Mike Engeman - Irvine Real Estate Specialist

With approximately 636 acres, Woodbury offers a perfect blend of great parks, beautiful gardens, and abundant shopping. Woodbury also offers a 30 acre resort-style and centrally located park that is packed full of amazing amenities. The Commons, as it is called, offers a huge recreation center complete with a Clubhouse, fireplace and barbeque areas, multi-purpose rooms and WiFi network. There are also Junior Olympic Pools, wading pools, volleyball and basketball courts, tennis courts, adult only spas, and much, much more...

Woodbury offers stylish townhomes ranging in size from 1298 square feet to 2074 square feet, and traditional detached, single family residences ranging in size from 2156 square feet to 3112 square feet. Townhomes range in price from the low $400,000's to the high $500,000's while detached homes range in price from the mid $700,000's to the low $1,000,000's.

Like all Irvine Communities, Woodbury offers three great schools for kids of all ages!

Woodbury Elementary School - 125 Great Lawn, Irvine, 92620

Sierra Vista Middle School - California Distinguished School - 2 Liberty, Irvine, 92620

Irvine High School - California Distinguished School - 4321 Walnut Ave, Irvine, 92604

So, if you are looking to buy a new home in a great community that offers resort style living, great shopping, and top notch schools, Woodbury may be your next home!

If you would like more information about Woodbury or any other Irvine Community, feel free to contact me at: mike@movetoirvinenow.com

About two months ago, a buddy and I embarked on what can best be described as the ultimate mancation, four days in the marshes of Louisiana hunting alligators and hanging out with some of the nicest, most genuine people I have ever met.

On our first night, we were greeted at the airport by a friend of a friend, who I had never met prior to this trip. Thirty minutes after getting picked up, we were sitting in his house eating home cooked gumbo. (If there is one thing I loved about Louisiana, it was the hospitality shown by everyone I met). Little did I know that this was just one of many unbelievable meals we would be treated to in the days to come.

In the two days to follow, we tagged a total of 12 alligators, two measuring over 10 feet. (I know this may sound cruel to some of you who are reading this, but it is absolutely necessary in order to thin out the growing population). That being said, I can honestly say that this was by far the most heart pumping experience of my entire life, a great thing to add to your bucket list if you ask me.

In addition to the gator hunting and great food, it was also amazing to see the complete devastation left behind from Hurricane Katrina. Houses swept off their foundations, coming to rest a half mile from their original location. People fixing up flood damaged homes and starting over from scratch. And finally, homes being lifted onto stilts in anticipation of future storms. It is this last one that really threw me for a loop. You see, in talking to our hosts, they told me that as part of a government paid program, they were able to repair the damage caused by Katrina and then their house was lifted onto stilts. Sounds like a great program right? Well, I thought so too until it was explained to me. Here's the problem. Our friends house would have cost somewhere around $150,000 dollars to tear down and rebuild, brand new, on stilts. The government paid $229,000 to a company that did the repairs and then lifted the house. You heard me right...our government could have saved roughly $80,000 by building the house brand new, but that's not how the program works! These folks were not given the option to build a new house. They had to keep the same house and had to spend all $229,000! UNREAL! I only wish you could have seen how many houses were being lifted in the one area we were staying at!

It's always good to know that in a horrific economy, our great leaders continue to throw away money on programs like this one. Heaven forbid that the extra money spent on this great program would go toward building even more homes, feeding the homeless, healthcare, or any other number of things that are truly necessary...

Many potential homeowners are in a state of indecision when it comes to making that big purchase. Unable to pull the trigger after witnessing the catastrophic events of the past few years, many are waiting to see if the estimated 5-10% drop in real estate prices is really going to happen. The main problem with that theory is this: Who really knows if there will be another drop in real estate like some are projecting? We could very well be at or near the bottom already. I personally believe that we will see another small drop in the next year or two, but when you take into consideration the low interest rates, the possibility of even a 10% drop shouldn't matter to today's homebuyer.

Let's take a look at the numbers:

10% price drop -

$200,000 @ 4.452% (todays rate) - $1410.00 (PITI)

Let's say that the market takes another 10% hit this next year. That $200,000 house would be worth $180,000. Now, what if the interest rate goes up one just one point?

$180,000 @ 5.452% - This would leave you with a payment of approximately $1379.00 (PITI)

$180,000 @ 6.000% - This 1 1/2 point hike would mean a payment of approximately - $1426.00 (PITI)

So, as you can see, you could end up saving $30 on your monthly payment, or maybe end up paying an additional $16 per month. Is that really worth the wait. What happens if prices don't fall a full 10%? What happens if interest rates go up more even more?

5% price drop -

In this example, let's assume that the market takes a 5% hit. That same $200,000 house would be worth $190,000. Couple that with a one point or one and a half point interest rate hike and this is what it would look like.

$200,000 @ 4.452% (todays rate) - $1410.00 (PITI)

$190,000 @ 5.452% - $1455.00 (PITI)

$190,000 @ 6.00% - $1521.00 (PITI)

By waiting a year and being right about prices falling another 5%, you would actually end up having a payment that would be $45 or more per month than if you bought today! You would have also missed out on the tax benefits of being a homeowner and one year of your 30 year mortgage would have been paid off.

The focus of homebuyers needs to shift from future home prices to the amazing interest rates that are being offered TODAY! There is no guarantee that prices are going to fall another 10% and it is a lot more likely that interest rates are going to go up at some point.

I had a conversation with a good friend of mine yesterday who owns a few properties in a small Oregon town. He shared with me a story that is not unlike that of many people who have been devastated by the bubble burst and predatory lending.

He has lived in the same town for most of his life and used the same bank to obtain loans on all of his houses for the past 22 years. For the past five years he has been upside down $600.00 a month on an investment property, never being late or missing a payment. Recently, he visited a "friend" at his bank to discuss the possibility of refinancing this property. He explained to this "friend" that he was literally going broke trying to stay current on the property and that he needed help. After explaining his humbling position, he was told that there was nothing they could do for him. He was told that if he only had more reserves...blah, blah, blah, (If he had more reserves, would he be asking for help?) This "friend" went on to explain to him that if he stopped making payments, they would foreclose on the property, sell it, and then sue him for the difference. This wasn't a surprise to my friend, his wife is a real estate agent and he already knew the foreclosure process. What he didn't expect was the level of callousness that was given to him by someone who has made a decent amount of money from his real estate transactions throughout the years.

Times are tough for a lot of people. Many folks are facing circumstances that they never thought could be possible in their lifetime and they deserve to be treated with respect. Although there are some people who have walked away from their financial obligations without batting an eye, there are many who have done all they can do to save their homes and have just fallen victim to unfortunate times. As professionals, we need to remember that clients are clients in good times and bad. It's how we treat them during difficult times that leaves a lasting impression!

If you are looking for a great last minute alternative to trick or treating, Mariners Church in Irvine has a couple of options. Harvest Carnival is geared toward kids 5th grade and under who can enjoy a plethora of safe and fun activities, including a Ferris Wheel, petting zoo, reptile zoo, facepainting, giant slides, cake walks, and much more! Harvest Carnival will take place on Friday, October 28th from 5-9pm at the Mariners Church Irvine Campus. Admission is just $5.00 and kids under 3 are free. If you would like more information or want to purchase an "all attractions" wristband, you can visit the following link: http://www.marinerschurch.org/index.php/irvine-ministries/campus-wide/1436-harvest-carnival-2011

Junior High kids (6th-8th grade) can take part in "Sugarfest" on Saturday, October 29th from 7-9pm. This appropriately named event will provide loads of candy, a costume party, and tons of other fun activities throughout the night. Tickets are $10.00 at the door!

Mariners Church is located at 5001 Newport Coast Drive, Irvine, Ca 92603