What $400,000 buys you in Orange County (Newport Beach: for sale, real estate, apartments)

[johnmanners]

1317 W Palmyra Pl, Orange, CA 92868 - Home For Sale and Real Estate Listing - realtor.com®

1178 sqft, it looks like the place was inhabited by a group of homeless gypsies It was built in 1922 so it's close to 100 years old, perhaps it is a historical monument?



It would be interesting to see how many overbids this property gets! It says close to an "award winning" school but when you click on the Schools tab they are all abysmally rated...I wonder what "awards" these schools got...perhaps awards in delinquency?

Asking price: $399,000.... do I hear $410,000? how about $415,000 anyone???

[kwong7]

Gee wiz, $400K would have bought you a whole lot more two years ago...and a whole lot more 15 years ago. My wife and I bought our first house in March of 2012. We bought the cheapest house in all of Newport Beach as a short sale and we're dumbfounded by the recent comps and zillow values; we definitely wouldn't pay today's asking price. I don't think we're in a bubble per se, but folks are seriously getting priced out...I don't like it one bit.

[JohnG72]

Originally Posted by kwong7

Gee wiz, $400K would have bought you a whole lot more two years ago...and a whole lot more 15 years ago. My wife and I bought our first house in March of 2012. We bought the cheapest house in all of Newport Beach as a short sale and we're dumbfounded by the recent comps and zillow values; we definitely wouldn't pay today's asking price. I don't think we're in a bubble per se, but folks are seriously getting priced out...I don't like it one bit.

Really?

How do you couch YOY double digit percentage price increases?

[Coldjensens]

Originally Posted by johnmanners

1317 W Palmyra Pl, Orange, CA 92868 - Home For Sale and Real Estate Listing - realtor.com®

1178 sqft, it looks like the place was inhabited by a group of homeless gypsies It was built in 1922 so it's close to 100 years old, perhaps it is a historical monument?



It would be interesting to see how many overbids this property gets! It says close to an "award winning" school but when you click on the Schools tab they are all abysmally rated...I wonder what "awards" these schools got...perhaps awards in delinquency?

Asking price: $399,000.... do I hear $410,000? how about $415,000 anyone???

Palmyra Elementary is supposed to be a decent school. It did get some awards for something. However they may be referring to private schools. I could not get the link to work to see how close it is to old town, but in walking distances, there is a premium. I do not remember Palmyra place, but I assume it is off Palmyra east of Glassell. I lived at the corner of Parker and Palmyra for five years, and do not remember a Palmyra place on that side of town plus the west side is mostly newer. Most historical homes in Orange near old town are well maintained and restored. Some have been disgustingly "updated' with the updates now out of date, but most have retained their historical character. Old town orange is perhaps the coolest place to live in OC and people have started realizing that in the past ten or so years, so it is getting pricy. Go a mile further out away from old town and it usually gets cheaper.

Funny by comparison though. Our Michigan home is 3900 s.f. on big water (Detroit River in the front yard), an acre of land and surrounded entirely by woods on three sides with the river in front. Safer, quieter and better schools than Orange. There is actually about 5000 s.f. of living space (some of it does not count). Last appraisal was $350,000. (probably back up to about $420,000 by now). You pay a lot for perfect weather and a more diverse economy.

[DewDropInn]

My guess is someone inherited it. They live there for the taxes. Stick a big number on it and sit back and wait for someone to come along. That's very typical with older houses in OC. Before the crash it would have gone for a lot more.

It's a fairly typical look for an older house in that area. Fake windmill, plants, 70's plant stands, (probably bought at a swap meet) clay pots made in school. Probably the original garage that was added on to/built over. There is a $400 sago palm in the photo. Make sure they leave it when you move in. And the dinette set. Absolutely collectible. Cost you a fortune at an antique store in the Orange Circle. Make sure they leave that too.

Someone sells for that price they'll be happy, happy, happy.

[Coldjensens]

Now the link worked. Apparently it has an permitted bedroom and bathroom addition. There is probably additional square footage they cannot include int he listing. Our house is that way. It has 6 bedrooms and 4 baths, but the listing can only include 4 bedrooms and three baths because the basement bedrooms and bath cannot be counted (despite they are fully permitted).

The garage is huge and appears to be set up for business use. It comes with a lift and a loft (office area?). There must be no yard at all. the lot is tiny and the house and garage footprint must eat up all or almost all of the yard. If they have a ten foot back yard, it would be amazing.

[Hickory patrick]

It's a Beaut Clark''

[Coldjensens]

Look at the place on google. The house is completely buried behind the giant garage. Access is in an alley and the location is terrible. It is just off main street and surrounded by mostly commercial buildings and apartments. It is near West Orange Elementary, not palmyra elementary - not a very good school or at least it wasn't when we looked at it (admittedly a lot of years ago). It is right in the hospital complex. Ambulances constantly, Main street traffic, not the safest location, no yard. no one in their right mind woudl raise kids there.

This is a place to market to a young Dr or nurse who will be working all the time and do not care their home is a giant garage with a tiny house hiding behind it. After all the pretty old St. Joes hospital is similarly hidden behind a big ugly addition. If you are a Dr. and want to walk to work, work long hours, just need a place to sleep, have no time to entertain, and collect cars this might be a decent place for you. There is no yard. This is a truly bizzarre place. That garage is ugly as sin and probably not permitted since they do not include the added living space and bedroom.

I take back earlier statements, This place is garbage in a terrible location and with no redeeming value I can see.

I suppose it could be rented out to about 30 people which is allowed under state law. Maybe you could put a couple of beds on a platform on the lift and a couple more under the lift in the garage.

[Coldjensens]

But - you can walk to the Chili Pepper. That is worth a $100,000 premium.

However that is lost to the fact that all the school drop off traffic will clog Bush street every morning and afternoon and you will not be able to get to the house by car. (not to mention the honking, yelling, and kids screaming every morning at 7 a.m.)

Aside form the cool lift in the garage, I am not sure you can find a worse house in Orange.

Edit: Oh it looks like the alley also comes out onto main street so you could get out during school as long as you are not trying to make a left turn out of the alley onto main - that would take forever and be dangerous. If the alley is one way, either in or out will be blocked by school traffic, not to mention, it is likely some of the parents use that alley to escape after dropping off their kids.

[Joe Van Fossen]

Is that a garage or a barn?