This post first appeared on March 17, 2007. The owners lowered their price to breakeven and left it there for about 6 months. Now it appears they are becoming more motivated to sell. The price has been reduced to $550,000. Unfortunately, that is still too much money for this apartment condo.
New Asking Price: $550,000
Old Asking Price: $610,000
Purchase Price: $565,000
Purchase Date: 5/26/2005
Address: 1 MONTGOMERY 46, Irvine, CA 92604
Sq. Ft.*: 1,639
Year Built: 1977
$/Sq. Ft.*: $381
Status: Active on market
This property is located in the triangular area between the 5, Walnut and Yale. It is very near the 5 (in other words, it is noisy.) It was purchased on May 26, 2005 for $565,000. There is a first mortgage from New Century for $452,000 and a second from New Century for $113,000. This is a 100% financed property. The current owner is asking $610,000. If sold at the current asking price and assuming 6% in selling costs, the sellers are looking at a profit of around $7,500. This leaves them a bit of negotiating room to break even. It looks like they might need it: Zillow thinks it is only worth $603,830. Do you think they will get it? Or, perhaps, New Century will have to eat another one?
P.S. I originally wrote this post on 3/15/2007 and the asking price was $625,000. When I posted it on 3/17/2007, the price had been reduced to $610,000. Are the owners becoming more motivated?