Originally posted: January 4, 2007
Address: 108 Mosaic, Irvine, CA 92603 (Quail Hill)
Plan: 3500 sq ft – 5/4.5
MLS: S466112 DOM: 51
Sale History: 4/24/2006: $1,725,000
2/17/2004: $1,043,500
Current Price: $1,749,000
The Sienna tract built by Standard Pacific is one of the higher end neighborhoods in the village of Quail Hill. As you can see from the Sales History, the original owners made a killing thanks to a little bit of luck.
The new owners listed the home about 6 months after they bought it. The notes say the seller is relocating. That’s just gotta suck. They are facing a loss of about $80,000 (assuming 6% in selling costs) if they get their asking price. Is this home worth more (even $24,000 more) than it was in April 2006? I don’t think so. 🙁
UPDATE #1 – January 23, 2007
This is pretty quick for an update but I just noticed the price on this home has already been lowered twice:
Price Reduced: 01/16/07 — $1,749,000 to $1,729,000
Price Reduced: 01/22/07 — $1,729,000 to $1,693,000
The new asking price will inflict the seller with a loss of over $133,000! Will the $56k price drop help sell this property? Time will tell. New home pricing in the Serra tract in Portola Springs starts at about $1.4mil for similar square footage.
The private remarks state: “Seller is relocating…submit offers. Special financing incentives available on this property through SIRVA Mortgage SELLER EXTREMELY MOTIVATED…SUBMIT ALL OFFERS…MUST SELL BY FEB. 5TH.“
From the info I have, it looks like they put 50% down. If that’s true, all I can is WOW! In this case, the sellers will lose a lot of their own money (as opposed to situations like this or this).
UPDATE #2 – February 20, 2007
Another quick update.
Price Reduced: 02/07/07 — $1,693,000 to $1,667,000
With 6% in selling costs, the loss will be over $158,000!