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IHB News 7-31-2010

Posted: 31 Jul 2010 03:30 AM PDT

Our big event is scheduled for Sunday evening from 5:00 to 9:00 at JT Schmids at the District. 

If you are looking for something to do on Sunday before the party, this property is having an open house from 1:00 to 4:00. It isn't every day you get to tour a $7,799,000 property.

 

Irvine Home Address ... 25 NEEDLE GRASS Irvine, CA 92603
Resale Home Price ...... $7,799,000

Come a little bit closer
Hear what I have to say
Just like children sleepin'
We could dream this night away.
But there's a full moon risin'
Let's go dancin' in the light
We know where the music's playin'
Let's go out and feel the night.

Neil Young -- Harvest Moon

IHB News

Our big event is scheduled for Sunday evening from 5:00 to 9:00 at JT Schmids at the District.

I know we have been building this event as an meeting for investors, and those discussions will be a major component of the evening, but as with all previous IHB gatherings, it is also a social event where people can meet and see the faces behind the blog names.

We want to share in the success of Ideal Home Brokers, and what better way to do that than throw a party?

Everyone who reads the Irvine Housing Blog is invited, as are the clients of Ideal Home Brokers. If you're curious, a lurker, a fan, even if you disagree with everything I write, you're welcome to come. Don't stay away just because you may not be interested in investment. If you read the IHB, we want you to stop by.

Based on the emails I have received I am anticipating a strong turnout. I hope to see you Sunday Evening.

Housing Bubble News from Patrick.net

Fri Jul 30 2010
Foreclosures up in 75 pct of top U.S. metro areas (reuters.com)
Foreclosure activity up across most US metro areas (google.com)
Housing Bubble will Not be Reblown; Foreclosures Increase in most Metro Areas (Mish)
Honolulu foreclosures jump 70% (staradvertiser.com)
Three short sales on West Side of LA (doctorhousingbubble.com)
The Threat of Sidelined House Sellers (blogs.wsj.com)
6 Reasons the Housing Market Hasn't Recovered (realestate.yahoo.com)
RealtyTrac Sees "Slim Chance" of Housing Market Recovery (bloomberg.com)
U.S. housing not recovering (breakingviews.com)
Many cities awaiting a housing recovery (msnbc.msn.com)
Can Cities Make Wall Street Pay? (huffingtonpost.com)
All Signs Point to Lower House Prices (irvinehousingblog.com)
Drip after drip of deflation data (blogs.telegraph.co.uk)
Deflation Revisited The Studio Version (theautomaticearth.blogspot.com)
Fed Member's Deflation Warning Hints at Policy Shift (nytimes.com)
With Squeeze on Credit, Microlending Blossoms in US (nytimes.com)
Demographic Doo-doo (pimco.com)
More Builder Evidence of Tax Credit Goose, Post-Credit Bust (calculatedriskblog.com)
In American politics, stupidity is the name of the game (washingtonpost.com)
King-sized foreclosure to hit auction block (detnews.com)

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Thu Jul 29 2010
Phoenix Housing Market Will Get Worse (myfoxphoenix.com)
New House Sales and Bear Market Math (Mish)
Aftermath of Global Housing Bubble Chokes World Banking System (housingstory.net)
Will doomsday scenario hit English house prices? (thisismoney.co.uk)
Germans and Inflation (miller-mccune.com)
What About the Recalculation Into Housing? (wallstreetpit.com)
The Great Decoupling of Corporate Profits from Jobs (robertreich.org)
The job machine grinds to a halt (washingtonpost.com)
The Unemployed, Organized Online, Look to the Midterms (washingtonindependent.com)
Bay Area jobless tap 401k plans (contracostatimes.com)
US Equity Loans Revealing (bullionbullscanada.com)
Citibank branch files to block eviction (therealdeal.com)
Fannie Mae and Freddie Mac Reform Conference Set (May they die!) (housingpredictor.com)
How to end the filibuster with 51 votes (voices.washingtonpost.com)
What I've learned from the market bubbles (marketwatch.com)
Anchoring Effect And Prices (youarenotsosmart.com)
Banks Defrauding Invesors, Auditors, Regulators, Also Help Delinquent Mortgagees (zerohedge.com)
Living Off the Grid: Free Yourself (off-grid.net)
 

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Wed Jul 28 2010
Are Bay Area House Prices Really Up 18 Percent? (bayarearealestatetrends.com)
Housing markets: Up again? (economist.com)
Consumer Confidence Sinks to 50.4, a 5-Month Low (Mish)
What is this San Jose house really worth? (patrick.net)
Nevada's Economic Misery May Be America's Future (huffingtonpost.com)
Real estate bubble in Texas much smaller than elsewhere (blogs.marketwatch.com)
Tampa FL area has 9-year building site inventory (tbo.com)
US house ownership reaches 10-year low (smh.com.au)
A decade of declining house prices (informationclearinghouse.info)
Still Speculating In Australian Housing: More Punch, Mate! (blogs.forbes.com)
Banks cherry picking individual foreclosures that show up on the MLS (doctorhousingbubble.com)
Banks Withholding Highend Repossessions Over $300,000 From Market (realestatechannel.com)
Here's house of pricey Vernon pensioner (huntingtonhomes.ocregister.com)
Who wrecked the American economy? (irishcentral.com)
Time to wind down Fannie Mae and Freddie Mac (dallasnews.com)
Filibuster Reform Momentum Builds: Senate faces threat of democracy! (huffingtonpost.com)
 

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Tue Jul 27 2010
Rhode Island housing market set for double-dip (wpri.com)
Housing Market Double Dip is Beginning (housingwire.com)
Don't hold your breath for a bounce in house prices (google.com)
US Housing Good News Just Propaganda (bullionbullscanada.com)
US housing 24pc monthly rise makes sales merely "abysmal" (telegraph.co.uk)
Housing sales jumped in June, but does it really matter? (marketplace.publicradio.org)
Why the housing market hasn't recovered yet (helium.com)
Financial Innovation and Government Subsidies Diminish House Ownership (irvinehousingblog.com)
Rent may no longer be a four letter word (sfgate.com)
Extend and Pretend: The Russian doll version (theautomaticearth.blogspot.com)
Deflation concerns: U.S. may face deflation, a problem Japan understands too well (latimes.com)
New Zealand Reserve Bank should target the housing bubble (nzherald.co.nz)
'Systemic risk' is new buzz word as officials try to CREATE another bubble (washingtonpost.com)
Dumpy house in Palo Alto foreclosed (patrick.net)
Not easy to claim abandoned house next door (bankrate.com)
 


Mon Jul 26 2010
The Government's Role in the Housing Bubble (theatlantic.com)
South FL foreclosure buyers beat by professional investors (miamiherald.com)
Shadow Inventory Builds As Lenders Shift to Short Sales (irvinehousingblog.com)
40,283 of our SF Bay Area neighbors are in mortgage limbo (contracostatimes.com)
SF Bay Area housing data sunny but outlook foggy (snl.com)
Using personal bankruptcy to prevent foreclosure (money.cnn.com)
People become slaves to their houses (nytimes.com)
Bell, California Emails Gone Viral; Citizens Protest $800K Salaries (Mish)
Bell council used little-noticed ballot measure to skirt state salary limits (latimes.com)
Those sweet Bell retirements may cost you too (latimes.com)
Cities seek property tax by giving away land (nytimes.com)
How US following path of Japan. Real estate lost decade. (doctorhousingbubble.com)
U.S. middle class being wiped out by globalization as wealthy benefit (finance.yahoo.com)
Geithner pushes plan to let tax cuts for wealthy expire (cnn.com)
U.S. Mortgage Brokers Get Criminal Check, Tests Under New Rules (bloomberg.com)
Agencies refuse to rate mortgage-backed bonds bc of new legal liability (democraticunderground.com)
Warren's a Candidate for Bank Regulation Job She Devised (nytimes.com)
Elizabeth Warren video from March 08, 2007 (tpmcafe.talkingpointsmemo.com) 

 

Irvine Home Address ... 25 NEEDLE GRASS Irvine, CA 92603

Resale Home Price ... $7,799,000

Home Purchase Price … unknown
Home Purchase Date .... unknown

Cost of Ownership
-------------------------------------------------
$7,799,000 .......... Asking Price
$1,559,800 .......... 20% Down Conventional
4.60% ............... Mortgage Interest Rate
$6,239,200 .......... 30-Year Mortgage
$1,542,129 .......... Income Requirement

$31,985 .......... Monthly Mortgage Payment

$6759 .......... Property Tax
$800 .......... Special Taxes and Levies (Mello Roos)
$650 .......... Homeowners Insurance
$500 .......... Homeowners Association Fees
============================================
$40,694 .......... Monthly Cash Outlays

-$2966 .......... Tax Savings (% of Interest and Property Tax)
-$8068 .......... Equity Hidden in Payment
$2686 .......... Lost Income to Down Payment (net of taxes)
$975 .......... Maintenance and Replacement Reserves
============================================
$33,321 .......... Monthly Cost of Ownership

Cash Acquisition Demands
------------------------------------------------------------------------------
$77,990 .......... Furnishing and Move In @1%
$77,990 .......... Closing Costs @1%
$62,392 ............ Interest Points @1% of Loan
$1,559,800 .......... Down Payment
============================================
$1,778,172 .......... Total Cash Costs
$510,700 ............ Emergency Cash Reserves
============================================
$2,288,872 .......... Total Savings Needed

Property Details for 25 NEEDLE GRASS Irvine, CA 92603
------------------------------------------------------------------------------
Beds: 6
Baths: 7 full 1 part baths
Home size: 9,300 sq ft
($839 / sq ft)
Lot Size: 25,385 sq ft
Year Built: 2010
Days on Market: 11
Listing Updated: 40387
MLS Number: U10003231
Property Type: Single Family, Residential
Community: Turtle Rock
Tract: Shdc
------------------------------------------------------------------------------
Unparalleled views abound from this newly completed Spanish style custom estate on a highly coveted single loaded street within the exclusive guard gated community of Shady Canyon. This property features beautiful finish qualities throughout and stunning sunset, ocean, Catalina Island and Palos Verdes views. Six bedrooms including detached guest casita, huge interior courtyard with fireplace, gated motor court with on grade 4-car garage. The main floor includes a formal dining room, library and large chef's kitchen that opens to an oversized great room with 24 foot disappearing pocket doors out to the expansive covered loggia and beautifully mature landscaped yard. The expansive grounds include a large pool, spa and barbeque cabana with outdoor kitchen. The subterranean level includes a home theater, gym, game room with wet bar, 1200 plus bottle wine cellar with tasting area, maid's quarters and the main laundry/craft room. In addition an elevator services all three levels.

If you are looking for something to do on Sunday before the party, this property is having an open house from 1:00 to 4:00. It isn't every day you get to tour a $7,799,000 property.


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