Nice little short sale opp in Northwood Pointe

ipoplaya_IHB

ipoplaya_IHB

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Someone might be able to get themselves a deal...



<a href="http://www.redfin.com/CA/Irvine/10-Wedgewood-92620/home/4790040">10 Wedgewood</a>
 
CK: "Honey, do we have time to go see a house tomorrow? It's in Irvine, and it has a driveway! And its only $525k!!!"



Mrs CK: "Is it at least 2,000 sq ft?"



CK: "Uh, ummm, uh almost. Sort of almost. But did you hear its in Irvine?".



Mrs. CK: "No."



CK: "Ok, dear. I'll come to bed now".
 
Let's see... It is remarkable how much a listing can convey attitude and feeling about a property. This is a great neighborhood. Gated. SFR. (Priced lower than IPO's for only a bit less sq ft.) But the pictures are horrible. 3 pictures of an unremarkable backyard. A picture of a room from the hallway. Great pictures of mini-blinds. A picture of a desk like I'm shopping at IKEA. And the listing?... What is "Upgrated"? Or "fabulouse"?.... hold on, I've got a PM from CK... okay, you're right. Turn off the light and go to bed. Good night now.
 
[quote author="CK" date=1217081506]CK: "Honey, do we have time to go see a house tomorrow? It's in Irvine, and it has a driveway! And its only $525k!!!"



Mrs CK: "Is it at least 2,000 sq ft?"



CK: "Uh, ummm, uh almost. Sort of almost. But did you hear its in Irvine?".



Mrs. CK: "No."



CK: "Ok, dear. I'll come to bed now".</blockquote>


You failed to say the magic words CK, Canyon View Elementary and Northwood High School!



This house will likely sell in the low $700K range or at least high $600s...
 
[quote author="norcaljeff" date=1217149376]Not worth a dime over $450K.</blockquote>


How do you measure worth Jeff? Most do so via the price the market decides for the good or service... As you suggesting that no one will offer to pay over $450K?
 
[quote author="ipoplaya" date=1217056815]Someone might be able to get themselves a deal...



<a href="http://www.redfin.com/CA/Irvine/10-Wedgewood-92620/home/4790040">10 Wedgewood</a></blockquote>


$525K for this home is a great price imo.

It?s situated in a very nice gated neighborhood, surrounded by $1M homes.



C?mon Ipop?s cracker box sold for $600K in a low-end, borderline Ghetto, known as West Irvine.

I?d be surprised if this one doesn?t get taken down right away.
 
[quote author="Schlotkins" date=1217285723]I ws under the impression most short sales were a complete waste of time... why is this different?</blockquote>


Can?t comment on the short sale process but I do know this is a very nice, relatively affluent neighborhood.
 
[quote author="tenmagnet" date=1217294543][quote author="Schlotkins" date=1217285723]I ws under the impression most short sales were a complete waste of time... why is this different?</blockquote>


Can?t comment on the short sale process but I do know this is a very nice, relatively affluent neighborhood.</blockquote>


With an August 2004 sales at $720,000, I doubt this one will get taken down any time soon other than by the bank.



If someone can check, it'd be nice to see just how much debt is on this property. I wonder if it's been HELOC'd to oblivion. I can't imagine someone didn't tap that $250,000 of virtual equity the brokers would have been touting in 2006.
 
Bad photos, bad staging, bad writing, bad realtor. Good price to attract attention...s-can the realtor and find someone that knows how to sell a house in a down market...someone PRE-2003.
 
[quote author="No_Such_Reality" date=1217296667][quote author="tenmagnet" date=1217294543][quote author="Schlotkins" date=1217285723]I ws under the impression most short sales were a complete waste of time... why is this different?</blockquote>


Can?t comment on the short sale process but I do know this is a very nice, relatively affluent neighborhood.</blockquote>


With an August 2004 sales at $720,000, I doubt this one will get taken down any time soon other than by the bank.



If someone can check, it'd be nice to see just how much debt is on this property. I wonder if it's been HELOC'd to oblivion. I can't imagine someone didn't tap that $250,000 of virtual equity the brokers would have been touting in 2006.</blockquote>


I think the 1st TD is at $576K, although realtytrac.com doesn't show any lien/loan history so I have no idea about the 2nds...
 
[quote author="tenmagnet" date=1217285022][quote author="ipoplaya" date=1217056815]Someone might be able to get themselves a deal...



<a href="http://www.redfin.com/CA/Irvine/10-Wedgewood-92620/home/4790040">10 Wedgewood</a></blockquote>


$525K for this home is a great price imo.

It?s situated in a very nice gated neighborhood, surrounded by $1M homes.



C?mon Ipop?s cracker box sold for $600K in a low-end, borderline Ghetto, known as West Irvine.

I?d be surprised if this one doesn?t get taken down right away.</blockquote>


I was thinking along the same lines Ten. If a host of buyers are willing to drop $600K on mine, why not $650-700K on this one?
 
I agree with you on the sale price, IPO. Unless there is something very wrong with this place, it should easily go for north of $650k in this neighborhood.



And you know, IPO, I reminded my wife that this was Canyon View, and even that did not work to check this place out. Too small. I'm like "there's only 3 of us!!??". *Sigh*. I'd be down for this one, if could get it for $600k. But I suppose $600k is a big if.
 
So why is this still on the market - Is Nobody buying this for $525K - Did anybody looked at the property ? Anyreason why its not selling?
 
[quote author="Anyan" date=1219547158]So why is this still on the market - Is Nobody buying this for $525K - Did anybody looked at the property ? Anyreason why its not selling?</blockquote>
It may be a good deal today, but prices are still falling.



We can get a better deal tomorrow. And next week looks even better. :p
 
The house looks bigger than that from the front.

Is it long and skinny?



Oh, short sale. Nevermind.



I guess you could put in an offer for $475k and see

if anything happens, just for the heck of it.
 
Here is another sub-$600k SFR in Northwood Pointe, same model as the subject of this thread:



<a href="http://www.redfin.com/CA/Irvine/21-Canyon-Sage-92620/home/4789449">Canyon Sage</a>



Anybody know what's going on with these? Yes, the price psf is still high, but given the neighborhood and schools it surprises me these are not jumping off the shelves. Surely they must be getting offers?
 
[quote author="CK" date=1220933891]Here is another sub-$600k SFR in Northwood Pointe, same model as the subject of this thread:



<a href="http://www.redfin.com/CA/Irvine/21-Canyon-Sage-92620/home/4789449">Canyon Sage</a>



Anybody know what's going on with these? Yes, the price psf is still high, but given the neighborhood and schools it surprises me these are not jumping off the shelves. Surely they must be getting offers?</blockquote>


I think its time for you to put in an offer and find out CK. Too small for the family? Great neighborhood, smokin' close to Canyon View, culdy, what more do you want?! Get on the horn to IR2 and have him write up an offer at $550K.
 
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