Newer Irvine listings with crazy WTF asking prices from equity sellers

damn... these prices are pretty crazy...

but then on the flipside, higher prices means more debt... and in our debt driven monetary system means economic "stimulation"... system is skewed to benefit homeowners lol, just sucks to be a renter
 
Is it just me or a lot of the WTF listings close with a Chinese sounding buyers agent?  Thank you Mao!
 
fumbling said:
Apparently comps don't matter any more, this is now sales pending...if it closes near the asking price, would this be a new high for northwood 2?  I don't remember northwood 2 homes selling for this much even at the mid-2000s peak ...
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The speed of the recovery is unbelievable.  Look at the taxable value of the property. $985k!  Now it's going to sell for 50% more than the assessed value!
 
woodburyowner said:
fumbling said:
Apparently comps don't matter any more, this is now sales pending...if it closes near the asking price, would this be a new high for northwood 2?  I don't remember northwood 2 homes selling for this much even at the mid-2000s peak ...
Click to expand...

The speed of the recovery is unbelievable.  Look at the taxable value of the property. $985k!  Now it's going to sell for 50% more than the assessed value!
Click to expand...
Comparing the taxable value of a property to the listing/sales price is worthless mainly because of Prop 13. 
 
USCTrojanCPA said:
woodburyowner said:
fumbling said:
Apparently comps don't matter any more, this is now sales pending...if it closes near the asking price, would this be a new high for northwood 2?  I don't remember northwood 2 homes selling for this much even at the mid-2000s peak ...
Click to expand...

The speed of the recovery is unbelievable.  Look at the taxable value of the property. $985k!  Now it's going to sell for 50% more than the assessed value!
Click to expand...
Comparing the taxable value of a property to the listing/sales price is worthless mainly because of Prop 13. 
Click to expand...

Not for this example though since Prop 13 doesn't even come into the picture.  Property was purchased for 1.4 million.  So with Prop 13, the most it can go up is 2% per year from this starting price.  If the property drops, it can get reassessed back to the original price + 2% gain/year the following year if the comps justify it. 

My original point was that the comps the county assessor used had this property priced at $985k.  I know it's not a perfect science, but it is somewhat telling about the speed of the housing recovery (now bubble, I guess) since the price gets reassessed every year.
 
ps9 said:
lots of WTFs in full force.. here's a new winner..
http://www.redfin.com/CA/Irvine/71-Nighthawk-92604/home/4687739
fuzzy pics......check
mention of "entertainer's dream"......check (after paying this price, I will need to charge people to come visit me)
head scratching $578/sq ft price......check (I love Woodbridge, but not this much)
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Wow! So what kind of a contract do the realtor and owner have in such cases? He is making a LOT of money of this house if it sells. How do owners tolerate such listings? Don't they all sit at the table, go through what's being posted on the MLS? Or is there something I am missing?

 
That just looks like the owner's "MAKE ME MOVE" price.  Another one fishing for a loaded FCB.

image6353380x_370x278.jpg
 
Nighthawk is a really busy street with too many cars parked on the curb.  It's too crowded feeling.  These prices lately in WB are more than in TRock!
 
fumbling said:
ps9 said:
http://www.redfin.com/CA/Irvine/27-Early-Lgt-92620/home/5930944

Almost $450/sq ft, don't see comps that can support this, must be WOOing (no pun intended) for a FCB
Click to expand...

Apparently comps don't matter any more, this is now sales pending...if it closes near the asking price, would this be a new high for northwood 2?  I don't remember northwood 2 homes selling for this much even at the mid-2000s peak ...
Click to expand...

I was wrong speculating that it would close "near" the asking price...it closed at $1.7 million, $101,000 over asking...http://www.redfin.com/CA/Irvine/27-Early-Lgt-92620/home/5930944
 
fumbling said:
fumbling said:
ps9 said:
http://www.redfin.com/CA/Irvine/27-Early-Lgt-92620/home/5930944

Almost $450/sq ft, don't see comps that can support this, must be WOOing (no pun intended) for a FCB
Click to expand...

Apparently comps don't matter any more, this is now sales pending...if it closes near the asking price, would this be a new high for northwood 2?  I don't remember northwood 2 homes selling for this much even at the mid-2000s peak ...
Click to expand...

I was wrong speculating that it would close "near" the asking price...it closed at $1.7 million, $101,000 over asking...http://www.redfin.com/CA/Irvine/27-Early-Lgt-92620/home/5930944
Click to expand...
Wow, I wish I had buyers like that where money is no object....I'd be closing on homes left and right.  There's almost nothing that surprises me anymore when it comes to Irvine real estate.
 
@woodburyowner...you seem to know all the cash purchases in town..how so?  If you're an agent, that's obvious...but if you have no connections...how can you find that out?  short escrow days?  flyer touts from selling agents?
 
ps9 said:
@woodburyowner...you seem to know all the cash purchases in town..how so?  If you're an agent, that's obvious...but if you have no connections...how can you find that out?  short escrow days?  flyer touts from selling agents?
Click to expand...
It says in the Redfin link (under Listing Information) how the property was purchased (cash, conventional, FHA, etc).
 
USCTrojanCPA said:
ps9 said:
@woodburyowner...you seem to know all the cash purchases in town..how so?  If you're an agent, that's obvious...but if you have no connections...how can you find that out?  short escrow days?  flyer touts from selling agents?
Click to expand...
It says in the Redfin link (under Listing Information) how the property was purchased (cash, conventional, FHA, etc).
Click to expand...

Ahhh... Got it... So the right shoe goes on the right foot...I blame my non IUSD education
 
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