Pocket Listing - The Rowe Plan 3 condo @ Baker Ranch (55 Jasmine)

usctrojancpa

Well-known member
This afternoon my buyer and seller closed on the transaction at an attached 3-bedroom condo 55 Jasmine in Baker Ranch with a purchase price of $925,000.  The seller also obtained an extended rent back to stay in the home until their new Sierra home is built. Both of them preferred for me not to take any pictures of the home so there's a generic picture in the listing.
https://www.redfin.com/CA/Lake-Forest/55-Jasmine-92610/home/169488166

Here's the back story of how the transaction came together.  The seller was referred to me by the sales manager at the CalPac Sierra sales office.  They were contingent buyers and wanted to buy a Sierra plan 1 but needed to sell their home before they could get off the contingent list.  So I ended up showing their home to 4 of my buyers and 2 of them made an offer.  After best & final counters to both buyers, they selected a buyer who bought it as a rental property.

The buyer removed all of their contingencies a few weeks ago before Phase 3 at Sierra was released.  Even though all builders require buyers to have sold their home to get off the contingent list, CalPac made an exception for them as I've done a lot of business with CalPac over the years so they would allow the seller to get off the contingent list once they got the contingency removal from me.

I can help any other contingent Sierra or Lapis buyers who need to sell their homes as I have several buyers who would be willing to provide extended rent backs. PM or email me for more details.
 
Compressed-Village said:
Uhhhh, what slow down? You been doing too much heavy lifting. Damn!!! Congrats.

I mean, inventory is low enough, and there are investors (landlords) competing with those who are buying for residency.
 
CalBears96 said:
Compressed-Village said:
Uhhhh, what slow down? You been doing too much heavy lifting. Damn!!! Congrats.

I mean, inventory is low enough, and there are investors (landlords) competing with those who are buying for residency.

Of the 4 buyers that I showed it to, 2 were looking to buy to live in but were not ready to give the seller a long rent back so they passed.  Both of my buyers who bid on the home were both investors who were fine with giving the seller an extended month-to-month rent back.
 
freedomcm said:
What cap rate are the investor purchasers expecting? 

Cap rate given the current rent is about 3.75% but the buyer got a 3.25% 10-year ARM loan through Key Bank (a jumbo portfolio loan product requiring 30% down).
 
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