West Irvine Listing - Sheridan Place Plan 1 (77 Ardmore)

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usctrojancpa

usctrojancpa

Well-known member
I just listed an upgraded Sheridan Place Plan 1 condo on MLS.  The condo has 2 bedrooms and 2 full bathrooms along with 1,300sf.  The total HOA for the condo is only $224/mo and the Mello Roos is about $50/mo. The price is $499,900.  PM me or email (mmania001@yahoo.com) if you are interested in seeing the home.  I'll also have an open house on Sunday, Aug 17th at 1-4pm.  Here's the link to the Redfin listing:
http://www.redfin.com/CA/Irvine/77-Ardmore-92602/home/5794624

Pictures and the virtual tour are up in the link below:

www.77ardmore.com

As always, I will have special treats for TI folks that drop by and say hello.  ;)
 
How much do you think this place can be rent out for?

With low MR and good selling price, this might be a good rental investment. 
 
lnc said:
How much do you think this place can be rent out for?

With low MR and good selling price, this might be a good rental investment. 
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The condo should rent for $2,200-$2,300/mo.  Yeah, there aren't many places in Irvine where you'll find attached condos built around 2000 with HOAs in the low $200s (let know non-gated neighborhoods) and Mello Roos of less than $1,000/yr. 
 
Units seem to rent pretty quickly in the community. Great neighborhood too for someone looking to move with a young family. Between the houses and townhomes there are a lot of young families, great park and pool inside, and very reasonable HOA / Mella Roos. Oh...plus you get all of the premiere Tustin schools (which are better then a good chunk of the schools in Irvine...not I said good chunk, not all).
 
Bullsback said:
Units seem to rent pretty quickly in the community. Great neighborhood too for someone looking to move with a young family. Between the houses and townhomes there are a lot of young families, great park and pool inside, and very reasonable HOA / Mella Roos. Oh...plus you get all of the premiere Tustin schools (which are better then a good chunk of the schools in Irvine...not I said good chunk, not all).
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Yup, just like with selling a home in Irvine...if you put it up for lease at a reasonable rate it will find a tenant very quickly (< 30 days).  The condo is either a good starter home or a starter rental for anyone who wants to dip their toes in real estate investing in Irvine.
 
I'll be having an open house on Saturday and Sunday (Aug 23/24) from 12pm-3pm.  I'll be there for the first 30-45 minutes and my assistant will finish up since I have to be at the San Mateo open house at 1-4pm both days.
 
Is this relative slowness, and the price drop on the other house, an indication of the wider market, or particular to these listings?
 
freedomcm said:
Is this relative slowness, and the price drop on the other house, an indication of the wider market, or particular to these listings?
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I think we've had a noticeable slowdown in the market with the increase in inventory, increase in new homes, and the market digesting the large price increases we saw last year.  That being said, my listings are getting foot traffic it's just getting offers is taking a bit longer. 

We did get a 2nd offer that came in last night and have asked them to provide their best and final since the first offer has provided their best and final.  Hopefully we have this one in escrow by the end of the day.
 
USCTrojanCPA said:
freedomcm said:
Is this relative slowness, and the price drop on the other house, an indication of the wider market, or particular to these listings?
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I think we've had a noticeable slowdown in the market with the increase in inventory, increase in new homes, and the market digesting the large price increases we saw last year.  That being said, my listings are getting foot traffic it's just getting offers is taking a bit longer. 

We did get a 2nd offer that came in last night and have asked them to provide their best and final since the first offer has provided their best and final.  Hopefully we have this one in escrow by the end of the day.
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I'm surprised this place didn't get more offer early on.  Either as a starter home or as a rental property, this place is a pretty decent buy.  Good luck with the escrow.
 
Rice Vino said:
Pricing seems high to me.

In nearbye NorthPark you can get a lot more for less $$$ per foot plus gated.
https://www.redfin.com/CA/Irvine/35-Bolinas-92602/home/5917353

But if you got offer then who am I to judge???  8)
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Ummm, it's basically the same exact floor plan....call it a fat finger error by that realtor as that home is also 1,300sf.  My listing has lower HOA and Mello Roos and is also gated, just zoned to Tustin schools.  There are 3 floor plans in that community and in my community (both built by the same builder)....a 2-bed 1,300sf unit, a 3-bed 1,500sf unit, and a 3-bed 1,600sf unit.  Besides, the last 3 model match comps for my listing were $483k, $500k, and $488k so the listing price isn't far off.
 
Seems like some West Irvine attached homes ask same or more than NorthPark attached homes and West Irvine doesn't feel as nice. But maybey the mello roos being less makes up for it? Although if I wanted cheap mello roos and hoas I would just buy a place in the colony lololol
 
Rice Vino said:
Seems like some West Irvine attached homes ask same or more than NorthPark attached homes and West Irvine doesn't feel as nice. But maybey the mello roos being less makes up for it? Although if I wanted cheap mello roos and hoas I would just buy a place in the colony lololol
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I think it depends on the floor plan really but West Irvine attached condo will sell for around what Northpark attached condos will sell for, maybe a little less.  Both West Irvine and Northpark are zoned to Tustin schools so maybe that's why they price so close.  The Mello Roos on my listing is like $50/mo. 
 
The seller has selected one of the offers...what was interesting that the best and final offers from both buyers were exactly the same. 
 
Congrats to the buyer and seller, the property closed and title record earlier this afternoon.  The sales price was $485,000.
 
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