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

NEW -> Contingent Buyer Assistance Program
IRCC, the one on Bolinas was part of the Fraud Park scammers. Salton better drop the price, because one on Leucadia went back to the bank for $475k yesterday. IMO, the WM tract that home is in, is a much better product than the product on Bolinas and Salton.





And, it is cool that ipo's site is being cited on Lansner's blog, even if it was cited first by our favorite name changing bull. I have to give ipo major credit, he has taken some serious flack from us snarky bastards, and he has stuck around. He said he would, and he has kept his word. I am glad he is posting here, and I am glad he keeps his site updated. It has become a great resource, and adding the Case/Shiller index is ubernerd cool.
 
"How big is that lot on 12162 Afton Lane? Looks like a private compound, complete with pool, basketball court, and two-story tree house. The exterior face looks sweet"



IIRC, it was a bit over 1/3 acre (15k sq ft).
 
Re: 21 Bolinas... I toured that townhome, today, and it's led a very, very rough life in it's 6 years. It needs a major refurbishment, to say the least. The smoke smell was so overpowering, I was wishing that the lockbox had room for a gas mask. I just hope there weren't any children living in the home. The stove, dishwasher, and built-in speakers were removed. They left the air conditioner and microwave, behind, so I'm guessing those must not work. The toilets were filthier than any I ever saw in college apartments. I couldn't even see half of it, because the eletrcity is off, so it's hard to know what other surprises, are there. The only positive is that it's in an interior location, athough you need to walk down a driveway to the front walk.
 
$40K will go a long long way in a condo that size. For that sum, you could probably get all new flooring, new paint, crown, base, appliances, new counters, toilets and sinks.
 
<p>Sheez, the past weekend must have been a busy one for potential home buyers... Just had another one go into escrow:</p>

<p><a href="http://www.ipoplaya.com">www.ipoplaya.com</a></p>
 
Speaking of Tustin Ranch...


<a href="http://www.zillow.com/HomeDetails.htm?zprop=25508458">


Someone FedEx'd the keys to the bank on this bad boy.</a> The bank took it back for $1.06mil today.
 
<p class="MsoNormal">I’m surprised 53 Legacy Way has been taken down yet. </p>

At $230/ft., 3,683sq.ft. I thought it would move fairly quickly.
 
I talked to a realtor recently about that one ten. They've had a bunch of offers and supposedly the bank hasn't been very cooperative...
 
<p class="MsoNormal">Yeah, that must be what’s causing the delay. </p>

I never had a chance to go check it out. The realtor who brought it to my attention toured it and said the inside needs some work. Although at $230/sq.ft in West Irvine I did not expect it to last very long. Did you stop by and go inside?
 
<p>I never went inside ten. Evidently the owner has been renting out rooms, so some are locked and that has made it harder to show to prospective buyers.</p>

<p>I drove by and noticed the fencing to the backyard had been knocked down though. Supposedly a tree fell on it and insurance is supposed to take care of the replacement fencing...</p>

<p>I found two more places hitting escrow today.</p>
 
<p>Closing price on 21 Carpenteria in NP, $817K.. Nice 7% below list that the bank took. It's a 206 index value so still mid 2004 price:</p>

<p><a href="http://www.ipoplaya.com/iposhiller.htm">http://www.ipoplaya.com/iposhiller.htm</a></p>
 
ipop--I noticed on your website under NOTES, some listings say "gone pending" and couple say "withdrawn." What does that mean exactly? Some of the listings in the 1st category have been listed well over a month and still have no outcome. And in the 2nd category, does that mean it fell out or we just don't know? Thanks in advance.
 
<p>IAC - gone pending equates to a status in MLS that is called "pending sale". Pending sale normally means that the buyer has removed all contingencies, their down is now at risk, and the escrow is likely to close. Yes some have been staying in that status for quite some time... That either means they are having problems closing or that the realtor is too busy or too lazy to change the listing to sold.</p>

<p>Withdrawn means the listing is no longer active, not being marketed, etc. If they are on my list, that likely means they went into escrow, the escrow fell apart, and the sellers then decided to pull the listing vs. going back on the market.</p>
 
<p>From Lansner</p>

<p><em>"Fresh DataQuick stats show buyers still balking, with homes sales off 37.7% vs. a year ago for the 22 business days ended March 14. But that’s not all bad, all things considered.</em></p>

<p><em>How so? If this buying pace holds, (and it would be the 30th consecutive months of year-to-year sales declines) this month would see the smallest yearly decline in purchases since August."</em></p>

<p>LOL</p>
 
And April will maybe be even smaller as well in terms of year-over-year declines given the volume of escrow activity in March. That of course would be predicated on loans closing but the Fed window has loosened up lending some and rates have been improving some over the past couple of weeks...
 
What will be really awesome this month... will be that NTSs will be greater than resale home sales. I imagine it will only get worse in April.
 
<p>Couple of closing prices to report in Northwood on Allegheny and Trovita. The Allegheny buyers seriously overpaid. CS index value on their purchase was over almost 230, rivaling premiums paid in much nicer and newer areas. They paid over low list price too... The Trovita buyers got a 173 so effectively a December 2003 rollback.</p>

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



You have pleanty of data, I would suggest throwing out the high and low when calcuating the CS mean index for the month as isolated outliers can skew an index and not give you a true picture of the market.
 
<p>Doing that Alan, I get a February average of around 211 (Feb had a low side serious outlier) and March of almost 210. </p>

<p>It would appear the sale spike has much to do with that pent-up demand realtors often speak of. The 20-25% price reduction from peak was enough to trigger that buying surge... With little discretionary inventory hitting the market, the REOs getting added have been offset by the increased in sales, at least in Irvine. It will be interesting if the increase buyer demand can keep up with the REOs or if they will cave the market. </p>
 
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