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

NEW -> Contingent Buyer Assistance Program
[quote author="JLegend" date=1228315749]i'm assuming not, but are you tracking any sales at the inferno or the plaza towers? i'm still fascinated by them and wonder how they are doing in sales in the latter part of this year. didn't find too much on my own for these stats.</blockquote>


Avenue One, Marquee, and Plaza had some interesting reveals just a couple of weeks ago. They weren't releasing title info until then. Interestingly, many of the reported closing prices on MLS were quite a bit different than the recorded sales prices, while some were right on. More on that when I can get those numbers posted... I may [strike]find[/strike] make time this weekend.
 
The higher-end ain't so dead yet (if it ever will be)... 3500sf in QH on Luminous just closed for $421/sf and almost $200K more than their late 2004 purchase price.



Yeah, yeah, I know, knife catchers.
 
[quote author="ipoplaya" date=1228369253]The higher-end ain't so dead yet (if it ever will be)... 3500sf in QH on Luminous just closed for $421/sf and almost $200K more than their late 2004 purchase price.



Yeah, yeah, I know, knife catchers.</blockquote>


$183K to be exact. I noticed around Fall 2004, prices went down and I was hoping it would continue. So Fall 2004 prices did go down, it's actually the low for 2004-2008 timeframe.

But look at similar house to 111 luminous is now asking for $1.375M



104 Symphony Irvine, CA 92603$1,375,000



<a href="http://www.realtor.com/search/listingdetail.aspx?pgsz=3&pg=3&srcnt=564&sid=bfe4bd2fd62449dcac0f1b03a5dfdb06&fhcnt=29&loc=Irvine,CA&bd=4&bth=4&fhpg=3&lid=1099987658&lsn=115">http://www.realtor.com/search/listingdetail.aspx?pgsz=3&pg=3&srcnt=564&sid=bfe4bd2fd62449dcac0f1b03a5dfdb06&fhcnt=29&loc=Irvine,CA&bd=4&bth=4&fhpg=3&lid=1099987658&lsn=115</a>



I mean prices are going down. I have been keeping track of them. All you need is for home prices to go down just $10K a month you still come out ahead.



Same with 14 arbusto, it's was the front blog yesterday for $839K. Similar house was snapped up tfor $860K in Fall 2004. This neighborhood went up to $1.2M and so on, even without the tight mortgage condition that we are experiencing.

Look I won the bet with some guy at work about LA average price. He said it would never go down to $365K(2010) but it's already down to $355K.
 
Just updated 10 new homes that went under contract over the past couple of days... We briefly toyed with making an offer on one of them. I suspect someone offered up a good bit more than the max I would have paid.
 
[quote author="WestparkRenter" date=1228371397]



I mean prices are going down. I have been keeping track of them. All you need is for home prices to go down just $10K a month you still come out ahead.



Same with 14 arbusto, it's was the front blog yesterday for $839K. Similar house was snapped up tfor $860K in Fall 2004. This neighborhood went up to $1.2M and so on, even without the tight mortgage condition that we are experiencing.

Look I won the bet with some guy at work about LA average price. He said it would never go down to $365K(2010) but it's already down to $355K.</blockquote>Get psyched!



You got that right!

Take a look at 23 Lookout.

Just closed at $1.2M, previous sale was $1.345M in April of ?07.

That?s alomst $150K drop in a year and a half.
 
[quote author="tenmagnet" date=1228374398][quote author="WestparkRenter" date=1228371397]



I mean prices are going down. I have been keeping track of them. All you need is for home prices to go down just $10K a month you still come out ahead.



Same with 14 arbusto, it's was the front blog yesterday for $839K. Similar house was snapped up tfor $860K in Fall 2004. This neighborhood went up to $1.2M and so on, even without the tight mortgage condition that we are experiencing.

Look I won the bet with some guy at work about LA average price. He said it would never go down to $365K(2010) but it's already down to $355K.</blockquote>Get psyched!



You got that right!

Take a look at 23 Lookout.

Just closed at $1.2M, previous sale was $1.345M in April of ?07.

That?s alomst $150K drop in a year and a half.</blockquote>


Dude, that is just 11% off near peak pricing. You are psyched about a 15% off peak drop? The only people that should be psyched right now are low end Irvine buyers. Old and thrashed is selling at a much bigger discount than new and nice.



Oh, just found three more escrows that popped through. That's eight places going under contract over the past two days so far...
 
[quote author="ipoplaya" date=1228375876][quote author="tenmagnet" date=1228374398][quote author="WestparkRenter" date=1228371397]



I mean prices are going down. I have been keeping track of them. All you need is for home prices to go down just $10K a month you still come out ahead.



Same with 14 arbusto, it's was the front blog yesterday for $839K. Similar house was snapped up tfor $860K in Fall 2004. This neighborhood went up to $1.2M and so on, even without the tight mortgage condition that we are experiencing.

Look I won the bet with some guy at work about LA average price. He said it would never go down to $365K(2010) but it's already down to $355K.</blockquote>Get psyched!



You got that right!

Take a look at 23 Lookout.

Just closed at $1.2M, previous sale was $1.345M in April of ?07.

That?s alomst $150K drop in a year and a half.</blockquote>


Dude, that is just 11% off near peak pricing. You are psyched about a 15% off peak drop? The only people that should be psyched right now are low end Irvine buyers. Old and thrashed is selling at a much bigger discount than new and nice.



Oh, just found three more escrows that popped through. That's eight places going under contract over the past two days so far...</blockquote>


A 15% drop off peak in a short period of time is nothing to get excited about?

Really?

Maybe you should quit whinning.

If you? don?t think prices are headed further south, then pull the trigger already.

What?s stopping you?

Stop ?toying? around with the idea of making offers and actually make one.

Step into the ring and throw a punch.
 
[quote author="tenmagnet" date=1228374398][quote author="WestparkRenter" date=1228371397]



I mean prices are going down. I have been keeping track of them. All you need is for home prices to go down just $10K a month you still come out ahead.



Same with 14 arbusto, it's was the front blog yesterday for $839K. Similar house was snapped up tfor $860K in Fall 2004. This neighborhood went up to $1.2M and so on, even without the tight mortgage condition that we are experiencing.

Look I won the bet with some guy at work about LA average price. He said it would never go down to $365K(2010) but it's already down to $355K.</blockquote>Get psyched!



You got that right!

Take a look at 23 Lookout.

Just closed at $1.2M, previous sale was $1.345M in April of ?07.

That?s alomst $150K drop in a year and a half.</blockquote>


Or lets put this into Ten language... 23 Lookout is a Mille Fleur plan 3, 3648sf right? Remember 20 Breezes, also a MF plan 3 at 3648sf. What did it sell for back in June? $1.172M... So the same model house just closed for more in December than it did in June. Is that correct?



Of course, if you believe Westpark's non-scientific analysis, that somehow equates to prices falling.
 
[quote author="ipoplaya" date=1228376578][quote author="tenmagnet" date=1228374398][quote author="WestparkRenter" date=1228371397]



I mean prices are going down. I have been keeping track of them. All you need is for home prices to go down just $10K a month you still come out ahead.



Same with 14 arbusto, it's was the front blog yesterday for $839K. Similar house was snapped up tfor $860K in Fall 2004. This neighborhood went up to $1.2M and so on, even without the tight mortgage condition that we are experiencing.

Look I won the bet with some guy at work about LA average price. He said it would never go down to $365K(2010) but it's already down to $355K.</blockquote>Get psyched!



You got that right!

Take a look at 23 Lookout.

Just closed at $1.2M, previous sale was $1.345M in April of ?07.

That?s alomst $150K drop in a year and a half.</blockquote>


Or lets put this into Ten language... 23 Lookout is a Mille Fleur plan 3, 3648sf right? Remember 20 Breezes, also a MF plan 3 at 3648sf. What did it sell for back in June? $1.172M... So the same model house just closed for more in December than it did in June. Is that correct?



Of course, if you believe Westpark's non-scientific analysis, that somehow equates to prices falling.</blockquote>


What? non-scientific? I have a graduate degree in engineering and what have you? My brain contains all the statistics. I mean I have not loose any money either in stocks nor bonds nor real estates. That counts for something right, even for a non-scientific brain. It calls experience my IHB friend.

Anyhow, I also see a lot of SFR in the $400K range.
 
[quote author="tenmagnet" date=1228376534][quote author="ipoplaya" date=1228375876][quote author="tenmagnet" date=1228374398][quote author="WestparkRenter" date=1228371397]



I mean prices are going down. I have been keeping track of them. All you need is for home prices to go down just $10K a month you still come out ahead.



Same with 14 arbusto, it's was the front blog yesterday for $839K. Similar house was snapped up tfor $860K in Fall 2004. This neighborhood went up to $1.2M and so on, even without the tight mortgage condition that we are experiencing.

Look I won the bet with some guy at work about LA average price. He said it would never go down to $365K(2010) but it's already down to $355K.</blockquote>Get psyched!



You got that right!

Take a look at 23 Lookout.

Just closed at $1.2M, previous sale was $1.345M in April of ?07.

That?s alomst $150K drop in a year and a half.</blockquote>


Dude, that is just 11% off near peak pricing. You are psyched about a 15% off peak drop? The only people that should be psyched right now are low end Irvine buyers. Old and thrashed is selling at a much bigger discount than new and nice.



Oh, just found three more escrows that popped through. That's eight places going under contract over the past two days so far...</blockquote>


A 15% drop off peak in a short period of time is nothing to get excited about?

Really?

Maybe you should quit whinning.

If you? don?t think prices are headed further south, then pull the trigger already.

What?s stopping you?

Stop ?toying? around with the idea of making offers and actually make one.

Step into the ring and throw a punch.</blockquote>


Your inability to read is rearing itself again. What I have said and am saying is that PRICES IN IRVINE HAVE NOT BEEN FALLING SINCE EARLY THIS YEAR. What does that have to do with buying a house or boxing? It's a simple factual matter derived from empirical evidence. For every house you can find that is selling for less today than it did in March 2008, I can probably find one selling for around the same now as it did back then. Understand? Hell, someone on this very blog is about to sell their Westpark home for a 2005 price despite what WPR thinks.
 
[quote author="ipoplaya" date=1228376891][quote author="tenmagnet" date=1228376534][quote author="ipoplaya" date=1228375876][quote author="tenmagnet" date=1228374398][quote author="WestparkRenter" date=1228371397]



I mean prices are going down. I have been keeping track of them. All you need is for home prices to go down just $10K a month you still come out ahead.



Same with 14 arbusto, it's was the front blog yesterday for $839K. Similar house was snapped up tfor $860K in Fall 2004. This neighborhood went up to $1.2M and so on, even without the tight mortgage condition that we are experiencing.

Look I won the bet with some guy at work about LA average price. He said it would never go down to $365K(2010) but it's already down to $355K.</blockquote>Get psyched!



You got that right!

Take a look at 23 Lookout.

Just closed at $1.2M, previous sale was $1.345M in April of ?07.

That?s alomst $150K drop in a year and a half.</blockquote>


Dude, that is just 11% off near peak pricing. You are psyched about a 15% off peak drop? The only people that should be psyched right now are low end Irvine buyers. Old and thrashed is selling at a much bigger discount than new and nice.



Oh, just found three more escrows that popped through. That's eight places going under contract over the past two days so far...</blockquote>


A 15% drop off peak in a short period of time is nothing to get excited about?

Really?

Maybe you should quit whinning.

If you? don?t think prices are headed further south, then pull the trigger already.

What?s stopping you?

Stop ?toying? around with the idea of making offers and actually make one.

Step into the ring and throw a punch.</blockquote>


Your inability to read is rearing itself again. What I have said and am saying is that PRICES IN IRVINE HAVE NOT BEEN FALLING SINCE EARLY THIS YEAR. What does that have to do with buying a house or boxing? It's a simple factual matter derived from empirical evidence. For every house you can find that is selling for less today than it did in March 2008, I can probably find one selling for around the same now as it did back then. Understand? Hell, someone on this very blog is about to sell their Westpark home for a 2005 price despite what WPR thinks.</blockquote>


I told you this a million times before and I'm telling you this again. There are a lot of STUPID people out there. What can I say? We are in this mess because there are millions of them. Should their behaviors affect you? 46% in Ca in foreclosures.
 
[quote author="ipoplaya" date=1228376578][quote author="tenmagnet" date=1228374398][quote author="WestparkRenter" date=1228371397]



I mean prices are going down. I have been keeping track of them. All you need is for home prices to go down just $10K a month you still come out ahead.



Same with 14 arbusto, it's was the front blog yesterday for $839K. Similar house was snapped up tfor $860K in Fall 2004. This neighborhood went up to $1.2M and so on, even without the tight mortgage condition that we are experiencing.

Look I won the bet with some guy at work about LA average price. He said it would never go down to $365K(2010) but it's already down to $355K.</blockquote>Get psyched!



You got that right!

Take a look at 23 Lookout.

Just closed at $1.2M, previous sale was $1.345M in April of ?07.

That?s alomst $150K drop in a year and a half.</blockquote>


Or lets put this into Ten language... 23 Lookout is a Mille Fleur plan 3, 3648sf right? Remember 20 Breezes, also a MF plan 3 at 3648sf. What did it sell for back in June? $1.172M... So the same model house just closed for more in December than it did in June. Is that correct?



Of course, if you believe Westpark's non-scientific analysis, that somehow equates to prices falling.</blockquote>


I agree with Westpark.



So Breezes went for $28K lower back in June.

Either way, on both Mille Fleur homes those are very nice declines.

Which is the important thing right?

It closed for $28K more, big deal.

Maybe Lookout is in a better location, interior upgrades or whatever.

The point being, at that price point $28K is peanuts.
 
[quote author="WestparkRenter" date=1228376792]

What? non-scientific? I have a graduate degree in engineering and what have you? My brain contains all the statistics. I mean I have not loose any money either in stocks nor bonds nor real estates. That counts for something right, even for a non-scientific brain. It calls experience my IHB friend.

Anyhow, I also see a lot of SFR in the $400K range.</blockquote>


Me, just an undergraduate degree in Economics with a graduate degree in Accounting/Finance. They did have a class or two where we learned about analyzing data in my 10+ classes in advanced economics and finance. My stints as a financial analyst and senior FA earlier in my career for a Fortune 500 company provided some additional experience with looking at numbers on a fairly regular basis...



Frankly, "I also see a lot of SFR in the $400K range" doesn't tell anyone anything about the direction of home prices anywhere. It's not even data...
 
[quote author="tenmagnet" date=1228377097]

So Breezes went for $28K lower back in June.

Either way, on both Mille Fleur homes those are very nice declines.

Which is the important thing right?

It closed for $28K more, big deal.

Maybe Lookout is in a better location, interior upgrades or whatever.

The point being, at that price point $28K is peanuts.</blockquote>


I totally agree the $28K is peanuts. Pretty much said it yourself, the decline on MF plan 3's since early this year has been just that, peanuts. This is mostly the same with the rest of Irvine, at least to date...
 
[quote author="ipoplaya" date=1228377485][quote author="WestparkRenter" date=1228376792]

What? non-scientific? I have a graduate degree in engineering and what have you? My brain contains all the statistics. I mean I have not loose any money either in stocks nor bonds nor real estates. That counts for something right, even for a non-scientific brain. It calls experience my IHB friend.

Anyhow, I also see a lot of SFR in the $400K range.</blockquote>


Me, just an undergraduate degree in Economics with a graduate degree in Accounting/Finance. They did have a class or two where we learned about analyzing data in my 10+ classes in advanced economics and finance. My stints as a financial analyst and senior FA earlier in my career for a Fortune 500 company provided some additional experience with looking at numbers on a fairly regular basis...



Frankly, "I also see a lot of SFR in the $400K range" doesn't tell anyone anything about the direction of home prices anywhere. It's not even data...</blockquote>


Yes but in 2004, only condos were in that range. Like I said, my brain contains all the statistics. Look I went to work where everybody thougth my spouse and I were either nuts, dumb, naive for not buying in 2004. So I looked at the Irvine MLS every single day using my lunch period and I stopped going to lunch with these people. My brain contains a lot of data. I don't need no frigging spreadsheet. I look at a house and I know roughly what it was sold in 2003 and in 2004.
 
[quote author="ipoplaya" date=1228376891]



Your inability to read is rearing itself again. What I have said and am saying is that PRICES IN IRVINE HAVE NOT BEEN FALLING SINCE EARLY THIS YEAR. What does that have to do with buying a house or boxing? It's a simple factual matter derived from empirical evidence. For every house you can find that is selling for less today than it did in March 2008, I can probably find one selling for around the same now as it did back then. Understand? Hell, someone on this very blog is about to sell their Westpark home for a 2005 price despite what WPR thinks.</blockquote>


So the 15% drop on Lookout is pure fantasy right?

Did I not read that correctly, it closed at $1.2M?

Prices are moving south, that?s what counts.

Maybe not to the degree where you would like to see them.

My criteria is clearly different then yours.

If you believe prices will hold make a move already.

Come strong with it.

Unless you?re afraid or lack confidence.

Maybe both.
 
[quote author="ipoplaya" date=1228376891][quote author="tenmagnet" date=1228376534][quote author="ipoplaya" date=1228375876][quote author="tenmagnet" date=1228374398][quote author="WestparkRenter" date=1228371397]



I mean prices are going down. I have been keeping track of them. All you need is for home prices to go down just $10K a month you still come out ahead.



Same with 14 arbusto, it's was the front blog yesterday for $839K. Similar house was snapped up tfor $860K in Fall 2004. This neighborhood went up to $1.2M and so on, even without the tight mortgage condition that we are experiencing.

Look I won the bet with some guy at work about LA average price. He said it would never go down to $365K(2010) but it's already down to $355K.</blockquote>Get psyched!



You got that right!

Take a look at 23 Lookout.

Just closed at $1.2M, previous sale was $1.345M in April of ?07.

That?s alomst $150K drop in a year and a half.</blockquote>


Dude, that is just 11% off near peak pricing. You are psyched about a 15% off peak drop? The only people that should be psyched right now are low end Irvine buyers. Old and thrashed is selling at a much bigger discount than new and nice.



Oh, just found three more escrows that popped through. That's eight places going under contract over the past two days so far...</blockquote>


A 15% drop off peak in a short period of time is nothing to get excited about?

Really?

Maybe you should quit whinning.

If you? don?t think prices are headed further south, then pull the trigger already.

What?s stopping you?

Stop ?toying? around with the idea of making offers and actually make one.

Step into the ring and throw a punch.</blockquote>


Your inability to read is rearing itself again. What I have said and am saying is that PRICES IN IRVINE HAVE NOT BEEN FALLING SINCE EARLY THIS YEAR. What does that have to do with buying a house or boxing? It's a simple factual matter derived from empirical evidence. For every house you can find that is selling for less today than it did in March 2008, I can probably find one selling for around the same now as it did back then. Understand? Hell, someone on this very blog is about to sell their Westpark home for a 2005 price despite what WPR thinks.</blockquote>
Prices may not have dropped since beginning of 2008 because it takes time for the effect of the credit crunch to go through. People are loosing jobs left and right starting this year and next year prices will be lower. You should not let other people's behavior influence your buying. But it seems like you are in a pickle because of your rent situation. I made sure I won't be in a pickle and therefore I can wait long term(2012).
 
[quote author="WestparkRenter" date=1228377800]Yes but in 2004, only condos were in that range. Like I said, my brain contains all the statistics. Look I went to work where everybody thougth my spouse and I were either nuts, dumb, naive for not buying in 2004. So I looked at the Irvine MLS every single day using my lunch period and I stopped going to lunch with these people. My brain contains a lot of data. I don't need no frigging spreadsheet. I look at a house and I know roughly what it was sold in 2003 and in 2004.</blockquote>


A detached Turtle Ridge condo just closed for $740K WPR. That is almost $500/sf. How much was that going for in 2003/2004? Is $500/sf a significant drop for it?
 
[quote author="ipoplaya" date=1228381003][quote author="WestparkRenter" date=1228377800]Yes but in 2004, only condos were in that range. Like I said, my brain contains all the statistics. Look I went to work where everybody thougth my spouse and I were either nuts, dumb, naive for not buying in 2004. So I looked at the Irvine MLS every single day using my lunch period and I stopped going to lunch with these people. My brain contains a lot of data. I don't need no frigging spreadsheet. I look at a house and I know roughly what it was sold in 2003 and in 2004.</blockquote>


A detached Turtle Ridge condo just closed for $740K WPR. That is almost $500/sf. How much was that going for in 2003/2004? Is $500/sf a significant drop for it?</blockquote>
How much was it going for in 2006?
 
[quote author="awgee" date=1228381409][quote author="ipoplaya" date=1228381003][quote author="WestparkRenter" date=1228377800]Yes but in 2004, only condos were in that range. Like I said, my brain contains all the statistics. Look I went to work where everybody thougth my spouse and I were either nuts, dumb, naive for not buying in 2004. So I looked at the Irvine MLS every single day using my lunch period and I stopped going to lunch with these people. My brain contains a lot of data. I don't need no frigging spreadsheet. I look at a house and I know roughly what it was sold in 2003 and in 2004.</blockquote>


A detached Turtle Ridge condo just closed for $740K WPR. That is almost $500/sf. How much was that going for in 2003/2004? Is $500/sf a significant drop for it?</blockquote>
How much was it going for in 2006?</blockquote>


Plan 4 of Arborel was sold several years ago for $912k
 
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