Let's say Northpark or Northpark Square

NEW -> Contingent Buyer Assistance Program
R

rickhunter_IHB

New member
There are many charts and rally cries for REO's going on the market.

It's affecting the US, California, Orange County.



But what if I want to buy in Northpark or Northpark Square?

It seems the SFR are still going for 400+/sf?

As soon as an owner budges like, 50K? they get sold.

There's a pretty good chance todays buyers can afford it

and the ones that dont have to sell, wont, so there's less inventory.



It looks like hoping for SFR's in these nice locations to be around 320/sf is next to impossible?



If you have data of the sales for the past year in these areas, please post it here.

I just want to see how much the prices have gone down in actual sales

and how the prices can actually fall when people want so much to buy here.



It could possibly inch down to 300/sf but that could be in 10 years. Too long...
 
You have very god facts here. I can go on redfin right now and find many properties for less than 400 /sq ft.



It will be under 300 sq ft. in 1 year 100% certain.
 
The good news is that Mar Vista recently closed under $1M.

Hopefully, now we?ll start to see more and more of the 3000+ square feet homes drop below that $1M mark as well.

8 Sunnyvale is presently in escrow and I would like to see it close in the high 900?s.

We?ll see though, it?s a start.
 
I see three REO SFRs in NorthPark Square: 3 Raines, 9 Thorn Hill, and 14 Amargosa. Find out who the banks are, and give 'em a call. I'm sure they would be happy to hear from you.
 
I'll bet NP will be $250 sq ft by the end of 2010. If you want to live in that neighborhood, go rent a 3 bed at Solana for a couple of years. Solana is going to start the whole IAC remodel to the new interior template at the end of 2008, so you can get yourself a brand new rental for 2 years while you wait for the market to fall into your lap.
 
[quote author="Roo" date=1214538084]You have very god facts here. I can go on redfin right now and find many properties for less than 400 /sq ft.



It will be under 300 sq ft. in 1 year 100% certain.</blockquote>


Well a little over a year has passed and...



<a href="http://www.redfin.com/CA/Irvine/8-Poway-92602/home/5813326">8 Poway</a> 2800 sqft (REO) Asking $799K at $284/sqft in BACKUP



<a href="http://www.redfin.com/CA/Irvine/17-Villager-92602/unit-1/home/18243617">17 Villager</a> 3000 sqft (?Short Sale) Asking $880K at $291/sqft in BACKUP



<a href="http://www.redfin.com/CA/Irvine/9-Raines-92602/home/5857481">9 Raines</a> 3300 sqft (ShortSale) Asking $1.05 at $311/sqft ACTIVE



<a href="http://www.redfin.com/CA/Irvine/16-Sunnyvale-92602/home/5772329">16 Sunnyvale</a> 2800 sqft (REO) Asking $899K at $319/sqft ACTIVE



I am sure I missed some other sales in NP since I don't have MLS access and IPO's site has been downsized. But it looks like we are seeing some signs of edging to $300/sqft in NP. There are a lot of other WTF pricing going on but as more REO and future REO (i.e. Short Sales) inventory come online, I can't help but think this is inevitable.
 
If you look at the listing posted, those are REO's and short sale listings. Maybe IPO can get their actual selling price.



There's WTF pricing above the actual selling price

and there's WTF pricing just to get bids for the actual selling price.



If I can walk into a home that I want in these areas and buy at $300/sf without somebody outbidding me, then

that's when Roo's forecast is correct IMO.





[quote author="Gemini" date=1247799538]LOL, nice bump IACRenter for such an old thread.

Roo's forecast was 100% right :)</blockquote>
 
[quote author="IACRenter" date=1247758373][quote author="Roo" date=1214538084]You have very god facts here. I can go on redfin right now and find many properties for less than 400 /sq ft.



It will be under 300 sq ft. in 1 year 100% certain.</blockquote>


Well a little over a year has passed and...



<a href="http://www.redfin.com/CA/Irvine/8-Poway-92602/home/5813326">8 Poway</a> 2800 sqft (REO) Asking $799K at $284/sqft in BACKUP



<a href="http://www.redfin.com/CA/Irvine/17-Villager-92602/unit-1/home/18243617">17 Villager</a> 3000 sqft (?Short Sale) Asking $880K at $291/sqft in BACKUP



<a href="http://www.redfin.com/CA/Irvine/9-Raines-92602/home/5857481">9 Raines</a> 3300 sqft (ShortSale) Asking $1.05 at $311/sqft ACTIVE



<a href="http://www.redfin.com/CA/Irvine/16-Sunnyvale-92602/home/5772329">16 Sunnyvale</a> 2800 sqft (REO) Asking $899K at $319/sqft ACTIVE



I am sure I missed some other sales in NP since I don't have MLS access and IPO's site has been downsized. But it looks like we are seeing some signs of edging to $300/sqft in NP. There are a lot of other WTF pricing going on but as more REO and future REO (i.e. Short Sales) inventory come online, I can't help but think this is inevitable.</blockquote>


What about sold comps in the last 3-6 months? List prices, no matter if the status is backup or active, mean only so much.
 
Closed Northpark sales within the last 3 months.

2 of 32 below $300/sf.

$338/sf average:



1 P675419 S 303.58 407 Terra Bella

2 S557725 S 293.31 140 Talmadge

3 S565486 S 370.87 801 Terra Bella

4 S562249 S 303.57 15 Cabazon 21

5 S563618 S 279.45 10 Leucadia

6 P683517 S 321.85 91 Spring Vly 83

7 S574262 S 312.38 34 Burlingame

8 S568549 S 309.72 239 Lockford

9 S573917 S 352.64 164 Hayward

10 S560776 S 362.5 53 Modesto

11 S571909 S 326.92 52 Burlingame

12 U9000767 S 374.38 24 Avalon 2

13 S568522 S 365.63 53 Meadow Vly

14 P675938 S 368.2 72 Arcata

15 S567195 S 334.08 75 Modesto

16 S566402 S 339.47 15 ZUMA

17 S570071 S 384.72 27 Dinuba

18 S572974 S 305.56 2 Zuma 12

19 S562267 S 340 54 Dinuba

20 P683452 S 375 132 Spring Vly

21 S565854 S 353.05 133 Spring Valley

22 P680467 S 342.89 104 Spring Valley

23 S567887 S 358.7 20 Larchwood

24 S561450 S 357.39 5 Marysville

25 S564875 S 357.2 10 Oroville

26 S567265 S 341.85 12 Monrovia

27 S524777 S 307.41 7 Monrovia

28 S550035 S 312.31 44 Solstice

29 S570959 S 371.94 39 Harmony

30 S558786 S 347.54 23 Riverside

31 S563528 S 326.72 33 Pacific Grv

32 S528808 S 314.24 35 Malibu
 
Whew, that was close! 100% might have been a little aggressive. Looks like the 2 properties under $300 are condos...I think It's safe to say SFR will be under $300 in a year from now. I hope the average too.
 
[quote author="Roo" date=1247837250]Whew, that was close! 100% might have been a little aggressive. Looks like the 2 properties under $300 are condos...I think It's safe to say SFR will be under $300 in a year from now. I hope the average too.</blockquote>


I think we should add 3 or 4 months to your initial forecast seeing as how they put those stupid moratoriums in place to stall things by at least 90 days.
 
[quote author="25inIrvine" date=1247838990][quote author="Roo" date=1247837250]Whew, that was close! 100% might have been a little aggressive. Looks like the 2 properties under $300 are condos...I think It's safe to say SFR will be under $300 in a year from now. I hope the average too.</blockquote>


I think we should add 3 or 4 months to your initial forecast seeing as how they put those stupid moratoriums in place to stall things by at least 90 days.</blockquote>


I agree. It is still looking pretty green in Northpark.



http://i28.tinypic.com/260dhc7.jpg
 
[quote author="graphrix" date=1247844339]I agree. It is still looking pretty green in Northpark.

http://i28.tinypic.com/260dhc7.jpg</blockquote>


I want to see more red.
 
[quote author="Cuatro" date=1247836968]Closed Northpark sales within the last 3 months.

2 of 32 below $300/sf.

$338/sf average:



1 P675419 S 303.58 407 Terra Bella

2 S557725 S 293.31 140 Talmadge

3 S565486 S 370.87 801 Terra Bella

4 S562249 S 303.57 15 Cabazon 21

5 S563618 S 279.45 10 Leucadia

6 P683517 S 321.85 91 Spring Vly 83

7 S574262 S 312.38 34 Burlingame

8 S568549 S 309.72 239 Lockford

9 S573917 S 352.64 164 Hayward

10 S560776 S 362.5 53 Modesto

11 S571909 S 326.92 52 Burlingame

12 U9000767 S 374.38 24 Avalon 2

13 S568522 S 365.63 53 Meadow Vly

14 P675938 S 368.2 72 Arcata

15 S567195 S 334.08 75 Modesto

16 S566402 S 339.47 15 ZUMA

17 S570071 S 384.72 27 Dinuba

18 S572974 S 305.56 2 Zuma 12

19 S562267 S 340 54 Dinuba

20 P683452 S 375 132 Spring Vly

21 S565854 S 353.05 133 Spring Valley

22 P680467 S 342.89 104 Spring Valley

23 S567887 S 358.7 20 Larchwood

24 S561450 S 357.39 5 Marysville

25 S564875 S 357.2 10 Oroville

26 S567265 S 341.85 12 Monrovia

27 S524777 S 307.41 7 Monrovia

28 S550035 S 312.31 44 Solstice

29 S570959 S 371.94 39 Harmony

30 S558786 S 347.54 23 Riverside

31 S563528 S 326.72 33 Pacific Grv

32 S528808 S 314.24 35 Malibu</blockquote>


How about <a href="http://www.zillow.com/homedetails/2-Malibu-Irvine-CA-92602/51633260_zpid/">2 Malibu</a>--thought that was a closed REO ~$277/sqft back in April & 10 Poway, another REO, not sure if it closed?
 
[quote author="Cuatro" date=1247836968]Closed Northpark sales within the last 3 months.

2 of 32 below $300/sf.

$338/sf average:

</blockquote>


I'm just counting dots, but the map Graph posted has 30 blue dots.



If NP has 32 sales in the last 90 days and currently has 30 scheduled auctions...
 
[quote author="Geotpf" date=1247805214][quote author="IACRenter" date=1247758373][quote author="Roo" date=1214538084]You have very god facts here. I can go on redfin right now and find many properties for less than 400 /sq ft.



It will be under 300 sq ft. in 1 year 100% certain.</blockquote>


Well a little over a year has passed and...



<a href="http://www.redfin.com/CA/Irvine/8-Poway-92602/home/5813326">8 Poway</a> 2800 sqft (REO) Asking $799K at $284/sqft in BACKUP



<a href="http://www.redfin.com/CA/Irvine/17-Villager-92602/unit-1/home/18243617">17 Villager</a> 3000 sqft (?Short Sale) Asking $880K at $291/sqft in BACKUP



<a href="http://www.redfin.com/CA/Irvine/9-Raines-92602/home/5857481">9 Raines</a> 3300 sqft (ShortSale) Asking $1.05 at $311/sqft ACTIVE



<a href="http://www.redfin.com/CA/Irvine/16-Sunnyvale-92602/home/5772329">16 Sunnyvale</a> 2800 sqft (REO) Asking $899K at $319/sqft ACTIVE



I am sure I missed some other sales in NP since I don't have MLS access and IPO's site has been downsized. But it looks like we are seeing some signs of edging to $300/sqft in NP. There are a lot of other WTF pricing going on but as more REO and future REO (i.e. Short Sales) inventory come online, I can't help but think this is inevitable.</blockquote>


What about sold comps in the last 3-6 months? List prices, no matter if the status is backup or active, mean only so much.</blockquote>


More updates on NP prices:



<a href="http://cc.bingj.com/cache.aspx?q=8+poway+irvine&d=76385676123042&mkt=en-US&setlang=en-US&w=55cd7f94,813b05cb">8 Poway</a> CLOSED 7/24/09 $818K, (2800 sqft) ---- $292/sqft



<a href="http://www.octours.com/vt/914/44-Solstice-Irvine-CA">44 Solstice</a> CLOSED 7/1/09 $1.015M, (3250 sqft) ---- $312/sqft

(I am surprised it didn't close lower with such a bad feng shui address)



<a href="http://www.bruceclarkhomes.com/Real_Estate_For_Sale/35_Malibu_Northpark.asp">35 Malibu</a> CLOSED 6/15/09 $1.3M, (4137sqft) ---- $314/sqft



<a href="http://cc.bingj.com/cache.aspx?q=10+poway+irvine&d=76403440494487&mkt=en-US&setlang=en-US&w=31812898,c2629114">10 Poway</a> CLOSED 6/14/09 $913K, (2900sqft) ---- $314/sqft
 
You must log in or register to reply here.
Back
Top