Firemen patrolling the streets of Northwood ND on August 27th 2007.
Northwood ND Tornado aftermath. The small midwest town of Northwood ND was hit with an F-4 Tornado on August 26th 2007.
If you would like to help by donating food or financial assistance, go to HelpNorthwood.com for more info.
Jerry Reynolds Fargo ND Photography
Address: 50 Fillmore, Irvine, CA 92620 (Northwood)
Plan: 1538 sq ft - 3/2
MLS: S481925 DOM: 11
Sale History: 8/19/2005: $680,000
8/20/1993: $260,000
Current Price: $719,000
This Plan 1 home in the Courtside tract in the village of Northwood was purchased by investors in August 2005 for $680,000 with what looks to be about 50% down. Perhaps it was a 1031 exchange?
Anyways, it’s currently occupied by tenants and the description says ‘Taking Backup…. and Sold as is‘. The private remarks state ‘Some TLC needed‘. Just a few days on the market and they’ve already got an offer? That’s surprising.. Assuming 6% in selling costs, the investors will lose about $3k if they get their asking price. No big deal..
I only found a couple sales for this floorplan:
7 Buchanan sold for $670,000 on 1/26/2006
2 Shelby sold for $690,000 on 9/26/2006
2 Shelby closed not that long ago after sitting on the market for 123 days. After taking a look
Asking Price: $925,000
Purchase Price: $940,000
Purchase Date: 11/07/2005
Address: 4 Ticonderoga, Irvine, CA 92620
Beds: 5
Baths: 3
Sq. Ft.*: 3,029
Lot Sq. Ft.*: 5,300
Year Built: 1980
Stories: 2
Type: Single Family Residence
Neighborhood: Northwood
$/Sq. Ft.*: $305
MLS: P561270
Status: Active on market
On Redfin: 52 days
We have written a great deal about the coming foreclosure tsunami which will drive prices lower. This is just the beginning. This house is going to sell for less than its 2005 purchase price because the owner has to sell. Must-sell inventory lowers the comps in the entire neighborhood. Right now, these sales are more the exception than the rule, but the stress of mortgage resets has not hit the market yet, so more of these sales are coming.
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From Redfin: “SHORT SALE, PRE-FORECLOSURE, UNDERMARKET OPPORTUNITY. A bright home in desirable Northwood Village of Irvine. Walking distance to elementary & middle scho
Asking Price: $925,000
Purchase Price: $940,000
Purchase Date: 11/07/2005
Address: 4 Ticonderoga, Irvine, CA 92620
Beds: 5
Baths: 3
Sq. Ft.*: 3,029
Lot Sq. Ft.*: 5,300
Year Built: 1980
Stories: 2
Type: Single Family Residence
Neighborhood: Northwood
$/Sq. Ft.*: $305
MLS: P561270
Status: Active on market
On Redfin: 52 days
We have written a great deal about the coming foreclosure tsunami which will drive prices lower. This is just the beginning. This house is going to sell for less than its 2005 purchase price because the owner has to sell. Must-sell inventory lowers the comps in the entire neighborhood. Right now, these sales are more the exception than the rule, but the stress of mortgage resets has not hit the market yet, so more of these sales are coming.
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From Redfin: “SHORT SALE, PRE-FORECLOSURE, UNDERMARKET OPPORTUNITY. A bright home in desirable Northwood Village of Irvine. Walking distance to elementary & middle schoo
Address: 2 Bramblewood, Irvine, CA 92620 (Northwood Pointe)
Plan: 3000 sq ft - 4/4
MLS: S472587 DOM: 45
Sale History: 07/05/2006: $1,150,000
Current Price: $1,289,000
Just a quick glance at the numbers above will tell you that this flip isn’t a flop quite yet. The featured home is a Plan 3? in the Silverado tract built by California Pacific Homes in the village of Northwood Pointe. The sellers purchased this home on 7/5/2006 for $1,150,000. It was originally listed by the previous seller at $1,245,000 so it seems like the current owners tried to catch a falling knife last summer. Bad timing…
Looking at title information, I’ve found one loan for $920k (80%), so they may have put 20% down. It’s interesting how the home is priced HIGHER than it was when it didn’t sell last year. The description on MLS says “MOTIVATED SELLERS!!!”. If they are motivated, then why are they still hoping for a nice profit here? Assuming 6% in selling costs
Address: 7 Green Hollow, Irvine, CA 92620 (Northwood Pointe)
Plan: 3004 sq ft - 5bd/4ba
MLS: S470910 DOM: 51
Sale History: 7/28/2006: $1,230,000
6/6/1997: $337,000
Current Price: $1,249,900
Here we’ve got a plan 3 in the Bainbridge tract built by California Pacific Homes in Northwood Pointe. It was purchased at the peak(?) in the summer of 2006 for $1,230,000 and subsequently listed 5 months later at $1,249,900. Ummm… prices have gone DOWN in the last 5 months, not UP. But sure, I understand that no one wants to lose money. From what I can gather, it was purchased with 20% down and in December 2006 they refinanced the 80% and took out a 10% HELOC. There’s definitely some room to bring the price down on this depending upon how motivated the sellers are.
Is this is a greedy flip or a corporate relo? Who knows? But I do know that the pictures put up for this home on MLS are of horrible quality which is surprising since the agent is a pretty big producer in Irv
