Is this a good deal?

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Mcdonna1980_IHB

Mcdonna1980_IHB

New member
http://www.redfin.com/CA/Laguna-Niguel/23391-Mammoth-Cave-Dr-92677/home/4938106





Do you think this a good deal? $669,000 for a home within walking distance to the beach. I've always wanted to buy a mid-century modern home in orange county. Being so close to the beach is a real plus, too. I have an offer into the bank and I'm waiting to see if it gets approved at my price. But, I would love to hear some feed back from others about the possible purchase.
 
This is the next tier to see 30% YOY decreases.



First the IE, then Santa Ana/Anaheim, then Mission Viejo/RSM/Lake Forest, then Talega/Capo, and then the costal areas. Irvine comes next.



I'd be in no hurry to buy.



Did you see the sales history?



Sales History Property Tax

Date Price Appreciation

Dec 01, 1993 $220,000 --



And now it's a short sale? The horror.
 
There are no recent comps in the neighborhood. There is a house just behind it of smaller square footage that is listed for $789,000 that sold in 2005 for 1.1 million. I do know that there is a niche market in orange county for mid century modern homes. Most recent sales for those homes in non-coastal areas are range anywhere from low $600 to mid millions with most falling in the $700-$750 range.



As far as the HELOC abuse, I know, it's insane! The house has few upgrades so who knows where tha money went?
 
I used to know somebody who lived on National Park Dr. - it's such a nice area. Nice, cool weather in the summer. Looks like prices are finally coming down to a more realistic level.
 
Why does it have so much dirt piled up against the house? From the street view, you can see dirt in the front and side of the house.
 
The owners have let the grass die. I guess no more HELOC money is left for watering the grass.



I did look up the sales history for the neighborhood. There was a sale for the same model in May of 2003 for 945,000.



There are a number of custom homes in the neighborhood. Who knows if this trend will continue. I suppose if it did, this house would have a lot upside potential.



I apperciate everyones feedback. Keep it coming!
 
don't focus on comps from the bubble yrs though. it's pretty much irrelevant. focus on whether you think its a good price and within your means TODAY.
 
[quote author="Mcdonna1980" date=1225850479]Freedom CM, I noticed your profile has a pic of an mid-century modern home by the architect Eichler. Are you a fan?</blockquote>


yes. there are groupings on the eastside of CM, and three places in Orange, and one in LB.



I didn't know that there were any down there. Are there a lot in that area? Do you know others?
 
yes. there are groupings on the eastside of CM, and three places in Orange, and one in LB.



I didn?t know that there were any down there.

Are there a lot in that area? Yes, the majority is mid-century modern homes in this neighborhood.

Do you know others? Yes, Fullerton has quite a few scattered throughout the foothills. Corona Del Mar has an entire neighborhood of them right near the coast. Floral Park in Santa Ana and Laguna Beach has some nice custom mid century homes (socalmodern.com has two listed for sale). I've seen a number pop up on the MLS in Dana Point. But, I've never checked them out so I don't know if whole neighborhoods exist.
 
I wouldn't think a post here would matter much. It looks like the home was listed below market value for the neighborhood so it would attract more attention anyway.



I have not made any offers recently but earlier this year I made 4 offers on homes that were listed below their comps. All got multiple higher offers and I ended up with none. But at least prices keep going lower.
 
[quote author="trabucodom" date=1226045486]I wouldn't think a post here would matter much. It looks like the home was listed below market value for the neighborhood so it would attract more attention anyway.



I have not made any offers recently but earlier this year I made 4 offers on homes that were listed below their comps. All got multiple higher offers and I ended up with none. But at least prices keep going lower.</blockquote>


Count your blessings... we had the same thing except one of them did get accepted and now we could buy it for even less :( I thought it was just because the house came on over the Easter holiday so no one else saw it.
 
Update:

The higher offer fell out of escrow. It's scheduled to go to auction soon. I'm tempted to go to the auction and put in a bid. Does anyone here have any experiences with auctions? Any sucess?
 
you need a lot of cash, and probably the help of a professional. You will have to investigate the leins and taxes on this place and such.



I know that Jim the Realtor in SD does this with his clients, but don't know of anyone local.



Maybe IR2 can do this, or knows someone?
 
[quote author="freedomCM" date=1227252444]you need a lot of cash, and probably the help of a professional. You will have to investigate the leins and taxes on this place and such.



I know that Jim the Realtor in SD does this with his clients, but don't know of anyone local.



Maybe IR2 can do this, or knows someone?</blockquote>


Hey Freedom,



I just had one of my clients up in Washington ask me if I knew any realtors in SD as they are looking for a second home. I told him to wait a bit, but perhaps this Jim guy might be a good resource for them? If you think so, then PM me his contact info.
 
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