Address: 301 Rathbourne, Irvine, CA 92620 (Northwood)

Plan: 1481 sq ft – 3/2.5

MLS: S470313 DOM: 26

Sale History: 5/25/2005: $625,000

5/17/2001: $310,000

6/30/1998: $190,500

Price Reduced: 01/16/07 — $684,900 to $649,900

Current Price: $649,000

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This is the second flip that we’ve reported on in the Greystone Villas tract in Northwood. Built by Greystone Homes (now Lennar?), this home originally sold for $190,500 back in 1998. Our seller bought it for more than 3 times that price in May 2005 and it looks like they put $225,000 down.

Why are they selling? No idea, but if it closes before 5/25/2007, they won’t realize any of the tax breaks on capital gains. Wait! I suppose to need to make money on the deal for that to matter.

Anyways, on 1/5/2007, the home was listed for $684,900. That would have provided a profit of around $18k (after 6% in selling costs). 11 days later, the price was dropped by $35,000. At the new asking prices of $649,000, the seller will be in the hole by about $14,000 (assuming 6% in selling costs).

These were the sales in the last year for the same plan:

• 963 Somerville – Sold 1/12/2006 – $628,000
• 401 Ridgeway – Sold 6/29/2006 – $636,000
• 39 Darlington – Sold 8/22/2006 – $680,000
• 449 Ridgeway – Sold 9/12/2006 – $640,000

And here’s what available for the same plan:

• 601 Newcastle – MLS #:P553200 – $649,000
• 135 Islington – MLS #:S451311 – $614,900 (Originally at $669,900)
• 161 Islington – MLS #:S458167 – $699,000 (Originally at $724,000)

135 Islington is a former model home and it has the lowest price. We’ll see if it gets the tract prices to begin sliding.

And this is what is currently