What will this troubled property sell for?

What do you think it will close for?

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    9
  • Poll closed .
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zovall

Well-known member
Just came across this listing (Chantory Plan 2 1 in Turtle Ridge):
www.redfin.com

62 Greenhouse, Irvine, CA 92603 - 2 beds/2.5 baths

(CRMLS) Sold: 2 beds, 2.5 baths, 1116 sq. ft. condo located at 62 Greenhouse, Irvine, CA 92603 sold for $925,000 on Aug 4, 2023. MLS# OC23120188. Property in poor condition. Tenant occupied. Must be purcha...
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Property in poor condition. Tenant occupied. Must be purchased with uncooperative tenant in possession and buyer responsible for any eviction.
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That price is way too high given the circumstances. It think they will get between 8-899. 1M seems high for one of these that's in poor condition with an uncooperative tenant. It's a Plan 1 by the way, which is even smaller than Plan 2.
 
This house was built by Cal Pac. It is similar to Cortile plan 1 in Woodbury which has 2 bedrooms, 1 car garage. Size is about 1,100 sqft. I say it would go for $900k.
 
Danimal said:
This house was built by Cal Pac. It is similar to Cortile plan 1 in Woodbury which has 2 bedrooms, 1 car garage. Size is about 1,100 sqft. I say it would go for $900k.
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Yeah, it's the same plans by CalPac that they built in Cortile (Woodbury), Sage (QH), & Aldea (Oak Creek). I think 900 is a good estimate based on the situation.
 
Near a freeway and horrible tenant and we think a condo should be 900k? I don’t think so. But of course some FCB will buy it to stabilize the market.
 
sleepy5136 said:
Near a freeway and horrible tenant and we think a condo should be 900k? I don’t think so. But of course some FCB will buy it to stabilize the market.
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Unfortunately, the reality of Turtle Ridge is usually 1k+ a foot, so 900 would actually be a "deal".
 
irviniteeee said:
Unfortunately, the reality of Turtle Ridge is usually 1k+ a foot, so 900 would actually be a "deal".
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1k+ for a condo or SFH? SFH has huge lots and homes are more custom than other Irvine villages. $700-$750 per sq/ft would sound more about right given the location to freeway + rising interest rate env + horrible tenant + cost to potentially lawyer up + cleaning/repairs cost + months of rent that will not be received until evicted + cost/time to find another tenant + it being a condo
 
sleepy5136 said:
1k+ for a condo or SFH? SFH has huge lots and homes are more custom than other Irvine villages. $700-$750 per sq/ft would sound more about right given the location to freeway + rising interest rate env + horrible tenant + cost to potentially lawyer up + cleaning/repairs cost + months of rent that will not be received until evicted + cost/time to find another tenant + it being a condo
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They're detached condos. Recent sales in that neighborhood (Chantory & Arborel) have been nearing and passing 1k a foot. I agree about the price vs condition & circumstances though.

www.redfin.com

130 Canyoncrest, Irvine, CA 92603 - 3 beds/2.5 baths

(CRMLS) Sold: 3 beds, 2.5 baths, 1333 sq. ft. condo located at 130 Canyoncrest, Irvine, CA 92603 sold for $1,425,000 on May 2, 2023. MLS# NP23032846. You will love living in this fully detached two story p...
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www.redfin.com

33 Gardenpath, Irvine, CA 92603 - 3 beds/2.5 baths

(CRMLS) Sold: 3 beds, 2.5 baths, 1548 sq. ft. condo located at 33 Gardenpath, Irvine, CA 92603 sold for $1,500,000 on Jan 31, 2023. MLS# NP22258975. Welcome to one of the quaintest neighborhoods in Coastal...
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www.redfin.com

97 Canyoncrest, Irvine, CA 92603 - 2 beds/2.5 baths

(CRMLS) 2 beds, 2.5 baths, 1244 sq. ft. condo located at 97 Canyoncrest, Irvine, CA 92603 sold for $1,260,000 on May 6, 2022. MLS# PW22079781. This completely remodeled Arborel and Chantory, in the Gate Co...
www.redfin.com www.redfin.com
 
sgip said:
Last sales of similar homes that were neither wrecked or in legal peril closed in the mid 9's. There are better options IMHO:

https://www.redfin.com/CA/Irvine/1401-Elk-Grv-92618/home/5793330

Who wants the hassle of a nightmare tenant?
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I would have personally purchased this one, but that's just me. Same floorplans as the place with the nightmare tenant, but in Oak Creek. This is actually the plan 2 which is larger too. Also, this one backs & faces the SD Creek trail.

www.redfin.com

77 Alevera St, Irvine, CA 92618 - 2 beds/2.5 baths

(CRMLS) Sold: 2 beds, 2.5 baths, 1215 sq. ft. condo located at 77 Alevera St, Irvine, CA 92618 sold for $939,000 on Jun 30, 2023. MLS# PW23010587. Location! Location! Location! Your front is a panoramic vi...
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There was also the same floorplan as above that sold in Quail Hill recently too:

 
It was refinanced in May, 2021 for 700k and a Notice of Default was filed in Feburary of this year, followed by a Notice of Sale on May 31st for $795,729, so that's the amount owed to the Lender at that time. It's listed as a Short Sale, so the owner was able to negotiate with the bank to try to get it sold and avoid the foreclosure. So there's some equity in it if it sells for the listed price. It went into Escrow on July 10th, 5 days after being listed, so somebody is interested. The Automated Valuation Model says the value is between $924,900 and $1,107,400, so we'd expect this one to sell at the lower end of that range. The bank has to review and accept the offered price to continue the Escrow process. It'll be interesting to see how this one plays out ... we don't see many Short Sales in Irvine anymore - there have only been 2 in the last 6 months, and both are currently in Escrow.
 
Super helpful info.

Looks like the "borrower" made at least 6 payments then lifted the "one fingered Italian Salute" to their lender what with a $795k amount due in the Notice of Sale.
 
Pending...hmm. I wonder how much it'll go for. Same plan just sold yesterday for 1.348

www.zillow.com

65 Greenhouse, Irvine, CA 92603 | Zillow

65 Greenhouse, Irvine CA, is a Condo home that contains 1116 sq ft and was built in 2003.It contains 2 bedrooms and 3 bathrooms.This home last sold for $1,348,000 in July 2023. The Zestimate for this Condo is $1,319,100, which has increased by $305,400 in the last 30 days.The Rent Zestimate...
www.zillow.com www.zillow.com
 
zovall said:
Looks like it sold for $925k
www.redfin.com

62 Greenhouse, Irvine, CA 92603 - 2 beds/2.5 baths

(CRMLS) Sold: 2 beds, 2.5 baths, 1116 sq. ft. condo located at 62 Greenhouse, Irvine, CA 92603 sold for $925,000 on Aug 4, 2023. MLS# OC23120188. Property in poor condition. Tenant occupied. Must be purcha...
www.redfin.com www.redfin.com
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The listing was active for 3 days and sold for cash with a 35k credit to the seller to cover seller costs not paid by the short sale lender. It's interesting it came in at the low end of the Automated Valuation Model from July 13th, estimating a value between $924,900 and $1,107,400
 
Raymond said:
The listing was active for 3 days and sold for cash with a 35k credit to the seller to cover seller costs not paid by the short sale lender. It's interesting it came in at the low end of the Automated Valuation Model from July 13th, estimating a value between $924,900 and $1,107,400
Click to expand...

The new owner will have fun trying to evict the tenant and I can see the tenant leaving the home in horrible condition.
 
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