New Listing - Summerplace Plan 2 Townhome in West Irvine (57 Autumn)

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usctrojancpa

usctrojancpa

Well-known member
Wanted to let everyone know that I just listed a gorgeous turnkey Summerplace Plan 2 townhome in West Irvine on MLS.  The home is located on a super quiet street in the middle of the Village so no noise from Jamboree or the toll road.  It is within short walking distance to Myford Elementary, and the HOA pool and spa.  It  has 3 bedrooms, including one bedroom downstairs and 3 full bathrooms, including one downstairs, along with 1,923sf of living space. The property features approx. $100k in upgrades and is turnkey, probably the best one in the community.  The listing price is $750,000.  PM me or email (mmania001@yahoo.com) if you are interested in seeing the home.

I'll also have an open house this coming weekend on both Saturday and Sunday (April 9th and 10th) at 12-3pm.

Pictures and the virtual tour are in the link below:

www.57autumn.com

Here is the Redfin link:
https://www.redfin.com/CA/Irvine/57-Autumn-92602/home/5888989

As always, I'll have treats for the TI folks who drop by and say hello.    ;)
 
Had a friend that use to live a few doors down there.  Nice wide and quiet street, beautiful homes too! This should go quick, don't think there are a lot of homes in that price range in Irvine right now. 

First WBE king and now WI king too?  lol  8)
 
Nice place and very good price, probably will reach "Hot Home" status on Redfin soon. 

How much can this place be rented for?  All those Panda's discussion make me think about investment potential on every hot properties that  I see. 
 
Homer_Simpson said:
Had a friend that use to live a few doors down there.  Nice wide and quiet street, beautiful homes too! This should go quick, don't think there are a lot of homes in that price range in Irvine right now. 

First WBE king and now WI king too?  lol  8)
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Well, I showed how quickly homes should be sold to Mike & Jenny and Jenny over in WBE...now it's time to show Chris and Lynn how it's done in my hood.  This listing is a good warm up before I list my turnkey home for sale and show my WI listing prowess.  ;)
 
lnc said:
Nice place and very good price, probably will reach "Hot Home" status on Redfin soon. 

How much can this place be rented for?  All those Panda's discussion make me think about investment potential on every hot properties that  I see. 
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Yeah, the sellers did an amazing job with the home.  Looks better than a model home and so clean that you can eat off the floors, walls, and windows.  haha

This home would rent for over $3,000...probably $3,100 is my guess.  I thought about buying it for myself like I did with another client's potential listing, but the unicorn house comes first. 
 
lnc said:
Nice place and very good price, probably will reach "Hot Home" status on Redfin soon. 

How much can this place be rented for?  All those Panda's discussion make me think about investment potential on every hot properties that  I see.
Click to expand...

Panda makes some valid points, but this is a no brainer.  You WILL lose a lot of money renting this out.  750K purchase price, 25% down, 3.5% rate at 30 years fixed, rent of 3000, taxes of 8000 a year, insurance about 3000 a year, HOA 350 a month, maintenance/repairs 5% of cost of house.  You got negative cash flow of 16,250 a year.  negative cash on cash of 8% and negative total ROI of 2.7%.  No cost of property management included (although they should be for various reasons).

BTW I would pass on any property in Irvine for rentals.  I dont even have to look at the numbers. 
 
hello said:
lnc said:
Nice place and very good price, probably will reach "Hot Home" status on Redfin soon. 

How much can this place be rented for?  All those Panda's discussion make me think about investment potential on every hot properties that  I see.
Click to expand...

Panda makes some valid points, but this is a no brainer.  You WILL lose a lot of money renting this out.  750K purchase price, 25% down, 3.5% rate at 30 years fixed, rent of 3000, taxes of 8000 a year, insurance about 3000 a year, HOA 350 a month, maintenance/repairs 5% of cost of house.  You got negative cash flow of 16,250 a year.  negative cash on cash of 8% and negative total ROI of 2.7%.  No cost of property management included (although they should be for various reasons).

BTW I would pass on any property in Irvine for rentals.  I dont even have to look at the numbers. 
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Investors don't buy rentals in Irvine for cash flow, they buy rentals for price appreciation.  I had a client buy a 3-bedroom condo over at Northwood Pointe (one of my favorite floor plans for a condo) about 18 months ago.  The property was slightly negative cash flow with 25% down.  Today, the value of that condo is up about 10% or almost $60k.  My Costa Mesa/Santa Ana condo cashed even at the $325k sales price that I got for it earlier this year, but the thing will have very limited price appreciation.  Very rarely will you find good price appreciation AND good positive cash flow so it comes down to what the investor is looking for.
 
USCTrojanCPA said:
hello said:
lnc said:
Nice place and very good price, probably will reach "Hot Home" status on Redfin soon. 

How much can this place be rented for?  All those Panda's discussion make me think about investment potential on every hot properties that  I see.
Click to expand...

Panda makes some valid points, but this is a no brainer.  You WILL lose a lot of money renting this out.  750K purchase price, 25% down, 3.5% rate at 30 years fixed, rent of 3000, taxes of 8000 a year, insurance about 3000 a year, HOA 350 a month, maintenance/repairs 5% of cost of house.  You got negative cash flow of 16,250 a year.  negative cash on cash of 8% and negative total ROI of 2.7%.  No cost of property management included (although they should be for various reasons).

BTW I would pass on any property in Irvine for rentals.  I dont even have to look at the numbers. 
Click to expand...

Investors don't buy rentals in Irvine for cash flow, they buy rentals for price appreciation.  I had a client buy a 3-bedroom condo over at Northwood Pointe (one of my favorite floor plans for a condo) about 18 months ago.  The property was slightly negative cash flow with 25% down.  Today, the value of that condo is up about 10% or almost $60k.  My Costa Mesa/Santa Ana condo cashed even at the $325k sales price that I got for it earlier this year, but the thing will have very limited price appreciation.  Very rarely will you find good price appreciation AND good positive cash flow so it comes down to what the investor is looking for.
Click to expand...

You are right, investors dont buy in Irvine for cash flow cuz it will never happen.  There are a few speculators that seem to buy for appreciation.  They bring bag loads of money from China I hear.  If you wanted to invest money into a property for appreciation, you might as well just buy low cost indexed funds.  Its more liquid and costs nothing to buy and sell.  If you put exactly the amount of money it would cost to own this house for the same period of the loan at 6% average return, your money would be 5.3M dollars in 30 years.  Will this house be worth that much in 30 years?

 
This is nice, and granted has lots of upgrades. But the price really doesn't seem that different from other locations in Irvine. So does being in TUSD give you a price break or not??

Confused  :-\
 
irvinetabby said:
This is nice, and granted has lots of upgrades. But the price really doesn't seem that different from other locations in Irvine. So does being in TUSD give you a price break or not??

Confused  :-\
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Good question.  Since the TUSD that are zoned to West Irvine are basically just as good as their IUSD counterparts, prices of West Irvine homes haven been and will tend to be somewhat on par (aka a small discount) with those in the Irvine Villages that are zoned to IUSD schools. 
 
jmoney74 said:
Super low MRs.. This makes a "good" starter home for a small family.
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Thanks!
So... Here is my question regarding Terrazza vs. Petaluma again. Basically Terrazza Plan I base price is the same price as Petaluma plan 3 with driveway premium. But Terrazza is much bigger, 4 bedrooms instead of 3, and has a small loft upstairs.

I read the price difference is because of 1. TUSD (which really doesn't seem to make a huge difference, as seen here) and 2. no driveway. And now seems like also 3. high MO.

I just still can't wrap my head around this huge price difference though. Not to mention many of T's standard items are upgrades in P (e.g. Kitchenaid commercial grade appliance package; fancy kholer sink; laundry cabinets...etc)

Sorry for hijacking your thread USC. I'm just feeling very uneasy about my decision on P, especially after seeing the Terrazza model this past weekend. Any input is welcome.

 
jmoney74 said:
Super low MRs.. This makes a "good" starter home for a small family.
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The downstairs bedroom and full bath are also a must have for many of my buyers as the parents can move-in or come visit regularly. 
 
Wow, very busy day....4 showings on the first day.  One agent that showed the home this morning texted me that she will be submitting an offer later on tonight.  >:D
 
Happiness said:
IrvineRes88 should consider West Irvine, I think the demographics will be much more to his taste and there are fewer coyotes.
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I'm going to be selling my home which is also turnkey so maybe IrvineRes88 should PM me.  ;)
 
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