Newer Irvine listings with crazy WTF asking prices from equity sellers

NEW -> Contingent Buyer Assistance Program
Probably not the right thread since I don’t think the asking price is outrageous but it’s been on the market for a while so any thoughts on why this home has been sitting? https://redf.in/Y7hmZO

I’ve seen the home-some issues I see are the 1st level bedroom has no closet, upgrades are necessary in the kitchen, particularly bathrooms, whole house flooring, etc but it’s mostly cosmetic upgrades, so while renovations would cost money (prob 100K?) it should not be that intense of a project.

The one other thing I thought about is some people may not want a loft on the third level? They would rather have it on the second level, but I truly don’t see this as a three story home. It’s sort of a 2.5 story home, as it’s not a full flight of stairs to get to the third level and plus the loft is truly nice and spacious with a full bath, home theater, office space. Also despite the small lot (3,700 SF) on paper, there is something about the setup here, the backyard appears to be more spacious than some 4,500+ SF lots in Woodbury.

Despite the upgrades needed, a $2.15M price is not that outrageous from my perspective, . Even the initial ask price of $2.25M is not that bad, maybe $2.5M would be a stretch but 2.0-2.25 M is right in the ballpark of where this might ultimately sell, so appreciate any thoughts on why the market does not seem to value this home, what am I missing?
 
ravi said:
Probably not the right thread since I don’t think the asking price is outrageous but it’s been on the market for a while so any thoughts on why this home has been sitting? https://redf.in/Y7hmZO

I’ve seen the home-some issues I see are the 1st level bedroom has no closet, upgrades are necessary in the kitchen, particularly bathrooms, whole house flooring, etc but it’s mostly cosmetic upgrades, so while renovations would cost money (prob 100K?) it should not be that intense of a project.

The one other thing I thought about is some people may not want a loft on the third level? They would rather have it on the second level, but I truly don’t see this as a three story home. It’s sort of a 2.5 story home, as it’s not a full flight of stairs to get to the third level and plus the loft is truly nice and spacious with a full bath, home theater, office space. Also despite the small lot (3,700 SF) on paper, there is something about the setup here, the backyard appears to be more spacious than some 4,500+ SF lots in Woodbury.

Despite the upgrades needed, a $2.15M price is not that outrageous from my perspective, . Even the initial ask price of $2.25M is not that bad, maybe $2.5M would be a stretch but 2.0-2.25 M is right in the ballpark of where this might ultimately sell, so appreciate any thoughts on why the market does not seem to value this home, what am I missing?
Click to expand...

This is probably why.

wtf.png
 
OCtoSV said:
No closet = against CA regulations to call it a bedroom
Click to expand...
Technically yes, but listings for this floor plan- Portisol plan 3 have been advertised as a 4/3 for the past 15 years. Buyers are also seeing these homes as a 4 bedroom home and see this plan as having a clear distinction than the plan 1- 3BD homes as reflected in the price.
 
Last edited:
The solar installation doesn't look correct. The placement of the panels looks all over the place. Also, the 3rd floor is a huge negative as this is an unusual configuration for a SFR.

The real issue is the days on market for the listing. The pricing history shows that the seller and/or the agent does not understand that the price pre square foot they were/are using is for a 2 story home. They should have listed the property with correct pricing out of the gate. Now the long DOM is going to drag down this property price even more.
 
woodburyowner said:
The solar installation doesn't look correct. The placement of the panels looks all over the place. Also, the 3rd floor is a huge negative as this is an unusual configuration for a SFR.

The real issue is the days on market for the listing. The pricing history shows that the seller and/or the agent does not understand that the price pre square foot they were/are using is for a 2 story home. They should have listed the property with correct pricing out of the gate. Now the long DOM is going to drag down this property price even more.
Click to expand...
I am not knowledgeable at all about solar panels to know if it’s properly installed. Per the listing agent, the electric bill was -$16 last month. Looks funky though and agree with the stigma due to the DOM but I kinda disagree on both the 3rd floor and price. Seen this plan a few times, the third floor here truly feels more like a 2.5 story home. It’s not a full flight of stairs to get to the third floor. It’s not the 3 story boxy style home that we see in new construction. The third story loft/attic storage is super unique and could be a nice home theater/game room/office. It’s pretty sweet. The attic was usable too for storage. But given it’s a 4 BD/3BA home excluding the loft, if one does not want to go to the 3rd floor, one does not have to. It’s not like some 3 story homes where you or your guests need to use the 3rd floor since it would likely be their bedroom/living space.

Price- 59 midnight sky is a plan 1, 3BD/2.5BA home that sold in March for $1.938M. It was renovated too. Given 40 waterspout is a plan 3 with 4BD+ Loft, 2,700 SF but not renovated would $2.15M be fair? I think $2.10-2.15M is fair. This is not that far off from the original $2.25M ask price, it’s not outrageous.

I think it’s more of the upgrades that buyers would want to do here with the flooring, kitchen, bath, etc. it’s all cosmetic upgrades with no structural changes but it’s kinda a lot and with a 2,700 SF home, it’s not cheap. Or maybe something wrong with the feng shui that turned off the Asian buyers?

Also I was reading through old threads from ten years ago about this floor plan. Apparently this was @irvinehomeowner favorite portisol floor plan back then ha. Has this changed or do you still like this floor plan IHO? Also read in the old threads that the loft option was a $80K-$100K option offered by the builder and there was strong demand for them. There was a comment that the plans with the attic/loft were selling like hot cakes.
 
Last edited:
The third floor may appeal to a small subset of buyers, but the reality is that most people shopping for single-family homes strongly prefer a two-story layout over three levels. The seller's biggest mistake was pricing the home initially as if it were comparable to a traditional two-story property, which significantly limited buyer interest.

After the listing expired, the seller completed what appears to be a relatively inexpensive kitchen refresh. Unfortunately, they didn't replace the approximately 20-year-old appliances, instead reinstalling the same outdated ones, which diminished the impact of the renovation.

To make matters worse, after the cosmetic updates, the seller increased the asking price despite the market slowing and home values beginning to soften. Raising the price under those conditions made the property even less competitive.
 
You must log in or register to reply here.
Back
Top