Condo in Woodbury

Wow Shooby, you're quick!



Private remarks:

<em>Starting bid is the listing price. Only the one highest and best offer will be submitted before 1/15/09. (Short sale is subject to bank approval.) </em>



Looks like they have priced this short sale low to get offers. It doesn't sound like the bank has approved a price.
 
[quote author="Shooby" date=1231221126]I went with an agent to check this place out today:



http://www.redfin.com/CA/Irvine/39-Costa-Brava-92620/home/12257889



short sale for 360K, it's a detached condo. Place wasn't really well taken care of though. But it's woodbury and the price is decent.



What do you guys think?</blockquote>


Hello IHB! Long time reader, first time poster. =)



Shooby - what do you mean it wasn't well taken care of? Can you give specifics - was it really that bad?
 
[quote author="lilbrownjon" date=1231222802][quote author="Shooby" date=1231221126]I went with an agent to check this place out today:



http://www.redfin.com/CA/Irvine/39-Costa-Brava-92620/home/12257889



short sale for 360K, it's a detached condo. Place wasn't really well taken care of though. But it's woodbury and the price is decent.



What do you guys think?</blockquote>


Hello IHB! Long time reader, first time poster. =)



Shooby - what do you mean it wasn't well taken care of? Can you give specifics - was it really that bad?</blockquote>


No, it wasn't that bad. Aside from a few holes in the wall, carpets in dire need of some washing, dirty grout, etc etc. Just aesthetics. But for 360K who am I to complain.



Just have to paint before move-in, with the pink walls and all....
 
[quote author="Shooby" date=1231226704]No, it wasn't that bad. Aside from a few holes in the wall, carpets in dire need of some washing, dirty grout, etc etc. Just aesthetics. But for 360K who am I to complain.



Just have to paint before move-in, with the pink walls and all....</blockquote>


No way you can touch that place for list price... I can 100% positively guarantee that. If you aren't willing to go into the 400's for it, you should just forget it.
 
[quote author="sonicko" date=1231229463]That would rent out for about $2200-2400 a month as for that same amount you can get a place at Woodbury Place.</blockquote>


Sounds about right, probably closer to $2200. The last two Bowen Court 2-bed places leased out at $2K per month and they were the 1000sf model with one less bath.



At a price of $400K even, with 20% down and a 5.25% mortgage rate, the place is still a hundred or two above owner occupied rental parity. Mello roos and HOA on that place are $500 per month...
 
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