2453 Riverside Dr. New Floral Park Foreclosure

NEW -> Contingent Buyer Assistance Program
Thanks for the thoughtful post, bk. The traffic at the house in the past few days has been high. We have been down the street three times since Saturday and each time a new group of lookers have been at the house. Hopefully, it won't become the "divorce house" as you said.
 
tmare said:
Thanks for the thoughtful post, bk. The traffic at the house in the past few days has been high. We have been down the street three times since Saturday and each time a new group of lookers have been at the house. Hopefully, it won't become the "divorce house" as you said.
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Several small builders are interested in this worse home in the best neighborhood. They have been looking at this over the weekend. When you posted the address it generated traffic. I was surprised to hear that my associate's friend found the address here. I wouldn't touch it. The home is in bad shape but the land is very good. Save the living room, foyer and stairs but tear down the rest and starting from scratch. Spend $500k on $2,500 sf of a brand new home with all new plumbing, electrical, and structural update. Another $100,000 for landscape. The comp around the area should be around $1.25 million for a similar size house. The bank will not be able to certify this home as habitable due to structural damages. The pool of qualify buyers is very limited in looking for a 80% scraper on dirt. Cash buyers would like be the ones who qualify. I think $500k or less is fair for a 0.33 acre.
 
bkshopr said:
I think $500k or less is fair for a 0.33 acre.
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Really? I know that it is a beautiful neighborhood, but you have demolition costs, permitting costs, and even after that, the local school system is sub-par (at least overall, maybe this area has a great elementary school?). Plus, this lot is what, 100 yards from the 5fwy?
 
I think what bk is saying that for 500K and if you put about 600K into the project, you'd come out with a little bit of equity for your trouble, but that's one of the many reasons he wouldn't touch it. It's definitely a project for someone who want to live in this great location for a long time (probably not someone with kids). The freeway really isn't an issue, the creek location is actually a good thing in many ways, it contributes to the solitude of the yard. The local elementary school is pretty good but there are other charter options as well as some good private schools near. If you haven't been there, I don't think you can appreciate how lovely the neighborhood is and how rare it is to have a lot like this come up for sale, my agent friend estimates that it happens about once every 15 years or so. That said, I wouldn't touch it either.
 
freedomCM said:
bkshopr said:
I think $500k or less is fair for a 0.33 acre.
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Really? I know that it is a beautiful neighborhood, but you have demolition costs, permitting costs, and even after that, the local school system is sub-par (at least overall, maybe this area has a great elementary school?). Plus, this lot is what, 100 yards from the 5fwy?
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The proximity to the freeway is a least 1,000' and the area has dense vegetation that the sound of the freeway is not really a concern. Despite of the condition of this house it is amazing that historic home enthusiasts are still looking for one of a kind neighborhood to buy in. There are only a small handful of neighborhoods in OC and Floral Park is the only one with enough critical mass that resemble a little Pasadena in OC. Regarding schools all Floral Park residents send their kids to private schools. The residents of Floral Park are very different from most parts of OC. They never treat their homes as transitional. Less than 1% of floral park homes are up for sale at any given time and that is a good indicator of neighborhood pride.

Most Floral Park residents are olders and many are retired professionals although I see some younger families are moving in. The neighborhood is mostly grandma's houses and children and grand children are living close by in North Tustin and Lemon Heights but eventually the grandma houses would be heirloom to the next generations.

From an economical logic I agree with you but there is an emotional level that you have not factored in. May be TMare can tell you about her perspective.

When dealing with historic properties like Tmare said one rarely comes up in the market. Most current owners have been living there since the 60's.
 
I concur with Bk, except that all Floral Park residents do not necessarily send their kids to private schools. My kid goes to the closest preschool to Floral Park and many of the parents there send their kids to Santiago, one of the two charter schools or the fundamental schools. My son's tee-ball team is about 50/50 private to public and they all live in Floral Park.
 
tmare said:
I concur with Bk, except that all Floral Park residents do not necessarily send their kids to private schools. My kid goes to the closest preschool to Floral Park and many of the parents there send their kids to Santiago, one of the two charter schools or the fundamental schools. My son's tee-ball team is about 50/50 private to elementary and they all live in Floral Park.
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I mean private or charter schools from 8th -12th grade. Not primary schools.
 
bkshopr said:
tmare said:
I concur with Bk, except that all Floral Park residents do not necessarily send their kids to private schools. My kid goes to the closest preschool to Floral Park and many of the parents there send their kids to Santiago, one of the two charter schools or the fundamental schools. My son's tee-ball team is about 50/50 private to elementary and they all live in Floral Park.
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I mean private or charter schools from 8th -12th grade. Not primary schools.
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Yes, I would agree that most, if not all, Floral Park high school students go out of district to other public schools, OCHSA, Segerstrom Fundamental (in district), or a private school.
 
I'm going to have to go less than $500k for the place since $250 a sqft. is what it will cost to demo and rebuild this place back to life. $250 a sqft. is high in this market, but you will have to hire specialty trade contractors to do it right. You could get it done for $175 a sqft. but you will have a contractor who knows nothing but stucco and just ruin the house like the previous owner did with his meth fueled tile binge. I don't think you could get around gutting it to the bones, because of all the dry rot and termite damage to all the load bearing beams and joists, endless water damage and extensive re-piping that would have to be done, and the complete rewiring that would need to be done. And at $250 a sqft. x 2800 sqft. = $700k + $500k = $1.2mil. And sorry Floral Park lovers, you know I love it too, but $1.2mil., or $429 a sqft. ain't happening in this market.

From a pure economic standpoint, $300k is pushing it for this place. On a cost of construction and never ending headache basis... I wouldn't touch it unless I could get it for $100k. I seriously still have nightmares about what will be found when the roof tiles get peeled off. Has anyone been killed from a termite attack? This place could be the first for it.

Oh... and freeway noise was non-existent when I was there. I think it gets blocked by Shea's debacle right by the freeway. At least something good comes out of that project.

Not much is on the market right now, but none of the foreclosures are listed.

Here is a listing of a nice home that has been sitting for 90 days at $404 a sqft.

http://i-0.rfimg.us/photo/46/bigphoto/349/P665349_2.jpg

And here is a listing of what the cheap contractor and bad taste will do to ruin a home in the neighborhood. (Sorry BK, please forgive me for posting a home that suffered such a horrific raping.) It's a short sale at $675k/$391 a sqft. even though they bought it in 2003 for $350k/$203 a sqft.

http://i-0.rfimg.us/photo/46/bigphoto/709/P675709_3.jpg

Damn morons probably used their fakequity to buy their the bank's granite counters. Barf!
 
bkshopr said:
freedomCM said:
bkshopr said:
I think $500k or less is fair for a 0.33 acre.
Click to expand...

Really? I know that it is a beautiful neighborhood, but you have demolition costs, permitting costs, and even after that, the local school system is sub-par (at least overall, maybe this area has a great elementary school?). Plus, this lot is what, 100 yards from the 5fwy?
Click to expand...

The proximity to the freeway is a least 1,000' and the area has dense vegetation that the sound of the freeway is not really a concern. Despite of the condition of this house it is amazing that historic home enthusiasts are still looking for one of a kind neighborhood to buy in. There are only a small handful of neighborhoods in OC and Floral Park is the only one with enough critical mass that resemble a little Pasadena in OC. Regarding schools all Floral Park residents send their kids to private schools. The residents of Floral Park are very different from most parts of OC. They never treat their homes as transitional. Less than 1% of floral park homes are up for sale at any given time and that is a good indicator of neighborhood pride.

Most Floral Park residents are olders and many are retired professionals although I see some younger families are moving in. The neighborhood is mostly grandma's houses and children and grand children are living close by in North Tustin and Lemon Heights but eventually the grandma houses would be heirloom to the next generations.

From an economical logic I agree with you but there is an emotional level that you have not factored in. May be TMare can tell you about her perspective.

When dealing with historic properties like Tmare said one rarely comes up in the market. Most current owners have been living there since the 60's.
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Graph- I think bk's words here speak for themselves.
 
graph, besides a too modern kitchen, what is wrong with that santa clara house?

TIA for edumacating the ignorant (me!)

And while I understand what BK and tmare are saying, I agree with graph that no builder is going to take this project on in the current market, unless it is to live in themsleves.
 
freedomCM said:
graph, besides a too modern kitchen, what is wrong with that santa clara house?

TIA for edumacating the ignorant (me!)

And while I understand what BK and tmare are saying, I agree with graph that no builder is going to take this project on in the current market, unless it is to live in themsleves.
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With a home like that, IMO, it is best to preserve it's history and remodel it as if hasn't changed that much since 1924. Many of the fixtures, if well taken care of, are fully functional even today. If you have to upgrade because stuff is worn out, then there are plenty of places that sell retro materials, fixtures, appliances, etc. In fact, you can find them for a very reasonable price at this place in Anaheim, that I can never remember the name of even though Cayci bought her fridge from there. It's like buying a 61 Lincoln Continental and remodeling it with Toyota Corolla parts.

Look at those cheap a$$ fixtures that anyone can get at Hope Depot...

http://i-0.rfimg.us/photo/46/bigphoto/709/P675709_10_1.jpg

Ugh... imagine... that's like opening the hood to 67 Corvette Stingray, and seeing VTEC power inside. So wrong, just... wrong!
 
I'm not too stressed out about updating a Spanish Mission house. That style was a mishmash from the word go, oops excuse me, I mean it's a "highly eclectic style". Throwing some more stuff in is very much in the spirit of the style. That said, it's not a style that uses large polished surfaces and its component parts all look "old" to us now (although back in the day they were using then-hip stuff like Prairie school) so I agree polished granite countertops and routine Home Depot fixtures don't belong.
 
graphrix said:
In fact, you can find them for a very reasonable price at this place in Anaheim, that I can never remember the name of even though Cayci bought her fridge from there.
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R.S.S.A. Appliance Center

122 W. Broadway

Anaheim

Great pricing, FYI.
 
graphrix said:
Ugh... imagine... that's like opening the hood to 67 Corvette Stingray, and seeing VTEC power inside. So wrong, just... wrong!
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Jeez, now you are dissing my fantasy of the 67 VW Beetle with the Porsche engine!
 
graphrix said:
2332 North Riverside Drive, Santa Ana, CA 92706 is tentatively scheduled for the foreclosure auction tomorrow. They bought at the peak in March of 2006. The NTS is $715k, but since it is Santa Ana and the banks are clueless, it might have a minimum bid for less. I will update this thread later in the day to see what happens.
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If the Zillow data is correct (which I have to doubt due to experience), that is a fairly large house and a small lot for the neighborhood. Sounds like additions. I don't know that house, but a 7,000 sq. ft. is a bit small for the neighborhood.
 
Judging by the overhead of Zillow, it is about a 7000 sqft. lot 60X120. I clicked on the two homes next door, and on the left 7700 and on the right 6999. There might be additions. The portion that extends from the middle of the house in the backyard is suspect.
 
The smaller lot sizes are correct when the last phases of Floral Park were converted from orchards to make room for more smaller lots to compete with land economic during the 40's. Homes also have been added on to over time and that justified a larger house on the smaller lots.

The larger footage when I first learned of it I was perplexed but then I realized architects during that era was able to increase floor area without increasing the visual bulk to the home and that somehow justified their conscience in building a Mcmansion during that time. The second floor usually is hidden into the attic of a single story home with a steep pitch roof.
 
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