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

NEW -> Contingent Buyer Assistance Program
[quote author="graphrix" date=1211248693][quote author="ipoplaya" date=1211206565]I had a long chat with Roula. She kindly suggested that if I wasn't prepared to offer more than $1M, I probably shouldn't waste my time. She did give me some nice feedback on some of the other areas I have been considering. Never had occassion to meet her before. She's the real deal...</blockquote>


In all seriousness, she makes a great salad too. You gotta go to one of her broker previews to see what I mean. Ask IR2, her salad is the real deal. BTW, broker previews are a great way to get a free lunch. I'm surprised awgee isn't all over that. I mean, free food plus free comedy with some of those still drinking the Kool-Aid, good times, good times.</blockquote><p>

How do I find out the wheres and whens of these broker previews with the free lunches?
 
[quote author="awgee" date=1211254506][quote author="graphrix" date=1211248693][quote author="ipoplaya" date=1211206565]I had a long chat with Roula. She kindly suggested that if I wasn't prepared to offer more than $1M, I probably shouldn't waste my time. She did give me some nice feedback on some of the other areas I have been considering. Never had occassion to meet her before. She's the real deal...</blockquote>


In all seriousness, she makes a great salad too. You gotta go to one of her broker previews to see what I mean. Ask IR2, her salad is the real deal. BTW, broker previews are a great way to get a free lunch. I'm surprised awgee isn't all over that. I mean, free food plus free comedy with some of those still drinking the Kool-Aid, good times, good times.</blockquote><p>

How do I find out the wheres and whens of these broker previews with the free lunches?</blockquote>


I think my HOA is having free pizza tonight awgee if you want to come by. You need to cast your vote in the annual director's election though. Just say you are Mike Dunn and that your address is 74 Sorenson...
 
[quote author="Masterofdamoney" date=1211249903]There are definitely more homes going into escrow this summer selling season. I just watched one go pending after only 10 DOM (with a new realtor) new my place. Of course, the new realtor offered a 4% buyer agent commission and cut the price another 8%... If it goes it will be a $600K+ at peak condo sale for $399K.



Seeing a lot more movement tho!</blockquote>


Ran into an appraiser that lives in my neighborhood this weekend and he said that business had picked up nicely of late. He's doing more appraisals than he's done since last summer...
 
[quote author="ipoplaya" date=1211257954][quote author="awgee" date=1211254506][quote author="graphrix" date=1211248693][quote author="ipoplaya" date=1211206565]I had a long chat with Roula. She kindly suggested that if I wasn't prepared to offer more than $1M, I probably shouldn't waste my time. She did give me some nice feedback on some of the other areas I have been considering. Never had occassion to meet her before. She's the real deal...</blockquote>


In all seriousness, she makes a great salad too. You gotta go to one of her broker previews to see what I mean. Ask IR2, her salad is the real deal. BTW, broker previews are a great way to get a free lunch. I'm surprised awgee isn't all over that. I mean, free food plus free comedy with some of those still drinking the Kool-Aid, good times, good times.</blockquote><p>

How do I find out the wheres and whens of these broker previews with the free lunches?</blockquote>


I think my HOA is having free pizza tonight awgee if you want to come by. You need to cast your vote in the annual director's election though. Just say you are Mike Dunn and that your address is 74 Sorenson...</blockquote>


I vote for Ipop
 
37 Crimson Rose got back into escrow... Weird list price history on that one. Seems like the realtor is manic.



Just saw an MLS update on a plan 3 Portisol in Woodbury close - $750K closed on 4/30/08. I have no idea of previous purchase price and date, $325 per sf sure seems like a pretty deep rollback for WB.
 
[quote author="ipoplaya" date=1211370548]37 Crimson Rose got back into escrow... Weird list price history on that one. Seems like the realtor is manic.



Just saw an MLS update on a plan 3 Portisol in Woodbury close - $750K closed on 4/30/08. I have no idea of previous purchase price and date, $325 per sf sure seems like a pretty deep rollback for WB.</blockquote>


Is the street name Portisol? I couldn't find that name in my online title search service.
 
[quote author="EvaLSeraphim" date=1211372457][quote author="ipoplaya" date=1211370548]37 Crimson Rose got back into escrow... Weird list price history on that one. Seems like the realtor is manic.



Just saw an MLS update on a plan 3 Portisol in Woodbury close - $750K closed on 4/30/08. I have no idea of previous purchase price and date, $325 per sf sure seems like a pretty deep rollback for WB.</blockquote>


Is the street name Portisol? I couldn't find that name in my online title search service.</blockquote>


Street was Rising Sun. Portisol is the name of the Cal Pac tract it belongs to. IR deuce was kind enough to give me a report with the previous sale. $909K in 2005, $750K today. That rollback is right in line with the rest of Irvine, i.e. no Woodbury/new development on that transaction.
 
<blockquote>Street was Rising Sun. Portisol is the name of the Cal Pac tract it belongs to. IR deuce was kind enough to give me a report with the previous sale. $909K in 2005, $750K today. That rollback is right in line with the rest of Irvine, i.e. no Woodbury/new development on that transaction.</blockquote>


That listing was on the market for 1 day (after that I think it was accepting backups) and it was a short sale. The seller was a licensed RE agent. The $909k price was in August 2005. $750k is quite the haircut



Can you tell if it was originally bought on 100% financing?
 
50 rising sun? it was indeed a short sale and we know the buyers. they were LUCKY. thought it was a steal north of $800k and attempted to buy it months ago but bank dragged their feet.



750k... LUCKY is a relative term i guess.
 
Hmmm....$325 sq ft in Woodbury. Seriously, what do you all think of that?



I've held to the belief of $250 sq ft median at the bottom for Irvine for some time. So where does that leave a newer community like Woodbury? Is there a premium up to $300 - $325 psf? Or will the steep tax and HOA rates ultimately step on the values of these bubble communities, and leave them more in line with the overall median?



There have been several sales recently that have got me thinking there are some solid deals available out there if you can qualify and are in the right place at the right time....But maybe I've just got spring fever. Curious if anyone else's interest level has picked back up in the last couple months.
 
[quote author="CK" date=1211427156]Hmmm....$325 sq ft in Woodbury. Seriously, what do you all think of that?



I've held to the belief of $250 sq ft median at the bottom for Irvine for some time. So where does that leave a newer community like Woodbury? Is there a premium up to $300 - $325 psf? Or will the steep tax and HOA rates ultimately step on the values of these bubble communities, and leave them more in line with the overall median?



There have been several sales recently that have got me thinking there are some solid deals available out there if you can qualify and are in the right place at the right time....But maybe I've just got spring fever. Curious if anyone else's interest level has picked back up in the last couple months.</blockquote>


I think there are some solid deals, but they are very apparent and usually snatched up. The two condos IPO added to his site are good examples, both were over 100k less then comps.



I'm not sure if the smaller places in woodbury deserve a $50 sq.ft premium over slightly older places in northpark, oak creek, or westpark. Usually the building materials in smaller places are on par all over the place. Perhaps the nicer new places do demand a premium, otoh.
 
[quote author="zovall" date=1211428525][quote author="EvaLSeraphim" date=1211424177]I can check tonight. What's the address? 3 Rising Sun?</blockquote>


55 South Rising Sun</blockquote>


50 rising sun was another short sale then that closed in the last few wks. there's still a few more portisol homes on that street alone on the mkt so the damage isnt over yet!
 
[quote author="acpme" date=1211431018][quote author="zovall" date=1211428525][quote author="EvaLSeraphim" date=1211424177]I can check tonight. What's the address? 3 Rising Sun?</blockquote>


55 South Rising Sun</blockquote>


50 rising sun was another short sale then that closed in the last few wks. there's still a few more portisol homes on that street alone on the mkt so the damage isnt over yet!</blockquote>


So true. 43 Rising Sun has been postponing the foreclosure date month after month. The NTS on that one is $673k, so if it does ever go back to the bank, it will be a nice comp killer.
 
[quote author="graphrix" date=1211433536]So true. 43 Rising Sun has been postponing the foreclosure date month after month. The NTS on that one is $673k, so if it does ever go back to the bank, it will be a nice comp killer.</blockquote>


Oh Graph, can't you get it through your thick head that a foreclosure doesn't set a comp?!? Sheesh.
 
Couple of closing prices updated today... 6 Plumeria in NW Pointe closed for $1.6M. Amazingly, that was a pretty decent rollback considering they bought it new in 1998 for $733K.



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



A number of recent Irvine closes have been owned since before '88 and hence, can't be re-indexed Case-Shilla style based on current sales price...
 
104 Treehouse in QH just closed for $1.02M. Ack, I wouldn't want to be waiting for QH to become reasonable price-wise. People are still late 2005 prices to buy there... Treehouse went for $400+ per sf.
 
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