foreclosures in Woodbury

I was amazed when I first heard of the amount of foreclosures in the Woodbury community. It seems like many people purchased their homes but could not really afford the payments. Well from what it looks like that many of these people were investors that just decided to walk away from their homes. However you look at in Woodbury is still the best community in Irvine, and lots of people are moving over here. Check out http://www.woodburycommunity.com to see some of the homes in the area. The website is still being updated and we are in the process of adding new agents. Also check out this article about the Garland homes in Irvine

Garland Park - Feelin’ the squeeze in Woodbury
November 26th, 2006 by zovall

Garland Park is a tract built from 2004-2006 by William Lyon Homes in the village of Woodbury. These condos have a bit more privacy than the other William Lyon condos at Lombard Court. There are four models ranging from 1,355 - 1,971 sq ft:

Residence 1: 1,355 sq ft - 2bd/2.5ba
Residence 2: 1,737 sq ft - 3bd/2.5ba
Residence 3: 1,878 sq ft - 3bd/3ba
Residence 4: 1,971 sq ft - 3bd/2.5ba


In Garland Park, there are currently SIX plan 1’s listed for sale in MLS. 4 of them are listed by flippers:

Address: 199 Wild Lilac, Irvine, CA 92620 (Woodbury)
MLS: S463131 DOM: 39
Price Reduced: 11/24/06 — $579,900 to $565,000
Price Reduced: 11/25/06 — $565,000 to $554,900
Current Price: $554,900

Address: 126 Chantilly, Irvine, CA 92620 (Woodbury)
MLS: S464403 DOM: 28
Current Price: $559,000

Address: 124 Chantilly, Irvine, CA 92620 (Woodbury)
MLS: S464852 DOM: 30
Current Price: $579,500

Address: 181 Groveland, Irvine, CA 92620 (Woodbury)
MLS: S444308 DOM: 172
Price Reduced: 07/17/06 — $604,900 to $589,900
Current Price: $589,900

Adding to this inventory is the builder who is trying to unload 2 more of the same plan:

Address: 188 Guinevere, Irvine, CA 92620 (Woodbury)
MLS: S464397 DOM: 28
Prior Listing: $580,990 - 41 DOM
Current Price: $574,990

Address: 180 Guinevere, Irvine, CA 92620 (Woodbury)
MLS: S464399 DOM: 28
Prior Listing: $619,990 - 27 DOM
Current Price: $599,990

It looks like the flippers for the most part are lowering prices ahead of the builder. But the scenario could quickly change into one similar to that at Avenue One.