Ambridge - Flip #3 for this tract
Address: 326 Quail Ridge, Irvine, CA 92603 (Quail Hill)
Plan: 1656 sq ft - 2/2
MLS: S468816 DOM: 22
Sale History: 01/26/2006: $635,000
10/26/2005: $554,000
Current Price: $668,000
Here’s the 3rd flip we've spotted in the Ambridge tract in Quail Hill. This condo was purchased on 1/26/2006 at $635,000 with 10% down. Less than 11 months later and it's back on the market for $668,000. If sold at this price, the owner is facing a loss of about $7,000 (assuming 6% in selling costs).
What I find interesting about this one is that the original owner/flipper bought the condo from William Lyon Homes towards the end of 2005 yet still managed to find someone to pay $80,000 more only 3 months later! Let me know if I'm mistaken but I don't recall it being that hard to buy a home straight from the builder at that time.
What do you think this property would realistically sell for today?
with 2200 a month after tax, or 3300 before tax(assuming the highest tax bracket), you can afford 440K loan @ 6%.
But wait, who is crazy to pay 440K for that match box I visited.
You could rent it for about $2,200. The fees are high there, so you might have about $1,800 for a payment. That’s $21,600 x 12 = $259,200. So lets say $240,000 to $280,000, depending on the expense numbers.
Of course, some GF might pay $600K.
Based on my personal research and offers I have seen, condo prices have dropped to about $390 per sqft. I believe the most someone should offer is $645K (and I really mean the most.) However, with the current market I think offers will be as low as $590K, and increase to about $630K.
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