Address: 25 Golden Eagle, Irvine, CA 92603 (Shady Canyon)
Plan: ?? sq ft – 4/4.5
MLS: S452978 DOM: 62
Sale History: 1/6/2006: $4,030,000
Price Reduced: 09/28/06 — $4,480,000 to $4,280,000
Current Price: $4,280,000

For those that might not know, Shady Canyon is one the most prestigious and exclusive communities in Orange County. This village in Irvine consists mostly of custom homes although there are a few ‘tract’ homes as well. Prices currently range from $3,495,000 – $17,900,000.

While scouring MLS looking for flips, I came across 25 Golden Eagle. You’ll want to look it up in ZipRealty to check out the rest of the pictures. A gorgeous home in a beautiful setting but you need mucho dinero to play in this part of Irvine.

This home was custom built in 2003 and it appears the original owner listed the home in November 2005 and sold it in January 2006. The new owner is a RE broker and put the home back on the market in August 2006 looking to make $450,000. The price was lowered a couple weeks ago reducing the potential profit to about $250,000. The broker is offering 3% for someone to bring a buyer and that will decrease his profit to about $122,000. I’ve been unable to find any loan information so if someone else is able to dig that up, please post. Imagine what the carrying costs on something like this would be. This one may take a while to sell but I’ll keep checking.

UPDATE #1 – November 16, 2006

This listing fell off the market on November 2nd. If it gets relisted I’ll update the post. In the meanwhile, check out another $4+ Million Flip at OC Renter’s blog.

UPDATE #2 – December 15, 2006

And now it’s BACK on the market at a price of $4,295,000. It’s also now listed with Uber realtor John McMonigle. I’d bump up the selling costs to be about 6% now which would give the seller a profit of about $7,000. Nice 😉

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!

Address: 304 Quail Ridge, Irvine, CA 92603 (Quail Hill)

Plan: 1656 sq ft – 2/2

MLS: P550005 DOM: 14

Sale History: 06/21/2006: $640,000

Current Price: $649,000

Here’s another flip in the Ambridge tract built by William Lyon Homes in the village of Quail Hill. Our flipper purchased this Plan 3 condo from the Builder less than six months ago. When the Builder starts placing homes on MLS, you know things aren’t looking good.

All in all, it seems like a decent home BUT I think the pricing is high for a 2bd here. Also, I wish all plans like this came with an extra half bath. With 1656 sq ft, there’s no reason they can’t have an additional half bath considering there are some plans with as little as 1030 sq ft that have 2.5 baths.

If sold at the current asking price (and assuming 6% in selling costs), our flipper is looking at a loss of about $30,000!

Address: 412 N Quail Ridge, Irvine, CA 92603 (Quail Hill)

Plan: 1098 sq ft – 2/2

MLS: S467679 DOM: 10

Sale History: 03/22/2005: $560,000

Current Price: $495,000-$500,000

I received a tip about this property from one of our readers (Much appreciated!). I believe this is a Plan 1 in the Ambridge tract built by William Lyon Homes in the village of Quail Hill. Our seller purchased this home about 20 months ago with 100% financing ($448k 1st, $112k 2nd) for $560k. I also see that they may have replaced their 2nd with another loan or HELOC in the amount of $199,500. Irregardless (anyone watch American Dad last night?), this seller is in for a hell of a loss.

The current asking price is a range of $495,000-$500,000. If sold at $495,000 and assuming 4% in selling costs, the loss here will be almost $85,000! Why am I assuming only 4% in selling costs? Well it looks like the seller listed the property with a flat fee listing service (click on the MLS number above to see the Realtor.com page). When I first saw this listing, I didn’t understand why there was no description in Ziprealty or MLS (as well as only 1 picture). Now, it sort of makes sense.

Does anyone with a RealtyTrac subscription know if this home is in preforeclosure? It’d also be interesting to know if the new 2nd loan was a HELOC or not. I just can’t imagine how someone who purchased with 100% financing would be able to cough up 85 large to get rid of a property.