Westpark...real value?

optimusprime_IHB

optimusprime_IHB

New member
I really like the Westpark community ...primarily that area off Paseo Weestpark in between Barranca and Warner.





Anyways, most of the SFR go for $900k to $1.2mm...





Where do some of you see it valued at in the next year or two?
 
I sure hope so IR....I noticed on average these homes are listed at about $400 /SF





If it drops to $300...I may just make the leap :)
 
I like the West Park area too...but the area bordered by Harvard, Irvine Center Drive, Culver and Warner, particularly the bigger homes on the bigger lots. Alot of the smaller homes are on postage stamp sized lots that has limited or restricted streetfront parking, very claustrophobic and yucky.





From the pictures of the homes for sale, the living/family room has alot of windows some reaching to the ceiling which gives the space a very open feel.





I would like to buy here if the price is right, which to me is probably around 2002-2003 prices. These homes are currently listed at around 900k-1,050k...I would buy it now if there is a 25-30% discount from current listing prices. Prices may drop further, but I'm comfortable with paying that much for the long-term. Life's too short to bother timing the bottom...I just want to get a house when it makes financial sense, settle in and worry about other things.
 
There's some tiny SFR built in the mid 90's tucked inside the corner of Harvard and Warner. This stuff isn't much more expensive than the condo product across the street. For a first time buyer who can't stomach attached, these homes might be within reach. Check the streets Marsala and Le Vanto and the immediate area.
 
<p>effen -- I know exactly the houses you are talking about, and even toured one on Le Vanto earlier this year. It was small (like 1,350 sq ft) but the layout wasn't bad. Unfortunately, they hung a $699K price tag on it. I left thinking this would be something to consider as soon as they drop their price to $299K.</p>

<p>For the other parents out there, Plaza Vista school also has a really good reputation. </p>
 
I definitely like the more spaced out lots w/an actual frontyard and backyard. I know what you're talking about as far as the cramped ones are concerned. Plus they all look like glorified townhomes goine for $700k lol





I've gone into a few of the open houses and they definitely look nice with the very high ceilings and lots of windows.
 
Optimusprime:


Maybe if we pool our families resources, we can make one of those Westpark seller's dreams come true and buy it at their current list price. On the other hand, let's let them suffer for a while longer! I recently sold my condo in Tustin Ranch (losing basically all my equity in the process after upgrades and closing costs...hence I'm Recovering_Homeowner), so if I can eat a loss, surely some of these sellers should be willing to settle for a 250k gain versus a 500k gain . Perhaps in a few years (or year, if this thing unwinds faster than IR predicted), maybe we'll even be friendly neighbors in our pink stucco boxes!


RH
 
RH...lol....let them hang!!





It's nice to check out the open houses tho...it was funny about 3 wks ago I visited two in the same community.





One was very nicely updated with hardwood floors, granite countertops etc and the other looked like it still had the original carpet from 1996!!?!?!? The asking was only a $5k difference!! I believe it was for $1,029,000....still delusional!





I am looking to buy no earlier than Summer-Fall of 2009 at this moment.





Hoping to see these homes go for sub $700k by then...maybe we'll be neighbors! :)
 
Revisited...Westpark 2 area finally coming back to Earth but still in the WTF realm of $ per sq ft.





<a href="http://www.redfin.com/CA/Irvine/25-Del-Sonterra-92606/home/4625361">http://www.redfin.com/CA/Irvine/25-Del-Sonterra-92606/home/4625361</a>



<a href="http://www.redfin.com/CA/Irvine/6-Santa-Cruz-Aisle-92606/home/4627787">http://www.redfin.com/CA/Irvine/6-Santa-Cruz-Aisle-92606/home/4627787</a>



<a href="http://www.redfin.com/CA/Irvine/6-Corte-Trovata-92606/home/4628654">http://www.redfin.com/CA/Irvine/6-Corte-Trovata-92606/home/4628654</a>
 
An investor picked up <a href="http://www.zillow.com/homedetails/23-Del-Cambrea-Irvine-CA-92606/25474935_zpid/">23 Del Cambrea</a> today for $531k at the foreclosure auction. I dunno, unless this place is remodeled to perfection, then I don't see it selling for more that $575k. After commissions, that isn't such a great profit.
 
[quote author="graphrix" date=1234947083]An investor picked up <a href="http://www.zillow.com/homedetails/23-Del-Cambrea-Irvine-CA-92606/25474935_zpid/">23 Del Cambrea</a> today for $531k at the foreclosure auction. I dunno, unless this place is remodeled to perfection, then I don't see it selling for more that $575k. After commissions, that isn't such a great profit.</blockquote>


Bah... At $575K it would be a 170 CS index number. Too low my friend. Should go for $610-625K assuming it's not a total dump. The place next door cost $60K less in 2004, sides to Culver, and sold back in June for $563K. This place was probably worth $700K back then and shed 10-12% since...
 
[quote author="ipoplaya" date=1234957386][quote author="graphrix" date=1234947083]An investor picked up <a href="http://www.zillow.com/homedetails/23-Del-Cambrea-Irvine-CA-92606/25474935_zpid/">23 Del Cambrea</a> today for $531k at the foreclosure auction. I dunno, unless this place is remodeled to perfection, then I don't see it selling for more that $575k. After commissions, that isn't such a great profit.</blockquote>


Bah... At $575K it would be a 170 CS index number. Too low my friend. Should go for $610-625K assuming it's not a total dump. The place next door cost $60K less in 2004, sides to Culver, and sold back in June for $563K. This place was probably worth $700K back then and shed 10-12% since...</blockquote>


Still... lets say it sells for $615k, after you factor in 8% for RE commissions, marketing, some repairs and upgrades, Deuce's sod services, and any property taxes due... you are looking at a 6.6% profit. IMO, in a declining that is not enough profit for the amount of risk. When if you do your homework you can find quality places like this that will net 20%-30% profit.



I think the investor who picked <a href="http://www.zillow.com/homedetails/1755-N-Azure-St-Anaheim-CA-92807/25389431_zpid/">this place up for $302k</a> will end up making 20% plus, and have the cash left over to buy another one like it tomorrow. It's not the quality that always matters, it's the quantity of quality that you can do. At the end of 90 days, this guy would have made 4 times as much with having roughly the same capital outlay as the guy above.



What would you do? Can you tell I have thought about this?
 
And let me add that <a href="http://www.zillow.com/homedetails/55-Del-Cambrea-Irvine-CA-92606/25474880_zpid/">55 Del Cambrea</a> is scheduled for the auction tomorrow too. The NTS is $689k, and unless the bank drops that to minimum bid to less than $500k, then no one in their right mind would buy it since it backs Culver. We will see what happens, but it pays to do your homework on what your competition might be. The buyer of 23 better hope they can unload before the bank does on this one.
 
[quote author="graphrix" date=1234975191]And let me add that <a href="http://www.zillow.com/homedetails/55-Del-Cambrea-Irvine-CA-92606/25474880_zpid/">55 Del Cambrea</a> is scheduled for the auction tomorrow too.</blockquote>


Where do you get this information from and where is the auction located?
 
55 Del Cambrea did go back to the bank today for $532k. Either it is an inferior property, or the buyer at 23 is about to be in tough spot.
 
[quote author="financeguy" date=1235008786][quote author="graphrix" date=1234975191]And let me add that <a href="http://www.zillow.com/homedetails/55-Del-Cambrea-Irvine-CA-92606/25474880_zpid/">55 Del Cambrea</a> is scheduled for the auction tomorrow too.</blockquote>


Where do you get this information from and where is the auction located?</blockquote>


<a href="http://www.irvinehousingblog.com/forums/viewthread/346/">The foreclosure thread is your friend</a>. The auction locations are: Santa Ana courthouse, Placentia City Hall, Orange City Hall, Anaheim Hills on Kaiser blvd.



<a href="http://www.fidelityasap.com/">Fidelity site</a>.



<a href="http://www.priorityposting.com/">Priority Posting</a>.



Those two will keep you busy for a couple of hours.
 
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