NanoWest,
Such a dilema! Most of us do not have the kind of money that you have so I am at lost of suggestions. My husband would tell you to buy a pot of gold. My husband bought some gold andI laughed at him but he said, “If all hell breaks loose, he is covered”. Happy fishing! Relaxation is good for the mind. I say buy one of the short sales.
Thanks for posting a flip. The natives were getting restless…
I have to agree, these people don’t look very motivated. I suppose in current owner/flipper psychology, if you are only making about 5%, you must be giving it away. When this sits on the market all summer and they lower their price down to where they just cover their 80% loan, then they will be truly motivated. ——-
Posted by IrvineResident on 03/07/07 at 01:10 PM
OC is full of this of kind “motivated seller” and wondering why inventory keep growing. Soon they will realize home appreciation can not outpace income growth. Time will teach them a hard yet repeated lesson
Posted by Carmichael on 03/07/07 at 01:13 PM
Zovall,
Where do you find the mortgage outstanding data? I am looking at a few OC props. Can get some details from Zillow, but not outstanding mortgages against the property.
Love your site!
CM
Posted by IrvineMom on 03/07/07 at 01:40 PM
Zovall,
Hm, sold on 7/5/2006 for $1,150,000 and now priced at $1,289,000. This time period is considered price peaked. Should the list price be same or lowered than $1,150,000? Maybe the listing agent is out of the area.
Posted by NanoWest on 03/07/07 at 02:04 PM
Gee Whizz…....
That is the same floor plan that I sold in August 2005 (divorce sale) for $1,160,000. The house was paid off so my ex and I each got about $550K after the sale. She went and bought a townhouse in Irive for $700K and I have the money in the bank, CD’s at 5.5%.......interest pays my rent.
Any suggestions…........should I sit on the $550,000 or buy?
Posted by NanoWest on 03/07/07 at 02:07 PM
Oh yea, so that I would have something to fix(I owned houses for about 20 years and enjoyed saturday morning tool sessions) I purchased an old 30’ cabin cruiser…...Name on the boat…..NanoWest. Anyone want to go fishing?
Carmichael,
The mortgage information comes from the database of a title company that I have access to (Land America Title). The title reps give out accounts to their database to real estate agents. The information is accurate but not necessarily complete.
IrvineMom,
It sure seems like they bought at the peak. There are a couple other similar homes nearby that are also listed around the same price. But if these guys were truly motivated, they would lower the price and get it sold rather than leave it vacant and on the market for 45 days. I believe the listing agent is local. My guess is that the seller is refusing to lower the price - they’re waiting for all the demand to show up this spring.
NanoWest,
Good to see you still around! I don’t know if you’ve been to the forums (Click the Forums link near the top left) but I’m sure you’ll get some more responses there about what to do with the $550k
Boat? Very cool! I wish I knew more about fishing.
Posted by mah on 03/07/07 at 05:05 PM
1.289M is simply not going to happen. The pigs stopped flying in 2005 ... somebody need to call this “motivated seller” and inform him that the music has stopped, and he’s holding the bag.
Most of the 20% down payment is G.O.N.E! As in bye-bye!
Posted by RL on 03/07/07 at 06:55 PM
If they were “motivated”, why the sky high price? Moronivated is more like it!
Posted by sarahfan on 03/07/07 at 08:27 PM
Hey Nano,
The Northwood tract was only about 8 years old in 2005, how did you pay off your house so soon?
Posted by NanoWest on 03/08/07 at 02:28 AM
Sarahfan,
In 2001 I sold a house in Silicon Valley for a large profit. I used the proceeds from that sale to pay for the house in Irvine…......basically, I got lucky.
The house originally cost about $600K in 2001. At that time the RE Agent was advising me that this was way too much money to spend on a house in Northwood.
Check to see if this same owner also has a property at 6 Plumeria, Irvine, CA 92620. If so, this is clearly a flip attempt. It would be a shame if he lost both properties.
Posted by IrvineMom on 03/07/07 at 02:58 PM
NanoWest,
Such a dilema! Most of us do not have the kind of money that you have so I am at lost of suggestions. My husband would tell you to buy a pot of gold. My husband bought some gold andI laughed at him but he said, “If all hell breaks loose, he is covered”. Happy fishing! Relaxation is good for the mind. I say buy one of the short sales.
Posted by IrvineRenter on 03/07/07 at 10:07 AM
Zovall,
Thanks for posting a flip. The natives were getting restless…
I have to agree, these people don’t look very motivated. I suppose in current owner/flipper psychology, if you are only making about 5%, you must be giving it away. When this sits on the market all summer and they lower their price down to where they just cover their 80% loan, then they will be truly motivated.
——-
Posted by IrvineResident on 03/07/07 at 01:10 PM
OC is full of this of kind “motivated seller” and wondering why inventory keep growing. Soon they will realize home appreciation can not outpace income growth. Time will teach them a hard yet repeated lesson
Posted by Carmichael on 03/07/07 at 01:13 PM
Zovall,
Where do you find the mortgage outstanding data? I am looking at a few OC props. Can get some details from Zillow, but not outstanding mortgages against the property.
Love your site!
CM
Posted by IrvineMom on 03/07/07 at 01:40 PM
Zovall,
Hm, sold on 7/5/2006 for $1,150,000 and now priced at $1,289,000. This time period is considered price peaked. Should the list price be same or lowered than $1,150,000? Maybe the listing agent is out of the area.
Posted by NanoWest on 03/07/07 at 02:04 PM
Gee Whizz…....
That is the same floor plan that I sold in August 2005 (divorce sale) for $1,160,000. The house was paid off so my ex and I each got about $550K after the sale. She went and bought a townhouse in Irive for $700K and I have the money in the bank, CD’s at 5.5%.......interest pays my rent.
Any suggestions…........should I sit on the $550,000 or buy?
Posted by NanoWest on 03/07/07 at 02:07 PM
Oh yea, so that I would have something to fix(I owned houses for about 20 years and enjoyed saturday morning tool sessions) I purchased an old 30’ cabin cruiser…...Name on the boat…..NanoWest. Anyone want to go fishing?
Posted by zovall on 03/07/07 at 02:40 PM
Carmichael,
The mortgage information comes from the database of a title company that I have access to (Land America Title). The title reps give out accounts to their database to real estate agents. The information is accurate but not necessarily complete.
IrvineMom,
It sure seems like they bought at the peak. There are a couple other similar homes nearby that are also listed around the same price. But if these guys were truly motivated, they would lower the price and get it sold rather than leave it vacant and on the market for 45 days. I believe the listing agent is local. My guess is that the seller is refusing to lower the price - they’re waiting for all the demand to show up this spring.
NanoWest,
Good to see you still around! I don’t know if you’ve been to the forums (Click the Forums link near the top left) but I’m sure you’ll get some more responses there about what to do with the $550k
Boat? Very cool! I wish I knew more about fishing.
Posted by mah on 03/07/07 at 05:05 PM
1.289M is simply not going to happen. The pigs stopped flying in 2005 ... somebody need to call this “motivated seller” and inform him that the music has stopped, and he’s holding the bag.
Most of the 20% down payment is G.O.N.E! As in bye-bye!
Posted by RL on 03/07/07 at 06:55 PM
If they were “motivated”, why the sky high price? Moronivated is more like it!
Posted by sarahfan on 03/07/07 at 08:27 PM
Hey Nano,
The Northwood tract was only about 8 years old in 2005, how did you pay off your house so soon?
Posted by NanoWest on 03/08/07 at 02:28 AM
Sarahfan,
In 2001 I sold a house in Silicon Valley for a large profit. I used the proceeds from that sale to pay for the house in Irvine…......basically, I got lucky.
The house originally cost about $600K in 2001. At that time the RE Agent was advising me that this was way too much money to spend on a house in Northwood.
Posted by IrvineRenter on 03/09/07 at 01:02 PM
Zovall,
Check to see if this same owner also has a property at 6 Plumeria, Irvine, CA 92620. If so, this is clearly a flip attempt. It would be a shame if he lost both properties.
Posted by zovall on 03/09/07 at 01:40 PM
Well what do you know.. 6 Plumeria is owned by the same guy. It looks like the couple bought 6 Plumeria from Standard Pacific on 12/30/1998 for $733k.
I also found that they bought 17 Varesa on 6/16/2004 for $537k and sold it on 5/3/2006 for $588k.
Posted by IrvineRenter on 03/09/07 at 02:42 PM
Busy little flippers. I don’t think this one will go as planned.