2505 San Saba St. Tustin Ranch

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arctichaze_IHB

arctichaze_IHB

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Its too close to Irvine so I decided to ask here.



<u>http://www.redfin.com/CA/Tustin/2505-San-Saba-St-92782/home/4756345</u>



I saw this interesting property at the MLS over the long weekend. Its an REO from a company affiliated with Wells Fargo. Too bad we can't touch it since my wife works for Wells.



Sub $600K on a SFR seems like a great deal for its location. Its surrounded by apartments though. I looked at the property inside and its in good condition, it definitely needs new carpets. There were literally a line of 6 families with 6 agents waiting to check this place out when I got there late afternoon today. I can't believe someone paid $800K for this 2 years ago.



Question is how much do you think this will sell for? Did they just list it low to create a bidding frenzy?



My wife is getting eager to purchase and I don't know how long I can convince her that renting is the best option right now.
 
I went to see this property over the weekend and there were 3 other families at the property. Our agent couldn't find the keybox though so we couldn't get inside the property.



I have a feeling that there is going to be a bid-war for this property. I have seen some banks listing the property below market price and then start bidding war.
 
[quote author="arctichaze" date=1211986696]Its too close to Irvine so I decided to ask here.



<u>http://www.redfin.com/CA/Tustin/2505-San-Saba-St-92782/home/4756345</u>



I saw this interesting property at the MLS over the long weekend. Its an REO from a company affiliated with Wells Fargo. Too bad we can't touch it since my wife works for Wells.



Sub $600K on a SFR seems like a great deal for its location. Its surrounded by apartments though. I looked at the property inside and its in good condition, it definitely needs new carpets. There were literally a line of 6 families with 6 agents waiting to check this place out when I got there late afternoon today. I can't believe someone paid $800K for this 2 years ago.



Question is how much do you think this will sell for? Did they just list it low to create a bidding frenzy?



My wife is getting eager to purchase and I don't know how long I can convince her that renting is the best option right now.</blockquote>


My guess is it goes for $625-650K.
 
<object width="325" height="250"><embed src="http://www.youtube.com/v/youtube" type="application/x-shockwave-flash" width="325" height="250"></embed></object>



better than a picture here's my walk through. I had to film it for the the in laws since they were out of town.
 
Nice job with the video.

The high ceiling as you enter looks sweet.

It makes the dining room and living room look and feel impressive.
 
Im so pissed right now. I actually want to have a chance and buy this house. But were unqualified due to conflict of interest from Wells Fargo.



And to think I saw this on the MLS system which is pretty much a public listing.
 
[quote author="tenmagnet" date=1212023880]Nice job with the video.

The high ceiling as you enter looks sweet.

It makes the dining room and living room look and feel impressive.</blockquote>


For $20K, could easily build out a larger loft area or another bedroom and still have partially vaulted ceilings in the living room.
 
[quote author="ipoplaya" date=1212024742][quote author="tenmagnet" date=1212023880]Nice job with the video.

The high ceiling as you enter looks sweet.

It makes the dining room and living room look and feel impressive.</blockquote>


For $20K, could easily build out a larger loft area or another bedroom and still have partially vaulted ceilings in the living room.</blockquote>




I agree that would make sense, especially if you need the extra room.

Although, I really like the look and feel of vaulted ceilings over the dining room, living room and entry way. Just my own preference
 
[quote author="25w100k+" date=1212025063]I think its a bit overpriced. What do you guys think it would rent for? 3k?</blockquote>


I like this house (thanks for the great video) as well, but agree that it is overpriced even at $585k, and certainly if it goes in the low $6's. This one fit the specs of what I'm looking for perfectly, but I'd go no further than $550k or about $300 sq ft on this today --- I'm sure somebody else will, though. I'll bet a property like this one is around $500k by summer 2009.



I'm not as well versed in Tustin Ranch, but is this in a little less desireable area of TR? Can anyone more familiar with the area elaborate? IPO?
 
Imagine a donut and the hole is where this house sits everything around you is an apartment complex.



I think the tax rate is below 1.1% which is appealing HOA is $50 since there is no pool or bbq area. Its close to 2 small parks though.
 
[quote author="CK" date=1212025789][quote author="25w100k+" date=1212025063]I think its a bit overpriced. What do you guys think it would rent for? 3k?</blockquote>


I like this house (thanks for the great video) as well, but agree that it is overpriced even at $585k, and certainly if it goes in the low $6's. This one fit the specs of what I'm looking for perfectly, but I'd go no further than $550k or about $300 sq ft on this today --- I'm sure somebody else will, though. I'll bet a property like this one is around $500k by summer 2009.



I'm not as well versed in Tustin Ranch, but is this in a little less desireable area of TR? Can anyone more familiar with the area elaborate? IPO?</blockquote>


I am definetly more of a fan of the stuff on the other side of Irvine Blvd. I am not too familar with the gated area across from the golf course (Township drive), but I really like the neighborhoods off of Pioneer Rd. But I am also a little Peters canyon biased :) . But wow, the elementary school there looks like a Middle School and the middle school looks like a nice high school.
 
[quote author="arctichaze" date=1212026318]Imagine a donut and the hole is where this house sits everything around you is an apartment complex.



I think the tax rate is below 1.1% which is appealing HOA is $50 since there is no pool or bbq area. Its close to 2 small parks though.</blockquote>
<a href="http://tax.ocgov.com/tcweb/detail_sec.asp?ReqParcel=50033218&StreetNo;=&Direction;=&StreetName;=&APN=50033218&Suffix=00&CmpRevDte=79929288&RollTypCde=Secured&Code=A&StSuffix;=&City;=&Unit;=&s=1&p=1&t;=&TaxYr=2007#dtlsec">You can take a look at the tax rate here</a>. The mello roos, bonds, and other crap come to $1551, and the base tax rate is 1.04%. So, if you bought this place for $585k, the total tax base including the garbage, er bonds, would be 1.31%.



I lived in this area for a while. Personally I really liked it, and really liked be close to everything from Costco to Opah and from the marketplace to old town Tustin. The only downfall to buying this particular home is the surrounding apartments. Every IAC apartment complex has some bad elements, and the one on the other side of Myford had the most issues, and the one this home backs had the least, because it was more upscale and gated. The park at Heritage and TR road is cool, and you can find a B-ball game there every night, except when the Lakers are on. Be careful, some of those guys can play, and that is where I got my first alley-oops upside your head assist. I kinda felt bad for the dude that got dunked on, but being a part of an alley-oop... you just can't.



I believe the previous sale price of $835k was fraud, the area is nice, but not that nice for 1800 sqft.



Thanks arctichaze for the video. You just gave me a bunch of ideas. Oh those poor, poor sales agents.



Oops, linky added for the tax collector site.
 
[quote author="25w100k+" date=1212025063]I think its a bit overpriced. What do you guys think it would rent for? 3k?</blockquote>


I think it would rent for $2800 or so.
 
[quote author="CK" date=1212025789][quote author="25w100k+" date=1212025063]I think its a bit overpriced. What do you guys think it would rent for? 3k?</blockquote>


I like this house (thanks for the great video) as well, but agree that it is overpriced even at $585k, and certainly if it goes in the low $6's. This one fit the specs of what I'm looking for perfectly, but I'd go no further than $550k or about $300 sq ft on this today --- I'm sure somebody else will, though. I'll bet a property like this one is around $500k by summer 2009.



I'm not as well versed in Tustin Ranch, but is this in a little less desireable area of TR? Can anyone more familiar with the area elaborate? IPO?</blockquote>


It is a pretty decent area. Graph gave a good perspective. Heritage Park is nice. Proximinity to shopping is great.



At $600K, it would be a 185 CS index number based on the '98 sales price, well-below recent sales in the area in terms of depth of rollback. It's a good deal at list relative to recent sales in Irvine and Tustin. I would be surprised if it doesn't go for north of $600K with competing offers.
 
<em>"I think it would rent for $2800 or so".</em>



2800 x 160 = $448,000



If it sold for 600K, the GRM would be 214. IR would not approve. ;-)
 
[quote author="Trooper" date=1212074864]<em>"I think it would rent for $2800 or so".</em>



2800 x 160 = $448,000



If it sold for 600K, the GRM would be 214. IR would not approve. ;-)</blockquote>


Don't tell that crazy GRM stuff to the buyer IR2 found for my condo.



Mine rents for around $2800 per month and methinks we may be able to sell it for $590-595K...
 
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