$249/sft 5br/3.75ba in Woodbridge

[quote author="SCARLETTE" date=1251427842]I also went to this open house and I really liked the place. If we didn't buy already, this would be something I would really be interested in for the "listed price", of course. However, I know the buzz is that it will close at a much higher price. Could one of the realtors on this blog please keep us updated on the status of this house; i.e. the final selling price? Hubby and I have a bet going.....</blockquote>


We analyzed this property, and we came to the conclusion that it will sell for significantly over its current asking price.



<a href="http://www.irvinehousingblog.com/images/uploads/200987/22_Rockwen_Woodbridge_Irvine.pdf">22 Rockwren IHB Report PDF</a>



We are guessing $1,090,000. It might go even higher.
 
[quote author="irvine_home_owner" date=1251463118]Interesting, you put the IHB fundamental value at 1,070,000. That's $306/sf... isn't that a bit high?</blockquote>
Add a 10% Irvine premium...errrr...FCB premium to that price. haha
 
This will be an interesting one to watch. My prediction is that they receive many high bids well over $1 million but when the winning bidder does a home inspection and finds out all that is wrong with the pool, the roof, the kitchen cabinets, etc. they will drop out since they have no room to renegotiate or get repairs done. This will probably delay the close as the trustee works their way through the back-up bidders. But it is still a large home in a nice neighborhood so someone will eventually pay up even though it is being sold "as is". This "price it low so that it gets a lot of attention and hold a bidding war to drive up the price" strategy will probably work out well for them!
 
[quote author="usctrojanman29" date=1251443806][quote author="SCARLETTE" date=1251427842]I also went to this open house and I really liked the place. If we didn't buy already, this would be something I would really be interested in for the "listed price", of course. However, I know the buzz is that it will close at a much higher price. Could one of the realtors on this blog please keep us updated on the status of this house; i.e. the final selling price? Hubby and I have a bet going.....</blockquote>
Either IPO, IR2, or myself will update you as soon as we find out what it closed for. Btw, what's the bet?</blockquote>


My bet is that it will close over a million. My husband thinks it will sell for the asking price. He owes me dinner... if he loses.
 
I have a few questions:

1)This home is so old, built in 1978. If I sell it in ten years, it will sound like 1968 for today. Who would buy such an old house? It will probably fall out of the searching ranges for many people.

2)If people pay over $1M for it, why not to buy a much newer ones in Northwood, Woodbury or Westpark, etc. You can find 3000sqft for a little over $1M in these places.

3)The lake looks good at first glance, but when you look closely, the trails along the lake are so dirty, full of duck shits and feathers. I definitely would not let my young kids to play there.

4)I heard about the pollution from the El Toro air place, but don't know how serious it is.
 
[quote author="chuanchuan" date=1251774288]I have a few questions:

<strong>1)This home is so old, built in 1978. If I sell it in ten years, it will sound like 1968 for today. Who would buy such an old house? It will probably fall out of the searching ranges for many people</strong>.

2)If people pay over $1M for it, why not to buy a much newer ones in Northwood, Woodbury or Westpark, etc. You can find 3000sqft for a little over $1M in these places.

3)The lake looks good at first glance, but when you look closely, the trails along the lake are so dirty, full of duck shits and feathers. I definitely would not let my young kids to play there.

4)I heard about the pollution from the El Toro air place, but don't know how serious it is.</blockquote>


Who buys the homes selling for <a href="http://www.redfin.com/search#lat=34.115783994045756&long;=-118.3612060546875&market=socal&max_year_built=1940&min_price=800000&status=1&uipt=1&v=5&zoomLevel=11">more than $800K built before 1940</a> in the greater LA area?
 
[quote author="irvine_grad" date=1251780023]I'm surprised that this home only has a $78 HOA. I thought Woodbridge homes carry a much higher HOA.</blockquote>
10 years ago... that HOA was only $50.
 
[quote author="chuanchuan" date=1251774288]I have a few questions:

1)This home is so old, built in 1978. If I sell it in ten years, it will sound like 1968 for today. Who would buy such an old house? It will probably fall out of the searching ranges for many people.

</blockquote>
It was redone sometime more recently (although not too recently based on the finishes).

<blockquote>

2)If people pay over $1M for it, why not to buy a much newer ones in Northwood, Woodbury or Westpark, etc. You can find 3000sqft for a little over $1M in these places.

</blockquote>
I don't see many 3495sft houses in those areas in this price range.

<blockquote>

3)The lake looks good at first glance, but when you look closely, the trails along the lake are so dirty, full of duck shits and feathers. I definitely would not let my young kids to play there.

</blockquote>
Some people like duck waste. Other areas of the lake are nicer than others... I think it's just the idea of having lakes... and then there are the lagoons, swim clubs and numerous pools.

<blockquote>

4)I heard about the pollution from the El Toro air place, but don't know how serious it is.</blockquote>
Marsha, Marsha, Marsha.
 
[quote author="chuanchuan" date=1251774288]I have a few questions:

1)This home is so old, built in 1978. If I sell it in ten years, it will sound like 1968 for today. Who would buy such an old house? It will probably fall out of the searching ranges for many people.

2)If people pay over $1M for it, why not to buy a much newer ones in Northwood, Woodbury or Westpark, etc. You can find 3000sqft for a little over $1M in these places.

3)The lake looks good at first glance, but when you look closely, the trails along the lake are so dirty, full of duck shits and feathers. I definitely would not let my young kids to play there.

4)I heard about the pollution from the El Toro air place, but don't know how serious it is.</blockquote>


People either love Woodbridge or they don't-- some think it is too old, too beige, too strict (HOA). Those people will migrate to the areas you listed above. Others will pay a premium for Woodbridge.
 
I also went into this house to take a look. I would probably buy this house if it's at the list price. I do not think it will even get close to it though. I love the location, but did not think we will need a pool, with a pool at a walking distance. (don't even want to think what i have to do to maintain the pool)



I did find that some of the works (upgrades) done on the house was of a slightly lower quality. In the upstairs den, the cabinet was not very straight (slightly tilted) and so are the some window frame downstairs.
 
This was delisted yesterday, which probably means they are in negotiations with the finalists in the bidding war. If anyone submitted a bid and/or has any information on this situation please let us know!
 
[quote author="Chuck" date=1252634310]This was delisted yesterday, which probably means they are in negotiations with the finalists in the bidding war. If anyone submitted a bid and/or has any information on this situation please let us know!</blockquote>


Property is "on hold."



Property notes: <em>The deadline to submit offers on this property has passed as of Tuesday, Sept. 8 at 4pm. To check on the status of your offer email [listing agent]. Please note all offers that the seller is responding to will receive a phone call on Thursday, Sept. 9 by 4pm. </em>
 
[quote author="IrvineRealtor" date=1252634645]

Property notes: <em>The deadline to submit offers on this property has passed as of Tuesday, Sept. 8 at 4pm. To check on the status of your offer email [listing agent]. Please note all offers that the seller is responding to will receive a phone call on Thursday, Sept. 9 by 4pm. </em></blockquote>
Ahh yeah... forgot about the 9/8 bid deadline.



Did I win? Oh wait... I didn't bid.
 
[quote author="irvine_home_owner" date=1252640924][quote author="IrvineRealtor" date=1252634645]

Property notes: <em>The deadline to submit offers on this property has passed as of Tuesday, Sept. 8 at 4pm. To check on the status of your offer email [listing agent]. Please note all offers that the seller is responding to will receive a phone call on Thursday, Sept. 9 by 4pm. </em></blockquote>
Ahh yeah... forgot about the 9/8 bid deadline.



Did I win? Oh wait... I didn't bid.</blockquote>


Sometimes "not winning" <strong>is </strong>winning.

Some of the best deals are the ones you do not do.
 
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