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

NEW -> Contingent Buyer Assistance Program
[quote author="lendingmaestro" date=1209075924]I rode my bike past 14 Mar Vista on Tuesday afternoon and there was still a for sale sign in the front yard. It also appearedto be silent inside with the faint sound of chirping crickets. I thought that there would be a large SOLD sign out front. I figured that signs like that would be highly desired given this market, no?</blockquote>


In escrow doesn't equal sold. It's good mojo to have a property sold, but very bad mojo when it falls out of escrow, regardless of reason. The perception is: "damaged goods, stay away." Usually it makes sense to wait until at least all contingencies have been removed.
 
[quote author="ipoplaya" date=1209015674][quote author="Nude" date=1209011051]Based on IC's post in the headlines thread, it wouldn't surprise me if you had to find a second hobby IPO.</blockquote>


I'm thinking so too Nude. College hoops is done, NBA is coming to a close, and escrow activity is dying off... I have some home improvement projects waiting for some attention though. Guess I'll have to focus on that. I can only regale the blog with so many interesting stories from IPO's meager past. That well will run dry quick!</blockquote>


Might I propose "May Madness?"



There's got to be some sort of bracketology for all of these Men's Perfume proposals. Ten's AXE has clearly got to be a one seed in the "Y2K" section. Tough to call between Stetson and Old Spice for top position in the "O.G." regional.

Drakkar and CK1 would have to round out the tough "80's" division. And don't discount the outside game of Polo or Eternity that could pose a threat out of the "Classics" regional.



It's anyone's game, and it smells like a poll to me.
 
[quote author="skek" date=1209083924][quote author="IrvineRealtor" date=1209082441]In escrow doesn't equal sold. It's good mojo to have a property sold, but very bad mojo when it falls out of escrow, regardless of reason. The perception is: "damaged goods, stay away." Usually it makes sense to wait until at least all contingencies have been removed.</blockquote>


I think that is true in an appreciating market, but wouldn't people assume "buyer couldn't qualify" in this market?</blockquote>


More often the assumption is that the buyer changed his/her mind, found a better bargain, or got some information about the home that would cause a buyer to back out.
 
[quote author="IrvineRealtor" date=1209084106][quote author="skek" date=1209083924][quote author="IrvineRealtor" date=1209082441]In escrow doesn't equal sold. It's good mojo to have a property sold, but very bad mojo when it falls out of escrow, regardless of reason. The perception is: "damaged goods, stay away." Usually it makes sense to wait until at least all contingencies have been removed.</blockquote>


I think that is true in an appreciating market, but wouldn't people assume "buyer couldn't qualify" in this market?</blockquote>


More often the assumption is that the buyer changed his/her mind, found a better bargain, or got some information about the home that would cause a buyer to back out.</blockquote>
For people who have kept track of the "why" behind the crash, I think the assumption would be that the buyer couldn't obtain financing. For those who are still clueless, I think IR2 is correct in his assessment of their assumptions. The difference will prove profitable to those who are paying attention.
 
[quote author="Nude" date=1209085086]

For people who have kept track of the "why" behind the crash, I think the assumption would be that the buyer couldn't obtain financing. </blockquote>


No, the assumption would be, for some reason, the buyer no longer wanted it. As another said, potentially damaged goods or a better bigger deal elsewhere.



In August, the deals would probably have been broken by tightening credit. By December, if tight credit is killing your escrow, fire the Agents for stupidity.
 
[quote author="tenmagnet" date=1209076952]Hey Ipop,

Welcome back, don?t want to crash your thread after my SC is "Back" post.

So report to the Lennar thread, the PAAAR-TAY is over there today.</blockquote>


Azalea is under contract Ten. Another Somerton goes down... I heard the sales price is in the $1.2's.
 
[quote author="ipoplaya" date=1209086274][quote author="tenmagnet" date=1209076952]Hey Ipop,

Welcome back, don?t want to crash your thread after my SC is "Back" post.

So report to the Lennar thread, the PAAAR-TAY is over there today.</blockquote>


Azalea is under contract Ten. Another Somerton goes down... I heard the sales price is in the $1.2's.</blockquote>


Hey Ipop,



Nice to have you back

I was thinking about Azalea and Somerton this morning.

Really like 6 Roseleaf over there except for the high price.

That?s good news about Azalea, now hopefully Roseleaf will come down as well and soon.
 
[quote author="tenmagnet" date=1209087112][quote author="ipoplaya" date=1209086274][quote author="tenmagnet" date=1209076952]Hey Ipop,

Welcome back, don?t want to crash your thread after my SC is "Back" post.

So report to the Lennar thread, the PAAAR-TAY is over there today.</blockquote>


Azalea is under contract Ten. Another Somerton goes down... I heard the sales price is in the $1.2's.</blockquote>


Hey Ipop,



Nice to have you back

I was thinking about Azalea and Somerton this morning.

Really like 6 Roseleaf over there except for the high price.

That?s good news about Azalea, now hopefully Roseleaf will come down as well and soon.</blockquote>


<a href="http://www.redfin.com/stingray/do/printable-listing?listing-id=1659102">11 Garnett</a> is not quite a trophy place, but could be... I heard there is considerable wiggle room in their price.



The higher-end is starting to move down. Breezes priced dropped again. Walnut went sub $1.1M. It's starting my friend. Just needs to accelerate...
 
[quote author="ipoplaya" date=1209093321][quote author="tenmagnet" date=1209087112][quote author="ipoplaya" date=1209086274][quote author="tenmagnet" date=1209076952]Hey Ipop,

Welcome back, don?t want to crash your thread after my SC is "Back" post.

So report to the Lennar thread, the PAAAR-TAY is over there today.</blockquote>


Azalea is under contract Ten. Another Somerton goes down... I heard the sales price is in the $1.2's.</blockquote>


Hey Ipop,



Nice to have you back

I was thinking about Azalea and Somerton this morning.

Really like 6 Roseleaf over there except for the high price.

That?s good news about Azalea, now hopefully Roseleaf will come down as well and soon.</blockquote>


<a href="http://www.redfin.com/stingray/do/printable-listing?listing-id=1659102">11 Garnett</a> is not quite a trophy place, but could be... I heard there is considerable wiggle room in their price.



The higher-end is starting to move down. Breezes priced dropped again. Walnut went sub $1.1M. It's starting my friend. Just needs to accelerate...</blockquote>


11 Garnet looks sweet,

Thanks for posting that up. I hadn?t seen it before.

What type of wiggle room are you talking about?

$1.1M range?
 
Sorry friggin' fool paid $422 per sf for a TRidge condo... OMG there are still suckers out there.



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



Not sure how low Garnett would go 10. That house is out of IPO's comfort zone in terms of price even if they'd get into the $1.1Ms...
 
[quote author="ipoplaya" date=1209105143]Sorry friggin' fool paid $422 per sf for a TRidge condo... OMG there are still suckers out there.</blockquote>


Another amazing Turtle Ridge escrow is 42 Gingerwood. This is the exact same floor plan as today's featured listing on Olivehurst. The listing price differential is 53%. I don't know what the eventual sales price differential will be, but I'm sure it will be substantial. I really don't understand why people are willing to pay such big premiums to live in Turtle Ridge. These are all just tract homes, the same as nearly everywhere else in Irvine. I understand a certain amount of premium, but not 50% or more.
 
Disappointing closing price on a NW II property. Someone paid $380/sf and got themselves a late 2005 price, $935K for a house on Grape Arbor, which last sold for $983K in early 2006...
 
[quote author="ipoplaya" date=1209105143]Sorry friggin' fool paid $422 per sf for a TRidge condo... OMG there are still suckers out there.



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



Not sure how low Garnett would go 10. That house is out of IPO's comfort zone in terms of price even if they'd get into the $1.1Ms...</blockquote>


I like that house a lot, but would need it to drop considerably before I could move on it.

Anyway, thanks for posting it up.

Can?t stay long today, heading over to the Lennar thread to take care of some unfinished business from yesterday.
 
Two more closings to report :



7 Salvo, Westpark, sold for $1.06M, which was $130K below low list. Mid 2004 roll-back

821 Polaris, Tustin Field, sold for $885K, $6K over low list. Also mid 2004 roll-back equivalent
 
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