Originally posted October 3, 2006
Address: 9 Stonegate, Irvine, CA 92602 (Northpark)
Plan: Plan 1 – 1980 sq ft – 3/2.5
MLS: S457264 DOM: 28
Sale History: 7/22/2005: $954,000
Current Price: $969,900
This SFR built by Shea Homes in the Rutherford tract in Northpark Square looks like a nice, cute starter home. Too bad the pricy Irvine RE market means you have to pony up almost $1 million for a starter home. Question for Northpark experts: What is Bella Rosa? Is it a part of Northpark Square?
The seller purchased this property in July 2005 for $954k. From what I can gather, there were two loans taken out: one for $763,000 and a second for $190,800. Add those up and what do you get?? One FB with a classic 100% financed purchase (okay, okay, they DID put $200 down)! Fast forward one year and it seems the flipper may have to sell because of a possible job relocation (for those with MLS access, see the Private Remarks). If sold at the asking price and taking into consideration 6% in selling costs, they will have to SPEND at least $42,000 to sell this home!
UPDATE #1 – May 18, 2007
Here’s the first of many updates to some of our older posts. After 163 DOM, 9 Stonegate sold for $939,000 on 3/2/2007. Assuming 6% in selling costs gives us a loss of $71,340!
thats seriously messed up..one million for a starter home. call me when it hits around 150.000$, that would be fair.
—–
do you think the house is staged? so have they moved out
Bella Rosa is a gated community within Northpark Square.
I have a friend who’s just around the corner from this one, and looks exactly the same–but reversed floor plan. It was $450K about 3-4 years back. So…methinks the price has a slow creep back down to maybe that price plus/minus some. Personally, I’d not buy it at $450K. Maybe $300K, but I guess some people want to live in that neighborhood 😐
Hate to break it to you that seller ain’t getting asking price on that house. Even the GFs out there buying now are smart enough to know to low-ball houses like this. Needing to sell is the worst negotiating position you can be in.
Preliminary pricing for phase 1 plan 1 was $456,990. I believe this was summer 2002.
You guys have MLS access? Are you able to see market statistics, like the number of active vs pending listings?
Yes we have MLS access. The status of a property here can be: Active, Backup/Contingent, Closed, Expired, Pending, and OffMarket. If you want me to look something up, send me an email.
If you can get counts for Irvine and for OC as a whole, it would be interesting to see the number of actives, the number of backups, and the number of pendings.
If you can do search filtering, it would be neat to see this data divided by market segment (price brackets) or property type.
As a market indicator, I think these ratios are more timely than the oft-quoted months-of-inventory.
The MLS Alliance system (combines the 8 different MLS systems for Southern California) leaves a lot to be desired. The counts shouldn’t be tough but I haven’t found a good way to filter through the data.
In Irvine as of right now, there are:
1155 Active (508 SFR, 647 Condo)
97 Backups (50 SFR, 47 Condo)
75 Pending (35 SFR, 40 Condo)
In OC as of right now, there are:
17232 Active (10951 SFR, 6281 Condo)
1393 Backups (915 SFR, 478 Condo)
1531 Pending (959 SFR, 572 Condo)
So the active-to-pending+backup ratios are roughly 5-6 to 1. While this is somewhat bearish, I think it was a little worse a month ago.
If you’re into data collection, the trend in these numbers is worth watching, IMHO.
6.7 for Irvine, 5.9 for OC. I suspected Irvine was more stagnant than the county as a whole… I was right.
Wow, $939,000. Basically a million dollars for a 2000 suburban tract home in a middle class neighborhood. Maybe upper middle.
No wonder most Californian’s can’t contemplate actually paying off their homes. What’s the monthly payment on that? With 20% down, it’s $4500/month long term at 6%. Add in $13,000/year in property tax and mello roos. Is there an HOA?
Well, after taxes it’s probably only $3500 or so.
Another interesting link re: housing inflation abroad
http://www.dbresearch.com/PROD/DBR_INTERNET_EN-PROD/PROD0000000000203236.pdf
Ok, So I went to a mortgage calulator on Bankrate.com and fiddled with the numbers on how much can I afford till I came out with something that matched.
What is the maximum home price I can afford?
Monthly Income (Nonrental): $ 13,615
Monthly Income
(from Rental property): $
Monthly Debt Payments: $
Interest Rate: $ % 6.5
Term (Years): $ 30
Down Payment: $ 200,000
Property Type: $ Primary Residence
Conservative Estimate: $939,004.44
Aggressive Estimate: $1,150,148.56
I’m sure that everyone in Orange County making $163,000 per year with $200,000 in cash wants a starter home just like this. Who would do this and why? What would something like this rent for?
I like this house, it has a 2 car garage, full drive way, and it’s single story. I see 2 steps near the front entrance path, not sure if there’s additional ones further up.
With my next house I need to find properties that are more easily accessible for my grandmother. She’d probably die if there’s too many stairway in the house, and in case if her mobility gets worse, I have to think about wheelchair access.
No_Such_Reality,
You are close with the $3,500 after taxes.
Total affective cost:
$3,500 Interest payment + Property tax (after taxes)
$179 – HOA
$70 – Insurance
$80 – Gardener
Total: $3829
The market rent for this home is $3,700
Gaps for rent/own are getting very narrow.