Asking Price: $739,000
Purchase Price: $605,000
Purchase Date: 1/10/2005
Address: 20 Entrada E, Irvine, CA 92620
Beds: 3
Baths: 2
Sq. Ft.*: 1,561
Lot Sq. Ft.*: 4,275
Year Built: 1979
Stories: 1
Type: Single Family Residence
Neighborhood: Northwood
$/Sq. Ft.*: $473
MLS: S480099
Status: Active on market
On Redfin: 18 days
Since there is no agreed upon definition of a flip, I will profile this one anyway.
From Redfin “Lovely single level detached home at the end of cul-de-sac just steps from a park. Spacious and open floor plan with liv & fam upgraded with new pergo floors, new cabinets, new granite countertop, new sinks & faucets, new sliding doors & all new windows, new stove & microwave, new recess lights and new light fixtures. Quiet and green backyard with grass & lushes. 3-patio off of liv, kitchen and master BR. Superb amenties offered by HOA. No mello roos and low HOA fee. Great family neighborhood.”
I managed to find a picture of the backyard. There seems to be only one lush passed out back there, so the description may be incorrect.
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Perhaps this isn’t a flip. Perhaps they needed to sell for any of the reasons people have. Since this is Irvine, they must be entitled to a greater than 20% gain simply because they owned real estate. I appears this unit is empty, so I would not be surprised to see quick price reductions to find the market and stop the financial bleeding.
Maybe they will get it, or maybe they missed the peak, and they will wait a very long time before getting their price.
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Entrada, by Mary Rosenblum
A.K.A. the flipper before this house sells for asking price.
Do these realtors even read their own copy?
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$739k, that’s ridiculous.
I have a feeling there’s going to be a lot more lushes in the house if/when/once this is sold. Better yet, we’ll see how many lushes show up while it’s REO and the squatters have torn the boards off the windows.
I’m sure they do read their own copy and they think it looks perfect. They are not even literate at a 6th grade level!
The agent mispelled, so what. The discription sounds like a very nice location with attentive ‘pride of ownership’ qualities.
Judgement of value must be viewed (good times and bad) as a long term investment.
Sitting on the sidelines pontificating the ruin of Irvine real-state is silly. Aquisition of a 400k condo or 65m busisiness building have similarities: Have money, create sensible financing, make good use of the asset, plan for a multi-year window.
All other thinking is the rental world.
Long-view investment is not for everybody. Residential real-estate is in a tough patch right now, no question.
Good use of land and improvements have always appreciated over years in well maintained Southern California. That is a fact, not an opinion.
History supports prices will adjust and climb. Picking the perfact time
to buy is humanly impossible.
Either you have the down-payment and income to service the debt or you don’t.
Solid folks may be able to reap from the sub-prime fall-out.
When we live within our means and take the long view, I find real-estate comfortable and rewarding in any market.
Sounds like the realtor is commenting. Don’t spend your commission yet – the property will be sitting for some time at that price.
They just reduced it to $725k. I bet people will line-up to buy it now!