15 townhomes in Costa Mesa all in "The Village at Admiral Way" up for auction

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<p>NSR,</p>

<p>You're right - shared walls changes everything (even with regular termites).</p>

<p>I once owned a townhome that had them in the attic. </p>

<p>The HOA would only allow the pellet treatment because it is difficult to get authorization to tent when there are 2,3,4,5 other units involved.</p>

<p> </p>
 
<p>Forgot to add to the remedy:</p>

<p>Replace all damaged wood!</p>
 
<p>"A little strip of landscaping out front on the main street..."</p>

<p>Tell me about it! I drove by the neighborhood tdoay and saw modest size homes on nice lots (part of the original neighborhood) and then McMansions squashed on a lot. If I wanted to, I could have spit on the front door of one of them from the sidewalk.</p>

<p>How sad.</p>
 
<p>Graphrix, I used to live on the East Side. Admiral Way townhomes are a standard high-density townhome/condo/apartment complex. I think they missed the 80s bubble and made them all rentals. Since I'm near there today for lunch, maybe I'll swing by and take a camera phone shot of a traditional lot and a PUD to show what I mean.</p>

<p>Buylowsellhigh, nice pics. Wow, talk about a gloss coat. Totally different looking than the beat up, grungy rental townhomes I remember.</p>
 
<p>I'm particulary fond of the sconce.</p>

<p>And judging from the comments about this place, I expected it to be a total dump....but after looking at the pictures (Thx blsh) they don't look THAT bad. Perhaps it is the lipstick on a pig theory..... </p>

<p>I imagine the termite issue will scare most people off.....that is, if it's disclosed properly.</p>

<p> </p>
 
<p>When you drive up, the neighborhood is a dump (for irvine standards, irvine housing blog,etc)</p>

<p>As you drive into the gated community, the exterior looks to have a fresh coat of paint. But sidewalks, landscaping, etc are all older.</p>

<p>The "model home" was fully upgraded. Looks like a luxury apt, I like it. Starting bid of that model is $30k more than average.</p>

<p>Walk to the other units, you'll see less and less upgrades and start seeing older and older decorations.</p>

<p>Biggest turn off was some units only have a fresh coat of paint. Everything else, is more than 20 yrs old. Windowsills, bathroom, counters, etc.</p>
 
I went... the marriott conference room was PACKED with people to start, with about 200 people for 15 properties. After time I found most of them are onlookers just to see whats going on. Anyways, 15 properties, around 5 are 3 bedroom (1800 sqft) and the rest of 10 are 2br 1600 sqft homes. Very easy to calculate price because there is only two floor plans.





The 2BR ones were going for around $500k after 5% "premium". The 3BR were going for around $575k on average.





One notable observation was that as buyers won, you can see them leaving, leaving less bidders. The winning price kept sliding by 5-10k after each winning bid. Additionally, there was 22 auctions for 15 properties. because half the winners DQ'd on the loan qualification. One property was won for $615k, and after it came back on the block it was sold for 565k. Most time when winning bidders walk, the subsequent auction price was lower because there is now less people to bid on the property. REDC has countrywide on site to qualify winning bidders, but you dont have to use them during escrow. I don't think you lose the $5k deposit if you dont quality for a loan after you bid, but you forfeit 3% if you drop out of escrow.





Overall you can see buyers were fairly cautious, and the auctioneer was at times flustered due to low bids. The high bid will sit for 4-5 minutes as the auctioneer tries to extract other bids, which was quite annoying. Towards the end, people started leaving and by the last auction I would say more than half the people were gone.
 
Driving by Admiral Way today, there are signs up indicating the properties are back up for sale. The model unit is being offered on Craig's List at the winning bid price from the auction: $565K. Any idea what happened--why they're back up for sale???
 
<a href="http://orangecounty.craigslist.org/apa/665538478.html">http://orangecounty.craigslist.org/apa/665538478.html</a>



Wow... remember these?



I guess someone bought one, maybe at the auction... now looking to sell or rent on craigslist...
 
What happens when you over pay for a crappy condo conversion (<a href="http://www.zillow.com/homedetails/190-Admiral-Way-Costa-Mesa-CA-92627/25477369_zpid/">190 Admiral Way</a>), that you really can't afford, two years after you bought it? Oh... and a property in the complex is taking back up offers at a listing price for a $130k less than what you paid?



I will give you a hint... It begins with a "F".
 
[quote author="graphrix" date=1241008421]What happens when you over pay for a crappy condo conversion (<a href="http://www.zillow.com/homedetails/190-Admiral-Way-Costa-Mesa-CA-92627/25477369_zpid/">190 Admiral Way</a>), that you really can't afford, two years after you bought it? Oh... and a property in the complex is taking back up offers at a listing price for a $130k less than what you paid?



I will give you a hint... It begins with a "F".</blockquote>
I think the word "crappy" and the phrase "condo conversion" go hand in hand.
 
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