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

NEW -> Contingent Buyer Assistance Program
I have been reading this blog for a couple of months, and just don't know how you can feel comfortable with all the debt everyone is talking about. In 1985, I could have bought a 3 bedroom condo in Woodbridge for $150K, but I bought 4 bedroom house in Riverside's greenbelt area for 100K. It reminds me of the Irvine I grew up in. I am sure that I am just stuck in the past. My largest payment amount was $1,100. Now that I will be an empty-nester, I want to buy a small condo for during the week so my husband does not have to commute for the next 15-20 years. He is an engineer in Irvine. Still, I can't see borrowing more than 100K or forget it. This economy scares me. I figure that if I still have a downpayment after the economic bloodbath, I may finally be able to own in Irvine.



I think you guys have nerve of steel. I am impressed.
 
The bottom in sales volume or sales price? Funny how people try and use a pick up in units sold as "the bottom is here!" What folly. Anyone with one 1/ the brain capacity of Britney Spears knows that a bottom doesn't occur until prices start to INCREASE.
 
Ipop,



Where U at?

There?s no running or hiding from me today.

Show me love on my Kansas call.

Gave you the Final Four, Final Two, and Champs.

BOO-YA!!!

Countless times have I told you to disassociate yourself from those UCLA losers.

Those guys are bottom-feeders; they?ll have you staying in that condo instead of buying the beautifully large Northpark mansion.
 
You are man among boys ten, a piper of the picks, the Oracle of the Alamodome, Eros to all the nubile young lovelies the OC has to offer.



Shoulda bet your down payment fund my man and you'd be buying on Newport Coast instead. Well, maybe TRidge or Shady at least...



Just added 4-5 more properties to the list of escrows/pending. 19 so far going under contract since the beginning of April. Probably the most volume I've seen since I started tracking.
 
[quote author="ipoplaya" date=1207703910]You are man among boys ten, a piper of the picks, the Oracle of the Alamodome, Eros to all the nubile young lovelies the OC has to offer.



Shoulda bet your down payment fund my man and you'd be buying on Newport Coast instead. Well, maybe TRidge or Shady at least...



Just added 4-5 more properties to the list of escrows/pending. 19 so far going under contract since the beginning of April. Probably the most volume I've seen since I started tracking.</blockquote>


Dude, what took you so long!

Did it hurt that much to gimme props?

C?mon man, I?m a little disappointed in you.

Some knife catcher wants to buy a Cortile Plan3 so you run to the nearest phone booth;

change into Captain Ipop and proceed to save him from Kool-Aid overdose.

You?re all over it; meanwhile the important stuff- like living the dream with Ten gets placed on the back burner.

Quit wasting time, forget about that other non-sense.

The moment is right so pop that Cialis and get back to what?s important.
 
[quote author="tenmagnet" date=1207704902]



Dude, what took you so long!

Did it hurt that much to gimme props?

C?mon man, I?m a little disappointed in you.

Some knife catcher wants to buy a Cortile Plan3 so you run to the nearest phone booth;

change into Captain Ipop and proceed to save him from Kool-Aid overdose.

You?re all over it; meanwhile the important stuff- like living the dream with Ten gets placed on the back burner.

Quit wasting time, forget about that other non-sense.

The moment is right so pop that Cialis and get back to what?s important.</blockquote>


ROTFLMAO 10. You're right, I shouldn't waste good and valuable chi on trying to convince a mind-made-up knife catcher to not buy the middling condo of his dreams. I had a charitable moment there, won't happen again! I will enjoy the inventory build-up of 2800+sf homes in Northpark with you my brutha, waiting for the first guy to blink and drop list $100K to compete with his greedy neighbors. Just take a couple of hungry or desperate sellers to start a cascading of comps...
 
[quote author="ipoplaya" date=1207703910]Just added 4-5 more properties to the list of escrows/pending. 19 so far going under contract since the beginning of April. Probably the most volume I've seen since I started tracking.</blockquote>


Make that 20 so far in April, almost three per day, just found another one...
 
ROTFLMAO 10. You're right, I shouldn't waste good and valuable chi on trying to convince a mind-made-up knife catcher to not buy the middling condo of his dreams. I had a charitable moment there, won't happen again! I will enjoy the inventory build-up of 2800+sf homes in Northpark with you my brutha, waiting for the first guy to blink and drop list $100K to compete with his greedy neighbors. Just take a couple of hungry or desperate sellers to start a cascading of comps...</blockquote>






Nice!

Now that?s the Ipop I know and love.

Stop playing Dr. Phil on those other threads.

Bring the focus back to our goal.

The selfish pursuit of luxury and excellence.
 
<blockquote> The selfish pursuit of luxury and excellence.</blockquote>


For some reason when I read that line all I could think of was Lexus. Seems like a good slogan.
 
Eva,



I wasn't responding to your sarcastic comment. I was responding to the title of the article on LAnsner's blog, which begged the question, "Are we near a bottom in OC?"



I knew you were being sarcastic. C'mon now, I'm not that thick headed.
 
IPO - I just came back from the Tuesdays at 2pm foreclosure auction. While I didn't take an actual count, I think the number of homes at auction may exceed those going into escrow.
 
[quote author="24inIrvine" date=1207716565]<blockquote> The selfish pursuit of luxury and excellence.</blockquote>


For some reason when I read that line all I could think of was Lexus. Seems like a good slogan.</blockquote>


That?s right you?re catching on my man.

Caught your comment in the March Madness thread.

Btw, I totally agree with you.

Blonde hottie on the left does look the best; even better than blue bikini.

Good eye!
 
[quote author="EvaLSeraphim" date=1207717056]IPO - I just came back from the Tuesdays at 2pm foreclosure auction. While I didn't take an actual count, I think the number of homes at auction may exceed those going into escrow.</blockquote>


Eva,



Stop teasing us!

Details please, anything in Northpark?
 
[quote author="EvaLSeraphim" date=1207717056]IPO - I just came back from the Tuesdays at 2pm foreclosure auction. While I didn't take an actual count, I think the number of homes at auction may exceed those going into escrow.</blockquote>


Good, we desperately need some inventory to help initiate the next round of blood-letting... The REOs aren't coming fast enough. They are getting gobbled up by hungry buyers. Languishing REO inventory, now that will do the trick.
 
[quote author="lendingmaestro" date=1207716728]I knew you were being sarcastic. C'mon now, I'm not that thick headed.</blockquote>


Apparently I am. :red:
 
[quote author="tenmagnet" date=1207718312][quote author="EvaLSeraphim" date=1207717056]IPO - I just came back from the Tuesdays at 2pm foreclosure auction. While I didn't take an actual count, I think the number of homes at auction may exceed those going into escrow.</blockquote>


Eva,



Stop teasing us!

Details please, anything in Northpark?</blockquote>


<a href="http://www.redfin.com/stingray/do/printable-listing?listing-id=1404325">This one is scheduled for auction next week ten</a>. 100% financing deal gone bad... So small and unsexy though. Plus, I hate darn corner lots. Bad chi you know :)
 
[quote author="tenmagnet" date=1207718312][quote author="EvaLSeraphim" date=1207717056]IPO - I just came back from the Tuesdays at 2pm foreclosure auction. While I didn't take an actual count, I think the number of homes at auction may exceed those going into escrow.</blockquote>


Eva,



Stop teasing us!

Details please, anything in Northpark?</blockquote>


I didn't sit through the whole thing (it was cold out there!), but there were a good number Irvine properties - more than in La Habra, FWIW. The guy read the postponements quickly, so I couldn't tell where all those were. I don't recall thinking that any particular auction* I saw was in Northpark, so I don't think so. I do recall one on Alicante (Westpark?) that no one wanted for $312K.



Gentlemen, get yourself a Fidelity ASAP account ASAP. You can see the carnage there yourself (and I saw a few listings for Northpark properties there).





*None of the ones I sat through sold. They all went back to the beneficiary / bank.
 
Finally got a closing price on Oakley Terrace in Turtle Rock. $1.35M... Consider they paid $680K back in 1999, it's probably a pretty deep rollback.



<a href="http://www.ipoplaya.com/iposhiller.pdf">IPO-Shiller Values</a>
 
[quote author="ipoplaya" date=1207641036]From Lansner today:



Deals to buy O.C. existing homes and condos are now above year-ago levels for the first time since Sept. 22, 2005, says the math of Steve Thomas at Re/Max Real Estate Services in Aliso Viejo. As of last Thursday, there were 2,285 deals created in the past 30 days, Thomas? definition of demand. That?s 159 better (7%) than a year ago.



Thomas also calculates a ?market time? benchmark showing how many months it theoretically takes to sell all the inventory in the local MLS for-sale listings at the current pace of pending deals put in escrow. By this logic, it would take 6.77 months for buyers to gobble up all homes for sale at the current pace vs. 7.5 months two weeks earlier and near the 6.57 months of a year ago.



Thomas notes: ?Here?s the scoop from the trenches: increased showing activity, increased open house activity, buyers are writing more offers, multiple offers in the lower ranges and significantly more first time buyer activity. And, most of this activity was already in the works prior to the new FHA and conventional loan limits taking root in the marketplace. Buyers have been methodically entering the market since the beginning of the New Year. ?</blockquote>


Is it just me, or does anyone else think Mr. Thomas is engaging in something between wishful thinking and complete BS?
 
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