Address: 18 Oroville, Irvine, CA 92602 (Northpark)
Plan: 2402 sq ft – 4bd/3ba
MLS: S476394 DOM: 8
Sale History: 8/1/2005: $1,039,000
12/2/2002?: $660,000
3/19/2002: $539,500
Current Price: $1,089,000
This Plan 2 in the Mendocino North tract built by Lennar Homes in Northpark was most recently purchased on 8/1/2005. It’s been about a year and a half and now the home is back on the market. From the pictures, the home looks pretty sweet but almost $1.1 mil for a 2400 sq ft house??
It looks like it was purchased with almost 35% down. Can anyone confirm or deny that? If so, these sellers definitely have room to negotiate. If sold at the current asking price and assuming 6% in selling costs, there’ll be a $15,000 loss for the seller.
The latest sale I’ve found for this plan just closed escrow on 2/14/2007:
- 19 Vacaville – Mendocino North Plan 2 – Sold for $1,050,000
$1,050,000 puts us back around the prices in summer 2005. We’ll have to wait and see what 18 Oroville ends up selling at.
Wake me up when we get down to the 2002 prices again.
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Not sure if you guys know about this or if you care, but we came across a flip at Bowen Court. The buyer bought the place brand new, put a couple of upgrades on it, and are trying to sell it right next to brand new construction. For what it’s worth, I thought I’d point you towards it. The place is a plan 1 I believe.
I am noticing that all of the real estate agents on blogs and other places are now saying the worst of the RE slowdown is behind us. I do not blieve them. In fact when I see a 2400 sq. ft box in Irvine listed at over $1,000,000 I believe that a correction may still be coming. How do the people that buy these places sleep at night? Maybe they don’t have to sleep because they work 3 eight hour shifts to be able to make the mortgage payments !!!!
That home would rent for about 3,200 a month, yet to buy it with no money down, the carry cost would be at least 7-8 grand a month. For the love of God, the taxes a lone are a thousand dollars a month. LOL
The entire scheme is unsustainable and now laughable. Good luck selling that thing for more than a million dollars.
Here is the background on this property.
Bought on 6/30/2005 for 1,039,000 with first mortgage of 693,2500.
So this buyer has 300K+ in equity.
Cheers!
The seller bought the home on 6/30/2005 for the 1,039,000 with a first loan of 693,000 + down payment. This seller has lots of equity in the house.
I am not well versed in investment, RE, etc…From what I heard, how much one can afford is about 3-3.5 X one’s income. So for a couple who makes about 400K per year. They can easily afford such place.
I am curious to know how many people in OC really make that kind of money. From what I have seen, it seems like everyone in OC makes this kind of money. ‘Cause everyone is buying such home.
My “perceived” value for this place is 600K. Maybe I am just dreaming.
Zovall,
Mendocino Plan 1’s sold with record price early 2007: 27 Oroville for $1,100,000 and 21 Carpenteria for $1,025,000. Mendocino price rebound?
I blv Mendocino is located in the more desirable area of NorthPark? (close to Portola Pkwy). $1.1M does seem overpriced if we compare to what you can get for a new home in PS (comparable neighborhood?)
I am a little curious whether the rent for this home really only $3,200? Seems that this would rent at least $3,500. Last time we look for a 4 bed/3bath rental home (few months back), $3,200 would get us an older 2000sqft home in WestPark. I guess we could have looked harder for a better deal but we weren’t too sure about renting from a private owner anyways.