$765k for 2400 sf in Northwood II (76 Turnbury Ln), Good deal?

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fromluotian_IHB

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I visited the 76 Turnbury Ln property at Northwood II last weekend. It is a bank owned property built in 1998, asking for $765k for 2400 sf with a lot size of 7000 sf. My agent said it is a good deal. I think it is an OK deal. How do you guys think? Also, there is one common wall. So it should be titled as condo? (it is said SFR in MLS). Thanks for your comments in advance.
 
It depends on what you want and how much you are willing to pay. A big plus is that it is in Northwood Pointe (not Northwood II). What I consider negatives: shared driveway and sides to Portola. Your criteria may not mirror mine, however. What did <em>you</em> think, since you will be the one living there?



Also, what do you mean common wall? Is there a common wall for two homes, or two yards?
 
I'm confused....is NW II the area off Jeffrey and Trabuco or the area around Meadowwood Park (the area this house is in). If the Jeffrey/Trabuco area is NWII, what is this area called?





edit: oops, looks like evaL already pointed it out
 
[quote author="fromluotian" date=1216164637]I visited the 76 Turnbury Ln property at Northwood II last weekend. It is a bank owned property built in 1998, asking for $765k for 2400 sf with a lot size of 7000 sf. My agent said it is a good deal. I think it is an OK deal. How do you guys think? Also, there is one common wall. So it should be titled as condo? (it is said SFR in MLS). Thanks for your comments in advance.</blockquote>


Uh, 76 Turnbury is NOT in Northwood II. It's in Northwood Pointe... If you don't mind street noise (it sides to Portola) and a problematic resale (many people won't touch it due to the street noise), it's not a bad deal. The 2003 buyer overpaid for it relative to the overall market at the time. I put the current market value at $750-775Kish based on an averaging of the '98 purchase price and the inflated 2003 buy, so it is indeed listed at a fair price given recent transactions. I'd guess that it likely has offers around list and likely could already be in escrow. REO agents often don't change status to backup when the open escrow. They wait for contigencies to be cleared and go straight from active to pending.
 
[quote author="EvaLSeraphim" date=1216165088]It depends on what you want and how much you are willing to pay. A big plus is that it is in Northwood Pointe (not Northwood II). What I consider negatives: shared driveway and sides to Portola. Your criteria may not mirror mine, however. What did <em>you</em> think, since you will be the one living there?



Also, what do you mean common wall? Is there a common wall for two homes, or two yards?</blockquote>


The units in that neighborhood share a common wall for two homes, i.e. they are paired homes. The tract is named Carlyle at Lane's End. For a somewhat dense paired-home development, it's rather nice IMO. Well located re: the elementary school and NW HS.
 
Thanks for your input and correction. Yes, it is Northwood Pointe and it is paired-home (with one common wall between two homes). I think IPO's estimate of price is reasonable.
 
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