Our sellers we profiled back in October of 2007 are being very stubborn about their price, but now they have opted to become floplords.
At this price, the property is worth $608,000 with a 160 GRM. Anybody want to go pay them $968,000 for it?
Lazy River — Louis Armstrong
Are sellers still dreaming of a market that no longer exists? There haven’t been many $500/SF transactions in Northpark lately, but who knows, this guy might get lucky.
Income Requirement: $242,000
Downpayment Needed: $193,600
Purchase Price: $1,025,000
Purchase Date: 10/6/2005
Address: 12 Riveroaks, Irvine, CA 92602
1st Loan $700,000
Sq. Ft.: 2,000
$/Sq. Ft.: $484
Lot Size: –
Type: Single Family Residence
Style: Contemporary, Spanish
Year Built: 2003
Stories: One Level
On Redfin: 1 day
New Listing (24 hours)
From Redfin, “STUNNING SINGLE STORY! CHECK OUT AWESOME PHOTOS! FIRST CLASS Feel Good Home with TWO Master Bedrooms! BIG BACKYARD w/ MAGNIFICENT Garden, Hardscape and Fountains! Gorgeous GRANITE Kitchen with ENORMOUS Center Island! Exclusive, GATED Community with RESORT-LIKE Pool, Spa, Cabanas, and State-of-the-Art GYM. Italian Porcelain Tile Floors, Plantation Shutters and Custom Silk Drapery, TALL Baseboards, DESIGNER Paint, Built-in Closet Organizers, Epoxy Garage Floor, Security System. TURNKEY. .. HURRY!”
INTERMITTENT caps LOCK problem.
I guess this realtor wanted everyone to know they actually paid for photos. They are pretty good.
FIRST CLASS Feel Good Home? Is that before or after it declines another $400K in value?
This seller put down a significant downpayment, so the bank will not be sharing in his loss. If he gets his asking price (unlikely), and assuming a 6% commission, the seller stands to lose $115,080. Considering he owned it just less than 2 years, that isn’t very good. Realistically, this price will need to come down before it sells, so look for a much larger loss.
BTW, this sold for $560,000 on 2/28/2003. Don’t be surprised if we see that price again in a few years.