Race to the bottom

[Stuff It_IHB]

2 houses put on the market on the same day. From the look of it both have identical plans and are just one street away from each other. I would be seriously p*&%$#d if that house was undercutting me by 200K, but if I was drinking from their Kool aid I probably wouldn't even notice the other house is up for sale or the comps in the neighborhood.



<a href="http://www.redfin.com/CA/Irvine/31-Lily-Pool-92620/home/5931075">http://www.redfin.com/CA/Irvine/31-Lily-Pool-92620/home/5931075</a>



<a href="http://www.redfin.com/CA/Irvine/32-Antique-Rose-92620/home/5930971">http://www.redfin.com/CA/Irvine/32-Antique-Rose-92620/home/5930971</a>

 

[graphrix_IHB]

[quote author="Stuff It" date=1220600068]2 houses put on the market on the same day. From the look of it both have identical plans and are just one street away from each other. I would be seriously p*&%$#d if that house was undercutting me by 200K, but if I was drinking from their Kool aid I probably wouldn't even notice the other house is up for sale or the comps in the neighborhood.



<a href="http://www.redfin.com/CA/Irvine/31-Lily-Pool-92620/home/5931075">http://www.redfin.com/CA/Irvine/31-Lily-Pool-92620/home/5931075</a>



<a href="http://www.redfin.com/CA/Irvine/32-Antique-Rose-92620/home/5930971">http://www.redfin.com/CA/Irvine/32-Antique-Rose-92620/home/5930971</a></blockquote>


IIRC 32 Antique Rose is either bank owned or in foreclosure. Either way, that seller is more motivated and on planet earth and not planet Kool-Aid.

 

[waiting2buylater_IHB]

Still way overpriced. I looked at these homes in 2005 and they were selling them for $1.25 mil at the peak of the market. Add $100k for upgrades and it's still under the current asking price. Additionally, Mello Roos is a killer in this area.

 

[NoThereThere_IHB]

The developers are in litigation in Northwood II, including construction defect litigation involving this neighborhood. Steer clear until things are resolved.