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

NEW -> Contingent Buyer Assistance Program
Guess who just got a NOD....It's one of the properties in Tustin Field that we discussed earlier on this thread. It backs up to Moffett and by a traffic light.











<strong>Property ID#:</strong>

<a href="http://www.realtytrac.com/gateway_co.asp?accnt=154833&propId=17105618&CampaignLogID=20032&LedgerTypeCode=UEML&EmailID=120146280&WebsiteTypeCode=UTRK&UserID=8872539&Page=DetailNOD&CountyID=CAOR&DataSel=NOD" target="_blank" rel="nofollow"> 17105618</a>





<strong>Address:</strong>

1450 Voyager Dr





<strong>City, State:</strong>

Tustin, CA





<strong>Zip Code:</strong>

92782





<strong>Amount:</strong>

$943,00




 
<p>Couple of new escrows and a couple of closing prices:</p>

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

<p>Interesting to note that a couple of the closing prices were only 1-2% less than list. The properties got into escrow quickly and got almost list. They were very competitively priced according to comps and other WTF listings in the area... It would seem that sellers (and their agents) that are recognizing the fact that the market has rolled back to 2004 prices are moving property.</p>

<p>One escrow entrant was featured on the blog:</p>

<p><a href="http://www.irvinehousingblog.com/2008/01/11/carnage/">http://www.irvinehousingblog.com/2008/01/11/carnage/</a></p>

<p>I predicted $650K then but I think it will probably sell for a little higher than that...</p>
 
<p>"Guess who just got a NOD....It's one of the properties in Tustin Field that we discussed earlier on this thread. It backs up to Moffett and by a traffic light."</p>

<p>Slow week in terms of NODs In Irvine and Tustin. Voyager is the only one so far in 92782 and Irvine only has 3 so far this week...</p>
 
<p>Six of the passengers on one of the cars of the train:</p>

<p>http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article3542723.ece</p>
 
<p>Nice property on Oroville in Northpark lasted a whole seven days, at over $400/sf list price, on the market before it hit escrow:</p>

<p><a href="http://www.ipoplaya.com">www.ipoplaya.com</a></p>
 
<p class="MsoNormal">How unfortunate, I was hoping 28 Oroville would languish on the market for quite some time before eventually dropping into the mid or high $800K range just like it’s neighbor. </p>

<p class="MsoNormal">If it closes in the $900K range it will smother my high hopes for further declines in Northpark. </p>
 
<p>One of my personal faves closed in NW Pointe - 29 Lynnfield. </p>

<p>$1.04M for approximately 2900sf. Guessing on sf because MLS has standard plan square footage but they added a loft. </p>

<p>Using Case-Shiller valuation methodology, puts it at around mid 2004 pricing or 20% or so off peak.</p>
 
ipo - I thought NW Pointe was holding up values better than that to this point. Is this just an outlier compared to most other sales, or is this perhaps the sign of an accelerating declines?
 
<p>"ipo - I thought NW Pointe was holding up values better than that to this point. Is this just an outlier compared to most other sales, or is this perhaps the sign of an accelerating declines?"</p>

<p>NW Pointe had been holding up pretty well, but that has been changing over the past month or two. Places are staying on the market in NW Pointe whereas late last year and very early this year they were selling more easily. Hopefully price drops there are coming next. There are crazies (some banks included) with listings in NW Pointe trying to get mid to high $900s for 2200-2400sf and that ain't gonna happen if Lynnfield, which was very nice inside and on a decent lot, sold for $1.04M. </p>

<p>Of the inland developments, NP seems to be the strongest. Hard to tell with Woodbury because there have been so few sales there. </p>
 
1 New Dawn in NW Pointe dropped their price by another $100k a couple of days ago. This is the 3rd price reduction of $100K since the house came on the market in Jan 08 but at $1.7M, it's still too high. This house was bought back in '02 for $1.075M. If you figure 3% appreciation over the last 6 years, this house should be valued at $1.28M assuming the '02 price was not inflated to start with.
 
<p>Heatherwood didn't sell yet. Still in backups. As I understand it, there has traditionally been a premium for the guard-gated area of NW Pointe vs. the area around Canyon View where Lynnfield is.</p>

<p>Supposedly the Heatherwood plan has been pretty sought after normally...</p>
 
"Supposedly the Heatherwood plan has been pretty sought after normally"



Ipo, maybe too many people are looking in a very desirable part of Irvine. Or maybe the branded, realtor vended koolaid is intoxicating to the listeners too HEHE. But really my friend, it seems to me that if people were to diversify their choices, it would make life so much easier. Hypothetically, one year from now we might find that some of these "most desirable" locations are never going to become affordable, then the question becomes what was the opportunity cost of not diversifying our choices?
 
<p>I agree Haze. I've found that I like the newer Tustin Ranch (north of Portola) area almost as much so we definitely widened our search parameters. I used to only be willing to buy in NP or NW Pointe but that's not the case now... I strongly suspect that the knife I end up catching will probably be in TRanch.</p>
 
<p>And on the topic of never being able to afford in a desired area, we have this new escrow entrant:</p>

<p><a href="http://www.redfin.com/stingray/do/printable-listing?listing-id=1558108">http://www.redfin.com/stingray/do/printable-listing?listing-id=1558108</a></p>

<p>One day on MLS so they either already had a buyer or got it sold via preview...</p>

<p>A sale at $1.25M would put it back to around Spring 2005 level.</p>
 
I know this is subject to personal opinion, and I'm not attacking NP or NW... but as a person that works far west of the 405 NP and NW are too far for me. Are these areas REALLY that nice to support almost TR like prices? Or is it a case of name recognition/name dropper status? Again, I'm not attacking, but why do certain people seem to like it so much?
 
<p>"Again, I'm not attacking, but why do certain people seem to like it so much?"</p>

<p>I can tell you why I do JL. These areas were built out in 1996-2002, so they are newer and both my wife and I prefer newer home construction. They run along the foothills, which is also nice. Both were nicely planned and have good outdoor spaces and nice amenities. The schools serving both areas are great as well. NP and parts of NW Pointe are guard-gated, so the areas feel safer and you get to keep out the riff-raff a bit. Personally, NP isn't quite as high on my list as the lots tend to be smaller and its very hard to get a kid into the neighborhood elementary there. They have been overflowing to other elementary schools for some time... </p>

<p>I work close to the 5 in Irvine, so my commute from NP or NW Pointe is 5 minutes down Jamboree. The wife works west of the 405 so its a bit of a haul for her. Since she teaches at Uni, she doesn't want to live in any area served by her school, so that rules out TR for us even if we could/would afford it.</p>
 
<p class="MsoNormal">Ipop,</p>

<p class="MsoNormal"> </p>

<p class="MsoNormal">1403 Williamsburg St., Gables Plan 3 looks interesting at $309/sq.ft.</p>

<p class="MsoNormal">I’m not familiar with Columbus Grove, do you know anything about the area?</p>

<p class="MsoNormal">Must admit, my interest has increased lately. </p>

<p class="MsoNormal">Prices in that area seem to be moving in the right direction- down!</p>

<p class="MsoNormal">Compared to 28 Oroville, which essentially has the same list price, Williamsburg offers quite a bit more sq.footage and a much newer design. </p>

<p class="MsoNormal">Main drawback for me at this point is location. </p>

<p class="MsoNormal">If this were located in Northpark, we looking at $1.2M conservatively. </p>
 
<p>Gables is Columbus Square, by the blimp hangars, Edinger, train tracks, etc, so I don't even pay attention to it. I haven't even toured the models for The Gables yet...</p>

<p>Since I have kiddies, the schools that serve Columbus Square are a no-no for me.</p>

<p>If I was to buy in VoC it would be in Columbus Grove - Tustin, at Lennar's Westbourne or KB's Madison. We looked very hard at both last year.</p>

<p>This Williamsburg home is a couple of blocks from the train tracks and near whatever industrial facility is on the western edge of the development:</p>

<p><img alt="" src="http://www.ipoplaya.com/gables.jpg" /> </p>
 
<p>Before too long ten, I think you'll see these dropping under $1M due to distress:</p>

<p><a href="http://www.socalmls-homes.com/Listing/ListingDetail.aspx?Listing=27414465">http://www.socalmls-homes.com/Listing/ListingDetail.aspx?Listing=27414465</a></p>

<p> If Tustin Field and Columbus Grove - Irvine is all selling sub $1M for 3000+ sf, these should get there fast too...</p>
 
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