Based on feedback from last week, it sounded like this was a helpful post so I'll continue. The sales listed here are those that have closed in the 7 days between 1/5/2012 and 1/11/2012.
| Date Sold | Address | ZipCode | Tract | Sold Price | Beds | SqFt |
| Airport Area | ||||||
| 1/9/12 | 3030 Scholarship | 92612 | 3000 The Plaza | $905,000 | 2 | 1925 |
| 1/10/12 | 2223 Scholarship | 92612 | Avenue One | $330,000 | 2 | 1037 |
| El Camino Real | ||||||
| 1/11/12 | 4391 Vale St | 92604 | Greentree | $540,000 | 3 | 1515 |
| Northpark | ||||||
| 1/5/12 | 2 Healdsbury | 92602 | Manchester | $1,190,000 | 4 | 3400 |
| 1/9/12 | 18 Leucadia | 92602 | Monticello | $375,000 | 2 | 1400 |
| Northwood | ||||||
| 1/5/12 | 9 Trailwood | 92620 | Cristal | $1,139,999 | 5 | 3582 |
| 1/6/12 | 939 Somerville | 92620 | Northwood Villas | $527,500 | 3 | 1610 |
| 1/7/12 | 28 Grape Arbor | 92620 | Camellia | $775,000 | 4 | 2315 |
| Oak Creek | ||||||
| 1/5/12 | 9 Hawk | 92618 | Ashford Place | $850,000 | 4 | 2750 |
| Orangetree | ||||||
| 1/10/12 | 2312 Apricot Dr | 92618 | Terrace | $228,500 | 2 | 910 |
| Portola Springs | ||||||
| 1/9/12 | 59 Bell Chime | 92618 | Decada | $485,500 | 3 | 1545 |
| Quail Hill | ||||||
| 1/6/12 | 32 Paperwhite | 92603 | Solstice | $540,000 | 3 | 1509 |
| Rancho San Joaquin | ||||||
| 1/10/12 | 1 Solana #22 | 92612 | $410,199 | 3 | 886 | |
| University Park | ||||||
| 1/5/12 | 30 Rockrose Way | 92612 | $420,000 | 4 | 2130 | |
| Westpark | ||||||
| 1/6/12 | 4 Lorenzo | 92614 | Sorrento | $845,000 | 4 | 2580 |
| Woodbridge | ||||||
| 1/11/12 | 109 Fallingstar | 92614 | Laurels | $210,000 | 1 | 860 |
| 1/11/12 | 64 Eagle Pt | 92604 | $189,000 | 2 | 954 | |
| Woodbury | ||||||
| 1/5/12 | 75 Sanctuary | 92620 | Cachette | $470,000 | 3 | 1580 |
| 1/10/12 | 28 Vintage | 92620 | Lombard Court | $420,000 | 2 | 1526 |
Do any of these sales look interesting? Were you considering any of these properties?
One sale that stood out to me is 75 Sanctuary. I am really surprised by the closing price of $470k. When it came onto the market, it was listed at $500k as a Short Sale and went Pending pretty immediately. At that price, I would have expected multiple offers and for it to be bid up. $470k is the lowest I've seen for a Cachette Plan 1.
I agree with you on Sanctuary… seems like Woodbury overall is taking a hit in pricing.
Portisol Plan 2 SFRs now regularly list at or below $750k.
203 Rhapsody is a Cachette Plan 1 that just came on the market for $599k. Something just doesn’t seem right about the 75 Sanctuary sale at $470k. Click the link – looks like the agent double ended the deal.
this screams shady. i bet some digging will uncover a relationship between buyer and seller or some other underhandedness
what i dont understand is why the bank didnt ask for more offers than take the first one that came their way.
These type of short sale transactions seem to happen all the time. Selling agent might already know what price the bank will accept for a short sale and then finds a straw buyer to buy it before listing it. That way he gets double commission. Any offers that are not with him as a buyers agent get “lost”. BTW, is there any possible recourse with the buyer in this type of situation. A friend of mine went through something similar (as the buyer) and the agent pissed him off so he wants to report him.
This seems to be the case for most of the short sales I run into in Irvine. Listing agents have no desire to push your offer through unless they are double ending and some even ask for additional $$$. I wrote about my experience on talkirvine but basically, a listing agent wanted money under the table to give to the former owner. The idea was that they were supposedly getting me such a good deal that they wanted some $$$. Ultimately they are robbing the bank and the bank has no idea as the listing agents are working for the seller but not the bank even though the bank has to approve the offer. I reported to DRE but nothing will happen.
(75 Sanctuary) Remember that the monthly obligation will include the 2 HOAs and Mello-Roos, which could account for the equivalent of perhaps another $70,000-$80,000 in mortgage at today’s conforming rates. So, the buyer will be paying as much for his $470,000 house and some people pay for a $540,000-$550,000 house.