Take My Lease in Woodbury - 4br Stonetree Manor

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tealeaf_IHB

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Here's the deal: I got a job in LA and need to move out of my rental ASAP. I negotiated with the landlord to break lease provided I will pay until it is rented. So I'm incentivizing this thing to hedge against prolonged carrying costs. This is NOT a lease assumption, but a new lease drawn in your name.

It's a fantastic home - plan 2 in Stonetree Manor, 2104 sf, 4br, 3ba. 1 bedroom downstairs. The home is right across the street from Woodbury Park. The landlord is super-nice, very responsive, and owns 2 other rental properties. She put a substantial down payment on the place and I don't think there is any reason for concern there.

I'm currently paying $3200 per month but will sweeten the deal with an incentive to bring your rent down to $2900 (provided you sign a 1 yr lease @ $3200 per month and give a $3200 sec deposit). That's $3600 in your pocket.

The home will be avail as soon as 2/17. You must have excellent credit and it is subject to approval of the landlord. Sorry, no pets.
 
That sounds like a good deal. Do you realize your rent puts the value of that house at around $512,000 using a 160 GRM. What do you think the owner paid for it?
 
Zillow doesn't list the sale, but since she bought it in late 2005, I think the owner paid in the mid 800's. IR, considering the HOAs and mello roos, I think the value of the home is even lower. Not sure if the GRM takes those two into account on a purchase price.
 
Last time I was in discussions with Stonetree sales people they were saying "make us an offer" --- with the implication that 10% of asking price would likely get through. That would put plan 2 in the low $700's.....So it is still way too high. These are nice homes, if they fell to around $625k-$650k over the course of the year, we would be very interested.
 
FWIW, the parking lot last weekend was filled with knife catchers. For months, it's been empty. My sense is either a group of foreigners was bussed in... or these are the perfect match for the speculated revised conforming limit (ie 800 - 20% = 640) that folks got giddy.
 
Property tax base on the place is $834K for the 07-08 year. She must have paid right around $800K for it in 2005... That section of Lamplighter closed in August 2005.
 
I'd want this for sure if we didn't already have a lease in Woodbury attached condo with 1800 sq feet. for only $50 less. :(
 
Wow! The response has been overwhelming.

Yes, we did find someone within days of posting to IHB. They are set to start on 3/1, but I will repost if it falls through. Our goal was to get this done ASAP and avoid carrying the lease for too long. I learned from selling my home a few months ago that you save more over the course of the transaction by pricing something reasonably. We have only 2 weeks of lease overlap (we moved out on Friday) plus a simple one month penalty in the form of this incentive (6 weeks total). It truly pays to price something fairly.

As an aside, I thought Irvine was pricey... we're in the San Fernando Valley now and pricing has even further to drop here than OC. I left the subprime universe but am surrounded by ex-Countrywide, Amgen, and WaMu employees (CW HQ is only 10 mins from our place). If it wasn't for the notorious heat, tonye would be proud: we're leasing a remodeled, 1950's built, single story, 2800sf 4br/3ba home on a 18,000sf lot, with pool, end of a cul-de-sac, south of Ventura blvd (SFV-speak for prime area) for $4k per month. Sounds like a lot until you see comps sold around $1.2M just 6 months ago. Using a 160GRM, we're renting at 50% of bubble pricing. LA Land is still no IHB, but the similarities between Malibu and Newport are hilarious (trophy wives in Maserati convertibles aren't just in OC).
 
I'm guessing you are in Woodland Hills, tealeaf? That's a great area. My mother in law lives in Porter Ranch, and we trek up that way every couple of weeks, and usually do family dinners out in Woodland Hills. But damn, it is really hot. I think the average is triple digits in the summer. And I think summer there starts right about March 1. Enjoy that pool --- and enjoy the (relatively) short ride to Malibu across Topanga Canyon Rd.
 
WH indeed. Yes - and I read WH recorded a 117 degree day 2 years back - an LA first. Boy-oh-boy. Methinks I can stomach a Calabasas tract home after one or two summers. Of course Sherman Oaks is damn nice, too. Ahh, the joys of renting!
 
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