74 Liberty in Tustin Field

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blackbeard_IHB

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Did anybody see this property over the weekend. It is at 74 Liberty in Tustin Field.



<a href="http://www.redfin.com/CA/Tustin/74-Liberty-92782/home/12363779">Link to 74 Liberty on Redfin</a>



Talk about a quick sale. They just put it on the MLS on Friday and it already has offers. I thought the price was good for the market right now. I'm shopping in the "mini house" or "detached condo" market and that property was pretty cheap compared to what I see come on the MLS. It has Irvine schools and a driveway plus backyard. I looked at it and it was nice. However, it is right next to the train tracks and across the street from "affordable" housing. I'm surprised it went that quick. In general it seems like there is a little firming of the market due to time of year and stuff at the right price is selling good. I'm not ready to get in the water yet because I think this is just a little spring bump and we are going to see properties going still lower after we get into the summer and fall. What do you guys think? At $2500 bucks a month for rent this place is about a GRM of 204.
 
Wow, that was fast. Someone bought this home at the foreclosure auction on 5/15 for $399k. Not a bad way to make a quick $100k. *cough*vulture fund*cough*
 
[quote author="graphrix" date=1212032410]Wow, that was fast. Someone bought this home at the foreclosure auction on 5/15 for $399k. Not a bad way to make a quick $100k. *cough*vulture fund*cough*</blockquote>


Cockadoodle profit.
 
[quote author="graphrix" date=1212032410]Wow, that was fast. Someone bought this home at the foreclosure auction on 5/15 for $399k. Not a bad way to make a quick $100k. *cough*vulture fund*cough*</blockquote>


I would do it if I thought I could.
 
This place is nice!

$399K for almost new construction seems like an extremely good deal compared to alot of the older, overpriced garbage that's out there.

What auction, like the one held at the Anaheim Convention Center?
 
[quote author="tenmagnet" date=1212033182]This place is nice!

$399K for almost new construction seems like an extremely good deal compared to alot of the older, overpriced garbage that's out there.

What auction, like the one held at the Anaheim Convention Center?</blockquote>


No, this is the auction at the courthouse, where either a bidder or the bank buys the house. The REDC auction is all bank owned already, that has been taken back at the courthouse, and hoping to dupe, er sell it to a new buyer. Gotta have cash for the courthouse.
 
[quote author="graphrix" date=1212033995][quote author="tenmagnet" date=1212033182]This place is nice!

$399K for almost new construction seems like an extremely good deal compared to alot of the older, overpriced garbage that's out there.

What auction, like the one held at the Anaheim Convention Center?</blockquote>


No, this is the auction at the courthouse, where either a bidder or the bank buys the house. The REDC auction is all bank owned already, that has been taken back at the courthouse, and hoping to dupe, er sell it to a new buyer. Gotta have cash for the courthouse.</blockquote>




Thanks for the reply and clarification.

I'm with you now.
 
We saw the property on Saturday, the realator, I forgot his name, the guy on the sign is the owner. He didn't mentioned that he only paid $399K for it. Well, it is nice, small, you can still hear Jamboree, but at least it is a few houses away from say, 78 Liberty. You can't see the backyard from the kitchen, and the yard is all tile. It's a starter detached, but we rather wait for something that is selling for $650K range right now, to drop to about $500K in a couple of years.
 
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