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

NEW -> Contingent Buyer Assistance Program
<p>Aw shucks, someone got a house for a Valentine's Day present:</p>

<p><a href="http://www.ipoplaya.com">www.ipoplaya.com</a></p>

<p></p>
 
<i>""socal - Yes, there were folks in 2007 talking about an increase in escrow openings. And there are folks in 2008 talking about an increase in excrow openings. How much ya wanna bet there will be folks in 2009 talking about an increase in escrow openings?"<p>




Interestingly, during the period from the end of January though 2/15 last year, inventory increased in Irvine by over 30 homes. For the same period this year, there has actually been a decrease in inventory... Maybe the folks talking about increased escrow activity in 2008 are right this time? It's hard to be wrong when sales volumes have been as low as they have been over the past six months."</i><p>


Well, I have to admit, I am a bit confused. When you say, <i>"Maybe the folks talking about increased escrow activity in 2008 are right this time?"</i>, did you think that I was insinuating that Realtor John was incorrect? I wasn't. I reread the last few posts and I don't think anybody else expressed a doubt that Realtor John was correct. Do you doubt him? Because I would bet you dollars to donuts that if you asked Realtor John about the increased escrow openings, he could point to the exact time and place.
 
Damn, I see 2 Calavera in Westpark went in escrow....So some fools are buying in that neighborhood for north of $850k. I really like 56 Calavera in the same tract, but was hoping that somehow it would tumble below $700k before it got picked up. I guess that's wishful thinking in 2008.
 
<p>CK - Was 12 Apple Valley one of the ones you were watching? It went pending sale today. Never saw it go into backups...</p>

<p>1 Poway (NP) and 36 Twiggs (Woodbury) went straight to pending sale as well I believe.</p>
 
Our agent showed us a house on Calavera back in the spring before we decided not to buy. Freaked me out since that means "skull" in Spanish. Terrible name for a street really.
 
<p>Only a couple of new escrows since Friday:</p>

<p><a href="http://www.ipoplaya.com">www.ipoplaya.com</a></p>

<p>I noticed that 55 S. Rising Sun in Woodbury went back active again. $325/sf for a Portisol Plan 3... Serious comp killer.</p>
 
<p class="MsoNormal">Nice to see Woodbury tanking, I like 46 Logan over there but not for $1.2M. </p>

<p class="MsoNormal">Btw, boring/low scoring game but nice win over my Trojans this past weekend. SC hung in there but fell apart at the end.</p>
 
Yeah ten, it was ugly if you like offense. The Bruins played some great D though. Howland is a very good defensive coach. Mayo with more turnovers than shots... That kid is overrated. If he is shooting 43% in the Pac-10, that'll be like 39% in the NBA.
 
<p>ioplaya - median listing prices form the latimes/laland blog</p>

<p><a href="http://latimesblogs.latimes.com/laland/2008/02/median-listing.html">http://latimesblogs.latimes.com/laland/2008/02/median-listing.html</a></p>

<p>Date Median listing price Inventory</p>

<p>4/06 $579,666 27,251


4/07 $545,000 35,489


5/07 $545,000 38,297


6/07 $540,000 40,766 (up 20.4% y/y)


7/07 $535,000 42,685 (up 14.5% y/y)


8/07 $529,000 44,483 (up 13.6% y/y)


9/07 $520,000 46,414 (up 16.9% y/y)


10/07 $510,000 46,603 (up 15.6% y/y)


11/07 $499,900 46,503 (up 19.0% y/y)


12/07 $495,000 (down 10.0% y/y) 43,174 (up 28.2% y/y)


1/08 $479,900 (down 12.6%) 40,850 (up 33.3% y/y)


2/4/08 $475,000 (down 13.5%) 41,653 (Up 36.7%)


2/11/08 $475,000 (down 13.5%) 43,625 (Up 38.3%)


<strong>2/18/08 $470,000 (down 14.5%) 41,830 (Up 32.3%)</strong></p>

<p> </p>
 
Thanks anon. Those numbers are for LA county, but they mirror the trend in OC. Big reductions in median list between August and December with very little downward movement since...
 
Sucks to see list prices flatten out after six months of nice declines. Heck, at the 75th percentile, lists are actually going up.
 
With interest rates being very low and sales volumes being very, very low, I would not be surprised at a spring bounce. All it would take would be a few additional transactions at the high end (the only people currently qualifying for loans) to cause movement in the median.
 
What about 43 Rising Sun?





On the market 340 days...





<strong>Price Reduced: 05/23/07 -- $918,000 to $890,000</strong>


<strong>Price Reduced: 05/25/07 -- $890,000 to $865,000</strong>


<strong>Price Reduced: 08/29/07 -- $865,000 to $825,000</strong>


<strong>Price Reduced: 11/01/07 -- $825,000 to $799,000</strong>


<strong>Price Reduced: 01/14/08 -- $799,000 to $777,000





</strong>The auction date was postponed to March 14th.
 
<p>43 Rising is only 1700sf. Still way overpriced. Probably worth around $650K or so.</p>

<p>Adios, its going back to the bank. If a 2300sf 4/3 just sold for $750K, 43 Rising Sun doesn't have a prayer.</p>
 
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