New Listing - 127 Cartier Aisle in Northwood

NEW -> Contingent Buyer Assistance Program
usctrojancpa

usctrojancpa

Well-known member
I'll be listing a 2 bedroom/2 bath attached condo in the Northwood Villas condo complex located in Northwood tomorrow evening.  The condo is the Northwood Villas plan 1 which is an upstairs 1,279sf carriage unit with a large balcony and high ceilings (floor plan attached).  It has two garages (1 attached and 1 detached).  It is super clean with a lot of light and has upgraded tile flooring, kitchen lighting, paint, and stainless steel appliances.  Let me know if you may be interested or have any questions.  The property will be range prices from $374,900 to $399,900.  I've attached a few pictures for your viewing pleasure:

FrontBalcony.jpg


Kitchen2.jpg


Livingroom3.jpg


Masterbedroom2.jpg
 

Attachments

I lived in this particular floor plan for the past 9 years and it's a great starter home.  There are many things I missed after moving, i.e., the two closets in the master and the double french doors for the rooms.  It's a very open floor plan with the majority of the square footage devoted to the living/dining area and the master bedroom, the two places where we spent the most of our time.  The secondary bedroom is small, but it's fine as a home office or a nursery.  There's no one below you, just garages, so don't really need to worry about disturbing your neighbors.  Although if your neighbor still have the original garage door opener they installed in 1989, it does get a little noisy when they open and close their garage doors.  They updated the street lights, reslurried the street in the last couple of years, and painted all the fences/trim/garage doors this year, so the community looks pretty fresh.  The home was great for us before our daughter came along.  Even with our daughter, we were still okay living in this home for a couple of years.
 
gaogi said:
I listed my unit at 1850.00 and it rented out in 3 days.  Almost felt like I listed too low... ::)
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Yeah, I saw your rental comp.  :P  I honestly think $1,900 is a fair rent for this floor plan.  Let's see how the owner who listed at $1,950 does.  The major benefits for an investor is that the HOA fee approx. $150 per month less than newer condos, no Mello Roos, and the HOA fee includes the lender required H0-6 walls-in insurance coverage.  This complex has the lowest attached condo HOA fee I've ever seen and it's maintained very nicely too....major props to the HOA.
 
USCTrojanCPA said:
There's an active rental listing with the same floor plan at $1,950 per month (listed 10 days ago).
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Are you talking about 60 Magellan?  On Zillow, it's listed at 2,000.00.  I could have sworn they put a flyer on my door for 1850.00 when I was about to list mine. 
 
gaogi said:
USCTrojanCPA said:
There's an active rental listing with the same floor plan at $1,950 per month (listed 10 days ago).
Click to expand...

Are you talking about 60 Magellan?  On Zillow, it's listed at 2,000.00.  I could have sworn they put a flyer on my door for 1850.00 when I was about to list mine. 
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Ok, so I pulled up the rental listing detail to find out what was going on.  It was originally listed for lease on 8/14/12 for $2,100.00/mo then dropped to $2,000.00/mo on 8/18/12 and then dropped again to $1,950.00/mo on 8/23/12.  I guess if it doesnt lease up in a few days we can expect them to drop it to $1,900/mo before the end of the month at the pace they are going.  haha
 
Showing is by appt only with the seller with 1-2 hour notice.  There were 3 buyers that saw it Friday and a total of 8 will see it today. 
 
jamboreedude said:
On Zillow, this property is listed at $374,900.http://www.zillow.com/homedetails/127-Cartier-Aisle-Irvine-CA-92620/25732382_zpid/

On RedFin, it is listed at $399,900.http://www.redfin.com/CA/Irvine/127-Cartier-Aisle-92620/home/5547778

A price difference of $25,000 between the two websites.

As an investor, I like to get a 5% rental yield, based on gross rent of $1850/month. It looks like I shouldn't pay more than $320,000 for this condo?
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You didn't look very carefully on the Redfin listing....the property is range priced from $374,900 to $399,900....it's in the "Listing Price Information" below the description on the left side.  Range pricing is an effective strategy of selling a home and will probably result in multiple offers, that's how I sold my Quail Hill condo within a week during 2008 when all hell was breaking loose.  Unlike a lot of other attached condos in Irvine, this condo has 1/2 the HOA fee they have and there is no Mello Roos.  The property is priced well within recent comps and is slightly below rental parity.  Good luck trying to find a condo with a much higher cap rate in Irvine than this one.  If we listed it anywhere near $320k, we'd probably have a 100 offers.  haha  Besides, as an investor you have to look beyond the rent and the price because you may have a condo that might that 5% yield but then you have a $400 HOA and $500 per month in Mello Roos.  You have to analyze a rental by looking at a proforma cap rate taking into effect a market vacancy rate, market rent, normalized expenses, R&M, and a cap ex reserve amount.
 
aquabliss said:
Looks nice and clean... the pictures are all in portrait mode and long rectangles... I smell an iPhone 4S.
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The Seller provided the pictures to me, I think they did a good job.  :D
 
Multiple offers have been received....sellers have put a 5pm deadline on any additional offers.  I'll meeting with them this evening to review all of the offers and make a decision. 
 
Buyer signed loan docs this afternoon and we'll be closing on Monday the 15th.  Not a FCB but a large downpayment buyer. 
 
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