The gated Northwood II is getting killed

NEW -> Contingent Buyer Assistance Program
I

IRVINITEEEE_IHB

New member
Last week I saw 21 Grape Arbor for sale for $525K & now today redfin has 20 Bamboo for $550K.



The owner of 21 Grape Arbor paid $906K and the 20 Bamboo owner paid $887K. Both are the plan 1 in Camellia.



Here's 20 Bamboo.



http://www.redfin.com/CA/Irvine/20-Bamboo-92620/home/5931602?utm_source=myredfin&utm_medium=email&utm_campaign=listings_update&utm_nooverride=1



21 Grape Arbor says it has gone off the market.
 
These should be 280 ppsf so it's getting very close. I'm sorry they were dumb dumb and paid almost a million dollars for a crackerjack starter home.
 
[quote author="PadreBrian" date=1213513560]These should be 280 ppsf so it's getting very close. I'm sorry they were dumb dumb and paid almost a million dollars for a crackerjack starter home.</blockquote>


Padre, Are you kidding me? We are going to be in numbers much lower than $280 ppsf in Northwood II from now until 2010.
 
Oh Man,



Blue Fire, Don't do this to me. You are starting to make Panda go CraZY. Dude, we are not too far from $250/square feet prices. YEAH BABY!!!! Northwood II and Woodbury is going DOWN!!!! and we are not even in 2009 yet.
 
[quote author="PANDA DREAMING OF IRVINE" date=1213537015]20 Bamboo is MY HOUSE. I've got eyes on it very closely. Don't anyone take it. OK?



Panda</blockquote>


[Story]



From far away, conceiled out of sight, lies the Ninja. Waiting, patiently, silently, while the pray comes into view.

Ever patient, ever waiting, the target is left unaware as of its certain doom.



[/Story]



Oh, Hi, hope all goes well with that house....



-bix
 
Id like to see what these short sales are going for...

250 ppsf in irvine just seems like some type of marketing gimmick at this moment..





Still does that place have a driveway? I wonder what the cheapest driveway is in Irvine in a post 1990 built place
 
[quote author="PANDA" date=1215927368]Blue Fire,



Do you know what tract this home is? Is it a Bella Rosa or a Serissa? This is good stuff.



Panda.</blockquote>


I believe <a href="http://www.redfin.com/CA/Irvine/26-Shadowplay-92620/home/5979476">26 Shadowplay</a> is a <a href="http://www.catrinare.com/northwoodii/floorplans_serissa.html">Plan 3 Serissa</a> given the sq footage and number of bathrooms. It is a short sale so that $599K price is probably a fishing price.
 
[quote author="gwailo168" date=1215948980]Id like to see what these short sales are going for...

250 ppsf in irvine just seems like some type of marketing gimmick at this moment..





Still does that place have a driveway? I wonder what the cheapest driveway is in Irvine in a post 1990 built place</blockquote>


20 Bamboo is a <a href="http://www.catrinare.com/northwoodii/floorplans_camellia.html">Camellia Plan 1</a>, with it's own driveway and yard. I checked Redfin for <a href="http://www.redfin.com/CA/Irvine/20-Bamboo-92620/home/5931602">20 Bamboo</a> and it is relisted for a staggering $739K ($422/sqft)! What happened?
 
[quote author="IACRenter" date=1216132177][quote author="gwailo168" date=1215948980]Id like to see what these short sales are going for...

250 ppsf in irvine just seems like some type of marketing gimmick at this moment..





Still does that place have a driveway? I wonder what the cheapest driveway is in Irvine in a post 1990 built place</blockquote>


20 Bamboo is a <a href="http://www.catrinare.com/northwoodii/floorplans_camellia.html">Camellia Plan 1</a>, with it's own driveway and yard. I checked Redfin for <a href="http://www.redfin.com/CA/Irvine/20-Bamboo-92620/home/5931602">20 Bamboo</a> and it is relisted for a staggering $739K ($422/sqft)! What happened?</blockquote>


They are just buying time. They have already filed for BK. The auction for the home is set for 8/8, but with the BK it will be postponed again if they have a decent lawyer. The price is just a 17% discount from when they bought it in 2006. Only problem... they owe $761k on the first lien and $177k on the second. There are six other homes in trouble in that tract, with two more on Bamboo, and a yet to be listed bank owned home on Grape Arbor. All of which are upside down.
 
[quote author="IACRenter" date=1216132177][quote author="gwailo168" date=1215948980]Id like to see what these short sales are going for...

250 ppsf in irvine just seems like some type of marketing gimmick at this moment..





Still does that place have a driveway? I wonder what the cheapest driveway is in Irvine in a post 1990 built place</blockquote>


20 Bamboo is a <a href="http://www.catrinare.com/northwoodii/floorplans_camellia.html">Camellia Plan 1</a>, with it's own driveway and yard. I checked Redfin for <a href="http://www.redfin.com/CA/Irvine/20-Bamboo-92620/home/5931602">20 Bamboo</a> and it is relisted for a staggering $739K ($422/sqft)! What happened?</blockquote>


There were three listings in Costa Mesa that came on last week for $450K, but on Monday all three of them had the price raised to $650K. Anyone know what's up with that?
 
[quote author="graphrix" date=1216138526][quote author="IACRenter" date=1216132177][quote author="gwailo168" date=1215948980]Id like to see what these short sales are going for...

250 ppsf in irvine just seems like some type of marketing gimmick at this moment..





Still does that place have a driveway? I wonder what the cheapest driveway is in Irvine in a post 1990 built place</blockquote>


20 Bamboo is a <a href="http://www.catrinare.com/northwoodii/floorplans_camellia.html">Camellia Plan 1</a>, with it's own driveway and yard. I checked Redfin for <a href="http://www.redfin.com/CA/Irvine/20-Bamboo-92620/home/5931602">20 Bamboo</a> and it is relisted for a staggering $739K ($422/sqft)! What happened?</blockquote>


They are just buying time. They have already filed for BK. The auction for the home is set for 8/8, but with the BK it will be postponed again if they have a decent lawyer. The price is just a 17% discount from when they bought it in 2006. Only problem... they owe $761k on the first lien and $177k on the second. There are six other homes in trouble in that tract, with two more on Bamboo, and a yet to be listed bank owned home on Grape Arbor. All of which are upside down.</blockquote>


Wow, it is a slaughter. So how long do you think the lawyers are going to postpone it? These are quite nice places with a bit of work. Just prime for the right... ahem... group.

Take it easy

-bix
 
[quote author="IACRenter" date=1216132177][quote author="gwailo168" date=1215948980]Id like to see what these short sales are going for...

250 ppsf in irvine just seems like some type of marketing gimmick at this moment..





Still does that place have a driveway? I wonder what the cheapest driveway is in Irvine in a post 1990 built place</blockquote>


20 Bamboo is a <a href="http://www.catrinare.com/northwoodii/floorplans_camellia.html">Camellia Plan 1</a>, with it's own driveway and yard. I checked Redfin for <a href="http://www.redfin.com/CA/Irvine/20-Bamboo-92620/home/5931602">20 Bamboo</a> and it is relisted for a staggering $739K ($422/sqft)! What happened?</blockquote>


Poor Catrina Catalano only has one active listing and it's in Perris. I do love her for her floorplans though...
 
What happened here with 20 Bamboo?



http://www.redfin.com/CA/Irvine/20-Bamboo-92620/home/5931602?utm_source=myredfin&utm_medium=email&utm_campaign=listings_update&utm_nooverride=1
 
http://www.redfin.com/CA/Irvine/42-Blossom-92620/home/5951196



A nice Bella Rosa came out in the market for $300. I am little confused on why Bella Rosa is considered a detached condo whereas Portisol in Woodbury is considered a SFR? Is the reason solely because Bella Rosa is on a lot that is less than 3000 square feet?



Any thoughts on this listing? If the bottom is somewhere between 2010 - 2012. Where do you guys think the bottom ppsf for Northwood II would be? $240?, $250?. I really hope that we are going to see that 16% drop for '09. I'm starting to get really impatient.
 
You must log in or register to reply here.
Back
Top