What's going into escrow - Irvine and maybe some Tustin too

NEW -> Contingent Buyer Assistance Program
don't dispair, it looks like two of the neighbors will be on the market soon:



12148 AHERN CT

TUSTIN, CA 92782

LAST SALE: $1,355,000 (04/01/2008)





12160 ZIELIAN CT

TUSTIN, CA 92782

LAST SALE: $1,063,455 (04/02/2008)
 
[quote author="freedomCM" date=1209637659]don't dispair, it looks like two of the neighbors will be on the market soon:



12148 AHERN CT

TUSTIN, CA 92782

LAST SALE: $1,355,000 (04/01/2008)





12160 ZIELIAN CT

TUSTIN, CA 92782

LAST SALE: $1,063,455 (04/02/2008)</blockquote>


Ahern sale isn't an REO transaction freedom, it's a market buy. I assume you don't believe a flipper bought it for $1.355 to spin it back up on to the market?
 
Wow, someone let their old Turtle Rock condo go for a 2003 equivalent price - 50 Rocky Knoll. List of $799K and they took $725K shortly after listing... Probably was their first offer.
 
Ten's fave, 14 Mar Vista, got their 1st NOD yesterday. No wonder they brought it on cheap, it is distressed....



16 Sunnyvale got a NOD too. IPO might have to look at that place harder!
 
[quote author="freedomCM" date=1209692193]so how big a haircut did the ahern seller take, then?</blockquote>


$200K + commissions for 15 months of home ownership...
 
<object width="325" height="250"><embed src="http://www.youtube.com/v/youtube" type="application/x-shockwave-flash" width="325" height="250"></embed></object>
 
Must be nice to be wealthy... House in NW Pointe went into escrow on 4/23 and closed 4/30. Must have been a cash deal, for $1.24M, as no lender could move on that so quickly.



31 Arborwood, also in NW Pointe, closed for a cool $1.94M. That is $525 per sf. It was purchased in 1999 for $576K...
 
Naw, I've closed purchase deals in less than 5 days. As long as the purchase contract is signed correctly and all docs are it doesn't take that long. CA is a not a wet state and their is no rescission on a purchase. The loan funds the day the loan docs are signed.
 
[quote author="skek" date=1210118421]Agree, Doc -- that's a beautiful house. At under $2 mil, it seems like it was reasonably priced (which would explain why it went into escrow). How long was it on the market?</blockquote>


I'm not sure I'd call it "reasonably priced" as it was $495/sq ft; I would call "reasonably" in the current market for comparable homes more like $350-400/sq ft or around $1.6M. The other home I mentioned a month ago or so on Afton Ln was way more reasonably priced at $1.45M and only slightly smaller (which is why that home was listed for like 5 days before it received multiple offers *over* list price).



This home was on market for a bit over two months with no price decreases. There is another similar-sized property in Tustin Ranch I am watching very closely that just dropped asking $200k. One more drop, and I will seriously consider putting in an offer.
 
[quote author="skek" date=1210135728]I thought the price per square foot was justified by the lot size -- nearly half an acre, if I recall correctly. Are other, lower priced houses on similarly large lots? (Man, I'd love to get half an acre in my target neighborhoods...) Anyway, good luck to you.</blockquote>


Larger lots is one of the primary reasons I'm looking harder in Tustin Ranch/North Tustin than in Irvine. Most of the lots on the larger homes are 1/3 acre or larger. My wife and I already live in a tract home in north OC and are having trouble justifying paying the $$ for another one just because its in Irvine.
 
Another day, another two more escrows opened up... One is on a house I tried to buy back in February, when it was an unlisted short. It got foreclosed on in March and finally hit the market five days ago. The lender never countered my offer of $850K back then and looks to have been smart in doing so.



As a slightly comical aside, the realtor that listed this particular property last week shorted the square footage by 350 feet.



<a href="http://www.ipoplaya.com">IPOPlaya's Site</a>
 
[quote author="ipoplaya" date=1210131170]30 Crimson Rose in TRidge closed yesterday for $1.42M.</blockquote>


Wow, this place was sold at the foreclosure auction in the beginning of August for $1.4M. It was possibly the second lien holder who bought it. So, they had to carry the costs for 9 months, including the back property taxes, to get back 2/3rds of what they were owed. Well, I guess it is better than nothing.



Here is a foreclosure, and now that it sold would be considered a real comp by some here, but the foreclosure price was the about the same price. Mmmm... maybe foreclosures can be good comps. Eh, what do I know?



I do know that 2565 Reynolds, 92782 went back to the bank for $792k. It sold in 3/06 for $1.1M and there are few for sale in that tract for $900k plus.



Oh, and 59 Wonderland, 92620 is up for auction on 5/15. The NTS is $815k, but the bank will take $622k in a freshly printed cashiers check. Damn, that is a $140k less than the 2004 purchase price. Mmmm... another 2003 or maybe even a 2001 rollback.
 
Oh, 59 Wonderland is the Serissa tract. The identical plans were being sold by Lennar in Woodbury (La Casella) for ~$750K. Zovall profiled these on the blog at one point. This would make an interesting update. {hint, hint}



Edit: <a href="http://www.irvinehousingblog.com/forums/viewthread/24/">Here's the link to the La Cassella thread.</a>



<a href="http://www.irvinehousingblog.com/blog/comments/serissa-why-pay-more-here-when-you-can-get-a-brand-new-home-exact-floorplan/">And here's the link to the blog post.</a> {hint, hint}
 
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