And a loyal friend is hard to find
You’re caught in a one way street
With the monsters in your head
When hopes and dreams are far away and
You feel like you can’t face they day
Let me be the one you call
If you jump I’ll break your fall
Lift you up and fly away with you into the night
If you need to fall apart
I can mend a broken heart
If you need to crash then crash and burn
You’re not alone
Because there has always been heartache and pain
And when it’s over you’ll breathe again
You’ll breath again
Crash and Burn — Savage Garden
.
.
Asking Price: $489,900
Income Requirement: $122,475
Downpayment Needed: $97,980
Monthly Equity Burn: $4,082
Purchase Price: $563,790
Purchase Date: 10/25/2007
Address: 322 Quail Ridge, Irvine, CA 92603
Sales History
Date………………..Price
10/25/2007 $563,790
09/28/2006 $640,000
10/31/2005 $537,000
| Beds: | 2 |
| Baths: | 2 |
| Sq. Ft.: | 1,441 |
| $/Sq. Ft.: | $340 |
| Lot Size: | – |
| Type: | Condominium |
| Style: | Contemporary |
| Year Built: | 2005 |
| Stories: | Three or More Levels |
| Area: | Quail Hill |
| County: | Orange |
| MLS#: | S517997 |
| Status: | Active |
| On Redfin: | 11 days |
Quail Ridge at its Best. Gorgeous unit with granite counters in kitchen, ceramic tile and breakfast bar. Cozy fireplace in living room with built in media niche. Ample storage. Great location and close to shops and toll road.
Do you like how they carefully staged the garbage can in front of this very ugly front elevation? Judging by the shadows cast from the condos on the other side of the street, this ally/street must feel like a concrete valley.
.
.
When I first came out with my predictions of a 40% decline in the median home price early last year, I knew it would take a long time for prices to drop down to those levels. Many bloggers saw the credit crunch coming because of the onslaught of defaults are REOs, but I must admit I have been surprised by the speed of the correction since the credit crunch has taken hold. Today’s unit is priced 23% below its peak purchase price from less than a year and a half ago. The mortgage history on this property is unclear. There appears to have been a straw buyer in May 2007, but there is little information on this sale. It is difficult to tell who is losing here, but if this property sells at its current asking price, and there is a 6% commission paid, the total loss from the peak would be $179,494. That is a lot of money to lose on a 2 bedroom condo.
How about calling it a “return to sane lending standards” instead of a “credit crunch?” In fact, how about lashing at pundits who use the term credit crunch for it is totally misleading.
There is plenty of money to loan and tremendous interest rates. Folks just have to show stronger evidence they can actually repay it and the value of what they are purchasing approaches reality.
Events over the next two years will show lending standards are still FAR TOO LAX. when you can borrow 90% on properties even you see losing 20% of value in two years, banks are still throwing fuel on the fire [sale].
Mike S.
—–
It must be painful to own a property that has absolutely no curb appeal………..
Unit like this built and sold in 2005 reminds me of all the NASAQ IPOs that were sold in 1999 to the investing public. Buyers were high on the feeding frenzy for a year or so, then they were killed in the 2000/2001 crash.
It is a credit crunch–banks (commerical and investment) cannot re-sell or syndicate loans they are making at anything close to par. This messes with their ability to make more loans. And, yes, the LBO lending market does affect mortgage lending.
The only reliable buyers for US mortgages right now are Fannie and Freddie. That’s been the reason for the (generally) big spread b/t conforming and jumbo rates. And the “tremendous interest rates” aren’t so great when you consider the currency risk for foreign investors–and even then it’s only good when compared to 10-year notes–and just barely compensate for the perceived collateral risk right now.
The sales history just goes to show how insane the real estate market has been. Three sales in 3 years and now it’s for sale again. Kinda like a stocks and bonds.
That’s the back, not the front. Most QH condo’s look pretty bad from the back and very nice in the front.
A half-mil for a unit like this? It wasn’t that long ago a half-mil bought a nice house in a nice neighborhood. It won’t be long (3-4 years) before we return to those times and units like this are selling for $300K.
There’s never been a better time to be a patient renter.
…and someone paid 640k in 2006.
I hope the location is good because the unit is very plain looking on the inside. 2 bed and 2 bath means that the 2nd bedroom does not have its own bath. Most townhomes that have 2 bedrooms also have 2.5 baths. This allows for basically two master bedrooms, each with their own baths.
I would only pay 250k for this place.
The property profiled yesterday was pulled off Redfin last night. Is that a first? Do you think this blog had something to do with the listing being pulled or was that just a concidence?
Not if they sold their IPO shares on the day they started trading like I did!
đ
$489,900 is still simply obscene! Shitty quality construction with nothing special other than a counter top. Even that looks out of place next to the cheapest Home Depot cabinets. Kitchen without windows must be an instant depression triggering. So add $1000/month for medication if you buy this unit. Maybe more, as the “knife” is going to create a bleeding scar.
Ha! Sure, it must have been just a coincidence. BTW, when things do come off Redfin and other sites what does it mean….? Do we know if it actually sold? Or are they just waiting to relist…?
I would pay at most $2K/month rent for this…
BD
I agree. I also thought IR was harsh with his remarks. However, comments like “Do you like how they carefully staged the garbage can in front of this very ugly front elevation?” lead me to believe he is truly a bitter renter. Blah, blah, blah…flame away. I’m just stating that I come to this blog to find useful information without the biased edge. Reading the Forums and even other comments by IR I find so many contradictory “opinions” based on other posts he’s made that the site loses credibility.
From IR on June 15, ’07 “Keep in mind that people have emotional needs concerning the value of their homes, and putting them on the defensive is a sure way to prevent them from listening to what you have to say.” If the owner of this condo reads this blog, I would think you just lost another reader.
And for those of you who do not live in the area or have even walked around this neighborhood, do not assume that the other side of this property (not shown) is as IR puts it.. very ugly.
If you say so…
I will offer $200K at max. Afterall I will be sacrificing a lot with no yard and live within two neighbour walls.
IR, what’s your revised timeline? 40% decline by end of 2008? or Earlier?
I wouldn’t get too carried away just yet. We may see individual properties at 40% off by the end of 2008, but I don’t think the median will be down that far. My original predictions have proven to be a bit conservative to date, but I don’t think they are too far off…
https://www.irvinehousingblog.com/2007/03/11/predictions-for-irvine-housing-market/
Some media
Foreclosures leave renters in the lurch
http://www.sfgate.com/cgi-bin/article.cgi?file=/c/a/2008/02/07/MN4NUOE27.DTL
[A] representative told her the house was slated for auction on Feb. 8 – Friday – and said the couple and their two young children would have to vacate almost immediately after that. Diharce called her landlady, but her phone had been disconnected.
“The landlady owes us our deposit, and we cannot locate her,” said Diharce, 29, who is expecting a third child in March. “I am so upset. As a tenant, we have no rights, no deposit and nowhere to go.”
Her situation is not unusual.
States Say Mortgage Companies Fall Short on Loan Modification
http://online.wsj.com/article/SB120235421584249889.html
Mortgage companies have stepped up their efforts to work with delinquent borrowers, but their actions aren’t keeping up with the rapid rise in bad loans, a new study by state officials suggests.
…no comment
http://laughingsquid.com/no-pants-subway-ride-2k8-photos-video/
the great thing about this place is that you probably would not need any clocks
you could tell the time of day based on the shadow
Agreed. On that street, the front is picturesque, and the back alley with the driveway’s is really ugly. I actually like that because for a 2 car garage, there is just enough space on the driveway to squeeze 2 cars on there as well (assuming one has more than 2 cars), and it’s ugly enough it seems unlikely the curb appeal HOA police would hassle you over it. But I could be wrong about that.
IR,
I think you should update your prediction chart monthly with the actual median.
I know it would have little technical value, but it would be very entertaining.
IR,
Do you think we will see a steep decline on the higher end homes?
For instance, currently priced $1.2M-$1.5M homes selling for around $950K by the end of â08. Thatâs my sweet spot, in terms of pricing, just wondering if when you think weâll get there. Appreciate your thoughts
Mike S, Buffet expressed the same opinion in today’s NY Times:
“…Mr. Buffett also played down worries about a credit crunch by saying that recent interest rate cuts mean low-cost funds are readily available.
Instead, he said, the turmoil that has rocked the nationâs economy in recent months has imbued the markets with a healthy degree of caution, while the rate-cutting response from central bankers has ensured that cheap money remains available for borrowing.
âI wouldnât quite call it a credit crunch. Funds are available,â Mr. Buffett said. âMoney is available, and itâs really quite cheap because of the lowering of rates that has taken place.â
He added: âWhat has happened is a repricing of risk and an unavailability of what I might call âdumb money,â of which there was plenty around a year ago.â”
http://dealbook.blogs.nytimes.com/2008/02/07/buffett-sees-poetic-justice-in-banks-woes/
It makes me sad to see so much beautiful landscape flattened, paved, and built-upon with such awful things. When I lived in Irvine I loved to go out into the hills and away from the city and the noise and smell of cars, get some fresh air and peace and quiet. Now there’s so much less nature, and what has taken it’s place you couldn’t even call a neighborhood, it’s a godawful loading-dock. Why don’t we just give up all pretense and just build U-Store-It sheds in which to park our cars and live above?
Can you imagine even meeting a neighbor outside your house? I mean, other than a wave from a moving vehicle…
It is still showing up on Movoto.com as available at the same listing price.
Individual properties are already off 40% in Ladera Ranch and Foster Ranch.
40% off this property would be 375K, these units appear to be renting for approx. $2500. A 130 GRM (no yard, so no one will want to live for more than a few years) gives you a price of 325K.
these properties are renting for less than 2500. I’ve seen units as low as 2150 in this attached condo area of Quail Hill
I like what appears to be full sized drive-way for this condo unit, wish more condos would have them. It sucks to fight for limited guest parking, but if you have a real drive way, your friends can just park in front of your garage.
If the property was built as a 3/2, it’d have been more appealing.
If it was a 3/2 it would be worth more and 4/3 would be worth more than that. It is what it is.
I hope you didn’t have Google IPO shares.
You can park your cars in the driveway and turn the garage into another bedroom. Poof! 3bd/2bth
Why is any one surprised that a newly built condo would be off 25% from peak already? I don’t think it’s done dropping.
IMHO, newly built homes were so overpriced that they will drop like 50%+ from peak, which is below their “brand new value”.
Older homes in older villages which were not so hyped will drop maybe 40% from peak.
Of course this all depends on location. I think that the closer to the ocean the lesser the hit, the closer to Riverside the worse the hit.
Condos like this won’t stand much of a chance. 40% from peak will be the WTF price. Perhaps the Irvine Co. should step in, buy them all and turn them into nice apartments. Which is what they remind me of.
I wonder if you might be onto something. If condo’s like this drop below a threshold, say $200K at the bottom in 2010 then the Irvine Co might come in a scoop them up to convert back to apartments, reverse condo-conversions.
I have been looking at the high-end market a bit more lately. I was prompted by Surfing in Newport’s link to a rental with a 400 GRM. The high end has been bid up so high it is beyond WTF. Everyone has been seeking the highest quality properties in hopes the values will not fall, but the disconnect from rents is so extreme, I think it may actually fall more — when the fall starts. When all the neighborhoods crash around them, people start to look at price differentials and shy away from the high end. Once buyers stop buying, prices can only go down. Much will depend on the level of financial stress, and the assumption is these are all rich people who won’t experience any. In the last “correction” this proved not to be the case.
Personally, I think Quail Hill is one of the most desiarable communities to live in. But, while I could afford this condo, I wouldn’t even buy it if it dropped another 60k because of the 3 story thing.
I personally think we’ll see a lot of variation in how much prices drop depending on the specific type of home.
I think lots of us would like a nice SFR with a view no? Yet how many people want to walk upstairs to get to their kitchen….
IR is anything but a bitter renter. Nor am I, or many others on this blog. His comments about properties, their listings, and their photos, are generally aimed at the realtors who are getting paid serious money to perform professionally. As in get off their butts and move the garbage can before taking a photo, and don’t highlight the back of the home if the front is more attractive.
Let me take a wild guess, though, Surf. Are you underwater on a mortgage right now? Pretty much sucks, huh? Me, I’m sittin’ pretty with my significant savings parked in several risk-free CDs, waiting for prices to return to sanity.
IR,
Looks like your new year’s prediction of “trolls posting biterness for 2008” is coming true.
I don’t think this is correct. I see people with perfect credit and 20% down being jerked around. I don’t think the banks have the money to loan to the average good credit risk of yore.
I wonder when the Irvine Company is going to get around to building on Laguna crossing when they see things like this happening in Quail Ridge….
Oh just poke your head out of the window and ask your neighbor…5 feet away.
Regarding the “curb appeal” issue, from the pictures it looks like the “front” of this condo is on the little walkway with the plantings (and the vine-covered archway). It seems obvious that you would _always_ approach this property from the garage side, and your guests would often do that too. We aren’t offered a map of complex so we can’t see how far down the little walkway you would have to walk from a parkable area.
This reminds me of the very first place I ever lived, an apartment over a garage in Santa Monica. The stairs got pretty old once the baby came along. I agree with all the posters on the blog that this is the sort of place that one would think of as “entry-level” housing, the sort of place that would be one’s first place (and it really should be an apartment, not a condo). But of course at this price it is still completely out of reach of such a person/couple unless they want to have no discretionary money at all. So to whom would such a property be marketed? Frequent turnover suggests flippers/floppers, not actual residents.
40% Price drops are already happening in area’s of Cowan Heights/Tustin, and those are the properties that are selling. We dropped on an open house (saw the sign) and looked at a 2200 SF 4 bed/2bath fixer in unicorporated Santa Ana that was just listed for 739,000.00. When I asked the realter “Why”? He said because it was a Merriweather home, and they hold their value. Huh?
Some people are still in big time denial, they think their house is something special and that the current pricing is wrong. These same people are going to chase the market down and lose a lot of equity because they are not pricing “below” market price.
No one is buying at “market price” unless the home is exceptional.
At 639,000.00 they would at least get offers for 550,000.00, at 739,000.00 real buyers are just going to do what we did……laugh and drive away.
I thought this observation was the best:
âItâs sort of a little poetic justice, in that the people that brewed this toxic Kool-Aid found themselves drinking a lot of it in the end,â Mr. Buffett said during a question and answer session at a business event in Toronto.
Characteristically the expensive properties fall last, but they do fall very hard when they do. Wealthy people tend to be more financially sensible so they’re less likely to be forced to move. Nonetheless, when they do, the fundamentals are similar.
CDs are not risk free. You are forgetting about inflation. For those of you who missed it, inflation ran at 4.1% in 2007. That means those supersavers down a the local credit union yielding 5% produced a real rate of return of 0.9% last year.
Well it stands to some reason.
If the mediam SFH in Quail Hill were to sell for 300 per square foot then a condo like this would run 200. That would price it at around 300K or a monthly payment of 2400 ( assume a 240K mortgage ).
This would make this a place that private investors would buy and a lot of rentals would put downward pressure on Quail Hill and the lease value of the commercial properties in the Village. It would make financial sense for the Irvine Company to start buying them and run them as part of its Empire. If anything, the Company does know how to maintain properties and bilk the commercial leases.
Alas, no Google. I haven’t had a shares of an IPO since the middle of 2000… That’s when ETrade closed down all my accounts. đ I do miss the good ole easy money days.
There are some nice homes up there..
http://www.redfin.com/stingray/do/printable-listing?listing-id=808711
http://www.redfin.com/stingray/do/printable-listing?listing-id=1193065
http://www.redfin.com/stingray/do/printable-listing?listing-id=1328373
Check this one out for potential
http://www.redfin.com/stingray/do/printable-listing?listing-id=793911
A lot of homes up there have views, pool and large lots. And there’s a fair bunch that haven’t been McMansioned yet… with old pine trees around
If it weren’t for my kids being in school -and for the hassle of the 55 FWY which has been jammed since ’83- I would love to move up there.
Hills and views without an HOA.
This reminds me a place I lived in during college. Three stories was tiresome. However, I found that having the main living area on the second floor was a big advantage in condos. There is so much ground traffic, that living on the bottom floor would have all sense of privacy.
No concidence!!- 5 Morning Dove (blog topic earlier this week) was also pulled from Redfin the day after the blog profiled it……
Not sure what’s going on with either
I don’t recall any delay in price drops in the more expensive properties in the last downturn.
If anything, I think they might fall sooner this downturn with all the foreclosures, walk-away flippers, lirer loans and dearth of potential buyers. Lenders don’t want to keep a $1M+ property vacant on their books + pay upkeep and property tax. Eventually they will be forced to lower the price to make a sale and that comp pushes down everything priced below.
CW, you forgot to factor in taxes. Even at 25% marginal rate, that 5% was a net 3.75%, or a negative 35 bp return. Better than a house purchsed 1/1/07, but not good.
I heard somehow the apartments have an incredibly low property tax rate.
Don’t think that trick would work for repurchases, or fit with the community philosophy that well either.
“That would price it at around 300K or a monthly payment of 2400 ( assume a 240K mortgage ).”
Are you sure about your math? A $240k mtg fixed for 30 years @ 5.5% is $1,363 monthly. Assuming the other additional housing costs cancel the tax adjustment, then the Irvine rental market would have to collapse along with the housing market in order to get down to $300k. This unit would likely rent for $2,500 today, so its rental value would have to drop 45% to get to your $300k mark.
I’m not making any forecast. I just want to illustrate what your $300k price means.
Yup, Zal, taxes do take a bite. CDs are one step removed from stuffing cash under the mattress.
This is California, baby! We exercise out here!
So you’ll go the gym and run on a treadmill for 30 mins every other day, but climbing stairs in your home is just too much work?
Unless a person has bad knees or a bad back (older people), stairs provide a daily dose of a little needed exercise.
Still look like WTF prices to me
#1 more like 2.5M
#2 maybe 700K
#3 i’d give you 1.2M
there’s still huge downside to prices before they come back to reality.
still a lot of Kool-Aide in the water.
“If the mediam SFH in Quail Hill were to sell for 300 per square foot then a condo like this would run 200. That would price it at around 300K or a monthly payment of 2400 ( assume a 240K mortgage)”.
Say what tonye? Are you saying that average/relative per square foot prices on places in the same area decline as units get smaller? I think you have that backwards. For similarly constructed homes in the same area, per sf prices would tend to be higher as the units got smaller…
That is definitely the case in West Irvine where I live, where 3000sf can be had for $300 per sf but 1600sf still goes for $350 per sf. That also tends to be the case in all the areas I watch closely as well, i.e. Northpark, Northwood, etc.
Yes.
I wasn’t paying attention to the prices, just the homes.
I think the McMansions (newer homes) will drop faster and sooner.
There should be less pressure on the older homes as you can expect long term residents in no hurry may just hold on the house until they die off. Some of those homes look like they were last decorated during “Leave It to Beaver” and they need a bunch of cash to bring up. But, if you don’t need to McMansion them, those older homes have BIG lots and nice pool decks with a view.
Imagine spending like $150K to upgrade one of those homes… you could sit in your backyard, with your feet in the pool, smoking a bit fat ass robusto cigar and laughing at those HOA fools below you. đ
It was a typo….. 1400 per month, plus taxes, HOA. This would be an investment property hence it would not have tax benefits.
And yes, I figure that condos are cheaper than SFH per square foot. That’s the case in TR.
And this is a condo.
Now for similar types of homes, yes, the smaller units go for a higher per square foot cost because of the land below them…
This is not entry level housing, this is an UP market unit, thus you gotta walk up… >8-P
OK, back to work and my hippie music. When will IR learn about hippie music? He writes about the Kool Aid but forgets who had the best Kool Aid. ;~D
Mama Tried.
#2 looks similar to my folks house in the Hills of Whittier, my folks house may be a little nicer, better view. They paid 60K in 68 but have put in extensive upgrades, roof, double pane windows, pool, built ins etc. I had thought their house peeked about 850K, in a normal market I would value it somewhere from 550-650K, that’s why these prices still make no sense to me.
I don’t know. Right now CDs are about the best performing asset class around, except for maybe some commodities and foreign currency.
I won’t get a tax rebate….. Whoopie $hit.
Yikes. I got screwed again. First rebate in the 90s we worked too hard and got zilch.
Now again.
Maybe if I stop working the Gov. will give me free money.
Sucks…. The Gov think I must be Rockfeller or something like that.
Gotta go… the limo is waiting….
rebate smebate, just reform the alternative minimum tax and I’ll be happier than a pig in $#%^%
I have a number of posts coming out next week with the Grateful Dead…
Right on…. That should be fun.
Seen the record cover for Blues for Allah? ( you know, we used to have record covers then….. )
Anyhow here’s one for your consideration.
“Deal” -Garcia/Hunter
Since it costs a lot to win, and even more to lose,
You and me bound to spend some time wondering what to choose.
Goes to show, you dont ever know,
Watch each card you play and play it slow,
Wait until that deal come round,
Don’t you let that deal go down, no, no.
I been gambling hereabouts for ten good solid years,
If I told you all that went down it would burn off both of your ears.
Goes to show you don’t ever know
Watch each card you play and play it slow,
Wait until that deal come round,
Dont you let that deal go down, no, no.
Since you poured the wine for me and tightened up my shoes,
I hate to leave you sitting there, composing lonesome blues.
Goes to show you don’t ever know
Watch each card you play and play it slow,
Wait until that deal come round, don’t you let that deal go down.
Wait until that deal come round, dont you let that deal go down,
Wait until that deal come round, dont you let that deal go down,
Dont you let that deal go down, dont you let that deal go down.
Haven’t noticed anything drastic in the Irvine/Newport area yet. In Ladera Ranch there are a couple of listings that are 30-40% off the peak. For example:
http://www.redfin.com/stingray/do/printable-listing?listing-id=1287669
Don’t know how they managed to take pictures without showing the high voltage lines in the back yard.
IR: check out the cover art for “Twelve Dreams of Dr. Sardonicus,” by Spirit. I would think it would give any reasonable hippie a full-blown acid flashback. My older brother had that album (came out in 1970): although I was never into psychedelics (just a bit after my time), I would think that that cover gives you some insight as to what to expect. Good music as well but a bit past its time.
I say that cover represents the koolaid drinkers’ mindset.
There was this one:
https://www.irvinehousingblog.com/2008/01/06/stillwater/
Would you have spent the rebate immediately?
The Newport Coast (26 Stillwater) home has seen a nice price reduction. Unfortunately, at 2,000 sq feet itâs rather small.
Even if it dropped below $1M, the lack of size would still be a drawback.
“I donât know. Right now CDs are about the best performing asset class around”
Really, what about TIPS, Treasuries, Mortgages (pass-throughs), Investment Grade Corporates, Municipals, Developed Market Sovereign, Emerging market sovereigns, MSCI EAFE (still up 15% rolling one year even after the drubbing in January). All of these asset classes outperformed CDs over the last year.
As with any investment, there are risks and rewards. CDs have zero risk, and in a recessionary environment, safety is more prudent than risk.
If I had that kind of cash I’d be smoking a big fat something else. Those are some nice houses.
Senate Passes Conforming Loan Increase!
http://thegreatloanblog.blogspot.com
It’s also a short sell, it would be nice to see what it records for. But it’s still at $650/sq.ft.
CDs DO NOT have zero risk. That is my point. They have (1) inflation risk, (2) reinvestment risk, (3) liquidity risk, not to mention the yield is atrocious.
http://cdrates.bankaholic.com/
In fact, if inflation runs like it did last you, you will end 2008 just barely keeping pace with inflation.
There are plenty of safe and prudent investments that have and will continue to produce better returns relative to CDs.
CDs are for the lazy and the uninformed. If you like CDs maybe I can sell you some insurance on AA muni bonds.
If homes like these end up in the $300K, then 80% of CA homes will be owned by banks, and every bank we know in USA will go bankrupt. Stock sucks and so does everything else. What do you think we can use to pay for baby boomer’s SS check if we do not have 500% inflation in 5 years. Well when that happens, a home like this will worthy about $1m. People without mortgage will pay about $8000 a month in rent. And you will be making $20,000 mo.
Our lives will be very miserable but what else can we do? We would have export our pain to all over the world. Thanks to foreign governments holding our bonds, stock, real estate, etc. If you have a big yard, maybe you can grow some food and feed your family.
Looks like the bid price was 1,651,500 per fidelityasap.com website.
Recon Trust was the trustee- Recon Trust is the servicing sub of Countrywide.
You could get comparable homes for prices close to these in Laguna Beach…I’m not kidding, go look at what’s on the market. With an ocean view instead of smog that probably ruins the views half the year in this part of the county…
1/2 mil for this apartment! This is sick. A cave for a kitchen. No windows. Like catholic poster said previously, this place would require serious anti-depressant medication expenses. I have lived in so many places like that one I get the shakes just looking at it. And I’m so f**king glad I moved! After a life time in SCal, I packed up and moved to the Midwest a few years back. Last year I bought a 2br, 2bath 2000sqft w/Lake view (across the street from a 2-mile wide, crystal clear lake) w/1/2 acre, in very desirable, wooded, hilly, “rich” kind of area. Tree-lined country road. Only 25 miles out of Madison, WI. Gorgeous property. Hugh Oaks and Maples. Seasons. Stars at night. Total price: $209,000.
Oh, and No traffic stress – Ever! Also, No gang bangers, locking doors or other ghetto crap. Zero. No car alarms, bums, smog, fake people, etc. Not even close. But yes, I do miss good restaurants…Boo hoo hoo. I guess I get to save untold hundereds of dollars a month. I am a native West LA/MarinaDelRey dude -now fully XLA. My whole family is in South OC. I miss them. They have all been out to visit, and think I live in a paradise.
As for real estate prices around here, parts of Madison had gotten jacked up like everything else, but so far no crash. I think Dane county is near the bottom of the crash list. Things are just crusing. But nonetheless, I expect that to change. This Federal debt debacle is going to kill all but the a) cash rich and b) immune-job rich. Remember when Mr Ross Perot used to warn about that “sucking sound”? Well I think America is about to get its collective ear drums ruptured. And then anybody not battened down as in a or b above is going to find out just what kind of suction a 50 megaton deficit mushroom cloud is capable of doing.
$60K in 1968? Are you sure about that? My parents sold their house in Canoga Park in 1968 for $28K I think. And it was a nice house, nice street etc. (Still is a nice house and nice street although the general area around it has gone utterly to hell, along with the rest of the SFV). Last I checked Zillow had houses around there for $500k – $575k. Your parents house must have been very special or rich, etc for that kind of money -60k- back then.
Are you near Wisconsin Dells?
Nah. Dells is about 45 miles N of Madison. I’m about 25 miles east of Madison, outside of a town called Lake Mills. Lots of countryside. They don’t make places like this in Scal.
I have family in Sun Prairie. We used to go to the midget car races on the dirt track there when we would visit.
Yep, thatâs what Iâve come to love about the Midwest. It’s real here. They still do things like midget cars, carnivals, hay rides, etc. Theyâre not above having a goofy good time, or doing simple things. A great place for kids to grow up. Sun Prairie has a corn festival every year -the whole sheep & goat thing-and they’ve been recreating their old downtown. Not a bad job either. By the way, nice blog. It keeps me in touch with my family in an odd sort of way.