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

NEW -> Contingent Buyer Assistance Program
[quote author="usctrojanman29" date=1221791055][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 ~ $1,100/month ($3,300 * 33% tax rate)

Net total is $2,550/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 $900/month plus another $50+ less a month for utilities.</blockquote>


Gotcha. Where are you renting for 1600 a month though? Isn't a 1000 sq ft. place in a nice neighborhood around 2200 bucks or something? Looks like minus the HELOC, you'd come close to that...



So what is the overall plan? You going to rent for a couple years and then get another place? Or do you just like the ease of renting until you decide to settle down with a wife and kids? ;)
 
[quote author="25w100k+" date=1221800848][quote author="usctrojanman29" date=1221791055][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 ~ $1,100/month ($3,300 * 33% tax rate)

Net total is $2,550/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 $900/month plus another $50+ less a month for utilities.</blockquote>


Gotcha. Where are you renting for 1600 a month though? Isn't a 1000 sq ft. place in a nice neighborhood around 2200 bucks or something? Looks like minus the HELOC, you'd come close to that...



So what is the overall plan? You going to rent for a couple years and then get another place? Or do you just like the ease of renting until you decide to settle down with a wife and kids? ;)</blockquote>
It's a 821 SF 1bed + den unit at a IAC apartment complex over at Quail Meadow (across the street from where I live now). I have an attached garage below my unit for the P-car and their plenty of parking in front of my unit for the daily beater.



The game plan is to rent for 18-24 months, save additional funds, paydown debt obligations, and then probably pick up a 2 bedroom condo or small SFR.
 
[quote author="newbie" date=1221803234]I see that you have included Asscosaition fee too for tax Benifits, Isnt the association feee not included for the benifits?</blockquote>


I think you read SC's math wrong. No association, but he did include his mello roos in the calc. I have already sent off letters to the IRS and CA FTB... Cheater, cheater, pumpkin eater!
 
I think you are selling at a great time SC. There are four QH condos scheduled for auction over the next couple of weeks...



Irvine NODs are down this month as well. I count 4.4 per business day so far whereas August was almost 6 per day.
 
[quote author="usctrojanman29" date=1221792823][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.</blockquote>
1 year escrow? Dang.



If we consider 2006 as the peak... you still did pretty good for 2 years on the downslide. I'm curious too if you break out ahead or even with the HELOC.
 
[quote author="irvine_home_owner" date=1221805953][quote author="usctrojanman29" date=1221792823][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.</blockquote>
1 year escrow? Dang.



If we consider 2006 as the peak... you still did pretty good for 2 years on the downslide. I'm curious too if you break out ahead or even with the HELOC.</blockquote>


Ahead or even is about purchase price + upgrade costs vs. net sales price. Existence of a HELOC does not necessarily correlate. If SC took out a HELOC and paid cash for a nice ride, he might not be ahead cash-wise, but he would be ahead overall as he got a car out of it.
 
[quote author="newbie" date=1221803234]I see that you have included Asscosaition fee too for tax Benifits, Isnt the association feee not included for the benifits?</blockquote>
Nope, I didn't include it...I did include the entire amount of the mortgage by mistake even though only $1,850 is the monthly interest (I corrected my post).
 
[quote author="SoCal78" date=1221803435]Will the sale allow you to be bailed out of your HELOC or what?</blockquote>
Yeah, my HELOC is $159,500 but I only have about $80k outstanding on it (refi'ed my original HELOC when I bought the place using 10% down and threw about $30k into a trading account). The remaining balance on my first is about $421,000. So I'll be walking away with ~$100k at closing.
 
[quote author="ipoplaya" date=1221804744]I think you are selling at a great time SC. There are four QH condos scheduled for auction over the next couple of weeks...



Irvine NODs are down this month as well. I count 4.4 per business day so far whereas August was almost 6 per day.</blockquote>
The timing did work out nicely, especially with the recent mortgage rate drop. Don't forget that 4 out of the other 5 units (55 Duet excluded) like mine for sale will probably become short sales/REOs as the sellers are asking enough just to pay off their debt.
 
[quote author="irvine_home_owner" date=1221805953][quote author="usctrojanman29" date=1221792823][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.</blockquote>
1 year escrow? Dang.



If we consider 2006 as the peak... you still did pretty good for 2 years on the downslide. I'm curious too if you break out ahead or even with the HELOC.</blockquote>
Construction of my unit was supposed to be completed in Oct. but they ran into some delays because of weather and the permits from the City.



At the peak, I probably could have sold my place for $725k-$750k as there was a Jan. 2007 closing @ $715k. I'll get all of my equity back and costs for the upgrades (just the materials as my dad and I did all the work) plus some extra pocket change. I also rented out my 2nd bedroom for about 3 years for $900/month.
 
[quote author="usctrojanman29" date=1221809995][quote author="ipoplaya" date=1221804744]I think you are selling at a great time SC. There are four QH condos scheduled for auction over the next couple of weeks...



Irvine NODs are down this month as well. I count 4.4 per business day so far whereas August was almost 6 per day.</blockquote>
The timing did work out nicely, especially with the recent mortgage rate drop. Don't forget that 4 out of the other 5 units (55 Duet excluded) like mine for sale will probably become short sales/REOs as the sellers are asking enough just to pay off their debt.</blockquote>


Interestingly, only 1 of the 4 scheduled for auction is listed now. 60 and 51 Duet along with 422 Quail Ridge are all scheduled for 10/1 and they aren't listed. Guess they have just given up.



308 Quail Ridge is scheduled for auction on 9/24 with an NTS of $447K so I suspect that one will get sold before it hits the block given that its in backups right now.



Wonder what happened with 396 Quail Ridge? Looks like the scheduled auction has passed. RealtyTrac has "awaiting update" status...
 
[quote author="ipoplaya" date=1221810552]Wonder what happened with 396 Quail Ridge? Looks like the scheduled auction has passed. RealtyTrac has "awaiting update" status...</blockquote>


I see it as postponed to 10/10, but no idea what the NTS is. When SC put his place on the market, I PM'd him about this one being a potential comp killer as there were two foreclosures in QH that went for below market. One was picked up by someone and the other is owned by the bank now. What is amazing is how the high-end in 92603 has more scheduled for the auction than the low-end. It looks like there are a few that Ipo and Ten would love to see taken down. 35 Calavera 92606 was taken back for $1.025mil. I am a bit behind on the foreclosures, but it looks like Irvine is getting worse and some good ones were taken down in the last few weeks.



I am glad SC sold when he did, and I hope the escrow keeps going as smoothly as it does. It was also cool to see IR2 help him out and SC show his appreciation for his help. It goes to show you can't always judge someone by their "online" personality. It shows he is a stand up guy.



I will add that the recent comp on the street should be used in the appraisal. Any good appraiser worth their salt will find ways to compensate as to why SC's condo is superior. I mean, that is what the appraisal is for, showing recent comps and why they are alike or not so alike. Just knowing what I know from this thread, it sounds like it can be used as a comp but the appraiser would find numerous ways to show why SC's place has more value. BTW, I think it is a big no no to give an appraiser recent comps, even if you think they are close. It's their job to decide what to use as comps, whether those were good or not. Watch out, there will prolly be some new regulation against that soon, and a hefty fine to go with it.
 
[quote author="graphrix" date=1221837306][quote author="ipoplaya" date=1221810552]Wonder what happened with 396 Quail Ridge? Looks like the scheduled auction has passed. RealtyTrac has "awaiting update" status...</blockquote>


I see it as postponed to 10/10, but no idea what the NTS is. When SC put his place on the market, I PM'd him about this one being a potential comp killer as there were two foreclosures in QH that went for below market. One was picked up by someone and the other is owned by the bank now. What is amazing is how the high-end in 92603 has more scheduled for the auction than the low-end. It looks like there are a few that Ipo and Ten would love to see taken down. 35 Calavera 92606 was taken back for $1.025mil. I am a bit behind on the foreclosures, but it looks like Irvine is getting worse and some good ones were taken down in the last few weeks.



I am glad SC sold when he did, and I hope the escrow keeps going as smoothly as it does. It was also cool to see IR2 help him out and SC show his appreciation for his help. It goes to show you can't always judge someone by their "online" personality. It shows he is a stand up guy.



I will add that the recent comp on the street should be used in the appraisal. Any good appraiser worth their salt will find ways to compensate as to why SC's condo is superior. I mean, that is what the appraisal is for, showing recent comps and why they are alike or not so alike. Just knowing what I know from this thread, it sounds like it can be used as a comp but the appraiser would find numerous ways to show why SC's place has more value. BTW, I think it is a big no no to give an appraiser recent comps, even if you think they are close. It's their job to decide what to use as comps, whether those were good or not. Watch out, there will prolly be some new regulation against that soon, and a hefty fine to go with it.</blockquote>
I knew you were a big softie graph. haha Do you know if I have a right to get a copy of the appraisal as a seller? I'm kinda curious to know what the appraiser value will end up being (but chances are it will be the purchase price).



What do you guys think the contract amount is??? If anyone comes up with the amount I will buy them dinner!
 
[quote author="graphrix" date=1221837306][quote author="ipoplaya" date=1221810552]Wonder what happened with 396 Quail Ridge? Looks like the scheduled auction has passed. RealtyTrac has "awaiting update" status...</blockquote>


I see it as postponed to 10/10, but no idea what the NTS is. When SC put his place on the market, I PM'd him about this one being a potential comp killer as there were two foreclosures in QH that went for below market. One was picked up by someone and the other is owned by the bank now. What is amazing is how the high-end in 92603 has more scheduled for the auction than the low-end. It looks like there are a few that Ipo and Ten would love to see taken down. 35 Calavera 92606 was taken back for $1.025mil. I am a bit behind on the foreclosures, but it looks like Irvine is getting worse and some good ones were taken down in the last few weeks.



I am glad SC sold when he did, and I hope the escrow keeps going as smoothly as it does. It was also cool to see IR2 help him out and SC show his appreciation for his help. It goes to show you can't always judge someone by their "online" personality. It shows he is a stand up guy.



I will add that the recent comp on the street should be used in the appraisal. Any good appraiser worth their salt will find ways to compensate as to why SC's condo is superior. I mean, that is what the appraisal is for, showing recent comps and why they are alike or not so alike. Just knowing what I know from this thread, it sounds like it can be used as a comp but the appraiser would find numerous ways to show why SC's place has more value. BTW, I think it is a big no no to give an appraiser recent comps, even if you think they are close. It's their job to decide what to use as comps, whether those were good or not. Watch out, there will prolly be some new regulation against that soon, and a hefty fine to go with it.</blockquote>
So which makes a better comp...a 2-story 3bed/3bath attached condo unit from another local track (less than 1/4 mile away) within 100 SF or a 3-story 2bed/2bath attached condo unit from my track that's about 400 SF smaller where both closed in the same period?
 
[quote author="usctrojanman29" date=1221845066][quote author="graphrix" date=1221837306][quote author="ipoplaya" date=1221810552]Wonder what happened with 396 Quail Ridge? Looks like the scheduled auction has passed. RealtyTrac has "awaiting update" status...</blockquote>


I see it as postponed to 10/10, but no idea what the NTS is. When SC put his place on the market, I PM'd him about this one being a potential comp killer as there were two foreclosures in QH that went for below market. One was picked up by someone and the other is owned by the bank now. What is amazing is how the high-end in 92603 has more scheduled for the auction than the low-end. It looks like there are a few that Ipo and Ten would love to see taken down. 35 Calavera 92606 was taken back for $1.025mil. I am a bit behind on the foreclosures, but it looks like Irvine is getting worse and some good ones were taken down in the last few weeks.



I am glad SC sold when he did, and I hope the escrow keeps going as smoothly as it does. It was also cool to see IR2 help him out and SC show his appreciation for his help. It goes to show you can't always judge someone by their "online" personality. It shows he is a stand up guy.



I will add that the recent comp on the street should be used in the appraisal. Any good appraiser worth their salt will find ways to compensate as to why SC's condo is superior. I mean, that is what the appraisal is for, showing recent comps and why they are alike or not so alike. Just knowing what I know from this thread, it sounds like it can be used as a comp but the appraiser would find numerous ways to show why SC's place has more value. BTW, I think it is a big no no to give an appraiser recent comps, even if you think they are close. It's their job to decide what to use as comps, whether those were good or not. Watch out, there will prolly be some new regulation against that soon, and a hefty fine to go with it.</blockquote>
I knew you were a big softie graph. haha Do you know if I have a right to get a copy of the appraisal as a seller? I'm kinda curious to know what the appraiser value will end up being (but chances are it will be the purchase price).



What do you guys think the contract amount is??? If anyone comes up with the amount I will buy them dinner!</blockquote>


You have no right to the appraisal. It's property of the lender...
 
Just my .02 - When I recently sold my home, while I did not get a hard copy of the appraisal... the appraiser did call my agent and tell her what the exact number it came in at.... and of course she passed that on to me. Since you are acting as your own agent I would think the appraiser would just tell you - you can always ask. They do need a couple days after the appraisal to sit down and put the numbers together - ask him/her to give you a call.
 
[quote author="ipoplaya" date=1221860509]You have no right to the appraisal. It's property of the lender...</blockquote>


If <em>you</em> paid for it, it is <em>your</em> appraisal, not the lenders. I bet if you look at the fees for the mortgage, there will be an appraisal fee that the buyer is paying. Therefore it would be the buyer's appraisal.
 
[quote author="graphrix" date=1221871847][quote author="ipoplaya" date=1221860509]You have no right to the appraisal. It's property of the lender...</blockquote>


If <em>you</em> paid for it, it is <em>your</em> appraisal, not the lenders. I bet if you look at the fees for the mortgage, there will be an appraisal fee that the buyer is paying. Therefore it would be the buyer's appraisal.</blockquote>


Exactly Graph, SC is the SELLER. The buyer or the buyer's lender owns the appraisal so he has no right to it.
 
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