Monday, August 13, 2012

Irvine Housing Blog

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San Simeons of the Night Bloom

Posted: 13 Aug 2012 05:00 AM PDT

A detached condominium with compartmentalized living and dining spaces, and spacious kitchen, three bedrooms, and a two car garage- that is standard definition of a San Simeon. Today we will look at the San Simeon homes of Mericort. Even though it is classified as a ‘Northwood’ home, it is still on the other side of the Culver, and fall under Tustin School District schools with Irvine addresses (Hicks Canyon Elementary, Orchard Hills Middle School and Beckman High School).

67 Night Bloom, Irvine CA 92602

Listing Price: $559,000
Beds/ Bath: 3 Beds/ 2.5 Bath
Area: 1430 SF
Price/ SF: $391
Year Built: 2005
Community: Northwood
Style:  Two level, Tuscan
Builder Tract Name: Tamarisk
Builder Tract Code: TAMR (MLS listing says so, but I think it’s MERC Plan 1)
Previous Sale Price: $580,000 on Dec 13, 2005 (First owner)

Monthly expenses:

Mortgage at 3.625% 30 YR Fixed: $2,039
Home Owner’s Association Dues: $156
Property Tax (1.0595%): $5922 Annually
Mello Roos: $2452 Annually
Property tax+ Mello Roos Monthly: $698

Fixed Monthly Expenses: $2893

This property was foreclosed a month ago at $473,500. Here is a history of the past foreclosures in the neighborhood, with the foreclosure price and subsequent selling price.

54 Night Bloom (Identical Floor Plan)
Foreclosed on Feb 27, 2012 for $467,500
Sold on June 24,2012 for $536,000
Previous Sale: $571,500 on November 23, 2005

57 Night Bloom
Foreclosed on Mar 17, 2010 for $527,000
Sold on July 06, 2010 for $608,000
Previous Sale: $648,000 on Dec 5, 2005

72 Night Bloom
Foreclosed on October 28, 2011 for $552,125
Sold on May 25, 2011 for $545,000
Previous Sale: $677,500 on Dec 16, 2005

Here is the standard sale of 2012:

14 Night Bloom
Sold on July 03, 2012 for $560,000
Previous Sale: $691,000 on April 21, 2006

Here is the same floor plan for lease:

59 Night Bloom
Monthly Rent: $2700 (List Price)

3 Night Bloom
Monthly Rent: $2850 (List Price)

What do you think?
Would you be willing to pay $23,000 more than the identical/ comparable sale for the upgrades? 
Would you rather do the cosmetic enhancements yourself than pay someone for doing the job before the sale?
Do staged homes appeal better than the empty homes?


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