Tustin Village Townhomes: First-Time Buyers’ Dream?

Tustin Village is centrally located just west of the 55 freeway and just south of the 5 freeway. The complex has two and three bedroom townhomes with two community pools, club house, and parks. The two bedrooms are popular with 1,080 sq ft and 1.5 baths. Like most townhomes, the bedrooms are upstairs. There are currently eight of these two bedroom models on the market. They vary in price from $149,000 to $195,000 ($149,000, $162,000, $169,900, $169,900, $170,000, $179,500, $180,000, $195,000).

Nearly all of the listings advertise these properties as “Perfect townhouse for first time buyers” or “Great investment property or First time buyer.” And what’s this “code” for? Not the nicest area and not the nicest complex, but, hey, good for you if you don’t plan on being there long or you plan on renting it out. Regardless, these units do offer families alternatives to the single families home and the ability to own their own place.

There have been several recent sales for this two-bedroom model. The overall trend follows the OC real estate market, prices continuing to fall. Makes you wonder what the sellers with their townhome listed at $195,000 is thinking. These places should be selling for $150,000 (or below) in July.

Sold Stats:

15500 Tustin Village Way #40, Tustin 92780; Sold for $140,636 on June 16, 2008

15500 Tustin Village Way #7 , Tustin 92780; Sold for $166,500 on June 13, 2008

15500 Tustin Village Way #65, Tustin 92780; Sold for $175,111 on May 29, 2008

15500 Tustin Village Way #19, Tustin 92780; Sold for $299,000 on May 9, 2008

15500 Tustin Village Way #13, Tustin 92780; Sold for $300,000 on April 29, 2008

15500 Tustin Village Way #17, Tustin 92780; Sold for $274,287 on April 18, 2008