Burn That Belly
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New Listing - Silverleaf Plan 3 detached condo @ Portola Springs (115 Excursion)
- Thread starter usctrojancpa
- Start date
Burn That Belly said:
Hmm I didn't know the IP Sales office had gone off the rails that much with their pricing. I was basing my metrics on this sale (yes before anyone says it I know that the address puts some serious ice water on any FCB bidding, but still). What'd we say a driveway was worth? 50k? So around $910k if we subtract out that driveway which my property didn't have:
https://www.redfin.com/CA/Irvine/144-Rotunda-92620/home/112726341
paperboyNC
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Burn That Belly said:
Negative on both. Redfin estimates only $840k for some reason
Burn That Belly
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paperboyNC said:
Don't buy into that Redfin estimate bs - look at my property and it still says $870k. What I care about is it says "last sold on 4/23/2018 for $905k"
Plus I think that algorithm is whack - remember that Manhattan West condo that accidentally was listed for $482 million - the Redfin estimate agreed at $481 million - nuff said...
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usctrojancpa
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paperboyNC said:
Should be no problem.
usctrojancpa
Well-known member
paperboyNC said:
Those Redfin estimates are as good as those Zillow estimates....not very good. There are plenty of $450/sf+ detached condo comps in PS. Depending on upgrades and location, your detached condo would probably sell for low-to-mid $900s and with multiple offers you could go above that.
irvinebullhousing
Well-known member
A couples of listing in Pavillion Park could use USCTrojancpa help. It?s been on the market for sometimes. The price seem to be in line with the recent comps but it?s been sitting. A quick search you will see what I am taliking about.
sgip
Well-known member
Very hard....
I have family out of state. They MUST sell their home. I tell them they can use a proven realtor in the area, and yes, the costs would be reduced but it won't be zero. Their response: "Oh, I know someone at church. They do this part time and well, since we're friends and they would do it for less... well, you know...."
It's one of those "ICEBERG DEAD AHEAD" moments you wish you could shout at this person, but they remain determined to steer the ship right into catastrophe. Live and learn.
My .02c
I have family out of state. They MUST sell their home. I tell them they can use a proven realtor in the area, and yes, the costs would be reduced but it won't be zero. Their response: "Oh, I know someone at church. They do this part time and well, since we're friends and they would do it for less... well, you know...."
It's one of those "ICEBERG DEAD AHEAD" moments you wish you could shout at this person, but they remain determined to steer the ship right into catastrophe. Live and learn.
My .02c
irvinebullhousing
Well-known member
Soylent Green Is People said:
That and the contract that when signed with the prospective agent most often bind the agreements of use the agent exclusively until the term ends which is when the house sold. There is many things to do when considering selling. Select the agent is one of the key, and of course not list the house with WTF price to begin with. I do see price sub 1.3 moving fairly fast.
I received a couple questions via PM about why we was so surprised about the selling price that I thought I'd address. Yes, some of you are correct in pointing out that the sales office is selling the base models around 880-890k based on exterior elevations and preplots. We know full well about that, considering I have been collecting every single phase release pricing sheet from Phase 1 until 15 in a binder. So the expectation would be 900k at least right? Not so fast - because we actually did a refi just 3 months before closing in Nov 2017 where the appraised value was $785k (yes, bet some people didn't expect that one). The lender was Bank of America by the way, not some no name lender using a fly-by-night appraiser so it carried a lot of weight on our minds. Also, we lucked out because our buyers were putting 50% down so the appraisals don't matter, but our first appraisal came in 850k, second one (due to buyer changing lenders halfway through) came in at 880k. You can see how if the 50% down buyer fell through, most of our backups were very close in price, but not all were putting down 50%. And had we taken an offer with about 20% down, there would be zero margin for under appraisal and we'd have to negotiate the selling price down closer to the appraised value - that'd be a loss of at least 20k on our part not to mention the ramifications of having to relist the property (I highly doubt we would get 900k+ in that scenario).
I was touched on this a bit with BTB on the forum, but the sales office pricing is what it is because they are who they are. The builders can always charge whatever they please, as long as they still move the homes (they can wait it out for months, years if they want). However, for us on the resale market, while appraisers will be somewhat swayed by the sales office, they still have a mind of their own as to what each particular property appraises at. So that's why we originally wanted to list at $800k not because we were oblivious to the sales office pricing, but more that we were afraid of the results were we to under-appraise. It actually happened twice in this case, but thanks to Martin's handling of the situation, the buyer did not come back. So let this be a little eye opener to those that are trying to benchmark their homes against the builder's pricing - yea it looks good in theory, but don't expect to get the same results as the sales office. That is a whole different ballgame, and you better have your agent ready because I'd be positive he/she will have to jump through hoops to get the same price IP, CalPac, Brookfield, NewHome, etc is able to charge. Hope this clears up the pricing questions.
I was touched on this a bit with BTB on the forum, but the sales office pricing is what it is because they are who they are. The builders can always charge whatever they please, as long as they still move the homes (they can wait it out for months, years if they want). However, for us on the resale market, while appraisers will be somewhat swayed by the sales office, they still have a mind of their own as to what each particular property appraises at. So that's why we originally wanted to list at $800k not because we were oblivious to the sales office pricing, but more that we were afraid of the results were we to under-appraise. It actually happened twice in this case, but thanks to Martin's handling of the situation, the buyer did not come back. So let this be a little eye opener to those that are trying to benchmark their homes against the builder's pricing - yea it looks good in theory, but don't expect to get the same results as the sales office. That is a whole different ballgame, and you better have your agent ready because I'd be positive he/she will have to jump through hoops to get the same price IP, CalPac, Brookfield, NewHome, etc is able to charge. Hope this clears up the pricing questions.
Burn That Belly
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