Author Topic: Newer Irvine listings with crazy WTF asking prices from equity sellers  (Read 1925919 times)

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Offline USCTrojanCPA

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Re: Newer Irvine listings with crazy WTF asking prices from equity sellers
« Reply #3885 on: June 19, 2022, 11:21:34 PM »
360K Price difference between two same SQT/lot size Belvedere SFRs in EW  - The higher priced one cut list price by just 20K this week. The one on henderson  doesn't have photos (donno if staged) and  located on a T Intersection, but 360K less than the other seems like a big drop.
https://www.redfin.com/CA/Irvine/112-Meander-92620/home/112724295
https://www.redfin.com/CA/Irvine/110-Henderson-92602/home/112724352

The one on Meander is a bit unique in the sense that the seller wants a 2-year lease back. This is likely why it's priced lower.

Does the buyer have to give free rent or the sellers will pay for the lease (after close) for 2 years?  I guess either way can be negotiated but curious how this usually works.

It's all negotiable at the end of the day but no way could get they get primary rate pricing with that kind of rent back.
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Offline Soylent Green Is People

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Re: Newer Irvine listings with crazy WTF asking prices from equity sellers
« Reply #3886 on: June 20, 2022, 06:35:37 AM »
True. A rent back greater than 60 days bends the rates and terms closer to Non-Owner or all cash only terms.
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Offline best_potsticker_in_town

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Re: Newer Irvine listings with crazy WTF asking prices from equity sellers
« Reply #3887 on: June 20, 2022, 08:18:18 AM »
You could do an agreement outside of escrow. Would you be violating the terms of your lender's agreement? Most probably.

Offline Soylent Green Is People

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Re: Newer Irvine listings with crazy WTF asking prices from equity sellers
« Reply #3888 on: June 20, 2022, 08:51:42 AM »
At closing, an owner occupied purchase loan requires you to sign separate occupancy guarantees. Although these are rarely followed up on, "rarely" does not mean "never". If discovered - and I have seen it happen - the resulting chaos is not a pretty thing.
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Offline USCTrojanCPA

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Re: Newer Irvine listings with crazy WTF asking prices from equity sellers
« Reply #3889 on: June 20, 2022, 09:51:27 PM »
You could do an agreement outside of escrow. Would you be violating the terms of your lender's agreement? Most probably.

True but that's a long rent back for someone who actually wants to live in the home eventually. 
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Offline NYT

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Re: Newer Irvine listings with crazy WTF asking prices from equity sellers
« Reply #3890 on: June 21, 2022, 07:31:27 PM »
https://www.redfin.com/CA/Irvine/100-Jayhawk-92602/home/179965787?600390594=copy_variant&231528114=control&1778901559=variant&utm_source=ios_share&utm_medium=share&utm_nooverride=1&utm_content=link&utm_campaign=share_sheet

Standard builder finishes throughout as best I can tell. No landscaping. Yeah, sure, totally worth $784/sq foot. I can appreciate closing with standard and then upgrading the finishes to flip it, but they didn't even bother with that trouble.

Online CalBears96

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Re: Newer Irvine listings with crazy WTF asking prices from equity sellers
« Reply #3891 on: June 21, 2022, 11:10:14 PM »
https://www.redfin.com/CA/Irvine/100-Jayhawk-92602/home/179965787?600390594=copy_variant&231528114=control&1778901559=variant&utm_source=ios_share&utm_medium=share&utm_nooverride=1&utm_content=link&utm_campaign=share_sheet

Standard builder finishes throughout as best I can tell. No landscaping. Yeah, sure, totally worth $784/sq foot. I can appreciate closing with standard and then upgrading the finishes to flip it, but they didn't even bother with that trouble.

At least this is a SFR with a pretty big lot size. The Bluffs 1 detached condo with a tiny lot across from my home is also asking for $784/sq ft, with very little upgrades and no landscaping either. And it's OH vs. PS also.  ;D

Offline Irvinehomeseeker

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Re: Newer Irvine listings with crazy WTF asking prices from equity sellers
« Reply #3892 on: June 22, 2022, 07:38:15 AM »
https://www.redfin.com/CA/Irvine/100-Jayhawk-92602/home/179965787?600390594=copy_variant&231528114=control&1778901559=variant&utm_source=ios_share&utm_medium=share&utm_nooverride=1&utm_content=link&utm_campaign=share_sheet

Standard builder finishes throughout as best I can tell. No landscaping. Yeah, sure, totally worth $784/sq foot. I can appreciate closing with standard and then upgrading the finishes to flip it, but they didn't even bother with that trouble.

Brand new never lived in looks like. Price is high but that's almost the same base price that builders are releasing new homes today. Have to see if/when builders in Irvine get modest with base prices 

Offline irviniteeee

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Re: Newer Irvine listings with crazy WTF asking prices from equity sellers
« Reply #3893 on: June 22, 2022, 10:57:22 AM »
https://www.redfin.com/CA/Irvine/100-Jayhawk-92602/home/179965787?600390594=copy_variant&231528114=control&1778901559=variant&utm_source=ios_share&utm_medium=share&utm_nooverride=1&utm_content=link&utm_campaign=share_sheet

Standard builder finishes throughout as best I can tell. No landscaping. Yeah, sure, totally worth $784/sq foot. I can appreciate closing with standard and then upgrading the finishes to flip it, but they didn't even bother with that trouble.

At least this is a SFR with a pretty big lot size. The Bluffs 1 detached condo with a tiny lot across from my home is also asking for $784/sq ft, with very little upgrades and no landscaping either. And it's OH vs. PS also.  ;D

I think what sucks is that the FRONT is big but the backyard is laughable...Well I'm sure someone will buy it lol.

Offline Maserson

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Re: Newer Irvine listings with crazy WTF asking prices from equity sellers
« Reply #3894 on: June 22, 2022, 11:03:38 AM »
+1. Lot size can be misleading when the home is back loaded. Usable back yard > large front/curb appeal

Online CalBears96

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Re: Newer Irvine listings with crazy WTF asking prices from equity sellers
« Reply #3895 on: June 22, 2022, 11:57:19 AM »
https://www.redfin.com/CA/Irvine/100-Jayhawk-92602/home/179965787?600390594=copy_variant&231528114=control&1778901559=variant&utm_source=ios_share&utm_medium=share&utm_nooverride=1&utm_content=link&utm_campaign=share_sheet

Standard builder finishes throughout as best I can tell. No landscaping. Yeah, sure, totally worth $784/sq foot. I can appreciate closing with standard and then upgrading the finishes to flip it, but they didn't even bother with that trouble.

At least this is a SFR with a pretty big lot size. The Bluffs 1 detached condo with a tiny lot across from my home is also asking for $784/sq ft, with very little upgrades and no landscaping either. And it's OH vs. PS also.  ;D

I think what sucks is that the FRONT is big but the backyard is laughable...Well I'm sure someone will buy it lol.

Looking at the pictures again, the one from great room does seem to show a very small backyard.

Offline irviniteeee

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Re: Newer Irvine listings with crazy WTF asking prices from equity sellers
« Reply #3896 on: June 22, 2022, 03:14:28 PM »
https://www.redfin.com/CA/Irvine/100-Jayhawk-92602/home/179965787?600390594=copy_variant&231528114=control&1778901559=variant&utm_source=ios_share&utm_medium=share&utm_nooverride=1&utm_content=link&utm_campaign=share_sheet

Standard builder finishes throughout as best I can tell. No landscaping. Yeah, sure, totally worth $784/sq foot. I can appreciate closing with standard and then upgrading the finishes to flip it, but they didn't even bother with that trouble.

At least this is a SFR with a pretty big lot size. The Bluffs 1 detached condo with a tiny lot across from my home is also asking for $784/sq ft, with very little upgrades and no landscaping either. And it's OH vs. PS also.  ;D

I think what sucks is that the FRONT is big but the backyard is laughable...Well I'm sure someone will buy it lol.

Looking at the pictures again, the one from great room does seem to show a very small backyard.

Yeah... I like the front though. I also wonder if it's a turn off for some buyers to have homes above looking down on the lot at that price.

Offline Irvinehomeseeker

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Re: Newer Irvine listings with crazy WTF asking prices from equity sellers
« Reply #3897 on: June 23, 2022, 10:24:09 PM »
Eastwood still strong - asking 1.45M for a 1650sqt detached condo
https://www.redfin.com/CA/Irvine/70-Gust-92602/home/169482542

Offline OCtoSV

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Re: Newer Irvine listings with crazy WTF asking prices from equity sellers
« Reply #3898 on: June 24, 2022, 06:36:44 AM »
A condo at $865/sq ft - what moron would buy this at current rates? It’s not SV, where a 1088 sq ft SFR (though attached duet style, but deeded an SFR on a 3K sq ft lot) just closed at $1227/sq ft in my hood.

Offline The California Court Company

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Re: Newer Irvine listings with crazy WTF asking prices from equity sellers
« Reply #3899 on: June 24, 2022, 07:38:20 AM »
Why not both? I appreciate a big front yard not just for curb appeal but a ‘buffer’ for the kids so when they run out of the house they don’t end up on the street immediately

+1. Lot size can be misleading when the home is back loaded. Usable back yard > large front/curb appeal
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