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13 homes sell instantly at new Irvine project
July 11th, 2009, 4:02 pm · 79 Comments · posted by Jon Lansner
Click to enlarge
The Irvine Co. says that today’s restart of Woodbury East was a sellout, with all 13 homes available from William Lyon Homes’ Ivy housing project selling brisky. This news for local builders is a stark comparison to recent trends showing home building by some measures running at lows last seen a half-century ago.
Lyon’s Ivy homes are priced from the mid-$300,000s and run from 1,180 square feet to 1,500. All told, the Irvine Co. expects Woobury East to host 500 homes.
The Register’s Ericka Chavez was there, noting: “A William Lyon sales agent told me potential buyers meant business, showing up two hours before doors opened at 10 a.m. and, without exception, prequalified for loans. All 13 units in the first phase were sold out by 1 p.m., when I wandered through; the next phase will be released in 4 to 6 weeks.” Her story IS HERE!
Lyon Homes was one of three homebuilders planning to launch projects in 2007 at Woodbury East — a long, skinny swath of ground sandwiched between the larger Woodbury project (home of the Woodbury Town Center) and the 133 Toll Road. Only John Laing Homes’ Celadon project got off the ground. As reported earlier on this blog, Laing, now in bankruptcy, built just 8 homes that remain unsold.
This time around, the Irvine Co. reports that more than 2,000 homeshoppers attended the grand opening. Says Irvine Co. spokesman John Christensen: “I think this demonstrates that first time homebuyers and others have been waiting for the right opportunity to join Irvine, and Ivy provides exactly that.”
Related news …
- Hmmn, new townhomes for under $400,000
- Which future Irvine community are you most intrigued by?
- $977 million debt gets builder Laing in bankruptcy
- Homebuilding expo downsized
- West’s builders express modest optimism
- Is tax credit giving builders a boost?
- O.C. builder buys its bonds back, 72% off!
- Developer of O.C. high-rise condos ponders bankruptcy
In other business news …
- Bookkeeper gets 41 months for embezzling
- Investment firm confirms 240 O.C. layoffs
- Action sports retailer lays off 168 more
- Sheriff to lay off up to 50 employees
- Are you paying this cell phone tax?
- 7 lenders escape state foreclosure moratorium
- Fake lawyer ordered to stay in jail
- ‘Fast Pitch’ entrepreneurs win funding opportunity
- Is Time Warner adding TiVo to its DVR?
- Sprinkles on Wheels: cupcake van coming to O.C.
- Irvine Spectrum store closes
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13 homes in 15 minutes. The draw of Irvine schools, a planned community, and location to job centers continue their influence over home consumers. Price point here sure does not hurt. What is that PPSF?
Good for them! But I hope they don’t plan on moving up from their sardine cans anytime soon.
The homes were sold out by 1:00 p.m. - three hours to sell out 13 units, not 15 mniutes. You must mean 1 home every 15 minutes.
Buy now before you are priced out forever. blah blah blah…
No…buy when you are ready…you will never be priced out. But how about we not ridicule those that decide this is the right time to buy for themselves?
That is all good, however I just don’t want to bail out another person making a craptacular financial decision.
yeah like you’re a finanical wizz
Regarding the bailout, you need to take that up with your elected leadership, no the buyers of real estate. Don’t hate the player just because the owner wants to pay him $10 million and he has a poor year. That is on the owner.
“Buy when you’re ready”
With every sales pitch that you write the real village idiot in you becomes more and more evident.
When people were ready to buy in 2005 you were probably pushing them into thinking it was perfectly fine.
During a bubble of historic proportions, when values have climbed over 250%, no one was “ready” to take losses that great.
We still have major losses coming to the tune of another 30%+.
Anyone listening to your nonsense is looking for hardship down the road.
William, you need to learn to pay attention.
I was not selling RE in Orange county in 2005…or any other year for that matter. I happened to be in TX that year, and rest assured, this little financial debacle plaguing California is nowhere near these levels in TX. So, you may want to get your facts straight before you eat another slice of the “Omniscient Pie” you gorge yourself on anytime you choose to communicate. You are a genius, the rest of us just idiots…and this basis is formed on assumptions of a blog “personality.” Nice example you set for your kids there…wow.
You still do not get it. Let’s remove the agents from the bubble years. What, do you think that those who purchased a FSBO without an agent on either side got some smoking deal? Ha!!! If you were the seller in this example you would have stuck it to the buyer for all it was worth (but you care), and then come on here and downgrade and berate those in the industry. That is my assumption of you, which is spot on by the way. Back to the banks: they were going to loan the money to support the prices regardless of the stewards of the transaction. They and Wall St. were greedy and everyone else came along for the ride. You may not like that fact, but the primary influencing fact regarding the bubble it is.
I like the way you have to sidestep your own statement.
The issue at hand is your sales pitch “Buy when you’re ready”, which you never even responded to.
If your sales pitch had any truth to it you would be able to give everyone in here examples of how buying in 2005-2006 was an intelligent choice because people were “ready” to lose money.
Your pitch is weak because listening to you would have caused losses in the range of 40%+ and still rising.
People should buy when prices are back to normal, historical and real values.
You’re a conman and nothing more!
P.S. And pretending that you were on the moon when this bubble occurred is a smoke and mirrors aversion to the truth.
You’re a OC cheerleader
William,
To respond to your point of “buy when you are ready” - it is called freewill. If there is an investor willing to loan the money if necessary along with a willing buyer and seller, then yes, buy when you are ready. Just like you choose not to purchase or sell, others choose to partake. You can be a “hater” all you wish. Until you form your own country with “Billy Boy’s Rules of Finance intact,” it honestly does not matter what your opinion is here. For it is just solely that, opinion.
I did not sidestep anything, unlike yourself with not responding to “would you have sold your home in the bubble?” Your silence here is hypocritical. It takes two parties to make that transaction…cannot solely be all of the buyers who were at fault. Was rants wrong to sell in 2004? Of course not. It is our capitalist system along with freewill which permits him to do so.
You are beginning to sound very socialistic William. Willing buyer, willing seller, done deal. You cannot have a willing buyer without financing about 90-95% of the time. The lenders are overly cautious…knee-jerk reactions are commonplace. But if they do not lend money, they will not remain in business.
You could not be more wrong regarding where I was and what I “contributed to.” This is the OC RE blog…pertaining to this area. I believe in not berating those who choose to purchase nor those who choose to rent. It is a personal decision. Nothing more. If you want to compare TX and how it is holding up against CA in this financial hurricane, have at it. But you won’t because you know that TX is far better off than CA. I am happy to compare those that purchased in 2005-2006 in TX vs. those that did here.
Are you really wanting to go down this path?
William,
To respond to your point of “buy when you are ready” - it is called freewill. If there is an investor willing to loan the money if necessary along with a willing buyer and seller, then yes, buy when you are ready. Just like you choose not to purchase or sell, others choose to partake. You can be a “hater” all you wish. Until you form your own country with “Billy Boy’s Rules of Finance intact,” it honestly does not matter what your opinion is here. For it is just solely that, opinion.
I did not sidestep anything, unlike yourself with not responding to “would you have sold your home in the bubble?” Your silence here is hypocritical. It takes two parties to make that transaction…cannot solely be all of the buyers who were at fault. Was rants wrong to sell in 2004? Of course not. It is our capitalist system along with freewill which permits him to do so. The only thing he missed was the absolute peak…but he made a nice profit I am sure.
Bill says: “Your pitch is weak because listening to you would have caused losses in the range of 40%+ and still rising.”
Mulli says: wrong. I could not cause what I did not have a hand in. Was not selling anywhere near OC. But you knew that.
Bill says: “People should buy when prices are back to normal, historical and real values.”
Mulli says: A value is what someone is willing to pay for an item. It is subjective.
Bill says: “You’re a conman and nothing more!”
Mulli says: everyone is in sales William…everyone. Whatever your profession is, without sales, you are done. So, some of your customers feel your service or product is worth the money, others do not. If they miscalculate, it could lead to the company losing money and people losing their jobs in the process. Please do not think for one second that since you are not in RE sales that your business has no bearing on the financial reality the world is facing today.
Bill says: “pretending that you were on the moon when this bubble occurred is a smoke and mirrors aversion to the truth.”
Mulli says: Do you think Houston, TX RE is down 40%? Didn’t think so. You were saying?
Bill says: “Your pitch is weak because listening to you would have caused losses in the range of 40%+ and still rising.”
Mulli says: wrong. I could not cause what I did not have a hand in. Was not selling anywhere near OC. But you knew that. Do you think Houston, Tx is down 40%? Thought so…
Your attempt to spin your own comment “Buy when you’re ready” is hilarious!
Can you even decipher what you just said?
“If there is an investor willing to loan the money if necessary along with a willing buyer and seller, then yes, buy when you are ready.”
This is what happened in 2005-2006.
You are trying to group the bubble buyers in the same category as the intelligent buyers.
Your statement has no thought process involved at all.
If the bank will lend you money, you should take it, no matter what the future implications are down the road.
Pure stupidity!
No Bill, what happened in 2005-2006 around here was “I need $700,000 to buy a home and I cannot document my income.” The banks were willing to bet the homes would keep rising in value so they would just take them back if necessary. Stated income is gone. I know you do not want people buying homes today…but they are and will continue to do so.
By the way, chance #3 to answer the question of would you sell during the bubble? You know you would…ya little capitalist pig.
“Mulli says: wrong. I could not cause what I did not have a hand in.”
You can’t have it both ways mulli!
Are you insinuating that your statement “Buy when you’re ready “isn’t appropriate for prices in OC but it is for Texas?
“Was not selling anywhere near OC”
That’s admitting that your statement would have caused massive losses if it were used here.
You’re unthinkably admitting that your wild slogans don’t hold true in OC’s housing bubble.
My statement of not selling here is directed at your opinion that agents are to blame for the bubble here. Are you saying that my actions in Tx affected this little slice of CA? Moving on…
Chance #4 for you to admit that you would have sold in the bubble to a “willing and able buyer.”
I have never blamed the agents for what transpired. Funny, the banks are the ones who are tighter and trying to reign in this housing problem, but it was THE AGENTS that are to blame for the bubble prices. It is you that cannot have it both ways. My contention all along has been that the banks and Wall St. were the primary sources for this debacle. You focus on the salespeople.
Do you think the statement “Buy when you’re ready” is telling your clients (buyers) the whole truth?
“Buy when you’re ready” is not exactly telling your buyer of another massive price drop ahead.
You know how bad our economy is and all of the reports in which economists along with the NAR are forewarning the public about.
You skip over the facts to your clients that massive option arms and Alt-A’s resets are coming and growing unemployment will continue to depress prices, but you’re very comfortable in telling people to “Buy when you’re ready”
Sneaky at best!
Would I sell during the peak of the bubble?
That depends on each individual’s unique situation.
My OC homes were purchased long before this bubble ever existed and the chance of them going negative was nonexistent.
I don’t use my properties as an investment tool if that’s what you’re asking, unlike you tried to do unsuccessfully.
The outcome speaks for itself.
Bill,
You’re too easy on Mulli.
No reason to give him a Mulligan on his cheerleading last year for his Mission Viejo neighborhood of Pacific Hills.
What a joke that was…..and still is.
If anyone followed his advice they’re down 300K in the last year and a half.
Where was he these last few months? Why is he back now with a vengeance?
Maybe his OpArm is coming up for a recast and he’s seen the light.
Wasn’t there even a Cadillac with clubs in the trunk in his driveway?
Well, I do not know how to be much clearer, but I do not have local clients.
pdu, I like Pacific Hills…good family community. We chose Capo first, then backed into a community without hideous Mella Roos. I sold 4 properties between 2005-2006. But thanks for caring so much about me and showing your true concern. I need more friends like you.
Bill, when I say buy when one is ready, that means make it your decision, not another’s. Do not feel pressured…do not think you will never have the opportunity again, you will. The converse of this approach is true. If you think prices will drop drastically in the neighborhood of your choosing, then wait! I do not care. If you find the right home, it makes sense financially, and you would rather not pass on this particular opportunity (and there will be others), then buy it! Trust me, I am not treating this like an investment vehicle…that is slated for “investment properties” which carry stricter underwriting guidelines and heftier down payments.
You like Caddy’s pdu? Ugh.
too late. you are already priced out forever.
13 new homedebtors to add to the tax base. Well done, the City and State needs you badly. Best of luck and enjoy your new consumption items.
buy now or be priced out forever. housing is back.
It is all about pricing in this market. Finally William Lyon Homes is getting the point.
the bubble is back baby. I want want one to fiip. Maybe not
For the price these things sold for, one can build a custom 2,500 ft home in “Flyover” with a paved runway, and have money left over for a nice Beechcraft.
Just saying.
For those of you reading my blogs, this news was to be expected. There is a tremedous amount of demand and cash that will be gobbling up RE until 2012. Folks, we are only in the 2nd inning of our RE ramp-up. Most of you missed the bottom in Jan 09 and the competition for purchases is heating up, so ya’ll should buy now or just wait until the next bottom in 2014.
You have a blog? I thought your comments were one long running joke to incite people to get irate at the lunacy of the comments so devoid of reality or logic. Or maybe you are taking your act to the next level, now a blog made to cause people to be upset, you are the Ann Coulter of real estate blogs imho.
the jokes in youf hand Putrico
Haaaay look the queen slag is back! Thanks for adding nothing again as is your life.
Olivas is also dealholeo, she uses this other name to be nasty and berate people, however she called people gasbags, a very uncommon expression under both names and in doing so gave up at least one and there are definetly more multiple poster names.
I feel she is also responsible for short stories by about buying real estate by such names as harvard professor and qurter mil earner, real estate appraisser, how pathetic trying to sound smart but being so stupid!
MIKE-haWK=Assewhole
I’d like to add a big red boot mark to your rear end pidi@k
Patricio-the only joke will be on you since you are cheerleading RE prices to fall. I will be laughing all the way to the bank in 2012 when the median hits $600K..lol. Yes, it will be very upsetting for anyone sitting in their 1bdrm rental in Santa Ana thinking RE prices will fall far enough for their McDonald’s fry cook pay to afford to purchase.
Oh, Oh
http://www.housingwire.com/2009/07/09/home-prices-post-first-quarterly-gain-since-2006/
For the same square footage, William Lyon Homes was asking at least 200K more per house just a year ago. Now that they dropped prices by over 40%, houses are moving.
If you are a seller in this market, be realistic, price your property below comps and it will sell like the William Lyon Homes in Woodbury.
I totally agree…and have no problem with it. But rest assured, bears here will have a problem with some people deciding to purchase.
Never have and never will have problem. The problem we bears see, is that constant fear propaganda of the RE shills on this board. The fact is, is that this downward cycle is not over by a long shot.
Odd, I see “the world is ending” propaganda from the bears here daily. I know you have not seen “buy now or be priced out forever” coming from me…that is asinine at best. 13 homes in 15 minutes. Either they were a good value or the builders, in this climate, managed to pull a fast one. I am going with option A.
Also the $10,000 tax incentive for buying a new home + $8,000 for first time buyer = $18,000 off, with good price point during a real estate sucker rally. These brisk sales make sense, even with the HOA’s which suck and can be problematic.
Hi Jake
Whatsamatta Jake, is it getting tougher for you an Pukonurtoes to steal houses from destitute little old ladies?
I am not Jake, OS aka DealHOLEo
Sure
the only sucker is you. you rented for years and years. now you are priced out forever. give it up and move out of the area. until you move, please avoid newport beach. we don’t like renters.
Trs=Olivas Salone=Dealeo=underwater realtor
You, of all people shouldn’t be throwing stones.
After all, you fell for one of the biggest bubbles of all times, cheerleading it all the way up to the top.
If you had any money left I would bet you any amount that you are so far underwater that even the government can’t help you.
Uneducated people like you relied on this bubble to carry them through life.
A well thought-out goal in life….lololololol
If you would have stayed in school, you could have earned a lot more money with a lot less risk.
You’re in the same boat that Madoff’s people are in.
You followed the ponzi scheme all the way to the poor house!
bill, is that overweight problem keeping you away from the beach?
you don’t know crap meatball
Ya TRS it hurts to hate yourself another Newport Beach resident looking at his mortgage payment statement and then in the mirror and realizing he has been renting the house he thought he owned from the bank. Burn baby burn!
Here’s a little something to put reality back into your life…………
Foreclosure Rates Continue Rising and Housing Prices Continue Falling
ForeclosureDataOnline.com reports more dark days ahead for the housing market and for homeowners concerned about losing their homes.
The data collected by the site shows that foreclosure levels continue to rise and are reaching record highs, particularly in states such as California.
http://finance.yahoo.com/news/Foreclosure-Rates-Continue-prnews-777926399.html?x=0&.v=1
trs says: July 12, 2009 at 8 am
“the only sucker is you. you rented for years and years. now you are priced out forever”.
News Flash: Anyone with a mortgage is a renter. They’re merely renting the home from the bank. Homedebtors even get stuck paying interest for 17 years before they reach the inflection point pertaining to the principle lolllll.
They also get to pay the property tax, mortgage insurance, insurance, maintenence, repairs, upgrades etc., etc. And, in the case of these 13 new homedebtors, they get to pay and extra $700 per month in MR’s and Assoc fees for the privilege of living in a sterile, controlled enviornment lolllllllllllllllll
Talk about a ‘SUCKER’
Even good risks are having trouble getting loans…which supports my theory of: The overzealous lending practices of the past have been replaced with irrational fear.
http://www.nytimes.com/2009/07/11/business/11housing.html
Mulliganville, please explain how requiring 2 years of income documentation is over zealous……. you need to prove you can earn the income required to afford the house… that is smart….. shoulda been that way for the last decade….. one year of earning the required income is hardly proof of your employability….
You need 1 month paystubs to get a conforming loan.
what is your point, that lending will get even tighter as the economy goes further down the drain?
Just enough to pay your commission, obviously you do not care what happens to the purchaser. You are so easy to see right through.
Now peple just use redfindotcom.
and if you are self employed and you show that you make less income on your taxes…….. TOUGH !…. pay your damn taxes like the rest of us…… you can’t have your cake and eat it too…
The overzealous aspects come in when the buyer has a 780, no 30 days late, is gainfully employed, yet does not get the loan due to “fright.” I have no problem with requiring 2 years taxes to gauge an earnings threshold…I have purchased where they required one year as well as two. It is up to the investor. I was not pegging that one Dr. in the article as the norm, but more of a macro view. Lenders are overly cautious right now…to their own detriment as they are passing up good, quality risk candidates. They are costing themselves revenue in doing so. I understand their fear…and I believe we all know they were overzealous in the past…and today, they are overly scared. The world is not going to end…commerce will move along.
while both you and dealeo are wrong here…… believe or not I think dealeo in this one instance is closer to the truth than you are….. banks are dying to lend money to people with cash and reliable income sources…
mulli the part you are missing here, i believe, is that banks are now not just looking at credit scores… they are looking at outstanding debt as well…. and they are not going to loan to someone with oodles and oodles of debt just because they are making minimum payments on their insurmountable debt…. and their credit score is over 750… credit scores are non-sense…
Good point on the debt burden…that is one aspect of underwriting that is certainly being scrutinized and rightfully so. While I know they want to lend money to people…in their current state of mind, they are passing up viable candidates. That is truly my only point.
Then why aren’t CRE loans being made? Oh, that’s right the bank has hold them and they don’t want to take the loss. Now in RRE we have the great and bottomless taxpayer backing all the loans. Step right up and get you loan here, no need for collateral as the taxpayer will take the loss. Mulli would mind telling me again what you think I having to absorb the losses on all these first time home buyers who either voluntarily or involuntarily default on their low down loans?
You are going to have to take that up with your politicians. They enacted the system. I pay taxes as well. Our govt has never spent them wisely. Why on earth would you think that would be any different here? Especially with Obama in the WH.
My point is banks are reacting to the changes conditions on the ground. Things aren’t getting better they are getting worse, much worse. What effect do you think the unusable IOUs will have on the CA economy? Small CA vendors are going to start laying people off or cutting pay, making the situation worse. My feeling is that CA will default on her loans eventually.
Mulliganville says:
— “Even good risks are having trouble getting loans…”
You come on here acting like you’re smart and yet you show everyone how clueless you are.
It is NOT A GOOD RISK……not a good risk to make a loan and secure it with a decreasing asset.
Elementary, my dear Mulligan, elementary.
2800 of these got financing in OC last month. If they were such a detrimental risk, why are investors signing up for more pain, as you see it?
Interestingly, they do this with vehicles every day.
Hey trs, FYI people with a mortgage are renters. They merely rent their homes from the bank. They are only made to believe they’re not due to a slick Govt/NAR marketing marketing campaign and fuzzy math.
Home debtors also get to pay interest for 17 years before they reach the inflection point pertaining to interest lolllll In addition, they get to pay mortgage insurance, property tax, insurance, maintenence, repairs, upgrades, etc., etc.
On top of that, these 13 new homedebtors get to pay an extra $700 per month in MR’s and Assoc fees for the privilege of living in a sterile, controlled enviornment lolllllllllllll
lol this blog software cracks me up
It is a joke and a farce…I have yet to figure out which key words or phrases cause the post to enter the blogging graveyard.
We are obviously missing National Bubble’s take on this news. I think he is running out of ammunition to make the case RE prices are going down. Everyday we see more and more news that the bottom was in Jan 09 and prices have nowhere to go but up!
So if I didn’t buy in Jan 09 then I’ll never be able to? Keep up the good propaganda work.
I can’t say you specifically, but many people in Jan 09 were holding back because of the tons of bad news and all the doom and gloomers on this blog harping about how things are going from bad to worse. Now these people are stuck with paying a $50K premium for listening to them.
Funny how one simple rule is often not followed because of emotion–buy when things seem the worst and sell when things seem the best.
Matt, (Padilla)
Do you have any information on the surge in OC pre-foreclosures?
648 notices were sent out throughout OC on Thursday (7/09/09).
Post Reply
CousinTone says:
July 10, 2009 at 12:51 pmBIll,
Where is this information posted? How do you find it? I’m interested in this information for some research (for a potential book) and that information would be very useful to save me time each week at the OC Govenrment offices. Thanks. CT
Post Reply
Mathew Padilla says:
July 10, 2009 at 1:33 pmNope. That many on one day sounds huge. How did you find out?
Post Reply
Bill says:
July 11, 2009 at 8:59 amMatt,
Realtytrac changed their original count from Thursday, but you can still see the spike on both tracking sites.
Realtytrac
7/10/09 = 283
7/09/09 = 484
7/8/09 = 168
Total = 935
Foreclosures.com
7/11/09 = 96
7/10/09 = 422
7/09/09 = 188
7/08/09 = 233
Total = 939
See the first video if you insist “the bottom” was reached in January 2009………….. (This has been “the mother of all bubbles”)
Real Estate Prices (depicted as a rollercoaster ride)
US Real Estate Home prices adjusted for inflation (1890 - present) plotted as a roller coaster ride
http://www.youtube.com/watch?v=kUldGc06S3U
Real Estate Downfall
… the housing bubble bursts on a speculator (YouTube video)
http://www.youtube.com/watch?v=bNmcf4Y3lGM
Mulliganville says:
July 12, 2009 at 2 pm… 2800 of these got financing in OC last month. If they were such a detrimental risk, why are investors signing up for more pain
Hey Mulligan, they’re not signing up for more pain. The securtization market is DEAD. That’s why there is only a limited amount of capital available for housing, hence many qualified buyers are DENIED daily.
Also, about a third of those 2800 deals were cash.
On that note, time to jump in the boat and head over/tie-up at the Yard House in Shoreline Village for some fun. Anyone want to join-in, I’ll be the guy on the patio with the navy ball cap with YALE on it.
Stop by and say hello :)
Well enjoy yourself…headed to the pool for the rest of the day myself. Like the pizzas @ YH.