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

NEW -> Contingent Buyer Assistance Program
62 Knollwood, that lovely West Irvine detached condo, closed today for $604K. $372/sf and a 17.8% discount to peak sale on the sale model on the same street...



<a href="http://www.ipoplaya.com/iposhiller.pdf">Update IPO-Shiller</a> with my sale right around Irvine average and a bit better than the typical West Irvine sale of late.
 
[quote author="CalGal" date=1217593735]<blockquote>Fair Oaks was a sub 200 CS price. </blockquote>
What does sub 200 CS price mean?</blockquote>


Case-Shiller index number under 200 which means equivalent to earlier than June 2004 pricing generally speaking. It's relevant because we have been stuck at summer 2004 price equivalents for a number of months. For a home, especially a nice Northpark one, to sell at a 190 or so number hopefully suggests further down trending in the short-term vs. continued flattish prices.
 
[quote author="ipoplaya" date=1217591495]Couple of Northpark closes today. 8 Sunnyvale for $1.02M and 10 Fair Oaks for $1.225M... Fair Oaks was a sub 200 CS price.</blockquote>


Wow, that?s too bad.

I was hoping 8 Sunnyvale would close sub $1M mark.

Went to the open house at 8 Upland this past weekend, the place is immaculate and fully loaded.

Very sweet!

Would've loved to pick it up in the high $900k or low $1M range.

Just don?t see it happening right now though.
 
[quote author="ipoplaya" date=1217391902]



Legacy is older, fuglier, rundown (in Irvine standards), and has a much higher quotient of WT than the rest of West Irvine. Lots of rent-a-room houses with the tenants filling up street parking with rice rockets... There is a reason my place will sell for over $370/sf and a similar sized Legacy units are probably more like $325-350/sf. That part of West Irvine has always sold at a discount relative to the 2000/2001 build properties.</blockquote>


Speaking of timing,

This one?s being profiled on the main blog by IR today.
 
Strangely, new escrow activity seems to have tailed off considerably over the past week or two. Only 7 new escrow entrants in the past week in my searches while the period just two weeks prior had 20 new escrows opened... It appears the summer buying season is officially over.
 
That or the banks have effectively shut their doors since they made a bottom on the stock market a few weeks ago.



I half expect to see tumbleweeds in the parking lots...
 
[quote author="Hormiguero" date=1218101522]That or the banks have effectively shut their doors since they made a bottom on the stock market a few weeks ago.



I half expect to see tumbleweeds in the parking lots...</blockquote>


August is usually the last hurrah during the typical summer selling season. This is not a typical season so we will see what happens as fall settles in.



Funny you should mention tumbleweeds... there were just (maybe) 25 agents at the info/networking session this morning across all local brokerages (HanuReddy, Remax, Tarbell, CB, Firstteam, SevenGables, HOM, NorthHills, etc.)



Usually there are more than double that number.
 
I believe 33 triple leaf is a short sale? Still at close to $350 / sq ft. Interestingly, with probably two expections, all the VR / MF / JB homes are selling around $350 a sq ft in the past 12 to 18 months...
 
That seems sucker high for 33 Triple Leaf. You'd think the really long time on the market would hurt the price more than that. And the landscaping clearly hadn't been kept up very well in the past several months.
 
[quote author="NewToOC" date=1218242828]That seems sucker high for 33 Triple Leaf. You'd think the really long time on the market would hurt the price more than that. And the landscaping clearly hadn't been kept up very well in the past several months.</blockquote>


The closing price is in alignment with very recent closes elsewhere in Irvine. Considering Woodbury is a "premium" newer area, I'm surprised it went that low. I thought it would be more like $1.35M...
 
24 Tioga, featured on the blog a few days ago, is in escrow. Interestingly, the list price was increased $150K in conjunction with it going to backups. Maybe they are under contract for $1.1M?
 
[quote author="ipoplaya" date=1218253906]24 Tioga, featured on the blog a few days ago, is in escrow. Interestingly, the list price was increased $150K in conjunction with it going to backups. Maybe they are under contract for $1.1M?</blockquote>


You better check your numbers, IPO --- that can't be right. AZDavid told me this was going to sell for $450k.
 
Did my last site update for a few days. Headed up to the central coast tomorrow with the family... 4-hour drive with a 4 and 1 year old is not gonna be fun.



Had some amazing discrepancy in depth of rollback on decent closes. A few buyers paid equivalent to 2005 prices while some paid early 2004/late 2003 price equivalents. Still a small sample, but the median price on closings for July is down pretty smartly from June numbers.



Had a nice place in NP, 31 Malibu, get into escrow very quickly. They were smart and priced near their 2004 purchase price.
 
[quote author="IrvineRealtor" date=1218764726]I've got a great Curious George DVD for you. I'll drop it in your mailbox. On second thought, maybe your doorstep would be better.</blockquote>


Yeah... stay away from Ipo's mailbox, he has been known to go all 909 on people who mess with his mailbox. I was thinking that Xanax might work better than Curious George, but not so much for the kids as for the parents. :coolhmm:
 
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