To say he left a impression on Irvine real estate is an understatement.
Irvine visionary Ray Watson dead at 86
Published: Oct. 22, 2012 Updated: Oct. 23, 2012 7:43 a.
By JONATHAN LANSNER, JEFF COLLINS and THOMAS MARTINEZ / THE ORANGE COUNTY REGISTER
Raymond L. Watson, the real estate planner who left ahuge imprint on two Southern California corporate icons – the Irvine Co. and the Walt Disney Co. – has died from complications of Parkinson’s disease in Newport Beach. He was 86.
In 1960, Watson was hired as the Irvine Co.’s original urban planner while the land owner faced pressure to develop more land and convince the state that the area could host a new University of California campus. With Watson’s guidance, the Irvine Co. created the master plan that is today’s Irvine as well as the corporate hub of Newport Center and the Fashion Island shopping center.
Watson eventually became the Irvine Co.’s president before leaving in 1977. He returned to serve as vice chairman 1986-2003.
“Ray Watson was a gifted man who offered tireless work, boundless energy, creative ideas and persuasive leadership,” said Irvine Co. Chairman Donald Bren, who gained control of the company in 1979.
Longtime Irvine politician Larry Agran noted Watson’s huge role in Irvine’s development. “I had occasion to work with him – occasionally on opposite sides of issues – but always found him to be a gentleman and a man of great vision. He had a remarkable life and made a remarkable impact,” Agran said.
In 1996, Watson wrote of Irvine: “It is the calculated result of, first, a vision; then a plan, then a continuum of more planning, design, public input construction and, ultimately, the fusing of plan, structures and human habitation into what we now need only describe as Irvine.”
Watson’s early work caught the eye of Disney founder and creative genius Walt Disney. Watson gave Disney early advice on what would become Florida’s Disney World and joined Disney’s board of directors in 1974. Watson became Disney’s interim chairman in 1983, as corporate vultures circled the then-ailing entertainment firm. Watson led Disney Co. to hire Michael Eisner and Frank Wells for top executive jobs – the two men guided Disney to the global entertainment leadership spot it holds today. Watson retired from Disney in 2004.
“Ray exhibited incredible leadership, sound judgment, and grace under pressure, particularly during the difficult period in the mid-1980s,” said Bob Iger, Disney’s current CEO.
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Proprietary OC Housing News home purchase analysis
28275 PINE MEADOW Way Yorba Linda, CA 92887
$749,000 …….. Asking Price
$338,000 ………. Purchase Price
5/16/1990 ………. Purchase Date
$411,000 ………. Gross Gain (Loss)
($27,040) ………… Commissions and Costs at 8%
============================================
$383,960 ………. Net Gain (Loss)
============================================
121.6% ………. Gross Percent Change
113.6% ………. Net Percent Change
3.5% ………… Annual Appreciation
Cost of Home Ownership
——————————————————————————
$749,000 …….. Asking Price
$149,800 ………… 20% Down Conventional
3.50% …………. Mortgage Interest Rate
30 ……………… Number of Years
$599,200 …….. Mortgage
$136,531 ………. Income Requirement
$2,691 ………… Monthly Mortgage Payment
$649 ………… Property Tax at 1.04%
$0 ………… Mello Roos & Special Taxes
$187 ………… Homeowners Insurance at 0.3%
$0 ………… Private Mortgage Insurance
$0 ………… Homeowners Association Fees
============================================
$3,527 ………. Monthly Cash Outlays
($419) ………. Tax Savings
($943) ………. Equity Hidden in Payment
$166 ………….. Lost Income to Down Payment
$207 ………….. Maintenance and Replacement Reserves
============================================
$2,538 ………. Monthly Cost of Ownership
Cash Acquisition Demands
——————————————————————————
$8,990 ………… Furnishing and Move In at 1% + $1,500
$8,990 ………… Closing Costs at 1% + $1,500
$5,992 ………… Interest Points
$149,800 ………… Down Payment
============================================
$173,772 ………. Total Cash Costs
$38,900 ………. Emergency Cash Reserves
============================================
$212,672 ………. Total Savings Needed
The property above is available for sale on the MLS.
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Finally, someone in the MSM acknowledges the real reason homebuilding is getting better. Hint: it’s not increasing demand.
Shrinking Supply of Distressed Homes Makes Room for Homebuilding
A steady drop in distressed home sales may spell a better future for builders, Capital Economics analyst and property economist Paul Diggle says.
In a US Housing Market Update released by the firm, Diggle notes that while “a substantial overhang of properties still in the shadow inventory” will keep distressed sellers in the market, the peak in distressed supply appears to be well behind us, giving homebuilders more room to grow with less competition from discounted existing homes.
“The continued drop in the supply of distressed homes on the market is encouraging homebuilders to break ground on more sites,” Diggle said.
Distressed sales made up 22 percent of all sales in September, down from 33 percent at the start of 2012, the update says. Furthermore, September’s share of distressed sales is the lowest reading in the five-year history of the data.
Meanwhile, starts shot up in September by 15 percent, hitting a four-year high of 872,000 annualized.
Diggle notes that a shift in distressed sales has also been helpful for builders. Short sales—typically sold at a smaller discount than foreclosures—have been gaining traction as foreclosure sales drop, creating “less of a depressing influence on the new-build market.”
While the shadow inventory may threaten the balance currently forming, the impact isn’t expected to be severe.
“Even after the signing of the foreclosure agreement, foreclosure timelines are still measured in years rather than months, and banks are showing little appetite to swamp the market with repossessed homes,” Diggle said. “So it seems unlikely that the shadow inventory is going to drive a large enough surge in supply to seriously dent housing starts.”
In addition, tightening supply in the new homes market has created a foothold for growth, Diggle remarks. September saw a 4.5 months’ supply of unsold new homes on the market, down from the long-run average of more than 6 months. While the current tight supply “has been a necessary corollary of the overbuilding in the boom years,” it provides a boosts for starts as demand improves.
While a resumption of normal homebuilding volume—in the region of two million yearly starts—looks unlikely in the near future, Diggle expressed confidence that the homebuilding recovery will continue to gain strength over the next few years.
“Our forecast for 750,000 housing starts during 2012 as a whole, first made in 2011, looks broadly on track. But our current forecast, for 850,000 starts in 2013 growing to 950,000 in 2014, may now be on the low side,” Diggle concluded.