The gated Northwood II is getting killed

NEW -> Contingent Buyer Assistance Program
Speaking of Northwood II updates...anyone know what is going on with <a href="http://www.redfin.com/CA/Irvine/59-Fire-Thorn-92620/home/5931294">59 Fire Thorn</a>. This <a href="http://www.irvinehousingblog.com/blog/comments/fire-sale/">home </a>was featured on the main blog earlier. I think it originally listed at $950K as an unapproved short sale and now relisted at $981K. It is a nice <a href="http://www.catrinare.com/pdf/northwood2/floorplans/camellia-calfpachomes-136sfd/Model E, Plan 4 Alt 1 - 3069.pdf">Camelia plan 4</a> property with good upgrades. I heard they had multiple offers for the home but guessing that the bank rejected all of them and wants more $$$$.
 
I've been keeping my eye on this one. My agent says that they would rather go into foreclosure than take an offer lower

than what they are currently asking (981K). Judging from recent sales of the same model/floorplan, I think they

are overpriced by $40-50K. It is a nicely upgraded property, though.
 
[quote author="irvinerepublic" date=1226503939]I've been keeping my eye on this one. My agent says that they would rather go into foreclosure than take an offer lower

than what they are currently asking (981K). Judging from recent sales of the same model/floorplan, I think they

are overpriced by $40-50K. It is a nicely upgraded property, though.</blockquote>


I guess we can all wait for the REO... unless of course some knife catcher comes to the rescue or more likely the federal government will bailout this homeowner. I am seeing a clear pattern in America now. The greater the greed and piss poor judgment, the more deserving you are of other people's hard earned tax dollars.
 
[quote author="irvinerepublic" date=1226503939]I've been keeping my eye on this one. My agent says that they would rather go into foreclosure than take an offer lower

than what they are currently asking (981K). Judging from recent sales of the same model/floorplan, I think they

are overpriced by $40-50K. It is a nicely upgraded property, though.</blockquote>


I have to question your agent's knowledge on this. I could be wrong, and your agent could be a smart and informed agent like IR2, but I am curious as to how your agent came to this conclusion. Since only the NOD has been filed, how do they know that the bank would be selling at the auction for more or less? Does your agent know which bank is filing the NOD? Do they know how much is owed on the first, including the back payments? Do they know what the second amount is for, and is it delinquent? Does this property have HOAs, and if so, are they delinquent? Does your agent know there is a tax default of over $18k, and the over $15k of taxes from last year not being paid?



I ask these questions, because in less than 10 minutes, I... not a licensed RE agent, was able to find that info out on the same intarwebs as you or your agent could have found.



If the bank is able to remove their head from outside their ass, then they could sell this place for $920k in a heartbeat. Instead, they would rather pay the foreclosure costs of $50k, the back taxes of $33k, 6% for a listing and selling agent, which by the time they get around to evicting and marketing the place it will be March 2009. By then the price will be $820k, and they will have lost $100k on the price, and $150k on fees and taxes. I really hope the loss mit. manager is smarter than that, but the Kool-Aid runs deep. Someone is stupid, either it is the agent, or the monkey in loss mit.
 
Is Northwood II really getting killed?



52 Secret Garden just closed for $1,018,000, which is $10K more than their late 2005 purchase price of $1,008,000...



52 Secret is the same plan as 59 Fire Thorn with a worse location but better upgrades.



<a href="http://www.zillow.com/homedetails/27-Antique-Rose-Irvine-CA-92620/63114345_zpid">This house on Antique Rose</a> just closed for $100K more than their mid 2005 purchase price of $1.284M.



At least on larger homes in NWII, the bubble appears to be alive and well.
 
[quote author="ipoplaya" date=1226659746]Is Northwood II really getting killed?



52 Secret Garden just closed for $1,018,000, which is $10K more than their late 2005 purchase price of $1,008,000...



52 Secret is the same plan as 59 Fire Thorn with a worse location but better upgrades.</blockquote>


I bet you they will feel good about this purchase in ohh about 1.5 years....

bet ya!

-bix
 
if it is not getting killed, at least it is not looking good, just listed today, Bella Rosa for <a href="http://www.redfin.com/CA/Irvine/20-Bombay-92620/home/5946337">$650</a>; comps are going for <a href="http://www.redfin.com/CA/Irvine/26-midsummer-92620/unit-1/home/12427208">$848</a>; looks like the old game of listing it for low to get a bidding war is back at NWII...
 
Can anyone tell me how can I find out when will open houses be held for these properties? I called an agent from Remax to see if she can show them to me. She wanted me to get preapproved first. I just wanna peek, not commit. :cheese: Thanks!
 
wtf? pre-approved before she will show you a property for sale?



does she think this is 2005?



you should tell her to blow you, then call IR2 and give your business to someone deserving.
 
[quote author="freedomCM" date=1226680763]wtf? pre-approved before she will show you a property for sale?



does she think this is 2005?



you should tell her to blow you, then call IR2 and give your business to someone deserving.</blockquote>


In a way I don't blame the agent for the pre-approval. It is in their best interest to know whether or not the buyer is qualified to buy a house or not. Heh... back in 2005 all it took was a pre-qualified letter from a lender that could get a fog a mirror approval from a lender.



I will say that the way the agent handled it, according to Alison, is not the best, and they should be more open to the idea of showing homes. I also would suggest that you at least <a href="http://www.irvinehousingblog.com/forums/member/1052/">PM deuce and see how he might handle showing some props to you</a>.



I know I am the resident crankypants here at IHB, but even if you are new, don't you know that IR2 has proven himself to the cranky ones at IHB to be the Realtor of choice? Eh... if the ones who rip apart and despise the Realturd trash, me and awgee, support deuce... then I would think you would and should be checking with him first before you rely on some ReCrapx agent who is stuck on the "up calls".



<em>removes crankypants...</em> Alison, hit up IR2, a real true agent and see what he can do for you.
 
[quote author="Allison C." date=1226671056]Can anyone tell me how can I find out when will open houses be held for these properties? I called an agent from Remax to see if she can show them to me. She wanted me to get preapproved first. I just wanna peek, not commit. :cheese: Thanks!</blockquote>


I think you should write a letter explaining why the seller should sell the house to you and how much you will love the place too!
 
[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>


280sq was a great deal...was...



Throw in the fact that peoples 401ks evaporated, jobs lost and uncertanty in economy....try 180sq ft a couple years down the road.
 
[quote author="blackvault_cm" date=1226704231][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>


280sq was a great deal...was...



Throw in the fact that peoples 401ks evaporated, jobs lost and uncertanty in economy....try 180sq ft a couple years down the road.</blockquote>


That sounds crazy, but is it?
 
[quote author="graphrix" date=1226684556][quote author="freedomCM" date=1226680763]wtf? pre-approved before she will show you a property for sale?



does she think this is 2005?



you should tell her to blow you, then call IR2 and give your business to someone deserving.</blockquote>


In a way I don't blame the agent for the pre-approval. It is in their best interest to know whether or not the buyer is qualified to buy a house or not. Heh... back in 2005 all it took was a pre-qualified letter from a lender that could get a fog a mirror approval from a lender.



I will say that the way the agent handled it, according to Alison, is not the best, and they should be more open to the idea of showing homes. I also would suggest that you at least <a href="http://www.irvinehousingblog.com/forums/member/1052/">PM deuce and see how he might handle showing some props to you</a>.



I know I am the resident crankypants here at IHB, but even if you are new, don't you know that IR2 has proven himself to the cranky ones at IHB to be the Realtor of choice? Eh... if the ones who rip apart and despise the Realturd trash, me and awgee, support deuce... then I would think you would and should be checking with him first before you rely on some ReCrapx agent who is stuck on the "up calls".



<em>removes crankypants...</em> Alison, hit up IR2, a real true agent and see what he can do for you.</blockquote>


I've started working with IR2 recently. He has been great so far and I highly recommend him as well.
 
[quote author="roundcorners" date=1226670070]if it is not getting killed, at least it is not looking good, just listed today, Bella Rosa for <a href="http://www.redfin.com/CA/Irvine/20-Bombay-92620/home/5946337">$650</a>; comps are going for <a href="http://www.redfin.com/CA/Irvine/26-midsummer-92620/unit-1/home/12427208">$848</a>; looks like the old game of listing it for low to get a bidding war is back at NWII...</blockquote>


That practice has become more common all over Irvine. List prices don't matter much, either on the high side or low side. Closed deals make the market...
 
[quote author="freedomCM" date=1226680763]wtf? pre-approved before she will show you a property for sale?



does she think this is 2005?



<strong>you should tell her to blow you</strong>, then call IR2 and give your business to someone deserving.</blockquote>


freedom - I'm full service, but not <em>that </em>service.



Allison - It is actually not a bad broker practice to prequalify the buyer for a couple of reasons:



#1. You are asking the agent to set aside an hour or two to research comps for you, drive out and show you the home, and make arrangements with the home occupants ahead of time. You're also asking the seller/tenant to step away from the home for at least a half-hour, while their "stuff" is looked over and reviewed by a complete stranger. If the potential buyer is unwilling to spend 10 minutes to talk with a lender, it is likely a waste of everyone's time. It is a fair request but I agree it probably could be handled better.



#2. If you like the home and then find that you are not qualified, you will inevitably compare the ones you <u>are</u> qualified for to the more expensive one, and set yourself up for disappointment.



Thank you for the positive mojo.
 
[quote author="Roo" date=1226708632][quote author="graphrix" date=1226684556][quote author="freedomCM" date=1226680763]wtf? pre-approved before she will show you a property for sale?



does she think this is 2005?



you should tell her to blow you, then call IR2 and give your business to someone deserving.</blockquote>


In a way I don't blame the agent for the pre-approval. It is in their best interest to know whether or not the buyer is qualified to buy a house or not. Heh... back in 2005 all it took was a pre-qualified letter from a lender that could get a fog a mirror approval from a lender.



I will say that the way the agent handled it, according to Alison, is not the best, and they should be more open to the idea of showing homes. I also would suggest that you at least <a href="http://www.irvinehousingblog.com/forums/member/1052/">PM deuce and see how he might handle showing some props to you</a>.



I know I am the resident crankypants here at IHB, but even if you are new, don't you know that IR2 has proven himself to the cranky ones at IHB to be the Realtor of choice? Eh... if the ones who rip apart and despise the Realturd trash, me and awgee, support deuce... then I would think you would and should be checking with him first before you rely on some ReCrapx agent who is stuck on the "up calls".



<em>removes crankypants...</em> Alison, hit up IR2, a real true agent and see what he can do for you.</blockquote>


I've started working with IR2 recently. He has been great so far and I highly recommend him as well.</blockquote>


That's great Roo! I am also planning on working with IR2 once Panda gets his Big FAT Black Butt out there. but first, I need to unload my depreciating asset here in Chi-town. I am meeting my new real estate agent in about an hour and he is the top performer in my area. I am sad that i couldn't find him a year earlier as real agents here would never share this information. I wasted my time with a part-time mom real estate agent. My new agent is really big on home staging and making the house look new,and executing a marketing plan like IPO and IR2 did.



Seriously Scary here, prices are getting close to where i bought in 2003... soon i will be under water if prices drop another 10 - 15%.! the Chicago real estate market moved side ways with 1-4 % increase during the last real esatate bust in OC/LA in 1990 - 1995, but this time around the prices have been dropping 7% a year here which is never heard of in this area. My agent is telling me not to worry and the situation is not that bad as i think...He is telling me to get raped discounting 5 - 10% from my asking price here in Chi-Town and go for ulimate kill and buy 40 - 50% discount in OC in 2010 - 2012.



Panda
 
[quote author="PANDA" date=1226720969]Panda gets his Big FAT Black Butt out there. but first, I need to unload my depreciating asset here in Chi-town.</blockquote>


Are you a black asian? That would be new to me!



I've been trying to meet a black, red-hair midget for some time now!
 
[quote author="Roo" date=1226725989][quote author="PANDA" date=1226720969]Panda gets his Big FAT Black Butt out there. but first, I need to unload my depreciating asset here in Chi-town.</blockquote>


Are you a black asian? That would be new to me!



I've been trying to meet a black, red-hair midget for some time now!</blockquote>


Haha, you thought i was a black Asian? I guess i know how to rap better than my Asian brothas and looked to up to Snoop Dogg in my college years.

The last time i checked, I think my real butt color is yellow. However, PANDA BEAR's butt is big, furry and black.
 
[quote author="PANDA" date=1226730268][quote author="Roo" date=1226725989][quote author="PANDA" date=1226720969]Panda gets his Big FAT Black Butt out there. but first, I need to unload my depreciating asset here in Chi-town.</blockquote>


Are you a black asian? That would be new to me!



I've been trying to meet a black, red-hair midget for some time now!</blockquote>


Haha, you thought i was a black Asian?

The last time i checked, I think my real butt color is yellow. However, PANDA BEAR's butt is big, furry and black.</blockquote>


I was only joking and I think that was TOO MUCH INFORMATION!
 
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