Newer Irvine listings with crazy WTF asking prices from equity sellers

[iacrenter]

This is really not out of line with comps.

I just don't get the appeal of laguna altura but thats great that these are doing well enough that ppl can sell with such deep profits

I agree, I don't get the appeal. is it simply location - 405/ closer to Laguna? I've never been to the community, is it lined with gold leaf streets? The amenities must be off the hook.

Location is extremely convenient. You can hop on 133 and get to 5 extremely fast and very close access to 405 to be able to get to jobs / spectrum area or head North towards other Irvine corridor jobs / Costa mesa business area.  Somewhere the proximity to beaches must play into it as well (that said, if you can't see the beach, I don't see the benefit)...some houses have views which can be nice as well.  That said, there are downsides, far from grocery stores & schools. 

1) Coastal Canyon cache-- marketing speak but it is closer to the beach
2) Uni High zoning
3) Guard gates
4) Relatively new home designs

 

[RHOC]

This is really not out of line with comps.

I just don't get the appeal of laguna altura but thats great that these are doing well enough that ppl can sell with such deep profits

I agree, I don't get the appeal. is it simply location - 405/ closer to Laguna? I've never been to the community, is it lined with gold leaf streets? The amenities must be off the hook.

Location is extremely convenient. You can hop on 133 and get to 5 extremely fast and very close access to 405 to be able to get to jobs / spectrum area or head North towards other Irvine corridor jobs / Costa mesa business area.  Somewhere the proximity to beaches must play into it as well (that said, if you can't see the beach, I don't see the benefit)...some houses have views which can be nice as well.  That said, there are downsides, far from grocery stores & schools. 

1) Coastal Canyon cache-- marketing speak but it is closer to the beach
2) Uni High zoning
3) Guard gates
4) Relatively new home designs

SAD & TINY yard!!! :-[ BTW, what's the ending #4 all about?! Is it some feng shui thing?

 

[Ready2Downsize]

This house has been owned by three different parties with the most recent trying to sell it for over 2 years, always been 3900 sq feet.

No takers at $487 per sq foot, so the owner gets a new agent who promptly lists it for an additional nearly 300 sq feet, dropping the price to "only" $453/sq foot. Bamm....... caught a fish within a couple weeks, most likely thinking they got a deal.
https://www.redfin.com/CA/Irvine/7-Mahogany-Dr-92620/home/4788778

 

[usctrojancpa]

This house has been owned by three different parties with the most recent trying to sell it for over 2 years, always been 3900 sq feet.

No takers at $487 per sq foot, so the owner gets a new agent who promptly lists it for an additional nearly 300 sq feet, dropping the price to "only" $453/sq foot. Bamm....... caught a fish within a couple weeks, most likely thinking they got a deal.
https://www.redfin.com/CA/Irvine/7-Mahogany-Dr-92620/home/4788778

Wow, someone needs to report this realtard....I've very tempted to do it.  He pulled a run around on my client and I when I was on the buy side....good thing my buyer had another home had we got an accepted offer on.  This dude is shady.

 

[lovingit]

This is really not out of line with comps.

I just don't get the appeal of laguna altura but thats great that these are doing well enough that ppl can sell with such deep profits

I agree, I don't get the appeal. is it simply location - 405/ closer to Laguna? I've never been to the community, is it lined with gold leaf streets? The amenities must be off the hook.

LA feels like a hidden community once you're in it. I don't like it.  But the homes are expensive.  About Capella size selling for Amelia pricing.  Crazy......

 

[Ready2Downsize]

Another broker at the same office does the same thing and I even emailed him once about it. He has the floorplans right on his site and had been emailing me pdfs of past sales with plan/sq footage on them so absolutely no excuse for not knowing he was wrong. His response was well the homeowner said they thought it was something like that and he didn't bother to change it when the error was pointed out.

I can say if I was a buyer, I would be upset buying based on sq footage, but I guess in the end it's buyer beware and get your own measurements. I really don't see how an appraiser would tape it out to the tune of an extra 300 sq feet (over 17 foot square room!), but if it's a FCB then they probably aren't getting an appraisal.

 

[collected]

Half of the listings exaggerate the sqft by at least 10%.  Everyone talks about how homes have been getting bigger and bigger now you know why. ;D

I wouldn't buy a home unless you bring a tape measure and measured every room or if you know the model of the home.

 

[hello]

This house has been owned by three different parties with the most recent trying to sell it for over 2 years, always been 3900 sq feet.

No takers at $487 per sq foot, so the owner gets a new agent who promptly lists it for an additional nearly 300 sq feet, dropping the price to "only" $453/sq foot. Bamm....... caught a fish within a couple weeks, most likely thinking they got a deal.
https://www.redfin.com/CA/Irvine/7-Mahogany-Dr-92620/home/4788778

I wonder how much of this actually goes on.  I would figure the size of a house is something that is easily discovered.  I would love to hear if people have info or experience wiht this.

 

[hello]

Half of the listings exaggerate the sqft by at least 10%.  Everyone talks about how homes have been getting bigger and bigger now you know why. ;D

I wouldn't buy a home unless you bring a tape measure and measured every room or if you know the model of the home.

Is 10% something you just estimate or do you say this because you know something?  Wont previous sales records tell you what the sf footage is?

 

[ps99472]

Unfortunately this happens quite often, usually with repeat offender agents as well.  I wonder if this can be used against them, like during escrow you 'discover' the true sq ft and use it as leverage against the sellers.  Maybe get more concessions out of them.

 

[Paris167]

.

 

[ps99472]

Ohhhh... Don't post YOUR sq ft online.... Take it down take it down

And I wouldn't trust the appraiser, go with the builder specs.  Otherwise get one of those laser measure/cat toy things and do your own measurements.

Besides, the appraisal is an estimate, there should be some legal verbiage about it not being accurate.  Hence the nice round number.

 

[ps99472]

thumbs

 

[hello]

Unfortunately this happens quite often, usually with repeat offender agents as well.  I wonder if this can be used against them, like during escrow you 'discover' the true sq ft and use it as leverage against the sellers.  Maybe get more concessions out of them.

I cant imagine there is no legal ramifications of lying about sq footage.  Tampering with an odometer is a felony, therefore I feel like lying about sq footage should be an even bigger offense.

 

[lnc]

Speaking of discrepency over s.f. of the home, this reminds me of the lawsuits between Hiroshi Horiike and Coldwell brokers.  Part of the lawsuit was about the size of the home.
http://www.talkirvine.com/index.php/topic,14368.msg289443.html#msg289443
http://www.ocregister.com/articles/agent-714296-real-buyer.html

Hong Kong multimillionaire Hiroshi Horiike bought the Tuscan-style home overlooking the Pacific Ocean for $12.25 million in cash in 2007. A high-profile listing agent provided him with a brochure stating the house had 15,000 square feet of living space, but county records said the residence actually was under 9,500 square feet.

 

[Paris167]

Ohhhh... Don't post YOUR sq ft online.... Take it down take it down

And I wouldn't trust the appraiser, go with the builder specs.  Otherwise get one of those laser measure/cat toy things and do your own measurements.

Besides, the appraisal is an estimate, there should be some legal verbiage about it not being accurate.  Hence the nice round number.

ok Ps9 I removed it  ;D But the 3200 sqft is apparently all Plan 1s with the addition (which most of the plan 1s in Capella have that addition). My appraisal sqft wouldn't matter I guess until I sell the house. but with the difference of the builder estimate and the appraisal would it be wrong in future to go with the large sqft number? since we're on this topic was wondering. not planning to sell anytime soon.

 

[aquabliss]

I've had 2 appraisals on my home and both were very close in square footage estimate (within 10ft), and both were over the builder specs by about 50 sq ft.  I think I would be within my legal right to use the appraisal numbers if I sell.

 

[Paris167]

I've had 2 appraisals on my home and both were very close in square footage estimate (within 10ft), and both were over the builder specs by about 50 sq ft.  I think I would be within my legal right to use the appraisal numbers if I sell.

I know but our appraisal was 200 sqft over builder spec. Isn't that so strange?

 

[aquabliss]

So you're trying to sell your ex-model home for $678 / sq ft, and you tell your realtor you'll just walk around and take some pictures with your iPhone and send 'em over. 

C'mon people, when you're trying to sell a 2,200 sq ft home for $1.5M, spend the $300 and have some proper pictures taken.  I want to go knock on the door and just shake the sellers... what is wrong with these guys.

I mean they'll never get this price but at least make your home look amazingly immaculate and professional to give yourself a fighting chance.
https://www.redfin.com/CA/Irvine/195-Compass-92618/home/51682739

 

[collected]

I decided to check just how much possible sqft exaggeration is out there and the results are shocking.  The first two I checked had huge differences in sqft so I decided to check more.

Just a few examples:
https://www.redfin.com/CA/Irvine/27-Sonrisa-92620/home/4785645  - listed at 3,500 Sq. Ft.
Redfin Public Records Total Sq. Ft. - 2,963
Trulia Public Records Total Sq. Ft. - 3,241
http://www.trulia.com/property/3242333793-39-Bamboo-Irvine-CA-92620- listed at 2,500 sqft
Trulia Public Records Total Sq. Ft. - 2,416 sqft
http://www.trulia.com/property/1039975504-2-Brisa-Irvine-CA-92620- listed at 2,102 sqft
Trulia Public Records Total Sq. Ft. - 1,979 sqft
https://www.redfin.com/CA/Irvine/3-Revere-92620/home/4778410- listed at 2,951 sqft
Redfin Public Records Total Sq. Ft. - 2,391 sqft
Trulia Public Records Total Sq. Ft. - 2,951 sqft
http://www.trulia.com/property/3241177552-29-Cedarbrook-Irvine-CA-92620- listed at 3,000 sqft
Trulia Public Records Total Sq. Ft. - 2,643 sqft
http://www.trulia.com/property/3054050405-3-Morro-Bay-Irvine-CA-92602- listed at 4,404 sqft
Trulia Public Records Total Sq. Ft. - 4,358 sqft
http://www.trulia.com/property/3239631848-81-Legacy-Way-Irvine-CA-92602- listed at 3,700 sqft
Trulia Public Records Total Sq. Ft. - 3,748 sqft
https://www.redfin.com/CA/Irvine/83-Pinewood-92604/unit-42/home/5476188- listed at 2,016 sqft
Redfin Public Records Total Sq. Ft. - 1,911 sqft
http://www.trulia.com/property/3242547333-5-Lakefront-Irvine-CA-92604- listed at 1,923 sqft
Trulia Public Records Total Sq. Ft. - 1,986 sqft
http://www.trulia.com/property/3242699395-16607-Mosscreek-St-Tustin-CA-92782- listed at 3,137 sqft
Trulia Public Records Total Sq. Ft. - 3,198 sqft
http://www.trulia.com/property/6008737-4551-Sandburg-Way-Irvine-CA-92612- listed at 3,200 sqft
Trulia Public Records Total Sq. Ft. - 2,682 sqft
https://www.redfin.com/CA/Santa-Ana/11601-Las-Luces-92705/home/4762534- listed at 4,700 sqft
Redfin Public Records Total Sq. Ft. - 3,404 sqft
Trulia Public Records Total Sq. Ft. - 4,641 sqft
http://www.trulia.com/property/3155564021-151-Desert-Bloom-Irvine-CA-92618- listed at 1,900 sqft
Trulia Public Records Total Sq. Ft. - 1,900 sqfthttps://www.villagesofirvine.com/villages-neighborhoods/portola-springs/sage/residence-2/- Residence 2 1,878 Sq. Ft

About 40% of the listings didn't have the public records match listing records.  Of the ones that didn't match only 3 had public records sqft barely larger than listing while there were 9 with public records less than listing sometimes by more than 500 sqft.  The last one I knew had to be off since it seemed to rounded up to the nearest hundred.  22 square feet is a lot!  That's a walk-in pantry or a small mud room!