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

NEW -> Contingent Buyer Assistance Program
<p>For you Northpark watchers, looks like the sub $300 per sf on 10 Mineral King was a bit of an aberration. 22 Mineral King went for $645K...</p>

<p>Tossing out a couple of $500+ per sf closes, the average price per sf across the sales I've picked up is around $331. For all those forecasting $175-200 per sf prices at the bottom, you'll need another 40-50% drop from prices transacting in the market today.</p>
 
<p>They sound very reasonable to me, just very difficult to come by... All my 40-50% below list offers aren't getting much attention from sellers. </p>
 
<p>LOL. And in two years, they may look too high!</p>

<p>Like all good fairy tales, when the Magic Pixie Dust Financing expired at the stroke of midnight, the beautiful horse and carrige turned back into a rotting pumpkin and some rabies infected rats........and a lot of folks standing around scratching thier heads wondering what the hell just happened.</p>
 
<p>More escrows, more closes without issue:</p>

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

<p>Looking at housingtracker.net, prices haven't moved down much in six weeks... Sellers are getting much more traffic these days, better offers, etc. I think. No one in Irvine appears to be in a big rush to cut prices and dump. That wasn't the case later last year when volume dried up.</p>
 
Thank you for your continued tracking efforts IPO. It is greatly appreciated and very interesting to watch. We seriously considered putting in an offer of $600k on 22 Mineral King. Guess we would have looked silly on that, at least in February 2008. Maybe in February 2009.
 
Yikes, two homes in the $500/sq ft range. I'm still hoping for Tustin Ranch/Northpark/Woodbury homes in the 1-1.4M range to close in the $300-330 range. When I see that happening, I'm putting our home up for sale.
 
Just got a close price on 26 Teak Bridge in NW II... $1.075M. $350 per sf... They were probably $1.2-1.25M all-in after landscaping and such so only 12% or so off purchase or 16-18% off peak pricing.
 
<p>If IR's post about the current REOs holds true (ie. the current REO's in current inventory are from the speculators who defaulted long ago) ... then you'd expect there to be a fall in inventory, an eye in the storm so to speak. Until the next wave (REOs due to loan resets & recession job losses) hit ....</p>
 
excellent observation from IR. I noticed several foreclosures in woodbury that were abandoned by investors long time ago. Actually, no one actually lived there!
 
<p class="MsoNormal">It appears as though the kool-aid man is alive and well in Northpark. </p>

<p class="MsoNormal">More fantasy pricing as 28 Oroville hits the market at $989K. </p>

<p>Next door, there’s 27 Oroville, which was supposedly bought at auction for $840K, now listed at $959K. When will the madness end?</p>

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<p class="MsoNormal">What do you think 70 Rockport sells for? They’re asking $934K.</p>

Will we finally see one of these in Northpark break into the high $800K mark? It's like a slow death waiting for prices to decline there.
 
But this surely won't have any effect on Irvine home sales because this is agency paper, $417,000 or less.<p>



http://www.bloomberg.com/apps/news?pid=20601087&sid=a6YQBSTD2Rgg&refer=home
 
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