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Irvine Housing Blog

Irvine Housing Blog

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Irvine home sales down 11%, OC down 14%

Posted: 04 Jul 2011 03:30 AM PDT

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 

Irvine House Address ...  64 EAGLE Pt #34 Irvine, CA 92604
Resale House Price ......  $219,900

Beds:  2
Baths:  1
Sq. Ft.:  954
Property Type: Residential, Condominium
Style: One Level, Traditional
Year Built:  1978
Community:  0
County:  Orange
MLS#:  S651530
Source:  SoCalMLS
Status:  Active
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!
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
$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
$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

Enjoy your fourth of July holiday!

real estate home sales


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