Address: 21 Eden, Irvine, CA 92620 (Northwood)

Plan: 1915 sq ft – 3/2.5

MLS: S473170 DOM: 6

Sale History: 12/28/2005: $755,000

4/30/1999: $322,500

Current Price: $759,000

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Here we’ve got a Plan C SFR in the Park Paseo tract (builder?) in Northwood. Our seller purchased this home about a year ago (with 20%/151k down it seems) and is now relocating to Austin, TX. It’s refreshing to see they aren’t asking a ton more than what they bought it for. At a sales prices of $759k, they are facing a loss of about $41,000! Continue reading →

Address: 301 Rathbourne, Irvine, CA 92620 (Northwood)

Plan: 1481 sq ft – 3/2.5

MLS: S470313 DOM: 26

Sale History: 5/25/2005: $625,000

5/17/2001: $310,000

6/30/1998: $190,500

Price Reduced: 01/16/07 — $684,900 to $649,900

Current Price: $649,000

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This is the second flip that we’ve reported on in the Greystone Villas tract in Northwood. Built by Greystone Homes (now Lennar?), this home originally sold for $190,500 back in 1998. Our seller bought it for more than 3 times that price in May 2005 and it looks like they put $225,000 down. Continue reading →

Originally posted October 5, 2006

Address: 27 Maywood, Irvine, CA 92602 (Northpark)
Plan: 3250 sq ft – 5/3
MLS: P513737 DOM: 139
Sale History: 4/22/2005: $1,250,000
3/19/2001: $578,500
Price Reduced: 06/25/06 — $1,359,900 to $1,329,000
Price Reduced: 08/05/06 — $1,329,000 to $1,299,900
Current Price: $1,299,000

Here’s a Plan 2 in the Brentwood tract built by Warmington Homes in 2001. The flipper bought it in April 2005 and listed it in May 2006 hoping to make around $100,000. It looks like the flipper has loans totaling $1,200,000 on his $1,250,000 purchase! If sold at the current asking price and factoring in 6% in selling costs, he is facing a loss of about $29,000. I just noticed the property is listed as vacant so once you account for carrying costs, the pain is even greater!

UPDATE #1 – January 30, 2007

First of all, I want to mention that this flip was first uncovered by OC Fliptrack. I can’t believe I didn’t realize that when I featured this flip here in October (especially given that I commented on the original thread at OC Fliptrack!). All I can say is that I apologize and that it wasn’t done intentionally. Are we still cool OC Fliptrack?

Now to the update. This home finally closed escrow on January 25, 2007 (241 DOM) at a price of $1,175,000. Assuming 6% in selling costs, the seller probably lost around $145,000! And that does NOT include the carrying costs for having a vacant $1.25mil place for 8 months.

Comments have been purged and reopened. Play nice this time! 🙂