Need advice on Portola Springs - 25 Conservancy - Short sale

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srinids

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Need advice on Portola Springs - 25 Conservancy - Short sale . Home is 2007 built, 3 floors, 4BR, 3.5 BA with Loft/Rec room 3fllor,  2960 sft sfr (detached condo)
Priced at 850 k. Can anyone provide information / advice on neighborhood area, this builder and home values in Portola springs.

Regards!
 
I not familiar with Manzanita and at first glance of this home, I thought it was Casero due to 3rd floor.

Actually the listed price is very good but it's on Redfin for 230 days, wonder what's holding up the short sale. 


 
Thanks Bones. The tract is full now, all the homes are built and in occupation for past 6-7 years with original owners. Not sure what you mean by they "sucked" ? Will be nice if you can provide some details.

Inc, thanks and appears the banks are slow and do not want to lower the price especially when the home was sold at close to million in 2007 :(

Anyone aware of any issues with the builder for these homes are any other known issues ?
 
srinids said:
Thanks Bones. The tract is full now, all the homes are built and in occupation for past 6-7 years with original owners. Not sure what you mean by they "sucked" ? Will be nice if you can provide some details.

Inc, thanks and appears the banks are slow and do not want to lower the price especially when the home was sold at close to million in 2007 :(

Anyone aware of any issues with the builder for these homes are any other known issues ?
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Tract isn't full. They stopped construction after building on distant star and conservancy. They were supposed to build where the current ironwoods are now but bc they sold terribly, the builder stopped the project. In terms of sucking, well you seem to like it so that's all that matters :)
 
Was it that the homes weren't liked or more that the builder moth-balled the project due to the overall recession?  Or combination of both? 
 
Bullsback said:
Was it that the homes weren't liked or more that the builder moth-balled the project due to the overall recession?  Or combination of both? 
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Combo of both.  Like I said, at <$300psf not a bad buy. Ride the next run up and hope you can get another sucker to pay $1m :)
 
Agree. IF you need house at that price, hard to knock the $/sq ft in Irvine for a new property.  I presume the thing won't sell anyway as the bank is not going to move it at that price (or it would have already moved) but what do I know.  I vaguely remember the floorplan and wasn't a fan but I also confuse a lot of the projects in PS given what happened in the recession. 
 
If the home was bought in 2007 with 10% down on a 3yr mortgage at 5% interest the owners should only owe $772k now. Why is it a short sale?
 
I actually went to see this home earlier this year.  At that time I believe it was near $1 M.  So here is what I remember as much as I can.  I'm hoping to get similar response from folks when I request about certain homes in the future.

Remember this is a 3 story house.  3rd floor had like a den or retreat.  So 2900 sq ft is a bit misleading.  The home is very compartmentalized not like what you see post 2010 home plans.  As you enter, it's a long hall with a bed room(or den), living room, and kitchen on the side like school class rooms.  Again, very boxy and tight feeling (to my like).  There are two patios, one with a outdoor fireplace w/ chimney and another one right outside of kitchen with table and I believe a grill...  Patios are small and "cozy" meaning again, feeling tight, but if you are looking for European (whatever that could mean to anyone) condo feel and don't like open layout, this house could work.

One thing that my wife and I liked was decoration and choices of arts on the wall.  We could tell the owners were very artistic and European. However, that means you wont' have those nice paintings and accessories will be gone.

Bottom line: someone mentioned this house "sucked", I can see why.  To me, it was way too expensive back then and seems still too much for a 3 story condo.  It really doesn't feel like 3000 sq. ft. 

Also, the realtor is a different one than when we saw this house.  It was not a short sale either.  So it's too bad that the owners are now in trouble and trying to get rid of it.  Well, that's what you need to think about when you buy an expensive property at the peak of the market just like this one.  It was purchased in 2007 (little after the height peak) at near $1 M.  After 10 years, the value didn't go up and in short sale and could possibly foreclose...  Also, condos don't appreciate as much as a SFH and fall first and faster when things go sour.  All same things that have been said many times by many folks but still true.
 
paperboyNC said:
If the home was bought in 2007 with 10% down on a 3yr mortgage at 5% interest the owners should only owe $772k now. Why is it a short sale?
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I presume it might have been interest only and / or they stopped paying a long time ago and probably haven't made a payment in years (wouldn't shock me). 
 
paperboyNC said:
If the home was bought in 2007 with 10% down on a 3yr mortgage at 5% interest the owners should only owe $772k now. Why is it a short sale?
Click to expand...

This is not my business obviously, but since I saw the house when the owners were trying to sell it early this year and saw the care and attention to detail they put in, I feel for their pain.  I guess there can't be any good reason for a short sale.  There were pictures with little ones and a couple of rooms were decorated for little kids.  So I'm thinking it was a job loss than a divorce.  I wonder why they couldn't refinance at least to get the payment down but big banks won't let you have any refi if you are struggling not having steady income...

 
Bullsback said:
Agree. IF you need house at that price, hard to knock the $/sq ft in Irvine for a new property.  I presume the thing won't sell anyway as the bank is not going to move it at that price (or it would have already moved) but what do I know.  I vaguely remember the floorplan and wasn't a fan but I also confuse a lot of the projects in PS given what happened in the recession. 
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Yea floor plans aren't great but that's an opinion thing.  Conservancy and distant star are also parking lots. Two alley loaded tracts back to back with condos behind it. I personally like alley loaded homes bc it gives the architect the chance to make the front of the house really nice with good curb appeal. They didn't take advantage of that in this tract. For the most part, it's all flat front boxes.  There's a reason why this tract mothballed while others didn't in PS.
 
Bullsback said:
paperboyNC said:
If the home was bought in 2007 with 10% down on a 3yr mortgage at 5% interest the owners should only owe $772k now. Why is it a short sale?
Click to expand...
I presume it might have been interest only and / or they stopped paying a long time ago and probably haven't made a payment in years (wouldn't shock me). 
Click to expand...

Plus possibility of HELOC.
 
Maybe it was medical bills that got them.

For that price and nearly 3000 sq feet, I would sure check into it but I doubt the bank is going to let it go for anywhere near that.
 
According to Zillow, this house almost go sold in Summer at $900k but back on the market. It also was scheduled to be auctioned at foreclosure sale...  However, the tax assessment data shows, the value has been $800k or below so I have feeling that appraise could've been a factor for not getting refi but who knows...
 

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