3165 Sicily Avenue Sold
If you have been searching for a home lately, you were probably tired of seeing this picture to the left over the last year? Me too! I look through a lot of listings every day, and believe me, I am a fan of the Kennedy family but I was more that a little tired at seeing Jackie O’s photo pop up as the first one for this property at 3165 Sicily!
I proudly represented my clients on the purchase of this Costa Mesa short sale a few months ago. Not familiar with what a short sale is? Check out our growing dictionary on a past post. Short sales in Costa Mesa comprise a little more than 30% of the market currently. This is much better than it has been; at one point about 18 months ago, nearly half of our inventory were short sales in Costa Mesa.
This sale was much like how many of the Costa Mesa short sales go – it took a long time. My clients had watched the listing when it first went on the market at a price of $499,000, which at the time seemed like an exceptionally low price. But as short sales go, the banks can take a very long time to deal with the investors who own pieces of the mortgage on a home, and cannot provide a quick answer to an offer. My clients got into the mix about 300 or so days after the home was listed originally. They offered $470,000 after two other parties had dropped out unable to wait out the bank’s answer to their offers. My client’s offer was accepted, so they were incredibly happy after looking for just the right Costa Mesa home for about 6 months.
They got a stellar deal- this home has an addition that provides a second living space which gives the home about 1600 square feet. It has 3 beds and 3 baths, and a very comfortable floor plan in the Mesa Verde Island Streets. This was a great buy in Mesa Verde- this home would probably be worth more like $550,000 now – this was nearly the lowest sale price of the year in the tract.
If you are interested in buying a short sale, it takes great patience. But it can be done, and in all likelihood you will get a better deal on a Costa Mesa short sale than any other type of home, including a bank-owned property. Do you need help? Call Colin Delaney at 714-743-9882 or send me an email at email me and I would be happy to speak to you about all the ins and outs of a short sale
Here’s a quick look at other homes for sale now in the Mesa Verde neighborhood:
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