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Old 06-18-2013, 06:43 PM
 
11,715 posts, read 40,455,391 times
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Quote:
Originally Posted by Charles View Post
My colleague at work just bought this house and he moved in yesterday and today. Costa Mesa, below average schools, $470/sqft, built in 1957, 1200 sqft, $550,000

881 SENATE St, Costa Mesa, CA 92627 | MLS# NP13053970 | Redfin

What's mind boggling (and it might be unusual data and not what it seems) is that same home sold for $325K exactly six months ago.
Pretty crappy neighborhood too. No bueno, amigo.
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Old 06-18-2013, 06:57 PM
 
Location: Las Flores, Orange County, CA
26,329 posts, read 93,771,454 times
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Quote:
Originally Posted by EscapeCalifornia View Post
Pretty crappy neighborhood too. No bueno, amigo.
I asked him about the schools (he has a two year old) and he says he will send his kid to the Huntington Beach schools (which look quite a bit better). I wonder if he can do that. Maybe there is open enrollment across districts.

Also, oddly, he said the reason he didn't buy in HB is because it is more prone to flooding.
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Old 06-18-2013, 07:08 PM
 
Location: LA/OC
1,083 posts, read 2,170,652 times
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Quote:
Originally Posted by russlancea View Post
russzombia here. My goodness, so tired...finally moving into the house we just bought and I'm pooped. Not to gloat, but my husband and I, I guess, are one of the few traditional buyers out there.

We don't quite fit your description, escape, but kinda. Half mil house with 20% down, good credit, employment and reserve money (for now!). But we've been saving for a loooong time. Been looking at buying since the housing boom, then hit dirt cheap rent which allowed us to save more towards savings.

We've been fortunate, but I say this (yes, not to gloat), but to encourage the buyers out there. There's competition, but be patient, keep at it, don't compromise, have a good agent and loan broker and you can find one.

It's not just me, though. My friends who probably don't have 20% down ended up getting a house by shear luck. They're getting their house worked on right now also and will move in around the same time as me.

Of course, my sister said her friends are trying to buy a house in Lakewood and there's no inventory. I say "don't give up".
Thanks! This is good info. There's a misconception that only cash buyers are getting offers through and that's simply not the case. It's definitely a tough market for buyers, but patience prevails.

Quote:
Originally Posted by Charles View Post
My colleague at work just bought this house and he moved in yesterday and today. Costa Mesa, below average schools, $470/sqft, built in 1957, 1200 sqft, $550,000

881 SENATE St, Costa Mesa, CA 92627 | MLS# NP13053970 | Redfin

What's mind boggling (and it might be unusual data and not what it seems) is that same home sold for $325K exactly six months ago.
This house did sell for $325K back in August of 2012. It wasn't recorded until December of 2012 and the Lis Pendens was released in Jan '13. An investor took advantage of the situation and flipped it. They did a pretty thorough job with the flip, but $555K does seem kind of high. To russlancea's point, this was an FHA purchase--likely with much less than 20% down.
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Old 06-18-2013, 07:44 PM
 
11,715 posts, read 40,455,391 times
Reputation: 7586
Quote:
Originally Posted by Charles View Post
I asked him about the schools (he has a two year old) and he says he will send his kid to the Huntington Beach schools (which look quite a bit better). I wonder if he can do that. Maybe there is open enrollment across districts.

Also, oddly, he said the reason he didn't buy in HB is because it is more prone to flooding.
I'm not sure about the transfer between districts. He might be planning to do what people in Westminster and Santa Ana do to get into my old elementary school in Fountain Valley: They use a relative's address in the district.

As far as flooding, I'm not aware of Huntington Beach being particularly prone to flooding except in a few areas. I think flood insurance is still required along Wintersburg Channel and probably a near some other flood control channels or in low-lying areas. The big flood hazard would be if Prado Dam failed but much more than Huntington Beach would be under water if that happened.
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Old 06-18-2013, 07:46 PM
 
5,381 posts, read 8,688,440 times
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The flippers are definitely out there. This plainer-than-plain house in Aliso Viejo just sold for $610,000 on April 19, 2013 and now it's in contract for $865,000. Apparently, it was snatched up after it had been listed for only one day.

47 SILKWOOD, Aliso Viejo, CA 92656 | MLS# OC13115613 | Redfin

It will all come crashing down.
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Old 06-18-2013, 07:50 PM
 
11,715 posts, read 40,455,391 times
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I guess I should have married into money.
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Old 06-18-2013, 08:20 PM
 
Location: Las Flores, Orange County, CA
26,329 posts, read 93,771,454 times
Reputation: 17831
Quote:
Originally Posted by EscapeCalifornia View Post
I'm not sure about the transfer between districts. He might be planning to do what people in Westminster and Santa Ana do to get into my old elementary school in Fountain Valley: They use a relative's address in the district.

As far as flooding, I'm not aware of Huntington Beach being particularly prone to flooding except in a few areas. I think flood insurance is still required along Wintersburg Channel and probably a near some other flood control channels or in low-lying areas. The big flood hazard would be if Prado Dam failed but much more than Huntington Beach would be under water if that happened.
I was a little surprised too. He's from Quebec and his wife is from Lebanon. Maybe he doesn't know the region though he does own a townhouse in CM as a rental.

I'm itching to ask him if he knows if the house he just bought sold for $325K six months ago. I don't think I have the heart - besides, he is my mentor right now on my new job.
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Old 06-18-2013, 08:50 PM
 
5,381 posts, read 8,688,440 times
Reputation: 4550
It's not only the SFR's, but townhouses are also going for a premium. This 2000 sq. ft./4bd /2.25 bth detached condo in Aliso is in contract for $629,000:

43 WELLINGTON Pl, Aliso Viejo, CA 92656 | MLS# OC13096744 | Redfin

Last edited by pacific2; 06-18-2013 at 09:01 PM..
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Old 06-18-2013, 09:19 PM
 
Location: Vancouver, WA
8,214 posts, read 16,703,091 times
Reputation: 9463
Quote:
Originally Posted by Charles View Post
I was a little surprised too. He's from Quebec and his wife is from Lebanon. Maybe he doesn't know the region though he does own a townhouse in CM as a rental.

I'm itching to ask him if he knows if the house he just bought sold for $325K six months ago. I don't think I have the heart - besides, he is my mentor right now on my new job.
Hey, Charles! Yeah, crazy prices right now. The flippers are cashing in big time. For your associate ignorance is probably bliss... or at least until he looks at the public record.

So did you change companies or just hats? I'm still with NG up here and changed hats several times.

Derek
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Old 06-19-2013, 12:30 AM
 
823 posts, read 1,785,316 times
Reputation: 453
Quote:
Originally Posted by Charles View Post
My colleague at work just bought this house and he moved in yesterday and today. Costa Mesa, below average schools, $470/sqft, built in 1957, 1200 sqft, $550,000

881 SENATE St, Costa Mesa, CA 92627 | MLS# NP13053970 | Redfin

What's mind boggling (and it might be unusual data and not what it seems) is that same home sold for $325K exactly six months ago.

That's just crazy. Way overpriced for a small home
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