We launch Ideal Home Brokers Trustee Sale Service today, and not-coincidentally, we have a Trustee Sale purchase being flipped. We can put families with cash in properties at Trustee Sale prices instead of flippers.
Irvine Home Address … 7 MOON DUST 25 Irvine, CA 92603
Resale Home Price …… $535,000
{book1}
We have cleared off the table
The leftovers saved,
Washed the dishes and put them away.
I have told you a story
And tucked you in tight
At the end of your knock about day.
As the moon sets its sails
To carry you to sleep
Over the midnight sea,
I will sing you a song no one sang to me
May it keep you good company?
You can be anybody that you want to be
You can love whomever you will.
You can travel any country
Where your heart leads
And know I will love you still.
Everything Possible — Shaina Noll
IHB News
A long time reader of the Irvine Housing Blog recently contacted us for our support.
Todd Larsen, director of the Irvine Music Academy has been struck with leukemia at age 44. He was the family's sole wage earner taking care of his wife and 10 month old son by teaching music and coaching swim lessons in Irvine.
Thankfully Todd has great health insurance but unfortunately did not have disability insurance. As you can imagine his family's world has been turned upside down. The Irvine community has been holding walk-a-thons and auctions to help the family make ends meet. (Click below to read more about how the Irvine community is rallying around the family – the second link is to Todd's blog where tickets to the event can be purchased.
http://www.ocregister.com/articles/larsen-todd-family-2606906-leukemia-supporters )
http://toddrockinleukemia.blogspot.com/
Members of IHB team will be attending the event at the House of Blues in Anaheim (Downtown Disney) on February 1st starting at 6pm and we have purchased extra tickets and invite any readers that would like to attend with us to contact Shevy Akason, shevy.akason@evergreenrealty.net to reserve a ticket to attend with the IHB Group. Or if you would like to attend on your own, tickets to the event can be purchased on Todd's blog at http://www.toddrockinleukemia.blogspot.com/.
Housing Bubble News from Patrick.net
Banks start foreclosure on 1,500 Orange County mortgages and High End Auction Properties Abound.
$1 million-plus houses in Orange County repo pipeline (mortgage.freedomblogging.com)
One in seven U.S. mortgages foreclosing or delinquent (reuters.com)
F.H.A. to Raise Standards for Mortgage Insurance (nytimes.com)
Housing Starts, Vacant Units and the Unemployment Rate (calculatedriskblog.com)
Obama to Propose New Limits on Banks (online.wsj.com)
The End of Wall Street As We Know It (blog.newsweek.com)
Wall St. Weighs Legal Challenge to Proposed Bank Tax (nytimes.com)
Goldman delays bonus decision (reuters.com)
Bankers Without a Clue (nytimes.com)
Moral Hazard and the Crisis (newyorker.com)
Homebuilding
Housing starts in 2009 worst since World War II (csmonitor.com)
Builders, buyers embrace smaller houses (marketwatch.com)
$75 Oil Cannot Support House Construction in Burbs (mybudget360.com)
Housing market's recovery to be slow, builder convention told (signonsandiego.com)
Warren Buffett's thoughts on bailout, housing, tax (nypost.com)
China
China and the U.S.: Dysfunctional Real Estate Bubble Twins (Charles Hugh Smith)
What Are the Costs of China's Currency Policy? (knowledge.wharton.upenn.edu)
Japan, China, Greece and Geithner (theautomaticearth.blogspot.com)
Rogers Says Hong Kong Property in Bubble (businessweek.com)
Hong Kong Leads Gains in Global House Prices (bloomberg.com)
Canada
Strength of Canadian housing market questioned (albertalocalnews.com)
Forclosed Whistler ski resort to auctioned during Vancouver Olympics (olympics.thestar.com)
Our Lending Overlords
More bank failures expected in 2010 (therealdeal.com)
Failing Banks Offer Good CD Rates And FDIC Guarantee (financemymoney.com)
Joseph Stiglitz: 'We're More Strict With Our Poor Than With Our Banks' (huffingtonpost.com)
Poll Results from MA: Voters Think Obama Sides With Banks (thepeoplesvoice.org)
Obama Wades Deeper Into Banking Debate (nytimes.com)
Irvine Home Address … 7 MOON DUST 25 Irvine, CA 92603
Resale Home Price … $535,000
Income Requirement ……. $112,168
Downpayment Needed … $107,000
20% Down Conventional
Home Purchase Price … $452,100
Home Purchase Date …. 1/4/2010
Net Gain (Loss) ………. $50,800
Percent Change ………. 18.3%
Annual Appreciation … 220.0%
Mortgage Interest Rate ………. 5.11%
Monthly Mortgage Payment … $2,326
Monthly Cash Outlays ………… $3,130
Monthly Cost of Ownership … $2,510
Property Details for 7 MOON DUST 25 Irvine, CA 92603 
Beds 2
Baths 2 full 1 part baths
Home Size 1,525 sq ft
($351 / sq ft)
Lot Size n/a
Year Built 1982
Days on Market 8
Listing Updated 1/20/2010
MLS Number P718065
Property Type Condominium, Residential
Community Turtle Rock
Tract Rb
Great Townhome in Prestigious Turtle Rock Community. Desireable corner location with a bright lit and welcoming living room, dining room, open kitchen and family room layout, fireplace, and stainless steel applianes. Within a quiet community featuring a swimming pool, spa, walking trails and tennis courts. Standard Sale, not an REO or Short-Sale! Turnkey Property! Perfect for first time home buyers and/or investors.
Desireable? applianes?
Check out that rate-of-return. If you make a huge profit in a short period of time, that is what happens. No wonder flippers are everywhere….
Black and white kitchen?
Throwback to the 40s, I presume 🙂
Who drops $100k and makes over $100k on 2 bed condo? Somtimes I just want to go by places like this an put a sign out in front saying “greedy dumb ass”.
You have the same information available to you as the folks who buy before the house goes to auction or is listed for sale. They buy information such as a foreclosure radar and they buy lists of 60 day lates and 90 day lates. Also, they have cash to buy. The banks deal with them on a short sale basis because they have cash. My father’s friend buys short sales that are not listed or for sale. He pays a lot for information and he RISKS his cash. He has guts, not an unfair advantage. And he has smarts. He never does a deal where he does not have the next buyer right there at the escrow company ready to close five minutes after he buys. What most people do not realize is the foreclosures and short sales are just part of supply and they sell based on demand. There is not special discount for buying a foreclosure or short sale. The discount is for buying with cash and taking risk. Very, very few home buyers buy with cash and even fewer are willing to take the risk entailed with a foreclosure. Flippers are paid for the risk they take and the people who complain about them are a bunch of whiners who are not willing to take that risk and expect somebody else to pay their way.
I understand your point. Few years back a guy bet everything he had on RED in Las Vegas. I think that is a very stupid way to take risk. Same goes for this person buying property in cash to make a quick buck. One slip and you could loose everything. I do take risk, but try to put 2 + 2 together to see if the odds are in my favor or not. The way this person is taking risk, there is a high chance he might end up loosing his shirt. But again I am married with kids and do not have the luxury like this person.
Not all Irvine flippers are created equal: 2010 flippers are not the same than 2005-2007 flippers, here we’re have a flipper that acquired a house in the foreclosure market with cash, on the other hand we have the 2005-2007 flippers that acquired houses in the retail market using primary residence equity and/or exotic financing, these are the ones that participated in the bubble and crash, and makes me chuckle when I read their loser stories in the media.
Excellent point. Those paying cash on the barrel head, best of luck to them, they will need it. Those using option ARMs in 2005, the sooner we flush them out the better.
Actually let’s call it what it is: the song should ask who wants to pay $100k to be responsible for over $400k of debt. Maybe if buyers asked themselves THIS question homes would drop slot faster.
I think they are comparing the monthly payments to rent whether they be higher, lower, or the same. Your question is not vey analytical.
Monthly Cost of Ownership … $2,510
plus, this 30 year old HOA may well need a big assessment or two for major maint., so I would guess it may be closer to $3k/month.
I almost rented one of these that was being offered at $1900.
you do the math.
I wouldn’t trust this website anymore for unbiased information. Don’t use IR as a realtor, he’s civil engineer, not a real estate profesional
A few months ago this blog would have called the buyer a knife-catcher. Now he’s a risk-taker with an almost guaranteed huge short-term payout.
In the past the blog would say something like there is no way this will every sell for that asking price.
Now the tone of the blog seems to be “hire me and you too will see a windfall”.
This blog was a lot more fun when homes that were selling for $800k and $900k were guaranteed to sell for $400k and $500k in just a few short years. Since that dream never materialized it’s easy to dismiss the blog. It’s too bad we can’t all go back to the fantasy days, where hope sprung eternal.
So you’re laughing at the housing realists because Irvine prices only fell 30% from the peak instead of 50%, as happened in other California cities that aren’t “special”?
What happens when the tidal wave of shadow inventory overwhelms the market, unemployment stays at 12%, option ARMs start to reset in droves, and interest rates start going up?
Thanks so much for your input. You’re right…I am going to use a real estate professional. The 50 yr old bimbo with the leased BMW who has been trading houses for the last 20 yrs knows so much more about real estate than IR. Get real. Most of these people are nothing but used car salesmen. Exactly what kind of education does it take to become a Realtor (TM)?
Come back this week. You will enjoy Monday and Tuesday.
I am a Realtor (mostly just to handle deals for family and friends) and trust me, IR has a better handle on this stuff then the average “real estate professional”.
Good Luck in sell a McStacker with 3 levels/fllors? Not designed for older folks, so limited buying pool. The cash flipper risks his own money. Not a nothing down or 3.5% FHA using the govt. money.
On the fractional banking system, the risk/reward in theory are for the one that put up the money. But in the US, the inital cut goes to the exec and brokers, all the profits are privatized and the loss for the larger banks are socialized by the govt bailout. It’s win big, win a medium amount for the exec. The taxpayers are left with some tax and lots of bailouts to pay. The taxes don’t cover the bailouts.
The author of this blog is a thief. His book cover design is a rip-off from the 1998 seller http://www.amazon.com/Overspent-American-Want-What-Dont/dp/0060977582/ref=sr_1_2?ie=UTF8&s=books&qid=1264379640&sr=8-2
Shame on you. But I’d expect nothing less from a real-turd.
“American Gothic” is an very commonly parodied and satarized pieces. Besides the painting beneath, I see little similarity.
I have seen many versions of this. If you really feel this way about art, may I suggest that you check out some of the original works done by the SA goons. They are clearly guilty of imitating some of Kinkade’s most priceless masterpieces.
http://www.somethingawful.com/d/photoshop-phriday/paintings-light-ii.php?page=1
You forgot this one:
http://www.amazon.com/Richistan-Journey-Through-American-Wealth/dp/0307341453/ref=sr_1_1?ie=UTF8&s=books&qid=1264392090&sr=1-1
Got a laugh out of this. Helping the barb throwers kinda deflates them.
Roya, is that you??
People look for any and all reason they can to criticize. Yeah, I’m talking to you, tkaratz, skeptic, and Stolen. How miserable must you be in your own lives to come on here and talk down to Irvine Renter. I didn’t read a single “Congratulations” on their announcement of launching the Trustee Sale Service or a single thanks for helping the cause of the leukemia-stricken man. No, instead you waste your time making derogatory remarks. Don’t listen to these lame brains, IR. You deserve some credit for coming here every single day, rain or shine, and making yourself available to the readers.
BTW, your first link is broken. Which page does it go to?
Dude,
don’t waste your breath on these guys. They are all out of work Realtor’s looking to blame someone and in their infinite wisdom came here to vent their frustration. Their intellect level can be seen as Stolen doesn’t even know how to embed a hyperlink in his/her comment.
Oh well, easy money only leads to greed and greed ultimately leads to destruction.