See the curtains hanging in the window

Lets me know every thing’s all right

Summer breeze, makes me feel fine

Blowing through the jasmine in my mind

Summer Breeze — Seals and Crofts

Link to Live Performance Video

Link to Studio Version

This property was previously featured in June: Woodbridge Knife-Catchers.

A reader has been watching this property and has emailed me with some juicy details I want to share with you today.

Old Asking Price: $599,900

New Asking Price: $549,000

Purchase Price: $490,100

Purchase Date: 4/30/2007

Address: 17 Seawind, Irvine, CA 92604

Beds: 2

Baths: 2

Sq. Ft.: 1,058

Year Built: 1984

Stories: 1

Type: Condominium

County: Orange

Neighborhood: Woodbridge

$/Sq. Ft.: $519

MLS#: P594916

Status: Active on market

On Redfin: 15 days

From Redfin, “Beautifully upgraded home in Woodbridge near the lake. Highly upgraded with hardwood floor thru entire house, tile floor in the bathroom, granite counter top, crown & base moulding, just painted, private spa in the backyard. Walk to lake, park, and lots lots more!!”

.

.

This unit does not see the lake, it isn’t on a park, it doesn’t even have a yard, it is a nondescript, tiny tract home in the middle of Woodbridge — for sale in a declining market. WTF?

Well, this unit was purchased by a realtor. Perhaps business is slow this year? Not long after she put this unit on the market for $599,900, a comparable property at 29 Whitecloud came on the market for $599,000. This unit is 30% larger than 17 Seawind, and it is overpriced as well. Not daunted by the competition, our kool aid addicted realtor actually raised her price to $605,000. WTF?

When both properties languished on the market, the owner of 29 Whitehead lowered their price to the current $569,000. So how does our realtor/flipper/knife-catcher respond? She raises the price to $610,000. WTF?

Well, as you might imagine, neither property sold and they were pulled from the market in order to reset the “days on market” number. Now they are both back for sale, and they are both still overpriced.

At least this realtor has something to do. She can sit in her homedebtor’s prison each weekend running an open house. Perhaps she finds some leads on some other overpriced stucco boxes she can fail to sell?

Originally posted March 22, 2007.

He’s back. The same house; the same price. Still no chance…

Asking Price: $2,299,500

Purchase Price: $2,050,000
Purchase Date: 5/23/2006

Address: 29 Mahogany Drive, Irvine, CA 92620

Beds: 7
Baths: 6.5
Sq. Ft.*: 4,200
Lot Sq. Ft.*: 12,000
Year Built: 1996
Stories: 2
Neighborhood: Northwood
$/Sq. Ft.*: $548
MLS: S478955
Status: Active on market
On Redfin: 6 days

Redfin, Zillow

Does anybody remember the TV show about the dolphin Flipper? In the world of sea mammals, whales are bigger than dolphins, and in the parlance of Las Vegas, Whales are the biggest of the high rollers. The flipper of this property is a whale. Who else would try to flip a $2,050,000 property? Assuming a 6% sales commission, if he gets his $2,299,500 asking price, he will make a profit of $111,530. Not bad for simply owing real estate for 10 months. Isn’t 15% “in the bag?” This guy isn’t greedy, he is only looking for 10% or about 1% a month. Unfortunately, the market seems to have moved the other direction at about the same speed.

{adsense}

Our whale may have some difficulty with this one. He bought right at the peak, and Zillow thinks his property is only worth $1,756,674. Not good if you are trying to convince someone you need to get $550,000 more than that. What does Zillow know anyway? Tract homes in Irvine should be going for over $2,000,000. It’s the new paradigm.

.

They call him Flipper, Flipper, faster than lightning,
No-one you see, is smarter than he,
And we know Flipper, lives in a world full of wonder,
Flying there-under, under the sea!