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

NEW -> Contingent Buyer Assistance Program
A lot of young people in my office are buying property eventhough they claim they can't afford to live there by themselves. Some are getting renters. Some are buying and rent it out. I think some even afraid they will be priced out forever. Some of these people I have warned not to buy but went ahead and now are $200-$300k off.
 
what do you mean off 200-300k? like underwater?



awww 3141 Michelson #807 fell out of escrow. I wanted to see what price it actually closed at. I think that one sold at first for at least a million and now list price is 475k





But luckily 3131 Michelson #1002 came in, so I'll keep my eye on that one now.
 
[quote author="24inIrvine" date=1222512760]what do you mean off 200-300k? like underwater?



awww 3141 Michelson #807 fell out of escrow. I wanted to see what price it actually closed at. I think that one sold at first for at least a million and now list price is 475k





But luckily 3131 Michelson #1002 came in, so I'll keep my eye on that one now.</blockquote>


Yes, underwater. They bought a place from University Park for $700K+ and now the place is only selling $500K+.
 
[quote author="fumbling" date=1222560725]quick question IPO, what is the difference between "pending sale" and "in escrow" on your website?</blockquote>


My statuses mirror MLS status changes. Pending sale status in MLS typically means that all contingencies have been removed by the buyer and that the transaction is likely to close as the deposit money would likely be forefeited otherwise.
 
Wow, MLS says <a href="http://www.zillow.com/homedetails/46-Gardenpath-Irvine-CA-92603/63117655_zpid">this place</a> just sold for $500/sf. Is that even possible?! 3/4 of a mil for 1500sf?!
 
[quote author="ipoplaya" date=1222925332]Wow, MLS says <a href="http://www.ipoplaya.com/Listings/46 Gardenpath, Irvine, CA 92603 $779,000 Turtle Ridge Real Estate S544136.mht">this place</a> just sold for $500/sf. Is that even possible?! 3/4 of a mil for 1500sf?!</blockquote>


The URL didn't work
 
[quote author="Stuff It" date=1222929684][quote author="ipoplaya" date=1222925332]Wow, MLS says <a href="http://www.ipoplaya.com/Listings/46 Gardenpath, Irvine, CA 92603 $779,000 Turtle Ridge Real Estate S544136.mht">this place</a> just sold for $500/sf. Is that even possible?! 3/4 of a mil for 1500sf?!</blockquote>


The URL didn't work</blockquote>


Sorry, fixed it.
 
<a href="http://www.zillow.com/homedetails/15-Balcony-Irvine-CA-92603/63113705_zpid">This big Quail Hill beauty</a> just closed for $1.69M. Low list when it went into escrow was $1.99M. The originally hit the market in Feb 2008 for $2.475M.



Loss on property in less than two years time = $1M!
 
[quote author="ipoplaya" date=1222930721][quote author="Stuff It" date=1222929684][quote author="ipoplaya" date=1222925332]Wow, MLS says <a href="http://www.ipoplaya.com/Listings/46 Gardenpath, Irvine, CA 92603 $779,000 Turtle Ridge Real Estate S544136.mht">this place</a> just sold for $500/sf. Is that even possible?! 3/4 of a mil for 1500sf?!</blockquote>


The URL didn't work</blockquote>


Sorry, fixed it.</blockquote>


Still doesn't work...

Okay the one in original thread does (not replies, oops) sorry.
 
[quote author="freedomCM" date=1223009812]last sale 12/06 at 2.7M, hey that's only 37% off. That makes the CS = 170, no? Oct 2003 price?</blockquote>


Yep, promising start to price declines for October. Three closes in late '03 territory. Wouldn't it be great if it lasted?! IPO can only dream...



<a href="http://www.ipoplaya.com/iposhiller.pdf">Updated IPO-Shiller</a>
 
Things are heating up in Northpark: I was considering placing an offer on <a href="http://www.redfin.com/CA/Irvine/28-Sebastian-92602/home/5812777">28 Sebastian (MLS S549133)</a> but my agent said they got multilple offers and accepted one above asking price of $849K. Only a few days on the market and sold. MLS for the property still says active but they must have not updated yet.



Looking at past comps for a <a href="http://www.garyfallis.com/img/floorplans/npfp/mendocino_p2.jpg">plan 2 Mendocino</a>, I thought the price was just okay. Apparently the market thinks otherwise. There were a bunch of Asian folks strolling around the place on Wed at the broker preview day.



Another Plan 2 Mendocino at 35 Sebastian (MLS S547518) is Pending Sale--they were asking $914K but their lot seems smaller but interior is more upgraded. If we assume around 5% off list then their final price might be around $868K which maybe closer to the above list offer for 28 Sebastian.
 
[quote author="IACRenter" date=1223106526]Things are heating up in Northpark: I was considering placing an offer on <a href="http://www.redfin.com/CA/Irvine/28-Sebastian-92602/home/5812777">28 Sebastian (MLS S549133)</a> but my agent said they got multilple offers and accepted one above asking price of $849K. Only a few days on the market and sold. MLS for the property still says active but they must have not updated yet.



Looking at past comps for a <a href="http://www.garyfallis.com/img/floorplans/npfp/mendocino_p2.jpg">plan 2 Mendocino</a>, I thought the price was just okay. Apparently the market thinks otherwise. There were a bunch of Asian folks strolling around the place on Wed at the broker preview day.



Another Plan 2 Mendocino at 35 Sebastian (MLS S547518) is Pending Sale--they were asking $914K but their lot seems smaller but interior is more upgraded. If we assume around 5% off list then their final price might be around $868K which maybe closer to the above list offer for 28 Sebastian.</blockquote>
Don't worry, 28 Sebastian and the other same homes will be down around $600k in a few years.
 
[quote author="IACRenter" date=1223106526]Things are heating up in Northpark: I was considering placing an offer on <a href="http://www.redfin.com/CA/Irvine/28-Sebastian-92602/home/5812777">28 Sebastian (MLS S549133)</a> but my agent said they got multilple offers and accepted one above asking price of $849K. Only a few days on the market and sold. MLS for the property still says active but they must have not updated yet.



Looking at past comps for a <a href="http://www.garyfallis.com/img/floorplans/npfp/mendocino_p2.jpg">plan 2 Mendocino</a>, I thought the price was just okay. Apparently the market thinks otherwise. There were a bunch of Asian folks strolling around the place on Wed at the broker preview day.



Another Plan 2 Mendocino at 35 Sebastian (MLS S547518) is Pending Sale--they were asking $914K but their lot seems smaller but interior is more upgraded. If we assume around 5% off list then their final price might be around $868K which maybe closer to the above list offer for 28 Sebastian.</blockquote>


I remember looking at one of those plans, or at least very similar, on Dinuba last Fall. Downstairs is nice but the secondary bedrooms are tiny... It sold for $950K in November.



A sales price in the low to mid $800s would be on par with recent Irvine averages...
 
[quote author="usctrojanman29" date=1223106857][quote author="IACRenter" date=1223106526]Things are heating up in Northpark: I was considering placing an offer on <a href="http://www.redfin.com/CA/Irvine/28-Sebastian-92602/home/5812777">28 Sebastian (MLS S549133)</a> but my agent said they got multilple offers and accepted one above asking price of $849K. Only a few days on the market and sold. MLS for the property still says active but they must have not updated yet.



Looking at past comps for a <a href="http://www.garyfallis.com/img/floorplans/npfp/mendocino_p2.jpg">plan 2 Mendocino</a>, I thought the price was just okay. Apparently the market thinks otherwise. There were a bunch of Asian folks strolling around the place on Wed at the broker preview day.



Another Plan 2 Mendocino at 35 Sebastian (MLS S547518) is Pending Sale--they were asking $914K but their lot seems smaller but interior is more upgraded. If we assume around 5% off list then their final price might be around $868K which maybe closer to the above list offer for 28 Sebastian.</blockquote>
Don't worry, 28 Sebastian and the other same homes will be down around $600k in a few years.</blockquote>


Don't worry. The same thing happened to me when I was looking at 7 Andalucia in Irvine, a buch of Asian folks acting like they were going to make an offer right away. So I called the agent and asked him to let my family see the house and he said he wanted to warn me that there were several people already bidded over the asking price. I said good, he should sell to them and I did not bother to set up an appointment to let my family see this property. As it turns out, this property was not sold right away. The property was still listed on MLS. It was finally sold one or two months later than when the agent told me there were several offers. What a bluff? It took this agent nearly 2 months to find a KC.
 
[quote author="usctrojanman29" date=1223440389]IPO, you can take my property off your list as it closed yesterday and I changed MLS to relfect it as closed today. ;)</blockquote>


Done. Congrats again. Nicely executed...
 
Wow, a condo in my old hood just closed at only $20K below the last sale I remember of the same model, which occurred back in summer last year. Only $20K less in 15 months?! Price per sf was higher than mine as well. Amazing... Maybe prices are going up?!
 
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