Address: 45 Nightshade, Irvine, CA 92603 (Quail Hill)
Plan: 1553 sq ft – 3/3
MLS: S469390 DOM: 37
Sale History: 3/31/2005: $647,000
11/26/2003: $438,000
Price Reduced: 01/10/07 — $709,000 to $685,000
Current Price: $685,000
This is a former model home in the Casalon tract built by John Laing Homes in the village of Quail Hill. The current owners bought this place almost 2 years ago with 10% down. In December 2006 they put it on the market for $709,000. I’m pretty sure they didn’t get a good response so a few weeks later they dropped the price by $24,000.
It’s also available as a rental (MLS #S469388) for $2700/month (originally at $3000). My guess is that if it sells soon, the price will be pretty close to what they paid for it. If sold at the current asking price (assuming 6% in selling costs), they are looking at a loss of around $3000. And that does NOT include the money they are losing every month while it is sitting there vacant!
You would think that everyone at this point would understand that real estate cannot continue to appreciate indefinitely. But I’m sure there are still tons of misinformed buyers out there. If you come across one, send them this way! 🙂
Your comment about people believing in Real Estate as the ultimate investment is so true.
I had lunch with a woman the other day, and she told me that she and her friend were going to start flipping houses. I asked her if maybe this may be a tough time for that sort of business venture………….her response, they would be able to find properties that would sell quickely……….
I didn’t pursue the discusion.
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WTF is this? Where is the driveway?
685k for a glorified apartment. Laughable!
But, but, but….no driveway….who cares! you can live in Quail Hill….homes to the rich!
I question whether they will get the $2,700 a month. I looked at the 3 level rental at 155 Steppingstone which I believe is the same floorplan a block away. It is being offered at $2,550, and it has been on the market for a while.
These three level townhomes are stacked shoeboxes. The bottom level is a lone bedroom and a long staircase leading up to the living area. The other two, tiny bedrooms are on the third floor. If you move in there, you better hire a professional. I have no idea how you would get furniture up and down all those stairs and around corners.
More like the pseudo-rich. All manner of uppity types.
No one talks about carrying costs even when they were living in the house. Most of these sellers are flippers and got these homes on interest only with nothing down, if you add up 20 months of mortage at $3500/month, its 70,000. You can then adjust for comparable rental which was around $2000/month -= 40,000. two years ago. Another $30,000 loss is unaccounted for.
“Your comment about people believing in Real Estate as the ultimate investment is so true.”
I’m sure everyone has at least a few stories on this statement. We just had a Mechanical Engineer here at work that quit to renovate and flip houses….
I live in a pricey area of Southern California where a number of people at work can not afford to own a place here….. But… they have purchased an investment property in Hawaii or Oregon or Utah… and ALL expect to sell them for much higher prices in the near future.
Does stevie boy own this place ?
CA defaults highest in 8 years!
http://tinyurl.com/28n77y
It’s so cool but value is not as much as over 600K.
All I can say to this stupid house is that “I can’t believe it’s not butter”. Thanks for your time