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

NEW -> Contingent Buyer Assistance Program
<p>As I understand it, neither of them is willing to go below $1.05M right now. </p>

<p>With the smaller Oroville unit going for $950Kish, that will just serve to keep those prices propped up.</p>
 
Thanks for your site ipop! I thought there would be further downward pressure on prices in WestPark. Surprised to see the closing price at 65 Calavera at $1M and $377/sq-ft. I had checked out neaerby 56 Calavera like others on this board which listed at $869K and it looks nice. The home is a short sale and supposedly has a couple offers in around $900K which would place it around the same price per sq foot as 65 Calavera. A recent sale at 6 Deauville (less than a mile away from 56 Calavera) with similar sq footage (2500) with 5 bed/4 bath, and maybe nicer upgrades sold for $875K, $350/sq-ft Closed on Feb 26th.
 
6 Deauville sides Culver, which should be a big price reduction for the location, especially in this market. 56 Calavera backs Paseo Westpark, which should be a somewhat smaller price reduction for the location.
 
<p>You are very welcome IAC.</p>

<p>Deauville sided to Culver, which is probably why it took them so long to sell it. I checked it out and would never live there... I am mildly surprised at the prices Westpark II is sustaining as well, but it is very nicely located and has a great elementary/intermediate school.</p>

<p>I'm curious what 2 Calavera ends up going for... We should know soon. </p>
 
From Lansner's blog:<p>

<i>"California Realtors report that the median selling price of an existing Orange County single-family home was $596,520 in February, down 2.1% from January and off 13.9% from a year ago. Sales volume was up 34.1% from the traditionally slow first month of the year but was down 24.8% from February 2007."</i>
 
<p>Wow, a little run on Quail Hill places this weekend it appears:</p>

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

<p>To see something like Coriander sell is sickening... Cheapest it probably went for is $375/sf.</p>

<p>Updated some closing prices. For NW Pointe lovers, 49 New Dawn closed for $1.885M. Sellers still made $200K profit on 2004 purchase.</p>

<p>Prices appear to be pretty much holding steady between February and March for Irvine:</p>

<p><a href="http://www.ipoplaya.com/iposhiller.mht">http://www.ipoplaya.com/iposhiller.mht</a></p>
 
Eh, 55 Coriander is a way better property than 57. I know it is bigger, but 55 has better amenities.


<em>


For NW Pointe lovers, 49 New Dawn closed for $1.885M. Sellers still made $200K profit on 2004 purchase.





</em>Adjusted for inflation and agent commissions, they barely broke even, and probably lost money. And, if I use the SoCal rate of inflation, then they really lost money.
 
"Adjusted for inflation and agent commissions, they barely broke even, and probably lost money. And, if I use the SoCal rate of inflation, then they really lost money."



Among commissions, closing costs, misc it probably cost them $100, 000 fee..so they still leave the house with extra 100K more than when they first moved in in 2004. It is not bad given what is going on in the market. In terms of adjusting for inflation that it is a money loser...ya you are right, but that statement goes true almost everywhere in the United States in a normal market conditions. Again, most of us when considering our HOME, we don't do the type rent vs buy as advocated this. We buy when we can afford it, and we rent when we don't have a choice.
 
<p class="MsoNormal">I was anxiously waiting for the final number on 49 New Dawn. </p>

<p class="MsoNormal">$115K off list at that price point is not very much. </p>

Too bad, I like Rosecrest and was hoping/expecting to see a number closer to $200K.
 
ipop,



It will be interesting to know what are the loan terms of all these homes that are going into escrow and closing. Given all the problem with the financial markets, I wonder if the lenders are requiring 20% down on all these loans. Is this information available anywhere?
 
<p>Oh, I'm sure its available somewhere tape... I think realtors can get it. I think maybe there are some sites that offer that kind of info too.</p>
 
Argh, just in the last 48 hours multiple listings in the 1.1-1.6M range that I was strongly interested in either have gone into escrow or were taken off market. This is killing me.
 
Couple of places fell out of escrow and one new entrant in older Tustin Ranch. Things have gotten downright affordable in old Tustin Ranch...
 
<p>Nah awgee, not really interested in 80's Cal Med architecture. Frankly, makes me want to puke... Might have to buy there before its all said and done though. </p>

<p>Couple of closing prices to report:</p>

<p>For Quail Hill watchers, 22 Tall Hedge went for $1.50M. Price at purchase in 2005 was $1.49M.</p>

<p>Two NW Pointe closes, on Heatherwood and Oakhurst, Heatherwood at the expected $975K and Oakhurst at $900K. $900K was 10% off list...</p>

<p>None of the three was as large a rollback in terms of CS index value as the recent average.</p>

<p><a href="http://www.ipoplaya.com">www.ipoplaya.com</a></p>
 
<p>"ipoplaya-how about Northpark in Irvine. Are things downright affordable there as well? What do you think about that area?"</p>

<p>I love that area. It's one of my target neighborhoods. IMO things have NOT gotten much more affordable there, especially if you need a mortgage. The condo segment in NP has come down further/harder than the larger SFRs, but houses are still fetching $360-370/per sf in NP. </p>
 
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