Address: 804 Maplewood, Irvine, CA 92618 (Oak Creek)
Plan: 1200 sq ft – 2/2.5
MLS: S458207 DOM: 25
Sale History: 8/10/2005: $549,000
12/21/1998: $185,500
Current Price: $569,000
Here’s a Plan 3 in the Oak Park tract built by Presley Homes in 1998 in the village of Oak Creek. This condo was purchased on 8/10/2005 with 10% down. This means the owner has a little room to lower the price if they really want to sell. They listed the property for sale a year after they bought it. The Realtor.com link shows a range pricing of $529,000-$569,000 although I don’t see that in the local MLS. There’s also a different plan (also 2/2.5 and 1200 sq ft) in the same tract at 904 Maplewood listed for $524,900.
Assuming 6% in selling costs, the seller will lose about $14,000 if sold at the high end of the range and will lose over $51,000 if sold at the low end of the range.
oak park is great because it’s gated. ok, i’ve run out of other reasons 🙂
hahaha j/k j/k actually it’s in a pretty good location, by alot of big companies.
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I live in one of these boxes and there is noooo wayyy I would dum half-a-mil into one of these today or anyday
I saw this blood bath coming. I have been in real estate in Irvine for over 20 years and the craziness of the agents and sellers were unbelievable! Agents would tell sellers to add 50-75K just because they painted and put in carpet in these dumps. I was just back in Lexington, Ky and the homes there are like estates on large lots with all the bells and whistles (around 3000 plus sq. footage and prices in the 200-300,000 range. With mild winters, good economy and natural beauty, are we crazy for paying this sunshine tax here in California?
I’m very familiar with Oak Park, I bought investment units there in 1999 and has recently moved back. In 1998 Plan 1 (1 bed, 1.5 bath, 868 sq ft, 2 car tandem garage) was selling for $110k+, by 1999 they were selling for $160k+. Plan 3 is 2 bed 2 bath + tandem garage and was selling for $220k-230k in 1999.
The condo units are a bit cramped, and they gave these silly 1/3 drive-ways for your garbage bins. But you get access to a lot of amendities in Oak Park & Oak Creek, many swimming pools + jacuzzi, a nice little gym, parks, playgrounds, and next to a bridge that crosses Alton Pkway to Oak Park’s elementry school for your kids.
There’s a Gelson’s supermarket by the entrance of Oak Park, with shopping center full of shops within easy walking distance, plus Ralphs across the street if you want to save $$ (Gelsons is expensive). Irvien hospital and the new Kaiser medical center is down the street, and Irvine Spectrum is just down Alton Pkway. UCI, 405, and 5 FWY are all very close from Jeffery.
The prices in Oak Park peaked around 2003-2004. During the RE high of 2005, Oak Park’s prices actually declined a little. Overall I’d estimate the loss from 2004 to 2006 to be approx. 10%. The homes are built by William Lyon and I’d give the craftsmenship a “B+” grade. Not the best I’ve seen, but well above average.
At this time I would NOT recommend buying homes there. It’s a very nice community and you’re prolly better off renting right now. But if you don’t care and intend to buy and live in it for the next 10+ years, look for the Plan 4 units were built with 3 bed 3 bath option as well as the few with full drive ways.
Great info Momo! So these were actually built by William Lyon? Title info shows the original seller as Presley Home (I’ve never heard of them). Perhaps William Lyon bought them out.
And what do you know.. a Google search reveals that William Lyon did buy them out:
http://www.findarticles.com/p/articles/mi_qa3755/is_199911/ai_n8862791
Momo,
Nice job picking those units up back then! 🙂 Were they cash flow negative at the time? What about now? Can you give us any details on how rents changed for those units over the last 7 years? Thanks again for all the info you’ve provided!
Hello Zovall,
Yes I did buy the condos there from William Lyon Homes. They were very liberal with the purchase policy and allowed investors to buy and sub-let/rent. In other places like Henderson NV and San Antonio TX, if you buy a new home, they make you sign a contract that says you won’t rent it out for at least a year.
I didn’t really make any $$ from the rental income. If memory serves the plan 1 units were rented for only $1250/month in 2001. By 2006 the rent had gone up to $1400, which barely covered the 30-year mortgage + escrow + HOA fees. My property manager undercut Irvine Company’s prices, so we always had a choice of tenants. Choose your tenants very carefully.
I had this one tenant… cute UCI college girl with a rich daddy who paid rent with a fat check every 4 months. He paid in advance and $5k at a time. I had no incentive to raise rent and almost cried when she moved out. 😉