Greystone Villas - #2 for this tract in Northwood
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
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
I rented a Darlington 2/2 unit back in 2002. That stupid condo made more money in appreciation that year that I made in wages.
At the time, my employment prospects were shaky. Had I known that I could’ve lied my a__ off on the mortgage paperwork, I could’ve snapped it up and enjoyed another $200k in appreciation.
Instead, I let that ticket to wealth slip through my fingers. Now I’m living in a tent city. And a Honda. :-(
5/25/2005: $625,000
5/17/2001: $310,000
6/30/1998: $190,500
Can we say welcome to bubble world? The property went up $62,000+ each year for 7 years. Slightly below the median family income; no need for work when your home makes that much each year.
http://drhousingbubble.blogspot.com
225k is a pretty decent downpayment. Maybe those people actually planned to live in the house and it didn’t work out? Doesn’t look like the typical 0% down flip.
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