Tustin: The Tale of Two Brooks

The tale of two brooks, but they both tell one amazing story.  Each house on the “brook” streets not only sold, but sold for a profit and not much less than asking.   Both brook homes were good size (4+ bedrooms and 2,300+ sq ft) and in nice neighborhoods… major pluses.  Both seemed to be well maintained, have attractive floorplans, and were built in the mid-to-late 1960s.  Shadybrook was the typical success story of the rare success stories in this market.  The owners bought nearly 10 years ago and hung on to their property (the buy and hold strategy).  The result?  A nice 96% return on their investment.  Saybrook, on the other hand, looks to have a little more of a tumultuous past.  However, the success story here seems to be on the side of the bank, who sold the home for more than the foreclosed mortgage (23% more).

14311 Shadybrook Dr, Tustin 92780

5 bed/2 bath house; 2,329 sq ft; built in 1968

Listing/Price History:

Listed for $649,900

Reduced to  $599,000 on Mar 3, 2008

Taken off the market

Put back on the market for $599,000 on May 6, 2008

Sold for $559,000 on Sep 3, 2008 (7% below asking)

Last sale on Sep 17, 1999 for $285,000.  96% return on investment.

1731 Saybrook Ln, Tustin 92780

4 bed/3 bath house; 2,434 sq ft; built in 1965

Listing/Price History:

Listed for $587,000 on Aug 2, 2008

Sold for $587,000 on Sep 5, 2008

Likely REO.  Last sale Jun 19, 2008 for $478,000.  Sale prior for $575,000 on Jun 13, 2003.