Address: 193 Lockford, Irvine, CA 92602 (Northpark)
Plan: Plan D – 1550 sq ft – 3/2
MLS: F100045 DOM: 263
Sale History: 1/14/2005: $589,000
Price Reduced: 09/26/06 — $679,950 to $619,000
Current Price: $619,000
This condo was purchased in early 2005 and was then listed for sale a year later on 1/12/2006 for the sky high price of $679,950! After around 250 days on the market, the sellers dropped the price by $60,000! It sure seems like they are motivated. What’s strange is that I couldn’t find any pictures of this property in MLS so I grabbed one from the prior listing. They might get a little more interest if they had some pics of their property on MLS. As it stands right now, they will lose about $7,000 if they get the current asking price and pay about 6% in commissions. However, it could get real ugly real quick.
Only $400/sq ft? Only in this warped, screwed-up market could I ever consider it a bargain.
I don’t get why so many sellers are asking $480/sq ft in Westpark for 8-12 year old units.
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Zovall,
I love your new blog. There seem to be a lot of flippers in Northpark.
If you take tips on flips, here are just two of the many here:
1 Buellton currently asking $1,675,000 was bought 11/14/05 for $1,550,000 (according to Zillow). It has been on the market for several months and has had some price reductions. This one says “PRICE TO SELL DO NOT MISS THIS OPPORTUNITY.”
9 Paso Robles currently asking $1,990,000 was just purchased on 04/05/06 for $1,668,000 (per zillow). This one says it has a carpet allowance.
Who are the fools that buy these places?
Who are the fools that buy these places!? This I am dying to know. Believe it or not, some places are still selling in Irvine at these insane prices. Anyone have any insight as to who is still buying right now?
Thanks for the compliment and the tip anon! I’ll look into Buellton and perhaps make a post. From a quick look at the numbers, it seems they are trying to break even.