Northpark Listing - 28 Morro Bay

NEW -> Contingent Buyer Assistance Program
R

redline122_IHB

New member
I would've never thought I would see this listing in the current market conditions, but I guess anything still goes! Ahh... living the dream. Or should I say "dream on"?





<a href='http://www.redfin.com/CA/Irvine/28-Morro-Bay-92602/home/5770502' target='_blank'>28 Morro Bay on Redfin</a>





Hurry folks, they dropped the price 200K! ;) It was originally sold in 2000 for a little over $900K. And the last sale was back in 2005 for $2000000 - buyer's remorse perhaps? Any thoughts and insight would be appreciated - maybe the listing agent or seller will read the wisdom that will be bestowed upon them as people respond to this thread.
 
[quote author="redline" date=1218620947]I would've never thought I would see this listing in the current market conditions, but I guess anything still goes! Ahh... living the dream. Or should I say "dream on"?





<a href='http://www.redfin.com/CA/Irvine/28-Morro-Bay-92602/home/5770502' target='_blank'>28 Morro Bay on Redfin</a>





Hurry folks, they dropped the price 200K! ;) It was originally sold in 2000 for a little over $900K. And the last sale was back in 2005 for $2000000 - buyer's remorse perhaps? Any thoughts and insight would be appreciated - maybe the listing agent or seller will read the wisdom that will be bestowed upon them as people respond to this thread.</blockquote>


Wouldn't you have remorse if you were $400K down after a few years of ownership?! Wonder if they got property tax relief?!



Market value of this place is probably $1.5-1.6M today. That is a very big lot... Unfortunately the house and yard side to a well-traveled street and there are, sniff sniff, condo owners right across the street. Egads!
 
[quote author="ipoplaya" date=1218625776]Unfortunately the house and yard side to a well-traveled street and there are, sniff sniff, condo owners right across the street. Egads!</blockquote>


That's Evergreen right across the street, correct? Evergreen and Monterey still remain on ole CK's radar once they drop down into the low $5's. Just think --- for 25% of the price, a low life like myself could be breathing the same air (and staring into the backyard) as the exclusive people who pick up this pad! Anything is possible in America!
 
I drive by this behemoth of a home everyday - to and fro work. I happened to be one of those Monterey condo-owners! Don't you all feel dirty now. ;) Yeah, I still look at my purchase contract for a 350K condo in Northpark from back in 2002 - my parents thought I was flat crazy to spend that kinda money on buying a condo. I am one of those move-up folks that I've been reading about.
 
[quote author="redline" date=1218627280]I drive by this behemoth of a home everyday - to and fro work. I happened to be one of those Monterey condo-owners! </blockquote>
Smart purchase, red. Seriously, how do you like Monterey? We really like the 1820 sq ft plan, but don't know if we would tire of the stairs up from the garage. But with just a wife and one child, 1800 sq ft is all we really need -- we are hardly home anyway. Do you like the tract? Many families there?



We waffle back and forth between an Irvine townhouse and an Aliso Viejo house almost daily, but my wife LOVES Northpark, and the location advantage to AV can't be denied. Thanks for your thoughts.
 
The development is nice. When I bought the place, my philosophy at the time was getting the biggest townhouses in Irvine. The only other townhome that came close to size (with published s.f. numbers) was a townhome in Tustin - on Player Lane. My wife snickered at the time saying that would have been a good fit for me considering my sordid past - I will leave that for another post. ;)



When we first moved into Monterey, many of the residents were young professional and young couples. I saw my first small family move into Monterey right when home prices were becoming horrendous. My neighbor across the driveway put an offer of $650K when they bought there 1820sf house. That's when I realized... the market is going mad when family of 3 kids needs to squash themselves into a townhouse. This was about 2 years ago when they moved in.



My only gripe with Monterey (as would probably be the case with most of NP) is parking. My guests have to park their cars quite a distance away to get to my front door. Oh well, the price of exclusivity eh? ;) As for the NP amenities, we get to use the same half dozen pools and handful of tennis courts that the high-flutin' folks go to. :) The community events are quite nice as well... heck we do pay for them with our HOA fees which aren't sooo bad (a little over $200 for both Monterey subdivision and NP master community fees).



I don't have any regrets with this acquisition - but I did see about 4 foreclosures being listed on the radar of homes within a stone's throw of my front door!



As for the multi-level aspect of the home, it can be a challenge - I just call it my daily workout regimen! :)
 
Great summary, thanks.



[quote author="redline" date=1218629607] I saw my first small family move into Monterey right when home prices were becoming horrendous. My neighbor across the driveway put an offer of $650K when they bought there 1820sf house. That's when I realized... the market is going mad when family of 3 kids needs to squash themselves into a townhouse.

</blockquote>


This statement gives me real pause.. With a target price of more than half a mil, maybe we should be aiming higher than a condo, even in Irvine. Thanks a lot....now the "wait till 2010" voices are running through my head again.....argh. Damn I'm sick of renewing this lease!!
 
CK,

The 650K offer to purchase was made about 2 years ago - at "one of the heights" of the market. Not sure if a Monterey condo is anywhere near that - I dare not try to run comps especially with the recent influx of foreclosures. I will leave the comp analysis to the experts! ;)
 
You must log in or register to reply here.
Back
Top