The gated Northwood II is getting killed

NEW -> Contingent Buyer Assistance Program
[quote author="PANDA" date=1250113904]<a href="http://www.redfin.com/CA/Irvine/28-Teak-Brg-92620/home/5931637">http://www.redfin.com/CA/Irvine/28-Teak-Brg-92620/home/5931637</a>



This is exactly the type of property i would like to get at the bottom of the market. IPO, what is your best guess where this home will close at? It would be so sweet if you can buy this property for $650k in 2012.



I think this home will probably close today for $799,900.</blockquote>


I've heard of "light and bright", but judging from those pictures, that house is located about two feet from the sun. White on white on white, accented with white and white.
 
[quote author="Geotpf" date=1250121534]



I've heard of "light and bright", but judging from those pictures, that house is located about two feet from the sun. White on white on white, accented with white and white.</blockquote>


...and uses the realtor trick of intentionally overexposing the interior shots to make things look even brighter. Not that the inside couldn't use some color.



SCHB
 
Camelia is a nice project in Northwood II. At the time of the bubble it was well designed even with the WTF prices it had a very high absorption. It was also a project and a neighborhood that also fell the fastest due to its unsustainable financial model. The recreation center is one of the nicest ones on the Ranch. The size of the enclave is small but personal. If the prices come down to reality this is the gated neighborhood I would recommend to fellow IHBers.
 
[quote author="bkshopr" date=1250125909]Camelia is a nice project in Northwood II. At the time of the bubble it was well designed even with the WTF prices it had a very high absorption. It was also a project and a neighborhood that also fell the fastest due to its unsustainable financial model. The recreation center is one of the nicest ones on the Ranch. The size of the enclave is small but personal. If the prices come down to reality this is the gated neighborhood I would recommend to fellow IHBers.</blockquote>


Bk, would you recommend Northwood II over Woodbury since it is gated? One thing I really like about Northwood II is that it feeds right into Northwood High. I had a chance to walk around Northwood High two weeks ago and man, it is such a nice looking high school. I wish I had my high school experience there.
 
[quote author="socalhousingbubble" date=1250123958][quote author="Geotpf" date=1250121534]



I've heard of "light and bright", but judging from those pictures, that house is located about two feet from the sun. White on white on white, accented with white and white.</blockquote>


...and uses the realtor trick of intentionally overexposing the interior shots to make things look even brighter. Not that the inside couldn't use some color.



SCHB</blockquote>


Clearly, the problem is the photos more than the house, although it does seem fairly monochromatic. I was making fun of the realtor who took the shots more than anything else.
 
[quote author="PANDA" date=1250113904]<a href="http://www.redfin.com/CA/Irvine/28-Teak-Brg-92620/home/5931637">http://www.redfin.com/CA/Irvine/28-Teak-Brg-92620/home/5931637</a>



This is exactly the type of property i would like to get at the bottom of the market. IPO, what is your best guess where this home will close at? It would be so sweet if you can buy this property for $650k in 2012.



I think this home will probably close today for $799,900.</blockquote>


I just went on redfin to show my wife this house, the listing now says "backup offers accepted" im curious to see what it closes for. This was a pretty nice place.
 
I noticed that 28 Teak was a short sale and I have a question regarding it. Does the original owner who paid $1,000,000 for this house in 2006 still have ownership of this house as he is trying to sell it or the bank? I understand that a shortsale is a sale of real estate in which the proceeds from the sale fall short of the balance owed where the bank cooperates with the owner to sell the home for less than the mortgage balance the he owes to the bank. I guess what I am asking is if the Shortsale happens before the NOD Process? Did the distressed owner contact the bank in advance to let them know he is having problems making his payment. From the first offer on a short sale, how long does it normally take to approve the offer to the new owner?
 
looks like 27 GRAPE ARBOR will be NTS 09/10/2009 for $862,753.05, here is the sales history... sold for $1,014,000 on (02/22/2006)... anybody know what plan it is?
 
[quote author="PANDA" date=1250284166]I noticed that 28 Teak was a short sale and I have a question regarding it. Does the original owner who paid $1,000,000 for this house in 2006 still have ownership of this house as he is trying to sell it or the bank? I understand that a shortsale is a sale of real estate in which the proceeds from the sale fall short of the balance owed where the bank cooperates with the owner to sell the home for less than the mortgage balance the he owes to the bank. I guess what I am asking is if the Shortsale happens before the NOD Process? Did the distressed owner contact the bank in advance to let them know he is having problems making his payment. From the first offer on a short sale, how long does it normally take to approve the offer to the new owner?</blockquote>


p... I guess the owner still have legal ownership of the house... a short sale can be done before NOD, they can be current on their payments, they can contact the bank or they could be getting help with the short sale package from a company that will be buying the property from the bank for cash and flipping it for market value. I'm not sure how long it takes, depends on the backlog, the relationship with the bank, and the time it takes to get financing or submit the full cash, I guess...
 
81 Rinaldi,, I know this is in Woodbury, but it came on the market this week as a short sale, maybe just 4 day ago.. now today, it's already in backup offer, status and off the market... that is really fast for a short sale... I'm guessing the investors or buyers must have already been working with the sellers and bank before it went on the market, the question then is why did the bank bother to list it on the market? just to see if any other offers come in?
 
<a href="http://www.zillow.com/homedetails/29-Grape-Arbor-Irvine-CA-92620/63114528_zpid/">29 Grape Arbor</a> was picked up by an investor today for $631k. I take it they don't read IHB, because the <a href="http://www.irvinehousingblog.com/forums/viewthread/3750/">debacle of 21 Grape Arbor</a> would deter me at that price.



[quote author="ipoplaya" date=1227189121]You crazy Vas. The same model in NWII in a worse locaiton on Secret Garden (32) just closed two days ago for $730K. $200K over market? This Grape Arbor pad will nab a sucker at $725-750K and do so probably pretty easily.</blockquote>


Oops!
 
[quote author="graphrix" date=1250830521]<a href="http://www.zillow.com/homedetails/29-Grape-Arbor-Irvine-CA-92620/63114528_zpid/">29 Grape Arbor</a> was picked up by an investor today for $631k. I take it they don't read IHB, because the <a href="http://www.irvinehousingblog.com/forums/viewthread/3750/">debacle of 21 Grape Arbor</a> would deter me at that price.



[quote author="ipoplaya" date=1227189121]You crazy Vas. The same model in NWII in a worse locaiton on Secret Garden (32) just closed two days ago for $730K. $200K over market? This Grape Arbor pad will nab a sucker at $725-750K and do so probably pretty easily.</blockquote>


Oops!</blockquote>




<a href="http://www.irvinehousingblog.com/forums/viewthread/5108/">You forgot Grape Arbor debacle part II</a>
 
[quote author="Mcdonna1980" date=1250831546]<a href="http://www.irvinehousingblog.com/forums/viewthread/5108/">You forgot Grape Arbor debacle part II</a></blockquote>


I did forget about that one, or I just never read that thread. I go with the latter. Funny 31 Teak Bridge still hasn't closed escrow, and it is still scheduled for the auction on 9/8.
 
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