Irvine Springs - Another Flip Gone Bad in Northwood
Address: 191 Streamwood, Irvine, CA 92620 (Northwood)
Plan: 854 sq ft - 2/1
MLS: S453757 DOM: 102
Sale History: 7/14/2005: $353,000
1/27/2000: $112,000
Price Reduced: 9/06/06 — $369,000 to $365,000
Price Reduced: 10/26/06 — $365,000 to $359,000
Current Price: $359,000
This Plan F? in the Irvine Springs tract in Northwood was purchased in July of 2005 and placed back on the market about 1 year later. The seller bought it with 10% down and listed it at $369k knowing that they would lose money on the deal after selling costs. A couple of small price reductions later, and this flip is going to be losing at least $15,000 (after 6% in selling costs).
There is also a similar model Pending Sale at $345,000 located at 112 Streamwood.
Person who bought this condo is screwed major. Stream Wood in Irvine is a very old condo complex with car ports and moldy streams…..It looks ragged from the outside. This condos are almost 30 years old…I don’t care how much renovation you do…it still is going to look like a dump.
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You could probably rent this place out for $1200 per month. At a 6 % interest rate a $200,000 mortgage would be about $1200 per month…......then there is the property taxes, maintenance, HOA. I’m thinking that this place might be worth about $150,000.
I agree it does look like a dump !!!!!!
To move this condo in this market, they will need an extremely remodeled unit at an attractive price. If the unit is just average, then the price will need to come down a lot more.
hideous, just hideous. straight out of the inland empire/santa ana. 359K? forget about it.
Take a look at my market history & forecast report for Bakersfield, Modesto and Los Angeles at
http://homepricehistory.blogspot.com/. More SoCal reports will published in a few days, along with a new city every day.
CONDO , 1704 Solvay Aisle 110 , 2/2 , 1,222 sf, $499,900 , 153 dom
Just sold. The seller made a decent 2k after holding 2 and half years. He paid 497K in May 2004.
Just think…..when the Solvay Aisle property sold the first time a RE agent got 30K(6%) and when it sold the second time the RE agent got 30K(6%). So, who is the winner here?
I believe the seller is very lucky to get just north of $400 per sq. foot….....will most likely be $325 by next year.
Today’s report on San Diego has been released!
Local Home Price Analysis
On Vista final… Is my posting fixed? Test Test?
Hey, this went on right under my nose! Oh well, I blogged it.
$408/sq ft counts as movement! What a nice present for the holidays.
GUYS - what are you thinking is a good price per square foot to buy at?? How about $250 per square foot??