Comp killers, bubble bursters, listings that make you want to go crazy reno/flip

ps99472

ps99472

New member
This is the opposing/partner thread to USCTrojan's WTF thread (http://www.talkirvine.com/index.php/topic,1074.0.html)

Here's my first nomination at $318/sq ft (with a "view" per description)
http://www.redfin.com/CA/Irvine/19-Desert-Willow-92606/home/22751121

posted this first in another thread, thought it warrants more discussion. 

My least favorite neighborhood in Irvine.  Prices here seem to have recovered from its untimely launch right when the bubble burst (and before the last phase release).  This listing is close to the 2009-2012 dark ages of Columbus Grove.  Comp killing its neighbors at 38 Desert Willow $418/sq ft, 54 Desert Willow at $409/sq ft, 45 Snowdrop at $392/sq ft, and 36 Water Lily at $425/sq ft.  CG has one of the highest Mello-Roos tax in Irvine.  This ones comes in at:

R1 MELLO-ROOS R1 (949)955-1500 $4,362.54

It's tax base (Total Net Taxable Value $929,250) also comes in lower than the original purchase price of almost $1.2 million.  No homeowners exemption.  This is probably a foreclosure or short sale, though it is not listed in the description.  The agent is a "REO" specialist.  CG is not buffered well from real estate dips:  power lines, WM depot nearby, concrete plant, and the closest way to get to the District is a fucking U-turn on Warner.  First to drop in price during the economic downturn and the last to recover.  Worse off all, probably not true, but you can't help but feel your Mello-Roos dollars are bleeding into Creekside alternative next door. 

Good points:  cool clubhouse to rent for birthday parties, had my kid's party here and it had a nice private green patch right outside for a bounce house.  Bball courts are nice, though I do see some "questionable" cars in the parking lot. 
 
Yeah my brother had his kid's birthday there too.. and I play ball there sometimes.  It's a wonderful park area. 
 
it's a short sale, listing agent wouldn't offer a showing even after submitting an offer. mls posting shows it has a 3 car garage (tandem space). apparently owner chose the offer of someone she had an emotional connection with. thought it was decent on a price per sqft basis and 3 car garage.
 
Actually wanted to buy in this area (but the plan 3 with the 3CLG).

The power lines and high MRs concerned us, but the area isn't that bad.

The floorplan is awesome for the Plan 3.

Even the Plan 2 is decent (which 19 Desert Willow is)... has a greatish room, separate formal dining, a parlor and a loft upstairs.
 
jmoney74 said:
qwerty said:
test said:
CS > CG

All of the pros none of the cons.
Click to expand...

couldnt agree more :)
Click to expand...

Giant hangar and train?
Click to expand...

I thought the hangars were an eyesore, but those 4 story housing complexes they are building behind Target are massive.  They look almost as tall as the hangars from afar (driving down Von Karman).
 
jmoney74 said:
qwerty said:
test said:
CS > CG

All of the pros none of the cons.
Click to expand...

couldnt agree more :)
Click to expand...

Giant hangar and train?
Click to expand...

the hangars are historic monuments :)

  im far enough from the train where i dont feel any rumbling. perhaps the folks that backup to edinger feel the freight train. the south hangar by target is supposed to be demo'd. the north one has big ass hole in the roof and cant imagine them trying to save it, so im hoping that one gets demo'd too.
 
qwerty said:
jmoney74 said:
qwerty said:
test said:
CS > CG

All of the pros none of the cons.
Click to expand...

couldnt agree more :)
Click to expand...

Giant hangar and train?
Click to expand...

the hangars are historic monuments :)

  im far enough from the train where i dont feel any rumbling. perhaps the folks that backup to edinger feel the freight train. the south hangar by target is supposed to be demo'd. the north one has big ass hole in the roof and cant imagine them trying to save it, so im hoping that one gets demo'd too.
Click to expand...

yeah hope they can take those hangars down. 

Side note for the AMC at the District.. used to love going there.  Walk in.. watch a new release.. find good seats.. Now it's crowded for opening releases..
 
jmoney74 said:
qwerty said:
jmoney74 said:
qwerty said:
test said:
CS > CG

All of the pros none of the cons.
Click to expand...

couldnt agree more :)
Click to expand...

Giant hangar and train?
Click to expand...

the hangars are historic monuments :)

  im far enough from the train where i dont feel any rumbling. perhaps the folks that backup to edinger feel the freight train. the south hangar by target is supposed to be demo'd. the north one has big ass hole in the roof and cant imagine them trying to save it, so im hoping that one gets demo'd too.
Click to expand...

yeah hope they can take those hangars down. 

Side note for the AMC at the District.. used to love going there.  Walk in.. watch a new release.. find good seats.. Now it's crowded for opening releases..
Click to expand...

yeah that is where i go watch movies. its bitter sweet. you need them to get business otherwise they closedown. but i did like it having a theatre to myself on a saturday morning at 10am. the new apartments, then the stan pac development will just make it busier.  i like having all of that open space around columbus square.
 
The location of 19 Desert Willow is pretty good in Columbus Grove. It's away from the power lines which are on Warner. And away from Construction Center. It's close to Sweet Shade Park and the second community pool.

It's centrally located in Irvine. A mile or less from the Irvine Business Complex, District, Diamond Jamboree, Crossroads, Costco, Target (2x), 99 Ranch. Warner is actually the easiest way to access the District. Also has easy access to Jamboree north on Warner. Quick access to the I-5 and Irvine/Tustin Marketplace through Jamboree.

Is $4300 high for Mello-Roos? Seems about the same as in Woodbury.

Since it's a short sale, I don't think it will be used as a normal comp. Comparable is 52 Desert Willow, which was sold in 11/13 for $354/sq. ft. Same plan model as 38 and 54 Desert Willow.
http://www.redfin.com/CA/Irvine/52-Desert-Willow-92606/home/7202228
 
dovecrest_zpsd1867915.jpg
https://www.redfin.com/CA/Irvine/78-Dovecrest-92620/home/4789108

NWP (guard gated) $1 million bank sale for Bainbridge home, almost 6 years on the market.  Backs Meadowood (which usually means a decent sized yard if backing busy street) but not in this case.  Remember to let your appraiser know this is not a regular sale!

This brings back memories.  Remember looking at this house back in '12 when it listed for $925k.  It looked ok in the pics, liked the stairs.  But as I recall, all the bedrooms are upstairs and the secondary bedrooms (4?) all shared one bath.  The high ceilings were taken out in favor of the 5th bedroom upstairs which sucked.  And the family room was 'super' sized, which in my opinion, made it a more awkward layout.  A huge ping pong table greeted guests as we enter the home (hello?  how hard is it to fold it up?).  And the entire house showed very dark despite my agent's best efforts to open up all the window coverings.  If no one lived in this house for 6 years, that's a lot of TLC needed!
 
19 Desert Willow (Plan 2) closed 9/18 at $1 million ($354/sq. ft).

54 Desert Willow (Plan 3) closed 10/2 at $1.24 million ($388/sq. ft.)
38 Desert Willow (Plan 3) went pending on 9/3. Last price was $1.299 million ($406/sq. ft).
21 Desert Willow (Plan 3) just listed on 9/26 at $1.2825 million ($401/sq. ft.)

Prices for the Plan 3s nearly back to original $1.3 million sale prices from 2006. (Though not including any landscaping, improvements, etc. done post-sale.)
https://www.redfin.com/CA/Irvine/19-Desert-Willow-92606/home/22751121https://www.redfin.com/CA/Irvine/54-Desert-Willow-92606/home/7215161https://www.redfin.com/CA/Irvine/38-Desert-Willow-92606/home/7202336https://www.redfin.com/CA/Irvine/21-Desert-Willow-92606/home/7202318

ps9 said:
This is the opposing/partner thread to USCTrojan's WTF thread (http://www.talkirvine.com/index.php/topic,1074.0.html)

Here's my first nomination at $318/sq ft (with a "view" per description)
http://www.redfin.com/CA/Irvine/19-Desert-Willow-92606/home/22751121

posted this first in another thread, thought it warrants more discussion. 

My least favorite neighborhood in Irvine.  Prices here seem to have recovered from its untimely launch right when the bubble burst (and before the last phase release).  This listing is close to the 2009-2012 dark ages of Columbus Grove.  Comp killing its neighbors at 38 Desert Willow $418/sq ft, 54 Desert Willow at $409/sq ft, 45 Snowdrop at $392/sq ft, and 36 Water Lily at $425/sq ft.  CG has one of the highest Mello-Roos tax in Irvine.  This ones comes in at:

R1 MELLO-ROOS R1 (949)955-1500 $4,362.54

It's tax base (Total Net Taxable Value $929,250) also comes in lower than the original purchase price of almost $1.2 million.  No homeowners exemption.  This is probably a foreclosure or short sale, though it is not listed in the description.  The agent is a "REO" specialist.  CG is not buffered well from real estate dips:  power lines, WM depot nearby, concrete plant, and the closest way to get to the District is a fucking U-turn on Warner.  First to drop in price during the economic downturn and the last to recover.  Worse off all, probably not true, but you can't help but feel your Mello-Roos dollars are bleeding into Creekside alternative next door. 

Good points:  cool clubhouse to rent for birthday parties, had my kid's party here and it had a nice private green patch right outside for a bounce house.  Bball courts are nice, though I do see some "questionable" cars in the parking lot.
Click to expand...
 
Yea the white tiles on the tub and shower area are an eye sore.  I can't tell if the grout is dirty or if the grout is just dark.  Looks dirty to me.  Should have cleaned it up and applied white grout.  That way the whole thing just looks white rather than old school straight from the 90's.
 
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