Anyone know what 3 Cipriani closed for?

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[quote author="annuitypro" date=1251026964]It was listed last week @ 899k, sold I believe within 3 days. Thought about making a run at it.</blockquote>
It hasn't sold yet...it's probably in escrow right now.
 
[quote author="orgopeach" date=1251027263][quote author="annuitypro" date=1251026964]It was listed last week @ 899k, sold I believe within 3 days. Thought about making a run at it.</blockquote>
It hasn't sold yet...it's probably in escrow right now.</blockquote>
That is correct. The property is in "back-up offer" status and went off the market on 8/19/09.
 
Trojan,



Do you know how much 28 Teak Brg ended up selling for?



How much do you think this beauty will close at?

<a href="http://www.redfin.com/CA/Irvine/10-Inglenook-92602/home/7213167">http://www.redfin.com/CA/Irvine/10-Inglenook-92602/home/7213167</a>
 
[quote author="PANDA" date=1251031342]Trojan,



Do you know how much 28 Teak Brg ended up selling for?



How much do you think this beauty will close at?

<a href="http://www.redfin.com/CA/Irvine/10-Inglenook-92602/home/7213167">http://www.redfin.com/CA/Irvine/10-Inglenook-92602/home/7213167</a></blockquote>
28 Teak Brg was listed at $719k and went into escrow on 8/13/09. MLS currently shows that the property is "back-up offer" status.



As for 10 Inglenook, I think it gets bid up to about $850k +/- $10k.
 
[quote author="usctrojanman29" date=1251032113][quote author="PANDA" date=1251031342]Trojan,



Do you know how much 28 Teak Brg ended up selling for?



How much do you think this beauty will close at?

<a href="http://www.redfin.com/CA/Irvine/10-Inglenook-92602/home/7213167">http://www.redfin.com/CA/Irvine/10-Inglenook-92602/home/7213167</a></blockquote>
28 Teak Brg was listed at $719k and went into escrow on 8/13/09. MLS currently shows that the property is "back-up offer" status.



As for 10 Inglenook, I think it gets bid up to about $850k +/- $10k.</blockquote>


I think the last comp in the Capanile tract was <a href="http://74.125.47.132/search?q=cache:isNt6UhdO-0J:www.redfin.com/CA/Irvine/12-Longvale-92602/home/7203012+12+Longvale&cd=2&hl=en&ct=clnk&gl=us">12 Longvale</a>--a <a href="http://www.garyfallis.com/img/floorplans/npsfp/campanile_p3.jpg">Plan 3,</a> which sold in April for $815K. 10 Inglenook looks like a <a href="http://www.garyfallis.com/img/floorplans/npsfp/campanile_p4.jpg">Plan 4,</a> which is about ~100 sqft bigger but only has 2.5 baths versus 3 baths in a plan 3, plus no bedroom downstairs. So hopefully no one pays more than $815K.



I would just wait for <a href="http://www.redfin.com/CA/Irvine/12-Inglenook-92602/home/7213168">12 Inglenook</a> to go back to the bank. It looks like a nice <a href="http://www.garyfallis.com/img/floorplans/npsfp/campanile_p3.jpg">plan 3</a>, which was overpaid for in 2006 for $1.02M!!! No way he sells it for $1.1M. He is probably looking for a loan modification which may or may not happen. If not, Panda can scoop this up with the other REOs in the area in 2010.



But then again, his neighbor at <a href="http://www.redfin.com/CA/Irvine/24-Spyrock-92602/home/7203055">24 Spyrock</a>, a <a href="http://www.garyfallis.com/img/floorplans/npsfp/campanile_p1.jpg">Plan 1</a>, went into escrow at the ridiculous asking price of $414/sqft. I seriously hope the new owners negotiated a much lower price.
 
I think 3 Cipriani will close for $850k-$875k. I went to see the property with one of my buyers before the open house last weekend. The carpet was in horrible shape (needed to be replaced), the bathrooms and kitchen were outdated, and the walls needed a good re-painting. The curb appeal was a little BLAH with the weird 3-car garage layout (I think even IHO would say it wasn't IHO approved...3-car garage wise of course).
 
10 Inglenook was taken back by the bank on 8/13. Looks like those who bought Lehman's "assets" are moving rather quickly. This doesn't bode well for those who hope that banks will keep that "shadow" inventory so "shadow" like. Get ready for a flood IHBers, it has been in the making for over two years now, the tsunami is finally coming.
 
[quote author="IACRenter" date=1251037455][quote author="usctrojanman29" date=1251032113]

28 Teak Brg was listed at $719k and went into escrow on 8/13/09. MLS currently shows that the property is "back-up offer" status.



As for 10 Inglenook, I think it gets bid up to about $850k +/- $10k.</blockquote>


I think the last comp in the Capanile tract was <a href="http://74.125.47.132/search?q=cache:isNt6UhdO-0J:www.redfin.com/CA/Irvine/12-Longvale-92602/home/7203012+12+Longvale&cd=2&hl=en&ct=clnk&gl=us">12 Longvale</a>--a <a href="http://www.garyfallis.com/img/floorplans/npsfp/campanile_p3.jpg">Plan 3,</a> which sold in April for $815K. 10 Inglenook looks like a <a href="http://www.garyfallis.com/img/floorplans/npsfp/campanile_p4.jpg">Plan 4,</a> which is about ~100 sqft bigger but only has 2.5 baths versus 3 baths in a plan 3, plus no bedroom downstairs. So hopefully no one pays more than $815K.



I would just wait for <a href="http://www.redfin.com/CA/Irvine/12-Inglenook-92602/home/7213168">12 Inglenook</a> to go back to the bank. It looks like a nice <a href="http://www.garyfallis.com/img/floorplans/npsfp/campanile_p3.jpg">plan 3</a>, which was overpaid for in 2006 for $1.02M!!! No way he sells it for $1.1M. He is probably looking for a loan modification which may or may not happen. If not, Panda can scoop this up with the other REOs in the area in 2010.



But then again, his neighbor at <a href="http://www.redfin.com/CA/Irvine/24-Spyrock-92602/home/7203055">24 Spyrock</a>, a <a href="http://www.garyfallis.com/img/floorplans/npsfp/campanile_p1.jpg">Plan 1</a>, went into escrow at the ridiculous asking price of $414/sqft. I seriously hope the new owners negotiated a much lower price.</blockquote>
I'll bet you a sandwich that 10 Inglenook sells for over $825k...too many desperate buyers out there all worked up due to the lack of inventory for it not to get that high.
 
[quote author="annuitypro" date=1251090381]Thanks for the answers, just like I suspect...prices have not fallen as much as the press is reporting..</blockquote>


Not in Irvine. In the Inland Empire or the deserts beyond, prices have completely collapsed.
 
[quote author="usctrojanman29" date=1251037840]The curb appeal was a little BLAH with the weird 3-car garage layout (I think even IHO would say it wasn't IHO approved...3-car garage wise of course).</blockquote>
From what I remember, it had the 3 separate garage doors which according to BK is actually more structurally sound. I'm not sure if the two center beams are actually support/load-bearing (they are very narrow) but I prefer a 2/1 combination, mostly because the access a 2-wide garage door gives.



There haven't been many sales in those models recently, the ones I remember were earlier this year around the low $800k range so I would be suprised if this sells for more than $850k. However.... with this current FCB-rally... it could fetch higher.
 
[quote author="purpletulip" date=1251290226]I heard 3 Cipriani was sold for above asking price.</blockquote>
It's still in escrow and I'd be very surprised if it closes above asking price because the property needed a good bit of TLC.
 
[quote author="USCTrojanCPA" date=1251037840]I think 3 Cipriani will close for $850k-$875k. I went to see the property with one of my buyers before the open house last weekend. The carpet was in horrible shape (needed to be replaced), the bathrooms and kitchen were outdated, and the walls needed a good re-painting. The curb appeal was a little BLAH with the weird 3-car garage layout (I think even IHO would say it wasn't IHO approved...3-car garage wise of course).</blockquote>
I was close...the property closed for $880k on 10/1/09.
 
[quote author="graphrix" date=1251048386]10 Inglenook was taken back by the bank on 8/13. Looks like those who bought Lehman's "assets" are moving rather quickly. This doesn't bode well for those who hope that banks will keep that "shadow" inventory so "shadow" like. Get ready for a flood IHBers, it has been in the making for over two years now, the tsunami is finally coming.</blockquote>
They sure did move quickly on it...listed it on 9/14/09 for $790k and was bought on 10/6/09 for $805k ($350/sf) for CASH.
 
[quote author="USCTrojanCPA" date=1255260648][quote author="USCTrojanCPA" date=1251037840]I think 3 Cipriani will close for $850k-$875k. I went to see the property with one of my buyers before the open house last weekend. The carpet was in horrible shape (needed to be replaced), the bathrooms and kitchen were outdated, and the walls needed a good re-painting. The curb appeal was a little BLAH with the weird 3-car garage layout (I think even IHO would say it wasn't IHO approved...3-car garage wise of course).</blockquote>
I was very...the property closed for $880k on 10/1/09.</blockquote>
What?!?



The most recent comps were in the low 800s! How did that get through the appraisal?



Is it bubble time again?
 
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