Address: 27 Trailing Vine, Irvine, CA 92602 (Northpark)
Plan: 1500 sq ft – 3/2.5
MLS: S476804 DOM: 13
Sale History: 05/11/2006: $616,500
Current Price: $679,900
This Plan 3 condo in the Tamarisk tract built by William Lyon Homes was purchased from the builder in May of 2006 with 20% down. Although it’s in the 92602 Zip, this tract (and the Mericort tract by California Pacific Homes) have nothing else around it (except for an affordable? housing apartment complex) – so I don’t believe it’s actually in the village of Northpark. I just wasn’t sure what to call it. Although the tract doesn’t belong to a proper village, it is in a pretty convenient location (near I-5 and Culver).
It was listed on the market 1-2 weeks ago and the private remarks on the listing say “HOME IS VACANT. GO DIRECT. SELLER WANTS TO SELL NOW, WRITE ANY OFFER. THANK YOU FOR SHOWING”. Was this home purchased with the intent to flip? Was it a job relocation? YOU decide!
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If sold at the current asking price and assuming 6% in selling costs, the sellers are looking at a profit of around $22,000.
The most recent second hand sale I’ve found in this tract was a Plan 3 located at 81 Trailing Vine. 81 Trailing Vine was purchased from a flipper for $635k on 5/30/2006. The flipper bought it for $535k from the builder on 10/19/2005. The 81 Trailing Vine flipper made about $62k (after assuming 6% in selling costs) in about 7 months! No wonder there are so many people trying to flip homes in Irvine.
I wouldn’t be surprised if $635k turns out to be the highest priced sale in this tract for a long time.
When I bought my house from builder in 2001 (which I sold 2 years ago), the sale person said I am going to make money and a few person buy 4 houses a time (limited to 4), that time I am not sure what he said is true, and just two weeks ago, a person, live in my community, told me his son bought 10 houses in last couple of years, mostly in Irvine. I feel the prices gone so high in Irvine, the flippers contributed the big part of it.
Also I noticed a couple of houses in NP were sold in last December, usually sold after a couple months in the market, went back into the lease market right away, sometime, even before the escrow is closed. This makes me believe the buyers are flippers too.
If not because of the flippers, since the houses have been in market so many months, I believe the prices in the entirely 92602 should already gone down a lot.
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10 houses. My God. Well, it is an easy way to get rich. I think this explains how so many young people drive BMWs and shop at Tiffany’s.
When Tamarisk and Mericort were listed on the IrvineRanch.com as new homes, they were “Other Locations” or something like that. This is not Northpark although it is close to Northpark Sqare. I don’t remember the Mello-Roos tax rate, but it wasn’t bad compared to the 0.8% of the latest villages. These developments are also right next to Beckman High School so it is a high traffic area.
Why in the hell did I waste my time in college, medical school and residency. Although I enjoy taking care of folks, I could have just taken a few business/finance, even real estate courses down at the local junior college and gone into the flipping/real estate biz!!! After I made my millions, then I could have thought about actually doing something useful to society. Man I missed the boat!!! You go flipper, go!! ( sarcasm off)
Norcalboomer,
I feel the same way also, but with the sarcasm volume turned down two notches. While the work is feast for famine with them. I’m not a seller, i’m too honest (engineer). Besides I’ve made things work out well with real estate and rental properties. I like Irvine, but the IRVINE Co. makes buying here and in Newport a BIG hassle and a mess.
Anyways take it easy
-bix