Nice little short sale opp in Northwood Pointe

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[quote author="CK" date=1220933891]Here is another sub-$600k SFR in Northwood Pointe, same model as the subject of this thread:



<a href="http://www.redfin.com/CA/Irvine/21-Canyon-Sage-92620/home/4789449">Canyon Sage</a>



Anybody know what's going on with these? Yes, the price psf is still high, but given the neighborhood and schools it surprises me these are not jumping off the shelves. Surely they must be getting offers?</blockquote>


For 21 Canyon Sage, I show:



05/2006: current owner buys for $830k. $664k first/$83k second, so $83k down.



11/2006: refi second to $150k. Downpayment + $67k withdrawn from home's ATM.



07/24/2007: refi second to $126k.



07/24/2007: $46,900 HELOC.



I won't speculate as to why a person would refi their second after 8 months to a lower amount, but then simultaneously HELOC still more cash out.



If the HELOC was tapped, then total debt here is just under $837k. Unapproved short, maybe? Current asking doesn't come close to covering the whole nut, but probably whatever remains of the first mortgage.



Looks like the prior owner used this place as an ATM also, to the tune of about $150k.
 
[quote author="ipoplaya" date=1220942550][quote author="CK" date=1220933891]Here is another sub-$600k SFR in Northwood Pointe, same model as the subject of this thread:



<a href="http://www.redfin.com/CA/Irvine/21-Canyon-Sage-92620/home/4789449">Canyon Sage</a>



Anybody know what's going on with these? Yes, the price psf is still high, but given the neighborhood and schools it surprises me these are not jumping off the shelves. Surely they must be getting offers?</blockquote>


I think its time for you to put in an offer and find out CK. Too small for the family? Great neighborhood, smokin' close to Canyon View, culdy, what more do you want?! Get on the horn to IR2 and have him write up an offer at $550K.</blockquote>


Oh IPO, if it were up to CK, the offer would already be in. But ole CK only has so much pull in decisions of this magnitude. I refer you to the 2nd post in this thread.
 
What if sombody put in a bid for 525 absolute. You take all your fees, closing costs, etc. out of that. HUmm.....



I would Love a garage, but wonderhow the HOA is?/

-bix
 
[quote author="ipoplaya" date=1217056815]Someone might be able to get themselves a deal...



<a href="http://www.redfin.com/CA/Irvine/10-Wedgewood-92620/home/4790040">10 Wedgewood</a></blockquote>


IPO, loved this house. Perfect for my family, lovely neighborhood, and so far the only house I am willing to pay the full price on. But I am off. I heard they have multiple offers. (20)



Aside: I was in your neck of woods a week after your legendary open house. I could see your license plate hanging in the garage. For a moment I wanted to come and knock on the door, and thank you for giving the timely advise on 256 Monroe that I almost put an offer on because my realtard said it was too good to be missed. But then, I didn't since I am only a lurker most of the times on IHB, and you wouldn't know me:-)



CZ
 
10 Wedgewood:



6/17/04: Current owner buys for $720k , $576k first/$72k second, so $72k down.



No other seconds or HELOCs visible.



6/16/08: NOD for $20,767.11, Countrywide.
 
This property is the subject of Friday's post.



I have to wonder... If there are 20 offers on this property, why is it still on the market after 42 days?
 
[quote author="IrvineRenter" date=1221128379]This property is the subject of Friday's post.



I have to wonder... If there are 20 offers on this property, why is it still on the market after 42 days?</blockquote>


I am dying to know the answer to that. (Not being sarcastic.) I check the house on the MLS everyday and this thread... I just don't like to admit it. ;-)
 
[quote author="IrvineRenter" date=1221128379]This property is the subject of Friday's post.



I have to wonder... If there are 20 offers on this property, why is it still on the market after 42 days?</blockquote>


Some shorts take a mighty long time to work through a lender...
 
hi all,

i was stunned to find this property in Uni Park for $162 per sq. ft.! Sounds like a nice deal, even though the property is kind of old, 1967.

What do you think, should I run to the bank and mortgage myself for this one? I'm tempted.



http://www.socalmls.com/Listing/ListingDetail.aspx?Listing=33937638



update: although they listed it as SFR, it is actually a townhome, as revealed by closer reading of the description. Oh well, I'll keep looking...
 
[quote author="patientlywaiting" date=1222484082]IR2,

Any update on the two listings on Wedgewood that recently went off the market (or at least off of Redfin)? Thanks!</blockquote>


26 Wedgewood, last listed for $1.13M (5beds/3baths/2900sqft) has been cancelled.

It was refinanced in 2006 to the tune of $1.003M. You'd have to ask the owners how much is owed now.



10 Wedgewood is the short sale listed for $525K (3beds/3baths/1561sqft). The agent has moved it to "on hold" status. No further new details.



Good luck!

-IR2
 
I think the other property he's referring to may be the one at 21 Canyon Sage (same complex as Wedgewood). It was listed at $584, 352. Any info? Thanx
 
[quote author="SoCal78" date=1222563812]I think the other property he's referring to may be the one at 21 Canyon Sage (same complex as Wedgewood). It was listed at $584, 352. Any info? Thanx</blockquote>


Ahhh. My mind-reading skills are waning.



21 Canyon Sage is listed as "pending sale" which indicates that all buyer contingencies have been removed and the remaining items are to fund the loan and close escrow.



Date Added 9/5/2008

Tran Date 9/11/2008

DOM 6

LP/SqFt $374.34

Org Price $584,352

Cur List Prc $584,352

Off Market 9/11/2008

Comp 3.5%



We won't find out the final sales price until it closes escrow.
 
An update on two properties we've been discussing since last summer...



<a href="http://www.redfin.com/CA/Irvine/10-Wedgewood-92620/home/4790040">10 Wedgewood</a> is still listed as is <a href="http://www.redfin.com/CA/Irvine/21-Canyon-Sage-92620/home/4789449">21 Canyon Sage. </a> I seem to remember the listing agent of 10 Wedgewood said they had something like 20 offers on the table. They both show an active status. I wonder what is going on with these. Going over the previous comments - it looks like Canyon Sage must have fallen out of escrow.
 
This property was on the market sometimes last year for 525k (I think- but very low, something around that number). DH and I loved it, but we were told that there were multiple offers for a larger amount and we didn't bother to put an offer. It was a short sale. Never knew what happened to it later.. It's off the market according to redfin. Does anyone know? I am not looking anymore.. Just curious:-)



cz
 
<a href="http://www.irvinehousingblog.com/forums/viewthread/2733/P0/">Here's the thread</a> where the property has been followed for almost a year. It keeps coming and going off of the MLS.
 
Thanks Socal- I saw my post on the thread too:-)

So, does it mean it will end up like that 963 Somerville? I remember it was on market for an year, and the people in the house continued to live there while it was on market, probably(?) rent free. Don't know what happened with that either.
 
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