Risin'up back on the street Did my time, took my chances Went the distance now i'm back on my feet just a man and his will to survive so many times it happens too fast You trade your passion for glory Don't lose your grip on the dreams of the past You must fight just to keep them alive
It's the Eye of the Tiger It's the thrill of the fight Risin'up to the challenge of our rival And the last known survivor Stalks his prey in the night And he's watching us all with the Eye of the Tiger
I was recently asked in the astute observations for an update on the operations of the IHB.
Since I returned from vacation on July 6th, blog traffic has been tremendous. We are now averaging between 3,500 and 5,000 unique visitors each weekday. On July 29th, the post Another Ignorant and Misguided Attack on the 30-Year Fixed-Rate Mortgage was picked up by a major political blog and we set a four-month traffic high with 6,696 visitors on that one day.
July's traffic will surpass June. Below is a modified screenshot from Compete.com. They have only recently begun tracking the individual blogs at the OC Register, and I have no idea how accurate their data is.
As you might expect with a name like Irvine Housing Blog, the majority of the traffic is local readers. The traffic stats below come from Clicky.com, and they reflect unique visitors over the last 30 days. Interesting that the blog is popular in New York City.
Ideal Home Brokers has been doing very well this year -- thanks primarily to the good work of Shevy Akason, George Ross and Rana Swedan. Shevy, George, and Rana have closed 15 sales for IHB readers and referrals this year, and as our testimonials relate, their work is well received. Additionally, Shevy, George, and Rana currently have 16 escrows scheduled to close in August and September. I am thrilled with the work the team is doing, and we are all looking forward to continued growth in that business.
The poorest kept secret on the blog is the formation of an investment fund composed primarily of IHB readers. I am pleased to announce that I have enough cash in the fund account to buy the first property -- not that I am planning to buy one before September -- so the fund is large enough that it will certainly go forward. Last Sunday's event was attended by about 40 people, and 25 of them signed up to receive more information on the fund, and most stayed through at least one of my informal presentations. Further, I have answered over 40 email requests for information on the fund and I have personally met with about a dozen potential investors individually. Two of my advisor-friends have congratulated me on the fundraising efforts. As professionals in finance and law, they both have relayed the difficulty many hedge funds have experienced raising capital over the last 18 months. Perhaps the success in fundraising signals the bottom of the recession. Let's hope so. BTW, this report is in no way a solicitation to anyone to invest in the fund. I am merely reporting the facts.
I have not reserved the room yet, but we will probably have one more IHB event on Sunday, August 22nd. Stay tuned for more details.
Home Purchase Price … $1,680,000 Home Purchase Date .... 6/29/2005
Net Gain (Loss) .......... $472,600 Percent Change .......... 28.1% Annual Appreciation … 5.9%
Cost of Ownership ------------------------------------------------- $2,290,000 .......... Asking Price $458,000 .......... 20% Down Conventional 4.57% ............... Mortgage Interest Rate $1,832,000 .......... 30-Year Mortgage $451,229 .......... Income Requirement
$9,359 .......... Monthly Mortgage Payment
$1985 .......... Property Tax $0 .......... Special Taxes and Levies (Mello Roos) $191 .......... Homeowners Insurance $274 .......... Homeowners Association Fees ============================================ $11,808 .......... Monthly Cash Outlays
-$1622 .......... Tax Savings (% of Interest and Property Tax) -$2382 .......... Equity Hidden in Payment $781 .......... Lost Income to Down Payment (net of taxes) $286 .......... Maintenance and Replacement Reserves ============================================ $8,872 .......... Monthly Cost of Ownership
Cash Acquisition Demands ------------------------------------------------------------------------------ $22,900 .......... Furnishing and Move In @1% $22,900 .......... Closing Costs @1% $18,320 ............ Interest Points @1% of Loan $458,000 .......... Down Payment ============================================ $522,120 .......... Total Cash Costs $135,900 ............ Emergency Cash Reserves ============================================ $658,020 .......... Total Savings Needed
Property Details for 10 KEPLER Irvine, CA 92603 ------------------------------------------------------------------------------ Beds: 4 Baths: 2 full 1 part baths Home size: 3,400 sq ft ($674 / sq ft) Lot Size: 9,000 sq ft Year Built: 1985 Days on Market: 153 Listing Updated: 40248 MLS Number: P724857 Property Type: Single Family, Residential Community: Turtle Rock Tract: Cs ------------------------------------------------------------------------------ EXQUISITE HOME WITH 180 DEGREE VIEWS! UPGRADED VIEW HOME W/4BEDROOMS & 2.5 BATHROOMS. MASTER BEDROOM W/SITTING AREA & BALCONY TO ENJOY VIEWS. ROLLING HILLS, CITY LIGHTS & RESERVOIR VIEWS ARE ALL MAGNIFICENT FROM THE MASTER BEDROOM. MASTER BATHROOM IS REDONE W/GRANITE, BUILT IN VANITY & SEP. TUB/SHOWER. LIVING & FAMILY ROOM FEATURES FIREPLACES & IS THE PERFECT PLACE TO ENTERTAIN. FAMILY ROOM IS THE PERFECT PLACE TO ENJOY UNOBSTRUCTED SUNSET VIEWS ON A CLEAR DAY. GOURMET KITCHEN REMODELED W/GRANITE, CENTER ISLAND & AN AMAZING EATING AREA. FORMAL DINING ROOM OFFERS DIRECT ACCESS TO BACKYARD. OVER $500K IN UPGRADES INCLUDE:BRAZILIAN WALNUT WOOD FLOORS, CUSTOM WINDOWS, CROWN MOLDING GORGEOUS STAIRCASE & MORE. ALL OF MAIN FLOOR & MASTER BATHROOM BOASTS HEATED FLOORS. ENJOY LUSH GREENERY, WATERFALL & FAUNTAINS. THE GORGEOUS WATER FEATURES ADD TO THIS BEAUTIFULLY DESIGNED BACKYARD. THIS TURTLE ROCK HOME IS A TRUE GEM W/THE THOUGHTFUL LAYOUT THAT MAXIMIZES ALL THE BEAUTY OF THE SURROUNDINGS.
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