Irvine Housing Blog

That’s it. I’m subtracting $10K from the price for each and every exclamation point the Realtor (TM) puts into the ad. And, another $100K for the “no warranty” part - plus, $50K for the fact that she/he thinks any kind is actually one word.

That brings the price down to $306K.
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Nice formula, I may use it myself. I would also subtract $10K for each word in ALL CAPS!!!

I used to live pretty close to this one - in this neighborhood.  It’s been on the market for 18 months more or less.  I sold mine in March 06 and moved out of OC.
The neighborhood is nice, tax rate of 1.25%, and HOA is $85 - however, this one if right beside the rail track - and I mean right beside it - all of Saint James is.  In this market, location is #1 - price will have to drop a long way on this to find a buyer when there’s so much competition.

Also, check out MLS #:  S485727 - 118 Saint James which is taking backup offers at $649k, defaulted - purchased 08/2005 for 660k.

Oh, and definitely not flippers, by the way.
These guys fell on some difficult times and I guess used the ‘equity’ to try and keep their heads above water.  They tried to sell by themselves for quite a while - but no buyers - any trainspotters out there?

Sellers Says ??????

This is a Winner and will not last. This home sold As-Is w/ NO Warranties of Anykind.

Do these realtors read their own ads?

No Warranties Winner?

My first impressions of this place were: Thats a nice place. Big detached condo with garage that just needs some updating inside. Not sure about that kitchen sink location, but 30k to 40k in upgrades and this would be a good home at 350k price(I wouldnt pay more than that.)

The garage is detached but looks like there might be a private patio between garage and unit?? I have seen this before and its a good idea.

Then I read JD’s comments above about the railroad tracks and that pretty much explains the biggest problem. PASS!

This one was in escrow as recently as of march. the buyer backed out from the escrow. this is an REO by GMAC but bought by investor Nomura corp. Their decison making in responding to offers takes weeks. No wonder GM lost money on account of GMAC. Their REO dept is very unresponsive and is going to lose a bundle for GMAC. And yes the railway track is a big problem though this has a great backyard. But since every train blows a whistle around this house the yard is pretty much unusable.

I like the 1950s “day-for-night” movie filter look of the opening Redfin picture.

I know I’m piling on.

SCHB

It is an REO.  It is showing listed twice because the former owners tried (and failed) to sell it before it went to foreclosure.  It is now listed again, this time by the new owners (the bank).

Folks are really hung up on the “as is / no warranties” part.  That is par for the course with REOs.  REOs are always sold as is, and always have been.  And, the broker has an ethical obligation to disclose that up front - which he did.

GMAC’s REO department is probably servicing the asset for Nomura, who is probably the bagholder/investor here.  The reason they take so long to respond to offers is that they are likely swamped, understaffed, and/or staffed with really green folks.  Realize that there was very little REO during the boom times, and that companies looking for REO talent are finding slim pickings - the folks who knew what they were doing have long since changed careers.

The fireworks are now starting.  Where’s the popcorn?

Saint James…wasn’t he martyred by a falling knife?

Looks like this one sold on 8/3/07 for 570k

Quite a drop - but still not enough!
This will really blowout the neighborhood comps - look at all the others in the same gated community…

62 Royal Victoria sqft:1500 bed:3 $639k dom:2

103 Caravan sqft:1640 bed:3 $650k dom:27 (same model as 96 Saint James, within 100 yds of it)

144 Saint James sqft:1940 bed:3 $651,900 (featured in <a href=“http://www.irvinehousingblog.com/2007/08/10/holy-2003/” title=“2003 Rollback” rel=“nofollow”>)

125 Hyde Park sqft:2083 bed:4 $799k dom:51

143 Hyde Park sqft:2083 bed:4 $789k dom:65 (just reduced from $809, they’re starting to get the idea!)

129 Hyde Park sqft:1640 bed:3 $639k dom:78 (same model as 96 Saint James)

127 Hyde Park sqft:1164 bed:2 $549,900 dom:35 (2 bed model)