18 Bayberry Way in University Park

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gypsyuma_IHB

gypsyuma_IHB

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Check out this new listing:



<a href="http://www.redfin.com/CA/Irvine/18-Bayberry-Way-92612/home/4699856">http://www.redfin.com/CA/Irvine/18-Bayberry-Way-92612/home/4699856</a>



I don't think it is a short sale, and it is pretty updated as well.



Check out the price per square foot.
 
what a strange set of pictures. you think the person taking the pictures could remove all the hair product bottles from the bathroom pics. they must really think their bathroom is something else with all those pics!
 
[quote author="IrvineRenter" date=1243977809]University Park will fall below $200/SF. It will be the low-price leader in Irvine.</blockquote>
It's still got a long way to go to reach that price. Yes, these are older homes, but doesn't that usually mean that many homes have been owned for a long time and are less likely to be distressed? I don't see the area being the "low-price leader," even though I would like to buy here, and would welcome it.



I recently noted a University Park 3/2 attached for sale at 1 Cashew. It went off the market in less than 2 weeks, and IR2's data shows it in escrow in May at $343/ sq. ft. I rent an IDENTICAL home for $2,400/month. Both homes are in similar shape -- dated, but in good condition. Mine is two blocks further from the freeway, so less noise. When the home was listed for sale, I used the IHB rent vs own calculator and I'm convinced I've got a bargain. (Don't tell my landlord!) My rent pencils out to roughly a $250/sq. ft. purchase price.
 
[quote author="GoIllini" date=1243989050][quote author="IrvineRenter" date=1243977809]University Park will fall below $200/SF. It will be the low-price leader in Irvine.</blockquote>
It's still got a long way to go to reach that price. Yes, these are older homes, but doesn't that usually mean that many homes have been owned for a long time and are less likely to be distressed? I don't see the area being the "low-price leader," even though I would like to buy here, and would welcome it.



I recently noted a University Park 3/2 attached for sale at 1 Cashew. It went off the market in less than 2 weeks, and IR2's data shows it in escrow in May at $343/ sq. ft. I rent an IDENTICAL home for $2,400/month. Both homes are in similar shape -- dated, but in good condition. Mine is two blocks further from the freeway, so less noise. When the home was listed for sale, I used the IHB rent vs own calculator and I'm convinced I've got a bargain. (Don't tell my landlord!) My rent pencils out to roughly a $250/sq. ft. purchase price.</blockquote>


Even at 4.5% interest rates, University Park is going to have difficulty staying above $250/SF. As interest rates rise, it will fall that much farther.



I have nothing against University Park. I live there now.
 
That house still seems pretty pricey to me. The pictures of that house didn't look very updated to me. Maybe it looks better in person. I can't really tell for certain, but those look like old cabinets and and old oven in the kitchen. There are new floors and new counters but they don't look good together. The back yard looks the same. Bathroom cabinets look like they weren't replaced. Fireplace looks old. It looks like the original light in the kitchen. Hall closet doors look original. Windows look old too.
 
Bathrooms looked pretty good..... and at least it wasn't those redneck oak cabinets in the kitchen. I just like seeing some downward movement.
 
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