Costa Mesa Rental

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stepping_up_IHB

stepping_up_IHB

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I just learned two days ago that <a href="http://www.redfin.com/CA/COSTA-MESA/661-SEAL-ST-92627/home/4561852">this SW CM house</a> was rented in March for $2,800/mo. How is that possible? I would have figured if you were patient and diligent in screening that a nicer version of this would be worth $2,300/mo tops. How is it possible to get that kind of rent? Does a landlord lower their standards for income and credit like other "lenders" to high risk people?



At first we thought there were a gazllion people living there, but it seems to have turned out to be visitors for a weekend. The tenant seems like a nice enough and responsible lady, but there must be something wrong. I can steer her around the corner into ownership for less than she's paying in rent as long as she has good credit, 3% down, documented income and a bit of reserves. How is this landlord getting this kind of rent for this house?



I heard the woman who bought it in Feb lives in Arizona and has several rental properties in the area. On top of her $450K purchase price, she also put some money into fixing it up. $2,300 I could understand, but can someone please explain how she is getting $2,800/mo for this house?
 
Damn, that's crazy. That area is commonly known as Costa Mexico, houses there are definitely not worth $2,800 per month in rent. It's only 3 bedrooms too. In my area of Costa Mesa (much nicer, safer area) near South Coast Plaza, you can pretty much get a 4 bedroom house for $2500 per month. You can get a 3 bedroom for roughly $2,000 I believe. Something's odd there.
 
Do you think this builder is taking it in the shorts?



<blockquote>NEW CONSTRUCTION! Built 2008! Never Lived In. 3 BD/2.5 BTH. Granite Countertops, NEW Appliances, Jucuzzi Tub ++

3BR/2.5BA Single Family House $2,795/month</blockquote>


<img src="http://www.postlets.com/create/photos/20080505/085808_CostaMesa_c.jpg" alt="" />



<img src="http://www.postlets.com/create/photos/20080424/203019_CostaMesa3b.jpg" alt="" />



<a href="http://orangecounty.craigslist.org/apa/707572708.html">http://orangecounty.craigslist.org/apa/707572708.html</a>



Month-to-Month OR 1-YR Lease Available. Available NOW.



<strong>This is renting for ~$1/sqft. how happy will they be to sell it at 160X $2800 = $450k? how about $350k in a couple of years?</strong>



anyone know "SunnyHill Homes"?? quality product?
 
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