Irvine Housing Blog

WOT 1-26-2007

REO in San Juan Bautista (Irvine)

Address: 28 Bolinas, Irvine, CA 92602
Plan: 3 - 1622 sq ft - 3bd/2ba
MLS: S516101 DOM: 4
Sale History: 12/4/2007: $638,586 (back to the bank)
9/9/2005: $680,000
6/11/2004: $675,000
Current Price: $529,900

This Plan 3 in the San Juan Bautista tract in Northpark went back to the bank earlier this month. At the current asking price, the bank is willing to accept a $100k+ loss on this property.

Here are the private remarks:

Combo R-E-0. Buyer must submit a prequal w/Wells Fargo along with the offer. (Bank rules)Call xxxxxxxxxxxx Property sold AS-IS. $1,000 bonus to selling agent if closes by 2/28/2008.

There is actually another Plan 3 REO townhome in this tract (15 Bolinas) which is pending sale at $532,900. These 2 REO's will definitely have an impact on the comps.

Parklane - Will this Woodbridge Flipper Succeed? - UPDATE #1

Originally posted on October 16, 2006

Address: 7 Chenile, Irvine, CA 92614 (Woodbridge)
Plan: 2201 sq ft - 4/2.5
MLS: S442943 DOM: 137
Sale History: 4/27/2006: $885,000
9/17/2003: $665,000
Price Reduced: 07/11/06 -- $1,045,000 to $999,000
Price Reduced: 08/02/06 -- $999,000 to $979,000
Current Price: $979,000

Our flipper purchased this Plan C in the Parklane tract in Woodbridge earlier this year and then put it back on the market 1 month later on 6/1/2006 hoping to flip this home for a quick $160,000! He apparently has had a difficult time finding a GF as this home has been on the market for 4.5 months.

The private remarks state:

Price Reduction for the 2nd time. Great Value for the location with lots of upgrades. Vacant - Owner is extremely motivated to sell. Please show and bring all reasonable offers!

Vacant? That explains the extreme motivation. But 2 price reductions and it's still priced $94,000 over what he purchased it for! After 6% in selling costs, our flipper stands to make over $35,000 in profit if he gets his 'reduced' asking price. We'll have to keep our eyes on this one. The flipper put 10% down as far as I can tell and so there is definitely some room for this price to come down.

UPDATE #1 - December 26, 2007

Well it's been a little over a year now and thanks to our wonderful helper britney, we know that this flipper did NOT succeed. The latest listing for this property is: MLS #: S493874. It started out at $947,000, went to a low of $819,000, and is now listed at $850,000.

It looks like when the flipper bought in April 2006, they put 10% down. If sold at the short sale price of $850,000, I'd imagine the bank/seller are going to lose a combined total of about $86,000!

This is a $200k drop from the original asking price in June 2006. Time to buy!! Would you purchase this home for $850k? What about the 2003 price of $665k?

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