Loopy
Asking Price: $609,900
Purchase Price: $610,000
Purchase Date: 2/16/2006
Address: 169 W Yale Loop #1, Irvine, CA 92604
Beds: 3
Baths: 2
Sq. Ft.: 1,520
Year Built: 1976
Stories: 1
Type: Condominium
View: Park or Green Belt
County: Orange
Neighborhood: Woodbridge
$/Sq. Ft.: $401
MLS#: S480117
Status: Active on market
On Redfin: 95 days
Unsold in 90+ days
From Redfin, "BEAUTIFUL SINGLE STORY JEFFERSON MODEL ON CORNER LOT WITH SPACIOUS BACK AND SIDE YARD. RECENTLY UPDATED WITH SCRAPED CEILINGS AND NEW CARPET. ACROSS FROM STONECREEK ELEMENTARY AND STEPS TO RESTAURANTS AND WOODBRIDGE CENTER. WALKING DISTANCE TO ASSN POOL, PARK AND LAGOON. * * * * * * * * * * * * * * * * * * * * NEW CENTRAL AIR UNIT INSTALLED * * * * * * * * * * * * "
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As you can see, this seller was either a very short term homeowner or a flipper. They spent some money renovating the property, but none of it is apparent in the property photographs. Since they are asking for their purchase price back, their loss would be the 6% commission plus whatever they spent on improvements, probably around $60,000, although I wouldn't be surprised if they had to take a significant price reduction to get out.
This week I will be doing a series of posts on Woodbridge. It is one of my favorite Irvine villages. Prices are dropping here as well (although there were several knife catchers hoping that will change). I will profile three different rollback properties, a group of 4 knife-catchers, and two WTF properties to finish off the week. I hope you all enjoy it.
There is a major flaw to these woodbridge estates homes along Yale Loop. There isn’t enough parking. They have a few guest parking spots in the alley but these are almost all taken by residents who use their garage for storage. If you have guests come over they have to park on Yale Loop.
Also there is the problem that the home sits on Yale Loop, which gets quite a bit of noise and traffic.
I’m very curious to see what else you have to say about Woodbridge.
I think 2006 was denial. Now it is at the gate of fear stage. 2008 will be capitulation.
Melodylane, or Out-of-Tune?
Yes, that one was a WTF award winner on June 1.
$350 is still too high for something that looks like that, especially for a condo. The median household income of $85K is not enough to afford a $350K home assuming a traditional loan and a reasonable debt-to-income ratio.
I too am looking forward to your Woodbridge series. Your first posting sent me over there today for a 20 min drive around. Did you see 10 Melody Lane? Small 2 bdrm + 2 ba + 2 (car garage) for $600K. It is only worth that much if you can be sure someone else will buy it from you for more.
I really like Woodbridge…drive through it a lot. I have even thought of living there…but $600K? That sounds CRAZY. I think maybe $350 - $400K?
Yes, 2 Mallard is one of them. When I saw the price my first reaction was… this is an award winner.
I don’t know much about the water issue. I know the issue is a toxic plume emanating from the airbase, but that is as much as I know.
Wha…um…ehhh….how much for this condo??? Sheeesh…
Looking forward to your Woodbridge posts. Does one of your WTF homes happen to be 2 Mallard? I think that’s a Dale Cheema house as well. I rent the exact same model as 2 Mallard and I think it’s outrageous that they are asking so much for that one. Check it out.
Also- I have been hearing about this water problem there- can you talk about it if you know anything (water issues stemming from the El Toro Base?) Thanks!
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