Is this a good deal?? MLS ID# P588034

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wendyinoc_IHB

wendyinoc_IHB

New member
The neighbors are trying to sell at $349K but this guy wants $309K. It was at $320 so he seems a little negotiable. What would you offer and how low could this go if I wait?

I know its Tustin Ranch but they don't hae a blog like this. Irvine Renter I think the site should be OChousingblog.com. Think about the traffic :) No other site is as good as this.
 
This looks like it may be REO, or corporate owned property or short sale, I would advise you to wait on this property. Or offer 180-190k. This appears to be a loser for the bank.
 
Hi Wendy...

We recently sold our condo in that exact same complex, and now we're renting, saving money and waiting for a SFR >2000sqft to be priced more realistically so we can buy :p

It's a nice area, and within walking distance of the park on Robinson and Jamboree. The golf course proximity thing is overrated, but then again, I don't play golf. Neighbors are nice enough, but i think 1/4 or 1/3 of the units are rentals...the association meetings are sparsely attended each month. Maybe the owners aren't there to attend, enjoying the rental incomes in Hawaii or wherever they are.

I like Tustin Ranch, but RE right now is a real gamble. I'd wait if I were you.
 
Look at it this way if you put 5% down $15k which you have to these days plus you will need about 6 months PITI $12k in the bank afterwards. Your total payment with taxes and HOA is $2530 and with a generous tax break of 25% would be about $1900. You can rent a remodeled unit at Rancho Mariposa for $1630 and at 160 times would mean this place is worth about $260k. Less actually since it needs about $30k to $50k in upgrades to compete with Rancho Mariposa and otherwise it would be more like $240k.

So do you want to own an apartment for $2530 a month or rent one for $1630 a month?

If you kept that $15k down payment and $12K in savings in the bank and saved the $900 a month difference at 5% you would have $53k in two years. If prices dropped to the $260k normal price in two years you would have spent more than $15k in annual payments with the tax break, lost your $15k downpayment and be upside down by more than $33k.

Rent = +$53k and own = -$66k.
 
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