Asking Price: $637,900
Purchase Price: $610,000
Purchase Date: 1/24/2005
or
Purchase Price: $566,200
Purchase Date: 3/21/2006
Address: 96 Saint James #80, Irvine, CA 92606
Beds: 3
Baths: 2.5
Sq. Ft.: 1,660
Year Built: 2001
Stories: 2
Type: Condominium
County: Orange
Neighborhood: Walnut
$/Sq. Ft.: $384
MLS#: U6602629
Status: Active on market
On Redfin: 258 days
From Redfin, “Just Reduced!!! Don’t Wait!!! Sellers Says Bring All Offers! Vacant Go Direct! Best Value in Park Lane – Walnut area of Irvine. Gated. Beautiful. Community Pool/Spa Area – Pristine. End Unit, Like New, 3 Bdrm 2.5 Ba, Single Family Detached Condo, MUST SEE!!! 2 Stry, 2 Car Dtched Garage, w/ great private rear and side yard. This is a Winner and will not last. This home sold As-Is w/ NO Warranties of Anykind.”
This appears to be listed twice, and it has been on the market for a very long time. It is difficult to tell from the property records what is going on with this property. The records show the last sale on 1/24/2005, but Redfin shows the last one on 3/21/2006. Perhaps the last one was the bank taking back the property as the current owners is listed as GMAC Mortgage Corporation. They have a $488,000 first and a $122,000 second on the property for a combined loan balance of $610,000. Another 100% financing deal gone bad. What a surprise. Has the bank had this on the market as an REO for over a year without reducing its price?
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Saint James is the patron saint of pilgrims (trivia fact for the day). There are a great many flippers in this neighborhood who are hoping Saint James can double as their patron saint. There are 4 properties within a block purchased in the last year, and there are more than a dozen purchased in this neighborhood. I suspect these are not all long-term homeowners. These properties are newer, and although they are small, they are 3/2s, so families may find being trapped here livable. In short, the prices here may hold out a bit longer. They will collapse after the prices of transitory housing (2 bedrooms and under).
Maybe they should all pray to Saint Joseph, the patron saint of real estate.
That’s it. I’m subtracting $10K from the price for each and every exclamation point the Realtor (TM) puts into the ad. And, another $100K for the “no warranty” part – plus, $50K for the fact that she/he thinks any kind is actually one word.
That brings the price down to $306K.
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Nice formula, I may use it myself. I would also subtract $10K for each word in ALL CAPS!!!
I used to live pretty close to this one – in this neighborhood. It’s been on the market for 18 months more or less. I sold mine in March 06 and moved out of OC.
The neighborhood is nice, tax rate of 1.25%, and HOA is $85 – however, this one if right beside the rail track – and I mean right beside it – all of Saint James is. In this market, location is #1 – price will have to drop a long way on this to find a buyer when there’s so much competition.
Also, check out MLS #: S485727 – 118 Saint James which is taking backup offers at $649k, defaulted – purchased 08/2005 for 660k.
Oh, and definitely not flippers, by the way.
These guys fell on some difficult times and I guess used the ‘equity’ to try and keep their heads above water. They tried to sell by themselves for quite a while – but no buyers – any trainspotters out there?
Sellers Says ??????
This is a Winner and will not last. This home sold As-Is w/ NO Warranties of Anykind.
Do these realtors read their own ads?
No Warranties Winner?
My first impressions of this place were: Thats a nice place. Big detached condo with garage that just needs some updating inside. Not sure about that kitchen sink location, but 30k to 40k in upgrades and this would be a good home at 350k price(I wouldnt pay more than that.)
The garage is detached but looks like there might be a private patio between garage and unit?? I have seen this before and its a good idea.
Then I read JD’s comments above about the railroad tracks and that pretty much explains the biggest problem. PASS!
This one was in escrow as recently as of march. the buyer backed out from the escrow. this is an REO by GMAC but bought by investor Nomura corp. Their decison making in responding to offers takes weeks. No wonder GM lost money on account of GMAC. Their REO dept is very unresponsive and is going to lose a bundle for GMAC. And yes the railway track is a big problem though this has a great backyard. But since every train blows a whistle around this house the yard is pretty much unusable.
I like the 1950s “day-for-night” movie filter look of the opening Redfin picture.
I know I’m piling on.
SCHB
Saint James…wasn’t he martyred by a falling knife?
Looks like this one sold on 8/3/07 for 570k
Quite a drop – but still not enough!
This will really blowout the neighborhood comps – look at all the others in the same gated community…
62 Royal Victoria sqft:1500 bed:3 $639k dom:2
103 Caravan sqft:1640 bed:3 $650k dom:27 (same model as 96 Saint James, within 100 yds of it)
144 Saint James sqft:1940 bed:3 $651,900 (featured in )
125 Hyde Park sqft:2083 bed:4 $799k dom:51
143 Hyde Park sqft:2083 bed:4 $789k dom:65 (just reduced from $809, they’re starting to get the idea!)
129 Hyde Park sqft:1640 bed:3 $639k dom:78 (same model as 96 Saint James)
127 Hyde Park sqft:1164 bed:2 $549,900 dom:35 (2 bed model)