Mendocino North - Flip sighted in Northpark
Address: 18 Oroville, Irvine, CA 92602 (Northpark)
Plan: 2402 sq ft - 4bd/3ba
MLS: S476394 DOM: 8
Sale History: 8/1/2005: $1,039,000
12/2/2002?: $660,000
3/19/2002: $539,500
Current Price: $1,089,000
This Plan 2 in the Mendocino North tract built by Lennar Homes in Northpark was most recently purchased on 8/1/2005. It's been about a year and a half and now the home is back on the market. From the pictures, the home looks pretty sweet but almost $1.1 mil for a 2400 sq ft house??
It looks like it was purchased with almost 35% down. Can anyone confirm or deny that? If so, these sellers definitely have room to negotiate. If sold at the current asking price and assuming 6% in selling costs, there'll be a $15,000 loss for the seller.
The latest sale I've found for this plan just closed escrow on 2/14/2007:
- 19 Vacaville - Mendocino North Plan 2 - Sold for $1,050,000
$1,050,000 puts us back around the prices in summer 2005. We'll have to wait and see what 18 Oroville ends up selling at.
I blv Mendocino is located in the more desirable area of NorthPark? (close to Portola Pkwy). $1.1M does seem overpriced if we compare to what you can get for a new home in PS (comparable neighborhood?)
I am a little curious whether the rent for this home really only $3,200? Seems that this would rent at least $3,500. Last time we look for a 4 bed/3bath rental home (few months back), $3,200 would get us an older 2000sqft home in WestPark. I guess we could have looked harder for a better deal but we weren’t too sure about renting from a private owner anyways.
Zovall,
Mendocino Plan 1’s sold with record price early 2007: 27 Oroville for $1,100,000 and 21 Carpenteria for $1,025,000. Mendocino price rebound?
I am not well versed in investment, RE, etc...From what I heard, how much one can afford is about 3-3.5 X one’s income. So for a couple who makes about 400K per year. They can easily afford such place.
I am curious to know how many people in OC really make that kind of money. From what I have seen, it seems like everyone in OC makes this kind of money. ‘Cause everyone is buying such home.
My “perceived” value for this place is 600K. Maybe I am just dreaming.
The seller bought the home on 6/30/2005 for the 1,039,000 with a first loan of 693,000 + down payment. This seller has lots of equity in the house.
Here is the background on this property.
Bought on 6/30/2005 for 1,039,000 with first mortgage of 693,2500.
So this buyer has 300K+ in equity.
Cheers!
That home would rent for about 3,200 a month, yet to buy it with no money down, the carry cost would be at least 7-8 grand a month. For the love of God, the taxes a lone are a thousand dollars a month. LOL
The entire scheme is unsustainable and now laughable. Good luck selling that thing for more than a million dollars.
I am noticing that all of the real estate agents on blogs and other places are now saying the worst of the RE slowdown is behind us. I do not blieve them. In fact when I see a 2400 sq. ft box in Irvine listed at over $1,000,000 I believe that a correction may still be coming. How do the people that buy these places sleep at night? Maybe they don’t have to sleep because they work 3 eight hour shifts to be able to make the mortgage payments !!!!
Not sure if you guys know about this or if you care, but we came across a flip at Bowen Court. The buyer bought the place brand new, put a couple of upgrades on it, and are trying to sell it right next to brand new construction. For what it’s worth, I thought I’d point you towards it. The place is a plan 1 I believe.
Wake me up when we get down to the 2002 prices again.
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