In a competitive society like ours, there are winners and losers. The people who bought before the bubble, did not HELOC their home, and are selling in time to cash in that bubble equity are the winners. Let’s celebrate them today.

Asking Price: $747,500

Address: 14811 Mayten Ave, Irvine, CA 92606

BTW, I am guest contributing to the Irvine Homes blog this week. Today’s post is a community profile on Woodbridge.

We Are The Champions — Queen

I’ve taken my bows

And my curtain calls –

You brought me fame and fortune and everything that goes with it

I thank you all –

There was a time, many years ago when success came through vision,

hard work and sacrifice. Achieving success was a slow process, and

there were no guarantees. It doesn’t work that way in California any

more.

Now, success comes through passive ownership of real

estate. It requires no vision, no work, and no sacrifice. In fact,

people are allowed to immediately enjoy the fruits of their lack of

labor through mortgage equity withdrawal. They do not need to slowly

accumulate wealth when they can quickly live off the converted income

from their brilliant asset purchase. The old measure of success was

asset accumulation, whereas the new measure of success is resource

consumption. It is important to drive the right car, carry the right

handbag, eat in the right restaurants, and of course, live in the right

neighborhood. People should be surrounded by the other people who are as brilliant and successful as they are.

The real champions of conspicuous consumption and pretentious consumerism are suffering right now. Many have already lost their homes, and the rest will soon enough. This recession we are all enduring was caused by the banks lending people insane amounts of money and losing it. They lost this money to the pretenders I profile with HELOC abuse stories almost daily. It is hard to feel too sorry for the pretenders; after all, they would be the first to tell you how they are entitled to their lifestyles, and they are superior to you because of it.

Today’s featured property is different; the owners represent success

from a bygone era. They allowed their equity to accumulate, they paid

down their mortgage, and now they have an opportunity to cash out and

enjoy a well-funded retirement. These owners are among the champions of Irvine. When a knife catcher comes along and cashes them out, they will pocket about $700,000. They are winners.

Our bubble economy and culture favors speculators and gamblers. There was a time when you could invest in reliable cashflow investments at reasonable prices and make relatively secure investment returns. A bad investment might not earn you the return you hoped, but they didn’t have the potential to cause catastrophic losses like we are witnessing during the housing bubble. Once the Wall Street market mavens realized they could fleece the unsuspecting masses through asset price volatility, the days of cashflow investing were over.

Despite this change in investor psychology, there are still people who lived by the rules of yesterday. Saving money and living frugally went out of style years ago, but those who clung to their old values still have cash and equity. If they move quickly they still have time to make a few extra bucks off the adherents to the speculative mindset being summarily crushed in our post-Ponzi Scheme world.

So please, any knife catchers out there, go buy this property and let your mistake make their success complete. They deserve it.

Asking Price: $747,500

Income Requirement: $186,875

Downpayment Needed: $149,500

Monthly Equity Burn: $6,229

Purchase Price: $45,000

Purchase Date: 12/19/1973

Address: 14811 Mayten Ave, Irvine, CA 92606

Beds: 5 Baths: 4 Sq. Ft.: 2,318 $/Sq. Ft.: $322 Lot Size: 5,000 Sq. Ft. Property Type: Single Family Residence Style: Contemporary Stories: 2 Year Built: 1973 Community: Walnut County: Orange MLS#: S572958 Source: SoCalMLS Status: Active On Redfin: 7 days

WOW! LOCATION! LOCATION! LOCATION! Steps to park and school. Pride of

Ownership here! Home totally remodeled throughout – Tile Floors, Crown

Moulding, Recessed Lighting, Custom Staircase, Granite Counters and

Backsplash in Kitchen and all Bathrooms. Kitchen has also been

expanded, with custom cabinets, under-cabinet lighting and Stainless

Steel Appliances including Bosch Dishwasher and Bosch Stove. Two Master

Suites (one with a Jacuzzi Tub). All bathrooms have been remodeled, one

with Safety Handrails, one with Closet. Ceiling Fans and Plantation

Shutters in most Rooms. Dining Room with additional window, and bead

board trim. Incredible Outdoor Living Center in Backyard, with Fruit

Trees, and Beautiful Gated Front Porch Area both with extensive

brickwork. Wrought Iron Balcony Railings. Expanded Driveway. You must

see to appreciate all that this Home has to offer. Come see for

yourself!!

WOW! LOCATION! LOCATION! LOCATION! These sellers deserve better than this kind of meaningless realtorspeak.

This property was purchased for $45,000 on 12/19/1973. The owners long ago paid off their mortgage. On 3/9/2006 they did take out a $45,000 mortgage, but it is obvious from the photos that the property was completely updated. I imagine that every penny of this money went into the update. If this property sells for its current asking price, and if a 6% commission is paid, the total profit on the sale will be $657,650. I hope they get it.

I see so few properties for sale where the owners were responsible with their debts. There are probably many more out there, but since they are not in distress and have no desire to sell, I don’t see them; however, if it is for sale today, even the organic sellers have generally doubled their mortgages and they are in distress.

To today’s featured property owners: I salute you.

{book1}

I’ve paid my dues –

Time after time –

I’ve done my sentence

But committed no crime –

And bad mistakes

I’ve made a few

I’ve had my share of sand kicked in my face –

But I’ve come through

We are the champions – my friends

And we’ll keep on fighting – till the end –

We are the champions –

We are the champions

No time for losers

‘Cause we are the champions – of the world –

I’ve taken my bows

And my curtain calls –

You brought me fame and fortuen and everything that goes with it

I thank you all –

We Are The Champions — Queen