Pasadenan's Q&A

Besides, 3 bedroom in the price range you quote is not near the median, it is approximately lower quartile.

The poster was asking about IRVINE, not All of Orange County.  But besides, I posted for all of Orange County TOO!

Yes, you are correct, that Zillow ONLY uses CLOSED sales for their curve fits.  They are substantially more accurate than any CMA you will ever do.Your CMA is only your "OPINION", and needs to be indicated as such.  You are not a licensed appraiser.   As for the register, as stated, it ONLY uses "recently sold" properties that were on the market, thus there is no consistency in the cross section of the market selected.  The bottom of the market cannot occur until the foreclosures are liquidated and back to normal levels (1% of all ownership units, 7% of what is on the market at a given time) AND the government stops propping up prices.As stated before, the congress would not have chosen to continue to prop up the values of housing units if they didn't think the floor would fall out beneath it.  If you really want to know, get a copy of the congressional agenda reports.  All senators thought is was essential to prop up the market, and only 12 house representatives DIDN'T think it was necessary to prop up the housing values.

Want to really know what is going on in Irvine for 2 bedroom homes?Try this link:1 year Irvine 2 bedroom median trend$394.6k median, Down 3.8%, year over year.  Even lower median in the Woodbridge neighborhood that Bob keeps "selling"... $381.1k median, down 5.8% year over year.

Here is the link to Zillow's Orange County 1 yr median trend graph:Orange County 1 year median trendWent from $468k in April 09, to $478k at end of November 09.  10/468 = 2.14%Here is the link to Zillow's Irvine 1 yr median trend graph:Irvine 1 year median trendWent from $569k in April 09, to $595k at end of November 09.  26/569 = 4.3%

As we've discussed before, the Orange County Register has distorted data regarding the median.  Their posted median is "what is presently on the market", which is entirely different than the median that Zillow provides, which is the median of all ownership units in the area, or all SFR units, in the area, or all condos in the area....  Zillow provides all those medians; and the units being compared are consistent, not just what may or may not be on the market at the time.And yes , it started rising in about April or May in the area you mentioned, BUT, it has only gone up 3%, and that was entirely due to the "tax credit" that was supposedly going to expire, which congress felt an urgent need to extend as they knew the market would drop quickly if they didn't, just proving that the market is artificially propped up by government giveaways.  Which means the market will continue to fall once the props are pulled out.And as usual, the most NEGATIVE posts are from the Realtors ®.

All properties "added" that are not matched up to the "country records" have nothing to base a "Zestimate" on.The only reasons some properties don't have county information available on the site are:1) Their 3rd party data collectors missed it or made an error.OR2) The property is newer and the information was not recorded in the public records yet.The other issue is that some Realtors specifically type in false addresses to keep people from looking up the property.  Sure, they will tell you it was just a typo; but when I've brought it to the attention of Realtors, they never seem to correct it.

Of course it is a good deal if you don't mind loosing $120k!   Your loss is someone else's gain, so that makes it even a better deal (for the future buyer and the Realtors ®).

A .ly link?That would be "libyan arab jamahiriya"...Is that where you get most of your local economic info?

I missed the "fog the mirror" test?  Did I sleep through it?  Is that how they qualified loans in 2004?