Treo – What's Flippin' in Woodbury – UPDATE #1

Originally posted November 6, 2006

Address: 61 Chantilly, Irvine, CA 92620 (Woodbury)
Plan: 1824 sq ft – 2/2.5
MLS: U6603358 DOM: 25
Sale History: 7/25/2005: $689,055
Prior Listing: 06/20/06 — $832,000 (64 DOM – MLS U6601754) – Reduced to $799,000
Prior Listing: 08/24/06 — $765,000 (48 DOM – MLS U6602644)
Current Price: $749,000

Here we’ve got a Plan 1 condo in the Treo tract built by Brookfield Homes in 2005. The Treo tract is located in the village of Woodbury. It looks like this condo was purchased from the builder on July 25, 2005. The flipper couldn’t wait even a year before trying to sell the home (hoping to make an easy $142k)!

The funny thing here is that the seller is playing the infamous Re-List game. The current listing is actually the 3rd listing since June. If you add up all the DOMs, you realize that this home has been on the market for 137 days (as opposed to the 25 days you might be led to believe).

At the current price (and assuming 6% in selling costs), our flipper stands to make about $15,000 in profit.

It might be a little tricky for our flipper to unload this property as there are another FOUR plan 1’s for sale:

  • 87 Chantilly – $699,000 from the Builder?

  • 75 Chantilly – $705,000

  • 49 Concierto – $725,000

  • 61 Concierto – $769,900

We’ll get a better sense of the motivation in the weeks ahead 😉

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UPDATE #1 – February 20, 2007

The featured home in this post (61 Chantilly) was taken off the market on 12/1/2006. But that’s not much of an update, so let’s see what is going on with the other Plan 1’s in the Treo tract:

  • 87 Chantilly – Status is Accepting Backup Offers – $659,000

  • 75 Chantilly – $675,000

  • 49 Concierto – $699,000

  • 61 Concierto – Pending sale – Price shows $769,900

  • 50 Townsend – $724,900

  • 56 Townsend – $668,800

Once again, the builder is leading the way down (40k less than just a few months ago). Who else in this tract can afford to sell for $659k? The pending sale at 61 Concierto seems a little strange. Either the agent hasn’t yet updated the pending price or some GF is paying WAY too much for this home.

It’s February and there are already 6 Plan 1’s here. I wonder how many Plan 1s were built by Brookfield Homes. If 61 Chantilly decides to play the relist game again, they are going to have an even harder time selling now.

13 thoughts on “Treo – What's Flippin' in Woodbury – UPDATE #1”

  2. Irvinebear

    He’s had to pay roughly $64K in mortgage payments for those 16 months, so he’s actually in the hole $50K+.

  3. Neil

    Question,
    Does anyone have a good series of links to the various Irvine/OC condo, townhouse, and home projects? I have a friend I’ll be helping buy down there (in 2008 or 2009, so don’t panic) and it would be good to do some research ahead of time.

    Thanks,
    Neil

  4. Irvinebear

    Zovall,

    Can you do a story on the Marquee Towers at Park Place on Michelson? I noticed there are 59(!) listings for these on Ziprealty. I wonder what percentage of the initial sales were from flippers. I’m sure they bought with assurance that these condos are selling like hotcakes (yeah, from other flippers), and demand is high. And now many are languishing on the market for months. Some have dropped their price by hundreds of thousands, one even about 700K. And they are not selling. These flippers have to fork out thousands every month, plus the HOA of $1100. That must be painful.

    Thanks,
    Irvinebear

  9. Neil

    Mah,

    Overpriced? Yes.

    But its a lot more than most apartments (1824 ft^2). Although, its interesting its only a two bedroom.

    I followed Reggie’s link and see that
    53 Concierto is also for sale. I see that plan is smaller but has one more bedroom. Hmmmm…
    As is 122 Chantilly.

    Got popcorn?
    Neil

  10. Rick

    Quickly, My co-worker is in escrow with a condo in La Palma. I’ve been reading all these blogs and understand what the market is going to do, but she doesnt and I just found out what she and her family are about to do. I think they close in like 2 weeks. The address is

    8586 Santa Margarita Lane
    La Palma, CA 90623

    I think they’re buying for $455K for this dinky 1200+ sq ft condo. She says it’s a nice area but NO WAY! I tried to persuade her but it’s a first home and the heart is where it is. Plus, I guessed that her Realtor was also representing the buyer. I WAS RIGHT!

    Can any of you get more info on this area? I’m trying to talk her out of it. If not, I’m trying to get her to lower the price. Her realtor is givin her the same crap speech about they have other bids. WHAT A BUNCH OF CROCK!

    HELLLLLLPPPP!!!!!!

    Thanks GUYS!

  13. Bubble Follower

    61 Concierto – Pending sale – Price shows $769,900

    I would be curious to see the mortgage amounts on this sale. If there was a large down payment than probably a very legitimate sale.

    If little or now down payment the question of cash back to buyer might be a question

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