Anyone knows story about this house?

NEW -> Contingent Buyer Assistance Program
Looks like bait for the short sale.

Those Ciara houses originally sold for like $1.4m from the builder and I think by the end of their buildout... were down to $1.05m (I know because we almost went into escrow on one).

That model is one of my favorites... my only problem with those houses is their location and while all the floorplans are nice... the laundry room was downstairs in every one of them. That wouldn't be too bad if the laundry room was on its own, but they made them as pass-throughs to the garage... one of my peeves.

It was listed at $998,800 in early October... so maybe that's the tipping price... around $950k.
 
16615 Camilia Ave, Tustin

I was there at the open house last Saturday.  This home was probably one of the worst location homes I've seen recently -- there was way too much noise (and probably dust too) coming from 261/Jamboree and it was across the waste management facility.  It had a high property tax & mello roos (~2%) and HOA fees ($175).  Similar sized home sold for $950k in mid-2008 (Ciara plan 2,http://www.redfin.com/CA/Tustin/16605-Camilia-Ave-92782/home/7202398) so this home should definitely go below $800k now.


 
We went to the open house yesterday... turns out that was the day of the "auction bidding" they were doing for the home so it was pretty crowded.

Pros:
- Ciara Model 3(?) was one of our favorites. Great floorplan.
- Landscaping was pretty good, the backyard had both a BBQ and a firepit area
- Not as loud as I thought it would be backing the Jamboree corridor... it's set back pretty far.

Cons:
- Not upgraded too much... choice of granite in kitchen wasn't too hot... bathrooms had basic white tile and master just had tile upgrades
- Suprisingly worn for a 2 year old house
- You can still hear Jamboree
- Just Mello Roos alone was a bit over $9000 per year

We actually threw in a bid just to see what would happen. We doubt it would go for as low as we bid but if it did... we would seriously consider it. But I do think it will go for over $900k considering how many people were there and how many people were filling out bid sheets. What's interesting is they were almost REX style as I think it was low ranged at $549k by yesterday.

It's a short sale so it will probably take much longer than the equity auctions that REX does and who knows... it may not even sell and get foreclosed on. And they are only contacting top 10 bidders so I doubt we'll find out anything until it closes.

I remember these were going for $1.5m+ during the height.... doesn't bode well for Columbus Grove... now if only we can get some of this action up in QH... heh.
 
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