OK, this was unexpected..... give me your opinion.

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gypsyuma_IHB

gypsyuma_IHB

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You may remember that I made an offer on a short sale back in April, but mine was not the offer accepted. Well, today a get a call from the agent who says the buyer walked and I was the second in line, so do I still want the house....... Huh?



I don't know. Do I? Please take a look at the listing and tell me your thoughts.... and what the value is, etc..... TIA!



http://www.redfin.com/search#lat=33.6991243&listing_id=3112383&long;=-117.7482435&market=socal&max_price=700000&min_listing_approx_size=1750&num_baths=2&num_beds=3&status=1&uipt=1&v=4&zoomLevel=17
 
[quote author="gypsyuma" date=1244266172]You may remember that I made an offer on a short sale back in April, but mine was not the offer accepted. Well, today a get a call from the agent who says the buyer walked and I was the second in line, so do I still want the house....... Huh?



I don't know. Do I? Please take a look at the listing and tell me your thoughts.... and what the value is, etc..... TIA!



http://www.redfin.com/search#lat=33.6991243&listing_id=3112383&long;=-117.7482435&market=socal&max_price=700000&min_listing_approx_size=1750&num_baths=2&num_beds=3&status=1&uipt=1&v=4&zoomLevel=17</blockquote>
I guess I would start asking what was your offer based on? Did you use good comps? Was your offer at or above those comps?



The most important question is....IS THE SHORT SALE LENDER APPROVED???
 
It's a nice place. I like Woodbury. The last sale of the Stonetree manor homes was a plan 3. It was an REO originally listed at $664,900 and it close at $705,000. It was 4b 4b, 2,286 sq ft so $308/sqft. Not sure what it looked like inside. This one looks upgraded.



Can you see yourself living here for ever? I think I remember you stating you wanted to find the home you are going to die in. I have a feeling this may not be it since you are second guessing yourself.
 
That one was the model, and I visited several times --- that's a really nicely done model and a great location in Woodbury. I love all those french doors on the Plan 2. I can't imagine $650k being approved, but if it could be had for that price I'd say jump all over it. But I'm far from the biggest bear around here. Most people will probably say to avoid because that's not 1976 pricing yet. ;)
 
It was after my offer was not accepted on this place that I reassessed and made the decision I really love TR. But I also really love Monterrey style houses, and not so much the homes you find in TR. So if I could only pick this house up and move it to TR then I would not be second guessing right now.



I do not see this as the "forever" house, because it is a bit small, but maybe the 5 year house. Which is another reason why I am second guessing.



I have not talked to the agent yet (she left a voicemail), so don't know if the lender approved the price yet. My offer before was $685k, not the $650k. That is $325 per square foot. That is still pretty high.



I am going to have to ponder this some - I like to think things over and over and over. OCD, remember?



But I am leaning towards "no".
 
A 35% discount is significant, but you need to ask yourself how long you plan to live in this house. This property will likely decline another $100,000 or more in value, and it will take a long time to recover. Ten years from now this may be worth enough to get you out at breakeven. If you really like the place, and if you are willing to rent from the bank for a decade to have the freedom to do what you want and the other perks of ownership, then you should buy it.
 
i've been eyeing this address as well. the one next door is still for sale (by owner). and there was one by intrigue that sold last week too (i think that was a plan 3). another one on lamplighter listed as a short sale also. not too sure, but these houses have been on the market for quite a while now, right? i currently rent down the street and always wondered why these homes never sold.
 
179 Intrigue was the house I wrote of above. Closed at $709,000, $308 per sq ft.



$685,000 is too much IMO. I would choose a true single family home with a yard over this one. Check out the house below that sold last year for $710,000. It's slightly smaller, at 1949sqft than the Stonetree Manor plan 2 but it does have a yard and only one HOA.

<img src="http://images2.zillow.com/is/image/i0/i0/i5410/IS10swt0v8lca03.jpg?op_sharpen=1&qlt=90&size=460,300" alt="" />

<img src="http://images3.zillow.com/is/image/i0/i0/i5539/IS10uf2zptgmjz7.jpg?op_sharpen=1&qlt=90" alt="" />

<img src="http://images3.zillow.com/is/image/i0/i0/i5539/IS10uf31167bvdv.jpg?op_sharpen=1&qlt=90&size=460,300" alt="" />

<img src="http://images2.zillow.com/is/image/i0/i0/i5539/ISx89xgkaen8v7.jpg?op_sharpen=1&qlt=90" alt="" />
 
It is a nice plan 2 Stonetree home with good upgrades (it is the model home). The price is at a significant discount to peak price paid by the buyer. It is also nicely located across from a park and within close walking distance to the Commons.



My major concern would be that going forward over the next 12-24 months, there will be increasing price pressure from REOs, ARM recasting-->REO, and probably increased mortgage rates.



So if it were me I would try to be more patient. This is coming from someone who really liked Stonetree and WB. This home is NOT unique. There will be plenty of Stonetree homes coming on the market as times goes by and some even better deals in WB for SFH with backyards. I would look to rent for a little while longer.



The worst that can happen is prices stay flat to minimal appreciation. You don't have to time the market perfectly. And on the up side, you can save yourself anywhere from 10-25% depreciation.
 
My husband and I discussed this last night, and then more this morning, and also read all your responses, and we have decided NOT to buy this home.



It is nice, but it is not perfect, and in no way close to my dream home, and I know that we would grow out of it when my two youngest get a bit older (right now they are 4 and 1).



And there are those damn Mella Roos!



There are just too many strikes against it.



If I could afford to keep this house after five years and rent it, and still buy another one for myself, then I may think differently. But unless I win the lottery, that ain't happening.



So, I am going to be patient and wait.



I want to thank you all so much for your advise. It is much appreciated.



If anyone is interested in this home for themself, send me a PM and I will pass along the agents information.
 
I think you guys made the right decision. We took a look at 179 Intrigue which was a Plan 3 and sold at $705K (short sale). It was a little beat up and was missing all the appliances (stove, oven, dishwasher, etc.) but it still was decent at $650K we thought.



We also have a little guy (almost 2 years) and one on the way and decided that the lack of a yard was the killer (had a mini yard on the side). The Mello Roos would be OK if it just had a decent yard.
 
our neighbor in Woodbury Court moved out; it was a family of four; I asked the husband where he was moving to, and he mentioned that they finally bought a home, through his heavy accent he mentioned something about Stonetree, around the model or somthing... I'm trying to see if there are any closed sales there...
 
[quote author="Bearman81" date=1244329881]I think you guys made the right decision. We took a look at 179 Intrigue which was a Plan 3 and sold at $705K (short sale). It was a little beat up and was missing all the appliances (stove, oven, dishwasher, etc.) but it still was decent at $650K we thought.



We also have a little guy (almost 2 years) and one on the way and decided that the lack of a yard was the killer (had a mini yard on the side). The Mello Roos would be OK if it just had a decent yard.</blockquote>


As for a yard in WB...not much options. The smaller Portisol homes in WB are about the closest in sq footage to Stonetree with a yard. Otherwise you are having to spend $$$$ at Villa Rosa. The now defunct Andalucia (same floor plan as NP Square's Campanile) would have also been a good alternative but I suspect the pricing would have been about $100K more. Wait and see what the new 2010 WB SFH look like. They should be detached and have some type of yard...though it will probably be on the small side.
 
[quote author="No_Such_Reality" date=1244289634]I'm a luddite. I want a nieghborhood where the trees are taller than the houses...</blockquote>


Not many places with prices with less than seven digits that qualify in Irvine, methinks.
 
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