Following in the footsteps of IPO...listing my condo Quail Hill condo for sale

NEW -> Contingent Buyer Assistance Program
[quote author="IrvineRealtor" date=1221555256][quote author="SoCal78" date=1221553680]I'm going to be blunt. In my opinion, you're both wrong. The deal should be to close on the 26th with a 3-day grace period for you to move out. Every time I have closed escrow on a home as both a buyer and seller, I have given and received that customary grace period.</blockquote>


@socal - The customary grace period not always customary. It raises several questions about insurance, responsibility, and liability if/when something should go wrong. For example, what would you do as an owner when the tenant throws a going away party, and doesn't clean up afterwards, or worse, breaks something?



On the West Side, and down in SD County, it is typical to close and deliver on the same day.



@trojanman - In your shoes, I'd close as early as possible and be very accommodating, getting your stuff out quickly. Anything can happen with an open escrow.



Also, don't ever tell your closing price to another agent until it is closed, nor the expected closing date, as they may cut you off at the knees by slashing their price enough to make the buyer walk from their earnest money deposit. More importantly for you, at this point, since the contingencies have not been removed and the property is still in "backup" status, there would be nearly no cost to the buyer to walk. When asked, the correct answer is, "That information will be public as soon as it is recorded. Would you like me to call you at when escrow closes?"



Congrats again. You still owe me lunch. And let me know when to come pick up my signs and lockbox. :-)</blockquote>


I actually do agree with you on those principles, IR2. I should have reminded myself that when I bought and gave my sellers the grace period it was when the market was jumping so anything extra I could do to sweeten the deal was necessary at the time, however that has changed as we all know. So I would like to apologize for my poor advice to the previous posters. However I did just sell my house in May and the grace period was written into our contract. I didn't even ask for it - my agent asked on our behalf and got it with no questions asked - from each of our multiple offers. (My realtor said this courtesy has always been a part of each transaction she's done... hmmm... is this some sign of negligence on her part I wonder?) The hard part is anything can happen during escrow and it's not a sure thing, as you know, until it actually records so you don't want to move too early. I actually have a friend who moved a week before his closing was scheduled. Three days before escrow was to close it fell through and he had to go through the time and trouble of moving everything back!! Yikes. :( If I was trojan I'd probably still ask and see if it's not too late to write it in. The worst they can say is "no" and if they say yes it gives him a chance to get squared away. Although if I was a buyer today I'd probably decline. Ugh. Choices.



Come to think of it -- isn't a walk-through somewhat pointless? They are done before the seller moves out so what if something goes wrong when they are moving... a hole is made in the wall, something spills, etc. During the walk-through you can only confirm that certain repairs have been made, etc, but you don't get to see the house in its final state which is what it should look like when you take possession - kwim??
 
What am I missing ? IR2, were you the listing agent for usc's condo ? If so, I thought he had his own realtor's license. What ?????
 
[quote author="Trooper" date=1221573118]What am I missing ? IR2, were you the listing agent for usc's condo ? If so, I thought he had his own realtor's license. What ?????</blockquote>
No Trooper, I represented myself as the seller/listing agent. IR2 was kind enough to let me borrow is lockbox and some "for sale" signs plus he was the first to bring a potential buyer to see my property so the least I can do is take him out for a good lunch.
 
[quote author="ipoplaya" date=1221203256][quote author="ocrebel" date=1221203194]Irvine 92603:



<a href="http://www.melissadata.com/lists/ezlists/ezHomeowners.aspx?zip=92603">Number of sales for the last 12 months ( 08/07 - 08/08 )</a>



<a href="http://homeseekers.cyberhomes.com/Scripts/list.asp?_new=1&_strExcludes=strExcludes,sponsor,ad_id&zip_code=92603&_submit=Go&_ver=5&_sponsor=nav.HomePageForm.QuickSearch&_count=6&_lid=0&_quick_srch=1&_wpid=2&_save_srch=1&_ad_id=131">Inventory = 269</a></blockquote>


603 includes much more than QH though...</blockquote>
As of 9/16/08 there are 41 ACTIVE MLS listings in Quail Hill (27 condos and 14 SFRs). There have been 30 closings in June, July, and August in Quail Hill of condos & SFRs. So doing the math, there is approx. 4.1 months supply of housing units in Quail Hill (assuming an average of 10 closings per month).
 
[quote author="ipoplaya" date=1221713205]102 Tall Oak, an 1800sf detached QH 3/3, closed yesterday for $593K.</blockquote>
Interesting...I'll have to take a peak it when I get home.



The inspection is scheduled for 4pm today and the appraiser is coming out tomorrow at noon.
 
We had the inspection earlier today and other than a few minor things we are good to go on that side...the appraiser comes by tomorrow. Myself and the buyer's agent e-mailed the appraiser the following comps to use (3bed/3bath attached condo closing in QH in the past 3 months):



40 Seasons (1,600sf) - $550,000 closed on 8/8/08

52 Seasons (1,600sf) - $575,000 closed on 6/30/08

21 Seasons (1,710sf) - $599,900 closed on 8/18/08

113 Stepping Stone (1,700sf) - $603,000 closed on 7/4/08



The buyer's agent let me know that 55 Duet got an offer and will be openning escrow tomorrow (it's one of the properties that my buyer looked at but passed on). My buyer locked in her rate on Monday @ 5.75% for a 30-year fixed loan.
 
[quote author="usctrojanman29" date=1221724329]We had the inspection earlier today and other than a few minor things we are good to go on that side...the appraiser comes by tomorrow. Myself and the buyer's agent e-mailed the appraiser the following comps to use (3bed/3bath attached condo closing in QH in the past 3 months):



40 Seasons (1,600sf) - $550,000 closed on 8/8/08

52 Seasons (1,600sf) - $575,000 closed on 6/30/08

21 Seasons (1,710sf) - $599,900 closed on 8/18/08

113 Stepping Stone (1,700sf) - $603,000 closed on 7/4/08



The buyer's agent let me know that 55 Duet got an offer and will be openning escrow tomorrow (it's one of the properties that my buyer looked at but passed on). My buyer locked in her rate on Monday @ 5.75% for a 30-year fixed loan.</blockquote>


Any halfway decent appraiser is going to pick up the comps on 356 and 416 Quail Ridge, especially since they are newer than two of your selections... Average price between those two is $305/sf, considerably below the $350 territory of your chosen comps. The appraiser for my buyer would not ignore the REO comp in my tract and I lost $6K as a result of it.
 
[quote author="ipoplaya" date=1221727016][quote author="usctrojanman29" date=1221724329]We had the inspection earlier today and other than a few minor things we are good to go on that side...the appraiser comes by tomorrow. Myself and the buyer's agent e-mailed the appraiser the following comps to use (3bed/3bath attached condo closing in QH in the past 3 months):



40 Seasons (1,600sf) - $550,000 closed on 8/8/08

52 Seasons (1,600sf) - $575,000 closed on 6/30/08

21 Seasons (1,710sf) - $599,900 closed on 8/18/08

113 Stepping Stone (1,700sf) - $603,000 closed on 7/4/08



The buyer's agent let me know that 55 Duet got an offer and will be openning escrow tomorrow (it's one of the properties that my buyer looked at but passed on). My buyer locked in her rate on Monday @ 5.75% for a 30-year fixed loan.</blockquote>


Any halfway decent appraiser is going to pick up the comps on 356 and 416 Quail Ridge, especially since they are newer than two of your selections... Average price between those two is $305/sf, considerably below the $350 territory of your chosen comps. The appraiser for my buyer would not ignore the REO comp in my tract and I lost $6K as a result of it.</blockquote>
Why would the appraiser use 416 Quail Ridge as a comp when it's a 2bed/2bath unit with a completely different floor plan (3 stories)? As for 416 Quail Ridge, the idiot realtard didn't even put in the square footage and some other data and to be honest that sale looks very fishy to me. Since when does a short sale go into escrow within 5 days of it being listed and close at the bottom of the range??? I smell something fishy like an insider at the bank that handled the approval of the short sale probably brought in the buyer (which lives in Aliso Viejo so this is an investment property). The above 4 comps are clean sales of attached 3bed/3bath condos in Quail Hill which makes them valid comps in my mind.
 
[quote author="SoCal78" date=1221734555]Is 416 Quail Ridge about the same age as your home and within a 1 mile radius?</blockquote>
Yeah it is in the same sub-division (Ambridge) and built around the same time. I know what your point is, but the reality is that floor plan was one of the least desirable because you have to hike up stairs to get to the unit and then you have the master bedroom on the 3rd floor. The 4 comps that I listed are within a 1/4 mile of my property and built in 1-2 years of when my property was built. Without giving my contract price away, I'll just say that it's below the lowest comp that I listed on a per sf basis.
 
[quote author="usctrojanman29" date=1221737290][quote author="SoCal78" date=1221734555]Is 416 Quail Ridge about the same age as your home and within a 1 mile radius?</blockquote>
Yeah it is in the same sub-division (Ambridge) and built around the same time. I know what your point is, but the reality is that floor plan was one of the least desirable because you have to hike up stairs to get to the unit and then you have the master bedroom on the 3rd floor. The 4 comps that I listed are within a 1/4 mile of my property and built in 1-2 years of when my property was built. Without giving my contract price away, I'll just say that it's below the lowest comp that I listed on a per sf basis.</blockquote>


What the appraiser may do (if following a standard approach) is include the referenced property in the comps, but adjust its basis for the less desirable floor plan, if he/she has that info. At least then there is some allowance for your property having a superior floor plan.
 
[quote author="Roscoe" date=1221738533][quote author="usctrojanman29" date=1221737290][quote author="SoCal78" date=1221734555]Is 416 Quail Ridge about the same age as your home and within a 1 mile radius?</blockquote>
Yeah it is in the same sub-division (Ambridge) and built around the same time. I know what your point is, but the reality is that floor plan was one of the least desirable because you have to hike up stairs to get to the unit and then you have the master bedroom on the 3rd floor. The 4 comps that I listed are within a 1/4 mile of my property and built in 1-2 years of when my property was built. Without giving my contract price away, I'll just say that it's below the lowest comp that I listed on a per sf basis.</blockquote>


What the appraiser may do (if following a standard approach) is include the referenced property in the comps, but adjust its basis for the less desirable floor plan, if he/she has that info. At least then there is some allowance for your property having a superior floor plan.</blockquote>
That's true too, but I'm not too worried about getting an appraised value very close to my contract price especially because I have so many upgrades. I guess we'll find out when the appraisal is done.
 
[quote author="usctrojanman29" date=1221737290][quote author="SoCal78" date=1221734555]Is 416 Quail Ridge about the same age as your home and within a 1 mile radius?</blockquote>
Yeah it is in the same sub-division (Ambridge) and built around the same time. I know what your point is, but the reality is that floor plan was one of the least desirable because you have to hike up stairs to get to the unit and then you have the master bedroom on the 3rd floor. The 4 comps that I listed are within a 1/4 mile of my property and built in 1-2 years of when my property was built. Without giving my contract price away, I'll just say that it's below the lowest comp that I listed on a per sf basis.</blockquote>


The sale price on 416 does look low relative to other transactions, but I'd think it should still influence an appraisal. It's your same development, same builder, many of the same finishes, etc. A smaller floorplan in the same sub would normally have just as much relevance as a similar floorplan and size in a nearby but different sub I'd think. I'm not an appraiser though of course. Just seems like common sense to me...



IMO the "it is/was less desirable" deal doesn't fly well. Too subjective. They paid more per sf than you at purchase and they closed earlier. I assume phase pricing was moving up when you bought so that one was probably selling for what, $485Kish at the time you contracted on yours? If it was the POS of Ambridge, how did that unit sell for $22 more per sf three months before yours? Following the simple logic that they paid more per sf than you at purchase, it would mean yours should be worth less than $325 per sf ignoring all other factors.



All that being said, 356 is probably the one to fear. Same plan as yours right and under $300 per sf? Hope it was thrashed inside and you have pictures. Regardless, most appraisers probably don't have the moxy to write one that comes up shy. Even with all that's gone down, they still aren't likely to do it.
 
[quote author="ipoplaya" date=1221739624][quote author="usctrojanman29" date=1221737290][quote author="SoCal78" date=1221734555]Is 416 Quail Ridge about the same age as your home and within a 1 mile radius?</blockquote>
Yeah it is in the same sub-division (Ambridge) and built around the same time. I know what your point is, but the reality is that floor plan was one of the least desirable because you have to hike up stairs to get to the unit and then you have the master bedroom on the 3rd floor. The 4 comps that I listed are within a 1/4 mile of my property and built in 1-2 years of when my property was built. Without giving my contract price away, I'll just say that it's below the lowest comp that I listed on a per sf basis.</blockquote>


The sale price on 416 does look low relative to other transactions, but I'd think it should still influence an appraisal. It's your same development, same builder, many of the same finishes, etc. A smaller floorplan in the same sub would normally have just as much relevance as a similar floorplan and size in a nearby but different sub I'd think. I'm not an appraiser though of course. Just seems like common sense to me...



IMO the "it is/was less desirable" deal doesn't fly well. Too subjective. They paid more per sf than you at purchase and they closed earlier. I assume phase pricing was moving up when you bought so that one was probably selling for what, $485Kish at the time you contracted on yours? If it was the POS of Ambridge, how did that unit sell for $22 more per sf three months before yours? Following the simple logic that they paid more per sf than you at purchase, it would mean yours should be worth less than $325 per sf ignoring all other factors.



All that being said, 356 is probably the one to fear. Same plan as yours right and under $300 per sf? Hope it was thrashed inside and you have pictures. Regardless, most appraisers probably don't have the moxy to write one that comes up shy. Even with all that's gone down, they still aren't likely to do it.</blockquote>
William Lyon's pricing per SF was sorta messed in my mind and it was a no brainer to go with the 3bed unit because it was by fair the best value per SF (the 3bed units went first in each phase selection). Phase 1 the 3bed room pricing was $500k, Phase 2 the 3bed room pricing was $525k, Phase 3 the 3bedroom pricing was $550k (the one I bought in), and the 12th & Final Phase the 3bedroom pricing was $675k. The 2bedroom units were in the ~$325-$450+/sf during the sellout while the 3bed units were going for $271-$366/sf (something like a $50+/sf difference between the 2bed and 3bed units in each phase). I walked all of the floorplans and was turned off by all of the 2bedroom units because either the living area was upstairs and/or the second bedroom was tiny (like 10x10). Once the 3bed units were taken in the phase selection, there were many people who passed on the 2bed units before they were taken.
 
[quote author="freedomCM" date=1221553242]why not accomidate her? tell her you will be happy to close, with a 5 day lease-back</blockquote>
The closing has been officially moved up from the 29th to the 26th and the buyer will give me until Saturday evening to be fully moved out (I pick up my keys to the apartment on Friday morning). The buyer's agent indicated that the buyer is officially approved for the loan with the only other requirement outstanding being the appraisal.
 
Congrats man. Is it really all that cheaper to rent even with the tax writeoff? I figure you need all the writeoffs you can get...
 
[quote author="25w100k+" date=1221790226]Congrats man. Is it really all that cheaper to rent even with the tax writeoff? I figure you need all the writeoffs you can get...</blockquote>
Thanks. Well, let me give you the numbers...



Mortgage ~ $2,400

Associations ~ $300

Prop Tax ~ $650

HELOC ~ $300



So the total is $3,650/month

Less Tax Benefit ~ $1,000/month ($2,800 * 36% tax rate)

Net total is $2,650/month



Plus, I'm on a 5% 5-year ARM which resets Jan. 2010 so my total payment would only go up.



My rent is going to be $1,660/month so I'm saving like $1,000/month plus another $50+ less a month for utilities.
 
[quote author="irvine_home_owner" date=1221792624]If you could sell for more than what you bought for in 2005... that's a good thing.



Not many people can do that.</blockquote>
Although, I did buy at a somewhat discounted price back then because I got into contract in Jan. 2004 with the builder and closed in Dec. 2004 so really my price is a late 2003 price.
 
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