I'm expecting a 25+% drop from its 2004 sales price.
 
So Woodland finally fell. It looked like those sellers (well, the bank) would not go below 500,000. Anybody have any idea why 4 Eastmont is in its 3rd escrow attempt?
 
<a href="http://www.ipoplaya.com/">Ginormous escrow update just completed... </a> 18 properties going under contract over the past five days. The majority of them are shorts so it would appear that banks are getting more liberal with their short approvals now.



And for those that are curious, of the 684 homes in Irvine inventory today, I am tracking 75 or so as backup status, i.e. they are in escrow, with perhaps another 25 or so that are pending sale.
 
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