New Listing - Northwood Villas Plan 1 Condo in Northwood (24 Magellan Aisle)

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usctrojancpa

usctrojancpa

Well-known member
I just listed a Northwood Villas Plan 1 Northwood condo in MLS earlier today.  The condo is an end carriage unit with a large balcony with 1,279sf of living space and has 2 bedrooms and 2 full bathrooms.  The HOA is super low only at $175/month (probably the lowest attached condo HOA in all of Irvine) and there is No Mello Roos for the condo. Could be a perfect starter home or a potentially an investment property with rents around $2,400/month.  The listing price is $500,000.

PM me or email (mmania001@yahoo.com) if you are interested in seeing it.

I'll have an open house this coming weekend on both Saturday, Dec. 3rd and Sunday, Dec. 4th from 1-4pm.

Here is the Redfin link:
https://www.redfin.com/CA/Irvine/24-Magellan-Aisle-92620/home/5547126

Pictures and the virtual tour are in the link below:
http://www.previewfirst.com/pw/80528

Hope to see some of you guys come out and say hello.  There will be treats for all TI folks as always.  ;)
 
Nice listing sir, GLWS!  From the map, looks like it'll be a convenient walking distance to the Albertsons/starbucks plaza.  Haven't seen one on sale here for a while. 

Side question, I've seen enough of your listings to notice the kitchen and flooring (mostly wood) are well done.  Is that something you stress before you list?  You have a good photographer as well...the photos show nicely with the natural light coming in.  I'm sure this one will go fast
 
Love that downstairs wood flooring and large master bedroom. Have to visit to check out the first floor flow. Lots of angled walls which might make furniture placement challenging. $496 monthly property taxes based on $500K sales price? Any MR?

Any chance you can put some music with your virtual tour? Could put some Chinese opera or Korean K-Pop on!

I predict this will sell in the next 15 days - any takers?
 
SoclosetoIrvine said:
Nice listing sir, GLWS!  From the map, looks like it'll be a convenient walking distance to the Albertsons/starbucks plaza.  Haven't seen one on sale here for a while. 

Side question, I've seen enough of your listings to notice the kitchen and flooring (mostly wood) are well done.  Is that something you stress before you list?  You have a good photographer as well...the photos show nicely with the natural light coming in.  I'm sure this one will go fast
Click to expand...

Thank you.  These Plan 1 carriage units don't come up for sale very often, I did sell one back in 2012 for $388k.  Like you say, it's only about a 1/4 mile walk to the shopping center off Jeffery. 

Good question on the listings.  It's really a case by case situation, some of the seller homes are already upgraded so there isn't much to do other than get it cleaned and decluttered a bit.  I provide specific recommendations for each seller to help sell their homes quickly for a high price.  For example, this property was a rental for 4+ years so I recommended the entire condo be painted and for the seller to replace all of the flooring.  The seller picked out a great paint color plus a wonderful laminate floor and this will translate into selling the condo fast for a good price.  A lot of realtors don't understand that TIME = MONEY so it's not only important to get a good price for a seller but to do it quickly as well. 

I've been using the folks at Previewfirst for years to handle my photographer/virtual tour.  The best marketing isn't flyers, signs, or junk mail....it's great pictures that get posted online.  Eye balls turn into foot traffic, traffic turn into offers, and multiple offers turn into a good sales price.
 
DrTravel said:
Love that downstairs wood flooring and large master bedroom. Have to visit to check out the first floor flow. Lots of angled walls which might make furniture placement challenging. $496 monthly property taxes based on $500K sales price? Any MR?

Any chance you can put some music with your virtual tour? Could put some Chinese opera or Korean K-Pop on!

I predict this will sell in the next 15 days - any takers?
Click to expand...

The first floor is just an entry that has a small foyer area which lead to the stairs, a coat closet, and the door to the garage.  The entire living area is all upstairs above the garages.  I too love the high ceilings, makes it feel a lot larger.  No Mello Roos on this condo so the property tax will be 1-1.03% of the purchase price.

I also think it'll sell fast given it's price point and that market still being strong. 
 
Second offer came in earlier today.  We got a lot of traffic at the open house today, about 30 potential buyers.
 
USCT, you are on a roll!

This is a very nice listing and with no MR, I predict a lot more offers coming. 

 
lnc said:
USCT, you are on a roll!

This is a very nice listing and with no MR, I predict a lot more offers coming. 
Click to expand...

Another turn out of about 30 folks on Sunday but that's not surprising given the price point.  There were several potential investors/1031 exchange buyers that came through both days.  We did get a third offer last night and I'll be meeting with the seller later on today and most likely send out best and final counters tonight.
 
Was there visiting on Saturday. USCT is underselling foot traffic. The place was swarmed.

My .02c

SGIP
 
Soylent Green Is People said:
Was there visiting on Saturday. USCT is underselling foot traffic. The place was swarmed.

My .02c

SGIP
Click to expand...

Yeah, I guess it was pretty busy.  Crazy, in the past 3-4 hours I got 4 additional offers.  Working on sending out BEST & FINAL counters as we speak.
 
USCTrojanCPA said:
Soylent Green Is People said:
Was there visiting on Saturday. USCT is underselling foot traffic. The place was swarmed.

My .02c

SGIP
Click to expand...

Yeah, I guess it was pretty busy.  Crazy, in the past 3-4 hours I got 4 additional offers.  Working on sending out BEST & FINAL counters as we speak.
Click to expand...

wow! 7 offers??!!
 
Paris said:
USCTrojanCPA said:
Soylent Green Is People said:
Was there visiting on Saturday. USCT is underselling foot traffic. The place was swarmed.

My .02c

SGIP
Click to expand...

Yeah, I guess it was pretty busy.  Crazy, in the past 3-4 hours I got 4 additional offers.  Working on sending out BEST & FINAL counters as we speak.
Click to expand...

wow! 7 offers??!!
Click to expand...

Yeah as of 10pm last night, but had 2 more offers come in today so up to 9 now.  It's mostly from people wanting to live in the condo and a few investors.
 
It should work like ebay..where if a new offer comes in, the deadline gets extended another 20 minutes.
 
zubs said:
It should work like ebay..where if a new offer comes in, the deadline gets extended another 20 minutes.
Click to expand...

I like that idea, an Ebay for multiple offer situations.  Basically qualify the buyers to be able to bid and let them bid away like Ebay. 
 
so what's the appeal? is this property severely under-priced? is there not as much inventory at this price point? what gives?
 
Paris said:
so what's the appeal? is this property severely under-priced? is there not as much inventory at this price point? what gives?
Click to expand...

Idk - taking a guess, price low and more people will come which brings more foot traffic. If you price it high, people may come.
 
Good questions Paris...The seller and I decided to price it based upon the most recent model match closed comp that was slightly more upgraded which closed in Nov (see link below).
https://www.redfin.com/CA/Irvine/5-Ellisworth-Aisle-92620/home/5547495

Because the property is vacate, time is of the essence so pricing a property at or slightly under closed comps will generate a lot of activity quickly.  I think a lot of sellers and realtors get caught in trying to get the last dollar on their listings that their homes end up sitting on the market for months.  In situations where a property is priced slightly under comps in a neutral to healthy market, the market buyers will bring the property value back to the true market price (some of these buyers get emotional and end up paying an above market price). 

Currently there is a lack of appropriately priced entry level homes in Irvine (under $600k) so when a decent one pops up that's priced fairly it will attractive a big crowd of first time buyers to investors.  Even priced slightly below comps, I never thought I'd get 30+ people each day at open houses in Dec along with a .75% increase in rates.  I think the other draws for the buyers were the low HOA, no Mello Roos, and central location.

Conversely, my 40 Ardmore listing was priced above market with the most recent model match closed comp being $648k (not in as good condition though).  Ardmore was/is seller occupied and so there wasn't great urgency to get offers as quickly as with Magellan Aisle.  That being said, I also got 20+ people each day at the open house and ended up getting 5 offers on the home. 

So it's really important to price listings accordingly and should be determined on a case-by-case basis.  The goal with all my listings is to still get them into escrow in less than 30 days because the longer the home sits on the market the more buyers might think something is wrong with the home.  Some of my sellers told me that I have the "golden" touch as their listing agent, but I really think it comes down to using the right pricing strategy, getting the home ready for sale, and marketing it properly with the benefit of a little good karma too. 
 
eyephone said:
Paris said:
so what's the appeal? is this property severely under-priced? is there not as much inventory at this price point? what gives?
Click to expand...

Idk - taking a guess, price low and more people will come which brings more foot traffic. If you price it high, people may come.
Click to expand...

A good listing price will drive traffic, traffic will translate to offers, and offers will result in obtaining a good sales price.  ;)
 
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