Originally posted: September 29, 2006
Address: 714 Timberwood, Irvine, CA 92620 (Northwood)
Plan: 1400 sq ft – 2/2.5
MLS: R65177 DOM: 129
Sale History: 06/18/2004: $575,000
11/01/2002: $365,000
Price Reduced: 05/26/06 — $575,000 to $567,000
Price Reduced: 06/02/06 — $567,000 to $555,000
Price Increased: 06/22/06 — $555,000 to $564,900
Price Reduced: 09/16/06 — $564,900 to $545,000
Price Reduced: 09/25/06 — $545,000 to $529,900
Current Price: $529,900
Wow! The owner here is going to be taking a HUGE hit. This property is well below it’s 2004 price. Perhaps there’s more to this than meets the eye. If this is legit, we’re talking about a $77,000 loss (includes 6% in commissions).
UPDATE #1 – October 5, 2006
After 132 DOM, apparently this listing expired a few days after we mentioned it here. I’m not sure why but the agent bumped the price up to $545,000 right before it expired. Did the owners change their mind about selling? NOPE, the property is now back with a FRESH new listing and a LOWER price!
MLS: R70292 DOM: 3
Current Price: $499,900
Let’s take a look at the price. The highest price that one of these Plan 4s sold for was $605,000 for 208 Timberwood on 4/27/2006. That buyer must be feeling pretty crappy right now. Our buddy here at 714 Timberwood is asking $105,000 less. That’s a decline of over 17% in about 5 months!!
If sold for the new listing price, the seller will be losing over $105,000!
UPDATE #2 – October 24, 2006
DOM: 22
Current Price: $530,000
Shortly after our last update, the property went into Pending status in MLS (typically meaning that it’s in Escrow) at a price of $530,000. Perhaps pricing it at $499k generated some interest/offers. Unfortunately, a few days ago the status went back to Active and the price is now $530k. I’m going to wait until this actually sells to estimate the loss. Regardless, it will be a big loser.
UPDATED #3 – December 4, 2006
Thanks to the latest comment by almostgotbitten, I’ve confirmed in MLS that this property closed on 11/27/2006 for $520,000. Assuming 6% in selling costs, the seller lost at least $86,200 in a couple years!
Right now there are 4 other 2/2.5 units (all about 1267 sq ft) that are priced between $545-$560k. You would think the closing price of 714 Timberwood would motivate some of these other units to lower their prices. We’ll see..
Hey, its me…nice blog, i like to see real examples of this mess.
I have been to Irvine many times…actually, i get my taxes done there.
I will check back frequently to see your examples of bubble listings.
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Thanks for dropping by Mr Vincent! There are quite a few examples here in Irvine. I’ll keep posting them. I’m also hoping to post some other information like sales in Irvine as well as some stats.
Nice find! I wonder if there are any pre-foreclosures in the area…
Thanks for visiting oc_fliptrack! Your efforts were part of the inspiration for us to start blogging.
I don’t have access to foreclosure information yet but we’ll try to get that info in the future.
Can you publish more items everyday? Keep up the good work.
I love this blog…keep up the great work!!!
Zovall & Mom,
Outstanding web site…just love it (and OC Fliptracks too)! Keep up the outstanding work.
Renting in Irvine
I just took a closer look at this… 1400sq ft for $499k? This is some *serious* price erosion. The biggest downtick I’ve ever seen in an Irvine zip. You kicked my butt with this one! Nice find!
Unless the price is a typo, this guy is hammering the bejeezus out of the whole street. There are two 1000sq ft 1/1’s for $470 and $490, and a 1267sq ft 2/2.5 for $545.
Notice of default was filed on 302 Timberwood but there’s no MLS listing. Maybe he’s too proud to list it? Thinks he can refi?
124 Winslow, an SFH right around the corner is also in default yet not listed for sale.
92620 is mondo-flipperville and there’s a ton of pre-foreclosure in the area. Send some of Johnson’s razor blades to Northwood, please.
SMASHING STUFF!!!!
Great find!
Thanks for the info on the NODs! I’m a little surprised by the price as well. I was more surprised by the purchase price of $575k in June 2004. It seems a bit early to have bought that high – but that’s what it says in the Title info as well as Zillow.
$575k is the price tag I’d *expect* to see on that property. Not this it’s a fair price — $300k might be a fair price, but it baffles me why this unit is priced so low relative to Irvine. Maybe one of us needs to go look at it.
The problem with the Northwood area is that it’s pretty far from everything. You could almost say it’s an in between from the heart of Irvine and Portola Hills/RSM area.
Actually, I have to disagree Anony. It all depends on your perspective. I have actually been inside this condo. For my needs, it is really incredibly located. It is one block from one of Irvine’s best elementary schools (Canyon View) and in the other direction, you are just one block from Northwood High, again, an outstanding school, even for Irvine. I work about 15 minutes away, up Portola, from here. So once my son is old enough to walk to school on his own, I wouldn’t have to fight the daily insane parent drop-off parking lot battle that goes on all over SoCal. That is a HUGE quality of life issue for me. Plus, the new Orchard Hills retail center is going in just up the road from here. So I am definitely a fan of the area.
I like the detached, single family homes next to this condo development even better. It’s called Lanes’ End and its very cozy – all white picket fences and a general feel that you don’t find very often in Irvine. I’ve been watching prices there for some time now.
irvinesinglemom, you are the bomb! love your posts.
good point about northwood. question, Lane’s End… is this the tract on Paisley street? If so, can I ask you a question? The smallest model is 2/2/1050 two stories. Does that really mean that both bathrooms are upstairs? ie no half bath toilet for guests to do the #2 on?
just wondering!
I flew back in from a business trip last week and the Orchard Hills area looks huge compared to Portola Springs from above. Portable Springs is really far from everything except for the future Great Park.
I don’t think Northwood is the center of Irvine, because it is in the “Northern Sphere,” but I do like the area. If pricing returns to reality in Orchard Hills in 2008-2009, that is where I will probably buy again.
We are currently renting in Northpark and are also considering Orchard Hills if the prices are right. Maybe we’ll all be neighbors!
Does anyone know which school district Orchard Hills will be in? Northpark, which is across the street from Orchard Hills in Irvine, is Tustin Unified.
The schools in the area are all very good — rated 10/10 on http://www.greatschools.net. Our son ended up at Ladera because Hicks Canyon is overcrowded. It turned out for the best, though, Ladera is a good school and not as crowded. We heard Hicks Canyon was overcrowded because Northpark Square ran out of funds for its elementary and the kids were sent there. Is this true?
Anony,
The smallest house I’ve been inside of in Lanes’ End was 1200 sq ft and had half a bath downstairs.
Okay everybody, spread the word that Portola Springs is too far out of the way of everything for me, please, so that nobody buys anything. This will allow prices to go down even further!! Since we all know that it’s blogs that have caused this crash, and not some silly old thing like fundamental affordability.
hey ISM,
thanks for the info. i must be in the wrong tract then!
The Irvine Ranch web site lists both Tustin and Irvine as the school districts for Orchard Hills. When I was in West Irvine, the schools were in Tustin although they were physically located in Irvine. The API schools of the Tustin Ranch schools are comparable to Irvine so I don’t think it will really matter.
I think this part of Irvine was originally supposed to be a part of Tustin Ranch, but the Irvine Co. figured out correctly that they would be worth more as part of Irvine.
Recently saw that 714 Timberwood was inactive on ziprealty. Is this one sold? Does anyone know what is going on?
The status in MLS is showing that they are ‘Accepting Backup Offers’. Not much more info than that.
The 714 Timberwood was sold for 520K! Not sure if the sellers paid for the closing cost on top of that.
Tustin schools as good as Irvine??? Are you kidding me???
For all those that live in Northpark and pay huge Mello Roos for Tustin Schools, I’ll never figure it out. Before they built Beckman High or whatever its called, that whole tract would go to gang-infested Tustin High. Ever driven by that beautiful campus? What makes you think that all of the lower and middle class folks stuck with sending their kids to the “regular” Tustin schools won’t start enrolling their kids over on the Tustin Ranch side of town? Can anyone say “De-facto segregation”? Does Tustin have mandated busing? If not, looks like its on the way. And then you’ll wish for that Brady Bunch house across the way with no Mello-Roos that lets your kid walk to Brywood Elementary or Irvine High.
Northpark is a nice development that sticks their buyers with huge taxes/HOA and lacks the ultimate in location appeal – top schools. I see this development’s pricing enduring a slow steady decline. It will be interesting to see how these Tustin Ranch schools fare over the next 10 years.
Run out funds is a best exercise for IC to use that land to build more houses and to make more money!
Anyway, More than 90 students who suppose to be in Hicks this year have to go to other schools. And it may become even ugly in next couple of years, we have need to redefine the meaning of mello rose.
Ladera is a one of best school. but not all can go there. For those of 1st grader who can saty in Hicks, two classes need to share one media room as class room before move to a temp room. Overall, Hicks is very good elem, I think much better than northwood elem.