15 Spring Grove - a good deal at 1,399,000 in Northwood Pointe, or not?

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new2oc_IHB

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Saw this home in the Cristal tract of Northwood Point that went down from 1599000 and was just lowered to 1399000, and has been on the market for about 4 months. It's 3800 sq ft on an almost 9000 sq foot lot, with a pool. needs some paint and updating. Anyone know if this is a good deal at 1.399k? What do you think the true value of this property is and where do you think the prices will be in the next couple years? Up or down...



Thanks for your input!
 
<a href="http://www.redfin.com/CA/Irvine/15-Spring-Grv-92620/home/4790395">If you're lazy and you know it, click your mouse.</a>
 
Excellent deal! but who paid the water bill for making the entire street wet. They need to be fined by the city. If I were to buy I would demand a $200,000 reduction for having to replace that ugly tile in the master bedroom. I think in 3 years this house will definitely sell for $2.5 million.
 
[quote author="new2oc" date=1243510550]Saw this home in the Cristal tract of Northwood Point that went down from 1599000 and was just lowered to 1399000, and has been on the market for about 4 months. It's 3800 sq ft on an almost 9000 sq foot lot, with a pool. needs some paint and updating. Anyone know if this is a good deal at 1.399k? What do you think the true value of this property is and where do you think the prices will be in the next couple years? Up or down...



Thanks for your input!</blockquote>
Still overpriced! Call me when they below $250/sf with that fugly tile.
 
How expensive if tile to replace to carpet? Do you have to chip away the tile or just lay the carpet on top? I think it has potential. Price per sq foot, is only for the internal house. But house do you access for the large lot size?-almost 9000?
 
Yeah, I've seen this house and quite liked it first (of course at well below the asking price), but the deal breaker for me was the noise. There is nothing between this house and Culver Dr. but a few leaves.
 
What is with the love of Oak cabinets? For that much money, couldn't they afford something that you don't find in homes half the price?



Besides Culver, with the way the home is situated, you also have four other homes breathing down your neck. I'll pass.
 
The backyard faces other backyards, so there are not very many homes around you. I know in some tracts, there are homes all staring in your backyard. This one is different, especially for Irvine, where everything is a bit crowded. Yes, the cabinets are not very exciting-right u are!
 
That tile is not so bad, but what's up with the hospital white walls? It's almost blindingly white in there. A little warmer color on the walls, and that one is a keeper. Nice yard.



As soon as this baby falls to $550k, I'm all over it.
 
This price is better than it used to be. Read this post: <a href="http://www.irvinehousingblog.com/blog/comments/the-difference-distress-makes/">The Difference Distress Makes</a>



When you are asking whether or not this is a good deal, there are really two separate questions: (1) is the pricing fair in today's market, and (2) what is the fundamental value of the property.



The answer to the first question is no. The current asking price is high relative to comps.



The answer to the second question is an emphatic no. The current asking price is $500,000 or more above its cashflow value where prices are ultimately heading.
 
[quote author="new2oc" date=1243514877]How expensive if tile to replace to carpet? Do you have to chip away the tile or just lay the carpet on top? I think it has potential. Price per sq foot, is only for the internal house. But house do you access for the large lot size?-almost 9000?</blockquote>


Not sure about the cost but it can be done. Instead of nailing the carpet to the floor, they glue carpet tack strips and put the carpet on top of that. The problem you can run into are doors. The carpet will raise the level of the floor when on top of the carpet and if you have doors, they might not close properly/rub.
 
[quote author="IrvineRenter" date=1243555745]This price is better than it used to be. Read this post: <a href="http://www.irvinehousingblog.com/blog/comments/the-difference-distress-makes/">The Difference Distress Makes</a>



When you are asking whether or not this is a good deal, there are really two separate questions: (1) is the pricing fair in today's market, and (2) what is the fundamental value of the property.



The answer to the first question is no. The current asking price is high relative to comps.



The answer to the second question is an emphatic no. The current asking price is $500,000 or more above its cashflow value where prices are ultimately heading.</blockquote>


I think you are wrong about pricing being fair relative to comps IR. At a Case-Shiller index figure of 190, below what this area has been selling for, the price would be right at $1.4M... How can you say the current asking price is high relative to comps when if it closed today at list, it would drive down the current CS equivalent average for the city?



19 Stonebrook in NW Pointe recently closed for $1.1M. It cost over $200K less originally, almost 40% less than this property, which would suggest $1.3-1.4M is fair. 22 Canyonwood also in NW Pointe recently closed at $1.425M and it is 600sf smaller at 3200sf with 1000sf smaller lot size. This would also suggest that $1.3-1.4M is fair current pricing for the property in question.
 
I love these great rooms where builders put the fireplace in the middle and the Media niche way in the corner at the end of the room.



That makes sense, lets uncomfortably stare at the corner of the room for 364 days out of the year so that 1 cold night in January we can enjoy the fireplace smack dab in the middle of the room.
 
Thanks OCGUY for mentioning that if you put carpet on the floors, you may need to trim all the doors. In regard to Irvine Renter's comments, I did see 2 Clear Creek also and 15 Spring Grove is a much better property. 2 Clear Creek has a cul de sac and closed for 1.125, -but 15 Spring has a park like back yard, and a fire place there. There is 2000 sq ft more in Spring Grove's lot size-that has to be worth something. 8700+sq foot lot is uncommon in Irvine. I heard Spring Grove is in escrow.
 
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