.
Another day, another market crushing REO. I have to wonder when the knife catchers will start to realize there is a steady flow of these properties entering the market. It isn't like you need to buy this one because it is the only good deal in the market, and it isn't going to be the only one we will see in the future. In fact, as each one of these comes on the market, they lower the comps and cause a whole new wave of foreclosures as all the overextended homeowners in the area lose their ability to refinance. We are witnessing the first stage of the market's downward spiral.
Asking Price: $601,400
Income Requirement: $150,350
Downpayment Needed: $120,280
Monthly Equity Burn: $5,011
Lender Purchase Price: $625,338
Borrower Purchase Price: $745,000
Lender Purchase Date: 3/27/2008
Borrower Purchase Date: 11/30/2006
Address: 176 Vintage, Irvine, CA 92620
| Beds: | 3 |
| Baths: | 3 |
| Sq. Ft.: | 1,580 |
| $/Sq. Ft.: | $381 |
| Lot Size: | – |
| Type: | Condominium |
| Style: | Mediterranean |
| Year Built: | 2005 |
| Stories: | Two Levels |
| Area: | Woodbury |
| County: | Orange |
| MLS#: | U8001540 |
| Status: | Active |
| On Redfin: | 13 days |
HOOME IS CLISE TO AL? What?
ALL CAPS?
.
.
This property has an interesting history. It was first purchased from Pulte homes in May of 2005 for $650,000. The first owner obviously grossly overpaid, but they were fortunate enough to find the greater fool to buy this property for $745,000 on November 30, 2006. Even after commissions, this original buyer made $50,000 for holding the property just over a year. The second owner was not so fortunate. This owner put $149,000 down and lost it all. The bank purchased the property for $625,338 which appears to be the outstanding balance on the mortgage when the missed payments are added on. If the lender gets their asking price (some knife-catcher will probably step up,) they stand to lose about $60,000 after commissions. A relatively small loss by Irvine standards. Of course, the total loss on the property is over $200,000, but the buyer lost the majority of it. It wasn't a particularly successful flip. Also noteworthy is the asking price is a full 20% under the peak sales price. We are 20% off the peak and still falling…
.
In my place, in my place
Were lines that I couldn't change
I was lost, oh, yeah
I was lost, I was lost
Crossed lines I shouldn't have crossed
I was lost, oh yeah
And yeah, how long must you wait for it?
Yeah, how long must you pay for it?
Yeah, how long must you wait for it?
Oh, for it
I was scared, I was scared
Tired and under prepared
But I wait for it
And if you go, if you go
Leave me down here on my own
And I'll wait for you, yeah
Yeah, how long must you wait for it?
Yeah, how long must you pay for it?
Yeah, how long must you wait for it?
In My Place — Coldplay
Putting 20% down makes these buyers innocent victims. But should my tax dollars help bail them out? No way!
The 2nd buyers/owners also had a 2nd. It was $111,750 at the time of purchase and then refinanced to $150,000, so they didn’t lose anything.
This home (or these types of home) will drop another $100k IMHO in the next 9-12 months.
One thing I would love to see is the floor plan on all these homes on the market..oh well.
Floor plans for Northpark, Northpark Square, and Woodbury at this site:
http://www.garyfallis.com/floorplans.htm
But, only the Northpark floor plans are there currently, others are “coming soon”.
Isn’t just about every homeowner in Woodbury underwater by now, and sinking deeper?
Yes, Woodbury, Quail Hill and Northwood II are all underwater — or at least the houses are worth less than the owners paid. It will not be long before most if not all are underwater on their mortgages as well.
That is not necessarily true for QH. Depending on what tract and phase, some buyers are still in a very attractive position in QH. For example if you bought your place in QH in Jasmine, Linden, Olivos, and Laurel in Q1 2004, you are easily sitting on $150-$200K in HPA from original purchase. One of the interesting thing is how uniform this number is across the various tracts, and how on a percentage basis the lowend condos provided the best ROR. Coming from someone who just sold in QH, trust me, I KNOW.
On the other hand there are number of lower tracts that did not perform as well. Most notably are the Ambridge (down by Q Meadows the IAC), and the detached condos of Tall Oak etc. these places are pretty much flat from offering, and in the case of Ambridge provided very little upside even at the height of the bubble (no real surprise given the location).
Now the story changes quite a bit for more recently completed developments in QH. Most notably many of the Vicara, where many of the properties were completed in 2006 and early 2007. These buyers should be uniformly be underwater, and givn the prices of these properties (many in originally purchased close to or exceeding $2 million), I would expect to see some carnage. That said there are early phase buyers in Vicara that still have a positive HPA, could sell their properties for a gain.
Quail Hill has the advantage of being a bit older so most of the owners are in at slightly lower price points. Those that are not underwater yet are on their way.
That is why Woodbury is going to burn.
I had a “Terminator” at the Woodbury park a few weeks ago. There is a scene where Sarah Connor is dreaming about children and families innocently playing in the park. She tries to warn them of the upcoming apocalypse and they cannot hear her. I was at the park with my family watching the other children play with their parents. It was pure Americana. That scene from Terminator kept popping into my head, and I couldn’t shake the images of the bodies disintegrating into dust when the bombs hit. So many happy families, so much pain…
It would be funnier if it weren’t so true. When I get around to posting the story of my sale I will include some insights into neighbors. Suffice it to say there are seom very good people (honest, hard-working, not dumb) that are going to suffer tremendously over the next few years.
A neutron bomb…all the people are gone, and the buildings are left standing. Like the Inland Empire is now.
A year from now, many Woodbury homeowners will face this “walking away” decision. Here’s Mish’s nice note on this:
Walking Away: The Next Mortgage Crisis
http://globaleconomicanalysis.blogspot.com/2008/04/walking-away-next-mortgage-crisis.html
Subprime was just the beginning. Walking Away is picking up steam. California is the poster child. There is little Fannie or Freddie can do about it either.
Over the next several months, we’re going to be subjected to a chorus of hand-wringing about the moral turpitude of people who walk away from their mortgages and pronouncements like last month’s warning from Treasury Secretary Henry Paulson that people should honor their mortgage obligations.
If you are in agony over a pending decision to walk away, just remember, your moral obligation is not to Paulson or your lender, nor is there any patriotic duty to bankrupt yourself for benefit of others. Please don’t blow your life savings, tap your IRA, or use credit card debt to forestall the inevitable. Your moral obligation is to yourself and your family. If it makes economic sense to walk, then walk.
http://globaleconomicanalysis.blogspot.com/2008/04/walking-away-next-mortgage-crisis.html
IR:
How can I make link to web linkable?
Angry Renter
https://www.youtube.com/watch?v=UOaDrM3rMXs&eurl=http://andrewsullivan.theatlantic.com/
Zovall is working on the comments and getting more capabilities. Right now, there is no way other than what you have done.
You can now use the URL tags to do this. See the bottom of [url=https://www.irvinehousingblog.com/forums/viewreply/47679/]this post by Nude[/url].
“Please don’t blow your life savings, tap your IRA, or use credit card debt to forestall the inevitable. Your moral obligation is to yourself and your family. If it makes economic sense to walk, then walk”.
Well said, George.
I’m with ya. Family first, then yourself, then your community, then the lenders. The lenders entered into a business deal to make money off of every borrower. If they made a bad business decision, that’s tough. Nobody should impose unreasonable sacrafices on themselves or their family to prop up corporate profits.
” If they made a bad business decision, that’s tough”
Funny how the “that’s tough” logic doesn’t hold for the family that made a bad decision to live beyond their means.
Well, they lost their home and their credit is trashed. They didn’t get off without consequences.
Using some people’s logic the moral thing to do when your child needs braces is to abandon them in a dumpster since they are a financial burden. Shame on you people.
Kirk,
If you consider your child part of your family, then moral thing to do is to pay for his braces and walk away from the bubbling mortgage…if one has to choose between the two.
Kirk –
I’m not sure you understand what you are saying…
$329,000.00 – it’s a large apartment.
Looks like 142 Vintage just came on the market. Bought in 2005 for $554k and asking $549.9k.
This one is a bit smaller than the other one IR profiled.
Why does Redfin not show any pics of the inside? Is this a rental right now?
Probably because the previous owners thrashed it or they haven’t been cleared out by the Sheriff yet. Lenders don’t normally “rent” properties in the traditional sense…
IRVINE RENTER AND ANYONE WHO CAN HELP,
I am new to Irvine. My wife and I just moved out here in February. I found this blog somehow and absolutely love it. I am kind of an economics/markets junky, so this is fascinating.
I am trying to make sense of some numbers I found on the Lansner OCRegister blog.
City: Zip: Median Percent decline: #homessold: Percent decline of #homes sold
Irvine 92602 $740,000 -5.2% 30 -38.8%
Irvine 92603 $926,000 21.8% 24 -29.4%
Irvine 92604 $530,000 -13.4% 17 -46.9%
Irvine 92606 $605,000 1.2% 13 -43.5%
Irvine 92612 $483,500 -12.1% 11 -74.4%
Irvine 92614 $480,000 -12.9% 11 -56.0%
Irvine 92618 $503,500 -5.9% 19 -26.9%
Irvine 92620 $708,500 -2.9% 28 -44.0%
This data is from dataquick and is year over year.
How is it that the declines aren’t a higher percentage? I would think they would be coming down since the borders to Irvine have come down already.
Costa Mesa 92626 $521,500 -25.2% 20 -41.2%
Costa Mesa 92627 $487,500 -37.2% 21 -48.8%
Foothill Ranch 92610 $575,000 -15.1% 14 -33.3%
Laguna Hills 92653 $389,500 -52.0% 15 -55.9%
Laguna Woods 92637 $240,000 -15.6% 21 -50.0%
Lake Forest 92630 $375,000 -28.9% 26 -50.9%
Mission Viejo 92691 $505,000 -21.1% 41 -37.9%
Mission Viejo 92692 $500,000 -18.7% 25 -65.3%
Newport Beach 92660 $1,200,000 -17.2% 22 -46.3%
Newport Beach 92661 $1,580,250 -41.3% 2 -50.0%
Newport Beach 92663 $1,169,090 -7.2% 14 -44.0%
Newport Coast 92657 $3,410,000 156.9% 11 -64.5%
Tustin 92780 $385,000 -34.2% 26 -31.6%
Tustin 92782 $570,000 -25.5% 28 -64.6%
Countywide
All resale houses $570,000 -18.0% 1,072 -42.8%
All condominiums $375,000 -18.5% 408 -51.3%
All new homes $516,500 -17.4% 183 -56.2%
All homes $506,000 -19.6% 1,663 -46.9%
Anybody who has some insight, please comment. I am 24 and my wife and I would love to stay in Irvine, but there is NO way we could afford it (in the next 2 or 3 years when we look at a home or condo) if prices do not fall in line with incomes.
We make 90K plus between the two of us, which would allow us to afford a brick McMansion back home.
We out of state transplants have a different perspective. I guess that we don’t like Kool-Aid as much as Orange County folk.
You need to triple that income to play in this town… 😉
Newport is where everybody in Irvine wishes they lived. It’s like Beverly HIlls Adjacent. Some call it LA. In reality Ivine is Newports buffer from Santa Ana.
So true, but you’ve got to start somewhere.
Irvine’s the kiddie pool, start there before heading to the deep-end, Newport.
DeadBeatRenter and tenmagnet,
I wouldn’t want to live in Newport. It’s WAY too upper class for my taste. I would rather live amongst more realistic people. I guess that means parts of Irvine are out as well. Besides,
I have noticed that in expinsive areas like Newport, everything is more expensive. (Gas, food, etc.)
So my wife and I need to triple our 90K income to play in Irvine real estate, huh? I could have sworn that I read the average income in Irvine was 72,000 dollars. Maybe that was OC. I am also pretty sure the national average is just over 50K. I forgot that Irvine is its own special place. That Kool Aid is tasty
Given the choice to put 75 grand down on a home in the next couple years or spend 75 grand on an MBA from UCI, I am going to start attending classes this fall. I have a feeling the return on my 75K will be much better that way. You can’t get negative equity on an MBA.
New to the Area,
Yes you will be far better of with the MBA. By the time you finish home prices will be much, much more reasonable.
“I wouldn’t want to live in Newport. It’s WAY too upper class for my taste. I would rather live amongst more realistic people. ”
Realistic in Southern California…you need to rethink your move…sorry it was to good to ignore.
there is nothing realistic here. I have no idea how people make the monthly payments for 600k – 800k homes on dual income. there are not many with an AGI of 150k+ in Irvine (to manage this condo), yet they buy and live like they have money coming out of the proverbial wazoo.
Patience is the key.
Warren Buffet style investing is where it is at. Wait on the speculators and fools to get greedy and crash, then sweep in and reap the benefits. Buffet didn’t buy into the market last fall when it first started to fall. He is realistic. He is still waiting.
All of the fake wealth will collapse out here. I think there will be some good deals on some used BMW’s and Benz’s pretty soon as well.
I’ll stick with my Nissan Altima that gets 28 to 30 MPG.
Newport Beach is white bread and creamy peanut butter. Safeway. That’s where the parents live.
Irvine is whole wheat and crunchy peanut butter. Trader Joe’s. That’s where the kids live.
The late mr. Crean said so in his old cooking show, to paraphrase him: Irvine is the place over the hill where the kids live.
Ref: “We make 90K plus between the two of us, which would allow us to afford a brick McMansion back home.”
Did you make $90K between you “back home”? If-so, just out of curiosity, why are you HERE?
Oops I should have scrolled-down a bit before commenting, but anyway…
Ref: “Given the choice to put 75 grand down on a home in the next couple years or spend 75 grand on an MBA from UCI, I am going to start attending classes this fall. I have a feeling the return on my 75K will be much better that way. You can’t get negative equity on an MBA.”
Speaking as an Economist (the “value” thing as opposed to the MBA “cash flow” model) I see your point 100% and wish you well. To you, the MBA has “value”. But from a cash-flow standpoint, a hard a** MBA wouldn’t agree with you at all. In 3 years, you’ll be 3-years-older AND BROKE. You will then live another 3 years in poverty (because you’ll be saving-everything for the Irvine home). An MBA would say “…live in the McMansion, get your MBA nights/weekends from an accredited school, enjoy 6-years-of-quality”.
Pencipa,
I am from Houston and my wife is from West Michigan. We got married last summer and moved up to Michigan. We were making 70K between the two of us. The difference is that houses there average about 65 dollars a suare foot. BUT it is terribly cold for about 5 months there.
Houston houses are nice brick homes with yards going for 80 to 100 dollars a square foot. We probably would make about 80K there since we are both college grads. BUT Houston has 100 percent humidity year round plus 100+ degree summers.
We are both mid 20’s so we figured we would move out here before we have kids and enjoy ourselves. We love it so far.
My thoughts are that I always wanted to get an MBA. Education gets more expensive by the year. I will be working full time and attending classes at night and on the weekend. We should be able to pay for the MBA in full with little or no debt while I am attending. If what I hear is true, I should get promoted at least once while attending school. Once out, I will look to land a pretty high paying job. We’ll see. Hopefully the economy has turned around and I will hit a good job market.
This will eliminate any temptation to jump in on a false rally. I would rather secure the quality of my future employment than try to time a market. I don’t need an MBA to know that is a fool’s game.
Besides, we can always take a loan out from our parents if there is a “too good to miss” deal in the meantime. Or after I graduate if prices are still to high, we will just move. I think you will see lots of under 30 types clear out if prices don’t come down.
The NBA should cost you $110-120K between actual school costs and the value of your time and a small hourly wage equivalent. There is probably a 5-7 year break-even on your investment in terms of increased earnings power depending on your field of choice. The years after that are gravy so by the time you retire, the MBA investment will have yielded a 300-400% return.
I’ve found that they are more useful to obtain later in your career, i.e. get one if you need one not just to have one…
I’ve interviewed a great many people with MBAs that didn’t know jack and lost out to those with less education but far better experience. UCI is a good program though. Not SC or UCLA, but probably on par with Pepperdine and better than Chapman, CSLB, CSF.
…go and do it my friend.
That is really a great plan. Prices will fall while you are in school and your income will grow – maybe dramatically when finished. Nice work in my opinion. I would guess between inflation driving mortgage rates much higher and the tightening of credit in the face of a dramatically over-priced asset, housing in SoCal will fall another 20-30+ percent. And, because of the long-term headwinds of inflation (China’s goods aren’t cheap as the dollar declines and as they consume more oil and commodities)I would expect prices to be flat for some time after bottoming in 2010 or 2011.
JMHO…but great plan.
Wow New, it’s crazy how similar our situations are (same age, same origins). I’ve been here a little longer than you but I’m deciding between an MBA and plunking down the cash on a house too.
I agree with the poster above saying that it’s possible to wait on the MBA until you think you may need it instead of getting one just to “have one”. It probably depends on your industry, I’m a software engineer, and I’ve been able to move up without one. Sooner or later I think I will need it but right now I think I’m getting good experience.
Back to your original question. Each of the Irvine ZIP codes are reporting figures based on a a very small number of transactions, within a very diverse set of properties. 92603 for example includes $400K townhomes all the way up to $10M+ mansions. Obviously, with such “fat tails” it is very difficult to draw any reasonable conclusion or perceive trends based on the diversity of the population and small sample size. Your best bet is to track individual properties (particularly those you would like to purchase) and track the movement directly.
Thanks for the reply,
I don’t know what each zip corresponds with in Irvine. Haven’t been here long enough. I guess a little bit more of a Micro approach is more realistic than a Macro. My wife and I rent in Portola Springs and I have off work on Fridays. I love to go around and mess with the Sales people in all of the developments that are waiting for the next “phase” to be released. They try to tell me it is a good time to buy. I laugh and tell them I will pass on Mello-Roos and outrageous HOA fees. Plus I am only 25. They know I can’t afford their prices, but they salivate like Pavlog’s dogs when anyone opens the door. I estimate they won’t be releasing any phases anytime soon. Not with IAC putting up three new apartment complexes a mile down the road at Woodbury Town Center.
What is IAC thinking? Build three new monster apartment communities and saturate an already pressured rental market? Maybe they are drinking their own Kool Aid?
Ref: “What is IAC thinking? Build three new monster apartment communities and saturate an already pressured rental market? Maybe they are drinking their own Kool Aid?”
IAC is genius. In the past two weeks, *every* 2BR+ apartment, “upscale” with a 2-car-garage (direct-access) has gone-rented, with near-zero vacancy projected.
I just did a very comprehensive rental-search, saw no “over saturation”. Renters are “moving up” ASAP (maybe a trend?). “Build apartments and they will come”. Renters fueled the last buying-binge, likely will in the future too.
Remember: IAC is a “closed market” (“oligopoly”). IAC can build/fill-apartments, build-condo’s, then unilaterally drive-up-rents and “force” the renters into condo’s.
You’ll learn all about this stuff in grad school 🙂
Pencipa,
You are right. Why would I even question the ubelievable force that is the Irvine Company. What a business model, huh? Maybe after I get that MBA I will go try to work for them. If you can’t beat ’em, join ’em.
You are a smart guy, Paul. I clicked on your link. I would first like to say thank you very much for serving our country. It sure seems like you have lived an exciting and eventful life. Oh, and I saw the Dodge Magnum you bought. Good choice. Chrysler’s new private equity owners did away with that model, so I guess you kind of have a limited edition vehicle.
New – Welcome! As another former Chicagoan, I can confidently say you’ll never want to leave So.Cal. ever again! I’ve been here going on 10 years and I’ve seen the whole cycle, don’t worry this too shall pass.
My wife and I were VERY interested in Portola Springs but just couldn’t get past the $600K plus pricing and the monster HOA’s and Mello Roos. I know I personally would love to hear periodic updates from you on the pricing of the pads in Paloma and Sendero as I’m getting tired of swinging in hearing the same old BS from them. Neither have finished their buildouts and probably won’t in the this decade the way things are going. I can’t imagine the folks who bought in either development are gonna be thrilled about acres of bare dirt surrounding them for the next 3-5 years while they watch their valuations sink.
Again, welcome to funland! I hope it works out for you!
Soapbox,
Thanks for the welcome. I agree that my wife and I definitely don’t WANT to leave SoCal. We love it out here. We haven’t quite plugged in and met a group of friends just yet, but we will. I am kind of happy we came out here when we did. We are in no rush to buy a home, but when we are ready, it looks like it will be a good time.
I can definitely keep you updated on the Portola Springs area. I was planning on doing that. My company doesn’t work on Friday, so I usually go by there and check for price drops or debate with the salespeople. I just love the “who’s fault is it? The buyers signed on the contract” garbage. Just makes me sick. I was kind of liking the John Laing townhomes, but then I read that John Laing is owned by the Dubai sovereign fund. I already give them enough of my money at the pump. I don’t know if I want to give them the money for my house too.
Anyways, just send me a message and I’ll be happy to go check it out for you.
PS> You would think they would lower the prices because of the OUTRAGEOUS Mello-Roos and HOA’s. They need to do something, because each one of those builders is only about halfway done releasing their phases. Definitely won’t finish this decade.
Please let me know any price breaks in Portola Spring. We’d like to live there
Please keep me updated on Los Colinas of Taylor Morrisson and Serra of Standard Pacific. We are looking to buy one of those.
Continue to rent and watch the carnage unfold. You will be able to afford something in Irvine in 2013-15.
I came within an inch of buying a Stonetree Model 3 for 952K. When I saw what has happened to this model 1, I nearly exclaimed “holy sh*t!” I am so fortunate that it didn’t work out… again fate intervening to prevent a stupid decision…
I’m new to OC (grew up in Chicago), is $11K in property taxes normal for something like? geez!
Another Irvine Newby,
Don’t you just love the weather here versus the Midwest? Don’t you just get blown away by the distortion in home values here?
It really is amazing. It looks like we new folks got here in good timing. We can sit and watch the downturn and be ready to step in at affordable levels in a couple years.
I seem to remember READING THIS GREAT LISTING before for another IHB-featured property. That’s about as lazy as you can get – cutting and pasting.
I noticed the same thing. I couldn’t find the original post, but I searched twice to make sure I hadn’t featured the property before because the description was too familiar.
“HOOME IS CLISE TO AL”
Do you think the realtor was writing the listing on a blackberry with one hand while using the other to drive the 405 during rush hour?
They had two hands on the Blackberry. You don’t need to have a hand on the wheel all the time when you’re going 3 mph.
START LIVING THE ORANGE COUNTY LIFESTYLE TODAY ?????
I suppose if by lifestyle one means overpaying on boring houses and then loosing them because you can’t make the payments.
I bet a lot of homeowners wished they purchased their homes from Nordstrom. The Note would have said “if you are not 100% satisfied with your purchase, please return for a 100% refund, even if your Heloc has been worn and washed”
do you think that these listings are outsourced and written in India? or Indiana?
the comments are so generic, and clearly are not informed by viewing the actual property (even though a window, as some foreclosure listings show pictures of!)
Ouch. If only Indiana got some of the low-level processing gigs found in Illinois and Ohio. No offense taken by this former Hoosier though.
More local’s advice sought — What do you all know about Laguna Hills? I’ve noticed that there are some pockets with good schools. Living conditions?
Laguna Hills is a combination of the lowest low-cost housing (Villa Lomas) in the county and the one of the largest high-end developments in the county (Nelli Gail with more than 1100 units). The primary schools are good, particularly Valencia with a 900+ API. The high school drops of substantially, but is within striking distance of the Irvine schools.
Thanks for your input. I was specifically looking at the area within Valencia Elem’s boundary.
Thats right, New to the Area, now is not the time to buy here. And don’t get fooled by the first bounce – there will be many who have been looking, prices will look cheap, and they will buy, enough that the prices appear to go up a bit. For a while.
But if the interest rates are still artificially low, or the cost of owning is still much greater than the cost of renting, then wait.
Buy only when you can afford the payments, when that home is a place you want to stay for 10 years plus, when you can’t rent that place or anything like it.
[b]One manager _ John Paulson of Paulson & Co. _ earned $3.7 billion last year, which management consultant Peter Cohan pointed out means Paulson in 2007 made 30 times in one hour what the median family made all year.[/b]
[url=http://money.cnn.com/news/newsfeeds/articles/apwire/ca4dbcbc697d087b1ee420d8c0f961c0.htm]link[/url]
Props, there is a link in the OC Register to IHB today in a story about rising foreclosures from option arms.
I saw this condo just last Saturday. Woodbury is a great looking community on the outside, but most of the interior designs feel tight since they maximized square footage for every floor. This particular home is a good example of that cramped feeling in its design. Too many little rooms that are separated by walls – this type of design just doesn’t even feel like it has 1600 sq/ft. It has some nice windows and nice lighting on the first floor, but the master bedroom feels so dark compared to all the other rooms (bad design). For some reason it is set in the middle of the second floor which restricts the light from flooding in.
two previously featured houses have lowered their wishing asking prices by 250K and 100K:
https://www.irvinehousingblog.com/blog/comments/secret-gold/
http://www.redfin.com/stingray/do/printable-listing?listing-id=1157927&rc=blg_irvine&utm_source=irvinehousingblog&utm_medium=blog&utm_nooverride=1
http://www.redfin.com/stingray/do/printable-listing?listing-id=1142199&rc=blg_irvine&utm_source=irvinehousingblog&utm_medium=blog&utm_nooverride=1
I hope the new guy did not take my comments personally about tripling the 90 grand. The salary is quite respectable. My thinking, when I wrote it was that this was what you had to do to qualify for those liar loans that were being pushed like crack for a few years around here. A house keeper from Santa Ana and her greens keeper husband qualifying for an 800 grand loan. I still don’t get it but that’s what got us here and that’s what I meant by my comment.
There was no offense taken. I know that sarcasm is usually thick in this blog. I read for a few weeks before joining in. Everybody on this blog pretty much has the same perspective. Besides, ya’ll are the ones who have lived here and put up with all of this madness for long enough. I am the new guy. Plus I am probably the youngest on the blog. I am only 24. I have much to learn from all of you armchair economists.
That’s basically what this blog is….a bunch of armchair economists. I like it. It’s a fun group.
Hopefully I will get to meet some of you on this group someday.
My dad lives in Grand Rapids, and they had a horribly cold and snowy winter this year.
No thanks, I’ll pass pops!
IR,
I am curious about this “Angry Renter” website. They are apparently part of a “non-partisan group” opposing government bailouts. Any thoughts?
I’ll buy it for $400k
$381 sq/ft for 1580 sq/ft ? This is no bargain by any stretch of the imagination.
Man, now western Michigan has some great bargains! The cold weather kills all the termites and other vermin. Flee!!!
Like to put in a request for REM’s “End of the World as We Know it (and I Feel Fine).
Or is that one too overused?
If so, how about whatever music was used for this homemade dance video by Hyenagirl?
Keep up this great resource