[quote author="ipoplaya" date=1220674158][quote author="NoThereThere" date=1220672252][quote author="ipoplaya" date=1220664404][quote author="Allison C." date=1220661116]I am interested in this property in Oak Creek
22 Sutton, Irvine, CA 92618
The asking price is $749,900 - 2100sf. Another property I looked at 35 Preston, which is a couple streets down, was sold in a matter of days for $900,000 - 2400sf. Preston was out of my price range anyways.
I would like some advice on what would be a reasonable price for this house on Sutton now if I were to make an offer. I really like this gated quiet neighborhood. According to Zillow, it's worth $900,000+, so is the asking price a steal?
Thanks in advance for all your help.</blockquote>
Market pricing for that unit based on recent sales across Irvine is right around $800K. $749K was likely designed to attract a viable offer to take to the bank. Oddly enough, I don't see a NOD for that property so it appears they are current on payments. Hard to believe it could actually be a short given when they bought it. If it truly is, they extracted some serious cash from that property.</blockquote>
I'm partial to Oak Creek Myself. I show (through Westlaw, so not a complete title search, unfortunately):
11/2000: Current owner bought for $422k, using $337,300 first/$35k second, so $49,700 downpayment.
8/2001: Refinanced (looks like only the first mortgage, but can't be sure) for $413,400.
6/2003: Refinanced first mort. for $513,600.
10/2004: Owner buys new home in TRidge for about $1.9m.
6/2005: Second mortgage of $200k.
4/2006: Refinanced first for $720k (Countrywide). Looks like they paid off the $200k second here.
10/2007: Second for $52,059 (Countrywide).
IPOP, I hear the vacuum cleaner of big-time MEW on this one.
Total debt around, what, $770k?
I see no NOD's or other foreclosure activity. This property was first listed as a rental in spring 2005, and I think it has been a rental ever since then.</blockquote>
I think you just found IR a great posting candidate!
How could they ever get a short approved when 1) its on a rental property and the owners live in a big nice Tridge place and 2) they are current with payments?</blockquote>
IPOP, your fiscally-conservative self would not believe the high-stakes game the 22 Sutton owner is playing in TRidge and elsewhere. Besides the 10/2004 purchase above, they bought two (!) other homes up there at similar prices, on the same street even (!), each with shaky financing. They escaped from one in 09/2007, and looks like that sale cleared them of the MEW they had already done. The other is currently in foreclosure, set for auction 10/03/08. They also own a unit in Avenue One, NOD 8/8/08, purchased from the builder in 3/2006 for $565k ($396 first/$113 second/~$56 down), now on the market at $365k (unapproved short?).
Looks like a small-time flipper, late to the game, and now trying to escape without too much damage. Hope it works out.
