Irvine home sales are down 11% while the rest of Orange County is down 14% over last year.
Irvine Home Address … 64 EAGLE Pt #34 Irvine, CA 92604
Resale Home Price …… $219,900
Cares of the past are behind
Nowhere to go but I'll find
Just where the trail will wind
Drifting along with the tumbling tumbleweeds.
Sons Of The Pioneers — Tumbling Tumbleweeds
Irvine homebuying tumbles 11%
By JONATHAN LANSNER — June 27, 2011
Homebuying in Irvine is slowing down by the freshest math.
For the 22 business days ending June 7 – new stats from DataQuick — Irvine homebuying shapes up like this by ZIP …
- Citywide sales totaled 287 – that's down 37 purchases or 11.4% vs. a year ago. Countywide, sales were down 15.4% vs. a year earlier.
- Irvine home sales were 10.0% of the countywide market in the latest period vs. 9.6% in the year-ago period.
- Of Irvine's 8 ZIP codes, 3 had sales gains vs. a year ago while 2 had a gain in their median selling price vs. a year ago.
- Medians within the city's ZIPs ran from $362,500 to $1,016,500 – while the price gap was $412,000 to $977,500 a year ago.
- 2 of these 8 ZIP codes beat the -2.8% overall performance of the countywide median for the past year.
Did Orange County fair any better than Irvine?
Housing slump zaps all corners of O.C.
By JONATHAN LANSNER — July 3, 2011
From beach to foothills, from the L.A. border to Camp Pendleton, people are buying fewer Orange County homes than a year ago when a tax break was expiring for house shoppers.
For the 22 business days ending June 15 – freshest numbers from DataQuick — our region-by-region analysis of local real estate trends finds Orange County homebuying slicing up by geography this way …
- Mid-county ZIPs: Median selling price $344,500 – had 723 sales, down 25% from a year ago. In these 25 ZIPs, the median price change was off 3.8% vs. a year ago. Example: 16% dip in Santa Ana home sales in year
- Beach cities: 484 homes sold in 17 ZIP codes in the most recent period, down 17% from a year ago. Median selling price? $695,000 in these 17 ZIPs. Median price change? Down 9.1% vs. a year ago.Example: South Coast home sales down 24% over year
- North-inland: 646 homes sold in this most recent period, off 16% from a year ago. Median selling price? $425,000 in these 22 ZIPs. Median price change? Down 3.2% vs. a year ago. Example: 38% dip in Buena Park home sales
- South inland: Median selling price $457,875 – had 859 sales, down 13% from a year ago. In these 19 ZIPs, median price change was down 10.1% vs. a year ago. Example: Ladera Ranch home sales tumble 31%
Also …
- Combined, total homes sales in ZIPs in the north and mid-section of Orange County were -21.3% vs. a year ago as homebuying the rest of the county ran -14.7% vs. 12 months earlier.
- North/mid-county homes accounted for 50% of residences sold in the most recent period vs. 52% a year ago.
- All told, countywide sales were -16% vs. a year ago. The median selling price was -3% in the past year.
The good news is that next years numbers will look great by comparison.
10% off its early 2003 purchase price
The carnage at the low end of the market is truly remarkable. Today's featured property was purchased in early 2003 for $240,000, and now it is being offered in mid 2011 for $219,000.
The former owner was a typical Ponzi who put nothing down and milked the property for $84,000 before the ATM ran dry. His final loan was a $324,000 Option ARM with a 1.4% teaser rate.
Foreclosure Record
Recording Date: 02/02/2011
Document Type: Notice of Sale
Foreclosure Record
Recording Date: 08/02/2010
Document Type: Notice of Default
There aren't too many no-money-down Ponzis that have survived to 2011. I suppose this guy should be commended for hanging on so long… not.
——————————————————————————————————————————————-
This property is available for sale via the MLS.
Please contact Shevy Akason, #01836707
949.769.1599
sales@idealhomebrokers.com
Irvine House Address … 64 EAGLE Pt #34 Irvine, CA 92604
Resale House Price …… $219,900
Beds: 2
Baths: 1
Sq. Ft.: 954
$231/SF
Property Type: Residential, Condominium
Style: One Level, Traditional
Year Built: 1978
Community: 0
County: Orange
MLS#: S651530
Source: SoCalMLS
Status: Active
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Nice upper-level condo with nice-size kitchen, balcony and inside laundry. Walking distance to Irvine Valley College, parks, schools, shopping, Oak Creek Golf Course and North Lake. Great for investor or first-time buyer!
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Proprietary IHB commentary and analysis 
This property barely breaks even for an owner occupant compared to a comparable rental. The only “investor” that would be interested in this property is a kool aid intoxicated one who is betting on appreciation that isn't going to happen for a while.
Resale Home Price …… $219,900
House Purchase Price … $240,000
House Purchase Date …. 4/2/2003
Net Gain (Loss) ………. ($33,294)
Percent Change ………. -13.9%
Annual Appreciation … -1.0%
Cost of Home Ownership
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$219,900 ………. Asking Price
$7,697 ………. 3.5% Down FHA Financing
4.49% …………… Mortgage Interest Rate
$212,204 ………. 30-Year Mortgage
$46,026 ………. Income Requirement
$1,074 ………. Monthly Mortgage Payment
$191 ………. Property Tax (@1.04%)
$0 ………. Special Taxes and Levies (Mello Roos)
$46 ………. Homeowners Insurance (@ 0.25%)
$244 ………. Private Mortgage Insurance
$40 ………. Homeowners Association Fees
============================================
$1,594 ………. Monthly Cash Outlays
-$98 ………. Tax Savings (% of Interest and Property Tax)
-$280 ………. Equity Hidden in Payment (Amortization)
$13 ………. Lost Income to Down Payment (net of taxes)
$47 ………. Maintenance and Replacement Reserves
============================================
$1,276 ………. Monthly Cost of Ownership
Cash Acquisition Demands
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$2,199 ………. Furnishing and Move In @1%
$2,199 ………. Closing Costs @1%
$2,122 ………… Interest Points @1% of Loan
$7,697 ………. Down Payment
============================================
$14,217 ………. Total Cash Costs
$19,500 ………… Emergency Cash Reserves
============================================
$33,717 ………. Total Savings Needed
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Enjoy your fourth of July holiday!
Happy 4th of July to IR and astute observers, the trolls can go off and burn their fingers 😉
“The good news is that next years numbers will look great by comparison.”
I found that an interestingly bullish comment especially from you, IR. I wonder if you are projecting forward with a socially ingrained longing to finally buy in to real estate for yourself and family.
My POV: Next year the fall may be MOSTLY over, but I wouldn’t say that with full confidence if there’s an investment crash like 2008-2009.
There are many retirees with nest egg money at risk in the equities markets, once again fattened up and ripe for the fleecing. (what a 4th of July mental picture considering the flag-wavers among them) And the biggest corporations are flush with trillions collectively in liquid money. Those interests are neither lending, acquiring, expanding, investing.
I see the corporate class’ aversion to allowing their capital to work for them (like usual) as a sign of major instability and possible crash in the very near future. In other words the corporate elite are fortifying their positions against a financial Armageddon while their media broadcasts the rhetoric of recovery.
Speaking of flag waving, it looks like the Obama administration is actually unwinding our wars in Pakistan and Afghanistan. This type of change portends long overdue deep cuts in military complex across the board. We all knew it was coming: The kind of spending cuts that the radicalized right would never have the character to do.
The “flag waving” comment above isn’t off topic, but to the point of job recovery that’s further delayed. I see that many of us in the blog see job recovery as directly related to real estate recovery. Can you imagine the employment scene if all these defense and high-tech war contractors were all cutting jobs, like in the early 1990’s, and the military bases were closing too? What are we going to do? Everybody can’t work for the police department and the school district?
Again, my point is that forward looking projections where housing prices converge to stability near rental parity ignore further societal mayhem which is a lot more likely than we all want to admit. If one tends to agree then the only thing they should do is stockpile savings in the safest banks and vaults.
With this kind of outlook there certainly is no economic recovery any time in the forseeable future until the next big crash actually happens and we see a systemic paradigm change.
Happy Independence Day,
May you live peaceful and free of debt enslavement.
Any analysis on how American spending has changed from purchasing goods and services to debt/interest payments. Most of the housing cost is debt servicing. The purchase of good and local service has a multiplier effect on the economy. With globalization, the debt servicing changed from your local bank & economy to who know where.
I an a long time admirer and lurker. I am the first owner of
64 Eagle Point. I purchased this condo in an affordable house
drawing for $52,500 in the fall of 1979. Financing was arranged by
builder, 5% down with PMI. Sold it in 1987 for $85,000 and bought
a townhouse, used, also in Woodbridge.
Amazed to see this in IHB. Thank you so much IR for an education
in the wonders of the housing market and the housing bubble. It has been a delight for years.
Great comment!!!
At the current price this doesn’t seem so unreasonable to me.
$52.5K in 1979 to $87K in 1987 to 220K in 2011 is less than 5%/year appreciation.
Pity jjw didn’t include any comments on how it shapes up as a place to actually live in.
Mind you, I’d be a bit apprehensive about buying a 32yo condo with only a $40/month HOA unless I had a REALLY thorough structural inspection done first. Sounds like there could be a bit of underfunding for major repairs . . .
Using http://www.usinflationcalculator.com/
If in 1987 I purchased an item for $87,000 thin in 2011 that same item would cost $173,000
So $173,000 should be closer to a realistic price than $220,000 and would make more sense for an investor?
I just got back from a blind patriotism rally at the Ronald Reagan Library and museum in Simi Valley. Amazing amount of WHITE people there, except for the host: He looked like Obama. No really, he had a number of Obama-ish traits and he was a very well spoken like Obama too: A host to put George W. to shame. (if that were even possible)
There was an 80 piece brass band dressed in police uniforms playing the most patriotic songs imaginable. They all get paid nothing. Actually the band does get paid, but not the musicians in the band. (It’s ironically like trickle down economics which was first foisted by Reagan)
I’ve known many of the band members and none of them are actually police officers. So it basically costs all these musicians a lot to go and earn money for the band’s management.
“DUTY … HONOR …. COUNTRY … ” that was the mantra that was repeated while the band’s march played on.
By the time the announcer is done reading you wish you had given your life for this country, and your children’s lives, for such a glorious cause. Let’s not get too specific now …. “DUTY … HONOR …. COUNTRY”
Feels good? –suckerrrrrrrrrrrrr hahahahahahahahahhaaaaaaa!!!!!!!
Corporatists risk losing control when our wars stop. Since 911 it hasn’t been okay to utter anti-war opinons, because all the 18 yr oldish have classmates in the war. That’s all going to change big-time when the disillusioned come marching home again hurrah … only to become the next generation of disenfranchised.