Address: 326 Quail Ridge, Irvine, CA 92603 (Quail Hill)

Plan: 1656 sq ft – 2/2

MLS: S468816 DOM: 22

Sale History: 01/26/2006: $635,000

10/26/2005: $554,000

Current Price: $668,000

Here’s the 3rd flip we’ve spotted in the Ambridge tract in Quail Hill. This condo was purchased on 1/26/2006 at $635,000 with 10% down. Less than 11 months later and it’s back on the market for $668,000. If sold at this price, the owner is facing a loss of about $7,000 (assuming 6% in selling costs).

What I find interesting about this one is that the original owner/flipper bought the condo from William Lyon Homes towards the end of 2005 yet still managed to find someone to pay $80,000 more only 3 months later! Let me know if I’m mistaken but I don’t recall it being that hard to buy a home straight from the builder at that time.

What do you think this property would realistically sell for today?

Originally posted October 25, 2006

Address: 126 Cherrybrook Lane, Irvine, CA 92618 (Oak Creek)
Plan: 1200 sq ft – 2/2.5
MLS: S463666 DOM: 2
Sale History: 6/16/2006: $615,000
4/18/2003: $390,000
10/8/1999: $220,000
Current Price: $612,000-$639,000

This is a detached (I believe) Plan 1 condo in the Cobblestone tract built by John Laing. It was purchased this summer with 0% down (ok ok, they actually put a whopping $300 down). I’m not sure what the flippers have been doing for the last few months but they just put it on the market a couple days ago. It’s listed using range pricing of $612k-$639k. After 6% in selling costs, these sellers will lose anywhere from $14,000 – $40,000 if they get a price in the asking range. To get rid of the home, I think they will have to bring that much money to the table since they don’t have any equity in the house.

UPDATE #1 – January 3, 2007

Price Reduced: 12/15/06 — $639,000 to $603,000

If sold at $603,000, the seller (or lender in this case) is facing a loss of over $48,000 (assuming 6% selling costs). I don’t think it will sell anytime soon because there is some competition just down the street:

• 146 Cherrybrook Lane – 1200 sq ft – 2/2.5

  • Listed on 12/06/2006 at $607,500
  • Price Reduced: 12/15/06 — $607,500 to $605,000
  • Price Reduced: 12/19/06 — $605,000 to $603,000
  • Price Reduced: 12/29/06 — $603,000 to $580,000
  • Current Price: $580,000

146 Cherrybrook was purchased on 1/16/2004 for $445,000. The seller is relocating (according to the MLS comments) and I’d imagine that would be some motivation to get this sold soon. They’ll still make out with a nice profit. But it looks like our flipper at 126 Cherrybrook will be even more in the hole.

Address: 25 Golden Eagle, Irvine, CA 92603 (Shady Canyon)
Plan: ?? sq ft – 4/4.5
MLS: S452978 DOM: 62
Sale History: 1/6/2006: $4,030,000
Price Reduced: 09/28/06 — $4,480,000 to $4,280,000
Current Price: $4,280,000

For those that might not know, Shady Canyon is one the most prestigious and exclusive communities in Orange County. This village in Irvine consists mostly of custom homes although there are a few ‘tract’ homes as well. Prices currently range from $3,495,000 – $17,900,000.

While scouring MLS looking for flips, I came across 25 Golden Eagle. You’ll want to look it up in ZipRealty to check out the rest of the pictures. A gorgeous home in a beautiful setting but you need mucho dinero to play in this part of Irvine.

This home was custom built in 2003 and it appears the original owner listed the home in November 2005 and sold it in January 2006. The new owner is a RE broker and put the home back on the market in August 2006 looking to make $450,000. The price was lowered a couple weeks ago reducing the potential profit to about $250,000. The broker is offering 3% for someone to bring a buyer and that will decrease his profit to about $122,000. I’ve been unable to find any loan information so if someone else is able to dig that up, please post. Imagine what the carrying costs on something like this would be. This one may take a while to sell but I’ll keep checking.

UPDATE #1 – November 16, 2006

This listing fell off the market on November 2nd. If it gets relisted I’ll update the post. In the meanwhile, check out another $4+ Million Flip at OC Renter’s blog.

UPDATE #2 – December 15, 2006

And now it’s BACK on the market at a price of $4,295,000. It’s also now listed with Uber realtor John McMonigle. I’d bump up the selling costs to be about 6% now which would give the seller a profit of about $7,000. Nice 😉

Address: 86 Chula Vista, Irvine, CA 92603 (Northpark)

Plan: 1455 sq ft – 2/2.5

MLS: S464760 DOM: 42 (+32 Before)

Sale History: 06/08/2005: $590,000

Current Price: $619,000

Today’s featured flip is a Plan 1? in the Monterey tract in Northpark. Anyone know the builder? Not too much to say on this one yet other than they sure picked the wrong time of the year to list their home (originally listed on 10/1/2006 MLS#: S460712). This one will sit for a while considering a Plan 2 in the same tract with 3 bedrooms can be had for $20k more.

Assuming 6% in selling costs, these guys are facing a loss of at least $8,000. Some of you may have noticed a theme here… people LOSE money in real estate too!