New Listing - Coronado Plan 3 in Woodbury East (43 Splendor)

usctrojancpa

usctrojancpa

Well-known member
Based upon the great result from the sale of 39 Splendor, I was contacted by the Seller of 43 Splendor to list their home.  I just listed it (a Coronado Plan 3 detached condo in Woodbury East) on MLS earlier today.  The home is situated across the way from the local park and has 3 bedrooms with an downstairs office/den and 2.5 full bathrooms along with 2,000sf of living space.  This floor plan is very similar to Sage's Plan 3 over in Portola Springs. The home is priced very aggressively at $750,000 for a fast sale.  I'm expecting multiple offers as the same floor plan with closed at $800k (93 Splendor).  The seller will review all offers next Monday.  PM me or email (mmania001@yahoo.com) if you are interested in seeing the home.

I'll also have an open house this weekend on both Saturday and Sunday (Aug 1st & 2nd) at 1-4pm.

Pictures and the virtual tour are in the link below:

www.43Splendor.com

Here is the Redfin link:
https://www.redfin.com/CA/Irvine/43-Splendor-92618/home/28932551

As always, I'll have treats for the TI folks who drop by and say hello.  ;)
 
How many umbrellas do they need for the backyard?
Is that a curtain used as a divider to the piano room? (Interesting)

Good price point.
 
We should make it interesting see who can guess the final selling price.

I go first.  $798,888.
 
Martin's pricing strategy reminds me of my own back when I used to sell a lot on eBay. I'd start all my auctions at $0.99 with really good pictures, descriptions, keywords, etc. and they'd close for let's say $249 while the buy-it-now for the same item that started at $199.99 would end without ever selling..

Buyers are almost always able and willing to stretch their budget for something they fall in love with and it's hard to get buyers to fall in love with your listing unless they look at it/come in see it and many buyers only pay attention to the aggressively priced listings because they don't like lowballing and getting turned down over and over again.
 
I spoke to the sellers and provided them 3 different pricing strategies and they opted for the one that would generate the most offers in the shortest amount time (they don't want to be constantly showing the home for weeks and weeks).  There are pros and cons that I outlined to them with each of the 3 pricing strategies.  Obviously having multiple offers gives the seller/listing agent the upper hand in the negotiation process.
 
Maybe just me, but I feel market has softened, so going for the shortest listing time is probably wise :)
 
ps9 said:
Maybe just me, but I feel market has softened, so going for the shortest listing time is probably wise :)
Click to expand...

Yup, it softened considerably this month. If you read the news you wouldn't know it since they tend to report on historical numbers. I look at % of competitively priced listings that go pending within 2-4 weeks.
 
I think it depends on the product you are selling.

Irvine SFRs in the $700k-$850k range seem to still be high in demand.
 
The seller accepted the buyer's best and final counter and we'll be opening up escrow on Monday.  MLS status has changed to "back-up offer" status.
 
Loan has funded and we are set for recording.  The home will close for $770,000.  For full disclosure, I represented both the buyer (who I met at the open house) and the seller.  Congrats to both!
 
USCTrojanCPA said:
Loan has funded and we are set for recording.  The home will close for $770,000.  For full disclosure, I represented both the buyer (who I met at the open house) and the seller.  Congrats to both!
Click to expand...

Just curious how a dual agent works in a multiple bid situation?  Since you know the highest bid, and you know your buying client wants the property, do you just say, bid $1k over X and you will get the property?  I'm just curious how you can remain honest to both buyer and seller?
 
woodburyowner said:
USCTrojanCPA said:
Loan has funded and we are set for recording.  The home will close for $770,000.  For full disclosure, I represented both the buyer (who I met at the open house) and the seller.  Congrats to both!
Click to expand...

Just curious how a dual agent works in a multiple bid situation?  Since you know the highest bid, and you know your buying client wants the property, do you just say, bid $1k over X and you will get the property?  I'm just curious how you can remain honest to both buyer and seller?
Click to expand...

That's a great question.  What I typically do when there are multiple offers and I'm representing a buyer, I send over comps to the buyers and tell them to bid their highest and best offer.  I can not and do not tell my buyer..."he bid $x + $1k to get the house."  However, if the seller instructs me to show them the highest offer/counter and tells me to tell my buyer that if they are willing to match or beat then I will go ahead and follow the seller's instructions. 

In the situation where there is only one buyer and I'm representing them on my listing, I tell the buyers to submit their highest and best offer (using the comps that I've sent them...I provide the same comps to the sellers).  I will separate myself from advising either the buyer or the seller on price and counters as I do not want to reveal any information that would give one party the advantage over the other one (I don't always know the bottom line for either side but perception is everything).  However, if each side is stuck and there is a small gap in price (let's say 1%) I will assist in trying to get the deal done even it involves reducing my commission. 
 
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