Address: 109 Lattice, Irvine, CA 92603 (Quail Hill)
Plan: 2500 sq ft – 4/2.5
MLS: L20940 DOM: 70
Sale History: 06/20/2006: $1,425,000
06/14/2005: $1,249,000
Current Price: $1,499,000
Here we’ve got a SFR in the Olivos tract in the village of Quail Hill. The Olivos tract had some pretty nice floor plans that made good use of the space. Back in 2003 (maybe) when they started building these, I believe they were in the $800s. It looks like this particular home was built in 2005. The first buyer flipped it in about a year and made some easy money. The new buyer listed the home only 1 month after being purchased this summer. You know EXACTLY what this person was thinking. ‘I’ll buy this home, relist it, and make a ZILLION dollars!’ Pure Genius, Pure Greed, or Pure Stupidity?
Unfortunately for the new flipper, it doesn’t look like they will be making any money. They can only hope their losses will be limited. With 6% in commissions, this flipper will be out at least $16,000! The description in the listing (“SELLER OUT OF AREA AND WANTS PROPERTY SOLD NOW!!!“) screams desperation. When this property finally sells, the total loss this flipper will face will be huge given the carrying costs of having a $1M+ mortgage on a vacant home for several months. Anyone care to do the math?
I love watching the action in Flipper Hill. I think the whole development was purchased by flippers. The competition in the condo section is getting very interesting, too.
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Flipper Hill! Fantastic name. I remember touring those homes when they were being built and was amazed at the asking prices then. I found the area unappealing because of how close the homes were to each other. Now the prices are in lala land. $1.4 million? I can’t imagine that the type of person who could afford that kind of mortgage would even consider Quail Hill.
It seems like it is just a bunch of flippers selling homes to each other there.
that is a good one! I recall looking at a rental in QH about a year and a half ago. The owner/flipper had just closed on the condo and was desperate for a renter, willing to negotiate heavily with me. It struck me that nobody is enforcing the CC&R’s at QH, aren’t they supposed to be owner occupied for at least one year before flipping?
I ended up renting in West Park, lots bigger home/yard for the same money ($2700/month).
Something that has always bugged me about Flipper Hill (great name by the way!) was that as far as I can tell, there is only one way in and out, via the traffic circle. I’ve never been there at rush hour but I would imagine it gets pretty crowded???
Traffic circles work much better than 4-way stops. In theory.
In reality, Americans have no clue what to do with them, freak out, and clog them up.
Given the most of the traffic is from residents, it might not be so bad (they’re used to it).
I just saw that sale history again. The damn thing actually appreciated from Summer 05 to Summer 06? Do other houses in that tract show a similar trend?
two words: tulips.
oh, sorry, that’s one word…
oc_fliptrack, here’s what I’ve found regarding prior sales in the Olivos tract (unfortunately I think the formatting may get butchered):
Address,Sq ft, Plan, Price Sold, Date Sold
123 Weathervane 2964 sq ft Model 3 $1,135,000 11/05/2004
118 Weathervane 2310 sq ft Model 1 $1,020,000 05/05/2005
110 Treehouse 2964 sq ft Model 3 $1,250,000 06/09/2005
101 Lattice 2460 sq ft Model 2 $1,380,000 03/01/2006
114 Treehouse 2500 sq ft Model 2 $1,343,000 05/18/2006
126 Treehouse 2964 sq ft Model 3 $1,445,000 06/09/2006
109 Lattice 2500 sq ft Model 2 $1,425,000 06/20/2006
And here’s what currently on the market in the Olivos tract:
Address, sq ft, plan, list price, dom
107 Weathervane 2310 sq ft Model 1 $1,490,000 61 DOM
109 Lattice 2500 sq ft Model 2 $1,499,000 71 DOM
125 Lattice 2500 sq ft Model 2 $1,599,000 101 DOM
117 Treehouse 2500 sq ft Model 2 $1,250,000 60 DOM
130 Weathervane 2405 sq ft Model C $1,469,000 40 DOM