50% Loss in Real Estate (or more)

[graphrix_IHB]

but with the high ($354) HOA, and only one carport space, plus that it is quite small (850sf), it is still a stretch for an investor.

breakeven on $1250 rent?

Nah... about a net of $2400 a year if rented the entire time, but highly unlikely to have it rented the entire time, and two months of a vacancy would put you in the negative. That, and $1250 seems high, but even at $900 a month IR's 160 multiple works.

 

[No_Such_Reality_IHB]

The Realtors are being sloppy with the HOA fees in that complex. I don't know if the 2 bedrooms are over $300. The small three bedrooms are looking at about $330 HOA. The one looks like $180. The 2/2 I'd guess half way in between probably $270ish.

The 2/2 at 876sf is small, but so are the newer ones in IAC, Watermarke etc.

They have 3/2s for sale at 1000sf, $140K. Same complex, couple of them. Redfin link Unit #113

Actually, there are 10 3/2s in that complex for sale between $140K and $190K. With four more above $200K.

I suspect we'll be seeing some rent competition in that complex shortly.

 

[usctrojanman29_IHB]

but with the high ($354) HOA, and only one carport space, plus that it is quite small (850sf), it is still a stretch for an investor.

breakeven on $1250 rent?

I've been tracking MLS and craigslist and the rents in those complexs off Bristol by South Plaza go for around $1.50/sf +/- I rented out my 3bd/2ba 1,120sf unit for $1,650/month recently. So I'd say rent of $1,300 to $1,400 per month is reasonable for this unit, but you'll get the best for your buck and less competition for the 3 bedroom units.

 

[freedomCM_IHB]

With so many of these south coast are units in distress, are the HOA's dues receipts going down? are they going to have to raise the HOA fees for the people actually paying them in order to maintain services?

Did HOA fees shoot up in the 90s too?

 

[Anonymous_IHB]

http://www.latimes.com/classified/r...-2008jul09-pg,0,7517313.photogallery?index=13

Discount from sales price: 50.6%

 

[Strom_IHB]

With so many of these south coast are units in distress, are the HOA's dues receipts going down? are they going to have to raise the HOA fees for the people actually paying them in order to maintain services?

Did HOA fees shoot up in the 90s too?

It's my understanding that the HOA fees would not go down long term - maybe just a blip. The HOA would file a lein on any homeowner not paying fees. They would then take the property and sell it if the fees weren't eventually paid.

Likewise, if the bank took back a property, they would be responsible for paying any accrued fees not paid by the owner.

 

[usctrojanman29_IHB]

With so many of these south coast are units in distress, are the HOA's dues receipts going down? are they going to have to raise the HOA fees for the people actually paying them in order to maintain services?

Did HOA fees shoot up in the 90s too?

It's my understanding that the HOA fees would not go down long term - maybe just a blip. The HOA would file a lein on any homeowner not paying fees. They would then take the property and sell it if the fees weren't eventually paid.

Likewise, if the bank took back a property, they would be responsible for paying any accrued fees not paid by the owner.

Exactly, the late HOA association dues will be either paid by the bank at the time the bank sells the property to clear out the lien. So those dues aren't lost, they are just delayed until a live body buys the property.

 

[stepping_up_IHB]

Exactly, the late HOA association dues will be either paid by the bank at the time the bank sells the property to clear out the lien. So those dues aren’t lost, they are just delayed until a live body buys the property.
You mean dead bodies can't get mortgages any longer?

 

[caycifish_IHB]

This one is 49.1%, so close enough. Short sale attempt?

2234 W Sycamore Ave

Orange, CA 92868

Price: $295,000

Beds: 3

Baths: 2

Sq. Ft.: 1,750

$/Sq. Ft.: $169

Lot Size: 6,275 Sq. Ft.

Listing Price History

Feb 13, 2008 $615,000

Feb 28, 2008 $520,000

Mar 29, 2008 $490,000

May 02, 2008 $460,000

May 20, 2008 $419,900

Jun 20, 2008 $375,000

Jul 17, 2008 $295,000

Sales History

Dec 07, 2005 $580,000

http://www.redfin.com/CA/Orange/2234-W-Sycamore-Ave-92868/home/3225893

http://i-0.rfimg.us/photo/46/bigphoto/282/P622282_1.jpg

 

[Strom_IHB]

Wow. That drop off is one of the fastest I've seen.

 

[PadreBrian_IHB]

Instead of pricing it right, they chased that market all the way down.

 

[southoctracker_IHB]

51% off peak - Laguna Hills REO

24981 Presidio Dr, 92653

Asking price: $309,900

Peak price: $635,000

Link to blog post.

Attached files

 

[usctrojanman29_IHB]

This one is 49.1%, so close enough. Short sale attempt?

2234 W Sycamore Ave

Orange, CA 92868

Price: $295,000

Beds: 3

Baths: 2

Sq. Ft.: 1,750

$/Sq. Ft.: $169

Lot Size: 6,275 Sq. Ft.

Listing Price History

Feb 13, 2008 $615,000

Feb 28, 2008 $520,000

Mar 29, 2008 $490,000

May 02, 2008 $460,000

May 20, 2008 $419,900

Jun 20, 2008 $375,000

Jul 17, 2008 $295,000

Sales History

Dec 07, 2005 $580,000

http://www.redfin.com/CA/Orange/2234-W-Sycamore-Ave-92868/home/3225893

http://i-0.rfimg.us/photo/46/bigphoto/282/P622282_1.jpg

If this house has been "remodeled" as they say in the description then why the hell don't they have some interior pictures??? Me thinks something smells fishy...hmmm

 

[no_vaseline_IHB]

I smell another no_vaseline field trip...........the Sycamore home has to make the "Hotel" I visited sweat, and the denial case just drink that much more to forget about how bad it stings.

It also is a 160 GRM equivlent.

 

[freedomCM_IHB]

and it doesn't have bars on the windows! and you can walk to the Angels home games!

 

[no_vaseline_IHB]

On second thought, it's on the other side of town. I saw the freeway and figured it was near Villa Park. I won't be going.

But who this is really bad news for is Brookfield Homes, who's trying to unload these dumpy condos at a pemium over this SFR comp.

 

[No_Such_Reality_IHB]

63% off and it isn't wrecked.

2015 W Saint Gertrude Pl, Santa Ana, CA

Asking $239,000 on a prior $660,000 in July 2006. It's a 4/2. QHBruin got me snooping on his $2000 clear rent and REO bought at $200K. I see a number of 4/2s for barely more than $200K.

 

[No_Such_Reality_IHB]

1311 S. Flower St, Santa Ana is being sold for it's tax base. The ironic part is it has been on the market one year with high list price of $529,999 and a current list price of $239,999. A 55% drop in listing price alone.

Needs TLC, but it's another 4/2. It's a little weird, it has a 1995 sale listed at $105,000, but it says the 2006 taxes are $200,105 which is way more than the 2%/yr. prop thirteen.

 

[lawyerliz_IHB]

Ok, forgetting location, this is the first house posted that I would be

willing to buy. Not that it's my favorite or anything, just the first price

that doesn't want me want to throw up price wise, on a house that is non-horrible

looking.

 

[stepping_up_IHB]

1311 S. Flower St, Santa Ana is being sold for it's tax base. The ironic part is it has been on the market one year with high list price of $529,999 and a current list price of $239,999. A 55% drop in listing price alone.

Needs TLC, but it's another 4/2. It's a little weird, it has a 1995 sale listed at $105,000, but it says the 2006 taxes are $200,105 which is way more than the 2%/yr. prop thirteen.

Can someone explain how a 4/2 can actually fit in 785 sq/ft? Has to have unpermitted additions.