Address: 86 Chula Vista, Irvine, CA 92603 (Northpark)
Plan: 1455 sq ft – 2/2.5
MLS: S464760 DOM: 42 (+32 Before)
Sale History: 06/08/2005: $590,000
Current Price: $619,000
Today’s featured flip is a Plan 1? in the Monterey tract in Northpark. Anyone know the builder? Not too much to say on this one yet other than they sure picked the wrong time of the year to list their home (originally listed on 10/1/2006 MLS#: S460712). This one will sit for a while considering a Plan 2 in the same tract with 3 bedrooms can be had for $20k more.
Assuming 6% in selling costs, these guys are facing a loss of at least $8,000. Some of you may have noticed a theme here… people LOSE money in real estate too!
What a joke. This POS is worth $275,000 max.
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If you look at the homes for sale in Irvine that are listed on ziprealty you can see more and more people that are most likely in trouble. They are listing at a slow time of year and you can see from their estimated “taxes”(irvine tax rate 1.25%) that if they sell at their asking price they will be getting out without loosing money….barely. My bet is a lot of these “home owners” are going to end up walking away and letting the banks deal with the mess.
I am in agreement that Condos should be between $200 and $250 per square foot in a year or two. I believe that Condos were selling for around $150 sq foot in 2001 when the upward spiral began.
As an example take a look at:
266 CORAL ROSE, Irvine, CA 92603**
The realtor is claiming that the sellers are very motivated……reduced the price by $10,000. Well from the it looks like they paid about $522,000 for this place. If they get thier asking price of $615,000 then they will make about $50,000. My bet is that these folks aren’t really motivated yet !!!
I am not familiar with Northpark. Are there Mello-Roos fees in addition to regular property taxes? I wonder if there are association dues and community fees. It would be interesting on these Irvine listings to see what the total monthly cost of all these “fees” are above and beyond regular property taxes.
NanoWest,
fyi.. 266 Coral Rose was purchased for $380,500 on 12/9/2003. It’s been listed since 3/31/2006 (257 CDOM) and the original listing price was $645,000. They’ve got a lot of room to reduce the price if they are really motivated!
William E. Jones,
The Mello Roos are collected with property taxes and so all that info is at the Orange County Tax Collector page:
http://tax.ocgov.com/tcweb/search_page.asp
For 86 Chula Vista, it looks like there’s about an additional $1500 a year in Mello Roos/Special Assessments. Woodbury and Portola Springs would have the most ridiculous ones I’d imagine.
Garden Grove new homebuyers lose $140K
http://tinyurl.com/ut8ps
I am not familiar with Northpark. Are there Mello-Roos fees in addition to regular property taxes? I wonder if there are association dues and community fees. It would be interesting on these Irvine listings to see what the total monthly cost of all these “fees” are above and beyond regular property taxes.
Yes in Northpark you have tax and Mello Roos I believe at 1.8%. I know someone in there paying $14K a year in tax on their $1Mil+ home. They also have homeowners but I don’t know the details. Bottom line I’ve seen even with some condos, plan on $1,000 a month just in fees.
Zoval,
I guess the tax rate is closer to 1.8 %
# Details Status DOS Street City ST Zip Filing Date Auction Date DC Defendant Zestimate™
1 Details Active 8 Blackbird Irvine CA 92618 11-22-2006 12-21-2006 NOT … $837,003
This house is in Oakcreek and has an auction date of 12/21. The reisdents are my friend’s neighbors. I’m curious as to what is going on. They are original owners paying around 400k. They put up their Christmas decorations and haven’t said a thing to my friend about losing their home. Maybe this is a mistake on Foreclosure.com Any information would be helpful.
Just a month ago, at the same corner of that house, there are 4 houses for sale and just next to it, there are additional two for sale, now there are only two for sale and one of them is new.
no ‘Sold’ sign ever came out on those five houses.
I bet next year they will try again.
Monterey has low Mello-Roos fees, I think is 0.4%, at 2001, condo usually carry out 0.4% and SFH requires 0.8%. Northpark has two assoc fees to pay, it usually 25% higher than other communities’.
This couple of months NP held very well compares to other communities, especially the high-end (above 1.5 M), the middle range (900K – 1.2M) price is a little soft and more bargain, but the low-end’s asking prices still too high. A lot of low-end houses have been taken out and just a very little of them got sold. I think NP will be seriously tested next year.
Here’s a good reference for Irvine communities and builders:
http://www.irvinevillages.com/northpark.htm
Monterey was built by Beazer Homes.
I looked at Terra Bella @ NorthPark back in 1999, but opted to invest in Oak Park @ Oak Creek instead. Terra Bella was larger and more luxerious, but also cost more in purchase price and HOA. As a rental, I didn’t think it’d generate that much more income than Oak Park, which is next door to IVCC and close to UC Irvine.
IMO North Park looks great but was over-priced in late 90’s, and likely still over-priced today. If you want to save on HOA and mello roose, go shop at West Park instead.
Hey Zovall, I think I have one for you. Not Irvine though. Check out 2681 Point Del Mar, Corona Del Mar. From what I can tell, the buyer bought the house in July 05 for $1.57 million. Trying to sell it for several months, price now down to $1.499 million.
Have you guys seen the “why buy now?” from the irvine ranch (courtesy of IC)? They argue that there is no bubble and is still a great time to buy. Just look at the link. I kid you not!
http://www.irvineranch.com/whybuynow/