Posted: 15 Oct 2012 05:00 AM PDT
Over the weekend, I assembled a dollhouse for my daughter. It's a tri-level beauty. Kitchen, dining room and patio on the first floor. Living room/ Family room on the second floor. Bedroom with a small Juliette's balcony on the third floor. As I tightened the final screw on the roof, and stepped back to marvel at the end product, the first thing that came to my mind were the multilevel Irvine condominiums. When we were house hunting, our Realtor showed us a few of those cardio-masterpieces. How are they doing now? Let's take a look.
Entry and garage, an optional second bedroom on the first floor, living/dining/laundry /kitchen/deck and little technology space tucked in a corner make up the second floor, and third floor has the master suite. Just like a dollhouse, the 'Jasmine' homes come with all bells and whistles.
Listing Price: $440,000 (Short Sale)
Fixed Monthly Expenses: $2,462 Monthly
Sales history for similar houses in 2012:
45 Flowerbud $302/SF
Also, here is a sales history of the year where cool-aid and its potential side effects were identified, but everybody thought their little nest was immune:
231 Dewdrop $448/SF
The "Jasmines' have lost more than a $100/SF in the past six years. The property I have showcased in the blog today has lost 25% of its value. No wonder people are walking out on their properties. With lending rules a little relaxed and the record low mortgage rates, these properties will also get their due, and recover some of their losses in the next few years. But deflation and slow recovery of the job market will hold the prices back.
How did the housing bubble and the subsequent burst affect you?
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