$230 sq/ft in West Irvine

NEW -> Contingent Buyer Assistance Program
O

oc_35_IHB

New member
<p>I have been watching this area plus Tustin Ranch for a while and this is the lowest $/sq ft. I have seen. It must be a short sale (last sale in 5/07 was 200k higher than asking price) and I am not sure if the bank has approved this price but it definitely will upset the other peple with active listings. A few more of these and it will blow the comps for area which is good news for buyers and the resident bears here.</p>

<p><a href="http://www.redfin.com/stingray/do/printable-listing?listing-id=1465148">http://www.redfin.com/stingray/do/printable-listing?listing-id=1465148</a></p>
 
<p>I was just talking yesterday to the realtor who sold the house for $1.05M. He felt at the time something was fishy about the buyers and especially the buying agent. He said at the time he went as far as checking the transactions for the buying agent, of which there apparently had been none previously done.</p>

<p>I believe the same buyers who paid $1.05M for this house also bought Oroville, i.e. the went that got auctioned off last week. There was at least another home these same buyers acquired that also got foreclosed on. </p>

<p>This is a smokin' hot deal IMHO and I think it will go over list and go very fast. People are buying 2200sf homes in West Irvine in the low $700K range. It's close to Jamboree, but not on it and backs to a big nice park.</p>

<p>Personally, I wouldn't buy in this particular part of West Irvine. There is no HOA and it shows. These homes have not held up well in terms of value relative to other West Irvine places not to mention the rest of Irvine. That being said, it was horribly tempting to make a run at this place but we'd rather have smaller in a better part of Irvine (or even Tustin Ranch) than a big place in Legacy. </p>
 
<p>Funny what you say about this property and the lack of HOA's.</p>

<p>I refuse to pay HOA's specifically because I don't want the association.</p>
 
I just wrote a profile for this property due to come out on Friday. It was a 100% financing deal, but the buyer was a person and not an LLC or some sham business entity. It could be fraud, but I think it was just a really stupid flip.
 
<em>"This is a smokin' hot deal IMHO and I think it will go over list and go very fast."</em>





It would be interesting to see what happens. I assume you will watch this one closely. BTW, this isn't 2004. Although this is a good price in today's market, don't be surprised if it doesn't get multiple offers over asking price.
 
<p>NO NO NO NO. DO NOT WANT.</p>

<p>I want:</p>

<p>- North Tustin (Orange County unincorporated) NOT Tustin Ranch. NOT in the city of Irvine. .</p>

<p>- 10,000 s.f. lot. This one is about 7K.</p>

<p>- RV parking. Not on this lot. </p>

<p>- Single story. This one is two.</p>

<p>- A flat driveway more than one car deep.</p>

<p>- A rent multiplier around 180 or so. This place won't rent for a penny more than $3k a month. You can do the math.</p>

<p>- It's too big. I live in 1100 sf now, and it's almost too big. Just me, the Mrs, and two little white dogs.</p>

<p>On a positive note, it doesn't have a pool or spa, and my wife will have a sexy 5 minute commute to work. Still do not want.</p>
 
<p>LIz,</p>

<p>This is a little big, but it's pretty close of what I'm looking at:</p>

<p><a href="http://www.redfin.com/stingray/do/printable-listing?listing-id=1391697">http://www.redfin.com/stingray/do/printable-listing?listing-id=1391697</a></p>

<p>12672 Dunas RD Santa Ana, CA 92705 </p>
 
<p>Very attractive. I will say the hub and I have too much space at 2850 and 2 cats. When our son lived with us, which he did until a year and a half ago, off and on, it was fine. Now there are rooms we hardly ever go in.</p>

<p>I gather you don't feel an offer on that one that you would be willing to make would be accepted?</p>
 
<p class="MsoNormal">I got an urgent phone call yesterday from one the realtors I talk to about 53 Legacy Way. Hemming and hawing about this being a great deal that we should move fast. Arrive at work today and see there’s already an IHB discussion thread on it. Thanks to all of you for the timely information posted on the various threads. For people like myself, who are a little younger and lack some sophistication regarding the real estate market, this forum has been a godsend, providing much need perspective and leverage in my buying decisions. </p>
 
No_Vas: Isn't that going to be REALLY hard to find? Big lot, small house means high $/sq. ft., so likely a bad GRM. And strictly in Irvine too? Apart from luxury customs, they haven't built houses like that in OC for at least 20 years. Besides, I'd think RV parking would cause some serious pearl-clutching at your typical Irvine HOA. ;-)
 
<p>Liz,</p>

<p><em><strong>I gather you don't feel an offer on that one that you would be willing to make would be accepted?</strong></em></p>

<p>Not today. Not a snowballs chance in hell.</p>

<p>Fair:</p>

<p><strong><em>Isn't that going to be REALLY hard to find? Big lot, small house means high $/sq. ft., so likely a bad GRM. </em></strong></p>

<p>No, it won't be hard to find. There are lots of them. In North Tustin. Only. Trust me, there's lots. And if I thought I could blow 200K in equity on my way to the bottom and feel good about it, I'd buy one today. I have my eye on at least 25 that are pretty close.</p>

<p><strong><em>And strictly in Irvine too? </em></strong></p>

<p><u>NOT in Irvine</u>.</p>

<p><strong><em>Apart from luxury customs, they haven't built houses like that in OC for at least 20 years. </em></strong></p>

<p>No problem. I want an older home because the neighborhood I'm looking at is all older homes. 1955-1970 or so. Hopefully never remodeled.</p>

<p><strong><em>Besides, I'd think RV parking would cause some serious pearl-clutching at your typical Irvine HOA. ;-) </em></strong></p>

<p>I'm not a bad neighbor, but I refuse to live somewhere there is an association. </p>
 
<p>That was the strip of street where a lady was murdered last year by her husband. I have no reason to believe this is the house, but just another thing to investigate as that does tend to affect the first and second resale after such an event.</p>

<p>SCHB</p>
 
You must log in or register to reply here.
Back
Top