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

NEW -> Contingent Buyer Assistance Program
Panda,



Just to let you know that Bamboo is considered an evasive plant that some area with water rationing forbid the planting of it. How is Panda going to survive without Bamboo? and here in Irvine? You may have to secretly plant then next to the indoor Marijuana plants.
 
Bamboo is prolific and can grow fast, but I don't think it's invasive. I just tore out a bed of it and the root system was shallow and narrow. Crab grass is incredibly invasive, along w/ mint and those vines that grow in Florida.... 30 foot root systems!



I wish bamboo wasn't so fussy. We have a neighbor who bought in Oct for $150K over today's market value. They tried to build/grow a privacy fence out front with bamboo and palms. The bamboo is now scrawny dead stalks and the palms are well on their way to catching up with their neighboring lifeless vegetation. Yeah, one big unsightly plot of dirt for a front yard. I guess the native soil here is not Panda friendly....
 
[quote author="bkshopr" date=1213095583]This is a single story home. It occupies the largest lot and and the price is all in the land. Please do not compare it to the price of a McMansion on a postage stamp size lot. Value ratio should be different for homes with different density. You are expected to pay more for a single story home.

</blockquote>




5000sf is a large lot? we have differing definitions of large!
 
[quote author="freedomCM" date=1213098546][quote author="bkshopr" date=1213095583]This is a single story home. It occupies the largest lot and and the price is all in the land. Please do not compare it to the price of a McMansion on a postage stamp size lot. Value ratio should be different for homes with different density. You are expected to pay more for a single story home.

</blockquote>




5000sf is a large lot? we have differing definitions of large!</blockquote>


No kiddling, but isn't this one of the reasons you aren't looking to buy in Irvine? ")
 
is anyone keeping an eye on:



73 Chula Vista

http://www.redfin.com/CA/Irvine/73-Chula-Vis-92602/unit-26/home/5889493

its been REO and vacant for two years, but they finally lowered the price, it should be going pretty quick, IPO, is it in escrow?



21 Grape Arbor

http://www.redfin.com/CA/Irvine/21-Grape-Arbor-92620/home/5931550

what is up with this? Look at the listing price, I think it is a short sale, and they are trying to create a bidding war. Northwood II is NICE, and this is underpriced, we drove by the property last night, very quiet at the end of a cul de sac. The comps are well over $800K. I think they are going to have a showing this Friday. IPO, I wondere if banks are going to start selling higher end properties this way?
 
[quote author="roundcorners" date=1213141052]is anyone keeping an eye on:



73 Chula Vista

http://www.redfin.com/CA/Irvine/73-Chula-Vis-92602/unit-26/home/5889493

its been REO and vacant for two years, but they finally lowered the price, it should be going pretty quick, IPO, is it in escrow?



21 Grape Arbor

http://www.redfin.com/CA/Irvine/21-Grape-Arbor-92620/home/5931550

what is up with this? Look at the listing price, I think it is a short sale, and they are trying to create a bidding war. Northwood II is NICE, and this is underpriced, we drove by the property last night, very quiet at the end of a cul de sac. The comps are well over $800K. I think they are going to have a showing this Friday. IPO, I wondere if banks are going to start selling higher end properties this way?</blockquote>


Chula Vista is still active but I think it will escrow quickly. It's in 92602, so I will track it. Based on Case-Shiller declines and the last purchase price in 2005, the house is probably worth around $570-580K right now. I have a feeling they probably got multiple offers right after most recent list and are working those up.



I have no idea about Grape Arbor. IR2 might have to shed some light. I have seen lowball prices to attract offers on shorts and also on auction properties. I disagree that recent comps support a price well over $800K. 24 Grape Arbor closed in April for around $380/sf. If I recall correctly, that was a very dialed in Roula property that showed extremely well, not a distressed sold as-is sale. One on Secret Garden, an REO, went for $350/sf. The comps may support a price of $700K at best, but I think mid to high $600K range more likely. Considering that prices are down almost 25% from when they bought that place for $900K, a price of $650-675K makes even more sense...
 
I checked out 73 chula vista.



It's a 3 story town home. This might sell but the floor plan is kinda weird. It needs new carpet. The paint is good condition.



A knife catcher might pick this up since its aggressively priced.
 
Does 73 chula vista have 3 different bedrooms on 3 different floors? I just hate that plan. How will you manage your 2 infant/toddler kids sleeping on 2 different floors from yours !!!
 
nope its living room then half a flight of stairs to the dining room and kitchen / family room. The up a flight of stairs to the

3rd floor it has the 3 bedrooms.
 
Wow! I just checked out ipoplaya.com for latest escrow entrants. I think I have to say June is looking to be a busy month. At least in the subset that ipoplaya tracks it seems to be a lot of activity.
 
And mortgage rates just went up 1% (at least, best case) across the board for all subsets of borrowers in the last 2 days. A 200bps loss to the agency MBS in 48 hours.



Wonder how that will affect those DTI's and affordability for those brand new escrows. :) :) :)
 
[quote author="Masterofdamoney" date=1213169550]And mortgage rates just went up 1% (at least, best case) across the board for all subsets of borrowers in the last 2 days. A 200bps loss to the agency MBS in 48 hours.



Wonder how that will affect those DTI's and affordability for those brand new escrows. :) :) :)</blockquote>




WOW, seriously? I haven't watched rates recently as they had been pretty steady for a few months.



100bps up? so we are now in the 6.8%-7.8% range?
 
[quote author="Masterofdamoney" date=1213169550]And mortgage rates just went up 1% (at least, best case) across the board for all subsets of borrowers in the last 2 days. A 200bps loss to the agency MBS in 48 hours.



Wonder how that will affect those DTI's and affordability for those brand new escrows. :) :) :)</blockquote>


Is an adjustable something to consider now or are we in for higher long term rates for an extended period?
 
C'mon MODM ! Don't leave us hanging like that....I've been Googling like crazy for the past hour and it appears this intel is too new for the net. Details please !
 
[quote author="Masterofdamoney" date=1213169550]And mortgage rates just went up 1% (at least, best case) across the board for all subsets of borrowers in the last 2 days. A 200bps loss to the agency MBS in 48 hours.



Wonder how that will affect those DTI's and affordability for those brand new escrows. :) :) :)</blockquote>


It seems Bernanke and Paulson are between a rock and a hard place. If they are successful at jawboning up the dollar, mortgage interest rates will go up and put another nail the the real estate market's coffin.
 
I don't see any significant change in rates on the 30 year jumbo on penfed.org. Still 6.25%. Perhaps they are lagging.



My parents just locked in 6.125% jumbo with 0.25 points on Friday with countrywide thanks to the "stimulus package".



Loan officer said the spread has really narrowed between the conforming and the jumbo recently. This might explain some of the increased activity in the homes ipoplaya is tracking in irvine, since many of these properties would require jumbos.
 
he's talking about the price for the outstanding GNMA, FNMA and FHLMC bonds. The market for these bonds (as well as treasuries) have gotten spanked since last Friday. When bond prices fall, yields rise. When bond yields rise all structured investment vehicles will need to pay higher rates. Higher rates are ultimatelypassed on to the borrower.



If I've learned one thing from this thread it is this: There are still idiots buying homes in Irvine. They either don't speak vely goord Engrish, don't read IHB, or both. The misinformed are paying a terrible price.
 
[quote author="lendingmaestro" date=1213185583]he's talking about the price for the outstanding GNMA, FNMA and FHLMC bonds. The market for these bonds (as well as treasuries) have gotten spanked since last Friday. When bond prices fall, yields rise. When bond yields rise all structured investment vehicles will need to pay higher rates. Higher rates are ultimatelypassed on to the borrower.



If I've learned one thing from this thread it is this: There are still idiots buying homes in Irvine. They either don't speak vely goord Engrish, don't read IHB, or both. The misinformed are paying a terrible price.</blockquote>


Correct.



Curious to see what today's pricing will look like. I will throw it up when it arrives this morning.



Right now the 5.5% FNMA bond is up this morning by +59bps. Considering the massive pounding it took the last couple days, that's no surprise.



Realistically, best case scenario (850 fico, 20% DTI, 50% LTV situation, NON jumbo) you are looking at mid 6% range right now on 30 year conventional. That's without the bank/broker making any money. Start lowering that fico, raising that ltv, dti, etc... and it gets more ugly.
 
Two closes yesterday, one a nice early 2004 rollback in West Irvine. Someone got themselves a lovely home on top of the Jamboree racetrack!



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



Please note that there appears to have been very little downward movement in prices, at least in my search spec, since March...
 
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