Park Paseo - An older Northwood flip
Address: 21 Eden, Irvine, CA 92620 (Northwood)
Plan: 1915 sq ft - 3/2.5
MLS: S473170 DOM: 6
Sale History: 12/28/2005: $755,000
4/30/1999: $322,500
Current Price: $759,000
Here we've got a Plan C SFR in the Park Paseo tract (builder?) in Northwood. Our seller purchased this home about a year ago (with 20%/151k down it seems) and is now relocating to Austin, TX. It's refreshing to see they aren't asking a ton more than what they bought it for. At a sales prices of $759k, they are facing a loss of about $41,000!
I haven't found any recent sales for this plan. Early last year there were a couple:
- 18 Alba East - Sold 2/15/2006 - $760,000
- 3 East Entrada - Sold 2/23/2006 - $769,000
I don't think they'll get their asking price. We'll have to see how motivated they really are. If they really put 20% down, then they have plenty of room to lower the price.
Most of the flips we've uncovered here have been newer homes. It's been pretty rare to find one in the older communities. There's a lot less specuvesting going on there I suppose.
I really don’t consider this a flip.
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“I really don’t consider this a flip.”
If the guy is truly relocating, and it was an unexpected relocation, then I agree. If he knew he was only here for a year or two and chose to buy anyway, then it was a flip.
I think he is lucky he is relocating now rather than a year from now when the sale would be really painful.
here is the competition, larger size, lower price:
http://www.ziprealty.com/buy_a_home/logged_in/search/estimated_value.jsp?listing_num=S472692&page=1&property_type=SFR&mls=mls_so_cal&cKey=h4tjfc7w&source=SOCALMLS
I wouldn’t necessarily label the seller a ‘flipper’ either but this example does show that people who bought a year ago are getting screwed if they are trying to sell now. It serves as another example to illustrate that housing prices don’t always go up. Although many of the regulars to this blog are fully aware of this, there are plenty of people who aren’t or are in denial.
do you folks really believe the relocation story? come on, it’s a flip.
it doesn’t really matter anyway, it’s just another example of the stupidity of real estate in Irvine, $700,000 for an old house? crazy! it’s overpriced at $300,000! it’s junk!
I’ve toured too many homes where the buyer never moved in that were convieniently relocated (south bay, not Irvine). The easiest to tell? When the flooring under the washing machine is pristine. Come on! Who doesn’t spill around the clothes washing machine? Or at least scratch the floor in move in/out. or have lint ground into the grout…
If it is a reloction… there is one more job out of state.
Flip or not… its another home on the inventory.
Got popcorn?
Neil
I am surprised this isn’t listed for 1,000,000 bucks. Isn’t every SFH a million dollars in Irvine? Regardless of age? Throw enough line out and a sucker will eventually bite…..
I can describe City Of Irvine like Old home but scary cost . Taste bad to me.
Kman!,
don’t forget stupid people specially in Irvine, I won’t be surpised if one those people pays 1M (6 zeros, can u beleive it) to a house like that.
but I guess we r runing out of stupidity