Caught in a craze it’s just a phase
or will this be around forever.
Don’t you know it’s going too fast
Racing so hard you know it won’t last.
Don’t you know what can’t you see,
Slow it sown, read the sign so you know just where you’re going.
Stop right now, thank you very much,
Stop — Spice Girls
Another song about the housing bubble… or is it romance… or was there a difference? Everyone got crazy about real estate thinking the rally would last forever. Prices were going up so fast people ignored the signs, and now the music has stopped. Do you have a chair?
Finding comparable properties for sale and for rent provides a good way to check neighborhood fundamental values. Today, I am featuring a for sale property a few doors down from a rental of similar size and configuration.
Income Requirement: $183,750
Downpayment Needed: $147,000
Monthly Equity Burn: $6,125
Purchase Price: $177,500
Purchase Date: 7/22/1986
Address: 15 Spicewood Way, Irvine, CA 92612
|Lot Size:||3,040 Sq. Ft.|
|Type:||Single Family Residence|
|View(s):||Park or Green Belt|
|On Redfin:||19 days|
Spacious Julliard Model. Wow!3 Bedrooms each with its own bathroom. One bedroom and bathroom downstairs. This home boasts a sunroom, cozy fireplace, catherdral ceilings, skylight and track lights in Living Room. 2 Large private enclosed patios to entertain your guests. Newer windows in all the rooms. Recessed lighting in Kitchen. Cook to your hearts delight on the 5 plate range. Tile entry way and formal dining room. One wall fully mirrored. Near acclaimed schools, shopping, University and excellent community amenities. Very QUIET! NO MELLO ROOS! LOW TAX RATE! This home is built for entaining. A Must see! Bonus Room was converted to master bedroom
How many people would remember a model design from 1968?
No pictures of the kitchen, so I am suspect of its quality.
So how much would a property like this rent for? Try $2,500.
$2,500 * 160 = $400,000. Hmmm…
Should I pay $735,000, or should I wait for the price to drop to $400,000? That is a tough one. I think I will wait…