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

NEW -> Contingent Buyer Assistance Program
ipop, I just checked out the Case-Schiller index link. Question....is the number listed price per square foot on average ? (ie: 224.15 = average home sold for $224.15 a sq foot during that time frame)?
 
[quote author="Trooper" date=1208048988]ipop, I just checked out the Case-Schiller index link. Question....is the number listed price per square foot on average ? (ie: 224.15 = average home sold for $224.15 a sq foot during that time frame)?</blockquote>


Nah Troop. The number listed is a calculation of the price index relative to the previous sale. Index values in the 200-200 range were last seen during the summer of 2004.



It's amazing, but as a general rule, prices in Irvine do not appear to be falling much at all for the past few months. The April sales are averaging around the same as February sales in terms of index value / depth of rollback. As I contended on this thread, or maybe another, I think we've got a short-term floor on prices in the mid 2004 range and its going to take time or a catalyst to move us through it...
 
Got a Woodbrige close on Laurelglen. Good rollback although the price per square foot is still really high...



<a href="http://www.ipoplaya.com/iposhiller.pdf">Updated IPO-Shiller</a>
 
Ipoplaya,



Isn't it amazing how Turtle Rock just holds up in price? I consistently look at your website and turtle rock prices just simply holds their value well. I gotta imagine that it will fall later.... but why it is taking so long?
 
It is a simple matter of supply and demand. If not that people have an immediate need to sell, and enough people are still willing to pay exorbitant prices, then prices will not come down. No one can predict for sure if this will change, or if it will, how long it will take.
 
[quote author="Irvine Allergy Dr" date=1208253951]It is a simple matter of supply and demand. If not that people have an immediate need to sell, and enough people are still willing to pay exorbitant prices, then prices will not come down. No one can predict for sure if this will change, or if it will, how long it will take.</blockquote>


Almost. Perception plays a vital role. Even as supply approaches zero (which it is not), demand will bear only the cost that is <strong>perceived </strong>as reasonable.
 
[quote author="IrvineRealtor" date=1208314801][quote author="Irvine Allergy Dr" date=1208253951]It is a simple matter of supply and demand. If not that people have an immediate need to sell, and enough people are still willing to pay exorbitant prices, then prices will not come down. No one can predict for sure if this will change, or if it will, how long it will take.</blockquote>


Almost. Perception plays a vital role. Even as supply approaches zero (which it is not), demand will bear only the cost that is <strong>perceived </strong>as reasonable.</blockquote>


And it will only bear the cost that they can afford. If lenders keep tightening, people will not be able to borrow the sums necessary to keep prices inflated. Plus, with all the foreclosures and REOs, there will be no shortage of supply.
 
Buyers are more than welcome to pay WTF prices in cash. But if the home is sold with a loan on it, the perception has to be extended to the lender's eyes, through their appraisal process. With increased scrutiny, appraisals are being held to higher standards, getting closer to rental-alternate "highest and best use" costs.



Essentially, they've come to the consensus: you can be an idiot on your own time, but if you want to do it on our dime the jig is up.
 
From Dataquick:



"The onset of spring did little to thaw Southern California's semi-frozen housing market: The seasonal boost in sales between February and March was less than half its normal level and a record low. The weak start to the home buying season also saw another record dive in the median sales price, the result of depreciation, slow sales for higher-priced abodes and growing sales for discounted homes fresh out of foreclosure."
 
15 Woodhaven in NW Pointe closed today for $1.195M. Down to $379 per sf... Actually a pretty good rollback considering they paid $720K back in early 2001. Works out to around Spring 2004 pricing.
 
I see within 4-6 hours of the realtor updating MLS. An escrow could close and the realtor sometimes takes weeks to update the listing with close info though...



One I just saw closed on 3/31 but the realtor just did an update yesterday.
 
[quote author="ipoplaya" date=1208331644]15 Woodhaven in NW Pointe closed today for $1.195M. Down to $379 per sf... Actually a pretty good rollback considering they paid $720K back in early 2001. Works out to around Spring 2004 pricing.</blockquote>


Well apparently a lot of these sellers still aren?t getting the message.

I?m looking to offer $320/ft. for 35 Malibu

6 Malibu recently closed at $352/ft.

I thought all $$$ buyers dried up or like myself are sitting on the sidelines.

When do we start to see some real declines?
 
[quote author="tenmagnet" date=1208385928][quote author="ipoplaya" date=1208331644]15 Woodhaven in NW Pointe closed today for $1.195M. Down to $379 per sf... Actually a pretty good rollback considering they paid $720K back in early 2001. Works out to around Spring 2004 pricing.</blockquote>


Well apparently a lot of these sellers still aren?t getting the message.

I?m looking to offer $320/ft. for 35 Malibu

6 Malibu recently closed at $352/ft.

I thought all $$$ buyers dried up or like myself are sitting on the sidelines.

When do we start to see some real declines?</blockquote>


I think the lowest you pick up 35 Malibu for today is $340-350 per sf. They aren't priced aggressively so probably just fishers...



One on Sunnyvale just followed one on Walnut Creek down with a price drop. It's just getting started my friend ten.
 
[quote author="ipoplaya" date=1208389352][quote author="tenmagnet" date=1208385928][quote author="ipoplaya" date=1208331644]15 Woodhaven in NW Pointe closed today for $1.195M. Down to $379 per sf... Actually a pretty good rollback considering they paid $720K back in early 2001. Works out to around Spring 2004 pricing.</blockquote>


Well apparently a lot of these sellers still aren?t getting the message.

I?m looking to offer $320/ft. for 35 Malibu

6 Malibu recently closed at $352/ft.

I thought all $$$ buyers dried up or like myself are sitting on the sidelines.

When do we start to see some real declines?</blockquote>


I think the lowest you pick up 35 Malibu for today is $340-350 per sf. They aren't priced aggressively so probably just fishers...



One on Sunnyvale just followed one on Walnut Creek down with a price drop. It's just getting started my friend ten.</blockquote>


Tell that to the guy at 10 Fair Oaks.

I was looking to offer $1.150M

So it seems like you?re sitting this one out.

In that case, put on the Capt. Ipop cape and loan me that $200K so I could add it to my war chest and bring home the trophy, 35 Malibu.

PM me and I?ll instruct my attorney to write up a promissory note for 3years @ 7%, which is 4% more than the bank is currently paying you.
 
[quote author="tenmagnet" date=1208392373][quote author="ipoplaya" date=1208389352][quote author="tenmagnet" date=1208385928][quote author="ipoplaya" date=1208331644]15 Woodhaven in NW Pointe closed today for $1.195M. Down to $379 per sf... Actually a pretty good rollback considering they paid $720K back in early 2001. Works out to around Spring 2004 pricing.</blockquote>


Well apparently a lot of these sellers still aren?t getting the message.

I?m looking to offer $320/ft. for 35 Malibu

6 Malibu recently closed at $352/ft.

I thought all $$$ buyers dried up or like myself are sitting on the sidelines.

When do we start to see some real declines?</blockquote>


I think the lowest you pick up 35 Malibu for today is $340-350 per sf. They aren't priced aggressively so probably just fishers...



One on Sunnyvale just followed one on Walnut Creek down with a price drop. It's just getting started my friend ten.</blockquote>


Tell that to the guy at 10 Fair Oaks.

I was looking to offer $1.150M

So it seems like you?re sitting this one out.

In that case, put on the Capt. Ipop cape and loan me that $200K so I could add it to my war chest and bring home the trophy, 35 Malibu.

PM me and I?ll instruct my attorney to write up a promissory note for 3years @ 7%, which is 4% more than the bank is currently paying you.</blockquote>


Alas, 200 large would be 3/4 of my down payment fund and I can't afford to wait 36 months to buy. Would love to make 7% though!



How about 21 Upland? They might take your $1.15M...
 
Cool Crimson Rose fell thru in one day of escrow??? Buyer probably spoke to lender and found out the tougher lending conditions.
 
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