Place 728 x 90 Ad Here

Irvine Housing Blog

Irvine Housing Blog

Link to Irvine Housing Blog

IHB News 7-10-2010

Posted: 10 Jul 2010 03:30 AM PDT

For your weekend viewing pleasure, we have a bank owned property where the borrowers invested $200 and pulled out $145,500. No wonder houses are so popular in California.

 

Irvine Home Address ... 49 BAMBOO Irvine, CA 92620
Resale Home Price ...... $699,900

You're simply the best, 
better than all the rest 
Better than anyone, 
anyone I've ever met 

Tina Turner -- Simply the Best

IHB News

We have been operating the brokerage, Ideal Home Brokers for nearly a year now. I have tried to keep references to the brokerage business to a minimum on the blog because none of us wanted the blog to change, particularly a change into an overt commercial enterprise. However, on the weekend open thread, I reserve this place to talk about the business.

Here is what our clients have been saying about us so far:

“Shevy, Thanks for your work on Eastview. I've worked with a lot of agents and you are the best. ”
John B. (Orange County) - June 24th, 2010
 
“Hi Shevy,

Thanks for sticking with us for a long time. As you know I almost gave up finding a house due to lack of selections.

Both Rick and I enjoyed working with you through out the process and appreciate all you have done for us.

Sincerely,”
Chiaki R. (Irvine) - June 22nd, 2010
 
“Shevy & Rana are the best! We could not have hoped for better agents to work with!”
Ed H. (Crystal Cove) - May 21st, 2010
 
“As my wife and I decided to buy our first home in Orange County, we quickly learned it’s a jungle out there. Irrational pricing, agents who care more about themselves than their clients, and the list goes on. In the jungle of Orange County real estate, Shevy Akason is Tarzan. He’s a trusted guide who strives to represent your best interests while maintaining the highest standards of integrity. But he’s not naïve. He has the experience, intellect and intuition to understand the laws of the jungle. And he always sees the forest in the trees by maintaining a strategic perspective on each potential transaction. After 6+ months of searching, we just purchased a home in Irvine. Whether buying or selling in Orange County, I can’t imagine working with any other realtor.”
Gerard B. (Irvine) - April 13th, 2010
 
“IR, by the way…wanted to let you know that I recently used IHB’s services to lease a home to move into right after the new year. I’m very happy with the service provided by Shevy and his partner George Ross. He negotiated a $100/mo discount off of the offer price as well as making the move a smooth transition while i’m out of town during xmas by coordinating w/the cleaning crew, pool fence installation (for the safety of my young children), checking to ensure everything is in working order and such..so when i get back, the mover just have to transfer my belongings to the new place. ”
MRExpert (Tustin) - December 17th, 2009
 
“As an immigrant from South Africa in 2001 my dream was to purchase a home. In 2008, with a dip in the market and rates still low I saw a good time and opportunity to purchase. After working with an agent for a couple of months that didn't have a great understanding of the area and my price range I met Shevy at an open house. He asked me what my budget was, what areas I liked, and what my goals were. He assisted me by arranging for Ameri-dream down payment assistance and seller assistance for closing costs which allowed me to purchase the home I was looking for in Irvine. Without his assistance and his understanding of what my needs and goals were, I'm not sure that I could have purchased such a great home.”
Beverly K. (Irvine) - September 29th, 2009
 
“Dear Brother,

I thank you. I consider my self being lucky to have known you not only because you found me this awesome house that everyone is envying me about but also because I know now that I have a new brother in OC. You are a wonderful person and an excellent Realtor whose professionalism shows in every aspect. I hope I can make more money so I can buy more houses through you. I hope and I know this one is not far fetched to see you running your own agency one day. You make me proud to say that you are a dear friend/brother and I can tell you that you will have enormous success in your future. The qualities personal and professional that you have are genuine and a rare currency in today's world. so keep up the good work and God speed.


Best Regards,”
Tamer K (Laguna Niguel) - May 21st, 2009
 
“I was relocated from Australia and my wife, daugther, and I were unfamiliar with many areas of Southern California. We wanted a large home and we preferred to have a pool. Working for Kone elevators I'm responsible for the western region of the United States including Hawaii. As a result I can live anywhere in Southern California. After spending some time with an agent that did not understand our needs we found Shevy through internet advertising he was doing for a home in Huntington Beach. We spent the next few months looking at different areas and finally found the exact home we were looking for. It was over 4000 square feet, with a pool, spa, rock waterfall, and gorgeous views. It had previously been in escrow for $675,000 and we negotiated the final price down to $600,000. We highly recommend Shevy for his ability to listen to needs, his patience, and his real estate knowledge.”
Andrew P. (Corona) - October 15th, 2008
 
“We would like to thank you for helping us to sell our home. Your knowledge of the short sale process was comforting. We would recommend you to anyone.”
Hong (Corona) - September 15th, 2008
 
“Erik and I found Shevy when looking for a lease or purchase for my parents who were relocating from Arizona. He was extremely helpful and a valuable resource. We had recently sold our home in Coto De Caza and were looking to purchase in Ladera Ranch. However, Shevy advised us that there would be much better deals in Ladera Ranch in 12-18 months. That was almost 6 months ago and we are glad that we have waited. We are still leasing and waiting until we find the right time to buy. We have saved so much money. It's rare and refreshing to work with an agent like Shevy, we would recommend him to anyone. In fact, since we first met him he assisted my parents to purchase in Coto De Caza for over $100,000 under market value and assisted my sister and husband on a purchase in Fullerton.”
Jill and Erik (Ladera Ranch) - August 1st, 2008

Writer's Corner

(coming later today) 

 

 

 

 

 

 

 

Housing Bubble News from Patrick.net

Fri Jul 9 2010
Biggest Defaulters on Mortgages Are the Rich (nytimes.com)
MA Buyers paid $39,000 extra in price to get $8,000 tax credit (bostonherald.com)
Subsidized mortgage lending: A government sanctioned Ponzi scheme (cisionwire.com)
Pending Houses Sales Crash in a Record Fall as Tax Break Expires (housingstory.net)
Las Vegas prices fall, benefitting buyers (lasvegassun.com)
South Florida house sales: 45 percent of May sales are for a loss (sun-sentinel.com)
Metro Vancouver new-house prices slow down in May (vancouversun.com)
Korean property bubble unstable (koreatimes.co.kr)
Mortgage rates drop to new low of 4.57%, increasing danger for buyers (finance.yahoo.com)
House prices will fall in 2011 (telegraph.co.uk)
Consumer borrowing down sharply in May (news.yahoo.com)
Joblessness and housing add risks to U.S. recovery (news.yahoo.com)
Sovereign Debt: The Death of Nations (zerohedge.com)
How Large is the Outstanding Value of Sovereign Bonds? (calculatedriskblog.com)
West looks for austerity lessons down under (businessspectator.com.au)
Waking Up to the Economic Depression (housingpredictor.com)
America plunges into Depression for real (thefirstpost.co.uk)
The highest rents are advertised on Sundays (patrick.net)

Free Trial of the Landlord's Property Finder


Thu Jul 8 2010
Housing Double Dip Appears To Be Underway (forbes.com)
San Diego Explained: The Housing Bubble (voiceofsandiego.org)
Price plunges on Sandra Bullock's former house (ocregister.com)
In a tough spot - so what's the answer? (patrick.net)
Illinois Stops Paying Bills, but Can't Stop Digging Hole (nytimes.com)
Detroit's Do-It-Yourselfers Provide City Services (online.wsj.com)
Office Vacancy Rate in U.S. Climbs to 17-Year High as Jobs Recovery Slows (bloomberg.com)
$3.5T in commercial real estate debt and $10.3T in residential real estate debt (doctorhousingbubble.com)
V-shaped recovery, where art thou? (csmonitor.com)
Housing Market Weighs on the Struggling Economy (pbs.org)
The economy as confidence game (washingtonpost.com)
Why you're not making more money than a decade ago (marketwatch.com)
The Craigslist Jobs Indicator (Mish)
FHFA Proposes Rule Clarifying Fannie Mae, Freddie Mac Conservatorships (housingwire.com)
Is Now a Good Time to Buy a House? (Charles Hugh Smith)
Rent comparison service is now working again.


Wed Jul 7 2010
House prices could fall another 50% (finance.yahoo.com)
Vancouver House Sales Drop 30 Percent, Calgary 42 Percent (Mish)
Bulk Condo Sales Clear Supply -- at a Cost - (online.wsj.com)
Low mortgage rates won't make up for tax credit (sfgate.com)
House Sale Blues: Foreclosures Up, Recovery Stalled (styleweekly.com)
New Loan Delinquencies on the Rise Again (cnbc.com)
Default debt lingers for refinanced mortgages (sfgate.com)
Foreclosure means tenant lives rent free for years! (hoocoodanode.org)
Housing price and rent graphs (patrick.net)
The Games Realtors Play With "Original Price" and Days On Market (rocktrueblood.blogspot.com)
Mood Swings and Lebensraum (theautomaticearth.blogspot.com)
Investors buying foreclosures in Phoenix (calculatedriskblog.com)
Investors Fear Rising Risk of US Regional Defaults (cnbc.com)
Economist Rogoff Gloomy on China Property (nytimes.com)
Wall Street donors annoyed at Democrats (washingtonpost.com)
Utility Consumer Advocates (turn.org)
Free Trial of the Landlord's Property Finder


Tue Jul 6 2010
House prices to turn down again; stock market to stall (msn.com)
Cities in Broward County consider tax increases and service cuts as property values plunge (sun-sentinel.com)
Mansion Foreclosures Surge (blogs.wsj.com)
Gov't owns nearly half of all foreclosed houses (csmonitor.com)
Mortgage rates scream buy, but who is listening? (news.yahoo.com)
Mortgage Rates Scream DO NOT BUY (patrick.net)
Record-low mortgage rates -- who cares? (marketwatch.com)
U.S. housing market remains fragile despite low mortgage rates (washingtonpost.com)
Americans ramp up bankruptcy filings in 2010 (money.cnn.com)
California bankruptcies soar despite overhaul (sfgate.com)
Houseownership - A Milestone, Or A Millstone Around Your Neck? (blog.youwalkaway.com)
When Smaller Houses Were Better (opinionator.blogs.nytimes.com)
Slouching Toward a Double Dip or a Lousy Recovery at Best (robertreich.org)
Jobless rate falls as many quit looking (sfgate.com)
The Deceptions of Price Stabilization (patrick.net)
Dollar-Denominated Debt Deflation (theautomaticearth.blogspot.com)
A Market Forecast That Says "Take Cover" (nytimes.com)
With the US trapped in depression, this really is starting to feel like 1932 (telegraph.co.uk)
Crises of Capitalism (youtube.com)
Hey, Sometimes Government Works (tnr.com)

Typical Irvine equity robber 

The owners of today's featured property took a free ride on their lenders in typical Irvine style.

  • They purchased the property on 8/5/2004 for $720,000 using a $575,900 first mortgage, a $143,900 second mortgage, and a $200 down payment.
  • On 7/29/2005 they refinanced with a $739,500 first mortgage.
  • On 3/20/2007 they refinanced with a the second mortgage for $117,000.
  • Total property debt is $865,500.
  • Total mortgage equity withdrawal is $145,500.
  • Total squatting time is at least 18 months.

Foreclosure Record
Recording Date: 08/06/2009 
Document Type: Notice of Sale

Foreclosure Record
Recording Date: 04/23/2009 
Document Type: Notice of Default 

 

Irvine Home Address ... 49 BAMBOO Irvine, CA 92620

Resale Home Price ... $699,900

Home Purchase Price … $720,000
Home Purchase Date .... 8/5/2004

Net Gain (Loss) .......... $(62,094)
Percent Change .......... -8.6%
Annual Appreciation … -0.5%

Cost of Ownership
-------------------------------------------------
$699,900 .......... Asking Price
$139,980 .......... 20% Down Conventional
4.61% ............... Mortgage Interest Rate
$559,920 .......... 30-Year Mortgage
$138,556 .......... Income Requirement

$2,874 .......... Monthly Mortgage Payment

$607 .......... Property Tax
$200 .......... Special Taxes and Levies (Mello Roos)
$58 .......... Homeowners Insurance
$291 .......... Homeowners Association Fees
============================================
$4,030 .......... Monthly Cash Outlays

-$689 .......... Tax Savings (% of Interest and Property Tax)
-$723 .......... Equity Hidden in Payment
$242 .......... Lost Income to Down Payment (net of taxes)
$87 .......... Maintenance and Replacement Reserves
============================================
$2,947 .......... Monthly Cost of Ownership

Cash Acquisition Demands
------------------------------------------------------------------------------
$6,999 .......... Furnishing and Move In @1%
$6,999 .......... Closing Costs @1%
$5,599 ............ Interest Points @1% of Loan
$139,980 .......... Down Payment
============================================
$159,577 .......... Total Cash Costs
$45,100 ............ Emergency Cash Reserves
============================================
$204,677 .......... Total Savings Needed

Property Details for 49 BAMBOO Irvine, CA 92620
------------------------------------------------------------------------------
Beds: 4
Baths: 4 baths
Home size: 2,492 sq ft
($281 / sq ft)
Lot Size: n/a
Year Built: 2004
Days on Market: 18
Listing Updated: 40361
MLS Number: P740526
Property Type: Condominium, Residential
Community: Northwood
Tract: Seri
------------------------------------------------------------------------------
According to the listing agent, this listing is a bank owned (foreclosed) property.

Popular Northwood II Gated Community Upgraded Unit; Gourmet kitchen with a center island, granite counters; stainless steel applinaces;recessed lighting. Open to Spacious family room combo dining area. Downstair Master Bedroom with full bathroom double vanity; Separate guest bedroom downstairs with common bathroom; full size laundry room; Upstair open to great loft/retreat area. Upstaris with a Master Suite and Upgraded master bedroom with a walk-in closet; roman oval bathtub; double vanities; Plus a 2nd bedroom upstairs with a private bathroom. Assoication Pool and Spa. Centrally located to shopping center, schools and freeway access. Propety is Being sold As IS conditions, no warranties, express or implied. Agents: See remarks

This property went back to the bank at auction on 4/14/2010 for $725,000. They will likely unload it this summer for whatever they can get. 


real estate home sales


0 comments:

Post a Comment

Note: Only a member of this blog may post a comment.

 
Real Estate © 2010 Template design by Vida de bombeiro . Powered by Blogger.
Vida de bombeiro Recipes Informatica Humor Technology Curiosidades Mensagens News Tecnology Curiosity Car News Saude Video Games Mister Colibri Diario das Mensagens Eletronica Rei Jesus News Esportes Noticias Atuais Pets Career Religion Fashion Recreation Business Education Television Programming Motosport Tech Arts Fashion Business Computer Academics Sport Design Photography Travel Ebooks Music Politic Science Education Gadget Games Ecology Fish Flowers Sociology Home Soccer Downs Center Handicraft Education Show Music Show Fashion Health Freak Drag Home Toscas Noticias dos Times Futebol Central do Coração Science Livros Politics Music Business Women Law Downloads Saude Downs Computer Downs World Tele News Wireless Tech Arts Fashion Business Computer Academics Sport Design Photography Travel Ebooks Music Politic Science Education Gadget Games Ecology Fish