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Short Sale History in Irvine
Short sales are all around us. Most likely there is someone in your neighborhood who sold their home within the past two years by completing a short payoff with their lender(s). So how are things looking when it comes to short sales in Irvine?
From October 1, 2010 through today, there were 9 homes that closed escrow within the price range of $400,000 and $600,000 which were labeled as short sales in the city of Irvine, according to the SoCal MLS.
Of these 9 homes, only 2 were single family homes. One was located in Northwood; the other in Colony neighborhood off Walnut. The rest were condos/townhomes - one in El Camino Real, one in Northpark, one in Northwood, one in Turtle Ridge, 2 in Woodbury, and one in West Irvine.
These were either 2 or 3 bedroom homes, all with 2-car garages. Average square footage was 1,483 sq ft; average price per square foot was $324.74; and average days on market was 124 days.
Here's the interesting part: the average final sales price was 94.17% of the original list price. That means that for a home that was originally listed for $550,000, it eventually sold for almost $518,000.
Now, that ... more

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