76 Pacific Crest Flip

[luckyguy]

http://www.redfin.com/CA/Irvine/76-Pacific-Crst-92602/home/5857886

This house was sold to third party in trustee sales on 4/21 for $946,000. One week later it's for sale at $999,900. It's a money loser out of the gate.

 

[IndieDev]

http://www.redfin.com/CA/Irvine/76-Pacific-Crst-92602/home/5857886

This house was sold to third party in trustee sales on 4/21 for $946,000. One week later it's for sale at $999,900. It's a money loser out of the gate.

But it's Irvine, and Northpark is special. Shouldn't this be going for $1.1 easy?

 

[luckyguy]

http://www.redfin.com/CA/Irvine/76-Pacific-Crst-92602/home/5857886

This house was sold to third party in trustee sales on 4/21 for $946,000. One week later it's for sale at $999,900. It's a money loser out of the gate.

But it's Irvine, and Northpark is special. Shouldn't this be going for $1.1 easy?

It's in Northpark Square. The comp is in low $900k in that area. And this house is back to your favorite Fwy 261 where you can race your Porsche.

 

[IndieDev]

http://www.redfin.com/CA/Irvine/76-Pacific-Crst-92602/home/5857886

This house was sold to third party in trustee sales on 4/21 for $946,000. One week later it's for sale at $999,900. It's a money loser out of the gate.

But it's Irvine, and Northpark is special. Shouldn't this be going for $1.1 easy?

It's in Northpark Square. The comp is in low $900k in that area. And this house is back to your favorite Fwy 261 where you can race your Porsche.

Yeah but the 261 is low volume anyway. Plus it's Northpark, $900k comps mean nothing. Often FCBs will pay over comps because they are rich, and not poor.

 

[usctrojancpa]

http://www.redfin.com/CA/Irvine/76-Pacific-Crst-92602/home/5857886

This house was sold to third party in trustee sales on 4/21 for $946,000. One week later it's for sale at $999,900. It's a money loser out of the gate.

But it's Irvine, and Northpark is special. Shouldn't this be going for $1.1 easy?

It's in Northpark Square. The comp is in low $900k in that area. And this house is back to your favorite Fwy 261 where you can race your Porsche.

So Northpark Square isn't as special as Northpark because it doesn't have the 3 guard gated entrances?

 

[usctrojancpa]

http://www.redfin.com/CA/Irvine/76-Pacific-Crst-92602/home/5857886

This house was sold to third party in trustee sales on 4/21 for $946,000. One week later it's for sale at $999,900. It's a money loser out of the gate.

But it's Irvine, and Northpark is special. Shouldn't this be going for $1.1 easy?

It's in Northpark Square. The comp is in low $900k in that area. And this house is back to your favorite Fwy 261 where you can race your Porsche.

Yeah but the 261 is low volume anyway. Plus it's Northpark, $900k comps mean nothing. Often FCBs will pay over comps because they are rich, and not poor.

I'm just venturing out on a limb here, but I would think Culver has a higher traffic count than that section of the 261.

 

[luckyguy]

http://www.redfin.com/CA/Irvine/76-Pacific-Crst-92602/home/5857886

This house was sold to third party in trustee sales on 4/21 for $946,000. One week later it's for sale at $999,900. It's a money loser out of the gate.

But it's Irvine, and Northpark is special. Shouldn't this be going for $1.1 easy?

It's in Northpark Square. The comp is in low $900k in that area. And this house is back to your favorite Fwy 261 where you can race your Porsche.

Yeah but the 261 is low volume anyway. Plus it's Northpark, $900k comps mean nothing. Often FCBs will pay over comps because they are rich, and not poor.

Factoring in 5% realtor cost, 1-2% closing cost and holding cost, this flip is a money loser even at full price of $999,900. If the flipper is the listing agent, then he may be able to break even after so much effort.

 

[luckyguy]

http://www.redfin.com/CA/Irvine/76-Pacific-Crst-92602/home/5857886

This house was sold to third party in trustee sales on 4/21 for $946,000. One week later it's for sale at $999,900. It's a money loser out of the gate.

But it's Irvine, and Northpark is special. Shouldn't this be going for $1.1 easy?

It's in Northpark Square. The comp is in low $900k in that area. And this house is back to your favorite Fwy 261 where you can race your Porsche.

So Northpark Square isn't as special as Northpark because it doesn't have the 3 guard gated entrances?

What a surprise! Irvine expert like you don't know the differences between Northpark and Northpark Square except the gates. Probably IHO can give you some advices.

 

[usctrojancpa]

http://www.redfin.com/CA/Irvine/76-Pacific-Crst-92602/home/5857886

This house was sold to third party in trustee sales on 4/21 for $946,000. One week later it's for sale at $999,900. It's a money loser out of the gate.

But it's Irvine, and Northpark is special. Shouldn't this be going for $1.1 easy?

It's in Northpark Square. The comp is in low $900k in that area. And this house is back to your favorite Fwy 261 where you can race your Porsche.

So Northpark Square isn't as special as Northpark because it doesn't have the 3 guard gated entrances?

What a surprise! Irvine expert like you don't know the differences between Northpark and Northpark Square except the gates. Probably IHO can give you some advices.

NonFCB, you aren't very good at spotting interweb sarcasm.    But then again, the interweb is serious business. 

 

[luckyguy]

http://www.redfin.com/CA/Irvine/76-Pacific-Crst-92602/home/5857886

This house was sold to third party in trustee sales on 4/21 for $946,000. One week later it's for sale at $999,900. It's a money loser out of the gate.

But it's Irvine, and Northpark is special. Shouldn't this be going for $1.1 easy?

It's in Northpark Square. The comp is in low $900k in that area. And this house is back to your favorite Fwy 261 where you can race your Porsche.

So Northpark Square isn't as special as Northpark because it doesn't have the 3 guard gated entrances?

What a surprise! Irvine expert like you don't know the differences between Northpark and Northpark Square except the gates. Probably IHO can give you some advices.

NonFCB, you aren't very good at spotting interweb sarcasm.    But then again, the interweb is serious business. 

I know and thought you like it. But you acted defensively when you were on the receiving side of sarcasm

 

[usctrojancpa]

http://www.redfin.com/CA/Irvine/76-Pacific-Crst-92602/home/5857886

This house was sold to third party in trustee sales on 4/21 for $946,000. One week later it's for sale at $999,900. It's a money loser out of the gate.

But it's Irvine, and Northpark is special. Shouldn't this be going for $1.1 easy?

It's in Northpark Square. The comp is in low $900k in that area. And this house is back to your favorite Fwy 261 where you can race your Porsche.

So Northpark Square isn't as special as Northpark because it doesn't have the 3 guard gated entrances?

What a surprise! Irvine expert like you don't know the differences between Northpark and Northpark Square except the gates. Probably IHO can give you some advices.

NonFCB, you aren't very good at spotting interweb sarcasm.    But then again, the interweb is serious business. 

I know and thought you like it. But you acted defensively when you were on the receiving side of sarcasm

All in good fun, all in good fun.  Even though I still do have aspirations of becoming a European FCB, I'll probably never buy a home for all cash (at least not in Irvine or any other high priced area) as I'm a believer of using low rate leverage and keep the cash for other income producing opportunities. 

 

[iacrenter]

Nice size lot at end of cul-de-sac plus 3 car garage. Should sell quickly. It is actually far from the 261 given several hundred feet over a trail, drainage canal, tree line, and finally past the off ramp.

 

[freedomcm]

Factoring in 5% realtor cost, 1-2% closing cost and holding cost, this flip is a money loser even at full price of $999,900. If the flipper is the listing agent, then he may be able to break even after so much effort.

Actually, the NTS was for $873k.  Don't know what the opening/closing bids were, though.

Could be the flipper picked it up for $650k, no?

 

[usctrojancpa]

Factoring in 5% realtor cost, 1-2% closing cost and holding cost, this flip is a money loser even at full price of $999,900. If the flipper is the listing agent, then he may be able to break even after so much effort.

Actually, the NTS was for $873k.  Don't know what the opening/closing bids were, though.

Could be the flipper picked it up for $650k, no?

Per my foreclosure radar account...

NTS Amount - $837,017
Opening Bid - $845,342
Winning Bid - $946,000

 

[frank69m]

Nice size lot at end of cul-de-sac plus 3 car garage. Should sell quickly. It is actually far from the 261 given several hundred feet over a trail, drainage canal, tree line, and finally past the off ramp.

Sigh. Don't forget the dust the cars kick up...if you want your kids to have asthma that is.

 

[shokunin]

Sigh. Don't forget the dust the cars kick up...if you want your kids to have asthma that is.

True, but Culver and Jamboree have more traffic than the tollraod.

 

[iacrenter]

Sigh. Don't forget the dust the cars kick up...if you want your kids to have asthma that is.

True, but Culver and Jamboree have more traffic than the tollraod.

All good points. I guess buyer beware and price accordingly. Luckily when folks buy properties they usually have choices and get to decide for themselves what the best price/location/feature mix is best for them.