Address: 11 Evening Song, Irvine, CA 92603 (Turtle Rock)
Plan: 1525 sq ft – 2/2.5
MLS: P557467 DOM: 113
Sale History: 6/22/2006: $655,000
2/4/2005: $570,000
12/15/2000: $280,000
Price Reduced: 03/27/07 — $700,000 to $600,000
Current Price: $600,000
This Plan D townhome in the Ridge Bren tract in Turtle Rock was last purchased in July of 2006 for $655k using 100% financing. Not surprisingly, it is being listed as a short sale. The original asking price of $700k quickly got reduced to $600k.
These folks aren’t trying hard to sell the place. 113 DOM and there still aren’t any pictures in MLS! I grabbed the pictures above from an older listing. Anyways, if sold for $600k and assuming 6% in selling costs, this flop will lose about $91,000!
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There is one other Plan D currently on the market in this tract:
18 Morning Star was purchased back in 1988 or 1989. It’s been nicely upgraded – check out the pictures. But is the difference worth $70,000? If 11 Evening Song sells for $600k, it’ll be tough to move 18 Morning Star for $669k IMO.
Also, with 11 Evening Song priced at $600k, who would buy this Plan A in the same tract?
11 Evening Song has 40% more square footage and an extra 1/2 bath when compared to 12 Misty Shadow. 12 Misty Shadow started at a price of $615k and has been on the market for about 35 days. 12 Misty Shadow was purchased back on 12/15/2004 for $535,000 using 100% financing. And it looks like it was refinanced for $549,000 with a 1.9% rate in November 2006. What do you think will happen to 12 Misty Shadow?
$438.00/sqft for a box….uh no!!! Have you noticed that many of the homes are starting to sell closer to the lower end of the tolerance that Zillow estimates homes are worth?
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11 Evening Song or 11 Evening Glory? I think you made a typo.
Hi, Irvinerenter,
How to get the information about financial status of a house mortgage?
Thanks.
I’ll take it for $400k.
Doh! Thanks for cathcing that – I think I’ve fixed them all now 🙂 The street names in that tract can be easy to confuse: Evening Shadow, Evening Song, Evening Breeze. But who knows where I got Evening Glory from?!?
squareround,
Below is the information you requested yesterday.
916 N Redondo Ave, Manhattan Beach, CA 90266
Property Sale Information
Sale Date 03/13/2007
$/Sq. Ft. $1,506.02
2nd Mtg. none
Sale Price $1,625,000.00
1st Loan $825,000.00
Prior Sale Amt. $310,000.00
Doc No. 912185
Loan Type Cnv
Prior Sale Dt. 03/25/1999
Doc Type Grant Deed
Xfer Date 04/17/2007
Prior Doc No. 777777
I have a limit to the number of searches I can do, so I tend to hoard them for chasing flips.
That sale does look strange, but it looks like the buyer put up 50% cash. They must have REALLY wanted that property.
Wow, that makes your head spin. Up to 1999, those were fighting to hold above $300K. I think some may have actually punched below during the bottom.
Looks like everybody took their equity and turned the homes into McMansions.
how about 300k max.
This is how stupid the RE market has become. Here we have a old condo in Irvine that’s 1500 sqft, and they’re try to short sale it at 600k dollars. WTF?
The seller was originally trying to dump this old condo for 2 1/2 times what it sold for 7 years ago. What so funny about this deal is at minimum this is a starter home, yet the price has almost tripled from 2000 to 2006, and during that same time adjusted gross incomes were stagnant in most of Irvine.
We got a long way to fall people.
Thank you very much.
there are still few people buying these houses.
That would be intersting to know most recent buyers’ financing terms, downpayment, LVT etc. I suggest to have a post on this.
Can someone with access to sale data check 26 Moonlight for me? This home in Ridge Bren has been on the market on and off for the past few years. It’s a 1,500 sq. ft two bed. I remember at one time they listed it for ~$780k and it went into escrow. Then the deal fell out of escrow. I wish to know if a new transaction took place in Q1 2007, perhaps a non-MLS listed, private transaction. The owners of 26 Moonlight put in over $100k in remodeling. But it’s hard to justify paying $520/sq. ft. for a 2-bed condo. Thanks.
Hi, Irvinerenter
Find a bad flip in Northwood:
7 RUNNINGBROOK
IRVINE, CA 92620-1212
07/06 Sold for 1.35 million
Now listed at 1.24million
In the title database, 26 Moonlight’s previous sales were:
11/4/2002 – $395,000
5/29/1998 – $260,000
I don’t see a transfer in 2007 in the Title Database but it seems very likely because I see 2 loans on 2/27/07 (totaling $649,350) taken out by people with difference names than the owners from 2002.
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So.. I just checked MLS and here it does show a sale on 2/28/2007 for $721,500. I guess Title is just lagging on this info.
Thank you, look for the post next week.
Well, I don’t have a flip that’s failing, but I have one that’s fun to look at. 1611 Kings Rd, Newport Beach. Heck, it may not even be a flip, just changing circumstances.
Currently a 5 bed, 5.5 bath, 5000 sq ft house, for sale at $6.5 million. In February 2005, it was a 3/3.5 1300 sq ft $2.5 million place.
They have some competition such as 311 Kings Rd at 6000 sq ft and only a $5.5M price tag.
Not sure how much it take to tear down and build a 5000 sq ft house, but in 2005, it couldn’t have been cheap. Hopefully they had the architectural design done before they bought.
That’s a bad neighborhood.
http://www.ocregister.com/ocregister/news/local/irvine/article_1684191.php
Zovall,
Thank you. I find it very odd that 26 Moonlight sold so quickly and at such a high price, when all other Ridge Bren units (at much lower listing prices) are just sitting there with no activity. If I recall, there was only one other unit sold in Q1 2007 for $605,000 (most likely with a large closing cost incentive not reflected on the sale price). There are a total of ~250 units in Ridge Bren. Do you know the DOM between the listing date and sold date on 26 Moonlight? I smell something very fishy here on this particular transaction. Who would be foolish enough in this market to buy a 2 bedroom condo at $480/sq. ft? Can you share with me the names of the new owners? Thanks.
I live close to that block. I can’t believe this actually happened there. What’s more shocking is the story was published on the 8th, and I’m just now hearing about it on the 16th. Generally news like this (rare) travels throughout the community fast. I’m glad the couple was smart enough to hand the thug everything he wanted. I hope they catch the POS soon.
Takes a lot of courage to try a tear-down in this market. Construction costs on the “box” will be near $100 / SF, maybe higher for the finishes in an expensive home like that one. They may have $750,000 – $1,000,000 into the structure and landscaping when they are done.
My impression was custom development ran a little higher ($200/sq ft) upscale add ons going even more, but that’s probably weighted out by the scale of the house.
I was thinking he’s $1-1.5M in updates plus the carrying costs of the $2.5M for 2 years. Plus design and grating etc. Kings Rd sits on a steep bluff. Building that large would be tricky.
Can’t blame him though, it had guts, swing big, win big. Or unfortunately, vice versa.
1410 Kings http://redfin.com/stingray/do/printable-listing?listing-id=509305 is probably making him sweat though being 5000 sq ft and on the market for 90+ days at $4.395M.
I just checked MLS history for 7 Runningbrook.
It appeared that the previous owner who paid $1.35M for this home was a single person. This person had a mortgage of $1.35M with Countrywide; therefore, it was a 100% financing loan. We have seen many of these type of financing ended in early default.
It’s a bank owned property. It was listed on 5/12/07 and is in pending sale on 5/15/07 (sold in 3 days). At $1.24M, it is only slightly below market.
Response to the following:
“18 Morning Star was purchased back in 1988 or 1989. It’s been nicely upgraded – check out the pictures. But is the difference worth $70,000? If 11 Evening Song sells for $600k, it’ll be tough to move 18 Morning Star for $669k IMO.
Also, with 11 Evening Song priced at $600k, who would buy this Plan A in the same tract?”
18 Morning Star has a view of Shady Canyon golf course and the multi million dollar houses. Properties with a view in this complex typically sell for 5-10% more.
The buyer would be someone who is interested in a turn key property with a view.
And yet, they’re all, still for sale.
BTW, did you evening look at the claimed view? 5-10% ha ha.
Time to face facts, 11 evening song is on the market 128 days, it isn’t selling at $600K, which means it isn’t worth $600K.
12 Misty is on the market 47 days, it’s at $599K, it’s not selling, which means it isn’t worth $599K.
That means $669K for MorningStar is a pipe dream.