Author Topic: Newer Irvine listings with crazy WTF asking prices from equity sellers  (Read 1784220 times)

0 Members and 1 Guest are viewing this topic.

Online USCTrojanCPA

  • Your CPA Realtor
  • Certified Irvine Addict
  • ****
  • Thanks
  • -Given: 2708
  • -Received: 2159
  • Posts: 10588
  • Gender: Male
Re: Newer Irvine listings with crazy WTF asking prices from equity sellers
« Reply #3285 on: January 13, 2022, 11:04:27 PM »
Courtyard condo that backs against Portola Spring just sold for $2,050,000k, $400k over LP. House doesnt have that much upgrade. This is really WTF crazy. ;D

https://www.redfin.com/CA/Irvine/238-Desert-Bloom-92618/home/51684578?600390594=copy_variant&231528114=control&utm_source=ios_share&utm_medium=share&utm_nooverride=1&utm_content=link&utm_campaign=share_sheet

That flooring is horrible, needs to be scrapped.  Easy answer why...lack of inventory.
Martin Mania, CPA
AgencyOne
CA DRE License # 01799007
CA CPA License # 107675
mmania001@yahoo.com
714-747-3884 cell

Often imitated....Never duplicated!
Have license, will travel!

Offline Irvinehomeseeker

  • O.C. Resident
  • ***
  • Thanks
  • -Given: 101
  • -Received: 55
  • Posts: 622
Re: Newer Irvine listings with crazy WTF asking prices from equity sellers
« Reply #3286 on: January 13, 2022, 11:17:36 PM »
Courtyard condo that backs against Portola Spring just sold for $2,050,000k, $400k over LP. House doesnt have that much upgrade. This is really WTF crazy. ;D

https://www.redfin.com/CA/Irvine/238-Desert-Bloom-92618/home/51684578?600390594=copy_variant&231528114=control&utm_source=ios_share&utm_medium=share&utm_nooverride=1&utm_content=link&utm_campaign=share_sheet

That flooring is horrible, needs to be scrapped.  Easy answer why...lack of inventory.
That's like 25% over list price! I get the lack of inventory but  wonder the buyers psychology when they go to this extend to bit up prices. I don't think first time buyers are bidding up like this in Irvine or are they able? I can only think of move up buyers who are able to sell their existing homes at high returns today to be able to bid up like this. Or, the fear of missing out.

Offline Cares

  • Real Estate Broker & Mortgage Loan Originator
  • Certified Irvine Addict
  • ****
  • Thanks
  • -Given: 14
  • -Received: 251
  • Posts: 1300

Offline houmajsa

  • Newbie
  • Thanks
  • -Given: 2
  • -Received: 0
  • Posts: 4
Re: Newer Irvine listings with crazy WTF asking prices from equity sellers
« Reply #3288 on: January 14, 2022, 07:45:19 PM »
you talking about the tile? it does have a dirty appearance


Courtyard condo that backs against Portola Spring just sold for $2,050,000k, $400k over LP. House doesnt have that much upgrade. This is really WTF crazy. ;D

https://www.redfin.com/CA/Irvine/238-Desert-Bloom-92618/home/51684578?600390594=copy_variant&231528114=control&utm_source=ios_share&utm_medium=share&utm_nooverride=1&utm_content=link&utm_campaign=share_sheet

That flooring is horrible, needs to be scrapped.  Easy answer why...lack of inventory.

Online USCTrojanCPA

  • Your CPA Realtor
  • Certified Irvine Addict
  • ****
  • Thanks
  • -Given: 2708
  • -Received: 2159
  • Posts: 10588
  • Gender: Male
Re: Newer Irvine listings with crazy WTF asking prices from equity sellers
« Reply #3289 on: January 14, 2022, 08:25:34 PM »
you talking about the tile? it does have a dirty appearance


Courtyard condo that backs against Portola Spring just sold for $2,050,000k, $400k over LP. House doesnt have that much upgrade. This is really WTF crazy. ;D

https://www.redfin.com/CA/Irvine/238-Desert-Bloom-92618/home/51684578?600390594=copy_variant&231528114=control&utm_source=ios_share&utm_medium=share&utm_nooverride=1&utm_content=link&utm_campaign=share_sheet

That flooring is horrible, needs to be scrapped.  Easy answer why...lack of inventory.

Yeah, the tile flooring in the kitchen and bathrooms...looks cheap and yeah the color isn't great.
Martin Mania, CPA
AgencyOne
CA DRE License # 01799007
CA CPA License # 107675
mmania001@yahoo.com
714-747-3884 cell

Often imitated....Never duplicated!
Have license, will travel!

Online USCTrojanCPA

  • Your CPA Realtor
  • Certified Irvine Addict
  • ****
  • Thanks
  • -Given: 2708
  • -Received: 2159
  • Posts: 10588
  • Gender: Male
Re: Newer Irvine listings with crazy WTF asking prices from equity sellers
« Reply #3290 on: January 14, 2022, 08:27:02 PM »
Courtyard condo that backs against Portola Spring just sold for $2,050,000k, $400k over LP. House doesnt have that much upgrade. This is really WTF crazy. ;D

https://www.redfin.com/CA/Irvine/238-Desert-Bloom-92618/home/51684578?600390594=copy_variant&231528114=control&utm_source=ios_share&utm_medium=share&utm_nooverride=1&utm_content=link&utm_campaign=share_sheet

That flooring is horrible, needs to be scrapped.  Easy answer why...lack of inventory.
That's like 25% over list price! I get the lack of inventory but  wonder the buyers psychology when they go to this extend to bit up prices. I don't think first time buyers are bidding up like this in Irvine or are they able? I can only think of move up buyers who are able to sell their existing homes at high returns today to be able to bid up like this. Or, the fear of missing out.

There is a  serious lack of inventory so many buyers are getting desperate and are bidding over comps, I'm seeing a lot of FOMO/desperation in the bidding in the past few months.  Most Irvine buyers are very strong financially so they can swing these higher prices.
Martin Mania, CPA
AgencyOne
CA DRE License # 01799007
CA CPA License # 107675
mmania001@yahoo.com
714-747-3884 cell

Often imitated....Never duplicated!
Have license, will travel!

Offline Cares

  • Real Estate Broker & Mortgage Loan Originator
  • Certified Irvine Addict
  • ****
  • Thanks
  • -Given: 14
  • -Received: 251
  • Posts: 1300
Re: Newer Irvine listings with crazy WTF asking prices from equity sellers
« Reply #3291 on: January 14, 2022, 11:45:56 PM »
Let's hope these crazy prices don't stop until my rental properties are all multi-millions so I can cash out and retire.

Offline sleepy5136

  • O.C. Resident
  • ***
  • Thanks
  • -Given: 4
  • -Received: 45
  • Posts: 594
Re: Newer Irvine listings with crazy WTF asking prices from equity sellers
« Reply #3292 on: January 15, 2022, 12:00:07 AM »
Let's hope these crazy prices don't stop until my rental properties are all multi-millions so I can cash out and retire.
Might need to ask the government to start printing 1000 bills

Offline BlackKnight

  • Tourist
  • *
  • Thanks
  • -Given: 1
  • -Received: 4
  • Posts: 66
Re: Newer Irvine listings with crazy WTF asking prices from equity sellers
« Reply #3293 on: January 15, 2022, 08:37:25 AM »
This one just sold $300k over asking price. Couple of years ago, it was on the market for few months w/ LP around $1.3ish. Crazy time indeed

https://www.redfin.com/CA/Irvine/41-Mapleton-92620/home/40101212?600390594=copy_variant&231528114=control&utm_source=ios_share&utm_medium=share&utm_nooverride=1&utm_content=link&utm_campaign=share_sheet
Once you go black, you’ll never go black.

Offline SEAGULL689

  • Newbie
  • Thanks
  • -Given: 0
  • -Received: 0
  • Posts: 1
Re: Newer Irvine listings with crazy WTF asking prices from equity sellers
« Reply #3294 on: January 16, 2022, 02:59:57 PM »

[/quote]

There is a  serious lack of inventory so many buyers are getting desperate and are bidding over comps, I'm seeing a lot of FOMO/desperation in the bidding in the past few months.  Most Irvine buyers are very strong financially so they can swing these higher prices.
[/quote]

When you say "very strong financially" what do you mean? For homes selling for $1M+, I assume the buyers are either investors or families? For the families, where are they getting their money? Parents, high paying jobs, or equity from old home? Been lurking these forums for a while and very curious where all this money is coming from!

Offline CalBears96

  • O.C. Resident
  • ***
  • Thanks
  • -Given: 25
  • -Received: 56
  • Posts: 761
Re: Newer Irvine listings with crazy WTF asking prices from equity sellers
« Reply #3295 on: January 16, 2022, 04:12:21 PM »


There is a  serious lack of inventory so many buyers are getting desperate and are bidding over comps, I'm seeing a lot of FOMO/desperation in the bidding in the past few months.  Most Irvine buyers are very strong financially so they can swing these higher prices.
[/quote]

When you say "very strong financially" what do you mean? For homes selling for $1M+, I assume the buyers are either investors or families? For the families, where are they getting their money? Parents, high paying jobs, or equity from old home? Been lurking these forums for a while and very curious where all this money is coming from!
[/quote]

Probably high pay jobs AND equity from old home (at least for the ones moving up). I work at a high tech company and some of my co-workers are moving to a bigger home because their kids are growing up. And there is also talk about deep pockets from Bay Area buying in Irvine.

Online USCTrojanCPA

  • Your CPA Realtor
  • Certified Irvine Addict
  • ****
  • Thanks
  • -Given: 2708
  • -Received: 2159
  • Posts: 10588
  • Gender: Male
Re: Newer Irvine listings with crazy WTF asking prices from equity sellers
« Reply #3296 on: January 16, 2022, 06:39:15 PM »


There is a  serious lack of inventory so many buyers are getting desperate and are bidding over comps, I'm seeing a lot of FOMO/desperation in the bidding in the past few months.  Most Irvine buyers are very strong financially so they can swing these higher prices.
[/quote]

When you say "very strong financially" what do you mean? For homes selling for $1M+, I assume the buyers are either investors or families? For the families, where are they getting their money? Parents, high paying jobs, or equity from old home? Been lurking these forums for a while and very curious where all this money is coming from!
[/quote]

I mean that they have well over 20% down in liquid funds and are buying at least 20-30%+ below their max purchase price capacity (aka under buying).  So if my buyer is looking to purchase a $2m home, they are approved to be able to purchase a $2.5m+ home.  Most of my buyers liquid funds for the down payment are coming primarily from savings/investing (high salaries/business income, bonuses, stock options, etc), secondarily equity from their current home or recently sold home, or lastly from gift funds from family (mainly for my younger first time home buyers). 
Martin Mania, CPA
AgencyOne
CA DRE License # 01799007
CA CPA License # 107675
mmania001@yahoo.com
714-747-3884 cell

Often imitated....Never duplicated!
Have license, will travel!

Offline airplanes

  • Newbie
  • Thanks
  • -Given: 0
  • -Received: 0
  • Posts: 3
Re: Newer Irvine listings with crazy WTF asking prices from equity sellers
« Reply #3297 on: January 16, 2022, 07:45:23 PM »
Just wait until Facebook and Google cave to employee demands and start offering permanent WFH / remote work to a wider base of employees.  And if you are familiar with the valley and tech culture, you know that the other large employers tend to follow what FB / Google establish as a precedent when it comes to employee benefits.

Software engineers making $500k - $1M+ a year will start descending down to Orange County in hordes, leaving the Bay Area behind them.  As many have already pointed out, lots of them have already made their way down.

Even $800 / sq ft looks like a bargain if you are used to looking at homes in Palo Alto where homes start at $1,500 / sq ft.
« Last Edit: January 16, 2022, 07:53:32 PM by airplanes »

Offline Danimal

  • Tourist
  • *
  • Thanks
  • -Given: 6
  • -Received: 7
  • Posts: 58
Re: Newer Irvine listings with crazy WTF asking prices from equity sellers
« Reply #3298 on: January 16, 2022, 08:01:05 PM »
This photo is from another thread about an open house (attached condo) in S. OC today. According to OP, 10 people inside, 40+ waiting outside to get in and the rest looking for parking.

Offline eyephone

  • Certified Irvine Addict
  • ****
  • Thanks
  • -Given: 498
  • -Received: 782
  • Posts: 15022
Re: Newer Irvine listings with crazy WTF asking prices from equity sellers
« Reply #3299 on: January 16, 2022, 08:11:23 PM »
Just wait until Facebook and Google cave to employee demands and start offering permanent WFH / remote work to a wider base of employees.  And if you are familiar with the valley and tech culture, you know that the other large employers tend to follow what FB / Google establish as a precedent when it comes to employee benefits.

Software engineers making $500k - $1M+ a year will start descending down to Orange County in hordes, leaving the Bay Area behind them.  As many have already pointed out, lots of them have already made their way down.

Even $800 / sq ft looks like a bargain if you are used to looking at homes in Palo Alto where homes start at $1,500 / sq ft.

I thought facebook delayed to return to the office until March.

Source: cbnc

 

Talk Irvine Links

[Recent Posts]
[FAQ / Rules]

Site Supporters



Recent Posts

Re: Dow? by sleepy5136
[Today at 01:30:21 AM]


Re: Dow? by daedalus
[Yesterday at 11:35:24 PM]


Re: Renewable diesel (different from biodiesel) by daedalus
[Yesterday at 11:26:07 PM]


Re: Dow? by CalBears96
[Yesterday at 11:24:59 PM]


Re: Is Netflix going to die in the next year? by morekaos
[Yesterday at 10:52:14 PM]

SimplePortal 2.3.7 © 2008-2022, SimplePortal