Address: 412 N Quail Ridge, Irvine, CA 92603 (Quail Hill)
Plan: 1098 sq ft – 2/2
MLS: S467679 DOM: 10
Sale History: 03/22/2005: $560,000
Current Price: $495,000-$500,000
I received a tip about this property from one of our readers (Much appreciated!). I believe this is a Plan 1 in the Ambridge tract built by William Lyon Homes in the village of Quail Hill. Our seller purchased this home about 20 months ago with 100% financing ($448k 1st, $112k 2nd) for $560k. I also see that they may have replaced their 2nd with another loan or HELOC in the amount of $199,500. Irregardless (anyone watch American Dad last night?), this seller is in for a hell of a loss.
The current asking price is a range of $495,000-$500,000. If sold at $495,000 and assuming 4% in selling costs, the loss here will be almost $85,000! Why am I assuming only 4% in selling costs? Well it looks like the seller listed the property with a flat fee listing service (click on the MLS number above to see the Realtor.com page). When I first saw this listing, I didn’t understand why there was no description in Ziprealty or MLS (as well as only 1 picture). Now, it sort of makes sense.
Does anyone with a RealtyTrac subscription know if this home is in preforeclosure? It’d also be interesting to know if the new 2nd loan was a HELOC or not. I just can’t imagine how someone who purchased with 100% financing would be able to cough up 85 large to get rid of a property.
Lets see 2 beds, 2 baths, 1000+ square feet in Irvine…… Should sell for around $250,000.
—–
I released today’s FREE report on Chicago. And it’s a fairly normal market – that’s strange for us CA natives… It joins prior FREE reports on Boston, Bakersfield, San Francisco, Seattle & Los Angeles.
thebubblebuster.com
$250,000 is about right for Quail Hill, but the HOA and Melo Roos will screw you…I remember it equated to about 1 grand a month…..
So, I live really close to this guy. He was def. using the place as a credit card. During the time he lived there (20 months, like you said), I saw a brand new SL500, CLK55AMG, Ford 150, and BMW 750IL parked in the garage. I guess I now know how he was able to afford all that! He moved out about a month ago.
I remember when Quail Hill homes first went on the market, people lined up around the street in hope to get on the wait list.
The only thing I like about Quail Hill is that shopping center off Sand Canyon, it’s got a KaBloom flower shop there and they carry the purple roses that my lady friend likes. Other than that, whoever designed that “traffic circle” should be run over by a truck.
Momo,
I have to agree with you on the traffic circle. I used to work as a community planner, and I will tell you those things are all the rage in planning circles (no pun intended). The problem I see is the way they tilted the road to drain the water away from the center. It creates a situation where your car leans heavily to the right when you drive it – even at low speeds. I have a Miata with a fairly tight suspension, and sometimes I think it might roll over. Plus, when there is an occasional car coming in from Shady Canyon, it creates a dangerous crossing situation where you are never quite sure who has the right of way.
I rather like Quail Hill, but I couldn’t imagine paying those prices. I drove around there a few weeks ago scouting out rentals, and I noticed many of the little green for sale signs (they have their own special kind I guess). I suspect there are a lot of buyers who are upside-down or will be shortly.
The person in the circle ALWAYS has the right of way. I actually like the circle, eliminates the need for a time consuming left hand turn signal.
I don’t get the hatred for circles… You wait for a gap, hop-on, and exit on your chosen road. No waiting!
It’s just cause it’s different. Worked in England off & on for several years. Took a bit to get used to it, but when people know how to drive em, they’re much easier.
oc_flip, thx, Schadenfreude again!
Here’s a list of projects at Quail Hill:
http://www.irvinevillages.com/quailhill.htm
If anyone is actually interested in buying there, I could recommend William Lyon Homes built units for their post-sale service. The craftsmanship quality gets a B+, and their service gets an A from me.
Recently I found some water stains on the ceiling of an Oak Park condo unit. I wasn’t sure if it’s pipes leaking from within the wall. I called the HOA and they were useless. So I called the builder. Keep in mind the unit was built in 1999 and it’s been 7-8 years. William Lyon Homes sent an inspector with moisture detector over the next day, and I mean the guy confirmed to MY schedule and not those stupid 4-hour windows.
Fortunately the water damage was the result of a prior toilet overflow and has since dried completely. But if it had been a leak the builder would’ve came and took care of it. I was quite impressed and will give their post-sale service an A on the score card.
It looks like this place is gone from mls now, did it sell?
The MLS listing says it was taken off the market on 12/12/06. 11 days on the market.. Weird