Woodbury (Stonetree) - your thoughts on pricing

IrvineResident2002 said:

You real estate experts - particularly those familiar with Woodbury - this Stonetree home has been on the market (Redfin) for 77 days and the asking price is $925K - see below:
https://www.redfin.com/CA/Irvine/107-Sanctuary-92620/home/7216802

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nyc to oc said:

I am intimately familiar with the Stonetree condos.

This is my opinion of the reasons for the variation in pricing:

107 Sanctuary-The listing price is high because the owner bought at peak, and also the realtor handling that listing always lists high.

98 Rinaldi is very upgraded inside and has a great corner location with a large lot and patio. Much less through traffic.

Twin Gables looks like builder standard and is clearly uninhabited. Probably an investor who wants to get out while the getting is good.

In my opinion, 98 Rinaldi is worth the higher asking price, 107 Sanctuary is not. Sanctuary is one of the busiest streets in Woodbury. Cars drive by fast, often over the speed limit, as they turn in from Long Meadow (main entrance road into Woodbury), also tons of parents rushing in the morning to drop off their kids at the elementary school on Great Lawn. I would not want to live there if I had kids due to the speeding.  Yes, you front the main park, but that's a negative in my opinion, because you get all the traffic and noise from the athletic fields. Tons of people from outside Woodbury parking along Sanctuary for the many soccer/baseball/other athletic activities directly across the street.

If you do decide to put in an offer, I'm quite  sure you have room to negotiate. That house has been on the market for a LONG time, and the sellers are moving.

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IrvineResident2002 said:

Thanks everyone - very helpful comments!
We just drove by these three homes - will pass on 107 Sanctuary - here is why:
- Even if seller agreed to reduce it to 900K...to us with small kids...not a very good street as we agree that it can get pretty busy there...so not really worth for us.
- The 98 Rinaldi didn't really do it for us...great curb appeal...we really liked that...but noticed that whenever cars turn left into that street...the headlights reflect right into the home...that would bother me eventually.
- But the 86 Twin Gables even with less upgrades...in a calm street...at that price point...to us seemed more reasonable - fair price for a home of this type/model - so passing on 107 Sanctuary.

Now the new question for you experts...if we find another home in similar condition as this 86 Twin Gables...similar calm street (calm street is a priority for us over upgrades)...at mid 800s...immeidately jump on it?  I think yes...but wife is starting to have concerns for market and thinks that maybe we should just hold off making a purchase.

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eyephone said:

IrvineResident2002 said:

Thanks everyone - very helpful comments!
We just drove by these three homes - will pass on 107 Sanctuary - here is why:
- Even if seller agreed to reduce it to 900K...to us with small kids...not a very good street as we agree that it can get pretty busy there...so not really worth for us.
- The 98 Rinaldi didn't really do it for us...great curb appeal...we really liked that...but noticed that whenever cars turn left into that street...the headlights reflect right into the home...that would bother me eventually.
- But the 86 Twin Gables even with less upgrades...in a calm street...at that price point...to us seemed more reasonable - fair price for a home of this type/model - so passing on 107 Sanctuary.

Now the new question for you experts...if we find another home in similar condition as this 86 Twin Gables...similar calm street (calm street is a priority for us over upgrades)...at mid 800s...immeidately jump on it?  I think yes...but wife is starting to have concerns for market and thinks that maybe we should just hold off making a purchase.

Click to expand...

My simple advice for you, make sure your down payment is 20 percent or more.

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nyc to oc said:

eyephone said:

IrvineResident2002 said:

Thanks everyone - very helpful comments!
We just drove by these three homes - will pass on 107 Sanctuary - here is why:
- Even if seller agreed to reduce it to 900K...to us with small kids...not a very good street as we agree that it can get pretty busy there...so not really worth for us.
- The 98 Rinaldi didn't really do it for us...great curb appeal...we really liked that...but noticed that whenever cars turn left into that street...the headlights reflect right into the home...that would bother me eventually.
- But the 86 Twin Gables even with less upgrades...in a calm street...at that price point...to us seemed more reasonable - fair price for a home of this type/model - so passing on 107 Sanctuary.

Now the new question for you experts...if we find another home in similar condition as this 86 Twin Gables...similar calm street (calm street is a priority for us over upgrades)...at mid 800s...immeidately jump on it?  I think yes...but wife is starting to have concerns for market and thinks that maybe we should just hold off making a purchase.

Click to expand...

My simple advice for you, make sure your down payment is 20 percent or more.

Click to expand...

I think if you intend to stay in this place for the long haul, then it probably doesn't matter too much if the market continues to go down shortly after you buy--it'll even out in the end.  BUT, if you're thinking that in the short to mid term, you want to upgrade to a  single family house, not condo, then I'd probably think twice. 

A cautionary tale--We got "stuck" in a detached condo which we bought in 2010.  Never intended to stay for the long term, but the market dropped so much after we bought, that we lost all our equity (even after a 20% downpayment) and missed the opportunity of a lifetime to upgrade to the "forever" SFR at the market bottom in 2011/2012.  By the time the market recovered enough that we could get out of the condo and break even, the prices for the SFR had risen at a much faster rate than for condos.

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