This property sold for $775,000. That is a $175,000 or >20% off the peak price.
The summer solstice is the longest day of the year. According to The American Heritage Dictionary, the solstice is “A highest point or culmination.” Interesting that our housing market peaked in June of 2006 coincidentally with the summer solstice.
Today’s seller purchased a property on Solstice street at the highest point in the market. Now, they are trying to sell before the sun sets on their bank account.
Purchase Price: $950,000
Purchase Date: 7/31/2006
Address: 11 Solstice, Irvine, CA 92602
Sq. Ft.: 2,013
$/Sq. Ft.: $422
Lot Size: 5,800 sq. ft.
Year Built: 2002
Type: Single Family Residence
On Redfin: 10 days
From Redfin, “Well located on one of largest lots in tract!!! Culdesac, long drivewa y, very private. Beautiful new lush landscaping w/ palm trees! Terrific entertaining area w/ BBQ and firepit. Interior is upgraded throughout!! Exquisite hardwood flooring, upgraded carpet, 2-tone paint, custom fixtures, gourmet kitchen, walk in pantry, stainless steel appliances, etc. .. Great community and facilities.”
The exclamation points are back, and so is the gourmet kitchen.
Another property for sale 10% off the top in Northpark. If this seller gets their asking price, and after a 6% commission, they stand to lose $151,094 after one year of ownership. If they intended this as a flip, I would say they were not entirely successful.
And with that, the sun sets on another week at the Irvine Housing Blog.
Next week, I will be featuring properties from Quail Hill, so come back to see what’s happening. Have a great weekend.