Feeling like 2006... (Santa Ana: real estate market, 2014, foreclosed)

[payutenyodagimas]

Originally Posted by Finper

I have a condo in Orange. In 3 days it went from 310,000 to 130,000. The HOA was in dire straits because nobody could pay the dues. My neighbors moved out in the middle of the night and left for Indiana. There were multiple short sales and walk aways. It was VERY bad.

I should have looked at condos instead of sfr during the recession the reason why I say OC was not affected was I was only looking at Irvine and didn't fall as much as I would like it to be

[crabtrees]

From what I'm seeing down in south orange county, properties are staying on the market longer than they have the past two years, despite what I consider an extreme shortage of units on the market. Using my condo complex as an example, it was practically the norm for any condo that hit the market to be in escrow within one week. Now, very nice updated units that are listed at top price are sitting for weeks. I guess I have no way of knowing if they are receiving offers, but there doesn't seem to be a mad rush to buy like there was the past 24 months.

[payutenyodagimas]

Originally Posted by crabtrees

From what I'm seeing down in south orange county, properties are staying on the market longer than they have the past two years, despite what I consider an extreme shortage of units on the market. Using my condo complex as an example, it was practically the norm for any condo that hit the market to be in escrow within one week. Now, very nice updated units that are listed at top price are sitting for weeks. I guess I have no way of knowing if they are receiving offers, but there doesn't seem to be a mad rush to buy like there was the past 24 months.

the price is not right..thats why..

[SportyandMisty]

Originally Posted by Electrician4you

You're talking about a more exclusive market in NB. The price alone limits your buyer pool. There are 300 people looking at the 5-700k while maybe 3 looking at 2 mil plus

There are lots of people looking at $2 million plus. <sigh>

My neighbor just went on the market at 520k. He bought in 2012 at 360. Cash. So he's gonna walk away with 480k.[/quote]

Is this a great country or what???

[SportyandMisty]

Originally Posted by dl4060

Absolutely. That's why I said that my analysis is just based on that small section of the market, but I'm talking about 2 mil and less, not 2 mil and up. Within that market the majority are in the 1.5 to 2 range, there really are not many under that unless you want to live under the airport or you want something to fix up.

<sigh.> #FirstWorldProblems

[SportyandMisty]

Originally Posted by Lallo

Some very valid points. In my price range, 650k and under, there are a lot of buyers. The main reason that I'm considering pulling the trigger is that this next home will be our families home for a very long time. My oldest is starting school this year and I don't want to move her around once she starts making friends.

Think private school.

One of the main thing we do as parents is that, by virtue of where we live & what schools to which we send our children, we determine the universe of kids from which our own children will select their friends and peers.

Choose wisely. Our daughter's private school system was quite academic; 12% of its graduating seniors that year matriculated as freshman at MIT; Stanford was the safety school, where over 15% of the kids matriculated as freshman.

[payutenyodagimas]

Originally Posted by SportyandMisty

Think private school.

One of the main thing we do as parents is that, by virtue of where we live & what schools to which we send our children, we determine the universe of kids from which our own children will select their friends and peers.

Choose wisely. Our daughter's private school system was quite academic; 12% of its graduating seniors that year matriculated as freshman at MIT; Stanford was the safety school, where over 15% of the kids matriculated as freshman.

mind to share what high school?

[Electrician4you]

Originally Posted by SportyandMisty

There are lots of people looking at $2 million plus. <sigh>

My neighbor just went on the market at 520k. He bought in 2012 at 360. Cash. So he's gonna walk away with 480k.

Is this a great country or what???

Not as many looking at 2 mil as there are looking at 500k

You know what it actually is a great country. The funny thing is the dude is from the Philippines. . He's just getting his piece of the American dream and taking it back home. Truthfully it's the opportunistic nature of our nation that allowed this to happen.
The guy bought at a time where nobody was really buying, took a chance because the economy could of still tanked even more or tanked later and he still bought. Now he's in a position to sell, and why not. His daughter is done with college, the prices are high so he can sell and go back home. The additional money he got from the increase in value most likely paid for his kid college, paid for all the expenses for the last 4 years and he's walking away with his initial investment and probably a airfare . And his kid got a free education.
I actually applaud the guy for what he was able to do.

[CaliRestoration]

Originally Posted by payutenyodagimas

I should have looked at condos instead of sfr during the recession the reason why I say OC was not affected was I was only looking at Irvine and didn't fall as much as I would like it to be

Irvine has the 'asian' factor which makes it a bit different than other OC cities. Even during the recession I could not find a home that made sense as an investment. The numbers were always just "so-so" because everything was getting bid up so high by asian buyers.

[Lallo]

Originally Posted by SportyandMisty

Think private school.

One of the main thing we do as parents is that, by virtue of where we live & what schools to which we send our children, we determine the universe of kids from which our own children will select their friends and peers.

Choose wisely. Our daughter's private school system was quite academic; 12% of its graduating seniors that year matriculated as freshman at MIT; Stanford was the safety school, where over 15% of the kids matriculated as freshman.

I could very well buy a home for under 600k in a so so neighborhood. Schools would be eh so that means private school. I never went to private school so I guess that's why I never considered it. I just feel that in the public school system they would get to know much more different types of people/friends but who knows. All we can do is our best and provide what we can without giving up too much such as saving for retirement etc. We bought our first home in 2011 (a condo in south OC). Sold it in 2015. And using the profits to buy a sfh. Sell high, buy high I suppose. Haha.