Northwood Pointe: Arden Square--What's It Worth?

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IACRenter_IHB

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I am getting tired of seeing the same listing over and over on the MLS and I almost feel sorry for some of these sellers. I opened my automatic email listing of available Irvine homes and <a href="http://www.movoto.com/real-estate/homes-for-sale/CA/Irvine/99-Shadywood-203_S562875.htm">this one popped up yet again in Arden Square</a>. I don't have MLS access but I am sure the combined days on market must be very long.



Over the last 12+ months they seem to be always priced higher than neighborhood comps. Also their property description is especially cheesy, even for realtor speak. <em>"More motivated than a Mink at a Supermodel Convention! Extremely and spectacularly upgraded with one of the most fantastic locations in the Award Winning master planned community of Northwood Pointe."

</em>

Somehow these owners probably think their property is "special" and commands a premium and they are going to ride the market into the ground. Maybe we can help Mike Dunn convince the owner to set a realistic market price.



What do you think it is worth now?



This is a <a href="http://northwoodpointeirvine.com/Floorplans/Arden/Arden_4.asp">Arden Square Plan 4</a>. I think there is some discrepancy with builder's sq footage of 2245 and mls listing 2400.



$849,000



Status: Active

Bedroom: 4

Bathroom: 3

Year Built: 2002

Lot Size: 3600

Square Footage: 2400

List Date: 2/7/2009

Garage Spaces: 2
 
We saw this property at one of their open houses. The reason for the discrepancy according to the Realtor is that they had it appraised and the appraiser listed it at 2400 sq/ft. Overall, it was a nice house and was a bit larger than other similar homes nearby (larger downstairs) but one of the bedrooms was a bit on the tiny side and only served as a small playroom for the kids. They may be motivated because the owners supposedly bought a home in Ladera and needed to move. In fact, at one point, I think they had a "range" of $799K to $849K. Not sure why they changed to the higher range lately. Hope that helps.
 
[quote author="Bearman81" date=1244982514]We saw this property at one of their open houses. The reason for the discrepancy according to the Realtor is that they had it appraised and the appraiser listed it at 2400 sq/ft. Overall, it was a nice house and was a bit larger than other similar homes nearby (larger downstairs) but one of the bedrooms was a bit on the tiny side and only served as a small playroom for the kids. They may be motivated because the owners supposedly bought a home in Ladera and needed to move. In fact, at one point, I think they had a "range" of $799K to $849K. Not sure why they changed to the higher range lately. Hope that helps.</blockquote>


It's probably worth around $750-775K today...
 
Well last time I checked this place was still not sold and placed on Hold Do Not Show. I hope for them they are in escrow now since an REO bomb just landed in their hood. The same plan is for sale in <a href="http://www.redfin.com/CA/Irvine/126-Arden-92620/unit-65/home/5895278">Arden Square as an REO</a>, asking $648K. 99 Shadywood looks more upgraded but not $150K better. Good luck to the Shadywood owners--the tidal wave has just started.
 
[quote author="IACRenter" date=1253754732]Well last time I checked this place was still not sold and placed on Hold Do Not Show. I hope for them they are in escrow now since an REO bomb just landed in their hood. The same plan is for sale in <a href="http://www.redfin.com/CA/Irvine/126-Arden-92620/unit-65/home/5895278">Arden Square as an REO</a>, asking $648K. 99 Shadywood looks more upgraded but not $150K better. Good luck to the Shadywood owners--the tidal wave has just started.</blockquote>


I'm told that although this REO is listed as 648K there is no point bidding anything lower than 700K. The expectation is that this will

be bid up by multiple offers to 750K range. Personally I think 648K is already way too high for these kind of homes forget 750 /800's.

But I guess thats why I'm still renting and didn't participate in the bubble mania.
 
[quote author="witin4ever" date=1253764590][quote author="IACRenter" date=1253754732]Well last time I checked this place was still not sold and placed on Hold Do Not Show. I hope for them they are in escrow now since an REO bomb just landed in their hood. The same plan is for sale in <a href="http://www.redfin.com/CA/Irvine/126-Arden-92620/unit-65/home/5895278">Arden Square as an REO</a>, asking $648K. 99 Shadywood looks more upgraded but not $150K better. Good luck to the Shadywood owners--the tidal wave has just started.</blockquote>


I'm told that although this REO is listed as 648K there is no point bidding anything lower than 700K. The expectation is that this will

be bid up by multiple offers to 750K range. Personally I think 648K is already way too high for these kind of homes forget 750 /800's.

But I guess thats why I'm still renting and didn't participate in the bubble mania.</blockquote>
Yup, I heard exactly the same thing when I spoke with the listing agent. She told me that she had received several offers over $700k. I do find it funny how the listing agent listed this property as a single family home when it is a detached condo.
 
[quote author="IACRenter" date=1253754732]Well last time I checked this place was still not sold and placed on Hold Do Not Show. I hope for them they are in escrow now since an REO bomb just landed in their hood. The same plan is for sale in <a href="http://www.redfin.com/CA/Irvine/126-Arden-92620/unit-65/home/5895278">Arden Square as an REO</a>, asking $648K. 99 Shadywood looks more upgraded but not $150K better. Good luck to the Shadywood owners--the tidal wave has just started.</blockquote>
The pricing on Mike's Shadywood listing is a complete joke. Not only is it overpriced, but it is a stone's throw from Culver. PASS!
 
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