Finding accurate and detailed information on Irvine housing sales over a period of time has always been a challenge for me. I wish I had kept each Real Estate/Business section of the Sunday OC Register since the beginning of time. 😉 It would be great to analyze sales numbers and trends at the zip code level and have the actual numbers to work with. Until then, I’ve found some charts created by RE Report that I found at the Orange County Report that I think you might enjoy as well:
Short Term Trends – Irvine SFR
Short Term Trends – Irvine Condo
Long Term Trends – Irvine SFR and Condo
This is copied from a Chinese blog. The title is ” how to flip house in California?” The English translation is followed.
??1999?25??????2005????70????????50???????20?
DOWNPAY????80???????30??????
??????????1?50???1?10??????30?????
??PAY??7000?????????????2000???????2000?????
???3000??30????????10???
10???????????????????????????????????
????????10??????????BANK??CASH????????????
????????????10???
This is copied from a website. What do you think it will end? Is he super smart? The translation is below.
” I bought a house at 250K in 1999. Its market value shot up to 700k. I took out 500k cash in 2005 by refinancing. I bought another house in 2005 at 800k with downpayment of 200K. The remaining 300k was put in bank.
Therefore now I have 2 houses valued at 1.5 million in total. Loan 1.1 million. Morgtage is 7k per month. I Leased one house at 2k/month. 2k from my salary. 3k from my deposit in the bank. I can handle it for 10 years (I have 300k in the bank!!!!!!). I would not care if depreciation happen because I have enough cash for 10 years!!!!!!
—–
It is funny how he thinks that he can hold on for ten years. That is fine but at the end of ten years where will he be? He is using savings to pay for the balance and those payments that won’t go down when his house value goes down. He will simply be putting money into the houses to keep them. Even if the housing market goes up in ten years he will not be much more ahead than he is currently since the prices are going to go much lower before they ever rise. He could have taken the 300k and invested it in a low risk investment and earned more money than dwindling down his $300k savings. What is he going to say his net worth is when his $700k house is worth only $500k?
Try this one.
http://www.housingtracker.net/askingprices/metro/California/LosAngeles-LongBeach-SantaAna/SantaAna-Anaheim-Irvine
Speaking of trends… Is it just me or has blog comment traffic been very slow this week? My visits/page hits are holding steady but nobody’s saying much.
Are people getting sick of reading about the same dumb houses priced 2x too high week after week? I know I sure am.
Yup, comment traffic has definitely been slower. Traffic here leveled off this week although today got a bump from a mention in the comments at thehousingbubbleblog.com