A re-listing to draw in the bids... only $238 per/ft?

optimusprime_IHB

optimusprime_IHB

New member
I was surprised to see this listing on Redfin today...



26 E Midsummer in Northwood



<a href="http://www.redfin.com/CA/Irvine/26-Midsummer-92620/home/7213132">http://www.redfin.com/CA/Irvine/26-Midsummer-92620/home/7213132</a>



It's a shortsale of course with a price of $568,000.... I find it hard to believe it will close there, probably closer to $625k?



If it does close around the $570k ... it'll be a true comp buster.



Any takes on this one?



BTW...I have definitely seen this one listed (over 6 months ago) since I liked the facade. I believe it was originally around $800k!!



Any of our realtor friends on here able to dig up the dirt? IR, Trojanman etc
 
[quote author="optimusprime" date=1251328961]I was surprised to see this listing on Redfin today...



26 E Midsummer in Northwood



<a href="http://www.redfin.com/CA/Irvine/26-Midsummer-92620/home/7213132">http://www.redfin.com/CA/Irvine/26-Midsummer-92620/home/7213132</a>



It's a shortsale of course with a price of $568,000.... I find it hard to believe it will close there, probably closer to $625k?



If it does close around the $570k ... it'll be a true comp buster.



Any takes on this one?



BTW...I have definitely seen this one listed (over 6 months ago) since I liked the facade. I believe it was originally around $800k!!



Any of our realtor friends on here able to dig up the dirt? IR, Trojanman etc</blockquote>


This home was previously listed for $848K and expired in March.

(I believe it was listed for $999,900 in summer '06 as well.)



With a rough look, I find 18 homes in NWII that might be considered comparables, on the market in the last 3 months.

Best three:

39 Hathaway is the same model (but incorrectly listed as a different model) and is in escrow with a list price of $685K.

34 Bombay is the same model and closed mid-June for $685K, also as a short sale.

24 Midsummer closed for $710K at end of July. It was the agent's own home, and was not a distress sale.



My guess is that anywhere from $650K to $700K is where this one will close, if they can get it approved.



Good luck,

IR2
 
Sorry IR2, but I have to correct you.



39 Hathaway and 24 Midsummer are both plan 1 Bella Rosa as I've seen both. 39 Hathaway is on the corner facing the wall and is probably the reason why it hasn't received decent offers.



34 bombay was a plan 2 with the master downstairs.



26 Midsummer is a plan 2 as well as you can tell from the outside pictures.



Edit: I actually put in an offer for 39 Hathaway about 8 months ago for 670K when it was listed at 730K. They then proceeded to drop it to 715K, then 685K.
 
[quote author="junior74" date=1251338471]Sorry IR2, but I have to correct you.



39 Hathaway and 24 Midsummer are both plan 1 Bella Rosa as I've seen both. 39 Hathaway is on the corner facing the wall and is probably the reason why it hasn't received decent offers.



34 bombay was a plan 2 with the master downstairs.



26 Midsummer is a plan 2 as well as you can tell from the outside pictures.



Edit: I actually put in an offer for 39 Hathaway about 8 months ago for 670K when it was listed at 730K. They then proceeded to drop it to 715K, then 685K.</blockquote>


Where do you think this will close?
 
I guess it depends on what kind of shape it's in.



I also looked at 20 Bombay (closed for 705K I think) which was in good shape. That was a plan 2 as well.



I looked at 28 Bombay this weekend and it was absolutely disgusting. The owners had a dog that you could smell as soon as you walked in the door. It chewed up the carpet, walls, anything it could get its mouth on. And the smell was horrid. They must have let the dog use the house as a toilet because it was that bad. It's listed at 675K, but I wouldn't pay 600K for it.



34 bombay was in pretty good shape and it went for 685 so I expect 26 midsummer to go below that if it's in decent shape. (675K)



Some of these plan 2s have a decent sized yard if they are on a corner lot.



Looking back at 39 Hathaway and what I offered and after reading this great website, I probably wouldn't offer 620K for it anymore. And even then I know I'd be overpaying for it.
 
[quote author="junior74" date=1251344281]I looked at 28 Bombay this weekend and it was absolutely disgusting. The owners had a dog that you could smell as soon as you walked in the door. It chewed up the carpet, walls, anything it could get its mouth on. And the smell was horrid. They must have let the dog use the house as a toilet because it was that bad. It's listed at 675K, but I wouldn't pay 600K for it</blockquote>Guess the owners are in no hurry to sell. Arent short sales typically underpriced when listed ?
 
[quote author="junior74" date=1253049739]Just a quick question for the realtors.



Could anyone tell me if they are still showing this property?</blockquote>


<span style="color: blue;"><em>Agent Remarks: <strong>Not available for showing and current 10+ offers are received</strong>. Property is being sold as Short Sale. All terms and conditions including commissions are subject to Short Sale approval by the Lenders. Any commission reduction to be shared 50/50 between Listing Office and Selling Office. Short sale has been submitted to the lender as of 8/26/09. Open house will be available after Lenders written short sale approval with the sale price(appx 30-45 days after being submitted) and all offers will be responded for final best and highest offer with 2 weeks COE. </em></span>



Is yours one of the 10+ offers?
 
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