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

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[quote author="ipoplaya" date=1234494564]





When I can get a 3600sf Mille Fleurs for $1M, that's when I'd really be happy. .</blockquote>






30 Gentry at Mille Flleurs and 29 Dusty Rose at Villa Rose both changed to "backup" status during the last two days. List price $1.25 million, and $1.20 million. We will find out soon if the final price will set a record low in the tracks.
 
town zip price yr chg sales yr change



Irvine 92602 $632,000 -4.2% 12 +33.3%

Irvine 92603 $605,000 -22.4% 13 -13.3%

Irvine 92604 $485,000 -10.3% 11 +0.0%

Irvine 92606 $451,000 -10.8% 14 +16.7%

Irvine 92612 $415,000 +1.7% 14 -70.8%

Irvine 92614 $612,500 +16.7% 6 -33.3%

Irvine 92618 $492,500 +2.3% 7 +75.0%

Irvine 92620 $520,000 -20.0% 13 -62.9%
 
[quote author="Stuff It" date=1235119841]IPO, I dont see this one on your website, but it is a good rollback for northwood pointe:



http://www.redfin.com/CA/Irvine/5-Hibiscus-92620/home/5769779</blockquote>


I don't think that one went through MLS. I never saw it. Maybe IR2 can shed some light?
 
[quote author="ipoplaya" date=1235183599][quote author="Stuff It" date=1235119841]IPO, I dont see this one on your website, but it is a good rollback for northwood pointe:



http://www.redfin.com/CA/Irvine/5-Hibiscus-92620/home/5769779</blockquote>


I don't think that one went through MLS. I never saw it. Maybe IR2 can shed some light?</blockquote>




I"m betting that is back to the bank, not a "sale"
 
[quote author="freedomCM" date=1235193019][quote author="ipoplaya" date=1235183599][quote author="Stuff It" date=1235119841]IPO, I dont see this one on your website, but it is a good rollback for northwood pointe:



http://www.redfin.com/CA/Irvine/5-Hibiscus-92620/home/5769779</blockquote>


I don't think that one went through MLS. I never saw it. Maybe IR2 can shed some light?</blockquote>




I"m betting that is back to the bank, not a "sale"</blockquote>


That might make sense, couple of months ago they were asking for about 1.3M (can't remember exactly but it was too high)
 
Anyone know what the deal is with this <a href="http://floorplans.irvinerealtorsite.com/Woodbury/Portisol/PortisolC2123.JPG">Portisol Plan 3</a> home in Woodbury?



<a href="http://www.redfin.com/CA/Irvine/55-Rising-Sun-92620/home/5958952">55 Rising Sun </a>was listed today on Redfin, asking $888K.



I thought they were a short sale that closed on 4/30/08 for $750K per IPO's website. Is this person trying to flip it in this market? Are they going belly up? Maybe they are trying to qualify for some free Obama bucks.
 
[quote author="IACRenter" date=1236065883]Anyone know what the deal is with this <a href="http://floorplans.irvinerealtorsite.com/Woodbury/Portisol/PortisolC2123.JPG">Portisol Plan 3</a> home in Woodbury?



<a href="http://www.redfin.com/CA/Irvine/55-Rising-Sun-92620/home/5958952">55 Rising Sun </a>was listed today on Redfin, asking $888K.



I thought they were a short sale that closed on 4/30/08 for $750K per IPO's website. Is this person trying to flip it in this market? Are they going belly up? Maybe they are trying to qualify for some free Obama bucks.</blockquote>


I can't figure that listing out. Maybe it never really sold the first time despite what came through MLS back then... If the $750K was a market sale, I'd think Zillow would have picked it up by now and the last price of $909K is still listed as the last sale. I have no idea what kind of trickery is going on with that one.



I think it is worth somewhere right around $800K in this market. Maybe a smidge less.
 
Updated my escrow list finally after a very busy week. 12 new escrows over the past five days. Rash of cancels too, I think 5-6 as well... Stock market sell-offs can do that!
 
[quote author="ipoplaya" date=1236355260]Updated my escrow list finally after a very busy week. 12 new escrows over the past five days. Rash of cancels too, I think 5-6 as well... Stock market sell-offs can do that!</blockquote>
So can pink slips.
 
[quote author="usctrojanman29" date=1236355313][quote author="ipoplaya" date=1236355260]Updated my escrow list finally after a very busy week. 12 new escrows over the past five days. Rash of cancels too, I think 5-6 as well... Stock market sell-offs can do that!</blockquote>
So can pink slips.</blockquote>


Excellent point. It's been a slow week, I've only termed one person I think... Uh, maybe two, I think we did one on Monday.
 
32 Gentry in Woodbury was only on the market for 6 days. I guess it was priced correctly for a knife catcher. Interesting to see what it closes at to see how it will affect the comps for the rest of Mille Fleurs. Waiting for that one and 30 Gentry.



Where do you guys think Mille Fleurs will end up settling?
 
<a href="http://www.ipoplaya.com/">12 new escrows over the past 6 days.</a> 4 cancels that went back active as well...



<a href="http://www.ipoplaya.com/iposhiller.pdf">Early March closing prices</a> are showing a big increase on a percentage basis but the sample size is still very small and inflated by an inordinate amount of TRidge and Turtle Rock closings over the first ten days of the month.
 
[quote author="IACRenter" date=1231942733]

So the <a href="http://www.garyfallis.com/img/floorplans/npfp/mendocino.htm">Mendocino tract</a> in Northpark is still jumping even in the winter:



<a href="http://www.redfin.com/CA/Irvine/23-Bel-Spgs-92602/home/5771458">23 Bell Springs</a> went into escrow as soon as it hit RedFin on day #1. It must have been sold during a brokers preview prior to listing in MLS. It appears to be a plan 3 Mendocino.



So when are all the FCBs and knife catchers going to run out of steam? I am still waiting for the economy and credit squeeze to take another 20%+ out of Irvine housing prices before I bite.</blockquote>


Per IPOs website, 23 Bel Springs closed on 3/10/09 at $900K, originally listed at $919K, ~2% off list. Still waiting for more price drops in NP.
 
What do you think <a href="http://www.zillow.com/homedetails/10-Poway-Irvine-CA-92602/54972388_zpid/">10 Poway</a> is worth? Because the bank thought it was worth $838,212. Too bad no one else thought so. We will see what the bank thinks it's worth when a RE agent can help them sell it in about 4 months.
 
[quote author="graphrix" date=1236843286]What do you think <a href="http://www.zillow.com/homedetails/10-Poway-Irvine-CA-92602/54972388_zpid/">10 Poway</a> is worth? Because the bank thought it was worth $838,212. Too bad no one else thought so. We will see what the bank thinks it's worth when a RE agent can help them sell it in about 4 months.</blockquote>


It's worth at least as much as the bank took it back for. I don't even know how big it is, but based off the previous purchase price alone, I'd imagine it would retail for at least $850K, more likely $900-950K.
 
[quote author="ipoplaya" date=1236853140][quote author="graphrix" date=1236843286]What do you think <a href="http://www.zillow.com/homedetails/10-Poway-Irvine-CA-92602/54972388_zpid/">10 Poway</a> is worth? Because the bank thought it was worth $838,212. Too bad no one else thought so. We will see what the bank thinks it's worth when a RE agent can help them sell it in about 4 months.</blockquote>


It's worth at least as much as the bank took it back for. I don't even know how big it is, but based off the previous purchase price alone, I'd imagine it would retail for at least $850K, more likely $900-950K.</blockquote>




One could argue that it is currently worth less than the bank took it back for, as no cash buyer stepped up at that price. Had the bank priced it at the auction at $600k, maybe an auction would have ensued and fair market value been determined.
 
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