Talk Irvine

General => Real Estate => Irvine Real Estate => Topic started by: USCTrojanCPA on March 20, 2021, 08:55:38 PM

Title: Where the market is - Buyer Offers
Post by: USCTrojanCPA on March 20, 2021, 08:55:38 PM
I got some good feedback from some of the folks on here from my post where I listed out the offers that I made on behalf of my buyers.  This should provide some good insight as to what is going on in the market for everyone from a buyer's perspective.

Today I submitted offers on the following 3 properties...

https://www.redfin.com/CA/Irvine/11-Pollena-92602/home/5814724

https://www.redfin.com/CA/Mission-Viejo/26261-Verona-Pl-92692/home/5031784

https://www.redfin.com/CA/Irvine/43-Garden-Ter-92603/home/5901366

Offers on the first 2 homes were materially over the list price while the offer on the last home was under the list price as it's been sitting on the market for a while.  Hopefully I can help all 3 buyers get these homes.
Title: Re: Where the market is - Buyer Offers
Post by: Cornflakes on March 21, 2021, 12:30:15 AM
I got some good feedback from some of the folks on here from my post where I listed out the offers that I made on behalf of my buyers.  This should provide some good insight as to what is going on in the market for everyone from a buyer's perspective.

Today I submitted offers on the following 3 properties...

https://www.redfin.com/CA/Irvine/11-Pollena-92602/home/5814724

https://www.redfin.com/CA/Mission-Viejo/26261-Verona-Pl-92692/home/5031784

https://www.redfin.com/CA/Irvine/43-Garden-Ter-92603/home/5901366

Offers on the first 2 homes were materially over the list price while the offer on the last home was under the list price as it's been sitting on the market for a while.  Hopefully I can help all 3 buyers get these homes.

My guestimate is that Pollena home would go 100k above asking. And if there is serious bidding war, upto 150k above asking.
Title: Re: Where the market is - Buyer Offers
Post by: irvinehomeowner on March 21, 2021, 05:37:34 PM
Oh the Irvine pain!!!! :)
Title: Re: Where the market is - Buyer Offers
Post by: greatname on March 21, 2021, 09:05:39 PM
I got some good feedback from some of the folks on here from my post where I listed out the offers that I made on behalf of my buyers.  This should provide some good insight as to what is going on in the market for everyone from a buyer's perspective.

Today I submitted offers on the following 3 properties...

https://www.redfin.com/CA/Irvine/11-Pollena-92602/home/5814724

https://www.redfin.com/CA/Mission-Viejo/26261-Verona-Pl-92692/home/5031784

https://www.redfin.com/CA/Irvine/43-Garden-Ter-92603/home/5901366

Offers on the first 2 homes were materially over the list price while the offer on the last home was under the list price as it's been sitting on the market for a while.  Hopefully I can help all 3 buyers get these homes.


I saw the last one. it was a hassle to get to see as the selling agent insisted on proof of funds beforehand, which was a turnoff. I thought the house was older than its "biological" age. Maybe with some remodeling  might be ok. I did not put an offer.
Title: Re: Where the market is - Buyer Offers
Post by: USCTrojanCPA on March 22, 2021, 09:16:21 PM
Quick update on the homes...

Got my buyer the 11 Pollena home with a strong price and aggressive terms (no appraisal and no loan contingency and removal of all contingencies in 9 days) with a 24-hour response deadline.  The seller was supposed to review all offers (they had 9) on Tuesday.  They also wrote a nice letter to the seller that they could really relate to and I've worked with the listing on a few previous transactions which went very smoothly.  Having good working relationships with agents does matter!

Got outbid on the Mission Viejo.  My buyer bid $1.19m on the best and final counter but got outbid with someone offering $1.25m (crazy high for that home).  There were 6 offers on this home.

Also ending up getting the Garden Terrace home for my client after a round of counters with a very stubborn owner/listing agent.  She was going to take the home off the market this coming week to do upgrades and then re-listing it in 2-3 months for $2.75m. 
Title: Re: Where the market is - Buyer Offers
Post by: USCTrojanCPA on March 22, 2021, 09:19:10 PM
I made an offer above the list price for this Tustin Ranch home earlier tonight for another buyer....

https://www.redfin.com/CA/Tustin/10650-Costello-Dr-92782/home/4774377

They are reviewing offers on Tuesday and we'll probably get a best and final counter unless some motivated cash buyer came in with a high bid.

Title: Re: Where the market is - Buyer Offers
Post by: HMart on March 23, 2021, 02:00:36 AM
Enjoying this thread and seeing your thought process, as well as the deal terms (to the extent you feel comfortable sharing). Thanks!
Title: Re: Where the market is - Buyer Offers
Post by: USCTrojanCPA on March 23, 2021, 09:44:58 AM
Enjoying this thread and seeing your thought process, as well as the deal terms (to the extent you feel comfortable sharing). Thanks!

Yeah, I got some really positive feedback from a few folks on here when I posted about the offers that I made on 4 homes in the other thread so I figured it'd be informative to everyone to see home by home on how competitive the market really is and what it takes to get my buyers into escrow.  Obviously I'll share as much information without putting my buyer's offer at a disadvantage.  I will share more information on each of the homes as we get closer to the finish line. 
Title: Re: Where the market is - Buyer Offers
Post by: USCTrojanCPA on March 23, 2021, 09:51:47 AM
I made an offer for another buyer on this home back on March 3rd and it was interesting on it played out.

https://www.redfin.com/CA/Irvine/104-Summer-Lilac-92620/home/112721589

I told my buyer that a fair range price for this home was $1.475m to $1.5m.  So we started with an initial offer of $1.475m with no appraisal contingency and removing all contingencies in 14 days along with a 40% down payment.  My clients were ready to potentially go up to $1.5m on a best & final counter.  The listing agent texts me the next morning and apologizes to me saying that his seller accepted a slightly higher offer than ours despite him strongly recommending that they at least do a seller multiple counter to the top 2-3 buyers (we had the 2nd highest offer).  I think the home will close right around $1.5m.  The takeaway from this experience is don't hold back too much on your initial offer because you may not get another chance to bid higher. 
Title: Re: Where the market is - Buyer Offers
Post by: talkirvine on March 23, 2021, 11:40:32 AM
I made an offer for another buyer on this home back on March 3rd and it was interesting on it played out.

https://www.redfin.com/CA/Irvine/104-Summer-Lilac-92620/home/112721589

I told my buyer that a fair range price for this home was $1.475m to $1.5m.  So we started with an initial offer of $1.475m with no appraisal contingency and removing all contingencies in 14 days along with a 40% down payment.  My clients were ready to potentially go up to $1.5m on a best & final counter.  The listing agent texts me the next morning and apologizes to me saying that his seller accepted a slightly higher offer than ours despite him strongly recommending that they at least do a seller multiple counter to the top 2-3 buyers (we had the 2nd highest offer).  I think the home will close right around $1.5m.  The takeaway from this experience is don't hold back too much on your initial offer because you may not get another chance to bid higher.

How about this strategy for buyers. The first day, search online and narrow down to 10 houses to visit in person the second day. On the second day, visit all 10 houses. If there are 8 houses the buyer likes, then submit 8 offers for all 8 houses, and negotiate with all 8 sellers at the same time. If eventually one offer works out and is accepted, then cancel the other 7 offers right away. 
Title: Re: Where the market is - Buyer Offers
Post by: irvinehomeowner on March 23, 2021, 11:44:04 AM
Me like this thread too.

I can live vicariously through this thread since I am off the market. :)
Title: Re: Where the market is - Buyer Offers
Post by: hurijo on March 23, 2021, 11:51:48 AM
Appreciate all the info being shared in this thread. Very interesting read.
Title: Re: Where the market is - Buyer Offers
Post by: Soylent Green Is People on March 23, 2021, 01:45:50 PM
Amazingly difficult out there.

A buyer I'm working with hoped to purchase this $900k listing. They offered 11% over list - just past the $1m mark from the get go but did not succeed.

https://www.redfin.com/CA/Santa-Ana/18622-Beachmont-Ave-92705/home/4450222 (https://www.redfin.com/CA/Santa-Ana/18622-Beachmont-Ave-92705/home/4450222)

It closed at a 30% over list at an " unsupported by closed comparables" price of $1.2m.

Someone must see greater potential in this property than others. 
Title: Re: Where the market is - Buyer Offers
Post by: talkirvine on March 23, 2021, 02:46:56 PM
Amazingly difficult out there.

A buyer I'm working with hoped to purchase this $900k listing. They offered 11% over list - just past the $1m mark from the get go but did not succeed.

https://www.redfin.com/CA/Santa-Ana/18622-Beachmont-Ave-92705/home/4450222 (https://www.redfin.com/CA/Santa-Ana/18622-Beachmont-Ave-92705/home/4450222)

It closed at a 30% over list at an " unsupported by closed comparables" price of $1.2m.

Someone must see greater potential in this property than others.

Just from the pictures of the kitchen, I think it is purchased by a flipper. This property needs major renovation. No ordinary homeowners would like to cook in that kitchen.
Title: Re: Where the market is - Buyer Offers
Post by: Soylent Green Is People on March 23, 2021, 03:04:13 PM
Even with the $150-$200k of work needed, it's still not a $1.5 valued home given nearby comparables. Methinks it's going to be flattened and subdivided. Who knows!
Title: Re: Where the market is - Buyer Offers
Post by: USCTrojanCPA on March 23, 2021, 03:38:30 PM
I made an offer for another buyer on this home back on March 3rd and it was interesting on it played out.

https://www.redfin.com/CA/Irvine/104-Summer-Lilac-92620/home/112721589

I told my buyer that a fair range price for this home was $1.475m to $1.5m.  So we started with an initial offer of $1.475m with no appraisal contingency and removing all contingencies in 14 days along with a 40% down payment.  My clients were ready to potentially go up to $1.5m on a best & final counter.  The listing agent texts me the next morning and apologizes to me saying that his seller accepted a slightly higher offer than ours despite him strongly recommending that they at least do a seller multiple counter to the top 2-3 buyers (we had the 2nd highest offer).  I think the home will close right around $1.5m.  The takeaway from this experience is don't hold back too much on your initial offer because you may not get another chance to bid higher.

How about this strategy for buyers. The first day, search online and narrow down to 10 houses to visit in person the second day. On the second day, visit all 10 houses. If there are 8 houses the buyer likes, then submit 8 offers for all 8 houses, and negotiate with all 8 sellers at the same time. If eventually one offer works out and is accepted, then cancel the other 7 offers right away. 

That's a good strategy but many times now there aren't more than 2-3 homes that one buyer may want to look at given how low inventory levels are.  But yes, if my buyer likes more than one home we made offers on all the homes that they like because there's no guarantee that we'll get one of them.
Title: Re: Where the market is - Buyer Offers
Post by: USCTrojanCPA on March 23, 2021, 03:46:19 PM
Amazingly difficult out there.

A buyer I'm working with hoped to purchase this $900k listing. They offered 11% over list - just past the $1m mark from the get go but did not succeed.

https://www.redfin.com/CA/Santa-Ana/18622-Beachmont-Ave-92705/home/4450222 (https://www.redfin.com/CA/Santa-Ana/18622-Beachmont-Ave-92705/home/4450222)

It closed at a 30% over list at an " unsupported by closed comparables" price of $1.2m.

Someone must see greater potential in this property than others. 

Wow, that's a big number for a home that needs a full renovation of this size. It does have a very large lot though.
Title: Re: Where the market is - Buyer Offers
Post by: Cornflakes on March 23, 2021, 07:24:58 PM
Even with the $150-$200k of work needed, it's still not a $1.5 valued home given nearby comparables. Methinks it's going to be flattened and subdivided. Who knows!

Methink so too on flattened. Not likely subdivided but build something nicer, bigger, contemporary on a 15k sqft lot. Used to happen a lot in silicone valley. May be that's the next wave for socal?
Title: Re: Where the market is - Buyer Offers
Post by: OCtoSV on March 24, 2021, 08:57:50 AM
With new zoning regulations being phased in up here in SV to bridge the housing shortage subdividing large residential lots into 4-plexes will be very profitable, and will likely lead to some angry neighbors throughout some very ice neighborhoods.
Title: Re: Where the market is - Buyer Offers
Post by: Bullsback on March 24, 2021, 02:35:17 PM
I made an offer for another buyer on this home back on March 3rd and it was interesting on it played out.

https://www.redfin.com/CA/Irvine/104-Summer-Lilac-92620/home/112721589

I told my buyer that a fair range price for this home was $1.475m to $1.5m.  So we started with an initial offer of $1.475m with no appraisal contingency and removing all contingencies in 14 days along with a 40% down payment.  My clients were ready to potentially go up to $1.5m on a best & final counter.  The listing agent texts me the next morning and apologizes to me saying that his seller accepted a slightly higher offer than ours despite him strongly recommending that they at least do a seller multiple counter to the top 2-3 buyers (we had the 2nd highest offer).  I think the home will close right around $1.5m.  The takeaway from this experience is don't hold back too much on your initial offer because you may not get another chance to bid higher.

How about this strategy for buyers. The first day, search online and narrow down to 10 houses to visit in person the second day. On the second day, visit all 10 houses. If there are 8 houses the buyer likes, then submit 8 offers for all 8 houses, and negotiate with all 8 sellers at the same time. If eventually one offer works out and is accepted, then cancel the other 7 offers right away.
This was a really nice house too - very tasteful upgrades.  Very clean and decent sized lot. I always liked these Laurel floorplans. The lots were terrible (super small) but the floorplans were very clean  compared to some of the other SFR's in Cypress. 
Title: Re: Where the market is - Buyer Offers
Post by: USCTrojanCPA on March 24, 2021, 02:40:04 PM
I made an offer above the list price for this Tustin Ranch home earlier tonight for another buyer....

https://www.redfin.com/CA/Tustin/10650-Costello-Dr-92782/home/4774377

They are reviewing offers on Tuesday and we'll probably get a best and final counter unless some motivated cash buyer came in with a high bid.



Update....

My buyer offered $1.25m initially and then went up to $1.28m on best & final counters but we didn't get the home.  The listing agent said they got an offer over $1.3m that they accepted.  They had 11 offers and countered 8 buyers who had initial offers of $1.25m or higher.
Title: Re: Where the market is - Buyer Offers
Post by: crownedking on March 25, 2021, 01:04:21 PM
I'm curious to know what type of jobs does everyone here have where you can afford a multi-million dollar home.
Title: Re: Where the market is - Buyer Offers
Post by: akkord on March 25, 2021, 01:24:51 PM
I'm curious to know what type of jobs does everyone here have where you can afford a multi-million dollar home.

It's family $ and overseas China FCB $ ...   I'm sure there are families where both earners are doctors, lawyers, small business owners, in finance (PMs, senior mgmt), engineers/programmers, or a combination of any of those.  I'm sure there are niche jobs that make a lot of $ too.   I'm poor thinking about it now.

I remember someone who submitted their app on our rental, they made ~$170k as mid lvl mgmt at the Taco Bell, that's just one of them. 
Title: Re: Where the market is - Buyer Offers
Post by: sleepy5136 on March 25, 2021, 01:40:29 PM
I'm curious to know what type of jobs does everyone here have where you can afford a multi-million dollar home.

It's family $ and overseas China FCB $ ...   I'm sure there are families where both earners are doctors, lawyers, small business owners, in finance (PMs, senior mgmt), engineers/programmers, or a combination of any of those.  I'm sure there are niche jobs that make a lot of $ too.   I'm poor thinking about it now.

I remember someone who submitted their app on our rental, they made ~$170k as mid lvl mgmt at the Taco Bell, that's just one of them.
The majority of buyers are age 22-40. I would love to see metrics of income for OC. The nationwide metrics specify that households are earning 100-113k. But that doesn't seem realistic with California prices.
Title: Re: Where the market is - Buyer Offers
Post by: Cornflakes on March 25, 2021, 01:47:56 PM
I'm curious to know what type of jobs does everyone here have where you can afford a multi-million dollar home.

It's family $ and overseas China FCB $ ...   I'm sure there are families where both earners are doctors, lawyers, small business owners, in finance (PMs, senior mgmt), engineers/programmers, or a combination of any of those.  I'm sure there are niche jobs that make a lot of $ too.   I'm poor thinking about it now.

I remember someone who submitted their app on our rental, they made ~$170k as mid lvl mgmt at the Taco Bell, that's just one of them.

That's lotta cheese.. ;)
Title: Re: Where the market is - Buyer Offers
Post by: akkord on March 25, 2021, 01:49:15 PM
The majority of buyers are age 22-40. I would love to see metrics of income for OC. The nationwide metrics specify that households are earning 100-113k. But that doesn't seem realistic with California prices.

Even if the stats say people aren't earning as much in the OC, if family/parents/overseas $ help with huge down payments, they don't need to make as much to cover the monthly payments.
Title: Re: Where the market is - Buyer Offers
Post by: Liar Loan on March 25, 2021, 01:52:19 PM
I'm curious to know what type of jobs does everyone here have where you can afford a multi-million dollar home.

My wife is a teacher that makes $110k for 9 months of work.  (Thank you teacher's unions.)
I am in finance.
We bought our prior home near the bottom in 2010 and had 10 years of equity gains through appreciation/amortization that we parlayed into a dp for a bigger house last year. 
Ultra low rates increase buying power by magnitudes.
No family money needed.

Oh, and the #1 thing... Don't buy in Irvine!

Title: Re: Where the market is - Buyer Offers
Post by: USCTrojanCPA on March 25, 2021, 01:56:23 PM
Most of my clients are professionally employed with dual income households....legal, medical, dental, finance, engineering, etc.  I'd venture to guess that 80% of them have household incomes from $200k to $500k.
Title: Re: Where the market is - Buyer Offers
Post by: Cornflakes on March 25, 2021, 01:57:01 PM
The majority of buyers are age 22-40. I would love to see metrics of income for OC. The nationwide metrics specify that households are earning 100-113k. But that doesn't seem realistic with California prices.

Even if the stats say people aren't earning as much in the OC, if family/parents/overseas $ help with huge down payments, they don't need to make as much to cover the monthly payments.

It is futile to go with those average numbers. I am sure you all know/have seen a desk receptionist (or equivalent) driving off in a shiny BMW, and a high earner pinching every $ and dime he/she can, even if it is embarrasing at times..

Buying home has a lot to do with risk tolerance, spending habits etc. Income level is just a loose barrier.
Title: Re: Where the market is - Buyer Offers
Post by: USCTrojanCPA on March 25, 2021, 01:57:11 PM
I'm curious to know what type of jobs does everyone here have where you can afford a multi-million dollar home.

My wife is a teacher that makes $110k for 9 months of work.  (Thank you teacher's unions.)
I am in finance.
We bought our prior home near the bottom in 2010 and had 10 years of equity gains through appreciation/amortization that we parlayed into a dp for a bigger house last year. 
Ultra low rates increase buying power by magnitudes.
No family money needed.

Oh, and the #1 thing... Don't buy in Irvine!



Buy in Tustin Ranch, right?  ;)
Title: Re: Where the market is - Buyer Offers
Post by: USCTrojanCPA on March 25, 2021, 01:58:39 PM
The majority of buyers are age 22-40. I would love to see metrics of income for OC. The nationwide metrics specify that households are earning 100-113k. But that doesn't seem realistic with California prices.

Even if the stats say people aren't earning as much in the OC, if family/parents/overseas $ help with huge down payments, they don't need to make as much to cover the monthly payments.

It is futile to go with those average numbers. I am sure you all know/have seen a desk receptionist (or equivalent) driving off in a shiny BMW, and a high earner pinching every $ and dime he/she can, even if it is embarrasing at times..

Buying home has a lot to do with risk tolerance, spending habits etc. Income level is just a loose barrier.

Irvine is a bit different that most buyers there tend to be conservative and underbuy...when they can afford a $1.5m+ home they are looking around $1m.  I see people streching a bit more outside of Irvine.
Title: Re: Where the market is - Buyer Offers
Post by: akkord on March 25, 2021, 02:15:40 PM
The majority of buyers are age 22-40. I would love to see metrics of income for OC. The nationwide metrics specify that households are earning 100-113k. But that doesn't seem realistic with California prices.

Even if the stats say people aren't earning as much in the OC, if family/parents/overseas $ help with huge down payments, they don't need to make as much to cover the monthly payments.

It is futile to go with those average numbers. I am sure you all know/have seen a desk receptionist (or equivalent) driving off in a shiny BMW, and a high earner pinching every $ and dime he/she can, even if it is embarrasing at times..

Buying home has a lot to do with risk tolerance, spending habits etc. Income level is just a loose barrier.

Irvine is a bit different that most buyers there tend to be conservative and underbuy...when they can afford a $1.5m+ home they are looking around $1m.  I see people streching a bit more outside of Irvine.

That's b/c the stretch in Irvine is a lot more than elsewhere.  Bids of 100k+ over ask isn't chump change for the majority of people.  Whereas stretching 20-30k is fine elsewhere.  Must be nice to be a seller now. 
Title: Re: Where the market is - Buyer Offers
Post by: sleepy5136 on March 25, 2021, 02:45:52 PM
The majority of buyers are age 22-40. I would love to see metrics of income for OC. The nationwide metrics specify that households are earning 100-113k. But that doesn't seem realistic with California prices.

Even if the stats say people aren't earning as much in the OC, if family/parents/overseas $ help with huge down payments, they don't need to make as much to cover the monthly payments.

It is futile to go with those average numbers. I am sure you all know/have seen a desk receptionist (or equivalent) driving off in a shiny BMW, and a high earner pinching every $ and dime he/she can, even if it is embarrasing at times..

Buying home has a lot to do with risk tolerance, spending habits etc. Income level is just a loose barrier.

Irvine is a bit different that most buyers there tend to be conservative and underbuy...when they can afford a $1.5m+ home they are looking around $1m.  I see people streching a bit more outside of Irvine.
I bought in Lake Forest and qualified for 1m. Bought a 730k home instead :)
Title: Re: Where the market is - Buyer Offers
Post by: crownedking on March 25, 2021, 07:57:34 PM
I'm curious to know what type of jobs does everyone here have where you can afford a multi-million dollar home.

It's family $ and overseas China FCB $ ...   I'm sure there are families where both earners are doctors, lawyers, small business owners, in finance (PMs, senior mgmt), engineers/programmers, or a combination of any of those.  I'm sure there are niche jobs that make a lot of $ too.   I'm poor thinking about it now.

I remember someone who submitted their app on our rental, they made ~$170k as mid lvl mgmt at the Taco Bell, that's just one of them.
The majority of buyers are age 22-40. I would love to see metrics of income for OC. The nationwide metrics specify that households are earning 100-113k. But that doesn't seem realistic with California prices.

Im 25 and just hit 6 figures at work, but still finding it impossible to find a property. Im single (so not dual income), maybe thats why? It feels like I'm going in circles; can't find a partner while living with my parents, but can't afford a reasonable house without a dual income  :-\
Title: Re: Where the market is - Buyer Offers
Post by: Cares on March 25, 2021, 08:37:20 PM
I'm curious to know what type of jobs does everyone here have where you can afford a multi-million dollar home.

It's family $ and overseas China FCB $ ...   I'm sure there are families where both earners are doctors, lawyers, small business owners, in finance (PMs, senior mgmt), engineers/programmers, or a combination of any of those.  I'm sure there are niche jobs that make a lot of $ too.   I'm poor thinking about it now.

I remember someone who submitted their app on our rental, they made ~$170k as mid lvl mgmt at the Taco Bell, that's just one of them.
The majority of buyers are age 22-40. I would love to see metrics of income for OC. The nationwide metrics specify that households are earning 100-113k. But that doesn't seem realistic with California prices.

Im 25 and just hit 6 figures at work, but still finding it impossible to find a property. Im single (so not dual income), maybe thats why? It feels like I'm going in circles; can't find a partner while living with my parents, but can't afford a reasonable house without a dual income  :-\

If your future partner looks down on you for being financially sensible then they wouldn't be a good partner in my opinion. Why would living with parents while saving to purchase a home be a negative thing? It shouldn't.
Title: Re: Where the market is - Buyer Offers
Post by: sleepy5136 on March 25, 2021, 09:43:51 PM
I'm curious to know what type of jobs does everyone here have where you can afford a multi-million dollar home.

It's family $ and overseas China FCB $ ...   I'm sure there are families where both earners are doctors, lawyers, small business owners, in finance (PMs, senior mgmt), engineers/programmers, or a combination of any of those.  I'm sure there are niche jobs that make a lot of $ too.   I'm poor thinking about it now.

I remember someone who submitted their app on our rental, they made ~$170k as mid lvl mgmt at the Taco Bell, that's just one of them.
The majority of buyers are age 22-40. I would love to see metrics of income for OC. The nationwide metrics specify that households are earning 100-113k. But that doesn't seem realistic with California prices.

Im 25 and just hit 6 figures at work, but still finding it impossible to find a property. Im single (so not dual income), maybe thats why? It feels like I'm going in circles; can't find a partner while living with my parents, but can't afford a reasonable house without a dual income  :-\
You could probably get a place for 500k-600k I would think. But it wouldn't be the prettiest place. May need some renovations too. Do you put your money to work or do you let it sit in the bank? It makes a huge difference.
Title: Re: Where the market is - Buyer Offers
Post by: talkirvine on March 25, 2021, 09:55:30 PM
Salary increases dramatically in the past 5 years. The 9 month salary for a fresh finance/accounting assistant professor in the UC system has increased from 200k to 300k.
Title: Re: Where the market is - Buyer Offers
Post by: Cornflakes on March 25, 2021, 10:06:38 PM
Salary increases dramatically in the past 5 years. The 9 month salary for a fresh finance/accounting assistant professor in the UC system has increased from 200k to 300k.

I highly doubt it.

There could be a miniscule % of tentured professors making tha kind of salary, but fresh guy? nO way.

UC salaries are public. should be fairly easy to search.
Title: Re: Where the market is - Buyer Offers
Post by: qwerty on March 25, 2021, 10:08:47 PM
Salary increases dramatically in the past 5 years. The 9 month salary for a fresh finance/accounting assistant professor in the UC system has increased from 200k to 300k.

I highly doubt it.

There could be a miniscule % of tentured professors making tha kind of salary, but fresh guy? nO way.

UC salaries are public. should be fairly easy to search.

Yeah that seems way off
Title: Re: Where the market is - Buyer Offers
Post by: best_potsticker_in_town on March 25, 2021, 10:38:17 PM
I'm curious to know what type of jobs does everyone here have where you can afford a multi-million dollar home.

It's family $ and overseas China FCB $ ...   I'm sure there are families where both earners are doctors, lawyers, small business owners, in finance (PMs, senior mgmt), engineers/programmers, or a combination of any of those.  I'm sure there are niche jobs that make a lot of $ too.   I'm poor thinking about it now.

I remember someone who submitted their app on our rental, they made ~$170k as mid lvl mgmt at the Taco Bell, that's just one of them.
The majority of buyers are age 22-40. I would love to see metrics of income for OC. The nationwide metrics specify that households are earning 100-113k. But that doesn't seem realistic with California prices.

Im 25 and just hit 6 figures at work, but still finding it impossible to find a property. Im single (so not dual income), maybe thats why? It feels like I'm going in circles; can't find a partner while living with my parents, but can't afford a reasonable house without a dual income  :-\

I was there before. Timing is everything and your time will come.

I happened to buy my first property at 25. It was a Bay Area condo that was built in 2010 - they were unable to sell the units so they rented them out. When the market got healthier, they started to sell the condos as leases expired. I was able to buy a 2-bd unit for $495,000. Lived there for a few years - unable to find a compatible partner and just living the ups/downs of single life. I eventually sold the unit and flipped a nice profit. Moved down to Irvine and bought a brand new condo in Eastwood. Dated a bit and was married within 2 years and had a kid a year later. With our dual income, we were able to buy a nice place here in Irvine that we both love.

My suggestions:

1. Save your money and don't be afraid to take safe risks. If you've saved up 20% - I say go for it and buy a place. If you haven't hit that threshold, save a little more. Get a cheaper condo here in OC and build some equity. Maybe something like this: https://www.redfin.com/CA/Tustin/1722-Mitchell-Ave-92780/unit-179/home/4617570
2. Invest in yourself - whether it's educational courses, self-improvement books, living a healthier lifestyle...whatever it is, utilize this time to groom healthy habits that will help you sustain yourself once you do find a partner and settle down.
3. Set short and long-term goals and milestones in your career and personal life and work towards those. Keep a journal - it's often the journey that's more enjoyable than the actual reward.
Title: Re: Where the market is - Buyer Offers
Post by: talkirvine on March 25, 2021, 11:36:19 PM
Salary increases dramatically in the past 5 years. The 9 month salary for a fresh finance/accounting assistant professor in the UC system has increased from 200k to 300k.

I highly doubt it.

There could be a miniscule % of tentured professors making tha kind of salary, but fresh guy? nO way.

UC salaries are public. should be fairly easy to search.

https://calsalaries.com/ben-lourie-5709687

He was hired in 2015. UC system pays more for more recent hires just to keep competitive on the job market.
Title: Re: Where the market is - Buyer Offers
Post by: crownedking on March 26, 2021, 12:29:44 AM
I'm curious to know what type of jobs does everyone here have where you can afford a multi-million dollar home.

It's family $ and overseas China FCB $ ...   I'm sure there are families where both earners are doctors, lawyers, small business owners, in finance (PMs, senior mgmt), engineers/programmers, or a combination of any of those.  I'm sure there are niche jobs that make a lot of $ too.   I'm poor thinking about it now.

I remember someone who submitted their app on our rental, they made ~$170k as mid lvl mgmt at the Taco Bell, that's just one of them.
The majority of buyers are age 22-40. I would love to see metrics of income for OC. The nationwide metrics specify that households are earning 100-113k. But that doesn't seem realistic with California prices.

Im 25 and just hit 6 figures at work, but still finding it impossible to find a property. Im single (so not dual income), maybe thats why? It feels like I'm going in circles; can't find a partner while living with my parents, but can't afford a reasonable house without a dual income  :-\

If your future partner looks down on you for being financially sensible then they wouldn't be a good partner in my opinion. Why would living with parents while saving to purchase a home be a negative thing? It shouldn't.

I should have added that I'm a guy. Typically thats the attitude you can expect in the OC dating scene ;D haha
It somewhat makes sense to me though; you've got teenagers driving down Jamboree in Lamborghinis, why would a girl be interested in a 25yr old guy living at home haha. My friends that still live with their parents have had the same experience...
Title: Re: Where the market is - Buyer Offers
Post by: HMart on March 26, 2021, 11:35:18 AM
I should have added that I'm a guy. Typically thats the attitude you can expect in the OC dating scene ;D haha
It somewhat makes sense to me though; you've got teenagers driving down Jamboree in Lamborghinis, why would a girl be interested in a 25yr old guy living at home haha. My friends that still live with their parents have had the same experience...

Literally everyone I knew in my 20s rented an apartment. As long as you're not doing something dumb like renting a $4k amenity building unit, you should be fine.

Honestly, I went on a shitton of dates while still living in a jr 1bd apt in Irvine and driving a Honda Accord just fine. I definitely was making less money than you. Right before I met my future wife, I was online dating like crazy, like 6+ dates/wk.

I think you gotta ignore all this conspicuous consumption.

If you are really fixated on buying a home, you should consider a smaller property in the area (e.g. Keller Dr in Tustin Ranch) or moving to a lower cost area.
Title: Re: Where the market is - Buyer Offers
Post by: Cornflakes on March 26, 2021, 12:02:38 PM
If I am a 25 yr old, making decent $, and facing financing hurdles with lenders because of a single income, this is what I'd do:

Have my parents help me with a down payment large enough that brings my DTIs to a desirable level. Give the parents their money back eventually or have their name as % owner on the title of the home.

Alternatively, get an FHA loan with lower down payment. When numbers improve in 2-3-5 years, refi out of it. Small price to pay but who know you get much more value out of owning and living in your own place than paying few more $ for an expensive loan.
Title: Re: Where the market is - Buyer Offers
Post by: USCTrojanCPA on March 26, 2021, 09:15:53 PM
I should have added that I'm a guy. Typically thats the attitude you can expect in the OC dating scene ;D haha
It somewhat makes sense to me though; you've got teenagers driving down Jamboree in Lamborghinis, why would a girl be interested in a 25yr old guy living at home haha. My friends that still live with their parents have had the same experience...

Literally everyone I knew in my 20s rented an apartment. As long as you're not doing something dumb like renting a $4k amenity building unit, you should be fine.

Honestly, I went on a shitton of dates while still living in a jr 1bd apt in Irvine and driving a Honda Accord just fine. I definitely was making less money than you. Right before I met my future wife, I was online dating like crazy, like 6+ dates/wk.

I think you gotta ignore all this conspicuous consumption.

If you are really fixated on buying a home, you should consider a smaller property in the area (e.g. Keller Dr in Tustin Ranch) or moving to a lower cost area.

Went on 6 dates per week?  Dang, you were really working it online.  haha
Title: Re: Where the market is - Buyer Offers
Post by: Cornflakes on March 26, 2021, 09:47:32 PM
I should have added that I'm a guy. Typically thats the attitude you can expect in the OC dating scene ;D haha
It somewhat makes sense to me though; you've got teenagers driving down Jamboree in Lamborghinis, why would a girl be interested in a 25yr old guy living at home haha. My friends that still live with their parents have had the same experience...

Literally everyone I knew in my 20s rented an apartment. As long as you're not doing something dumb like renting a $4k amenity building unit, you should be fine.

Honestly, I went on a shitton of dates while still living in a jr 1bd apt in Irvine and driving a Honda Accord just fine. I definitely was making less money than you. Right before I met my future wife, I was online dating like crazy, like 6+ dates/wk.

I think you gotta ignore all this conspicuous consumption.

If you are really fixated on buying a home, you should consider a smaller property in the area (e.g. Keller Dr in Tustin Ranch) or moving to a lower cost area.

Went on 6 dates per week?  Dang, you were really working it online.  haha

If he paid for all those dinners and movies, then the stats on the NAR report checks out... ;)
Title: Re: Where the market is - Buyer Offers
Post by: USCTrojanCPA on March 27, 2021, 08:04:32 PM
Made an offer over list on this Montecito Plan 2 home in Woodbury earlier today...

https://www.redfin.com/CA/Irvine/32-Marblehead-92620/home/28931918

Agent said they have multiple offers (big shocker) and will be reviewing them with the seller on Sunday night.
Title: Re: Where the market is - Buyer Offers
Post by: CLB_srA on March 28, 2021, 12:37:45 PM
I'm curious to know what type of jobs does everyone here have where you can afford a multi-million dollar home.

It's family $ and overseas China FCB $ ...   I'm sure there are families where both earners are doctors, lawyers, small business owners, in finance (PMs, senior mgmt), engineers/programmers, or a combination of any of those.  I'm sure there are niche jobs that make a lot of $ too.   I'm poor thinking about it now.

I remember someone who submitted their app on our rental, they made ~$170k as mid lvl mgmt at the Taco Bell, that's just one of them.
The majority of buyers are age 22-40. I would love to see metrics of income for OC. The nationwide metrics specify that households are earning 100-113k. But that doesn't seem realistic with California prices.

Im 25 and just hit 6 figures at work, but still finding it impossible to find a property. Im single (so not dual income), maybe thats why? It feels like I'm going in circles; can't find a partner while living with my parents, but can't afford a reasonable house without a dual income  :-\

I was there before. Timing is everything and your time will come.

I happened to buy my first property at 25. It was a Bay Area condo that was built in 2010 - they were unable to sell the units so they rented them out. When the market got healthier, they started to sell the condos as leases expired. I was able to buy a 2-bd unit for $495,000. Lived there for a few years - unable to find a compatible partner and just living the ups/downs of single life. I eventually sold the unit and flipped a nice profit. Moved down to Irvine and bought a brand new condo in Eastwood. Dated a bit and was married within 2 years and had a kid a year later. With our dual income, we were able to buy a nice place here in Irvine that we both love.

My suggestions:

1. Save your money and don't be afraid to take safe risks. If you've saved up 20% - I say go for it and buy a place. If you haven't hit that threshold, save a little more. Get a cheaper condo here in OC and build some equity. Maybe something like this: https://www.redfin.com/CA/Tustin/1722-Mitchell-Ave-92780/unit-179/home/4617570
2. Invest in yourself - whether it's educational courses, self-improvement books, living a healthier lifestyle...whatever it is, utilize this time to groom healthy habits that will help you sustain yourself once you do find a partner and settle down.
3. Set short and long-term goals and milestones in your career and personal life and work towards those. Keep a journal - it's often the journey that's more enjoyable than the actual reward.

Wow that's a really nice interior good find.
Title: Re: Where the market is - Buyer Offers
Post by: ThirtySomethingWEquity on March 28, 2021, 03:31:23 PM
I'm curious to know what type of jobs does everyone here have where you can afford a multi-million dollar home.

It's family $ and overseas China FCB $ ...   I'm sure there are families where both earners are doctors, lawyers, small business owners, in finance (PMs, senior mgmt), engineers/programmers, or a combination of any of those.  I'm sure there are niche jobs that make a lot of $ too.   I'm poor thinking about it now.

I remember someone who submitted their app on our rental, they made ~$170k as mid lvl mgmt at the Taco Bell, that's just one of them.
The majority of buyers are age 22-40. I would love to see metrics of income for OC. The nationwide metrics specify that households are earning 100-113k. But that doesn't seem realistic with California prices.

Im 25 and just hit 6 figures at work, but still finding it impossible to find a property. Im single (so not dual income), maybe thats why? It feels like I'm going in circles; can't find a partner while living with my parents, but can't afford a reasonable house without a dual income  :-\

Rent a room.  It's a lot easier to find roommates when you're in your 20s than in your 30s, so take advantage of this stage of your life to get some freedom and still save a boatload of money.  Remember if you move into a new place you need to buy TV, furniture, kitchen stuff, could be  another 10-20k if you don't want hand me downs and depending on how big of a place.

When I was in my early twenties I moved in with two guys who owned a big house in Irvine, they each had their girlfriends living with them.  I got to meat a lot of people through them, the main downside was dealing iwth noise, but earplugs are cheap.  Did that for a few years, saved a boatload of money, bought a townhouse in 2009 in my late twenties, and that was a good purchase. :)
Title: Re: Where the market is - Buyer Offers
Post by: crownedking on March 28, 2021, 07:16:36 PM
I'm curious to know what type of jobs does everyone here have where you can afford a multi-million dollar home.

It's family $ and overseas China FCB $ ...   I'm sure there are families where both earners are doctors, lawyers, small business owners, in finance (PMs, senior mgmt), engineers/programmers, or a combination of any of those.  I'm sure there are niche jobs that make a lot of $ too.   I'm poor thinking about it now.

I remember someone who submitted their app on our rental, they made ~$170k as mid lvl mgmt at the Taco Bell, that's just one of them.
The majority of buyers are age 22-40. I would love to see metrics of income for OC. The nationwide metrics specify that households are earning 100-113k. But that doesn't seem realistic with California prices.

Im 25 and just hit 6 figures at work, but still finding it impossible to find a property. Im single (so not dual income), maybe thats why? It feels like I'm going in circles; can't find a partner while living with my parents, but can't afford a reasonable house without a dual income  :-\

I was there before. Timing is everything and your time will come.

I happened to buy my first property at 25. It was a Bay Area condo that was built in 2010 - they were unable to sell the units so they rented them out. When the market got healthier, they started to sell the condos as leases expired. I was able to buy a 2-bd unit for $495,000. Lived there for a few years - unable to find a compatible partner and just living the ups/downs of single life. I eventually sold the unit and flipped a nice profit. Moved down to Irvine and bought a brand new condo in Eastwood. Dated a bit and was married within 2 years and had a kid a year later. With our dual income, we were able to buy a nice place here in Irvine that we both love.

My suggestions:

1. Save your money and don't be afraid to take safe risks. If you've saved up 20% - I say go for it and buy a place. If you haven't hit that threshold, save a little more. Get a cheaper condo here in OC and build some equity. Maybe something like this: https://www.redfin.com/CA/Tustin/1722-Mitchell-Ave-92780/unit-179/home/4617570
2. Invest in yourself - whether it's educational courses, self-improvement books, living a healthier lifestyle...whatever it is, utilize this time to groom healthy habits that will help you sustain yourself once you do find a partner and settle down.
3. Set short and long-term goals and milestones in your career and personal life and work towards those. Keep a journal - it's often the journey that's more enjoyable than the actual reward.

Wow that's a really nice interior good find.

I totally agree! great interior; now to find a place with that look outside as-well  ;D (or am I asking for too much LOL)
Title: Re: Where the market is - Buyer Offers
Post by: USCTrojanCPA on March 28, 2021, 08:35:31 PM
Made another 2 offers for 2 of my buyers today for these 2 homes....

https://www.redfin.com/CA/Irvine/9-Robinstree-92602/home/4793849

https://www.redfin.com/CA/Irvine/73-Navigator-92620/home/7203459



Title: Re: Where the market is - Buyer Offers
Post by: moc on March 29, 2021, 10:44:28 AM
I'm curious to know what type of jobs does everyone here have where you can afford a multi-million dollar home.

It's family $ and overseas China FCB $ ...   I'm sure there are families where both earners are doctors, lawyers, small business owners, in finance (PMs, senior mgmt), engineers/programmers, or a combination of any of those.  I'm sure there are niche jobs that make a lot of $ too.   I'm poor thinking about it now.

I remember someone who submitted their app on our rental, they made ~$170k as mid lvl mgmt at the Taco Bell, that's just one of them.
The majority of buyers are age 22-40. I would love to see metrics of income for OC. The nationwide metrics specify that households are earning 100-113k. But that doesn't seem realistic with California prices.

Im 25 and just hit 6 figures at work, but still finding it impossible to find a property. Im single (so not dual income), maybe thats why? It feels like I'm going in circles; can't find a partner while living with my parents, but can't afford a reasonable house without a dual income  :-\

Crowned king - having a dual income does help, I would not have been able to afford to purchase our home with just my salary. But, I will say we felt the same at 25 - looked around at the housing market and it felt like an impossible task to buy. We moved to a cheaper place(rental), took a hard look at our spending, made savings goals, bought a cheap car etc etc etc. We bought our first home when we were 28 (we are 29 now so this is recent lol). I know it feels impossible but a lot can change in just a few years. It is easier with a partner but you can probably achieve it on your own. Keep your head up and don't lose hope.
Title: Re: Where the market is - Buyer Offers
Post by: eyephone on March 29, 2021, 10:54:43 AM
I read that person post and I laughed.
If the person wanted a house that person can most likely buy one. But maybe not in Irvine.
How is it our fault that you are not married? I do not think no one here is going to hook you up.



Title: Re: Where the market is - Buyer Offers
Post by: ucla bruin on March 29, 2021, 12:37:11 PM
That's interesting you took it as that.

I didn't read it as him blaming the world, just sharing his sentiments and challenges of having goals vs meeting them.

Crowned King - keep doing what you're doing. 6 figures by 25 is already an achievement. Renting a room as opposed to a single apt definitely helps. I did that for many years when I was still single. Save wherever you can. Invest your money. Chart your growth and see if it's on track, make adjustments.

Evaluate your expectations too. Your first house doesn't need to be a multi-million dollar home.
Title: Re: Where the market is - Buyer Offers
Post by: Mety on March 29, 2021, 02:01:39 PM
Those who are looking to buy a home, what's your budget?
Title: Re: Where the market is - Buyer Offers
Post by: crownedking on March 29, 2021, 03:06:44 PM
Those who are looking to buy a home, what's your budget?

looking for a newer 1 or 2 bed townhome, around the low 500's
Title: Re: Where the market is - Buyer Offers
Post by: eyephone on March 29, 2021, 03:26:54 PM
Those who are looking to buy a home, what's your budget?

1. So I guess you are going to hook him or her up with a partner.
2. Help that person move out of the parent house.
3. Help search for a newer place.

You got this bro.  ;)
Title: Re: Where the market is - Buyer Offers
Post by: Mety on March 29, 2021, 04:34:10 PM
Those who are looking to buy a home, what's your budget?

looking for a newer 1 or 2 bed townhome, around the low 500's

That's tough in Irvine especially if you want a "newer." Stonegate East or Woodbury East will sometimes have 1bed-plus-den with that price range so stay tuned.
Title: Re: Where the market is - Buyer Offers
Post by: Soylent Green Is People on March 29, 2021, 05:15:43 PM
Crowned King - I'm curious why Irvine only, when there aren't kids (schooling) or really commute issues at play here. Is this more or less a MAX ROI question or something else not yet noted? Everyone has their reasons for buying in Irvine - all of them are legitimate and personal - but as a mid 20's single person if equity appreciation wasn't at the top of my list, I'd probably buy reasonably close at a lower price point.

What is behind the drive to buy in this red hot location specific market versus 1-3 miles outside of Irvine - if you care to share please.
Title: Re: Where the market is - Buyer Offers
Post by: talkirvine on March 29, 2021, 05:30:12 PM
Those who are looking to buy a home, what's your budget?

If I were you, I would buy in Ontario/Eastvale. You can get a 3-4 bedroom brand new detached condo with that price. The price has increased a lot over the last year and it still has the potential to increase. With less than $200/sqft, you can not beat that price any where in Orange county.
Title: Re: Where the market is - Buyer Offers
Post by: eyephone on March 29, 2021, 06:04:10 PM
Those who are looking to buy a home, what's your budget?

looking for a newer 1 or 2 bed townhome, around the low 500's

That's tough in Irvine especially if you want a "newer." Stonegate East or Woodbury East will sometimes have 1bed-plus-den with that price range so stay tuned.

But you did not help that person find a partner for dual income. (to buy a house)

Title: Re: Where the market is - Buyer Offers
Post by: kpatnps on March 29, 2021, 10:37:25 PM
Salary increases dramatically in the past 5 years. The 9 month salary for a fresh finance/accounting assistant professor in the UC system has increased from 200k to 300k.

I highly doubt it.

There could be a miniscule % of tentured professors making tha kind of salary, but fresh guy? nO way.

UC salaries are public. should be fairly easy to search.

https://transparentcalifornia.com/

See where all your tax monies go.

Title: Re: Where the market is - Buyer Offers
Post by: kpatnps on March 29, 2021, 10:38:57 PM
Most of my clients are professionally employed with dual income households....legal, medical, dental, finance, engineering, etc.  I'd venture to guess that 80% of them have household incomes from $200k to $500k.

200 to 500K is a big range.  Might as well say 99% of your clients are between 100k and 1M.
Title: Re: Where the market is - Buyer Offers
Post by: USCTrojanCPA on March 30, 2021, 12:23:01 AM
Most of my clients are professionally employed with dual income households....legal, medical, dental, finance, engineering, etc.  I'd venture to guess that 80% of them have household incomes from $200k to $500k.

200 to 500K is a big range.  Might as well say 99% of your clients are between 100k and 1M.

Ok fair enough, more than 50% of my Irvine buyers have household incomes from $250k to $350k (the majority of these are dual-income households).  Assuming that buyers don't have any significant outstanding recurring debt obligations (car loans/leases, student loans, etc), they can easily qualify for a loan of 5-6x their annual pre-tax income assuming they have the required downpayment and reserves with today's interest rate environment. I've noticed that some higher earning first-time buyers tend to have somewhat limited down payment funds from savings which reduces their ultimate maximum purchase price. 
Title: Re: Where the market is - Buyer Offers
Post by: daedalus on March 30, 2021, 01:59:39 AM
more than 50% of my Irvine buyers have household incomes from $250k to $350k (the majority of these are dual-income households).  Assuming that buyers don't have any significant outstanding recurring debt obligations (car loans/leases, student loans, etc), they can easily qualify for a loan of 5-6x their annual pre-tax income assuming they have the required downpayment and reserves with today's interest rate environment.

They can qualify for that, but I think you've said in the past that most buyers spend conservatively, right?   Even 5x seems like it's pushing it to me.  For a couple grossing $300k and buying a $1.9M home ($1.5M loan)...That's ~$6300/month just for P&I (@ 3%).  Add in Taxes, HOA, insurance, mello-roos...  ~$10k/month?  Give or take.
$25k gross -30% equivalent taxes all in, -10% retirement savings...  $15k take home

$15k - $10K = $5k left to pay for everything else.  Not starving by any means, unless they have young kids in daycare @ $1500 each.  Then it gets pretty tight.  Car payments, insurance, food, utilities...nothing left for the annual vacay to Disneyworld.  Unless we're not saving for retirement.   :o

Title: Re: Where the market is - Buyer Offers
Post by: akkord on March 30, 2021, 06:02:34 AM
more than 50% of my Irvine buyers have household incomes from $250k to $350k (the majority of these are dual-income households).  Assuming that buyers don't have any significant outstanding recurring debt obligations (car loans/leases, student loans, etc), they can easily qualify for a loan of 5-6x their annual pre-tax income assuming they have the required downpayment and reserves with today's interest rate environment.

They can qualify for that, but I think you've said in the past that most buyers spend conservatively, right?   Even 5x seems like it's pushing it to me.  For a couple grossing $300k and buying a $1.9M home ($1.5M loan)...That's ~$6300/month just for P&I (@ 3%).  Add in Taxes, HOA, insurance, mello-roos...  ~$10k/month?  Give or take.
$25k gross -30% equivalent taxes all in, -10% retirement savings...  $15k take home

$15k - $10K = $5k left to pay for everything else.  Not starving by any means, unless they have young kids in daycare @ $1500 each.  Then it gets pretty tight.  Car payments, insurance, food, utilities...nothing left for the annual vacay to Disneyworld.  Unless we're not saving for retirement.   :o

I think USC mentioned most buyers are conservative in this area, so I wouldn't think they would go for what they max qualify for so 1-1.5mm depending on down with a 600-800k loan is would be a lot more realistic and manageable.  That's assuming they can find a 1mm home these days.    :-\ 
Title: Re: Where the market is - Buyer Offers
Post by: OCtoSV on March 30, 2021, 08:22:54 AM
Most of my clients are professionally employed with dual income households....legal, medical, dental, finance, engineering, etc.  I'd venture to guess that 80% of them have household incomes from $200k to $500k.

200 to 500K is a big range.  Might as well say 99% of your clients are between 100k and 1M.

Ok fair enough, more than 50% of my Irvine buyers have household incomes from $250k to $350k (the majority of these are dual-income households).  Assuming that buyers don't have any significant outstanding recurring debt obligations (car loans/leases, student loans, etc), they can easily qualify for a loan of 5-6x their annual pre-tax income assuming they have the required downpayment and reserves with today's interest rate environment. I've noticed that some higher earning first-time buyers tend to have somewhat limited down payment funds from savings which reduces their ultimate maximum purchase price.

Needing 2 earners to achieve $250-350K/yr and trying to buy a 1.5M house is just insane unless the down is >$500K. It also leaves no room for one of them to stay home with kids.

2 earners in my neighborhood in SV (not the fanciest by any means but somewhat Irvine-like in demographics) is typically $350-500K+, with median home sales price $1.5M.
Title: Re: Where the market is - Buyer Offers
Post by: zovall on March 30, 2021, 08:37:53 AM
Needing 2 earners to achieve $250-350K/yr and trying to buy a 1.5M house is just insane unless the down is >$500K. It also leaves no room for one of them to stay home with kids.

Do you mean the option for one parent to not work and stay home with kids? Did you take that option or is it more about knowing that you could take that option if desired?
Title: Re: Where the market is - Buyer Offers
Post by: Cornflakes on March 30, 2021, 08:55:50 AM
more than 50% of my Irvine buyers have household incomes from $250k to $350k (the majority of these are dual-income households).  Assuming that buyers don't have any significant outstanding recurring debt obligations (car loans/leases, student loans, etc), they can easily qualify for a loan of 5-6x their annual pre-tax income assuming they have the required downpayment and reserves with today's interest rate environment.

They can qualify for that, but I think you've said in the past that most buyers spend conservatively, right?   Even 5x seems like it's pushing it to me.  For a couple grossing $300k and buying a $1.9M home ($1.5M loan)...That's ~$6300/month just for P&I (@ 3%).  Add in Taxes, HOA, insurance, mello-roos...  ~$10k/month?  Give or take.
$25k gross -30% equivalent taxes all in, -10% retirement savings...  $15k take home

$15k - $10K = $5k left to pay for everything else.  Not starving by any means, unless they have young kids in daycare @ $1500 each.  Then it gets pretty tight.  Car payments, insurance, food, utilities...nothing left for the annual vacay to Disneyworld.  Unless we're not saving for retirement.   :o

The way you did math is pretty accurate and you are right, it is very tight. I think that if you are buying 1.9M home, one of these two conditions has to be met to make the numbers work for borrower and for the lender.

1. If 300k income, better have lower LTV more like 60% or less. Then you get a nice cut in interest rate, payments are a bit lower etc..
2. If 80% LTV, better have income north of 450k. Higher the better.
Title: Re: Where the market is - Buyer Offers
Post by: Mety on March 30, 2021, 11:08:45 AM
Those who are looking to buy a home, what's your budget?

looking for a newer 1 or 2 bed townhome, around the low 500's

That's tough in Irvine especially if you want a "newer." Stonegate East or Woodbury East will sometimes have 1bed-plus-den with that price range so stay tuned.

But you did not help that person find a partner for dual income. (to buy a house)

You can try that, but a real faithful wife is a gift from God. So even if you end up introducing someone for him, you don't get the credit. 
Title: Re: Where the market is - Buyer Offers
Post by: eyephone on March 30, 2021, 11:22:20 AM
Those who are looking to buy a home, what's your budget?

looking for a newer 1 or 2 bed townhome, around the low 500's

That's tough in Irvine especially if you want a "newer." Stonegate East or Woodbury East will sometimes have 1bed-plus-den with that price range so stay tuned.

But you did not help that person find a partner for dual income. (to buy a house)

You can try that, but a real faithful wife is a gift from God. So even if you end up introducing someone for him, you don't get the credit.

Yes, you can not force a relationship. But that person wants the dual income to buy a house or something. Idk

* I take that back, I guess you can do an arrange marriage and charge a fee. jkjk
Title: Re: Where the market is - Buyer Offers
Post by: USCTrojanCPA on March 30, 2021, 12:51:28 PM
more than 50% of my Irvine buyers have household incomes from $250k to $350k (the majority of these are dual-income households).  Assuming that buyers don't have any significant outstanding recurring debt obligations (car loans/leases, student loans, etc), they can easily qualify for a loan of 5-6x their annual pre-tax income assuming they have the required downpayment and reserves with today's interest rate environment.

They can qualify for that, but I think you've said in the past that most buyers spend conservatively, right?   Even 5x seems like it's pushing it to me.  For a couple grossing $300k and buying a $1.9M home ($1.5M loan)...That's ~$6300/month just for P&I (@ 3%).  Add in Taxes, HOA, insurance, mello-roos...  ~$10k/month?  Give or take.
$25k gross -30% equivalent taxes all in, -10% retirement savings...  $15k take home

$15k - $10K = $5k left to pay for everything else.  Not starving by any means, unless they have young kids in daycare @ $1500 each.  Then it gets pretty tight.  Car payments, insurance, food, utilities...nothing left for the annual vacay to Disneyworld.  Unless we're not saving for retirement.   :o



I agree, just because they would be approved for a $1.5m loan amount doesn't mean that they go that high.  A typical buyer with that type of income would tend to get a loan of $900k to $1.1m hence why I state that pretty much all of my Irvine buyers are underbuying.
Title: Re: Where the market is - Buyer Offers
Post by: OCtoSV on March 30, 2021, 03:38:48 PM
Needing 2 earners to achieve $250-350K/yr and trying to buy a 1.5M house is just insane unless the down is >$500K. It also leaves no room for one of them to stay home with kids.

Do you mean the option for one parent to not work and stay home with kids? Did you take that option or is it more about knowing that you could take that option if desired?

I took that option early on when the wife got preggo and fortunately have scaled my earnings since that time to buy our house/fund our lifestyle and retirement investing on 1 income.
Title: Re: Where the market is - Buyer Offers
Post by: kpatnps on March 30, 2021, 07:04:53 PM
more than 50% of my Irvine buyers have household incomes from $250k to $350k (the majority of these are dual-income households).  Assuming that buyers don't have any significant outstanding recurring debt obligations (car loans/leases, student loans, etc), they can easily qualify for a loan of 5-6x their annual pre-tax income assuming they have the required downpayment and reserves with today's interest rate environment.

They can qualify for that, but I think you've said in the past that most buyers spend conservatively, right?   Even 5x seems like it's pushing it to me.  For a couple grossing $300k and buying a $1.9M home ($1.5M loan)...That's ~$6300/month just for P&I (@ 3%).  Add in Taxes, HOA, insurance, mello-roos...  ~$10k/month?  Give or take.
$25k gross -30% equivalent taxes all in, -10% retirement savings...  $15k take home

$15k - $10K = $5k left to pay for everything else.  Not starving by any means, unless they have young kids in daycare @ $1500 each.  Then it gets pretty tight.  Car payments, insurance, food, utilities...nothing left for the annual vacay to Disneyworld.  Unless we're not saving for retirement.   :o

100% agree with you.  300K income with a 1.9M home is insane in my opinion.  This is the classic example of being house poor imo. 
Title: Re: Where the market is - Buyer Offers
Post by: USCTrojanCPA on March 30, 2021, 07:34:36 PM
more than 50% of my Irvine buyers have household incomes from $250k to $350k (the majority of these are dual-income households).  Assuming that buyers don't have any significant outstanding recurring debt obligations (car loans/leases, student loans, etc), they can easily qualify for a loan of 5-6x their annual pre-tax income assuming they have the required downpayment and reserves with today's interest rate environment.

They can qualify for that, but I think you've said in the past that most buyers spend conservatively, right?   Even 5x seems like it's pushing it to me.  For a couple grossing $300k and buying a $1.9M home ($1.5M loan)...That's ~$6300/month just for P&I (@ 3%).  Add in Taxes, HOA, insurance, mello-roos...  ~$10k/month?  Give or take.
$25k gross -30% equivalent taxes all in, -10% retirement savings...  $15k take home

$15k - $10K = $5k left to pay for everything else.  Not starving by any means, unless they have young kids in daycare @ $1500 each.  Then it gets pretty tight.  Car payments, insurance, food, utilities...nothing left for the annual vacay to Disneyworld.  Unless we're not saving for retirement.   :o

100% agree with you.  300K income with a 1.9M home is insane in my opinion.  This is the classic example of being house poor imo. 

Unless the buyer is putting a larger downpayment.  Some people need a larger home because they have 3-4 kids and/or have parents living with them.  Each situation is different. 
Title: Re: Where the market is - Buyer Offers
Post by: Dr. CA Real Estate on March 30, 2021, 08:09:58 PM
People not taking into account after a certain price point just about all buyers do 40%+ down payments.
Title: Re: Where the market is - Buyer Offers
Post by: USCTrojanCPA on March 30, 2021, 09:57:25 PM
Made an offer over list on this Montecito Plan 2 home in Woodbury earlier today...

https://www.redfin.com/CA/Irvine/32-Marblehead-92620/home/28931918

Agent said they have multiple offers (big shocker) and will be reviewing them with the seller on Sunday night.

No dice for my buyers who put an initial offer of $1.251m on the home.  Got this reply from the listing agent...

"The seller finally made a decision in another direction. The prevailing party has a family in the area and terms that the seller couldn't refuse.

I know so many buyers are disappointed these days and I appreciate your work on this."

So sounds like seller got an offer that they couldn't refuse and didn't want to send out counters. 
Title: Re: Where the market is - Buyer Offers
Post by: USCTrojanCPA on March 30, 2021, 09:59:27 PM
Made another 2 offers for 2 of my buyers today for these 2 homes....

https://www.redfin.com/CA/Irvine/9-Robinstree-92602/home/4793849

https://www.redfin.com/CA/Irvine/73-Navigator-92620/home/7203459



No luck on Robins Tree, they got 15 offers and my client's offer of $1,037,500 was the 5th highest of the bunch.  My guess is that the home will close somewhere between $1.05m to $1.075m but I guess we'll see.

We are waiting on a reply and/or counter for Navigator....
Title: Re: Where the market is - Buyer Offers
Post by: marmott on March 30, 2021, 10:14:55 PM
I would hate to be looking right now...

Just for a good laugh, it could be worst  ;D: https://www.kron4.com/news/california/citrus-heights-home-for-sale-receives-122-offers-in-one-weekend-sells-in-3-hours/
Title: Re: Where the market is - Buyer Offers
Post by: USCTrojanCPA on March 31, 2021, 09:22:50 AM
Navigator got 11 offers but the seller only decided to counter the top 5 buyers with a best & final counter (including my buyer) which is due by 7pm today.
Title: Re: Where the market is - Buyer Offers
Post by: Soylent Green Is People on March 31, 2021, 09:48:08 AM
Marmott's article does hold out an offer strategy of note:


“Brittan says the highest offer was above $500,000, but that was not the winning offer. There were other factors to consider. The couple is buying a home in Idaho. They need time for the escrow to close on that home, so one big factor was they needed a buyer to wait until that happens before moving in.”

Also, I wonder what the 122 offers were comprised of. Here's an example of a similar frenzied transaction:

https://www.wrcbtv.com/story/43575971/76-allcash-offers-on-one-home-as-house-market-spins-out-of-control (https://www.wrcbtv.com/story/43575971/76-allcash-offers-on-one-home-as-house-market-spins-out-of-control)

86% of the offers were all cash. At that price it's possible, but still.......Cray-zeee times!
Title: Re: Where the market is - Buyer Offers
Post by: USCTrojanCPA on March 31, 2021, 10:21:33 AM
Marmott's article does hold out an offer strategy of note:


“Brittan says the highest offer was above $500,000, but that was not the winning offer. There were other factors to consider. The couple is buying a home in Idaho. They need time for the escrow to close on that home, so one big factor was they needed a buyer to wait until that happens before moving in.”


Also, wonder what the 122 offers were comprised of. Here's an example of a similar frenzied transaction:

https://www.wrcbtv.com/story/43575971/76-allcash-offers-on-one-home-as-house-market-spins-out-of-control (https://www.wrcbtv.com/story/43575971/76-allcash-offers-on-one-home-as-house-market-spins-out-of-control)

The thing that makes a bit tricky is when there is a lack of good comparable sales to determine what a good listing price may be.  I ran into this with my West Covina listing where I got 24 offers. 
Title: Re: Where the market is - Buyer Offers
Post by: USCTrojanCPA on April 01, 2021, 01:18:34 PM
No luck on Navigator.  My buyer bid $1.311m and then used an escalation clause going up to $1.321m with a $1,000 over the highest offer/counter.  Listing agent emailed me this late last night when I asked if the top buyer bid above $1.321m here was her reply...

"Yes, by a good amount over your max escalation amount."
Title: Re: Where the market is - Buyer Offers
Post by: hurijo on April 01, 2021, 01:49:35 PM
Yeesh... think almost $1.35m? For a 3bdrm close to the rumblings of Sand Canyon Ave...

No luck on Navigator.  My buyer bid $1.311m and then used an escalation clause going up to $1.321m with a $1,000 over the highest offer/counter.  Listing agent emailed me this late last night when I asked if the top buyer bid above $1.321m here was her reply...

"Yes, by a good amount over your max escalation amount."
Title: Re: Where the market is - Buyer Offers
Post by: talkirvine on April 01, 2021, 01:57:49 PM
No luck on Navigator.  My buyer bid $1.311m and then used an escalation clause going up to $1.321m with a $1,000 over the highest offer/counter.  Listing agent emailed me this late last night when I asked if the top buyer bid above $1.321m here was her reply...

"Yes, by a good amount over your max escalation amount."

It might hurt you. The listing agent can make use of your escalation clause and tell the other buyers that the highest offer is $1.321m, and you have to bid over that price. I am sure someone will do so.
Title: Re: Where the market is - Buyer Offers
Post by: kpatnps on April 01, 2021, 02:29:18 PM
No luck on Navigator.  My buyer bid $1.311m and then used an escalation clause going up to $1.321m with a $1,000 over the highest offer/counter.  Listing agent emailed me this late last night when I asked if the top buyer bid above $1.321m here was her reply...

"Yes, by a good amount over your max escalation amount."

It might hurt you. The listing agent can make use of your escalation clause and tell the other buyers that the highest offer is $1.321m, and you have to bid over that price. I am sure someone will do so.

Personally I think an escalation clause with a max limit doesnt make any sense.  Put yourself in the sellers position.  If a buyer says they will pay $X over the highest bid up to $Y amount, then I would just simply counter at $Y or higher regardless of whether I had other offers or not.  Furthermore would a thousand or two above the next bid really matter since it is literally a small fraction of the price of these homes?  Escalation clauses simply give the seller an advantage without gaining any for the buyer. 

Title: Re: Where the market is - Buyer Offers
Post by: sleepy5136 on April 01, 2021, 02:42:11 PM
No luck on Navigator.  My buyer bid $1.311m and then used an escalation clause going up to $1.321m with a $1,000 over the highest offer/counter.  Listing agent emailed me this late last night when I asked if the top buyer bid above $1.321m here was her reply...

"Yes, by a good amount over your max escalation amount."

It might hurt you. The listing agent can make use of your escalation clause and tell the other buyers that the highest offer is $1.321m, and you have to bid over that price. I am sure someone will do so.

Personally I think an escalation clause with a max limit doesnt make any sense.  Put yourself in the sellers position.  If a buyer says they will pay $X over the highest bid up to $Y amount, then I would just simply counter at $Y or higher regardless of whether I had other offers or not.  Furthermore would a thousand or two above the next bid really matter since it is literally a small fraction of the price of these homes?  Escalation clauses simply give the seller an advantage without gaining any for the buyer.
yeah, i mentioned it before, but this market is way too crazy. unless you really need a home, might as well sit on the side lines and let things cool down.
Title: Re: Where the market is - Buyer Offers
Post by: USCTrojanCPA on April 01, 2021, 07:46:27 PM
Yeesh... think almost $1.35m? For a 3bdrm close to the rumblings of Sand Canyon Ave...

No luck on Navigator.  My buyer bid $1.311m and then used an escalation clause going up to $1.321m with a $1,000 over the highest offer/counter.  Listing agent emailed me this late last night when I asked if the top buyer bid above $1.321m here was her reply...

"Yes, by a good amount over your max escalation amount."

My clients only went up to $1.321m versus going $1.35m on Clocktower because Navigator had a smaller yard, needed some upgrading, and you got some road noise.  I gave my buyers a price range of $1.3m to $1.33m to bid on Navigator and a price range of $1.32m to $1.35m on Clocktower. My guess is that one of the runner up buyers on Clocktower bid up Navigator. 
Title: Re: Where the market is - Buyer Offers
Post by: USCTrojanCPA on April 01, 2021, 07:49:15 PM
No luck on Navigator.  My buyer bid $1.311m and then used an escalation clause going up to $1.321m with a $1,000 over the highest offer/counter.  Listing agent emailed me this late last night when I asked if the top buyer bid above $1.321m here was her reply...

"Yes, by a good amount over your max escalation amount."

It might hurt you. The listing agent can make use of your escalation clause and tell the other buyers that the highest offer is $1.321m, and you have to bid over that price. I am sure someone will do so.

I can't control what the listing agent does, hopefully they act professionally and ethically.  Why wouldn't the opposite happen where the listing agent would tell me to increase my esclation max price?  What's to say that if my client just did a straight bid of $1.321m that they wouldn't go to another buyer and tell them to bid above $1.321m?  I give my buyers the option of whether they want to use an escalation clause on counters and explain the pros and cons. 
Title: Re: Where the market is - Buyer Offers
Post by: USCTrojanCPA on April 01, 2021, 07:53:13 PM
No luck on Navigator.  My buyer bid $1.311m and then used an escalation clause going up to $1.321m with a $1,000 over the highest offer/counter.  Listing agent emailed me this late last night when I asked if the top buyer bid above $1.321m here was her reply...

"Yes, by a good amount over your max escalation amount."

It might hurt you. The listing agent can make use of your escalation clause and tell the other buyers that the highest offer is $1.321m, and you have to bid over that price. I am sure someone will do so.

Personally I think an escalation clause with a max limit doesnt make any sense.  Put yourself in the sellers position.  If a buyer says they will pay $X over the highest bid up to $Y amount, then I would just simply counter at $Y or higher regardless of whether I had other offers or not.  Furthermore would a thousand or two above the next bid really matter since it is literally a small fraction of the price of these homes?  Escalation clauses simply give the seller an advantage without gaining any for the buyer. 



I don't understand how it gives the Seller an advantage when the escalation clause is used on a best and final counter.  A best and final counter is what it means, all buyers are to provide their highest offers and the Seller does not come back with another counter above that the price that the buyers respond with.  I would argue that an escalation clause would be helpful to buyers as it may limit them from overbidding on a home if they already had the highest offer before the escalation.  I've had dozens of situations on the listing side when I sent out best n final counters to multiple buyers the top buyer would outbid themselves and be $20k-$40k higher than the 2nd highest offer.
Title: Re: Where the market is - Buyer Offers
Post by: USCTrojanCPA on April 01, 2021, 07:54:54 PM
No luck on Navigator.  My buyer bid $1.311m and then used an escalation clause going up to $1.321m with a $1,000 over the highest offer/counter.  Listing agent emailed me this late last night when I asked if the top buyer bid above $1.321m here was her reply...

"Yes, by a good amount over your max escalation amount."

It might hurt you. The listing agent can make use of your escalation clause and tell the other buyers that the highest offer is $1.321m, and you have to bid over that price. I am sure someone will do so.

Personally I think an escalation clause with a max limit doesnt make any sense.  Put yourself in the sellers position.  If a buyer says they will pay $X over the highest bid up to $Y amount, then I would just simply counter at $Y or higher regardless of whether I had other offers or not.  Furthermore would a thousand or two above the next bid really matter since it is literally a small fraction of the price of these homes?  Escalation clauses simply give the seller an advantage without gaining any for the buyer.
yeah, i mentioned it before, but this market is way too crazy. unless you really need a home, might as well sit on the side lines and let things cool down.

Yes what is happening is crazy but I would argue that the prices that we are seeing are market prices.  We are out of balance in the market and prices have to continue to keep going up to balance things out.  I think prices will be upon another 3-5% at minimum from today's prices by the end of the year because there is that much demand out there.
Title: Re: Where the market is - Buyer Offers
Post by: sleepy5136 on April 01, 2021, 09:52:12 PM
No luck on Navigator.  My buyer bid $1.311m and then used an escalation clause going up to $1.321m with a $1,000 over the highest offer/counter.  Listing agent emailed me this late last night when I asked if the top buyer bid above $1.321m here was her reply...

"Yes, by a good amount over your max escalation amount."

It might hurt you. The listing agent can make use of your escalation clause and tell the other buyers that the highest offer is $1.321m, and you have to bid over that price. I am sure someone will do so.

Personally I think an escalation clause with a max limit doesnt make any sense.  Put yourself in the sellers position.  If a buyer says they will pay $X over the highest bid up to $Y amount, then I would just simply counter at $Y or higher regardless of whether I had other offers or not.  Furthermore would a thousand or two above the next bid really matter since it is literally a small fraction of the price of these homes?  Escalation clauses simply give the seller an advantage without gaining any for the buyer. 



I don't understand how it gives the Seller an advantage when the escalation clause is used on a best and final counter.  A best and final counter is what it means, all buyers are to provide their highest offers and the Seller does not come back with another counter above that the price that the buyers respond with.  I would argue that an escalation clause would be helpful to buyers as it may limit them from overbidding on a home if they already had the highest offer before the escalation.  I've had dozens of situations on the listing side when I sent out best n final counters to multiple buyers the top buyer would outbid themselves and be $20k-$40k higher than the 2nd highest offer.
I think the main issue is the lack of transparency and trust in the current bidding process for the buyer. If you send out "best and final offers", as a buyer, how do I know where I stand? What if I'm the highest bidder and you still send that. I don't want to bid higher if I know I'm the highest offer. I've said it before and I'll say it again, with this type of bidding war, there needs to be transparency and trust for the buyer. Otherwise there will be buyers that will be hesitant to put their actual highest. The last thing I want to do is bid against myself. The current process definitely benefits the seller and not the buyer. But maybe I'm only speaking for myself and I'm wrong about the general consensus.
Title: Re: Where the market is - Buyer Offers
Post by: USCTrojanCPA on April 01, 2021, 10:00:33 PM
No luck on Navigator.  My buyer bid $1.311m and then used an escalation clause going up to $1.321m with a $1,000 over the highest offer/counter.  Listing agent emailed me this late last night when I asked if the top buyer bid above $1.321m here was her reply...

"Yes, by a good amount over your max escalation amount."

It might hurt you. The listing agent can make use of your escalation clause and tell the other buyers that the highest offer is $1.321m, and you have to bid over that price. I am sure someone will do so.

Personally I think an escalation clause with a max limit doesnt make any sense.  Put yourself in the sellers position.  If a buyer says they will pay $X over the highest bid up to $Y amount, then I would just simply counter at $Y or higher regardless of whether I had other offers or not.  Furthermore would a thousand or two above the next bid really matter since it is literally a small fraction of the price of these homes?  Escalation clauses simply give the seller an advantage without gaining any for the buyer. 



I don't understand how it gives the Seller an advantage when the escalation clause is used on a best and final counter.  A best and final counter is what it means, all buyers are to provide their highest offers and the Seller does not come back with another counter above that the price that the buyers respond with.  I would argue that an escalation clause would be helpful to buyers as it may limit them from overbidding on a home if they already had the highest offer before the escalation.  I've had dozens of situations on the listing side when I sent out best n final counters to multiple buyers the top buyer would outbid themselves and be $20k-$40k higher than the 2nd highest offer.
I think the main issue is the lack of transparency and trust in the current bidding process for the buyer. If you send out "best and final offers", as a buyer, how do I know where I stand? What if I'm the highest bidder and you still send that. I don't want to bid higher if I know I'm the highest offer. I've said it before and I'll say it again, with this type of bidding war, there needs to be transparency and trust for the buyer. Otherwise there will be buyers that will be hesitant to put their actual highest. The last thing I want to do is bid against myself. The current process definitely benefits the seller and not the buyer. But maybe I'm only speaking for myself and I'm wrong about the general consensus.

You are completely right that the multiple seller counter offer for best & final offers benefits the seller.  The escalation clause is one way to try to limit overbidding.  If you want a fair transparent bidding process then an online auction needs to be set up where the clock gets reset to 5 minutes after the last bid so there is no snipe bids like you have on Ebay.  That way buyers would see have full transparency.  This would favor the buyers not the seller so not sure if you'll see from listing agents that anytime soon. My job as a listing agent is to get the highest price with a qualified possible as quickly and effectively as I can. I've been easily able to motivate/encourage buyer agents to have their buyers bid higher over the years where the top buyer just outbid themselves with the best and final counter.
Title: Re: Where the market is - Buyer Offers
Post by: sleepy5136 on April 01, 2021, 10:15:25 PM
No luck on Navigator.  My buyer bid $1.311m and then used an escalation clause going up to $1.321m with a $1,000 over the highest offer/counter.  Listing agent emailed me this late last night when I asked if the top buyer bid above $1.321m here was her reply...

"Yes, by a good amount over your max escalation amount."

It might hurt you. The listing agent can make use of your escalation clause and tell the other buyers that the highest offer is $1.321m, and you have to bid over that price. I am sure someone will do so.

Personally I think an escalation clause with a max limit doesnt make any sense.  Put yourself in the sellers position.  If a buyer says they will pay $X over the highest bid up to $Y amount, then I would just simply counter at $Y or higher regardless of whether I had other offers or not.  Furthermore would a thousand or two above the next bid really matter since it is literally a small fraction of the price of these homes?  Escalation clauses simply give the seller an advantage without gaining any for the buyer. 



I don't understand how it gives the Seller an advantage when the escalation clause is used on a best and final counter.  A best and final counter is what it means, all buyers are to provide their highest offers and the Seller does not come back with another counter above that the price that the buyers respond with.  I would argue that an escalation clause would be helpful to buyers as it may limit them from overbidding on a home if they already had the highest offer before the escalation.  I've had dozens of situations on the listing side when I sent out best n final counters to multiple buyers the top buyer would outbid themselves and be $20k-$40k higher than the 2nd highest offer.
I think the main issue is the lack of transparency and trust in the current bidding process for the buyer. If you send out "best and final offers", as a buyer, how do I know where I stand? What if I'm the highest bidder and you still send that. I don't want to bid higher if I know I'm the highest offer. I've said it before and I'll say it again, with this type of bidding war, there needs to be transparency and trust for the buyer. Otherwise there will be buyers that will be hesitant to put their actual highest. The last thing I want to do is bid against myself. The current process definitely benefits the seller and not the buyer. But maybe I'm only speaking for myself and I'm wrong about the general consensus.

You are completely right that the multiple seller counter offer for best & final offers benefits the seller.  The escalation clause is one way to try to limit overbidding.  If you want a fair transparent bidding process then an online auction needs to be set up where the clock gets reset to 5 minutes after the last bid so there is no snipe bids like you have on Ebay.  That way buyers would see have full transparency.  This would favor the buyers not the seller so not sure if you'll see from listing agents that anytime soon. My job as a listing agent is to get the highest price with a qualified possible as quickly and effectively as I can. I've been easily able to motivate/encourage buyer agents to have their buyers bid higher over the years where the top buyer just outbid themselves with the best and final counter.
yeah and I think in this type of market, it’s best to give your best offer the first time and leave it as is. That way you don’t play that game of bidding against yourself. If you win, you can say you win and didn’t play any games in doing so.
Title: Re: Where the market is - Buyer Offers
Post by: akkord on April 01, 2021, 10:24:33 PM
It's a sellers market, sucks to be a buyer now, until the winds change and it becomes a buyers market, you're at the mercy of the seller.  Some agents are shady, some aren't, if you're a buyer now you have to play the game to get a home. 
Title: Re: Where the market is - Buyer Offers
Post by: zovall on April 01, 2021, 10:27:12 PM
The current process definitely benefits the seller and not the buyer. But maybe I'm only speaking for myself and I'm wrong about the general consensus.

I don't think you are wrong. This is the worst time to be a buyer because it is such a strong sellers market. Everything is to the benefit of the seller right now and buyers don't have any leverage. Regardless, there will still be people who feel like they need to buy a home, even in this market, and they are competing with many other buyers.  Using an escalation clause can help them compete.
Title: Re: Where the market is - Buyer Offers
Post by: kpatnps on April 02, 2021, 05:18:23 PM
No luck on Navigator.  My buyer bid $1.311m and then used an escalation clause going up to $1.321m with a $1,000 over the highest offer/counter.  Listing agent emailed me this late last night when I asked if the top buyer bid above $1.321m here was her reply...

"Yes, by a good amount over your max escalation amount."

It might hurt you. The listing agent can make use of your escalation clause and tell the other buyers that the highest offer is $1.321m, and you have to bid over that price. I am sure someone will do so.

Personally I think an escalation clause with a max limit doesnt make any sense.  Put yourself in the sellers position.  If a buyer says they will pay $X over the highest bid up to $Y amount, then I would just simply counter at $Y or higher regardless of whether I had other offers or not.  Furthermore would a thousand or two above the next bid really matter since it is literally a small fraction of the price of these homes?  Escalation clauses simply give the seller an advantage without gaining any for the buyer. 



I don't understand how it gives the Seller an advantage when the escalation clause is used on a best and final counter.  A best and final counter is what it means, all buyers are to provide their highest offers and the Seller does not come back with another counter above that the price that the buyers respond with.  I would argue that an escalation clause would be helpful to buyers as it may limit them from overbidding on a home if they already had the highest offer before the escalation.  I've had dozens of situations on the listing side when I sent out best n final counters to multiple buyers the top buyer would outbid themselves and be $20k-$40k higher than the 2nd highest offer.
I think the main issue is the lack of transparency and trust in the current bidding process for the buyer. If you send out "best and final offers", as a buyer, how do I know where I stand? What if I'm the highest bidder and you still send that. I don't want to bid higher if I know I'm the highest offer. I've said it before and I'll say it again, with this type of bidding war, there needs to be transparency and trust for the buyer. Otherwise there will be buyers that will be hesitant to put their actual highest. The last thing I want to do is bid against myself. The current process definitely benefits the seller and not the buyer. But maybe I'm only speaking for myself and I'm wrong about the general consensus.

You are completely right that the multiple seller counter offer for best & final offers benefits the seller.  The escalation clause is one way to try to limit overbidding.  If you want a fair transparent bidding process then an online auction needs to be set up where the clock gets reset to 5 minutes after the last bid so there is no snipe bids like you have on Ebay.  That way buyers would see have full transparency.  This would favor the buyers not the seller so not sure if you'll see from listing agents that anytime soon. My job as a listing agent is to get the highest price with a qualified possible as quickly and effectively as I can. I've been easily able to motivate/encourage buyer agents to have their buyers bid higher over the years where the top buyer just outbid themselves with the best and final counter.
yeah and I think in this type of market, it’s best to give your best offer the first time and leave it as is. That way you don’t play that game of bidding against yourself. If you win, you can say you win and didn’t play any games in doing so.

This
Title: Re: Where the market is - Buyer Offers
Post by: newOC on April 02, 2021, 05:34:01 PM
Having bought and sold property many times over the years including recently, I can say escalation clause is a fools tool. At best it makes a seller raise an eyebrow and not care, at worst it hurts the buyer as the seller will ignore and take a straight offer from someone not trying to play games or an agent not trying to look smarter than they are.

No luck on Navigator.  My buyer bid $1.311m and then used an escalation clause going up to $1.321m with a $1,000 over the highest offer/counter.  Listing agent emailed me this late last night when I asked if the top buyer bid above $1.321m here was her reply...

"Yes, by a good amount over your max escalation amount."

It might hurt you. The listing agent can make use of your escalation clause and tell the other buyers that the highest offer is $1.321m, and you have to bid over that price. I am sure someone will do so.

Personally I think an escalation clause with a max limit doesnt make any sense.  Put yourself in the sellers position.  If a buyer says they will pay $X over the highest bid up to $Y amount, then I would just simply counter at $Y or higher regardless of whether I had other offers or not.  Furthermore would a thousand or two above the next bid really matter since it is literally a small fraction of the price of these homes?  Escalation clauses simply give the seller an advantage without gaining any for the buyer. 



I don't understand how it gives the Seller an advantage when the escalation clause is used on a best and final counter.  A best and final counter is what it means, all buyers are to provide their highest offers and the Seller does not come back with another counter above that the price that the buyers respond with.  I would argue that an escalation clause would be helpful to buyers as it may limit them from overbidding on a home if they already had the highest offer before the escalation.  I've had dozens of situations on the listing side when I sent out best n final counters to multiple buyers the top buyer would outbid themselves and be $20k-$40k higher than the 2nd highest offer.
I think the main issue is the lack of transparency and trust in the current bidding process for the buyer. If you send out "best and final offers", as a buyer, how do I know where I stand? What if I'm the highest bidder and you still send that. I don't want to bid higher if I know I'm the highest offer. I've said it before and I'll say it again, with this type of bidding war, there needs to be transparency and trust for the buyer. Otherwise there will be buyers that will be hesitant to put their actual highest. The last thing I want to do is bid against myself. The current process definitely benefits the seller and not the buyer. But maybe I'm only speaking for myself and I'm wrong about the general consensus.

You are completely right that the multiple seller counter offer for best & final offers benefits the seller.  The escalation clause is one way to try to limit overbidding.  If you want a fair transparent bidding process then an online auction needs to be set up where the clock gets reset to 5 minutes after the last bid so there is no snipe bids like you have on Ebay.  That way buyers would see have full transparency.  This would favor the buyers not the seller so not sure if you'll see from listing agents that anytime soon. My job as a listing agent is to get the highest price with a qualified possible as quickly and effectively as I can. I've been easily able to motivate/encourage buyer agents to have their buyers bid higher over the years where the top buyer just outbid themselves with the best and final counter.
yeah and I think in this type of market, it’s best to give your best offer the first time and leave it as is. That way you don’t play that game of bidding against yourself. If you win, you can say you win and didn’t play any games in doing so.

This
Title: Re: Where the market is - Buyer Offers
Post by: USCTrojanCPA on April 02, 2021, 06:05:21 PM
No luck on Navigator.  My buyer bid $1.311m and then used an escalation clause going up to $1.321m with a $1,000 over the highest offer/counter.  Listing agent emailed me this late last night when I asked if the top buyer bid above $1.321m here was her reply...

"Yes, by a good amount over your max escalation amount."

It might hurt you. The listing agent can make use of your escalation clause and tell the other buyers that the highest offer is $1.321m, and you have to bid over that price. I am sure someone will do so.

Personally I think an escalation clause with a max limit doesnt make any sense.  Put yourself in the sellers position.  If a buyer says they will pay $X over the highest bid up to $Y amount, then I would just simply counter at $Y or higher regardless of whether I had other offers or not.  Furthermore would a thousand or two above the next bid really matter since it is literally a small fraction of the price of these homes?  Escalation clauses simply give the seller an advantage without gaining any for the buyer. 



I don't understand how it gives the Seller an advantage when the escalation clause is used on a best and final counter.  A best and final counter is what it means, all buyers are to provide their highest offers and the Seller does not come back with another counter above that the price that the buyers respond with.  I would argue that an escalation clause would be helpful to buyers as it may limit them from overbidding on a home if they already had the highest offer before the escalation.  I've had dozens of situations on the listing side when I sent out best n final counters to multiple buyers the top buyer would outbid themselves and be $20k-$40k higher than the 2nd highest offer.
I think the main issue is the lack of transparency and trust in the current bidding process for the buyer. If you send out "best and final offers", as a buyer, how do I know where I stand? What if I'm the highest bidder and you still send that. I don't want to bid higher if I know I'm the highest offer. I've said it before and I'll say it again, with this type of bidding war, there needs to be transparency and trust for the buyer. Otherwise there will be buyers that will be hesitant to put their actual highest. The last thing I want to do is bid against myself. The current process definitely benefits the seller and not the buyer. But maybe I'm only speaking for myself and I'm wrong about the general consensus.

You are completely right that the multiple seller counter offer for best & final offers benefits the seller.  The escalation clause is one way to try to limit overbidding.  If you want a fair transparent bidding process then an online auction needs to be set up where the clock gets reset to 5 minutes after the last bid so there is no snipe bids like you have on Ebay.  That way buyers would see have full transparency.  This would favor the buyers not the seller so not sure if you'll see from listing agents that anytime soon. My job as a listing agent is to get the highest price with a qualified possible as quickly and effectively as I can. I've been easily able to motivate/encourage buyer agents to have their buyers bid higher over the years where the top buyer just outbid themselves with the best and final counter.
yeah and I think in this type of market, it’s best to give your best offer the first time and leave it as is. That way you don’t play that game of bidding against yourself. If you win, you can say you win and didn’t play any games in doing so.

Some buyers don't want to offer up their best price right off the bat.  The maximum price in the escalation clause is the same thing as their max price so it's all the same thing really. 
Title: Re: Where the market is - Buyer Offers
Post by: USCTrojanCPA on April 02, 2021, 06:10:50 PM
Having bought and sold property many times over the years including recently, I can say escalation clause is a fools tool. At best it makes a seller raise an eyebrow and not care, at worst it hurts the buyer as the seller will ignore and take a straight offer from someone not trying to play games or an agent not trying to look smarter than they are.

No luck on Navigator.  My buyer bid $1.311m and then used an escalation clause going up to $1.321m with a $1,000 over the highest offer/counter.  Listing agent emailed me this late last night when I asked if the top buyer bid above $1.321m here was her reply...

"Yes, by a good amount over your max escalation amount."

It might hurt you. The listing agent can make use of your escalation clause and tell the other buyers that the highest offer is $1.321m, and you have to bid over that price. I am sure someone will do so.

Personally I think an escalation clause with a max limit doesnt make any sense.  Put yourself in the sellers position.  If a buyer says they will pay $X over the highest bid up to $Y amount, then I would just simply counter at $Y or higher regardless of whether I had other offers or not.  Furthermore would a thousand or two above the next bid really matter since it is literally a small fraction of the price of these homes?  Escalation clauses simply give the seller an advantage without gaining any for the buyer. 



I don't understand how it gives the Seller an advantage when the escalation clause is used on a best and final counter.  A best and final counter is what it means, all buyers are to provide their highest offers and the Seller does not come back with another counter above that the price that the buyers respond with.  I would argue that an escalation clause would be helpful to buyers as it may limit them from overbidding on a home if they already had the highest offer before the escalation.  I've had dozens of situations on the listing side when I sent out best n final counters to multiple buyers the top buyer would outbid themselves and be $20k-$40k higher than the 2nd highest offer.
I think the main issue is the lack of transparency and trust in the current bidding process for the buyer. If you send out "best and final offers", as a buyer, how do I know where I stand? What if I'm the highest bidder and you still send that. I don't want to bid higher if I know I'm the highest offer. I've said it before and I'll say it again, with this type of bidding war, there needs to be transparency and trust for the buyer. Otherwise there will be buyers that will be hesitant to put their actual highest. The last thing I want to do is bid against myself. The current process definitely benefits the seller and not the buyer. But maybe I'm only speaking for myself and I'm wrong about the general consensus.

You are completely right that the multiple seller counter offer for best & final offers benefits the seller.  The escalation clause is one way to try to limit overbidding.  If you want a fair transparent bidding process then an online auction needs to be set up where the clock gets reset to 5 minutes after the last bid so there is no snipe bids like you have on Ebay.  That way buyers would see have full transparency.  This would favor the buyers not the seller so not sure if you'll see from listing agents that anytime soon. My job as a listing agent is to get the highest price with a qualified possible as quickly and effectively as I can. I've been easily able to motivate/encourage buyer agents to have their buyers bid higher over the years where the top buyer just outbid themselves with the best and final counter.
yeah and I think in this type of market, it’s best to give your best offer the first time and leave it as is. That way you don’t play that game of bidding against yourself. If you win, you can say you win and didn’t play any games in doing so.

This

The escalation clause has worked for a few of my buyers and sellers recently. It saved my buyers thousands of dollars and got my sellers extra money.  There's nothing complicated or sleight of hand about an escalation clause, it's just that it's not used very much so many sellers and agents don't fully understand the concept.  It is not meant to be used on every best & final counter situation, best to pick and choose the use of it.
Title: Re: Where the market is - Buyer Offers
Post by: irvinehomeowner on April 04, 2021, 07:57:46 AM
So remember when we were discussing buying when you can afford it instead of waiting for a speculated downturn of prices?

This is one of the issues you have to deal with.

That’s why sometimes* it’s ok to buy when prices are perceived as “high” because you can actually get the home you want without having to compete with over bids.

*Obvious caveats apply.
Title: Re: Where the market is - Buyer Offers
Post by: qwerty on April 04, 2021, 10:47:17 AM
I think the escalation cause would be more effective if there was more of “premium” so to speak over the actual highest offer. If I is an escalation clause of +20 to 30k over the highest actual offer then I think more buyers would bite.

I would look at at extra 20-30k as a negotiation premium for the ability to get the house. In some respects you are already overpaying by buying in this market. What’s another 20-30k?
Title: Re: Where the market is - Buyer Offers
Post by: USCTrojanCPA on April 05, 2021, 09:23:21 PM
Offers going out shortly on these 2 Irvine homes...

https://www.redfin.com/CA/Irvine/81-Navigator-92620/home/7215381

https://www.redfin.com/CA/Irvine/6-Grass-Vly-92602/home/5771347

Let's see what happens on these homes.
Title: Re: Where the market is - Buyer Offers
Post by: nosuchreality on April 06, 2021, 09:43:25 AM
I think the escalation cause would be more effective if there was more of “premium” so to speak over the actual highest offer. If I is an escalation clause of +20 to 30k over the highest actual offer then I think more buyers would bite.

I would look at at extra 20-30k as a negotiation premium for the ability to get the house. In some respects you are already overpaying by buying in this market. What’s another 20-30k?

It's price relative.  $20-$30K can sound like a lot, but at $800K-$900K it's pretty much chump change.  It's a hard habit to break, but bickering over 1% can tank a lot of deals.  It's real money but like arguing over a penny when buying a Big Gulp.

The alternative is continued living in the joys of the ever growing apartment complexes or hunting for a small time landlord that understands landlording and isn't chronically in your sh&t or neglecting everything.
Title: Re: Where the market is - Buyer Offers
Post by: Mety on April 06, 2021, 01:31:19 PM
So remember when we were discussing buying when you can afford it instead of waiting for a speculated downturn of prices?

This is one of the issues you have to deal with.

That’s why sometimes* it’s ok to buy when prices are perceived as “high” because you can actually get the home you want without having to compete with over bids.

*Obvious caveats apply.

So should people buy now also? ;D
Title: Re: Where the market is - Buyer Offers
Post by: irvinehomeowner on April 06, 2021, 07:17:52 PM
So remember when we were discussing buying when you can afford it instead of waiting for a speculated downturn of prices?

This is one of the issues you have to deal with.

That’s why sometimes* it’s ok to buy when prices are perceived as “high” because you can actually get the home you want without having to compete with over bids.

*Obvious caveats apply.

So should people buy now also? ;D

If they can afford it, like the home/location, and can live in it long term... YES.

That's what "obvious caveats" means.
Title: Re: Where the market is - Buyer Offers
Post by: USCTrojanCPA on April 06, 2021, 10:45:41 PM
So remember when we were discussing buying when you can afford it instead of waiting for a speculated downturn of prices?

This is one of the issues you have to deal with.

That’s why sometimes* it’s ok to buy when prices are perceived as “high” because you can actually get the home you want without having to compete with over bids.

*Obvious caveats apply.

So should people buy now also? ;D

If they can afford it, like the home/location, and can live in it long term... YES.

That's what "obvious caveats" means.

+1 Because sometimes life does not allow you to time buying a home to live in longer term.
Title: Re: Where the market is - Buyer Offers
Post by: talkirvine on April 07, 2021, 02:42:50 PM
So remember when we were discussing buying when you can afford it instead of waiting for a speculated downturn of prices?

This is one of the issues you have to deal with.

That’s why sometimes* it’s ok to buy when prices are perceived as “high” because you can actually get the home you want without having to compete with over bids.

*Obvious caveats apply.

So should people buy now also? ;D

If they can afford it, like the home/location, and can live in it long term... YES.

That's what "obvious caveats" means.

+1 Because sometimes life does not allow you to time buying a home to live in longer term.

It is very hard to time the market, especially on the buy side. You have to actively watch and follow the market. When price increases, it can go north pretty fast in a short time before you realize it. The down movement tends to be slower.
Title: Re: Where the market is - Buyer Offers
Post by: USCTrojanCPA on April 07, 2021, 03:19:42 PM
So remember when we were discussing buying when you can afford it instead of waiting for a speculated downturn of prices?

This is one of the issues you have to deal with.

That’s why sometimes* it’s ok to buy when prices are perceived as “high” because you can actually get the home you want without having to compete with over bids.

*Obvious caveats apply.

So should people buy now also? ;D

If they can afford it, like the home/location, and can live in it long term... YES.

That's what "obvious caveats" means.

+1 Because sometimes life does not allow you to time buying a home to live in longer term.

It is very hard to time the market, especially on the buy side. You have to actively watch and follow the market. When price increases, it can go north pretty fast in a short time before you realize it. The down movement tends to be slower.

That is very true, prices are much more sticky on the downstair because some sellers can be very stubborn on pricing.
Title: Re: Where the market is - Buyer Offers
Post by: irvineband on April 07, 2021, 06:21:08 PM
Where did all the Complainy Smurf, dooms dayers, market crashers go? Are they going to wait until the market goes up another 25% so we are at a 50% increase before they start saying we will have a 10% correction? Will it be time to time the market then? Prices are absolutely sticky on the way down and the homes that are available tend to not be great options. Markets go up and down but Irvine has proven time and again that it remains resilient and you need to buy the the house you want WHEN IT COMES UP FOR SALE!!!
Title: Re: Where the market is - Buyer Offers
Post by: Kenkoko on April 07, 2021, 07:13:39 PM
Where did all the Complainy Smurf, dooms dayers, market crashers go? Are they going to wait until the market goes up another 25% so we are at a 50% increase before they start saying we will have a 10% correction? Will it be time to time the market then? Prices are absolutely sticky on the way down and the homes that are available tend to not be great options. Markets go up and down but Irvine has proven time and again that it remains resilient and you need to buy the the house you want WHEN IT COMES UP FOR SALE!!!

Your all caps yelling scared away all the bears!

They all went into hiding so they don't have to face your wrath. 

Happy now ? ;)
Title: Re: Where the market is - Buyer Offers
Post by: nosuchreality on April 07, 2021, 08:20:06 PM
My concern is what happens when the giant juice machine stops?

Can it stop anymore?   

Let’s remember former President Trump dallied with gold standard finance peeps.  Plenty of far right types think the gold standard is the magic pill for government overreach. 

As for bearish downturns, the last real free market downturn we had was housing in 1994.  Since then with housing, we’ve nationalized the losses and privatized the profits, changing rules allowing large players to deep rewards.  The stock market has hardly been better, whether LTCM, GM or the a covid airline bailout before any lockdowns started.

Title: Re: Where the market is - Buyer Offers
Post by: USCTrojanCPA on April 07, 2021, 10:41:25 PM
My concern is what happens when the giant juice machine stops?

Can it stop anymore?   

Let’s remember former President Trump dallied with gold standard finance peeps.  Plenty of far right types think the gold standard is the magic pill for government overreach. 

As for bearish downturns, the last real free market downturn we had was housing in 1994.  Since then with housing, we’ve nationalized the losses and privatized the profits, changing rules allowing large players to deep rewards.  The stock market has hardly been better, whether LTCM, GM or the a covid airline bailout before any lockdowns started.



The gov't and Fed have shown us enough that they will keep backstopping and kicking the can down the road perpetually so go with the flow.  People who think we'll have any kind of big correction in the real estate market are going to be waiting a long, long time.  Today's buyers are stronger than ever and loans are fully unwritten.  I laugh when I hear people say that this is the same thing that we saw in 2003-2007 with a similar crash coming afterwards....NOT GOING TO HAPPEN is what I say.
Title: Re: Where the market is - Buyer Offers
Post by: USCTrojanCPA on April 07, 2021, 10:44:04 PM
Offers going out shortly on these 2 Irvine homes...

https://www.redfin.com/CA/Irvine/81-Navigator-92620/home/7215381

https://www.redfin.com/CA/Irvine/6-Grass-Vly-92602/home/5771347

Let's see what happens on these homes.

Updates...

Navigator got 5 offers and ended up at around $1.5m with my clients only willing to go up to $1.451m due to the questionable location. 

Grass Vly got 8 offers.  My clients went up to $1.351m on best & final counters and didn't get the house.  My guess is that it got bid up to the high $1.3s. 
Title: Re: Where the market is - Buyer Offers
Post by: USCTrojanCPA on April 07, 2021, 11:06:07 PM
I made an offer for the following Laguna Niguel home for a buyer earlier today...

https://www.redfin.com/CA/Laguna-Niguel/28019-Greenlawn-Cir-92677/home/4877008

We were going to make an offer on it earlier but it went into escrow quickly but since it dropped out we submitted an offer.
Title: Re: Where the market is - Buyer Offers
Post by: nosuchreality on April 08, 2021, 08:14:33 AM
Looks like 9 foot ceilings?  Judging by the door, photo angle makes the ceilings look low, or maybe the dark grey walls and black doors.  Probably shows better in person.  Has plenty Windows, good light, but the photos make it look cavish imho.
Title: Re: Where the market is - Buyer Offers
Post by: AW on April 08, 2021, 08:54:31 AM
Isn’t 9 normal for non newer-ish homes?
I think it’s the photo editing that makes it look off, widening to make it look more spacious.  For example, the picture with the fridge, aspect ratio doesn’t look normal
Title: Re: Where the market is - Buyer Offers
Post by: Soylent Green Is People on April 08, 2021, 09:40:31 AM
Given the SF compared to other sales, it seems as if there was a loft added, giving the impression of a lower ceiling.
Title: Re: Where the market is - Buyer Offers
Post by: nosuchreality on April 08, 2021, 10:19:28 AM
Isn’t 9 normal for non newer-ish homes?
I think it’s the photo editing that makes it look off, widening to make it look more spacious.  For example, the picture with the fridge, aspect ratio doesn’t look normal

9' is a decent ceiling height.  But yes it looks like a wide angle effect.  Very noticeable in the bedroom shot where the  ceiling line looks sloped and doesn't parallel the bed frame line.
Title: Re: Where the market is - Buyer Offers
Post by: USCTrojanCPA on April 08, 2021, 10:53:07 AM
Looks like 9 foot ceilings?  Judging by the door, photo angle makes the ceilings look low, or maybe the dark grey walls and black doors.  Probably shows better in person.  Has plenty Windows, good light, but the photos make it look cavish imho.

Yeah, 9 foot ceilings for sure.
Title: Re: Where the market is - Buyer Offers
Post by: USCTrojanCPA on April 09, 2021, 11:57:28 PM
I made an offer for the following Laguna Niguel home for a buyer earlier today...

https://www.redfin.com/CA/Laguna-Niguel/28019-Greenlawn-Cir-92677/home/4877008

We were going to make an offer on it earlier but it went into escrow quickly but since it dropped out we submitted an offer.

The escalation clause buyer counter worked, my client got this home.  We'll officially open up escrow on Monday. 
Title: Re: Where the market is - Buyer Offers
Post by: USCTrojanCPA on April 11, 2021, 09:45:32 AM
I made offers on the following 2 homes yesterday...

https://www.redfin.com/CA/Irvine/81-Coleridge-92620/home/51684024

https://www.redfin.com/CA/Irvine/80-Birmingham-92620/home/112721965

My client bid $1,220,000 on 81 Coleridge but the seller decided to move forward with a slightly higher offer against the advice of the listing agent.  We are the first back up buyer on the home.  The listing agent on Birmingham said that they will review offers on Monday evening.
Title: Re: Where the market is - Buyer Offers
Post by: irvinehomeowner on April 12, 2021, 05:56:01 AM
I wonder if any of the sellers of these homes see this thread and say “Wait... my agent never told me about these offers!” 

:)
Title: Re: Where the market is - Buyer Offers
Post by: USCTrojanCPA on April 13, 2021, 12:41:09 AM
I wonder if any of the sellers of these homes see this thread and say “Wait... my agent never told me about these offers!” 

:)

I told for the sake of their listing agents that it didn't happen.
Title: Re: Where the market is - Buyer Offers
Post by: USCTrojanCPA on April 13, 2021, 12:44:01 AM
I made offers for the 3 following homes earlier today...

https://www.redfin.com/CA/Irvine/109-Windham-92620/home/112720862

https://www.redfin.com/CA/Irvine/80-Birmingham-92620/home/112721965

https://www.redfin.com/CA/Irvine/61-Gardenstone-Path-92620/home/58557056

We already got the best & final counter offer for 80 Biringham that is due back by Tuesday at 6pm.
Title: Re: Where the market is - Buyer Offers
Post by: Sidehussle on April 13, 2021, 05:23:14 PM
These offer bid-ups seem exuberant for Irvine until you compare to Los Angeles pricing from 2019 through today.

We were shopping the SGV area (Arcadia, Temple City, and north San Gabriel (San Marino schools) and prices for run down, crappy, TLC homes averaged in the 650-700/ foot range back then.

Thankfully with telework, we bought in Irvine late 2019 for 460 per foot (and thought that was high).  We always thought Irvine is a great value compared for what you get in LA and the recent price increases is just closing the LA/OC gap.

Offers going out shortly on these 2 Irvine homes...

https://www.redfin.com/CA/Irvine/81-Navigator-92620/home/7215381

https://www.redfin.com/CA/Irvine/6-Grass-Vly-92602/home/5771347

Let's see what happens on these homes.

Updates...

Navigator got 5 offers and ended up at around $1.5m with my clients only willing to go up to $1.451m due to the questionable location. 

Grass Vly got 8 offers.  My clients went up to $1.351m on best & final counters and didn't get the house.  My guess is that it got bid up to the high $1.3s.
Title: Re: Where the market is - Buyer Offers
Post by: USCTrojanCPA on April 13, 2021, 05:48:36 PM
These offer bid-ups seem exuberant for Irvine until you compare to Los Angeles pricing from 2019 through today.

We were shopping the SGV area (Arcadia, Temple City, and north San Gabriel (San Marino schools) and prices for run down, crappy, TLC homes averaged in the 650-700/ foot range back then.

Thankfully with telework, we bought in Irvine late 2019 for 460 per foot (and thought that was high).  We always thought Irvine is a great value compared for what you get in LA and the recent price increases is just closing the LA/OC gap.

Offers going out shortly on these 2 Irvine homes...

https://www.redfin.com/CA/Irvine/81-Navigator-92620/home/7215381

https://www.redfin.com/CA/Irvine/6-Grass-Vly-92602/home/5771347

Let's see what happens on these homes.

Updates...

Navigator got 5 offers and ended up at around $1.5m with my clients only willing to go up to $1.451m due to the questionable location. 

Grass Vly got 8 offers.  My clients went up to $1.351m on best & final counters and didn't get the house.  My guess is that it got bid up to the high $1.3s.

You make a great point.  I've had a few LA buyers who moved down to Irvine and all of them told me that Irvine was considerably less expensive and much nicer.  So at the end of the day it's all relative from a price/sf perspective.
Title: Re: Where the market is - Buyer Offers
Post by: USCTrojanCPA on April 18, 2021, 10:14:13 PM
I sent an offer for the Stonegate home for one of my clients this evening...

https://www.redfin.com/CA/Irvine/60-Parkdale-92620/home/58556535
Title: Re: Where the market is - Buyer Offers
Post by: Irvinehomeseeker on April 18, 2021, 10:24:09 PM
That one in SG looks very attractively priced. Multiple offers may push it up to 1.45 M I guess
Title: Re: Where the market is - Buyer Offers
Post by: zovall on April 20, 2021, 10:50:44 PM
https://www.redfin.com/CA/Irvine/11-Pollena-92602/home/5814724

My guestimate is that Pollena home would go 100k above asking. And if there is serious bidding war, upto 150k above asking.

Great call Cornflakes! Looks like that one closed for 100k over asking

And congrats USC!
Title: Re: Where the market is - Buyer Offers
Post by: USCTrojanCPA on April 21, 2021, 12:11:18 AM
https://www.redfin.com/CA/Irvine/11-Pollena-92602/home/5814724

My guestimate is that Pollena home would go 100k above asking. And if there is serious bidding war, upto 150k above asking.

Great call Cornflakes! Looks like that one closed for 100k over asking

And congrats USC!

Thanks Zovall.  There's a bit more information how things played out.  So the seller received 10 offers on the home by Saturday when we asked for a 24-hour reply for our offer.  Of the 10 offers, there were 3 offers that the seller was seriously considering...$1.24m, $1.25m (my client's offer), and $1.265m.  The listing agent told me that the seller selected to move forward with my client's offer at the inspection for the following reasons (along with telling me about the other 2 offers were we competing against)...

1) My clients wrote a very detailed, sincere letter to the sellers identifying several things (posters, accessory pieces, and pictures of the sellers traveling adventures) that they saw in the home that they shared in common.

2) I've done several transactions with the listing agent over the years and she told the sellers that she would be most comfortable working with me versus the other agents as their offers weren't as clear and concise as mine and never worked with either of them.

3) My buyer's lender was very proactive and contacted the listing agent stated that my clients were very strong and underbuying with a DTI in the 20%s and had the financial capacity to purchase a $2m home.

4) We were the only offer that lifted both loan and appraisal contingencies right off the bat (we removed all contingencies in 10 days) while the other 2 offers only removed the appraisal contingency.

The appraisal on the home came in $85k short at $1,165,000 but my buyers easily and happily bridged the gap by putting more than 20% down.
Title: Re: Where the market is - Buyer Offers
Post by: USCTrojanCPA on April 21, 2021, 12:15:59 AM
I made an offer for another buyer on this home back on March 3rd and it was interesting on it played out.

https://www.redfin.com/CA/Irvine/104-Summer-Lilac-92620/home/112721589

I told my buyer that a fair range price for this home was $1.475m to $1.5m.  So we started with an initial offer of $1.475m with no appraisal contingency and removing all contingencies in 14 days along with a 40% down payment.  My clients were ready to potentially go up to $1.5m on a best & final counter.  The listing agent texts me the next morning and apologizes to me saying that his seller accepted a slightly higher offer than ours despite him strongly recommending that they at least do a seller multiple counter to the top 2-3 buyers (we had the 2nd highest offer).  I think the home will close right around $1.5m.  The takeaway from this experience is don't hold back too much on your initial offer because you may not get another chance to bid higher. 

This one closed for $1.6m which is almost shocking given that the regular lot homes have been closing around $1.4m.
Title: Re: Where the market is - Buyer Offers
Post by: Cares on April 21, 2021, 07:27:52 AM
I made an offer for another buyer on this home back on March 3rd and it was interesting on it played out.

https://www.redfin.com/CA/Irvine/104-Summer-Lilac-92620/home/112721589

I told my buyer that a fair range price for this home was $1.475m to $1.5m.  So we started with an initial offer of $1.475m with no appraisal contingency and removing all contingencies in 14 days along with a 40% down payment.  My clients were ready to potentially go up to $1.5m on a best & final counter.  The listing agent texts me the next morning and apologizes to me saying that his seller accepted a slightly higher offer than ours despite him strongly recommending that they at least do a seller multiple counter to the top 2-3 buyers (we had the 2nd highest offer).  I think the home will close right around $1.5m.  The takeaway from this experience is don't hold back too much on your initial offer because you may not get another chance to bid higher. 

This one closed for $1.6m which is almost shocking given that the regular lot homes have been closing around $1.4m.

I took a peek at this one potentially for myself. I predicted on the dot that it would sell at $1.6m cash given the nature that they changed their offer review from 1 week to 1 day (to a Tues/Weds) and not let the home sit until the weekend. They said they had a really strong offer that they had to respond it.

The agent is a relative to the seller.
Title: Re: Where the market is - Buyer Offers
Post by: USCTrojanCPA on April 21, 2021, 10:00:53 AM
I made an offer for another buyer on this home back on March 3rd and it was interesting on it played out.

https://www.redfin.com/CA/Irvine/104-Summer-Lilac-92620/home/112721589

I told my buyer that a fair range price for this home was $1.475m to $1.5m.  So we started with an initial offer of $1.475m with no appraisal contingency and removing all contingencies in 14 days along with a 40% down payment.  My clients were ready to potentially go up to $1.5m on a best & final counter.  The listing agent texts me the next morning and apologizes to me saying that his seller accepted a slightly higher offer than ours despite him strongly recommending that they at least do a seller multiple counter to the top 2-3 buyers (we had the 2nd highest offer).  I think the home will close right around $1.5m.  The takeaway from this experience is don't hold back too much on your initial offer because you may not get another chance to bid higher. 

This one closed for $1.6m which is almost shocking given that the regular lot homes have been closing around $1.4m.

I took a peek at this one potentially for myself. I predicted on the dot that it would sell at $1.6m cash given the nature that they changed their offer review from 1 week to 1 day (to a Tues/Weds) and not let the home sit until the weekend. They said they had a really strong offer that they had to respond it.

The agent is a relative to the seller.

What's interesting, is that my client's offer at $1.475m was the second highest offer as they were the first backup buyer.  IMO, the $1.6m sales price was a bit much but hey someone really wanted so they bid high to get even paying $125k more than the second highest buyer (good thing the buyer put $600k down because I'm sure it didn't appraise at $1.6m).
Title: Re: Where the market is - Buyer Offers
Post by: Cares on April 21, 2021, 10:15:37 AM
I made an offer for another buyer on this home back on March 3rd and it was interesting on it played out.

https://www.redfin.com/CA/Irvine/104-Summer-Lilac-92620/home/112721589

I told my buyer that a fair range price for this home was $1.475m to $1.5m.  So we started with an initial offer of $1.475m with no appraisal contingency and removing all contingencies in 14 days along with a 40% down payment.  My clients were ready to potentially go up to $1.5m on a best & final counter.  The listing agent texts me the next morning and apologizes to me saying that his seller accepted a slightly higher offer than ours despite him strongly recommending that they at least do a seller multiple counter to the top 2-3 buyers (we had the 2nd highest offer).  I think the home will close right around $1.5m.  The takeaway from this experience is don't hold back too much on your initial offer because you may not get another chance to bid higher. 

This one closed for $1.6m which is almost shocking given that the regular lot homes have been closing around $1.4m.

I took a peek at this one potentially for myself. I predicted on the dot that it would sell at $1.6m cash given the nature that they changed their offer review from 1 week to 1 day (to a Tues/Weds) and not let the home sit until the weekend. They said they had a really strong offer that they had to respond it.

The agent is a relative to the seller.

What's interesting, is that my client's offer at $1.475m was the second highest offer as they were the first backup buyer.  IMO, the $1.6m sales price was a bit much but hey someone really wanted so they bid high to get even paying $125k more than the second highest buyer (good thing the buyer put $600k down because I'm sure it didn't appraise at $1.6m).

That home is one of the largest in CV and also probably on the largest lot in CV. They also did extensive backyard work and well maintained. At that exact moment there were I believe only 2 other 4BR SFR's available. Someone must have been desperate to buy so they overbid.
Title: Re: Where the market is - Buyer Offers
Post by: USCTrojanCPA on April 21, 2021, 12:09:22 PM
I made an offer for another buyer on this home back on March 3rd and it was interesting on it played out.

https://www.redfin.com/CA/Irvine/104-Summer-Lilac-92620/home/112721589

I told my buyer that a fair range price for this home was $1.475m to $1.5m.  So we started with an initial offer of $1.475m with no appraisal contingency and removing all contingencies in 14 days along with a 40% down payment.  My clients were ready to potentially go up to $1.5m on a best & final counter.  The listing agent texts me the next morning and apologizes to me saying that his seller accepted a slightly higher offer than ours despite him strongly recommending that they at least do a seller multiple counter to the top 2-3 buyers (we had the 2nd highest offer).  I think the home will close right around $1.5m.  The takeaway from this experience is don't hold back too much on your initial offer because you may not get another chance to bid higher. 

This one closed for $1.6m which is almost shocking given that the regular lot homes have been closing around $1.4m.

I took a peek at this one potentially for myself. I predicted on the dot that it would sell at $1.6m cash given the nature that they changed their offer review from 1 week to 1 day (to a Tues/Weds) and not let the home sit until the weekend. They said they had a really strong offer that they had to respond it.

The agent is a relative to the seller.

What's interesting, is that my client's offer at $1.475m was the second highest offer as they were the first backup buyer.  IMO, the $1.6m sales price was a bit much but hey someone really wanted so they bid high to get even paying $125k more than the second highest buyer (good thing the buyer put $600k down because I'm sure it didn't appraise at $1.6m).

That home is one of the largest in CV and also probably on the largest lot in CV. They also did extensive backyard work and well maintained. At that exact moment there were I believe only 2 other 4BR SFR's available. Someone must have been desperate to buy so they overbid.

Yeah, I get it....extreme situations call for exterme measures (aka bidding high).
Title: Re: Where the market is - Buyer Offers
Post by: hurijo on April 24, 2021, 08:02:04 AM
Wow, 32 Marblehead sold $1.35m (list $1.2m). Last highest sale in same tract was about a month ago for $1.275m.

Made an offer over list on this Montecito Plan 2 home in Woodbury earlier today...

https://www.redfin.com/CA/Irvine/32-Marblehead-92620/home/28931918

Agent said they have multiple offers (big shocker) and will be reviewing them with the seller on Sunday night.

No dice for my buyers who put an initial offer of $1.251m on the home.  Got this reply from the listing agent...

"The seller finally made a decision in another direction. The prevailing party has a family in the area and terms that the seller couldn't refuse.

I know so many buyers are disappointed these days and I appreciate your work on this."

So sounds like seller got an offer that they couldn't refuse and didn't want to send out counters.
Title: Re: Where the market is - Buyer Offers
Post by: USCTrojanCPA on April 24, 2021, 10:17:13 AM
Wow, 32 Marblehead sold $1.35m (list $1.2m). Last highest sale in same tract was about a month ago for $1.275m.

Made an offer over list on this Montecito Plan 2 home in Woodbury earlier today...

https://www.redfin.com/CA/Irvine/32-Marblehead-92620/home/28931918

Agent said they have multiple offers (big shocker) and will be reviewing them with the seller on Sunday night.

No dice for my buyers who put an initial offer of $1.251m on the home.  Got this reply from the listing agent...

"The seller finally made a decision in another direction. The prevailing party has a family in the area and terms that the seller couldn't refuse.

I know so many buyers are disappointed these days and I appreciate your work on this."

So sounds like seller got an offer that they couldn't refuse and didn't want to send out counters.

Yeah the other Marblehead was more upgraded and had a larger lot.
Title: Re: Where the market is - Buyer Offers
Post by: The California Court Company on April 24, 2021, 10:41:08 AM
damn Irvine housing market is not that hot. slightly above listing can get you a house nowadays?
Title: Re: Where the market is - Buyer Offers
Post by: irvinehomeowner on April 24, 2021, 11:05:35 AM
damn Irvine housing market is not that hot. slightly above listing can get you a house nowadays?

Where have you been the last 3 years?
Title: Re: Where the market is - Buyer Offers
Post by: The California Court Company on April 24, 2021, 11:29:16 AM
We are still in Irvine for the next few months but has not followed real estate until recently. We are about to move to a much bigger house with 3CWG on a quiet cul-de-sac with mountain views, and it is in similar school district as IUSD and easy access to freeways (no, not Johns Creek). So I am deciding whether to keep our smaller house in Irvine or rent it out as the rent seems to be higher than the PITI we are paying.

How about you? have you found your 3CWG house yet?

damn Irvine housing market is not that hot. slightly above listing can get you a house nowadays?

Where have you been the last 3 years?
Title: Re: Where the market is - Buyer Offers
Post by: talkirvine on April 24, 2021, 12:41:15 PM
We are still in Irvine for the next few months but has not followed real estate until recently. We are about to move to a much bigger house with 3CWG on a quiet cul-de-sac with mountain views, and it is in similar school district as IUSD and easy access to freeways (no, not Johns Creek). So I am deciding whether to keep our smaller house in Irvine or rent it out as the rent seems to be higher than the PITI we are paying.

How about you? have you found your 3CWG house yet?

damn Irvine housing market is not that hot. slightly above listing can get you a house nowadays?

Where have you been the last 3 years?

This is BSO. And you pick on IHO.
Title: Re: Where the market is - Buyer Offers
Post by: USCTrojanCPA on April 26, 2021, 12:44:13 AM
I made offers for 2 buyers for the following 2 homes on Sunday evening....

https://www.redfin.com/CA/Irvine/64-Interlude-92620/home/51684862

https://www.redfin.com/CA/Placentia/224-Blanquita-Way-92870/home/4177900

The Placentia home is on hold as the seller is reviewing offers on Monday at 5pm.
Title: Re: Where the market is - Buyer Offers
Post by: irvinehomeowner on April 26, 2021, 10:14:35 AM
We are still in Irvine for the next few months but has not followed real estate until recently. We are about to move to a much bigger house with 3CWG on a quiet cul-de-sac with mountain views, and it is in similar school district as IUSD and easy access to freeways (no, not Johns Creek). So I am deciding whether to keep our smaller house in Irvine or rent it out as the rent seems to be higher than the PITI we are paying.

How about you? have you found your 3CWG house yet?


So Texas then? :)

We were actually thinking about looking again but seeing how crazy Irvine prices are... may need to reconsider.

With remote work being way more acceptable now, it expands where we can look but SoCal (and Irvine) is just superior to us. Maybe NorCal or Seattle suburbs... or San Diego area to stay close to family.

Going to give it a a few years for the kids to be out of the basement. :)

If you haven't had a 3CWG... you will love it... we've been compromising long enough to not really "need" one but it will always be on my list (I am fine with tandem but much prefer the wider driveway).
Title: Re: Where the market is - Buyer Offers
Post by: The California Court Company on April 26, 2021, 02:07:31 PM
No still west coast and one may argue the location has better weather than Irvine.  And yes inspired by you I really started to appreciate 3CWG house with wide lot (once we are in the position to buy 3CWG, 2CWG houses just look a lot less appealing)....the curb appeal, extra flexibility and distance to your neighbor.s..no more 10 ft rear or 3 ft side setback craps like in new Irvine builds.

We are still in Irvine for the next few months but has not followed real estate until recently. We are about to move to a much bigger house with 3CWG on a quiet cul-de-sac with mountain views, and it is in similar school district as IUSD and easy access to freeways (no, not Johns Creek). So I am deciding whether to keep our smaller house in Irvine or rent it out as the rent seems to be higher than the PITI we are paying.

How about you? have you found your 3CWG house yet?


So Texas then? :)

We were actually thinking about looking again but seeing how crazy Irvine prices are... may need to reconsider.

With remote work being way more acceptable now, it expands where we can look but SoCal (and Irvine) is just superior to us. Maybe NorCal or Seattle suburbs... or San Diego area to stay close to family.

Going to give it a a few years for the kids to be out of the basement. :)

If you haven't had a 3CWG... you will love it... we've been compromising long enough to not really "need" one but it will always be on my list (I am fine with tandem but much prefer the wider driveway).
Title: Re: Where the market is - Buyer Offers
Post by: trematix on April 26, 2021, 10:12:01 PM
where is this mythical place!

No still west coast and one may argue the location has better weather than Irvine.  And yes inspired by you I really started to appreciate 3CWG house with wide lot (once we are in the position to buy 3CWG, 2CWG houses just look a lot less appealing)....the curb appeal, extra flexibility and distance to your neighbor.s..no more 10 ft rear or 3 ft side setback craps like in new Irvine builds.

We are still in Irvine for the next few months but has not followed real estate until recently. We are about to move to a much bigger house with 3CWG on a quiet cul-de-sac with mountain views, and it is in similar school district as IUSD and easy access to freeways (no, not Johns Creek). So I am deciding whether to keep our smaller house in Irvine or rent it out as the rent seems to be higher than the PITI we are paying.

How about you? have you found your 3CWG house yet?


So Texas then? :)

We were actually thinking about looking again but seeing how crazy Irvine prices are... may need to reconsider.

With remote work being way more acceptable now, it expands where we can look but SoCal (and Irvine) is just superior to us. Maybe NorCal or Seattle suburbs... or San Diego area to stay close to family.

Going to give it a a few years for the kids to be out of the basement. :)

If you haven't had a 3CWG... you will love it... we've been compromising long enough to not really "need" one but it will always be on my list (I am fine with tandem but much prefer the wider driveway).
Title: Re: Where the market is - Buyer Offers
Post by: USCTrojanCPA on April 27, 2021, 08:12:46 AM
I made offers for 2 buyers for the following 2 homes on Sunday evening....

https://www.redfin.com/CA/Irvine/64-Interlude-92620/home/51684862

https://www.redfin.com/CA/Placentia/224-Blanquita-Way-92870/home/4177900

The Placentia home is on hold as the seller is reviewing offers on Monday at 5pm.

My client offered $2m with over 50% down on Interlude but the seller accepted a higher offer without a counter.
Title: Re: Where the market is - Buyer Offers
Post by: sleepy5136 on April 27, 2021, 10:02:27 AM
We are still in Irvine for the next few months but has not followed real estate until recently. We are about to move to a much bigger house with 3CWG on a quiet cul-de-sac with mountain views, and it is in similar school district as IUSD and easy access to freeways (no, not Johns Creek). So I am deciding whether to keep our smaller house in Irvine or rent it out as the rent seems to be higher than the PITI we are paying.

How about you? have you found your 3CWG house yet?


So Texas then? :)

We were actually thinking about looking again but seeing how crazy Irvine prices are... may need to reconsider.

With remote work being way more acceptable now, it expands where we can look but SoCal (and Irvine) is just superior to us. Maybe NorCal or Seattle suburbs... or San Diego area to stay close to family.

Going to give it a a few years for the kids to be out of the basement. :)

If you haven't had a 3CWG... you will love it... we've been compromising long enough to not really "need" one but it will always be on my list (I am fine with tandem but much prefer the wider driveway).
Texas has low property prices but high property taxes. Keep in mind property tax is a lifetime thing and high purchase price is a one time thing.
Title: Re: Where the market is - Buyer Offers
Post by: qwerty on April 27, 2021, 11:59:39 AM
I made offers for 2 buyers for the following 2 homes on Sunday evening....

https://www.redfin.com/CA/Irvine/64-Interlude-92620/home/51684862

https://www.redfin.com/CA/Placentia/224-Blanquita-Way-92870/home/4177900

The Placentia home is on hold as the seller is reviewing offers on Monday at 5pm.

My client offered $2m with over 50% down on Interlude but the seller accepted a higher offer without a counter.

It’s interesting to see how the price gaap between these larger homes and cheaper 2,000 sq ft homes seems to be narrowing.
Title: Re: Where the market is - Buyer Offers
Post by: DBtoOC on April 27, 2021, 12:20:13 PM
I made offers for 2 buyers for the following 2 homes on Sunday evening....

https://www.redfin.com/CA/Irvine/64-Interlude-92620/home/51684862

https://www.redfin.com/CA/Placentia/224-Blanquita-Way-92870/home/4177900

The Placentia home is on hold as the seller is reviewing offers on Monday at 5pm.

My client offered $2m with over 50% down on Interlude but the seller accepted a higher offer without a counter.

It’s interesting to see how the price gaap between these larger homes and cheaper 2,000 sq ft homes seems to be narrowing.

Good time for move-up buyers!
Title: Re: Where the market is - Buyer Offers
Post by: The California Court Company on April 27, 2021, 06:34:40 PM
So the market I was looking, and about to moved to, is extremely hot. Buyers have to remove all contingencies (appraisal, inspection, loan) , 3% earnest money deposit, short close window, using buyer agent commission rebate to pay seller's closing cost, up to 60 days free rent back (owner in possession), on top of bidding minimum 10% above asking to have a chance to be invited into the 2nd round of bidding or receiving counters.
What's the situation like in Irvine?
Title: Re: Where the market is - Buyer Offers
Post by: Kick53rv3 on April 27, 2021, 08:27:34 PM
I am in a situation where my house in Seattle is in escrow and moved to Irvine. At this point should I even bother looking at houses in Irvine as sellers probably won’t consider the contingency for the pending sale? On one hand I don’t want to waste money continuing the short term rental but also don’t want to waste time if no one would even entertain any offers?
Title: Re: Where the market is - Buyer Offers
Post by: Dr. CA Real Estate on April 27, 2021, 08:36:13 PM
I am in a situation where my house in Seattle is in escrow and moved to Irvine. At this point should I even bother looking at houses in Irvine as sellers probably won’t consider the contingency for the pending sale? On one hand I don’t want to waste money continuing the short term rental but also don’t want to waste time if no one would even entertain any offers?

Depends on your price point. I routinely get contingent offers accepted for my buyers. That said most of my buyers are not in the bloodbath low 1m and under bracket where its far more difficult to get any kind of offer accepted.
Title: Re: Where the market is - Buyer Offers
Post by: Kick53rv3 on April 27, 2021, 08:42:44 PM
I am in a situation where my house in Seattle is in escrow and moved to Irvine. At this point should I even bother looking at houses in Irvine as sellers probably won’t consider the contingency for the pending sale? On one hand I don’t want to waste money continuing the short term rental but also don’t want to waste time if no one would even entertain any offers?

Depends on your price point. I routinely get contingent offers accepted for my buyers. That said most of my buyers are not in the bloodbath low 1m and under bracket where its far more difficult to get any kind of offer accepted.

Unfortunately we are in the even lower 800-900k bracket, so probably no shot for contingent offers.
Title: Re: Where the market is - Buyer Offers
Post by: Cares on April 27, 2021, 10:17:21 PM
I am in a situation where my house in Seattle is in escrow and moved to Irvine. At this point should I even bother looking at houses in Irvine as sellers probably won’t consider the contingency for the pending sale? On one hand I don’t want to waste money continuing the short term rental but also don’t want to waste time if no one would even entertain any offers?

Depends on your price point. I routinely get contingent offers accepted for my buyers. That said most of my buyers are not in the bloodbath low 1m and under bracket where its far more difficult to get any kind of offer accepted.

Unfortunately we are in the even lower 800-900k bracket, so probably no shot for contingent offers.

Sub $800-900k is definitely a tough price range to be in for Irvine. It's not quite high enough to be competitive for 3BR detached homes but "too high" for attached homes.
Title: Re: Where the market is - Buyer Offers
Post by: Cornflakes on April 27, 2021, 11:16:04 PM
Is it possible to make an ebay style bid on a house.

Say a buyer really really must have the 800k listed home. Can he/she make an offer of "Lower of the $1M or highest offer+$1000" - subject to successful verification of the legitimacy of the highest offer?
Title: Re: Where the market is - Buyer Offers
Post by: USCTrojanCPA on April 28, 2021, 01:23:42 AM
I made offers for 2 buyers for the following 2 homes on Sunday evening....

https://www.redfin.com/CA/Irvine/64-Interlude-92620/home/51684862

https://www.redfin.com/CA/Placentia/224-Blanquita-Way-92870/home/4177900

The Placentia home is on hold as the seller is reviewing offers on Monday at 5pm.

Didn't even get a counter on my client's offer of $921,100 along with waiving loan and appraisal contingencies along with removing all contingencies in 10 days on the Placentia home, looks like they just selected the highest offer.
Title: Re: Where the market is - Buyer Offers
Post by: USCTrojanCPA on April 28, 2021, 01:26:30 AM
Is it possible to make an ebay style bid on a house.

Say a buyer really really must have the 800k listed home. Can he/she make an offer of "Lower of the $1M or highest offer+$1000" - subject to successful verification of the legitimacy of the highest offer?

What you suggest is a different style of writing up an escalation clause. They do work sometimes.
Title: Re: Where the market is - Buyer Offers
Post by: USCTrojanCPA on April 28, 2021, 01:28:09 AM
I am in a situation where my house in Seattle is in escrow and moved to Irvine. At this point should I even bother looking at houses in Irvine as sellers probably won’t consider the contingency for the pending sale? On one hand I don’t want to waste money continuing the short term rental but also don’t want to waste time if no one would even entertain any offers?

It really depends on where you are in the sale of your home.  Has your buyer lifted all contingencies?  How much longer before you the transaction closes?  Has your escrow company provided you a detailed estimated seller closing statement showing your estimated net seller proceeds once the sale is closed?
Title: Re: Where the market is - Buyer Offers
Post by: Kick53rv3 on April 28, 2021, 08:16:26 AM
I am in a situation where my house in Seattle is in escrow and moved to Irvine. At this point should I even bother looking at houses in Irvine as sellers probably won’t consider the contingency for the pending sale? On one hand I don’t want to waste money continuing the short term rental but also don’t want to waste time if no one would even entertain any offers?

It really depends on where you are in the sale of your home.  Has your buyer lifted all contingencies?  How much longer before you the transaction closes?  Has your escrow company provided you a detailed estimated seller closing statement showing your estimated net seller proceeds once the sale is closed?

Yup all contingencies were waived, closing on the 24th of may. I already received the earnest money in my account and they are approved for double the selling price from their lender (very reputable lender in this area).

I tried to buy Brisa this weekend and they flatly rejected us for not having the sale closed, while Lennar said they dont take contingency either. So we were told by our agent that resale homes will not accept any either and we should just wait until the money hit our account before looking.
Title: Re: Where the market is - Buyer Offers
Post by: Irvinehomeseeker on April 28, 2021, 08:55:55 AM
I am in a situation where my house in Seattle is in escrow and moved to Irvine. At this point should I even bother looking at houses in Irvine as sellers probably won’t consider the contingency for the pending sale? On one hand I don’t want to waste money continuing the short term rental but also don’t want to waste time if no one would even entertain any offers?

It really depends on where you are in the sale of your home.  Has your buyer lifted all contingencies?  How much longer before you the transaction closes?  Has your escrow company provided you a detailed estimated seller closing statement showing your estimated net seller proceeds once the sale is closed?

Yup all contingencies were waived, closing on the 24th of may. I already received the earnest money in my account and they are approved for double the selling price from their lender (very reputable lender in this area).

I tried to buy Brisa this weekend and they flatly rejected us for not having the sale closed, while Lennar said they dont take contingency either. So we were told by our agent that resale homes will not accept any either and we should just wait until the money hit our account before looking.
When buying new construction, does anyone know timeframe by when the builder expects one to sell existing property ?
Title: Re: Where the market is - Buyer Offers
Post by: Kick53rv3 on April 28, 2021, 09:35:25 AM
I am in a situation where my house in Seattle is in escrow and moved to Irvine. At this point should I even bother looking at houses in Irvine as sellers probably won’t consider the contingency for the pending sale? On one hand I don’t want to waste money continuing the short term rental but also don’t want to waste time if no one would even entertain any offers?

It really depends on where you are in the sale of your home.  Has your buyer lifted all contingencies?  How much longer before you the transaction closes?  Has your escrow company provided you a detailed estimated seller closing statement showing your estimated net seller proceeds once the sale is closed?

Yup all contingencies were waived, closing on the 24th of may. I already received the earnest money in my account and they are approved for double the selling price from their lender (very reputable lender in this area).

I tried to buy Brisa this weekend and they flatly rejected us for not having the sale closed, while Lennar said they dont take contingency either. So we were told by our agent that resale homes will not accept any either and we should just wait until the money hit our account before looking.
When buying new construction, does anyone know timeframe by when the builder expects one to sell existing property ?

I think it is your existing property must be sold. At least that is what cal pacific told me as mine is closing next month and their new build isn’t expected to finish until November. I said given I got 14 offers I am fully confident that it’ll sell way before October escrow start date. But nope, they got too many buyers so I must have fully closed the sale and have money sitting in my account for next 6 month to buy their new build.
Title: Re: Where the market is - Buyer Offers
Post by: Irvinehomeseeker on April 28, 2021, 09:42:45 AM
I am in a situation where my house in Seattle is in escrow and moved to Irvine. At this point should I even bother looking at houses in Irvine as sellers probably won’t consider the contingency for the pending sale? On one hand I don’t want to waste money continuing the short term rental but also don’t want to waste time if no one would even entertain any offers?

It really depends on where you are in the sale of your home.  Has your buyer lifted all contingencies?  How much longer before you the transaction closes?  Has your escrow company provided you a detailed estimated seller closing statement showing your estimated net seller proceeds once the sale is closed?

Yup all contingencies were waived, closing on the 24th of may. I already received the earnest money in my account and they are approved for double the selling price from their lender (very reputable lender in this area).

I tried to buy Brisa this weekend and they flatly rejected us for not having the sale closed, while Lennar said they dont take contingency either. So we were told by our agent that resale homes will not accept any either and we should just wait until the money hit our account before looking.
When buying new construction, does anyone know timeframe by when the builder expects one to sell existing property ?

I think it is your existing property must be sold. At least that is what cal pacific told me as mine is closing next month and their new build isn’t expected to finish until November. I said given I got 14 offers I am fully confident that it’ll sell way before October escrow start date. But nope, they got too many buyers so I must have fully closed the sale and have money sitting in my account for next 6 month to buy their new build.

Thanks for sharing! I thought with a 6 months window, there would be enough time to sell before the new construction move in.
Title: Re: Where the market is - Buyer Offers
Post by: USCTrojanCPA on April 30, 2021, 08:53:53 PM
Made an offer on this Costa Mesa Back Bay home earlier this afternoon for a client (it already has a few offers after 2 days of showing)....

https://www.redfin.com/CA/Costa-Mesa/2401-Tustin-Ave-92627/home/4634182
Title: Re: Where the market is - Buyer Offers
Post by: Cares on May 01, 2021, 02:56:56 PM
I am in a situation where my house in Seattle is in escrow and moved to Irvine. At this point should I even bother looking at houses in Irvine as sellers probably won’t consider the contingency for the pending sale? On one hand I don’t want to waste money continuing the short term rental but also don’t want to waste time if no one would even entertain any offers?

It really depends on where you are in the sale of your home.  Has your buyer lifted all contingencies?  How much longer before you the transaction closes?  Has your escrow company provided you a detailed estimated seller closing statement showing your estimated net seller proceeds once the sale is closed?

Yup all contingencies were waived, closing on the 24th of may. I already received the earnest money in my account and they are approved for double the selling price from their lender (very reputable lender in this area).

I tried to buy Brisa this weekend and they flatly rejected us for not having the sale closed, while Lennar said they dont take contingency either. So we were told by our agent that resale homes will not accept any either and we should just wait until the money hit our account before looking.
When buying new construction, does anyone know timeframe by when the builder expects one to sell existing property ?

I think it is your existing property must be sold. At least that is what cal pacific told me as mine is closing next month and their new build isn’t expected to finish until November. I said given I got 14 offers I am fully confident that it’ll sell way before October escrow start date. But nope, they got too many buyers so I must have fully closed the sale and have money sitting in my account for next 6 month to buy their new build.

This is not true in all cases. I have helped a buyer buy new construction while contingent on current home sale. They have to get an exception from management and likely your buyers have to have all purchase contingencies removed and only a week or 2 out from closing.
Title: Re: Where the market is - Buyer Offers
Post by: USCTrojanCPA on May 01, 2021, 04:16:49 PM
Put an offer on this smaller Oak Creek home last last night for a buyer...

https://www.redfin.com/CA/Irvine/10-Dahlia-92618/home/5483429
Title: Re: Where the market is - Buyer Offers
Post by: Cares on May 01, 2021, 05:18:02 PM
Put an offer on this smaller Oak Creek home last last night for a buyer...

https://www.redfin.com/CA/Irvine/10-Dahlia-92618/home/5483429

I visited this one. The backyard condition is vastly different than the pictures. These pictures must have been when they first bought the home.
Title: Re: Where the market is - Buyer Offers
Post by: USCTrojanCPA on May 05, 2021, 07:03:41 PM
Made an offer on this Costa Mesa Back Bay home earlier this afternoon for a client (it already has a few offers after 2 days of showing)....

https://www.redfin.com/CA/Costa-Mesa/2401-Tustin-Ave-92627/home/4634182

Didn't get this home, my buyer submitted a counter of $2.25m.  The home had a total of 4 offers and went for above my buyer's amount (my guess around $2.3m).
Title: Re: Where the market is - Buyer Offers
Post by: USCTrojanCPA on May 05, 2021, 07:05:33 PM
Put an offer on this smaller Oak Creek home last last night for a buyer...

https://www.redfin.com/CA/Irvine/10-Dahlia-92618/home/5483429

I visited this one. The backyard condition is vastly different than the pictures. These pictures must have been when they first bought the home.

Yeah, my client thought it was a bit of a catfish with those pictures.  haha  Here's the email that I got from the listing agent to my client's best and final offer of $921,000...

Good morning Martin,

The seller finally came to a decision last night and accepted another agent's offer.   FYI: There were a total of 15 offers on this property.

Just under $1M, As Is, cash purchase.

This is indeed a very challenging market for buyers.

Thank you, and your client, for your strong effort.
Title: Re: Where the market is - Buyer Offers
Post by: Cares on May 06, 2021, 11:04:42 PM
Put an offer on this smaller Oak Creek home last last night for a buyer...

https://www.redfin.com/CA/Irvine/10-Dahlia-92618/home/5483429

I visited this one. The backyard condition is vastly different than the pictures. These pictures must have been when they first bought the home.

Yeah, my client thought it was a bit of a catfish with those pictures.  haha  Here's the email that I got from the listing agent to my client's best and final offer of $921,000...

Good morning Martin,

The seller finally came to a decision last night and accepted another agent's offer.   FYI: There were a total of 15 offers on this property.

Just under $1M, As Is, cash purchase.

This is indeed a very challenging market for buyers.

Thank you, and your client, for your strong effort.

I'm dealing with some difficult buyers that have a hard time believing that homes are selling way above list regardless of comps. They are asking to look at homes beyond their max budget thinking they can negotiate it down. As an example, this home at $900k is their max but they believed they could be competitive at asking price. So difficult.
Title: Re: Where the market is - Buyer Offers
Post by: USCTrojanCPA on May 06, 2021, 11:13:20 PM
Put an offer on this smaller Oak Creek home last last night for a buyer...

https://www.redfin.com/CA/Irvine/10-Dahlia-92618/home/5483429

I visited this one. The backyard condition is vastly different than the pictures. These pictures must have been when they first bought the home.

Yeah, my client thought it was a bit of a catfish with those pictures.  haha  Here's the email that I got from the listing agent to my client's best and final offer of $921,000...

Good morning Martin,

The seller finally came to a decision last night and accepted another agent's offer.   FYI: There were a total of 15 offers on this property.

Just under $1M, As Is, cash purchase.

This is indeed a very challenging market for buyers.

Thank you, and your client, for your strong effort.

I'm dealing with some difficult buyers that have a hard time believing that homes are selling way above list regardless of comps. They are asking to look at homes beyond their max budget thinking they can negotiate it down. As an example, this home at $900k is their max but they believed they could be competitive at asking price. So difficult.

I had a buyer a few months back who thought that listing agents were lying about the number of offers the homes had, I thought that was kind of funny.  Buyers like you and I describe will have to learn the hard way.  The only buyers that are buying homes are those that bid aggressively and are underbuying (aka look very strong to a seller on paper). 
Title: Re: Where the market is - Buyer Offers
Post by: Cares on May 07, 2021, 09:35:12 AM
Put an offer on this smaller Oak Creek home last last night for a buyer...

https://www.redfin.com/CA/Irvine/10-Dahlia-92618/home/5483429

I visited this one. The backyard condition is vastly different than the pictures. These pictures must have been when they first bought the home.

Yeah, my client thought it was a bit of a catfish with those pictures.  haha  Here's the email that I got from the listing agent to my client's best and final offer of $921,000...

Good morning Martin,

The seller finally came to a decision last night and accepted another agent's offer.   FYI: There were a total of 15 offers on this property.

Just under $1M, As Is, cash purchase.

This is indeed a very challenging market for buyers.

Thank you, and your client, for your strong effort.

I'm dealing with some difficult buyers that have a hard time believing that homes are selling way above list regardless of comps. They are asking to look at homes beyond their max budget thinking they can negotiate it down. As an example, this home at $900k is their max but they believed they could be competitive at asking price. So difficult.

I had a buyer a few months back who thought that listing agents were lying about the number of offers the homes had, I thought that was kind of funny.  Buyers like you and I describe will have to learn the hard way.  The only buyers that are buying homes are those that bid aggressively and are underbuying (aka look very strong to a seller on paper).

Yea I agree this has been the case for me but it's a harsh reality for buyers that can "afford" $x price but are being told to only look at listings at $x minus $50k-$100k
Title: Re: Where the market is - Buyer Offers
Post by: best_potsticker_in_town on May 07, 2021, 10:53:01 AM
Put an offer on this smaller Oak Creek home last last night for a buyer...

https://www.redfin.com/CA/Irvine/10-Dahlia-92618/home/5483429

I visited this one. The backyard condition is vastly different than the pictures. These pictures must have been when they first bought the home.

Yeah, my client thought it was a bit of a catfish with those pictures.  haha  Here's the email that I got from the listing agent to my client's best and final offer of $921,000...

Good morning Martin,

The seller finally came to a decision last night and accepted another agent's offer.   FYI: There were a total of 15 offers on this property.

Just under $1M, As Is, cash purchase.

This is indeed a very challenging market for buyers.

Thank you, and your client, for your strong effort.

Saw this one too. Not a bad space. 3 bedrooms detached under $1m with low HOA makes this really attractive. Thought some buyers may be turned off with the murder on Red Apple...but I guess not.
Title: Re: Where the market is - Buyer Offers
Post by: sleepy5136 on May 07, 2021, 12:48:51 PM
Put an offer on this smaller Oak Creek home last last night for a buyer...

https://www.redfin.com/CA/Irvine/10-Dahlia-92618/home/5483429

I visited this one. The backyard condition is vastly different than the pictures. These pictures must have been when they first bought the home.

Yeah, my client thought it was a bit of a catfish with those pictures.  haha  Here's the email that I got from the listing agent to my client's best and final offer of $921,000...

Good morning Martin,

The seller finally came to a decision last night and accepted another agent's offer.   FYI: There were a total of 15 offers on this property.

Just under $1M, As Is, cash purchase.

This is indeed a very challenging market for buyers.

Thank you, and your client, for your strong effort.
Having a difficult time wrapping my head around a ~1m condo. Crazy market we are in.
Title: Re: Where the market is - Buyer Offers
Post by: Kenkoko on May 07, 2021, 12:58:39 PM
At least this one’s got a decent backyard and a good driveway

Just saw an attached condo with no yard and no driveway in Aliso Viejo sold for 1.04 million.

Tough to be a buyer these days
Title: Re: Where the market is - Buyer Offers
Post by: Cares on May 07, 2021, 04:46:43 PM
Put an offer on this smaller Oak Creek home last last night for a buyer...

https://www.redfin.com/CA/Irvine/10-Dahlia-92618/home/5483429

I visited this one. The backyard condition is vastly different than the pictures. These pictures must have been when they first bought the home.

Yeah, my client thought it was a bit of a catfish with those pictures.  haha  Here's the email that I got from the listing agent to my client's best and final offer of $921,000...

Good morning Martin,

The seller finally came to a decision last night and accepted another agent's offer.   FYI: There were a total of 15 offers on this property.

Just under $1M, As Is, cash purchase.

This is indeed a very challenging market for buyers.

Thank you, and your client, for your strong effort.
Having a difficult time wrapping my head around a ~1m condo. Crazy market we are in.

Cypress Village detached 3 and 4 BR condos have been going around $1.1m right now.
Title: Re: Where the market is - Buyer Offers
Post by: Sidehussle on May 07, 2021, 05:09:36 PM
Why is your buyer difficult if offering the seller full asking price?  I think a difficult buyer would be trying to get a discount from ask.

Put an offer on this smaller Oak Creek home last last night for a buyer...

https://www.redfin.com/CA/Irvine/10-Dahlia-92618/home/5483429

I visited this one. The backyard condition is vastly different than the pictures. These pictures must have been when they first bought the home.

Yeah, my client thought it was a bit of a catfish with those pictures.  haha  Here's the email that I got from the listing agent to my client's best and final offer of $921,000...

Good morning Martin,

The seller finally came to a decision last night and accepted another agent's offer.   FYI: There were a total of 15 offers on this property.

Just under $1M, As Is, cash purchase.

This is indeed a very challenging market for buyers.

Thank you, and your client, for your strong effort.

I'm dealing with some difficult buyers that have a hard time believing that homes are selling way above list regardless of comps. They are asking to look at homes beyond their max budget thinking they can negotiate it down. As an example, this home at $900k is their max but they believed they could be competitive at asking price. So difficult.
Title: Re: Where the market is - Buyer Offers
Post by: Cornflakes on May 07, 2021, 07:42:47 PM
It is almost like...

you have 300k for down pmt
keep aside 100k
with 200k remaining, at 25% down, look for properties that are listed at 800k or below.
bid agressively using your 100k war chest.
with 900k purchase price, 300k down payment, you look stonger to both lender and seller, and beat competition out of water.
Title: Re: Where the market is - Buyer Offers
Post by: akula1488 on May 08, 2021, 07:59:13 AM
It is almost like...

you have 300k for down pmt
keep aside 100k
with 200k remaining, at 25% down, look for properties that are listed at 800k or below.
bid agressively using your 100k war chest.
with 900k purchase price, 300k down payment, you look stonger to both lender and seller, and beat competition out of water.
.
Lol I don't think 300k down on $900k is that strong and beat competition out of water. Try $1M cash with all contingencies waived.

I seen houses in other desirable areas got 25% over asking closed with cash time line (7 day close final price 1.5M)
Title: Re: Where the market is - Buyer Offers
Post by: USCTrojanCPA on May 08, 2021, 10:05:42 AM
Why is your buyer difficult if offering the seller full asking price?  I think a difficult buyer would be trying to get a discount from ask.

Put an offer on this smaller Oak Creek home last last night for a buyer...

https://www.redfin.com/CA/Irvine/10-Dahlia-92618/home/5483429

I visited this one. The backyard condition is vastly different than the pictures. These pictures must have been when they first bought the home.

Yeah, my client thought it was a bit of a catfish with those pictures.  haha  Here's the email that I got from the listing agent to my client's best and final offer of $921,000...

Good morning Martin,

The seller finally came to a decision last night and accepted another agent's offer.   FYI: There were a total of 15 offers on this property.

Just under $1M, As Is, cash purchase.

This is indeed a very challenging market for buyers.

Thank you, and your client, for your strong effort.

I'm dealing with some difficult buyers that have a hard time believing that homes are selling way above list regardless of comps. They are asking to look at homes beyond their max budget thinking they can negotiate it down. As an example, this home at $900k is their max but they believed they could be competitive at asking price. So difficult.

Because most times the listing price is too low of a price and in many occasions the seller will accept the highest offer right off the bat or only counter the top buyers.
Title: Re: Where the market is - Buyer Offers
Post by: Cares on May 08, 2021, 06:26:30 PM
https://www.ocregister.com/2021/05/08/orange-county-adds-8-million-dollar-zips-loses-8-bargain-neighborhoods/

This article is more in line with what I'm seeing in the front lines as a realtor and a mortgage loan originator. All OC markets have housing prices that are significantly up from a year ago.
Title: Re: Where the market is - Buyer Offers
Post by: USCTrojanCPA on May 08, 2021, 06:30:11 PM
https://www.ocregister.com/2021/05/08/orange-county-adds-8-million-dollar-zips-loses-8-bargain-neighborhoods/

This article is more in line with what I'm seeing in the front lines as a realtor and a mortgage loan originator. All OC markets have housing prices that are significantly up from a year ago.

Yup, prices are now about 15-20% up from last year not only in Irvine but outside of Irvine as well.
Title: Re: Where the market is - Buyer Offers
Post by: Compressed-Village on May 09, 2021, 10:04:41 AM
Raw materials some double and tripples in price. I know the supply chains and disruption occur since the trade war began under prez T,,,but at 200 % plus for lumbers, the basic building block for homes, that has to be suck big time for home buyers. We still very much rely on too many things from foreign country for many, many basic materials. This will drive not only homes cost, building cost, and many everydays items cost higher. I was NOT suprise by the move up. The only questions is. if we continue to live like Japan economy, will we last as long? They have been running and printing since 1990, with over 230 % GDP debt per year today. WOWZER, that's a long time and still going. I assume we will have the same trajectory.
Title: Re: Where the market is - Buyer Offers
Post by: qwerty on May 09, 2021, 10:51:39 AM
Is there any alternative to Japan?? I don’t think so.  Once people get used to all of the freebies it’s tough to turn off the spigots. When the masses keep voting to get free stuff it’s a done deal. The government is a black belt at expanding and doesn’t know the meaning of contraction
Title: Re: Where the market is - Buyer Offers
Post by: eyephone on May 09, 2021, 02:27:11 PM
Raw materials some double and tripples in price. I know the supply chains and disruption occur since the trade war began under prez T,,,but at 200 % plus for lumbers, the basic building block for homes, that has to be suck big time for home buyers. We still very much rely on too many things from foreign country for many, many basic materials. This will drive not only homes cost, building cost, and many everydays items cost higher. I was NOT suprise by the move up. The only questions is. if we continue to live like Japan economy, will we last as long? They have been running and printing since 1990, with over 230 % GDP debt per year today. WOWZER, that's a long time and still going. I assume we will have the same trajectory.

Did you say that previously?
I think I was the only one on TI that talked about the farm subsidies in the billions or trillions. (Government giving money to farmers for not selling)
US tax cuts for business drove up the deficit like a crack add it. The top business still not paying fed income taxes. Plus the trade war negated the tax break.

Title: Re: Where the market is - Buyer Offers
Post by: Compressed-Village on May 10, 2021, 08:52:10 AM
Is there any alternative to Japan?? I don’t think so.  Once people get used to all of the freebies it’s tough to turn off the spigots. When the masses keep voting to get free stuff it’s a done deal. The government is a black belt at expanding and doesn’t know the meaning of contraction

The "Alternative", is when price reaches too high, an unpayable amount, which we will get there, it will stop and stagnate. Even if the FED able and willing to print more, the buying power is meaningless, since you cant buy much with the money that given out. Its like going to a buffet line. You can stuff all you want and after several plates you will slow down and stop. You got no more room for stuff. It gotta give one way or the other. Either, barf up or you know what....That inflation genie has broken out of the bottle.
Title: Re: Where the market is - Buyer Offers
Post by: USCTrojanCPA on May 10, 2021, 12:02:42 PM
Made an offer on this home earlier this morning for a buyer (the home got put on hold because they were only showing the home Fri-Sun).

https://www.redfin.com/CA/Irvine/65-Autumn-Sage-92618/home/45376607
Title: Re: Where the market is - Buyer Offers
Post by: talkirvine on May 10, 2021, 12:59:07 PM
Raw materials some double and tripples in price. I know the supply chains and disruption occur since the trade war began under prez T,,,but at 200 % plus for lumbers, the basic building block for homes, that has to be suck big time for home buyers. We still very much rely on too many things from foreign country for many, many basic materials. This will drive not only homes cost, building cost, and many everydays items cost higher. I was NOT suprise by the move up. The only questions is. if we continue to live like Japan economy, will we last as long? They have been running and printing since 1990, with over 230 % GDP debt per year today. WOWZER, that's a long time and still going. I assume we will have the same trajectory.

No worries, the shortage of lumber (and therefore price increase) is caused by the pandemic and therefore is only temporary. Why? As the price of lumber actually dropped from 2018 to before the pandemic. After the economy opens, and production catches up, the lumber price will drop. 
Title: Re: Where the market is - Buyer Offers
Post by: talkirvine on May 10, 2021, 12:59:27 PM
Raw materials some double and tripples in price. I know the supply chains and disruption occur since the trade war began under prez T,,,but at 200 % plus for lumbers, the basic building block for homes, that has to be suck big time for home buyers. We still very much rely on too many things from foreign country for many, many basic materials. This will drive not only homes cost, building cost, and many everydays items cost higher. I was NOT suprise by the move up. The only questions is. if we continue to live like Japan economy, will we last as long? They have been running and printing since 1990, with over 230 % GDP debt per year today. WOWZER, that's a long time and still going. I assume we will have the same trajectory.

No worries, the shortage of lumber (and therefore price increase) is caused by the pandemic and therefore is only temporary. How do I know? As the price of lumber actually dropped from 2018 to before the pandemic. After the economy opens, and production catches up, the lumber price will drop.
Title: Re: Where the market is - Buyer Offers
Post by: Kenkoko on May 11, 2021, 01:10:38 PM
Japan actually went through decades of depreciation, not inflation. Probably not the base case study if you're trying to demonstrate asset inflation.

The only things we are possibly tracking Japan, in terms of fiscal & monetary policy,  would be negative interest rate and blowing through the national debt.

Given the fact that we're already recovering, negative interest rate is unlikely to happen anytime soon.

So that leaves the national debt.

Japan has proven econ experts & conventional econ wisdom wrong for years by demonstrating that a large economy (#3 in the world) can sustain a high level of national debt even with virtually no GDP growth.  (over 250% debt to GDP ratio, negative GDP growth in the past decade)

This is on top of Japan having been on a steady population decline since 1998 & having one of the world's oldest population.

We don't have anywhere close to any of the above problems in the US.

Some people are freaking out over our national debt level, but the truth is we're barely over 100% debt to GDP ratio.

I think some proper context (Japan) should calm the anxiety.

Even though Japan has done QEs like we did, they spent a lot of their debt investing in infrastructures and its people. This is something we didn't do with our QEs.

If you look up various infrastructure scores and education scores, Japan has consistently ranked top in the developed world.

Their train and high speed rail systems are so top notch that approx. 85% of commuters in  Japan goes to work by Train. ( vs less than 5% in north America)

Austerity is unpopular and politically difficult. So yes, we're more likely to follow Japan's trajectory when it comes to the national debt.

Can we sustain Japan level of debt without investing in infrastructures, education etc is a valid question.

But to draw that parallel we are becoming Japan's economy is pre-mature. We have actual GDP growth, population growth, and the USD is still the global reserve currency.



Title: Re: Where the market is - Buyer Offers
Post by: eyephone on May 11, 2021, 01:46:24 PM
we are in debt crisis due to the tax reform by trump and the Republican controllers Congress. Why are Republicans in Congress so concerned about the debt. The reformed Tax Bill that automatically put us in debt.
Title: Re: Where the market is - Buyer Offers
Post by: Cares on May 11, 2021, 03:22:14 PM
Put in an offer significantly over asking for 167 Stellar. List price $800k. Agent said they received 25 offers and are not countering any. Accepted top offer significantly over $900k.
Title: Re: Where the market is - Buyer Offers
Post by: USCTrojanCPA on May 11, 2021, 06:59:33 PM
Made an offer on this home earlier this morning for a buyer (the home got put on hold because they were only showing the home Fri-Sun).

https://www.redfin.com/CA/Irvine/65-Autumn-Sage-92618/home/45376607

The seller ended up accepting our strong offer and not sending out best & final counters despite there being 5 other offers on the table.  I have worked with the listing agent on a few other very smooth transactions in the past few years so I'm sure that helped my client's offer as well.
Title: Re: Where the market is - Buyer Offers
Post by: USCTrojanCPA on May 11, 2021, 07:26:24 PM
Put in an offer significantly over asking for 167 Stellar. List price $800k. Agent said they received 25 offers and are not countering any. Accepted top offer significantly over $900k.

Two level 3bd detached condo listed at $800k, way under $500/sf?  That was under listed to get things done quickly.
Title: Re: Where the market is - Buyer Offers
Post by: Cares on May 11, 2021, 11:01:07 PM
Made an offer on this home earlier this morning for a buyer (the home got put on hold because they were only showing the home Fri-Sun).

https://www.redfin.com/CA/Irvine/65-Autumn-Sage-92618/home/45376607

The seller ended up accepting our strong offer and not sending out best & final counters despite there being 5 other offers on the table.  I have worked with the listing agent on a few other very smooth transactions in the past few years so I'm sure that helped my client's offer as well.

Congrats. My buyers were interested in this home but this was definitely out of their budget even at list price. These are the buyers that are hoping to find homes below list price  :(
Title: Re: Where the market is - Buyer Offers
Post by: HMart on May 13, 2021, 03:44:54 PM
At what point do you fire buyers who aren't likely to result in a commission?
Title: Re: Where the market is - Buyer Offers
Post by: Soylent Green Is People on May 13, 2021, 06:07:29 PM
I'd say it depends more on the on the buyer than the Agent. There are some buyers who want to see 1,000 homes and write 1,000 unrealistic offers. A good Agent spots them somewhere between the 10th and 15th offer that's presented and failed. At that time the difficult "I don't see us working out.... it's not you, it's me" kind of break up conversation happens.

There are some buyers who want to see 100 homes and write 100 solid offers but continue to get beat out by cash or other factors. The good Agents usually keep these buyers and continue to write offers for them. These kind of buyers will eventually be successful, close a home, and refer a wide number of friends and family who often yield even more quality referrals. This buyer may have taken 100 offers to succeed, but their referral might only take 1 or 2 to be successfully under contract to buy/sell.

Good Agents don't see a buyer for what it is right here and now in front of them, but look down the line behind the present buyer towards their long term referral potential.

My .02c
Title: Re: Where the market is - Buyer Offers
Post by: marmott on May 13, 2021, 06:58:19 PM
Looks like The New Home Company, at least in NorCal doesn't want to go the route of bidding for new releases. Curious to see if it is a company wide policy or just local.
Title: Re: Where the market is - Buyer Offers
Post by: Cornflakes on May 13, 2021, 08:31:55 PM
At what point do you fire buyers who aren't likely to result in a commission?

Stay in the green zone as much as possible.
Title: Re: Where the market is - Buyer Offers
Post by: akula1488 on May 13, 2021, 10:34:44 PM
Is it more difficult to be a buying agent now? The volume has dropped, with such disparity in demand vs supply?
Title: Re: Where the market is - Buyer Offers
Post by: USCTrojanCPA on May 14, 2021, 12:19:47 AM
Looks like The New Home Company, at least in NorCal doesn't want to go the route of bidding for new releases. Curious to see if it is a company wide policy or just local.

Good for them. I like how they are keeping things consistent. 
Title: Re: Where the market is - Buyer Offers
Post by: USCTrojanCPA on May 14, 2021, 12:24:03 AM
At what point do you fire buyers who aren't likely to result in a commission?

As SGIP mentioned, it happens when the buyer is not listening to what their agent is trying to advise them.  As I tell all my clients, the clients that listen to me and follow my advice benefit and the ones that don't...well they may not.  It's important for both the agent and buyer to be on the same and for the buyer to trust their agent (given their agent is good and knows their stuff). 
Title: Re: Where the market is - Buyer Offers
Post by: USCTrojanCPA on May 14, 2021, 12:27:01 AM
Is it more difficult to be a buying agent now? The volume has dropped, with such disparity in demand vs supply?

Yes, it takes more offers to get a home due to pretty much every property getting multiple offers.  Buyers have to make aggressive offers with seller advantageous terms (i.e. short contingency period, removal of certain contingencies, free rent backs, etc).  Sales volume is actually up but there are so many buyers in the market. 
Title: Re: Where the market is - Buyer Offers
Post by: USCTrojanCPA on May 14, 2021, 12:37:13 AM
I made offers on these 2 Woodbury homes for 2 difference buyers....

https://www.redfin.com/CA/Irvine/30-Gentry-92620/home/5958590

https://www.redfin.com/CA/Irvine/20-Gazebo-92620/home/5958697
Title: Re: Where the market is - Buyer Offers
Post by: Cares on May 14, 2021, 08:03:00 AM
I made offers on these 2 Woodbury homes for 2 difference buyers....

https://www.redfin.com/CA/Irvine/30-Gentry-92620/home/5958590

https://www.redfin.com/CA/Irvine/20-Gazebo-92620/home/5958697

Looks like we have a buyer shopping the same homes :P
Title: Re: Where the market is - Buyer Offers
Post by: irvinehomeowner on May 14, 2021, 10:24:31 AM
Cares vs USC... fight!!! :)
Title: Re: Where the market is - Buyer Offers
Post by: Compressed-Village on May 14, 2021, 10:32:55 AM
Well, alot more than that. Those are the two resident realtors on here that we know. With just Orange County REALTORS® provides services and resources to over 15,000 licensed real estate salespersons and brokers, appraisers, and affiliated service ...


Damn, that's alot of bodies, working on a few hundred homes avail for sale in Irvine. No wonder!!!
Title: Re: Where the market is - Buyer Offers
Post by: Soylent Green Is People on May 14, 2021, 11:36:02 AM
@IrvineHomeOwner




;)
Title: Re: Where the market is - Buyer Offers
Post by: Cares on May 14, 2021, 02:07:50 PM
Only fitting that I have a UCLA Anderson MBA. UCLA vs USC fight!
Title: Re: Where the market is - Buyer Offers
Post by: USCTrojanCPA on May 14, 2021, 03:44:58 PM
Only fitting that I have a UCLA Anderson MBA. UCLA vs USC fight!

I got my undergrad degree from UCLA, I'm actually a Brojan.  :P
Title: Re: Where the market is - Buyer Offers
Post by: USCTrojanCPA on May 17, 2021, 10:15:06 PM
Wrote offers for 3 other buyers for these 3 homes on Sunday...

https://www.redfin.com/CA/Irvine/59-Gray-Dove-92618/home/7215423

https://www.redfin.com/CA/Irvine/80-Hazelton-92620/home/58556413

https://www.redfin.com/CA/Irvine/29-Fulton-92620/home/4795209



Title: Re: Where the market is - Buyer Offers
Post by: OCtoSV on May 18, 2021, 07:16:45 AM
Fulton is beautiful - private grass back yard, good old Northwood location. What do you think it will go for?
Title: Re: Where the market is - Buyer Offers
Post by: USCTrojanCPA on May 18, 2021, 09:18:16 AM
Fulton is beautiful - private grass back yard, good old Northwood location. What do you think it will go for?

Yeah and it has as door access to the park which is really cool.  They had 3 offers already as of Sunday before I submitted my offer.  My guess is that it may go in the mid $1.1s on counters.
Title: Re: Where the market is - Buyer Offers
Post by: OCtoSV on May 18, 2021, 09:46:46 AM
Fulton is beautiful - private grass back yard, good old Northwood location. What do you think it will go for?

Yeah and it has as door access to the park which is really cool.  They had 3 offers already as of Sunday before I submitted my offer.  My guess is that it may go in the mid $1.1s on counters.

Wow - OC buyers with solid mid-career F1000 corporate incomes or doctors /lawyers have so many options in the low 1Ms relative to where I live - I know that location very well and I would personally for that price point call it the absolute best value area of Irvine. If I wasn't harvesting my location so well I would buy something like it and move back.
Title: Re: Where the market is - Buyer Offers
Post by: irvinehomeowner on May 18, 2021, 01:57:53 PM
Dang... does this mean 3CWG are over $1.5m? Or even $2m?

Now that's the real pain of Irvine.
Title: Re: Where the market is - Buyer Offers
Post by: USCTrojanCPA on May 18, 2021, 04:53:54 PM
Fulton is beautiful - private grass back yard, good old Northwood location. What do you think it will go for?

Yeah and it has as door access to the park which is really cool.  They had 3 offers already as of Sunday before I submitted my offer.  My guess is that it may go in the mid $1.1s on counters.

Wow - OC buyers with solid mid-career F1000 corporate incomes or doctors /lawyers have so many options in the low 1Ms relative to where I live - I know that location very well and I would personally for that price point call it the absolute best value area of Irvine. If I wasn't harvesting my location so well I would buy something like it and move back.

Yeah, dual income households with two low 6 figure incomes can easily afford low to middle $1m homes as long as they have 20% down. No Mello Roos and HOA for that home as well which makes it that much more attractive.
Title: Re: Where the market is - Buyer Offers
Post by: Cares on May 19, 2021, 03:26:12 PM
Put offers in on:

https://www.redfin.com/CA/Irvine/55-Strawberry-Grv-92620/home/112719655
- Significantly above asking. Winning bid probably around $960k. Other offer was selected because they were able to accommodate rent back until end of August which was highly preferred by sellers.

https://www.redfin.com/CA/Irvine/24-Sanctuary-92620/home/5959292
- Had verbal accepted offer but my buyers changed their mind due to "Feng Shui". Still available not in escrow yet.

https://www.redfin.com/CA/Irvine/67-Cliffwood-92602/home/5815436
- Above asking. We backed out during counters. Offer was much higher than I believe the home was worth because there was probably at least $100k+ worth of work that needed to be done. Accepted offer probably right around $1M.
Title: Re: Where the market is - Buyer Offers
Post by: Sidehussle on May 19, 2021, 07:17:07 PM
Great perspective post!

Japan actually went through decades of depreciation, not inflation. Probably not the base case study if you're trying to demonstrate asset inflation.

The only things we are possibly tracking Japan, in terms of fiscal & monetary policy,  would be negative interest rate and blowing through the national debt.

Given the fact that we're already recovering, negative interest rate is unlikely to happen anytime soon.

So that leaves the national debt.

Japan has proven econ experts & conventional econ wisdom wrong for years by demonstrating that a large economy (#3 in the world) can sustain a high level of national debt even with virtually no GDP growth.  (over 250% debt to GDP ratio, negative GDP growth in the past decade)

This is on top of Japan having been on a steady population decline since 1998 & having one of the world's oldest population.

We don't have anywhere close to any of the above problems in the US.

Some people are freaking out over our national debt level, but the truth is we're barely over 100% debt to GDP ratio.

I think some proper context (Japan) should calm the anxiety.

Even though Japan has done QEs like we did, they spent a lot of their debt investing in infrastructures and its people. This is something we didn't do with our QEs.

If you look up various infrastructure scores and education scores, Japan has consistently ranked top in the developed world.

Their train and high speed rail systems are so top notch that approx. 85% of commuters in  Japan goes to work by Train. ( vs less than 5% in north America)

Austerity is unpopular and politically difficult. So yes, we're more likely to follow Japan's trajectory when it comes to the national debt.

Can we sustain Japan level of debt without investing in infrastructures, education etc is a valid question.

But to draw that parallel we are becoming Japan's economy is pre-mature. We have actual GDP growth, population growth, and the USD is still the global reserve currency.
Title: Re: Where the market is - Buyer Offers
Post by: USCTrojanCPA on May 19, 2021, 07:57:57 PM
Wrote offers for 3 other buyers for these 3 homes on Sunday...

https://www.redfin.com/CA/Irvine/59-Gray-Dove-92618/home/7215423

https://www.redfin.com/CA/Irvine/80-Hazelton-92620/home/58556413

https://www.redfin.com/CA/Irvine/29-Fulton-92620/home/4795209


My buyer submitted an initial offer of $1,141,000 on Fulton and here's the email I got from the listing agent (didn't even get a counter)...

Hi Martin,

Thank you kindly for your offer on our listing. Our seller received an offer late last night that was materially higher than all the offers received to date and decided to accept it on the spot.

We will be sure to communicate with you if any of that changes, and be sure to keep you as a back up.

All the best to you and good luck to your buyers,

Affie & Melody
Title: Re: Where the market is - Buyer Offers
Post by: USCTrojanCPA on May 19, 2021, 07:59:01 PM
I made offers on these 2 Woodbury homes for 2 difference buyers....

https://www.redfin.com/CA/Irvine/30-Gentry-92620/home/5958590

https://www.redfin.com/CA/Irvine/20-Gazebo-92620/home/5958697

No dice on Gentry as my buyer wasn't comfortable going higher than $1.72m.  Gazebo has 19 offers and we just got the best and final counter.
Title: Re: Where the market is - Buyer Offers
Post by: USCTrojanCPA on May 19, 2021, 08:01:00 PM
Put offers in on:

https://www.redfin.com/CA/Irvine/55-Strawberry-Grv-92620/home/112719655
- Significantly above asking. Winning bid probably around $960k. Other offer was selected because they were able to accommodate rent back until end of August which was highly preferred by sellers.

https://www.redfin.com/CA/Irvine/24-Sanctuary-92620/home/5959292
- Had verbal accepted offer but my buyers changed their mind due to "Feng Shui". Still available not in escrow yet.

https://www.redfin.com/CA/Irvine/67-Cliffwood-92602/home/5815436
- Above asking. We backed out during counters. Offer was much higher than I believe the home was worth because there was probably at least $100k+ worth of work that needed to be done. Accepted offer probably right around $1M.

I also showed Cliffwood to one of my buyers and after seeing it decided that it needed way too much work (location was good though).  Not heartbroken to see go into escrow.
Title: Re: Where the market is - Buyer Offers
Post by: woodburyowner on May 19, 2021, 09:10:20 PM
Here's an interesting question for the agents in this thread.  How do you handle the situation where you have multiple buyers interested in the same property?
Title: Re: Where the market is - Buyer Offers
Post by: USCTrojanCPA on May 20, 2021, 12:17:05 AM
Here's an interesting question for the agents in this thread.  How do you handle the situation where you have multiple buyers interested in the same property?

I give them the same recommended bid range even if I have more than one buyer on the same home (x = minimum amount to have a change to y = top of the board and I'd don't advise going above this amount because it's an aggressive bid).  Luckily, I've only encountered that a handful of times the past 9 months. 
Title: Re: Where the market is - Buyer Offers
Post by: freedomcm on May 20, 2021, 07:03:00 AM
What was the Feng shui problem?

Put offers in on:

https://www.redfin.com/CA/Irvine/24-Sanctuary-92620/home/5959292
- Had verbal accepted offer but my buyers changed their mind due to "Feng Shui". Still available not in escrow yet.

Title: Re: Where the market is - Buyer Offers
Post by: lnc on May 20, 2021, 07:12:49 AM
What was the Feng shui problem?

Put offers in on:

https://www.redfin.com/CA/Irvine/24-Sanctuary-92620/home/5959292
- Had verbal accepted offer but my buyers changed their mind due to "Feng Shui". Still available not in escrow yet.


The dreaded 4 in the address number?
Title: Re: Where the market is - Buyer Offers
Post by: woodburyowner on May 20, 2021, 08:47:09 AM
What was the Feng shui problem?

Put offers in on:

https://www.redfin.com/CA/Irvine/24-Sanctuary-92620/home/5959292
- Had verbal accepted offer but my buyers changed their mind due to "Feng Shui". Still available not in escrow yet.


The stove in directly in front of not 1, but 2 kitchen faucets.  Definitely a no go. 
Title: Re: Where the market is - Buyer Offers
Post by: Cares on May 20, 2021, 10:14:33 AM
Put offers in on:

https://www.redfin.com/CA/Irvine/55-Strawberry-Grv-92620/home/112719655
- Significantly above asking. Winning bid probably around $960k. Other offer was selected because they were able to accommodate rent back until end of August which was highly preferred by sellers.

https://www.redfin.com/CA/Irvine/24-Sanctuary-92620/home/5959292
- Had verbal accepted offer but my buyers changed their mind due to "Feng Shui". Still available not in escrow yet.

https://www.redfin.com/CA/Irvine/67-Cliffwood-92602/home/5815436
- Above asking. We backed out during counters. Offer was much higher than I believe the home was worth because there was probably at least $100k+ worth of work that needed to be done. Accepted offer probably right around $1M.

I also showed Cliffwood to one of my buyers and after seeing it decided that it needed way too much work (location was good though).  Not heartbroken to see go into escrow.

Yea for Cliffwood I don't think it was worth much more than asking price due to the amount of work needed. We offered slightly above it. Counters came back at $1.05M or best offer. We declined to respond.

Cabinets off the hinges. All the flooring upstairs needed replacing. Bathrooms were in poor condition. For some reason none of the window screens were sized improperly that they were all taped onto the window with a 1 inch gap. I'm sure a proper inspection would find way more problems too seeing the care and condition the previous owners kept it in.
Title: Re: Where the market is - Buyer Offers
Post by: Cares on May 20, 2021, 02:58:40 PM
https://www.ocregister.com/2021/05/08/orange-county-adds-8-million-dollar-zips-loses-8-bargain-neighborhoods/

This article is more in line with what I'm seeing in the front lines as a realtor and a mortgage loan originator. All OC markets have housing prices that are significantly up from a year ago.

Yup, prices are now about 15-20% up from last year not only in Irvine but outside of Irvine as well.

Continuing this topic about OC prices being up or not:

https://www.foxla.com/news/median-house-prices-surge-across-california-surpass-800000-statewide

"Orange County saw its median home price increase to $1,100,000 in April from $1,025,000 in March. It was $861,000 in April 2020."
Title: Re: Where the market is - Buyer Offers
Post by: USCTrojanCPA on May 20, 2021, 03:03:11 PM
https://www.ocregister.com/2021/05/08/orange-county-adds-8-million-dollar-zips-loses-8-bargain-neighborhoods/

This article is more in line with what I'm seeing in the front lines as a realtor and a mortgage loan originator. All OC markets have housing prices that are significantly up from a year ago.

Yup, prices are now about 15-20% up from last year not only in Irvine but outside of Irvine as well.

Continuing this topic about OC prices being up or not:

https://www.foxla.com/news/median-house-prices-surge-across-california-surpass-800000-statewide

"Orange County saw its median home price increase to $1,100,000 in April from $1,025,000 in March. It was $861,000 in April 2020."

Wonder if Liar Loan will be able to find an saying that prices are down or flat?  haha
Title: Re: Where the market is - Buyer Offers
Post by: USCTrojanCPA on May 25, 2021, 11:32:27 PM
Wrote offers for 3 other buyers for these 3 homes on Sunday...

https://www.redfin.com/CA/Irvine/59-Gray-Dove-92618/home/7215423

https://www.redfin.com/CA/Irvine/80-Hazelton-92620/home/58556413

https://www.redfin.com/CA/Irvine/29-Fulton-92620/home/4795209


No luck on 80 Hazelton, submitted an initial offer of $1,701,000 no appraisal and loan contingency while removing all contingencies in 10 days.  Seller responded with a multiple counter to 5 total buyer asking for a price of $1,706,000 and my buyer responded with a price of $1,710,100 but I guess that was not high enough.

Even worse on 59 Gray Dove, submitted an initial offer of $1,801,000 no appraisal and loan contingency while removing all contingencies in 10 days.  Didn't even get a counter and it just went straight into escrow.
Title: Re: Where the market is - Buyer Offers
Post by: USCTrojanCPA on May 25, 2021, 11:32:54 PM
Made an offer on these 2 homes for 2 of my buyers the past few days....

https://www.redfin.com/CA/Irvine/165-Church-Pl-92602/home/4793123

https://www.redfin.com/CA/Yorba-Linda/17091-Regulus-Dr-92886/home/4172607
Title: Re: Where the market is - Buyer Offers
Post by: Cares on May 25, 2021, 11:47:09 PM
Made an offer on these 2 homes for 2 of my buyers the past few days....

https://www.redfin.com/CA/Irvine/165-Church-Pl-92602/home/4793123

https://www.redfin.com/CA/Yorba-Linda/17091-Regulus-Dr-92886/home/4172607

Haha made an offer on Church as well.

Also offered these:
https://www.redfin.com/CA/Irvine/132-Firefly-92618/home/112729429

https://www.redfin.com/CA/Irvine/23-Shellbark-92618/home/39976841

https://www.redfin.com/CA/Tustin/2604-Brand-Dr-92782/home/4774435
Title: Re: Where the market is - Buyer Offers
Post by: talkirvine on May 26, 2021, 09:28:25 AM
Made an offer on these 2 homes for 2 of my buyers the past few days....

https://www.redfin.com/CA/Irvine/165-Church-Pl-92602/home/4793123

https://www.redfin.com/CA/Yorba-Linda/17091-Regulus-Dr-92886/home/4172607

Haha made an offer on Church as well.

Also offered these:
https://www.redfin.com/CA/Irvine/132-Firefly-92618/home/112729429

https://www.redfin.com/CA/Irvine/23-Shellbark-92618/home/39976841

https://www.redfin.com/CA/Tustin/2604-Brand-Dr-92782/home/4774435

That is brutal competition.
Title: Re: Where the market is - Buyer Offers
Post by: best_potsticker_in_town on May 26, 2021, 04:43:44 PM
That is brutal competition.

Brutal is an understatement. Extremely tough for buyers, even if you're all-cash.
Title: Re: Where the market is - Buyer Offers
Post by: Cares on May 27, 2021, 04:54:30 PM
I made offers on these 2 Woodbury homes for 2 difference buyers....

https://www.redfin.com/CA/Irvine/30-Gentry-92620/home/5958590

https://www.redfin.com/CA/Irvine/20-Gazebo-92620/home/5958697

No dice on Gentry as my buyer wasn't comfortable going higher than $1.72m.  Gazebo has 19 offers and we just got the best and final counter.

What's the deal with Gazebo? My buyers wanted to make an offer but they told me off the bat they aren't looking at offers under $1.75M. But they still aren't in escrow yet.
Title: Re: Where the market is - Buyer Offers
Post by: USCTrojanCPA on May 27, 2021, 04:59:45 PM
I made offers on these 2 Woodbury homes for 2 difference buyers....

https://www.redfin.com/CA/Irvine/30-Gentry-92620/home/5958590

https://www.redfin.com/CA/Irvine/20-Gazebo-92620/home/5958697

No dice on Gentry as my buyer wasn't comfortable going higher than $1.72m.  Gazebo has 19 offers and we just got the best and final counter.

What's the deal with Gazebo? My buyers wanted to make an offer but they told me off the bat they aren't looking at offers under $1.75M. But they still aren't in escrow yet.

They are playing games and my buyer is over it so we've moved on.  If they think they'll get $1.75m they are smoking crack, the home needs upgrading.
Title: Re: Where the market is - Buyer Offers
Post by: sunflower on May 27, 2021, 07:32:29 PM
I saw that house for sell in 2018 asking for 1.7M, thought the seller was crazy back then..

What's the deal with Gazebo? My buyers wanted to make an offer but they told me off the bat they aren't looking at offers under $1.75M. But they still aren't in escrow yet.
[/quote]

They are playing games and my buyer is over it so we've moved on.  If they think they'll get $1.75m they are smoking crack, the home needs upgrading.
[/quote]
Title: Re: Where the market is - Buyer Offers
Post by: Cares on May 27, 2021, 10:27:58 PM
I made offers on these 2 Woodbury homes for 2 difference buyers....

https://www.redfin.com/CA/Irvine/30-Gentry-92620/home/5958590

https://www.redfin.com/CA/Irvine/20-Gazebo-92620/home/5958697

No dice on Gentry as my buyer wasn't comfortable going higher than $1.72m.  Gazebo has 19 offers and we just got the best and final counter.

What's the deal with Gazebo? My buyers wanted to make an offer but they told me off the bat they aren't looking at offers under $1.75M. But they still aren't in escrow yet.

They are playing games and my buyer is over it so we've moved on.  If they think they'll get $1.75m they are smoking crack, the home needs upgrading.

I texted the agent again today asking because my buyer is interested. And the reply was "Are you going to offer at least $1.75M?" LOL, I'm of the same sentiment, no way is my buyer going to offer that much.
Title: Re: Where the market is - Buyer Offers
Post by: USCTrojanCPA on May 27, 2021, 11:45:04 PM
Made an offer on these 2 homes for 2 of my buyers the past few days....

https://www.redfin.com/CA/Irvine/165-Church-Pl-92602/home/4793123

https://www.redfin.com/CA/Yorba-Linda/17091-Regulus-Dr-92886/home/4172607

Haha made an offer on Church as well.

Also offered these:
https://www.redfin.com/CA/Irvine/132-Firefly-92618/home/112729429

https://www.redfin.com/CA/Irvine/23-Shellbark-92618/home/39976841

https://www.redfin.com/CA/Tustin/2604-Brand-Dr-92782/home/4774435

Just got the email from the listing agent on Church...no counter even though my client offered $1.025m.  Did your buyer get it?
Title: Re: Where the market is - Buyer Offers
Post by: Cares on May 28, 2021, 12:07:58 AM
Made an offer on these 2 homes for 2 of my buyers the past few days....

https://www.redfin.com/CA/Irvine/165-Church-Pl-92602/home/4793123

https://www.redfin.com/CA/Yorba-Linda/17091-Regulus-Dr-92886/home/4172607

Haha made an offer on Church as well.

Also offered these:
https://www.redfin.com/CA/Irvine/132-Firefly-92618/home/112729429

https://www.redfin.com/CA/Irvine/23-Shellbark-92618/home/39976841

https://www.redfin.com/CA/Tustin/2604-Brand-Dr-92782/home/4774435

Just got the email from the listing agent on Church...no counter even though my client offered $1.025m.  Did your buyer get it?

We did not get a counter and bid around the same. They are contingent buyers though so I expect it to be quite tough until their home sale closes.
Title: Re: Where the market is - Buyer Offers
Post by: USCTrojanCPA on May 28, 2021, 12:09:43 AM
Made an offer on these 2 homes for 2 of my buyers the past few days....

https://www.redfin.com/CA/Irvine/165-Church-Pl-92602/home/4793123

https://www.redfin.com/CA/Yorba-Linda/17091-Regulus-Dr-92886/home/4172607

Haha made an offer on Church as well.

Also offered these:
https://www.redfin.com/CA/Irvine/132-Firefly-92618/home/112729429

https://www.redfin.com/CA/Irvine/23-Shellbark-92618/home/39976841

https://www.redfin.com/CA/Tustin/2604-Brand-Dr-92782/home/4774435

Just got the email from the listing agent on Church...no counter even though my client offered $1.025m.  Did your buyer get it?

We did not get a counter and bid around the same. They are contingent buyers though so I expect it to be quite tough until their home sale closes.

Wonder if they got something around $1.05m
Title: Re: Where the market is - Buyer Offers
Post by: USCTrojanCPA on June 05, 2021, 02:43:10 PM
Put offers on these two homes this week...

This was for my myself, I put in an offer of $2,205,000 and I was the highest offer until they got a last minute offer at $2,230,000 came in 2 hours before the offer deadline and I'm the first back-up buyer.  Home was being sold "as-is" with no repairs and no termite repairs.  I was going back and forth on whether to offer $2,250,000 or not but the home needs a full gut remodel so I opted for $2,205,000 instead.  The search continues for me.

https://www.redfin.com/CA/Irvine/5722-Kingsford-Ter-92603/home/4741419

For one of my clients, I put a full priced offer on this Eastwood detached condo and we signed the seller counter today so we'll be opening escrow on Monday.

https://www.redfin.com/CA/Irvine/52-Gust-92602/home/143912144

Title: Re: Where the market is - Buyer Offers
Post by: Cares on June 05, 2021, 02:51:00 PM
Martin experiencing the pain of buyers in today's market. Haha. Looks like a damn nice property though. I can imagine the potential.
Title: Re: Where the market is - Buyer Offers
Post by: USCTrojanCPA on June 05, 2021, 02:56:49 PM
Martin experiencing the pain of buyers in today's market. Haha. Looks like a damn nice property though. I can imagine the potential.

They grossly underpriced the home and got 18 offers.  The next highest offer after mine was around $2.15m so I know I put in a solid bid given where the other single level home is going to closing for that's in escrow now.  Oh well, someone wanted it more than I did.  The longer the time goes by the higher my budget goes so next year I'll be looking in Turtle Ridge.  With remodel and full landscaping work it was going to be around $700-$800k to bring it to where I wanted the home so I didn't want to be in the home for over $3m.
Title: Re: Where the market is - Buyer Offers
Post by: Irvinehomeseeker on June 05, 2021, 04:23:50 PM
Put offers on these two homes this week...

This was for my myself, I put in an offer of $2,205,000 and I was the highest offer until they got a last minute offer at $2,230,000 came in 2 hours before the offer deadline and I'm the first back-up buyer.  Home was being sold "as-is" with no repairs and no termite repairs.  I was going back and forth on whether to offer $2,250,000 or not but the home needs a full gut remodel so I opted for $2,205,000 instead.  The search continues for me.

https://www.redfin.com/CA/Irvine/5722-Kingsford-Ter-92603/home/4741419

For one of my clients, I put a full priced offer on this Eastwood detached condo and we signed the seller counter today so we'll be opening escrow on Monday.

https://www.redfin.com/CA/Irvine/52-Gust-92602/home/143912144

wow...nice to see EW detached condo go at 1.2 M.
Title: Re: Where the market is - Buyer Offers
Post by: irvinehomeowner on June 05, 2021, 04:25:35 PM
Dang... $2.23m for a fixer upper. At least it was 3CWG. :)

Skip Turtle Ridge and do Shady.

Good luck USC... nice to know you are coming back to Irvine. :)
Title: Re: Where the market is - Buyer Offers
Post by: The California Court Company on June 05, 2021, 05:16:41 PM
Well certainly I still remember Martin's humble beginning buying a small tract house in West Irvine and now he has been looking at the Turtles. 10 more years he will be looking at Shady Canyon or Newport Coast  ;D
Title: Re: Where the market is - Buyer Offers
Post by: talkirvine on June 06, 2021, 06:43:36 PM
Put offers on these two homes this week...

This was for my myself, I put in an offer of $2,205,000 and I was the highest offer until they got a last minute offer at $2,230,000 came in 2 hours before the offer deadline and I'm the first back-up buyer.  Home was being sold "as-is" with no repairs and no termite repairs.  I was going back and forth on whether to offer $2,250,000 or not but the home needs a full gut remodel so I opted for $2,205,000 instead.  The search continues for me.

https://www.redfin.com/CA/Irvine/5722-Kingsford-Ter-92603/home/4741419

For one of my clients, I put a full priced offer on this Eastwood detached condo and we signed the seller counter today so we'll be opening escrow on Monday.

https://www.redfin.com/CA/Irvine/52-Gust-92602/home/143912144

Wow, very brave to be a buyer in today's market. What makes you decide to buy in today's market, which we all know is a seller's market. Don't you want to wait until the market cools down? I am just curious to know.
Title: Re: Where the market is - Buyer Offers
Post by: irvinehomeowner on June 06, 2021, 08:32:45 PM
If you can afford it and can stay long term, you can probably buy whenever you want. :)
Title: Re: Where the market is - Buyer Offers
Post by: Compressed-Village on June 06, 2021, 08:44:17 PM
There are millions waiting for it to cool down.

And there are hundreds buys before it cool down and the cool down never happen. The people that buy in any market condition are the savy investors. When it cool down, the BANKS are not interested in lending. Money are not easy borrow and unless you keep on stacking those greenback sky high and buy with all cash, the crash will prevent transactions from happenning even if you have balls to buy.
Title: Re: Where the market is - Buyer Offers
Post by: USCTrojanCPA on June 06, 2021, 11:19:24 PM
Put offers on these two homes this week...

This was for my myself, I put in an offer of $2,205,000 and I was the highest offer until they got a last minute offer at $2,230,000 came in 2 hours before the offer deadline and I'm the first back-up buyer.  Home was being sold "as-is" with no repairs and no termite repairs.  I was going back and forth on whether to offer $2,250,000 or not but the home needs a full gut remodel so I opted for $2,205,000 instead.  The search continues for me.

https://www.redfin.com/CA/Irvine/5722-Kingsford-Ter-92603/home/4741419

For one of my clients, I put a full priced offer on this Eastwood detached condo and we signed the seller counter today so we'll be opening escrow on Monday.

https://www.redfin.com/CA/Irvine/52-Gust-92602/home/143912144

Wow, very brave to be a buyer in today's market. What makes you decide to buy in today's market, which we all know is a seller's market. Don't you want to wait until the market cools down? I am just curious to know.

It's more of an issue for me finding the right unicorn home (single-story with a 3-car garage that has a larger lot in Irvine) and those homes ust don't come to market very often. The next home that I do purchase I plan on living there longer term home so I'm not overly concerned if we get a correction in pricing because I'm buying within my means. I honestly don't believe that you'll see much of a correction, if any, as this feels more like 2013 than 2006.
Title: Re: Where the market is - Buyer Offers
Post by: zubs on June 07, 2021, 09:23:22 AM
King crab legs @ Costco is $33.99/ LB now.
It was $28.99/LB in JAN.
It was $19.99/LB in 2010.
Title: Re: Where the market is - Buyer Offers
Post by: Compressed-Village on June 07, 2021, 09:42:40 AM
Yep, it will need more greens to gets the goods.
Title: Re: Where the market is - Buyer Offers
Post by: zubs on June 07, 2021, 10:05:29 AM
In 2012 I followed Martin into realestate when he bought his first house in DEC of 2011.
That first house was about $800,000.  Redfin says it's worth $1.4 million now.

Perhaps I should buy another house now Martin is making offers again.
Title: Re: Where the market is - Buyer Offers
Post by: ThirtySomethingWEquity on June 07, 2021, 10:17:55 AM
King crab legs @ Costco is $33.99/ LB now.
It was $28.99/LB in JAN.
It was $19.99/LB in 2010.

That is some bullshit.  >:(

I'm getting priced out of crab faster than I am Orange County real estate!
Title: Re: Where the market is - Buyer Offers
Post by: talkirvine on June 07, 2021, 11:26:12 AM
Put offers on these two homes this week...

This was for my myself, I put in an offer of $2,205,000 and I was the highest offer until they got a last minute offer at $2,230,000 came in 2 hours before the offer deadline and I'm the first back-up buyer.  Home was being sold "as-is" with no repairs and no termite repairs.  I was going back and forth on whether to offer $2,250,000 or not but the home needs a full gut remodel so I opted for $2,205,000 instead.  The search continues for me.

https://www.redfin.com/CA/Irvine/5722-Kingsford-Ter-92603/home/4741419

For one of my clients, I put a full priced offer on this Eastwood detached condo and we signed the seller counter today so we'll be opening escrow on Monday.

https://www.redfin.com/CA/Irvine/52-Gust-92602/home/143912144

Wow, very brave to be a buyer in today's market. What makes you decide to buy in today's market, which we all know is a seller's market. Don't you want to wait until the market cools down? I am just curious to know.

It's more of an issue for me finding the right unicorn home (single-story with a 3-car garage that has a larger lot in Irvine) and those homes ust don't come to market very often. The next home that I do purchase I plan on living there longer term home so I'm not overly concerned if we get a correction in pricing because I'm buying within my means. I honestly don't believe that you'll see much of a correction, if any, as this feels more like 2013 than 2006.

I remember you are going to have landscaping done on your current house. How is that going? If you buy a house now, won't that landscaping be for next owner's benefit?
Title: Re: Where the market is - Buyer Offers
Post by: Sidehussle on June 07, 2021, 03:43:51 PM
Put offers on these two homes this week...

This was for my myself, I put in an offer of $2,205,000 and I was the highest offer until they got a last minute offer at $2,230,000 came in 2 hours before the offer deadline and I'm the first back-up buyer.  Home was being sold "as-is" with no repairs and no termite repairs.  I was going back and forth on whether to offer $2,250,000 or not but the home needs a full gut remodel so I opted for $2,205,000 instead.  The search continues for me.

https://www.redfin.com/CA/Irvine/5722-Kingsford-Ter-92603/home/4741419

For one of my clients, I put a full priced offer on this Eastwood detached condo and we signed the seller counter today so we'll be opening escrow on Monday.

https://www.redfin.com/CA/Irvine/52-Gust-92602/home/143912144

Man that's tough w/bid coming in 2 hours before offer deadline. reminds me of my many failed ebay bidding attempts but those were for small camera parts purchases, not $2M plus homes!
Title: Re: Where the market is - Buyer Offers
Post by: zubs on June 09, 2021, 02:38:56 PM
King crab legs @ Costco is $33.99/ LB now.
It was $28.99/LB in JAN.
It was $19.99/LB in 2010.

That is some bullshit.  >:(

I'm getting priced out of crab faster than I am Orange County real estate!

To be fair,

CA min wage:
2010 ~ $8.00/hour
2021 ~ $14.00/hour
75% increase in wages!

King Crab legs only went up 70%...so we are copacetic.
Title: Re: Where the market is - Buyer Offers
Post by: USCTrojanCPA on June 10, 2021, 10:45:28 PM
Made offers and submitted best & final counters on these 2 homes for 2 buyers...

https://www.redfin.com/CA/Irvine/15-Alba-W-92620/home/4785616

https://www.redfin.com/CA/Irvine/102-Catalonia-92618/home/58551980
Title: Re: Where the market is - Buyer Offers
Post by: USCTrojanCPA on June 11, 2021, 10:18:20 PM
Made offers and submitted best & final counters on these 2 homes for 2 buyers...

https://www.redfin.com/CA/Irvine/15-Alba-W-92620/home/4785616

https://www.redfin.com/CA/Irvine/102-Catalonia-92618/home/58551980

My 15 Alba buyer didn't get it despite going up to $1,241,000 using an escalation clause. 
Title: Re: Where the market is - Buyer Offers
Post by: Ready2Downsize on June 12, 2021, 10:32:24 AM
Made offers and submitted best & final counters on these 2 homes for 2 buyers...

https://www.redfin.com/CA/Irvine/15-Alba-W-92620/home/4785616

https://www.redfin.com/CA/Irvine/102-Catalonia-92618/home/58551980

My 15 Alba buyer didn't get it despite going up to $1,241,000 using an escalation clause.

Is an escalation clause something like we will match or beat by x the best offer up to y amt?
Title: Re: Where the market is - Buyer Offers
Post by: Ready2Downsize on June 12, 2021, 10:47:10 AM
Put offers on these two homes this week...

This was for my myself, I put in an offer of $2,205,000 and I was the highest offer until they got a last minute offer at $2,230,000 came in 2 hours before the offer deadline and I'm the first back-up buyer.  Home was being sold "as-is" with no repairs and no termite repairs.  I was going back and forth on whether to offer $2,250,000 or not but the home needs a full gut remodel so I opted for $2,205,000 instead.  The search continues for me.

https://www.redfin.com/CA/Irvine/5722-Kingsford-Ter-92603/home/4741419

For one of my clients, I put a full priced offer on this Eastwood detached condo and we signed the seller counter today so we'll be opening escrow on Monday.

https://www.redfin.com/CA/Irvine/52-Gust-92602/home/143912144

Man that's tough w/bid coming in 2 hours before offer deadline. reminds me of my many failed ebay bidding attempts but those were for small camera parts purchases, not $2M plus homes!

Are FCB in the equation here? I mean in general, not just for this home.
Title: Re: Where the market is - Buyer Offers
Post by: akula1488 on June 12, 2021, 12:36:18 PM
Made offers and submitted best & final counters on these 2 homes for 2 buyers...

https://www.redfin.com/CA/Irvine/15-Alba-W-92620/home/4785616

https://www.redfin.com/CA/Irvine/102-Catalonia-92618/home/58551980

My 15 Alba buyer didn't get it despite going up to $1,241,000 using an escalation clause.

Is an escalation clause something like we will match or beat by x the best offer up to y amt?

Initial offer X, will beat the other best bona fide offer by Y amount up to Z. Usually ask seller to show proof of the bona fide offer.
However, unethical sellers or agents can easily create these bona fide offers to force escalation to maximum. So might as well as offer maximum without escalation clause.

Unless you want to do a escalation clause with all cash and without cap, waive all contingencies. Then you are very likely to win.
Title: Re: Where the market is - Buyer Offers
Post by: Cares on June 12, 2021, 10:42:17 PM
Put offers on these two homes this week...

This was for my myself, I put in an offer of $2,205,000 and I was the highest offer until they got a last minute offer at $2,230,000 came in 2 hours before the offer deadline and I'm the first back-up buyer.  Home was being sold "as-is" with no repairs and no termite repairs.  I was going back and forth on whether to offer $2,250,000 or not but the home needs a full gut remodel so I opted for $2,205,000 instead.  The search continues for me.

https://www.redfin.com/CA/Irvine/5722-Kingsford-Ter-92603/home/4741419

For one of my clients, I put a full priced offer on this Eastwood detached condo and we signed the seller counter today so we'll be opening escrow on Monday.

https://www.redfin.com/CA/Irvine/52-Gust-92602/home/143912144

Man that's tough w/bid coming in 2 hours before offer deadline. reminds me of my many failed ebay bidding attempts but those were for small camera parts purchases, not $2M plus homes!

Are FCB in the equation here? I mean in general, not just for this home.

In my transactions I would say very very few. Specially for China it is near impossible to get money out without a tremendous amount of fees and illegal activity. At this point too, I'm not sure any Chinese people want to buy in the US with COVID etc.
Title: Re: Where the market is - Buyer Offers
Post by: USCTrojanCPA on June 13, 2021, 12:52:39 PM
Put offers on these two homes this week...

This was for my myself, I put in an offer of $2,205,000 and I was the highest offer until they got a last minute offer at $2,230,000 came in 2 hours before the offer deadline and I'm the first back-up buyer.  Home was being sold "as-is" with no repairs and no termite repairs.  I was going back and forth on whether to offer $2,250,000 or not but the home needs a full gut remodel so I opted for $2,205,000 instead.  The search continues for me.

https://www.redfin.com/CA/Irvine/5722-Kingsford-Ter-92603/home/4741419

For one of my clients, I put a full priced offer on this Eastwood detached condo and we signed the seller counter today so we'll be opening escrow on Monday.

https://www.redfin.com/CA/Irvine/52-Gust-92602/home/143912144

Man that's tough w/bid coming in 2 hours before offer deadline. reminds me of my many failed ebay bidding attempts but those were for small camera parts purchases, not $2M plus homes!

Are FCB in the equation here? I mean in general, not just for this home.

In my transactions I would say very very few. Specially for China it is near impossible to get money out without a tremendous amount of fees and illegal activity. At this point too, I'm not sure any Chinese people want to buy in the US with COVID etc.

I've seen a handful of offers from FCBs on my listings but the money was already sitting in Chinese friendly US banks (Cathy Bank, Sterling Bank, East West Bank, etc). 
Title: Re: Where the market is - Buyer Offers
Post by: Ready2Downsize on June 13, 2021, 04:29:53 PM
I was wondering if they were even here due to Covid. So do you think it will be hard in the future to get the cash here after they return post covid? Could REALLY make the market difficult for others.
Title: Re: Where the market is - Buyer Offers
Post by: sleepy5136 on June 13, 2021, 06:53:04 PM
I was wondering if they were even here due to Covid. So do you think it will be hard in the future to get the cash here after they return post covid? Could REALLY make the market difficult for others.
I can speak from my relatives experiences who bought a home recently and have outside $$ from China. But keep in mind this is only related to $$ from Macau and not mainland China. In a nutshell, depending on what bank you have, they have different rules/policies. For example, one bank only allowed deposits of < 50k. If it exceeds, one will need to provide proof on what the funds will be used for. If it's to buy a home, they will need a letter from escrow. So as you can see, it wouldn't be possible to do that in this market. You could probably do multiple transfers of increments of $45k or something but it could look suspicious and the donors accounts may be flagged. Bank of China also had a 50k limit before needing to provide proof of purchase.

I would say it would be even more strict if you're trying to transfer from mainland China to the US. It's already hard right now so I don't see this changing in the near future.
Title: Re: Where the market is - Buyer Offers
Post by: USCTrojanCPA on June 13, 2021, 10:42:03 PM
I was wondering if they were even here due to Covid. So do you think it will be hard in the future to get the cash here after they return post covid? Could REALLY make the market difficult for others.
I can speak from my relatives experiences who bought a home recently and have outside $$ from China. But keep in mind this is only related to $$ from Macau and not mainland China. In a nutshell, depending on what bank you have, they have different rules/policies. For example, one bank only allowed deposits of < 50k. If it exceeds, one will need to provide proof on what the funds will be used for. If it's to buy a home, they will need a letter from escrow. So as you can see, it wouldn't be possible to do that in this market. You could probably do multiple transfers of increments of $45k or something but it could look suspicious and the donors accounts may be flagged. Bank of China also had a 50k limit before needing to provide proof of purchase.

I would say it would be even more strict if you're trying to transfer from mainland China to the US. It's already hard right now so I don't see this changing in the near future.

There are ways around those limits but it costs money and takes effort...think Hong Kong and/or HSBC.  Also, many FCBs use those chinese US banks to get asset based loan (LTV < 50%) with 3-5 ARM loans with interest rates around 2% higher than market.  My guess is that within that time period they can transfer over enough cash to pay off the loan in full.
Title: Re: Where the market is - Buyer Offers
Post by: Cares on June 14, 2021, 01:48:21 PM
Put in offers for

https://www.redfin.com/CA/Irvine/28-Fanpalm-92620/home/28931864
Rejected off the bat because sellers are looking for asking price or higher. This is a vacant vacation home for them and they are pretty wealthy and don't need to sell. They are holding out for the right price.

https://www.redfin.com/CA/Irvine/29-Cassidy-92620/home/28931872
Working on counters right now.

https://www.redfin.com/CA/Irvine/75-Crater-92618/home/167386296
House is well maintained and tastefully upgraded but highly overpriced. Offered under asking, let's see how it goes.

20 Gazebo is still sitting there on the market with the agent stubbornly telling everyone to raise their price but never went into escrow for 1 month now.
Title: Re: Where the market is - Buyer Offers
Post by: irviniteeee on June 15, 2021, 12:07:51 PM
Put offers on these two homes this week...

This was for my myself, I put in an offer of $2,205,000 and I was the highest offer until they got a last minute offer at $2,230,000 came in 2 hours before the offer deadline and I'm the first back-up buyer.  Home was being sold "as-is" with no repairs and no termite repairs.  I was going back and forth on whether to offer $2,250,000 or not but the home needs a full gut remodel so I opted for $2,205,000 instead.  The search continues for me.

https://www.redfin.com/CA/Irvine/5722-Kingsford-Ter-92603/home/4741419

For one of my clients, I put a full priced offer on this Eastwood detached condo and we signed the seller counter today so we'll be opening escrow on Monday.

https://www.redfin.com/CA/Irvine/52-Gust-92602/home/143912144

Oh come on! That Kingsford Ter situation really sucks. I love that tract too. Maybe you'll find another one up there!
Title: Re: Where the market is - Buyer Offers
Post by: USCTrojanCPA on June 20, 2021, 10:08:42 PM
Put offers on these two homes this week...

This was for my myself, I put in an offer of $2,205,000 and I was the highest offer until they got a last minute offer at $2,230,000 came in 2 hours before the offer deadline and I'm the first back-up buyer.  Home was being sold "as-is" with no repairs and no termite repairs.  I was going back and forth on whether to offer $2,250,000 or not but the home needs a full gut remodel so I opted for $2,205,000 instead.  The search continues for me.

https://www.redfin.com/CA/Irvine/5722-Kingsford-Ter-92603/home/4741419

For one of my clients, I put a full priced offer on this Eastwood detached condo and we signed the seller counter today so we'll be opening escrow on Monday.

https://www.redfin.com/CA/Irvine/52-Gust-92602/home/143912144

Oh come on! That Kingsford Ter situation really sucks. I love that tract too. Maybe you'll find another one up there!

Just wasn't meant to be.  I will keep an eye out open for any other interesting listings in Quail Hill, Turtle Rock, and Turtle Ridge. 
Title: Re: Where the market is - Buyer Offers
Post by: USCTrojanCPA on June 20, 2021, 10:09:24 PM
I made an offer for one of my buyers on this listing tonight...

https://www.redfin.com/CA/Irvine/22-Rising-Sun-92620/home/5959132
Title: Re: Where the market is - Buyer Offers
Post by: akula1488 on June 20, 2021, 10:49:42 PM
I made an offer for one of my buyers on this listing tonight...

https://www.redfin.com/CA/Irvine/22-Rising-Sun-92620/home/5959132

Looks underpriced by $100k at least. True newer SFR for under 1.1 million in Irvine?
Title: Re: Where the market is - Buyer Offers
Post by: USCTrojanCPA on June 21, 2021, 09:06:10 AM
I made an offer for one of my buyers on this listing tonight...

https://www.redfin.com/CA/Irvine/22-Rising-Sun-92620/home/5959132

Looks underpriced by $100k at least. True newer SFR for under 1.1 million in Irvine?
I made an offer for one of my buyers on this listing tonight...

https://www.redfin.com/CA/Irvine/22-Rising-Sun-92620/home/5959132

Looks underpriced by $100k at least. True newer SFR for under 1.1 million in Irvine?

The listing agent definitely underpriced it given that 64 Rising Sun recently closed for $1.132m.  Not sure it's $100k under priced but I guess we'll find out soon enough.

https://www.redfin.com/CA/Irvine/64-Rising-Sun-92620/home/5958994
Title: Re: Where the market is - Buyer Offers
Post by: iacrenter on June 21, 2021, 06:22:31 PM
All these listings on Rising Sun gave me flashbacks from 2007 and IHB:

https://www.irvinehousingblog.com/2007/03/30/land-of-the-rising-sun/

Title: Re: Where the market is - Buyer Offers
Post by: woodburyowner on June 21, 2021, 10:09:12 PM
The listing agent definitely underpriced it given that 64 Rising Sun recently closed for $1.132m.  Not sure it's $100k under priced but I guess we'll find out soon enough.

https://www.redfin.com/CA/Irvine/64-Rising-Sun-92620/home/5958994

Wow, it went for $1.132M even with a .5% BAC!  The problem with this Portisol model is that it feels really small and cramped inside (2 stories @ 1785 sq ft).  The outdoor space is well above average though.  The Plan 2s have a much nicer feeling to them.
Title: Re: Where the market is - Buyer Offers
Post by: USCTrojanCPA on June 21, 2021, 11:05:50 PM
I made an offer for one of my buyers on this listing tonight...

https://www.redfin.com/CA/Irvine/22-Rising-Sun-92620/home/5959132

Well, my client didn't get the home.  We offered $1,161,000 with an escalation clause up to $1,181,000 as an Addendum to the offer as I've been seeing more sellers just taking the top offer off the bat with no counter (which is dumb because best & final counters can result in a higher sales price). 
Title: Re: Where the market is - Buyer Offers
Post by: akula1488 on June 21, 2021, 11:36:51 PM
I made an offer for one of my buyers on this listing tonight...

https://www.redfin.com/CA/Irvine/22-Rising-Sun-92620/home/5959132

Well, my client didn't get the home.  We offered $1,161,000 with an escalation clause up to $1,181,000 as an Addendum to the offer as I've been seeing more sellers just taking the top offer off the bat with no counter (which is dumb because best & final counters can result in a higher sales price).

So my $100k under is not too far off
Title: Re: Where the market is - Buyer Offers
Post by: Kick53rv3 on June 25, 2021, 04:45:11 PM
Offered $1.02m on this: https://www.redfin.com/CA/Irvine/101-Island-Coral-92620/home/112723630?2093706699 and it sold for $1.1m

Really hard second guessing if my goal of getting a newer (2010+) property with a medium yard (not a tiny patch of concrete) under $1.05m is realistic.

Looking at: https://www.redfin.com/CA/Irvine/274-Crescent-Moon-92602/home/167412428?2093706699 this weekend and think this is probably going to go even higher.
Title: Re: Where the market is - Buyer Offers
Post by: Cares on June 25, 2021, 07:40:39 PM
Opening escrow on:
https://www.redfin.com/CA/Irvine/28-Fanpalm-92620/home/28931864

Closed escrow on:
https://www.redfin.com/CA/Irvine/23-Shellbark-92618/home/39976841
$860,000 for a 2BR attached condo. Quite crazy but the identical model match sold for $870,000 the same week.
Title: Re: Where the market is - Buyer Offers
Post by: USCTrojanCPA on July 05, 2021, 08:03:52 PM
Submitted an offer on this home for one of my buyers yesterday...

https://www.redfin.com/CA/Irvine/124-Cardinal-92618/home/51682507
Title: Re: Where the market is - Buyer Offers
Post by: socal007 on July 08, 2021, 05:04:06 PM
So the market is not cooling off anytime soon. “Siri. Remind me to check Redfin in 6 months”
Title: Re: Where the market is - Buyer Offers
Post by: USCTrojanCPA on July 13, 2021, 07:54:30 PM
Submitted offers on these 2 properties this past weekend for 2 of my buyers...

https://www.redfin.com/CA/Irvine/161-Frontier-92602/home/169482514

https://www.redfin.com/CA/Irvine/15-Solstice-92602/home/5857274
Title: Re: Where the market is - Buyer Offers
Post by: USCTrojanCPA on July 13, 2021, 07:55:14 PM
So the market is not cooling off anytime soon. “Siri. Remind me to check Redfin in 6 months”

Doesn't appear to be cooling off but I am seeing more inventory hit the market though.  Unfortunately that new inventory is getting bought up quickly.
Title: Re: Where the market is - Buyer Offers
Post by: USCTrojanCPA on July 13, 2021, 07:55:27 PM
Submitted an offer on this home for one of my buyers yesterday...

https://www.redfin.com/CA/Irvine/124-Cardinal-92618/home/51682507

Got this one into escrow after a few counters.
Title: Re: Where the market is - Buyer Offers
Post by: Kick53rv3 on July 14, 2021, 03:05:54 PM
With this hot market how are the appraisals? We had our offer accepted but it was $80k higher than the same floor plan sold 3 month ago. Now worried about appraisal not keeping up with the market  :(
Title: Re: Where the market is - Buyer Offers
Post by: irvineband on July 14, 2021, 04:53:06 PM
Do you mean you continued to increase your offer from your original contract? Are you seeing more negotiation occurring vs sellers just taking the highest offer straight away?


Submitted an offer on this home for one of my buyers yesterday...

https://www.redfin.com/CA/Irvine/124-Cardinal-92618/home/51682507

Got this one into escrow after a few counters.
Title: Re: Where the market is - Buyer Offers
Post by: USCTrojanCPA on July 14, 2021, 05:04:56 PM
Do you mean you continued to increase your offer from your original contract? Are you seeing more negotiation occurring vs sellers just taking the highest offer straight away?


Submitted an offer on this home for one of my buyers yesterday...

https://www.redfin.com/CA/Irvine/124-Cardinal-92618/home/51682507

Got this one into escrow after a few counters.

Seller sent out best and final counters, we replied back asking if we can go higher and my client decided to bump the price up a little more.
Title: Re: Where the market is - Buyer Offers
Post by: Cares on July 14, 2021, 08:39:58 PM
With this hot market how are the appraisals? We had our offer accepted but it was $80k higher than the same floor plan sold 3 month ago. Now worried about appraisal not keeping up with the market  :(

A good/smart appraiser understands the market and usually will make an appraisal "work" unless the price is just too far out of the tolerance level.
Title: Re: Where the market is - Buyer Offers
Post by: USCTrojanCPA on July 20, 2021, 08:29:05 PM
With this hot market how are the appraisals? We had our offer accepted but it was $80k higher than the same floor plan sold 3 month ago. Now worried about appraisal not keeping up with the market  :(

A good/smart appraiser understands the market and usually will make an appraisal "work" unless the price is just too far out of the tolerance level.

The problem is that there is a lack of good/smart appraisers. I find that I have to lead them by the hand by giving them the appropriate comps as well as providing them detailed cost summary of upgrades on a home that has been remodeled.
Title: Re: Where the market is - Buyer Offers
Post by: USCTrojanCPA on July 20, 2021, 08:30:36 PM
Got this home into escrow for a buyer with an unlimited price escalation clause during counters...

https://www.redfin.com/CA/Irvine/22-Entrada-E-92620/home/4785789
Title: Re: Where the market is - Buyer Offers
Post by: akula1488 on July 20, 2021, 09:03:50 PM
Does the seller disclose the bona fide offer that triggers the escalation? Hopefully the bona fide offer is real not from seller agent's friend

Got this home into escrow for a buyer with an unlimited price escalation clause during counters...

https://www.redfin.com/CA/Irvine/22-Entrada-E-92620/home/4785789
Title: Re: Where the market is - Buyer Offers
Post by: USCTrojanCPA on July 20, 2021, 09:26:48 PM
Does the seller disclose the bona fide offer that triggers the escalation? Hopefully the bona fide offer is real not from seller agent's friend

Got this home into escrow for a buyer with an unlimited price escalation clause during counters...

https://www.redfin.com/CA/Irvine/22-Entrada-E-92620/home/4785789

Yes, the listing agent sent me the highest offer that came in and then we replied with a new counter with the exact price (required for the lender and escrow). 
Title: Re: Where the market is - Buyer Offers
Post by: USCTrojanCPA on July 29, 2021, 09:57:40 AM
Not Irvine but I ran into an interesting situation on this Tustin Legacy listing that I submitted an offer for on behalf of my buyer.

https://www.redfin.com/CA/TUSTIN/7-VICTORY-RD-92782/home/112720405

The home was listing for $1.75m and we submitted an offer offer of $1.76m then countered back with $1.78m along with an unlimited price escalation clause.  Apparently there was another buyer who also submitted a counter with an unlimited price escalation clause so the listing agent instructed myself and the other agent to come back with a max price for the escalation.  Well, we ended up getting the home for $1.805m as that was the escalated amount above the other buyer's maximum amount. 
Title: Re: Where the market is - Buyer Offers
Post by: irvinehomeowner on July 29, 2021, 05:25:41 PM
Man... the phrase "escalation clause" would cause riots on the IHB 15 years ago. Their favorite phrase was "falling knife".
Title: Re: Where the market is - Buyer Offers
Post by: daedalus on July 29, 2021, 09:39:48 PM
Don't forget the "unlimited" part.  That's the bigger WTF here.
Title: Re: Where the market is - Buyer Offers
Post by: sleepy5136 on July 29, 2021, 10:01:28 PM
Don't forget the "unlimited" part.  That's the bigger WTF here.
2020 stock market gains and the government bailout of the housing market created this.
Title: Re: Where the market is - Buyer Offers
Post by: Cares on July 30, 2021, 08:37:18 AM
Don't forget the "unlimited" part.  That's the bigger WTF here.

Well it's limited in the sense that another legitimate party has to have made an offer to beat. It's not that they would pay $3M for a $1.5M home.
Title: Re: Where the market is - Buyer Offers
Post by: USCTrojanCPA on July 30, 2021, 11:09:59 AM
Don't forget the "unlimited" part.  That's the bigger WTF here.

Well it's limited in the sense that another legitimate party has to have made an offer to beat. It's not that they would pay $3M for a $1.5M home.

Yeah, my client had a limit in their head for the home and that was $1.84m.  First time I ran into a situation where there were 2 buyers with unlimited escalation clauses. 
Title: Re: Where the market is - Buyer Offers
Post by: Compressed-Village on July 30, 2021, 11:11:42 AM
Don't forget the "unlimited" part.  That's the bigger WTF here.
2020 stock market gains and the government bailout of the housing market created this.


FED induced assets hyper inflated. End the FED puts and you will begin to start a normalize markets. Will it happen? I don’t think so.

Good, until seller turn to buyers. More and more sellers pulled their listing because for what they sell , can’t buy back without a blacked eyes or getting their teeth knock out.

Title: Re: Where the market is - Buyer Offers
Post by: zubs on July 30, 2021, 01:55:22 PM
When the government that controls the interest rates are already borrowing like crazy to fund their programs, how will interest rates ever go up?
I guess if inflation gets crazy Jerome will have no choice?

How crazy does inflation have to get?
I increased my prices to customers 9% back in APR.
I am going to increase my prices again 18% for 4th QTR.


Everyone's stocking Christmas now, so ocean freight is getting shittier.



Whole Brisket @ Costco is currently $5.99/LB
Title: Re: Where the market is - Buyer Offers
Post by: eyephone on July 30, 2021, 02:11:05 PM
Trump didnt fund programs? You could of sold nothing at the farm and could of made bank. Get reimburse for loss income due to the trade war that he created. But wait how do they know how much income they lost because demand changes constantly. (PeepeLaugh)
PPP loan was not a loan. It was basically a grant aka free money. The taxpayers paid business to stay open. We got royally screwed and shafted. No one talks about except me. No one does. Either they dont get it or dont understand. Mean while people are struggling to survive.
Title: Re: Where the market is - Buyer Offers
Post by: sleepy5136 on July 30, 2021, 02:50:36 PM
Trump didnt fund programs? You could of sold nothing at the farm and could of made bank. Get reimburse for loss income due to the trade war that he created. But wait how do they know how much income they lost because demand changes constantly. (PeepeLaugh)
PPP loan was not a loan. It was basically a grant aka free money. The taxpayers paid business to stay open. We got royally screwed and shafted. No one talks about except me. No one does. Either they dont get it or dont understand. Mean while people are struggling to survive.
Who created the policies doesn’t really matter since it does have to go through Congress for anything to be in effect. If there is something to be worried about it would be housing affordability and homelessness growing. People that couldn’t afford one now can almost forget about getting one now. Income inequality is higher than ever now. Who knows what will happen in the near future but I would be surprised if the housing market got a correction which I would argue is needed. And with the strict building codes in California, building “affordable” homes is almost impossible.
Title: Re: Where the market is - Buyer Offers
Post by: eyephone on July 30, 2021, 03:22:36 PM
Trump didnt fund programs? You could of sold nothing at the farm and could of made bank. Get reimburse for loss income due to the trade war that he created. But wait how do they know how much income they lost because demand changes constantly. (PeepeLaugh)
PPP loan was not a loan. It was basically a grant aka free money. The taxpayers paid business to stay open. We got royally screwed and shafted. No one talks about except me. No one does. Either they dont get it or dont understand. Mean while people are struggling to survive.
Who created the policies doesn’t really matter since it does have to go through Congress for anything to be in effect. If there is something to be worried about it would be housing affordability and homelessness growing. People that couldn’t afford one now can almost forget about getting one now. Income inequality is higher than ever now. Who knows what will happen in the near future but I would be surprised if the housing market got a correction which I would argue is needed. And with the strict building codes in California, building “affordable” homes is almost impossible.

The trump farm money was an executive order.
Title: Re: Where the market is - Buyer Offers
Post by: sleepy5136 on July 30, 2021, 04:57:44 PM
Trump didnt fund programs? You could of sold nothing at the farm and could of made bank. Get reimburse for loss income due to the trade war that he created. But wait how do they know how much income they lost because demand changes constantly. (PeepeLaugh)
PPP loan was not a loan. It was basically a grant aka free money. The taxpayers paid business to stay open. We got royally screwed and shafted. No one talks about except me. No one does. Either they dont get it or dont understand. Mean while people are struggling to survive.
Who created the policies doesn’t really matter since it does have to go through Congress for anything to be in effect. If there is something to be worried about it would be housing affordability and homelessness growing. People that couldn’t afford one now can almost forget about getting one now. Income inequality is higher than ever now. Who knows what will happen in the near future but I would be surprised if the housing market got a correction which I would argue is needed. And with the strict building codes in California, building “affordable” homes is almost impossible.

The trump farm money was an executive order.
I was specifically mentioning PPP. I can't recall how much was given to the farmers, but let's just say that a ton of money was pushed into the economy for "stimulus" purposes and majority of it was passed via Congress...
Title: Re: Where the market is - Buyer Offers
Post by: someguy on July 31, 2021, 09:44:10 AM
Trump didnt fund programs? You could of sold nothing at the farm and could of made bank. Get reimburse for loss income due to the trade war that he created. But wait how do they know how much income they lost because demand changes constantly. (PeepeLaugh)
PPP loan was not a loan. It was basically a grant aka free money. The taxpayers paid business to stay open. We got royally screwed and shafted. No one talks about except me. No one does. Either they dont get it or dont understand. Mean while people are struggling to survive.
Who created the policies doesn’t really matter since it does have to go through Congress for anything to be in effect. If there is something to be worried about it would be housing affordability and homelessness growing. People that couldn’t afford one now can almost forget about getting one now. Income inequality is higher than ever now. Who knows what will happen in the near future but I would be surprised if the housing market got a correction which I would argue is needed. And with the strict building codes in California, building “affordable” homes is almost impossible.

The trump farm money was an executive order.

TDS.  I hope you get the help you need someday.
Title: Re: Where the market is - Buyer Offers
Post by: USCTrojanCPA on July 31, 2021, 09:47:22 AM
When the government that controls the interest rates are already borrowing like crazy to fund their programs, how will interest rates ever go up?
I guess if inflation gets crazy Jerome will have no choice?

How crazy does inflation have to get?
I increased my prices to customers 9% back in APR.
I am going to increase my prices again 18% for 4th QTR.


Everyone's stocking Christmas now, so ocean freight is getting shittier.



Whole Brisket @ Costco is currently $5.99/LB

What do you sell Zubs?
Title: Re: Where the market is - Buyer Offers
Post by: zubs on August 01, 2021, 12:50:12 PM
Construction anchors



(https://25udam187zpf2mzghz28ihhs-wpengine.netdna-ssl.com/wp-content/uploads/2013/10/anchors.jpg)
Title: Re: Where the market is - Buyer Offers
Post by: USCTrojanCPA on August 01, 2021, 12:56:18 PM
Construction anchors



(https://25udam187zpf2mzghz28ihhs-wpengine.netdna-ssl.com/wp-content/uploads/2013/10/anchors.jpg)

Cool, my dad used to use those all the time when he worked in the construction field.
Title: Re: Where the market is - Buyer Offers
Post by: eyephone on August 01, 2021, 01:01:36 PM
Trump didnt fund programs? You could of sold nothing at the farm and could of made bank. Get reimburse for loss income due to the trade war that he created. But wait how do they know how much income they lost because demand changes constantly. (PeepeLaugh)
PPP loan was not a loan. It was basically a grant aka free money. The taxpayers paid business to stay open. We got royally screwed and shafted. No one talks about except me. No one does. Either they dont get it or dont understand. Mean while people are struggling to survive.
Who created the policies doesn’t really matter since it does have to go through Congress for anything to be in effect. If there is something to be worried about it would be housing affordability and homelessness growing. People that couldn’t afford one now can almost forget about getting one now. Income inequality is higher than ever now. Who knows what will happen in the near future but I would be surprised if the housing market got a correction which I would argue is needed. And with the strict building codes in California, building “affordable” homes is almost impossible.

The trump farm money was an executive order.

TDS.  I hope you get the help you need someday.

Really? The Republicans have different stances on the vaccine. Dont get it, get it. Some people even say that is fake that Donald Trump got vaccinated. To top it off they brought Arizona data to a lab in Montana not disclosed to recount? The things that they are doing are real questionable.
Title: Re: Where the market is - Buyer Offers
Post by: eyephone on August 01, 2021, 01:05:56 PM
Trump didnt fund programs? You could of sold nothing at the farm and could of made bank. Get reimburse for loss income due to the trade war that he created. But wait how do they know how much income they lost because demand changes constantly. (PeepeLaugh)
PPP loan was not a loan. It was basically a grant aka free money. The taxpayers paid business to stay open. We got royally screwed and shafted. No one talks about except me. No one does. Either they dont get it or dont understand. Mean while people are struggling to survive.
Who created the policies doesn%u2019t really matter since it does have to go through Congress for anything to be in effect. If there is something to be worried about it would be housing affordability and homelessness growing. People that couldn%u2019t afford one now can almost forget about getting one now. Income inequality is higher than ever now. Who knows what will happen in the near future but I would be surprised if the housing market got a correction which I would argue is needed. And with the strict building codes in California, building %u201Caffordable%u201D homes is almost impossible.

The trump farm money was an executive order.
I was specifically mentioning PPP. I can't recall how much was given to the farmers, but let's just say that a ton of money was pushed into the economy for "stimulus" purposes and majority of it was passed via Congress...

The biggest scam of our life time. Both programs are scams. I am the only one on talkirvine that brought it up.
Title: Re: Where the market is - Buyer Offers
Post by: eyephone on August 01, 2021, 01:14:45 PM
Just remember I am the only that brought up landlords getting scammed of rent payments. People made fun of me. (But honestly do I really care?) Until one day one member on TI made a post that he wasnt receiving rent payments.

Remember buying a house is not like buying stocks. It is really easy to dump and sell a stock. (Even though I hear stories putting the wrong strike price amount. But that is a user error. Lol) So make sure you make a wise decision. (Not financial advice)
Title: Re: Where the market is - Buyer Offers
Post by: eyephone on August 01, 2021, 01:19:35 PM
I am all in favor helping people out. But how long would free rent be? What if covid never goes away? So free rent for a lifetime?
Title: Re: Where the market is - Buyer Offers
Post by: Compressed-Village on August 01, 2021, 02:15:07 PM
I am all in favor helping people out. But how long would free rent be? What if covid never goes away? So free rent for a lifetime?

Agree. A lot of renters in B and C class are spending money on non essential items and skipped the rent since they got the OK to do so. I owned and operate in A class rental Irvine, the tenants are in a different class. Responsible, take care of property like their own. Haven’t miss any payments, because they are owners themselves in different locations.

We can’t import lands from other countries to the US, but we can imports goods and services from any where in the world to the US. Land is the most valuable resources we have here.

Title: Re: Where the market is - Buyer Offers
Post by: sleepy5136 on August 01, 2021, 04:40:36 PM
Trump didnt fund programs? You could of sold nothing at the farm and could of made bank. Get reimburse for loss income due to the trade war that he created. But wait how do they know how much income they lost because demand changes constantly. (PeepeLaugh)
PPP loan was not a loan. It was basically a grant aka free money. The taxpayers paid business to stay open. We got royally screwed and shafted. No one talks about except me. No one does. Either they dont get it or dont understand. Mean while people are struggling to survive.
Who created the policies doesn%u2019t really matter since it does have to go through Congress for anything to be in effect. If there is something to be worried about it would be housing affordability and homelessness growing. People that couldn%u2019t afford one now can almost forget about getting one now. Income inequality is higher than ever now. Who knows what will happen in the near future but I would be surprised if the housing market got a correction which I would argue is needed. And with the strict building codes in California, building %u201Caffordable%u201D homes is almost impossible.

The trump farm money was an executive order.
I was specifically mentioning PPP. I can't recall how much was given to the farmers, but let's just say that a ton of money was pushed into the economy for "stimulus" purposes and majority of it was passed via Congress...

The biggest scam of our life time. Both programs are scams. I am the only one on talkirvine that brought it up.
I don't know if PPP was necessarily a scam. It was targeted for small businesses and unfortunately bigger ones took advantage of the initial funds. Shame on those businesses. But for mom and pop stores that would have closed down if it wasn't for PPP, I'm ok with those businesses using that money to keep them alive through the pandemic. I personally enjoy supporting small businesses and I would hate for them to have to close down due to something out of their control.
Title: Re: Where the market is - Buyer Offers
Post by: USCTrojanCPA on August 24, 2021, 06:14:27 PM
Submitted an offer of $1.6m for this home, no counters sent and just went into escrow so no dice for my buyer.

https://www.redfin.com/CA/Irvine/72-Melville-92620/home/58556348
Title: Re: Where the market is - Buyer Offers
Post by: Irvinehomeseeker on August 24, 2021, 06:18:45 PM
wow, market is still red hot in Irvine. Your buyer made 100K offer over listing and yet no counter....may be went for above 1.6 M.  Crazy prices!

That house seemed to be underpriced for today's market at 1.5M considering stonegate location and so close to the Jeffrey Open space trail. Bidding war prompted such high price?
Title: Re: Where the market is - Buyer Offers
Post by: USCTrojanCPA on August 24, 2021, 06:23:14 PM
wow, market is still red hot in Irvine. Your buyer made 100K offer over listing and yet no counter....may be went for above 1.6 M.  Crazy prices!

Either above $1.6m or an all cash offer around $1.6m.  I tell my buyers, go straight to the max right off the bat because there's no guarantees that we'll get a counter.
Title: Re: Where the market is - Buyer Offers
Post by: Irvinehomeseeker on August 24, 2021, 06:25:43 PM
Do you think that the house was underpriced for today's market at 1.5M considering Stonegate location and so close to the Jeffrey Open space trail?
Title: Re: Where the market is - Buyer Offers
Post by: USCTrojanCPA on August 24, 2021, 06:27:15 PM
Do you think that the house was underpriced for today's market at 1.5M considering Stonegate location and so close to the Jeffrey Open space trail?

It sure was because 2,500sf homes in that tract have sold for $1.5m or around $600/sf hence our offer straight to $1.6m.
Title: Re: Where the market is - Buyer Offers
Post by: OCLuvr on August 24, 2021, 06:44:09 PM
Maybe even lower, but cash
Title: Re: Where the market is - Buyer Offers
Post by: USCTrojanCPA on August 24, 2021, 07:50:34 PM
Maybe even lower, but cash

Yup, I've lost out to a few slightly lower all cash buyers this year.  My guess that it'll close over $1.6m as there aren't any true newer 4bd SFRs in this price range.
Title: Re: Where the market is - Buyer Offers
Post by: Irvinehomeseeker on August 25, 2021, 10:57:19 AM
Maybe even lower, but cash

Yup, I've lost out to a few slightly lower all cash buyers this year.  My guess that it'll close over $1.6m as there aren't any true newer 4bd SFRs in this price range.

I like the way we now to qualify as "true" SFR!  I noticed that in some EW and SG listing, realtors have incorrectly listed detached condos/ zero lot line homes as SFR in Redfin.
Title: Re: Where the market is - Buyer Offers
Post by: sleepy5136 on August 25, 2021, 03:08:07 PM
I briefly went to EW to check out the hype. Are the homes there actually SFR according to the orange county records? Lots of them look like detached condos with no driveway.
Title: Re: Where the market is - Buyer Offers
Post by: Maserson on August 25, 2021, 03:34:28 PM
EW has a mix of attached and detached condos, and traditional SFR but the Piedmont tract is the strange SFR with a driveway but no sidewalk. Feels like a larger motorcourt.
Title: Re: Where the market is - Buyer Offers
Post by: USCTrojanCPA on August 25, 2021, 07:26:00 PM
I made an offer of $3.52m on this unicorn which was under priced...no dice as one of the other 15 buyers offered just under $4m all cash.  haha

https://www.redfin.com/CA/Corona-Del-Mar/2-Morro-Bay-Dr-92625/home/4733913
Title: Re: Where the market is - Buyer Offers
Post by: USCTrojanCPA on August 31, 2021, 07:01:58 PM
My buyer offered $1.581m on this home...no dice again.  Listing said they got an offer materially over $1.6m waiving all contingencies from an LA buyer. 

https://www.redfin.com/CA/Irvine/225-Shelbourne-92620/home/51682172
Title: Re: Where the market is - Buyer Offers
Post by: Goriot on August 31, 2021, 08:27:39 PM
My buyer offered $1.581m on this home...no dice again.  Listing said they got an offer materially over $1.6m waiving all contingencies from an LA buyer. 

https://www.redfin.com/CA/Irvine/225-Shelbourne-92620/home/51682172

Wow Wow...
Title: Re: Where the market is - Buyer Offers
Post by: Cares on August 31, 2021, 09:25:51 PM
My buyer offered $1.581m on this home...no dice again.  Listing said they got an offer materially over $1.6m waiving all contingencies from an LA buyer. 

https://www.redfin.com/CA/Irvine/225-Shelbourne-92620/home/51682172

Michael Mei must do the absolute most transactions in Stonegate...he has had so many listings there.
Title: Re: Where the market is - Buyer Offers
Post by: qwerty on August 31, 2021, 09:54:40 PM
That is a little yard. I would hate to be a buyer right now.
Title: Re: Where the market is - Buyer Offers
Post by: USCTrojanCPA on August 31, 2021, 10:00:34 PM
My buyer offered $1.581m on this home...no dice again.  Listing said they got an offer materially over $1.6m waiving all contingencies from an LA buyer. 

https://www.redfin.com/CA/Irvine/225-Shelbourne-92620/home/51682172

Michael Mei must do the absolute most transactions in Stonegate...he has had so many listings there.

That's where he primarily farms so not surprised, each village has their local realtors who farm for listings.
Title: Re: Where the market is - Buyer Offers
Post by: USCTrojanCPA on August 31, 2021, 10:22:47 PM
Made offers for 2 buyers for these 2 homes today...

https://www.redfin.com/CA/Irvine/68-Walden-92620/home/58556165

https://www.redfin.com/CA/Irvine/35-Antique-Rose-92620/home/5931022
Title: Re: Where the market is - Buyer Offers
Post by: The California Court Company on August 31, 2021, 10:54:44 PM
Throwing all the neighborhood parties pre-Covid pays off.

My buyer offered $1.581m on this home...no dice again.  Listing said they got an offer materially over $1.6m waiving all contingencies from an LA buyer. 

https://www.redfin.com/CA/Irvine/225-Shelbourne-92620/home/51682172

Michael Mei must do the absolute most transactions in Stonegate...he has had so many listings there.

That's where he primarily farms so not surprised, each village has their local realtors who farm for listings.
Title: Re: Where the market is - Buyer Offers
Post by: lnc on September 01, 2021, 09:11:19 AM
My buyer offered $1.581m on this home...no dice again.  Listing said they got an offer materially over $1.6m waiving all contingencies from an LA buyer. 

https://www.redfin.com/CA/Irvine/225-Shelbourne-92620/home/51682172

Wow Wow...

Mendocino was starting in the mid $800k when it was released.  Can’t believe in less than 10 years, they almost doubled in price.
Title: Re: Where the market is - Buyer Offers
Post by: Compressed-Village on September 01, 2021, 09:23:37 AM
My buyer offered $1.581m on this home...no dice again.  Listing said they got an offer materially over $1.6m waiving all contingencies from an LA buyer. 

https://www.redfin.com/CA/Irvine/225-Shelbourne-92620/home/51682172

Michael Mei must do the absolute most transactions in Stonegate...he has had so many listings there.

That's where he primarily farms so not surprised, each village has their local realtors who farm for listings.

I hear that this guy is a bit shady from past associates.
Title: Re: Where the market is - Buyer Offers
Post by: Compressed-Village on September 01, 2021, 09:33:08 AM
I tell you what I don’t like about this house, the backyard yield no privacy. Two steps and you hit the wall. Neighbor windows is right next to your most use space, the great room.

Then again some people just keep the shuttles closed all the time and have no issues with it.
Title: Re: Where the market is - Buyer Offers
Post by: Irvinehomeseeker on September 01, 2021, 09:40:30 AM
I tell you what I don’t like about this house, the backyard yield no privacy. Two steps and you hit the wall. Neighbor windows is right next to your most use space, the great room.

Then again some people just keep the shuttles closed all the time and have no issues with it.

This one's got really tiny backyard! The good thing is the green space right next to the house. Floor plan looks good for the ~2500 sqt interior space.
Title: Re: Where the market is - Buyer Offers
Post by: trematix on September 01, 2021, 10:37:30 AM
My buyer offered $1.581m on this home...no dice again.  Listing said they got an offer materially over $1.6m waiving all contingencies from an LA buyer. 

https://www.redfin.com/CA/Irvine/225-Shelbourne-92620/home/51682172

Michael Mei must do the absolute most transactions in Stonegate...he has had so many listings there.

That's where he primarily farms so not surprised, each village has their local realtors who farm for listings.

I hear that this guy is a bit shady from past associates.


Yea he was actually one of the first agents I met with before coming to Irvine. Personally not a fan of the guy but to each their own.
Title: Re: Where the market is - Buyer Offers
Post by: HMart on September 01, 2021, 01:42:57 PM
I tell you what I don’t like about this house, the backyard yield no privacy. Two steps and you hit the wall. Neighbor windows is right next to your most use space, the great room.

Then again some people just keep the shuttles closed all the time and have no issues with it.

This one's got really tiny backyard! The good thing is the green space right next to the house. Floor plan looks good for the ~2500 sqt interior space.

Lol at a third of that little park dedicated to parking. What a waste.
Title: Re: Where the market is - Buyer Offers
Post by: USCTrojanCPA on September 06, 2021, 09:58:10 PM
Made offers for 2 buyers for these 2 homes today...

https://www.redfin.com/CA/Irvine/68-Walden-92620/home/58556165

https://www.redfin.com/CA/Irvine/35-Antique-Rose-92620/home/5931022

Got 35 Antique Rose but did not get 68 Walden.  Also got this unicorn for another buyer this weekend (I would have bought it myself if it was a single story home...I mean it has a 4-car garage).  It has one of the best views I've ever seen. 

https://www.redfin.com/CA/Yorba-Linda/5470-Blue-Ridge-Dr-92887/home/4167548
Title: Re: Where the market is - Buyer Offers
Post by: Compressed-Village on September 06, 2021, 10:32:56 PM
Made offers for 2 buyers for these 2 homes today...

https://www.redfin.com/CA/Irvine/68-Walden-92620/home/58556165

https://www.redfin.com/CA/Irvine/35-Antique-Rose-92620/home/5931022

Got 35 Antique Rose but did not get 68 Walden.  Also got this unicorn for another buyer this weekend (I would have bought it myself if it was a single story home...I mean it has a 4-car garage).  It has one of the best views I've ever seen. 

https://www.redfin.com/CA/Yorba-Linda/5470-Blue-Ridge-Dr-92887/home/4167548

That's is one long, deep drive way. Imagine having a party and your 20 guests can park their car on your private drive way. That's pretty awesome. The lot is fantastic. But I have to say that when Santa Ana winds hit, this house will be at the forefront of the wind. I have a buddy in Orange and his backyard trees were laid down many times when Santa Ana comes through. Nice home.
Title: Re: Where the market is - Buyer Offers
Post by: Cares on September 07, 2021, 03:01:18 PM
Made offers for 2 buyers for these 2 homes today...

https://www.redfin.com/CA/Irvine/68-Walden-92620/home/58556165

https://www.redfin.com/CA/Irvine/35-Antique-Rose-92620/home/5931022

Got 35 Antique Rose but did not get 68 Walden.  Also got this unicorn for another buyer this weekend (I would have bought it myself if it was a single story home...I mean it has a 4-car garage).  It has one of the best views I've ever seen. 

https://www.redfin.com/CA/Yorba-Linda/5470-Blue-Ridge-Dr-92887/home/4167548

Is that large solar panel grid part of the property? If so that's a huge amount of land that this home has.
Title: Re: Where the market is - Buyer Offers
Post by: USCTrojanCPA on September 07, 2021, 03:04:11 PM
Made offers for 2 buyers for these 2 homes today...

https://www.redfin.com/CA/Irvine/68-Walden-92620/home/58556165

https://www.redfin.com/CA/Irvine/35-Antique-Rose-92620/home/5931022

Got 35 Antique Rose but did not get 68 Walden.  Also got this unicorn for another buyer this weekend (I would have bought it myself if it was a single story home...I mean it has a 4-car garage).  It has one of the best views I've ever seen. 

https://www.redfin.com/CA/Yorba-Linda/5470-Blue-Ridge-Dr-92887/home/4167548

Is that large solar panel grid part of the property? If so that's a huge amount of land that this home has.

Yeah, that's the home's solar panel system that pays for all of the electricity usage which is fully paid off so that was a plus.  Home got multiple offers but our escalation clause worked, especially since I've done a few transactions with the listings in the past few years that went very smoothly.
Title: Re: Where the market is - Buyer Offers
Post by: USCTrojanCPA on September 09, 2021, 07:53:48 AM
Offered $1,476,000 all cash for this Eastwood listing for a buyer, no counter and went with another buyer.  I thought for sure we'd get it or at least get a best and final counter, nope.

https://www.redfin.com/CA/Irvine/96-Henson-92602/home/167401920
Title: Re: Where the market is - Buyer Offers
Post by: hurijo on September 09, 2021, 08:53:17 AM
Eastwood definitely has that magic fairy dust. $700/sqft here we come!
Title: Re: Where the market is - Buyer Offers
Post by: Irvinehomeseeker on September 09, 2021, 09:19:21 AM
Offered $1,476,000 all cash for this Eastwood listing for a buyer, no counter and went with another buyer.  I thought for sure we'd get it or at least get a best and final counter, nope.

https://www.redfin.com/CA/Irvine/96-Henson-92602/home/167401920

And thats a no lot type of Condo!
Title: Re: Where the market is - Buyer Offers
Post by: best_potsticker_in_town on September 09, 2021, 01:37:32 PM
Offered $1,476,000 all cash for this Eastwood listing for a buyer, no counter and went with another buyer.  I thought for sure we'd get it or at least get a best and final counter, nope.

https://www.redfin.com/CA/Irvine/96-Henson-92602/home/167401920

Holy shit!
Title: Re: Where the market is - Buyer Offers
Post by: Mety on September 09, 2021, 01:44:12 PM
Offered $1,476,000 all cash for this Eastwood listing for a buyer, no counter and went with another buyer.  I thought for sure we'd get it or at least get a best and final counter, nope.

https://www.redfin.com/CA/Irvine/96-Henson-92602/home/167401920

And thats a no lot type of Condo!

You should've made an offer with a Redfin buying agent. ;D
Title: Re: Where the market is - Buyer Offers
Post by: USCTrojanCPA on September 09, 2021, 05:41:10 PM
Offered $1,476,000 all cash for this Eastwood listing for a buyer, no counter and went with another buyer.  I thought for sure we'd get it or at least get a best and final counter, nope.

https://www.redfin.com/CA/Irvine/96-Henson-92602/home/167401920

And thats a no lot type of Condo!

You should've made an offer with a Redfin buying agent. ;D

Hahaha  I provides commission rebates to buyers that are more than what Redfin offers.  ;)
Title: Re: Where the market is - Buyer Offers
Post by: USCTrojanCPA on September 09, 2021, 05:41:40 PM
Offered $1,476,000 all cash for this Eastwood listing for a buyer, no counter and went with another buyer.  I thought for sure we'd get it or at least get a best and final counter, nope.

https://www.redfin.com/CA/Irvine/96-Henson-92602/home/167401920

Holy shit!

Yeah, I was surprised when I got the kiss off email (nothing shocks me anymore). 
Title: Re: Where the market is - Buyer Offers
Post by: USCTrojanCPA on September 09, 2021, 05:42:32 PM
Offered $1,476,000 all cash for this Eastwood listing for a buyer, no counter and went with another buyer.  I thought for sure we'd get it or at least get a best and final counter, nope.

https://www.redfin.com/CA/Irvine/96-Henson-92602/home/167401920

And thats a no lot type of Condo!

Yeah, motorcourt detached Marin condo with OK upgrades, nothing special other than being on the corner and having a slightly larger lot.
Title: Re: Where the market is - Buyer Offers
Post by: akula1488 on September 09, 2021, 06:53:26 PM
Redfin estimate of 1.5M is accurate then
Title: Re: Where the market is - Buyer Offers
Post by: Irvinehomeseeker on September 09, 2021, 07:34:52 PM
It feels like all these Redfin or Zillow estimates make no sense anymore. With this serious lack of inventory and what it looks like money from Tech folks from up north, if the house shows well you can expect insane closing prices!
Title: Re: Where the market is - Buyer Offers
Post by: aquabliss on September 09, 2021, 09:20:22 PM
Offered $1,476,000 all cash for this Eastwood listing for a buyer, no counter and went with another buyer.  I thought for sure we'd get it or at least get a best and final counter, nope.

https://www.redfin.com/CA/Irvine/96-Henson-92602/home/167401920

And thats a no lot type of Condo!

Yeah, motorcourt detached Marin condo with OK upgrades, nothing special other than being on the corner and having a slightly larger lot.

Anyone know where to buy the apparatus they used to attach to the cinder block wall and hook the back yard string lights to?  I need this!
Title: Re: Where the market is - Buyer Offers
Post by: USCTrojanCPA on September 09, 2021, 09:26:05 PM
Redfin estimate of 1.5M is accurate then

Just like a stopped clock, their estimates will be right every once in a while but otherwise take them with a grain of salt.
Title: Re: Where the market is - Buyer Offers
Post by: fatduck on September 09, 2021, 09:28:51 PM
if 7% over list all cash gets an FU i wonder what they do with the non cash offers
Title: Re: Where the market is - Buyer Offers
Post by: sleepy5136 on September 09, 2021, 10:20:58 PM
I do notice there is more inventory these past months. But what I'm seeing is the "newer" ones are selling very quick while the older homes stay longer.
Title: Re: Where the market is - Buyer Offers
Post by: marmott on September 09, 2021, 11:45:18 PM
Anyone know where to buy the apparatus they used to attach to the cinder block wall and hook the back yard string lights to?  I need this!

This is the closest thing I could find: https://www.etsy.com/shop/Sycmr. It looks like they do custom orders so pretty sure they would be able to make a similar string light pole design (few custom orders are pictured in the reviews).

Title: Re: Where the market is - Buyer Offers
Post by: USCTrojanCPA on September 10, 2021, 12:25:57 AM
I do notice there is more inventory these past months. But what I'm seeing is the "newer" ones are selling very quick while the older homes stay longer.

Yes, there has been more inventory that has come to the market this year compared to 2020 and even 2019 hence why we have record sales this year.  The problem is the demand is too great right now and most all homes go into escrow super fast so now we have the lowest inventory levels I've ever seen in 15 years. 

Title: Re: Where the market is - Buyer Offers
Post by: USCTrojanCPA on September 10, 2021, 12:28:20 AM
if 7% over list all cash gets an FU i wonder what they do with the non cash offers

I wasn't really surprised that it went over $1,476,000 but I am surprised that my buyer didn't even get a counter offer being all cash buyer with a 17 day close.  Guess we ran into a more motivated buyer, I just wonder if they got over $1.5m.
Title: Re: Where the market is - Buyer Offers
Post by: zubs on September 10, 2021, 08:32:19 AM
Anyone know where to buy the apparatus they used to attach to the cinder block wall and hook the back yard string lights to?  I need this!

This is the closest thing I could find: https://www.etsy.com/shop/Sycmr (https://www.etsy.com/shop/Sycmr). It looks like they do custom orders so pretty sure they would be able to make a similar string light pole design (few custom orders are pictured in the reviews).




I bought this from Amazon and installed it myself with costco bistro lights. On sale at $39.99 right now.
https://www.amazon.com/gp/product/B07HVQFPNQ/ref=ppx_yo_dt_b_asin_title_o04_s00?ie=UTF8&psc=1 (https://www.amazon.com/gp/product/B07HVQFPNQ/ref=ppx_yo_dt_b_asin_title_o04_s00?ie=UTF8&psc=1)


Funny thing is after I installed this and hung my bistro lights from this steel string, I would look at other people's hanging string lighting and judge them poorly if they didn't have this support hardware.  I became a backyard lighting snob...LOL
Title: Re: Where the market is - Buyer Offers
Post by: best_potsticker_in_town on September 10, 2021, 09:00:43 AM
Offered $1,476,000 all cash for this Eastwood listing for a buyer, no counter and went with another buyer.  I thought for sure we'd get it or at least get a best and final counter, nope.

https://www.redfin.com/CA/Irvine/96-Henson-92602/home/167401920

And thats a no lot type of Condo!

Yeah, motorcourt detached Marin condo with OK upgrades, nothing special other than being on the corner and having a slightly larger lot.

I believe this floorplan also has a downstairs master - which is attractive to the older crowd.
Title: Re: Where the market is - Buyer Offers
Post by: hurijo on September 10, 2021, 11:23:44 AM
I found the downstairs master bedroom appealing, but I couldn't get over the windows in the master and master bath face out into the motor court.
Title: Re: Where the market is - Buyer Offers
Post by: akula1488 on September 10, 2021, 11:27:55 AM
1.5M cannot even buy you a drive way let alone 3 car garage
Title: Re: Where the market is - Buyer Offers
Post by: TestingIrvine on September 10, 2021, 11:58:10 AM
Offered $1,476,000 all cash for this Eastwood listing for a buyer, no counter and went with another buyer.  I thought for sure we'd get it or at least get a best and final counter, nope.

https://www.redfin.com/CA/Irvine/96-Henson-92602/home/167401920

And thats a no lot type of Condo!

Yeah, motorcourt detached Marin condo with OK upgrades, nothing special other than being on the corner and having a slightly larger lot.

I believe this floorplan also has a downstairs master - which is attractive to the older crowd.


It’s a central location in Eastwood.  The school, pool, Jeffrey Open Space, playground are all within 0.2 miles.  Also the other pool, Eastwood Park (playground, tennis court, soccer/baseball field) are within 0.4 miles.

Even within Eastwood location, location, location. Probably why 80 Parkwood was able to get $700/sqft.
Title: Re: Where the market is - Buyer Offers
Post by: Irvinehomeseeker on September 10, 2021, 12:01:48 PM
Offered $1,476,000 all cash for this Eastwood listing for a buyer, no counter and went with another buyer.  I thought for sure we'd get it or at least get a best and final counter, nope.

https://www.redfin.com/CA/Irvine/96-Henson-92602/home/167401920

And thats a no lot type of Condo!

Yeah, motorcourt detached Marin condo with OK upgrades, nothing special other than being on the corner and having a slightly larger lot.

I believe this floorplan also has a downstairs master - which is attractive to the older crowd.


It’s a central location in Eastwood.  The school, pool, Jeffrey Open Space, playground are all within 0.2 miles.  Also the other pool, Eastwood Park (playground, tennis court, soccer/baseball field) are within 0.4 miles.

Even within Eastwood location, location, location. Probably why 80 Parkwood was able to get $700/sqft.

Eastwood is already a small village....as long as the home is not backing or closer to Jeffrey or Irvine Blvd, not so much difference I think.

80 Parkwood overlooks the community park if that helps. But parking sucks because the narrow Parkwood street in front is backed up during school drop off and picks. The home is right next to the school.
Title: Re: Where the market is - Buyer Offers
Post by: Irvinehomeseeker on September 10, 2021, 12:02:28 PM
1.5M cannot even buy you a drive way let alone 3 car garage

Right...Inflation Inflation.
Title: Re: Where the market is - Buyer Offers
Post by: sleepy5136 on September 10, 2021, 12:07:37 PM
1.5M cannot even buy you a drive way let alone 3 car garage
Exactly and you didn't even mention the absurb MR associated with Irvine properties. Does anyone know why places like Cypress Village even has MR? It's completely built out. Why are they still charging it? I'm not as familiar with Orchard Hills but when I went there it looks completely built out. It's not like you need to build schools, fire stations, etc in those areas yet they still require MR.
Title: Re: Where the market is - Buyer Offers
Post by: Cares on September 10, 2021, 01:50:42 PM
1.5M cannot even buy you a drive way let alone 3 car garage
Exactly and you didn't even mention the absurb MR associated with Irvine properties. Does anyone know why places like Cypress Village even has MR? It's completely built out. Why are they still charging it? I'm not as familiar with Orchard Hills but when I went there it looks completely built out. It's not like you need to build schools, fire stations, etc in those areas yet they still require MR.

MR is essentially 20-30 year financing to build out the neighborhood. Just because the neighborhood is done being built doesn't mean the money owed is absolved.
Title: Re: Where the market is - Buyer Offers
Post by: moc on September 13, 2021, 10:01:32 AM
1.5M cannot even buy you a drive way let alone 3 car garage
Exactly and you didn't even mention the absurb MR associated with Irvine properties. Does anyone know why places like Cypress Village even has MR? It's completely built out. Why are they still charging it? I'm not as familiar with Orchard Hills but when I went there it looks completely built out. It's not like you need to build schools, fire stations, etc in those areas yet they still require MR.

Basically, the City takes out a mortgage (usually 30 years) in the form of a bond on the cost of building roads, utilities, schools, parks, etc. for a new neighborhood. These become mello roos payments to homeowners. In most other states, nothing like mello roos exists. California had two state politicians named Henry Mello and Mike Roos who proposed it as a way to generate the capitol needed by local cities after Proposition 13 property tax caps were passed in the 70s. Most mello roos expire after 30 years after the original bond has been fully paid off.
Title: Re: Where the market is - Buyer Offers
Post by: sleepy5136 on September 13, 2021, 12:19:30 PM
1.5M cannot even buy you a drive way let alone 3 car garage
Exactly and you didn't even mention the absurb MR associated with Irvine properties. Does anyone know why places like Cypress Village even has MR? It's completely built out. Why are they still charging it? I'm not as familiar with Orchard Hills but when I went there it looks completely built out. It's not like you need to build schools, fire stations, etc in those areas yet they still require MR.

Basically, the City takes out a mortgage (usually 30 years) in the form of a bond on the cost of building roads, utilities, schools, parks, etc. for a new neighborhood. These become mello roos payments to homeowners. In most other states, nothing like mello roos exists. California had two state politicians named Henry Mello and Mike Roos who proposed it as a way to generate the capitol needed by local cities after Proposition 13 property tax caps were passed in the 70s. Most mello roos expire after 30 years after the original bond has been fully paid off.
Thanks for the explanation! Makes sense.
Title: Re: Where the market is - Buyer Offers
Post by: USCTrojanCPA on September 18, 2021, 07:42:31 PM
Made offers on the following 5 Irvine homes this week for a few buyers, let's see if I get any of them...

https://www.redfin.com/CA/Irvine/124-Toretta-92602/home/169487135

https://www.redfin.com/CA/Irvine/142-Follyhatch-92618/home/143915060

https://www.redfin.com/CA/Irvine/183-Quiet-Grv-92618/home/167154487

https://www.redfin.com/CA/Irvine/225-Bright-Poppy-92618/home/113145789

https://www.redfin.com/CA/Irvine/177-Stellar-92618/home/167401663
Title: Re: Where the market is - Buyer Offers
Post by: LiefinIrvine on September 18, 2021, 08:13:19 PM
All cash offers? Is that the only chance for Resale homes in this Hot RE market?
Title: Re: Where the market is - Buyer Offers
Post by: USCTrojanCPA on September 18, 2021, 08:44:06 PM
All cash offers? Is that the only chance for Resale homes in this Hot RE market?

Only one offer was all cash.  Most all of my buyers use financing and I'm still able to get them homes while beating out cash buyers at times mainly because follow my recommendation for the offers and because they are very strong buyers under buying.
Title: Re: Where the market is - Buyer Offers
Post by: Mety on September 19, 2021, 03:36:35 PM
Made offers on the following 5 Irvine homes this week for a few buyers, let's see if I get any of them...

https://www.redfin.com/CA/Irvine/124-Toretta-92602/home/169487135

https://www.redfin.com/CA/Irvine/142-Follyhatch-92618/home/143915060

https://www.redfin.com/CA/Irvine/183-Quiet-Grv-92618/home/167154487

https://www.redfin.com/CA/Irvine/225-Bright-Poppy-92618/home/113145789

https://www.redfin.com/CA/Irvine/177-Stellar-92618/home/167401663

Most of them at PS and GP? Prices there are matching up with other Irvine areas. You think they’ll all be over the asking?
Title: Re: Where the market is - Buyer Offers
Post by: TestingIrvine on September 19, 2021, 04:02:11 PM
Made offers on the following 5 Irvine homes this week for a few buyers, let's see if I get any of them...

https://www.redfin.com/CA/Irvine/124-Toretta-92602/home/169487135

https://www.redfin.com/CA/Irvine/142-Follyhatch-92618/home/143915060

https://www.redfin.com/CA/Irvine/183-Quiet-Grv-92618/home/167154487

https://www.redfin.com/CA/Irvine/225-Bright-Poppy-92618/home/113145789

https://www.redfin.com/CA/Irvine/177-Stellar-92618/home/167401663

Most of them at PS and GP? Prices there are matching up with other Irvine areas. You think they’ll all be over the asking?

All of the resales are “Hot Homes” per Redfin.  Definitely over asking.
Title: Re: Where the market is - Buyer Offers
Post by: USCTrojanCPA on September 19, 2021, 10:51:55 PM
Made offers on the following 5 Irvine homes this week for a few buyers, let's see if I get any of them...

https://www.redfin.com/CA/Irvine/124-Toretta-92602/home/169487135

https://www.redfin.com/CA/Irvine/142-Follyhatch-92618/home/143915060

https://www.redfin.com/CA/Irvine/183-Quiet-Grv-92618/home/167154487

https://www.redfin.com/CA/Irvine/225-Bright-Poppy-92618/home/113145789

https://www.redfin.com/CA/Irvine/177-Stellar-92618/home/167401663

Most of them at PS and GP? Prices there are matching up with other Irvine areas. You think they’ll all be over the asking?

All 5 offers were over asking price, some more than others. 
Title: Re: Where the market is - Buyer Offers
Post by: TestingIrvine on September 21, 2021, 08:22:33 PM
What’s better:

1) 4 bed condo?

Or

2) 3 bed detached condo?

Both same sqft and location
Title: Re: Where the market is - Buyer Offers
Post by: akula1488 on September 21, 2021, 08:40:48 PM
4 bed attached condo with downstairs bedroom, full bath.
Title: Re: Where the market is - Buyer Offers
Post by: sleepy5136 on September 21, 2021, 08:45:12 PM
What’s better:

1) 4 bed condo?

Or

2) 3 bed detached condo?

Both same sqft and location
does the detach one have yard space? If it does, the living space is smaller but at the expense of a yard. So it depends on what you value.
Title: Re: Where the market is - Buyer Offers
Post by: USCTrojanCPA on September 21, 2021, 09:52:00 PM
What’s better:

1) 4 bed condo?

Or

2) 3 bed detached condo?

Both same sqft and location

More information is needed to provide a recommendation, too many variables to consider.
Title: Re: Where the market is - Buyer Offers
Post by: USCTrojanCPA on September 21, 2021, 09:53:06 PM
Made offers on the following 5 Irvine homes this week for a few buyers, let's see if I get any of them...

https://www.redfin.com/CA/Irvine/124-Toretta-92602/home/169487135

https://www.redfin.com/CA/Irvine/142-Follyhatch-92618/home/143915060

https://www.redfin.com/CA/Irvine/183-Quiet-Grv-92618/home/167154487

https://www.redfin.com/CA/Irvine/225-Bright-Poppy-92618/home/113145789

https://www.redfin.com/CA/Irvine/177-Stellar-92618/home/167401663

Quick update...

Got the Toretta home and the Follyhatch home for my buyers....waiting on counters for the other 3.  I was told Quiet Grove got 48 offers and they are over $1.1m on price now.
Title: Re: Where the market is - Buyer Offers
Post by: USCTrojanCPA on September 22, 2021, 05:23:28 PM
Made offers on the following 5 Irvine homes this week for a few buyers, let's see if I get any of them...

https://www.redfin.com/CA/Irvine/124-Toretta-92602/home/169487135

https://www.redfin.com/CA/Irvine/142-Follyhatch-92618/home/143915060

https://www.redfin.com/CA/Irvine/183-Quiet-Grv-92618/home/167154487

https://www.redfin.com/CA/Irvine/225-Bright-Poppy-92618/home/113145789

https://www.redfin.com/CA/Irvine/177-Stellar-92618/home/167401663

Quick update...

Got the Toretta home and the Follyhatch home for my buyers....waiting on counters for the other 3.  I was told Quiet Grove got 48 offers and they are over $1.1m on price now.

No dice on Quiet Grove and Bright Poppy.  For Quiet Grove, I submitted an offer of $1,061,000, but they got 48 offers and the top offers were in the $1.1s which was too steep for my buyer so we passed.  For Bright Poppy, I submitted an offer of $1,201,000 but they got 16 offers and did not counter anyone by moving forward with the top buyer over $1.2m.  Still waiting on Stellar.
Title: Re: Where the market is - Buyer Offers
Post by: Irvinehomeseeker on September 22, 2021, 10:03:41 PM
What’s better:

1) 4 bed condo?

Or

2) 3 bed detached condo?

Both same sqft and location

Delano 4 bed Attached with Downstairs bed.  In today's market it will go way more than 1.2 M asking price

https://www.redfin.com/CA/Irvine/99-Henson-92620/home/167401778
Title: Re: Where the market is - Buyer Offers
Post by: OCLuvr on September 23, 2021, 12:24:34 AM
With multiple offers
Title: Re: Where the market is - Buyer Offers
Post by: USCTrojanCPA on September 23, 2021, 08:26:06 AM
With multiple offers

Yup, can go as high as $1.3m.
Title: Re: Where the market is - Buyer Offers
Post by: OCtoSV on September 23, 2021, 09:09:39 AM
Made offers on the following 5 Irvine homes this week for a few buyers, let's see if I get any of them...

https://www.redfin.com/CA/Irvine/124-Toretta-92602/home/169487135

https://www.redfin.com/CA/Irvine/142-Follyhatch-92618/home/143915060

https://www.redfin.com/CA/Irvine/183-Quiet-Grv-92618/home/167154487

https://www.redfin.com/CA/Irvine/225-Bright-Poppy-92618/home/113145789

https://www.redfin.com/CA/Irvine/177-Stellar-92618/home/167401663

Quick update...

Got the Toretta home and the Follyhatch home for my buyers....waiting on counters for the other 3.  I was told Quiet Grove got 48 offers and they are over $1.1m on price now.

No dice on Quiet Grove and Bright Poppy.  For Quiet Grove, I submitted an offer of $1,061,000, but they got 48 offers and the top offers were in the $1.1s which was too steep for my buyer so we passed.  For Bright Poppy, I submitted an offer of $1,201,000 but they got 16 offers and did not counter anyone by moving forward with the top buyer over $1.2m.  Still waiting on Stellar.

These properties are all pretty nice and from a SV perspective CHEAP, especially considering how nice Irvine is. $1M gets crap in my area, which is nice but far from the ritziest:
https://www.zillow.com/homedetails/1108-Trevino-Ter-San-Jose-CA-95120/2069564149_zpid/ (https://www.zillow.com/homedetails/1108-Trevino-Ter-San-Jose-CA-95120/2069564149_zpid/)

OC buyers are lucky to have such a steady stream of inventory to choose from in the sub-$1.5M market.
Title: Re: Where the market is - Buyer Offers
Post by: USCTrojanCPA on September 23, 2021, 10:06:35 AM
Made offers on the following 5 Irvine homes this week for a few buyers, let's see if I get any of them...

https://www.redfin.com/CA/Irvine/124-Toretta-92602/home/169487135

https://www.redfin.com/CA/Irvine/142-Follyhatch-92618/home/143915060

https://www.redfin.com/CA/Irvine/183-Quiet-Grv-92618/home/167154487

https://www.redfin.com/CA/Irvine/225-Bright-Poppy-92618/home/113145789

https://www.redfin.com/CA/Irvine/177-Stellar-92618/home/167401663

Quick update...

Got the Toretta home and the Follyhatch home for my buyers....waiting on counters for the other 3.  I was told Quiet Grove got 48 offers and they are over $1.1m on price now.

No dice on Quiet Grove and Bright Poppy.  For Quiet Grove, I submitted an offer of $1,061,000, but they got 48 offers and the top offers were in the $1.1s which was too steep for my buyer so we passed.  For Bright Poppy, I submitted an offer of $1,201,000 but they got 16 offers and did not counter anyone by moving forward with the top buyer over $1.2m.  Still waiting on Stellar.

These properties are all pretty nice and from a SV perspective CHEAP, especially considering how nice Irvine is. $1M gets crap in my area, which is nice but far from the ritziest:
https://www.zillow.com/homedetails/1108-Trevino-Ter-San-Jose-CA-95120/2069564149_zpid/ (https://www.zillow.com/homedetails/1108-Trevino-Ter-San-Jose-CA-95120/2069564149_zpid/)

OC buyers are lucky to have such a steady stream of inventory to choose from in the sub-$1.5M market.

Yeah, I've heard there's a lot of NorCal folks moving down to Orange County, including Irvine, which seems to be driving prices higher.  Btw, didn't get a counter on Stellar after making an offer of $1,011,000 and they just went into escrow.  Getting 2 out of 5 offers accepted is pretty good in this market.  haha
Title: Re: Where the market is - Buyer Offers
Post by: The California Court Company on September 23, 2021, 10:16:23 AM
where I am currently at, I get the same good school system as IUSD, same or even better close to ocean climate as Irvine, but cheaper by 33% in housing price surrounded by beautiful natural topography vs the very artificial feel of Irvine that 90% is on flat land.
Title: Re: Where the market is - Buyer Offers
Post by: Compressed-Village on September 23, 2021, 10:26:30 AM
I keep on hearing that when the forbearance ceased, that home pricing will abate escalate. And troubled homeowners would force their hands to liquidate.

On the other hand, that won’t help prime market. That put Irvine that list. Tough to be a buyer here.
Title: Re: Where the market is - Buyer Offers
Post by: OCtoSV on September 23, 2021, 12:22:11 PM
Made offers on the following 5 Irvine homes this week for a few buyers, let's see if I get any of them...

https://www.redfin.com/CA/Irvine/124-Toretta-92602/home/169487135

https://www.redfin.com/CA/Irvine/142-Follyhatch-92618/home/143915060

https://www.redfin.com/CA/Irvine/183-Quiet-Grv-92618/home/167154487

https://www.redfin.com/CA/Irvine/225-Bright-Poppy-92618/home/113145789

https://www.redfin.com/CA/Irvine/177-Stellar-92618/home/167401663

Quick update...

Got the Toretta home and the Follyhatch home for my buyers....waiting on counters for the other 3.  I was told Quiet Grove got 48 offers and they are over $1.1m on price now.

No dice on Quiet Grove and Bright Poppy.  For Quiet Grove, I submitted an offer of $1,061,000, but they got 48 offers and the top offers were in the $1.1s which was too steep for my buyer so we passed.  For Bright Poppy, I submitted an offer of $1,201,000 but they got 16 offers and did not counter anyone by moving forward with the top buyer over $1.2m.  Still waiting on Stellar.

These properties are all pretty nice and from a SV perspective CHEAP, especially considering how nice Irvine is. $1M gets crap in my area, which is nice but far from the ritziest:
https://www.zillow.com/homedetails/1108-Trevino-Ter-San-Jose-CA-95120/2069564149_zpid/ (https://www.zillow.com/homedetails/1108-Trevino-Ter-San-Jose-CA-95120/2069564149_zpid/)

OC buyers are lucky to have such a steady stream of inventory to choose from in the sub-$1.5M market.

Yeah, I've heard there's a lot of NorCal folks moving down to Orange County, including Irvine, which seems to be driving prices higher.  Btw, didn't get a counter on Stellar after making an offer of $1,011,000 and they just went into escrow.  Getting 2 out of 5 offers accepted is pretty good in this market.  haha
Great work Martin. It's great to see your enterprise flourishing.
Title: Re: Where the market is - Buyer Offers
Post by: USCTrojanCPA on September 23, 2021, 10:10:37 PM
Made offers on the following 5 Irvine homes this week for a few buyers, let's see if I get any of them...

https://www.redfin.com/CA/Irvine/124-Toretta-92602/home/169487135

https://www.redfin.com/CA/Irvine/142-Follyhatch-92618/home/143915060

https://www.redfin.com/CA/Irvine/183-Quiet-Grv-92618/home/167154487

https://www.redfin.com/CA/Irvine/225-Bright-Poppy-92618/home/113145789

https://www.redfin.com/CA/Irvine/177-Stellar-92618/home/167401663

Quick update...

Got the Toretta home and the Follyhatch home for my buyers....waiting on counters for the other 3.  I was told Quiet Grove got 48 offers and they are over $1.1m on price now.

No dice on Quiet Grove and Bright Poppy.  For Quiet Grove, I submitted an offer of $1,061,000, but they got 48 offers and the top offers were in the $1.1s which was too steep for my buyer so we passed.  For Bright Poppy, I submitted an offer of $1,201,000 but they got 16 offers and did not counter anyone by moving forward with the top buyer over $1.2m.  Still waiting on Stellar.

These properties are all pretty nice and from a SV perspective CHEAP, especially considering how nice Irvine is. $1M gets crap in my area, which is nice but far from the ritziest:
https://www.zillow.com/homedetails/1108-Trevino-Ter-San-Jose-CA-95120/2069564149_zpid/ (https://www.zillow.com/homedetails/1108-Trevino-Ter-San-Jose-CA-95120/2069564149_zpid/)

OC buyers are lucky to have such a steady stream of inventory to choose from in the sub-$1.5M market.

Yeah, I've heard there's a lot of NorCal folks moving down to Orange County, including Irvine, which seems to be driving prices higher.  Btw, didn't get a counter on Stellar after making an offer of $1,011,000 and they just went into escrow.  Getting 2 out of 5 offers accepted is pretty good in this market.  haha
Great work Martin. It's great to see your enterprise flourishing.

Thank you, it does help to have very strong buyers who follow my recommendations on offer term strategies.
Title: Re: Where the market is - Buyer Offers
Post by: wonderboy on September 23, 2021, 11:29:36 PM
where I am currently at, I get the same good school system as IUSD, same or even better close to ocean climate as Irvine, but cheaper by 33% in housing price surrounded by beautiful natural topography vs the very artificial feel of Irvine that 90% is on flat land.

What city are you in again?  ???
Title: Re: Where the market is - Buyer Offers
Post by: OCtoSV on September 24, 2021, 10:44:17 AM
where I am currently at, I get the same good school system as IUSD, same or even better close to ocean climate as Irvine, but cheaper by 33% in housing price surrounded by beautiful natural topography vs the very artificial feel of Irvine that 90% is on flat land.

What city are you in again?  ???
Must be John's Creek
Title: Re: Where the market is - Buyer Offers
Post by: Goriot on September 24, 2021, 02:50:05 PM
Talk about a <1 month quick flip on a pricey home.  With leverage, high ROI in a month.  Rich gets richer.

https://www.redfin.com/CA/Irvine/110-Heavenly-92602/home/112721738
Title: Re: Where the market is - Buyer Offers
Post by: The California Court Company on September 24, 2021, 02:54:48 PM
where I am currently at, I get the same good school system as IUSD, same or even better close to ocean climate as Irvine, but cheaper by 33% in housing price surrounded by beautiful natural topography vs the very artificial feel of Irvine that 90% is on flat land.

What city are you in again?  ???
Must be John's Creek
Johns Creek is 4-5 hours away from the closest beach. Maybe one day after climate change it will be closer
Title: Re: Where the market is - Buyer Offers
Post by: Irvinehomeseeker on September 24, 2021, 06:23:55 PM
Talk about a <1 month quick flip on a pricey home.  With leverage, high ROI in a month.  Rich gets richer.

https://www.redfin.com/CA/Irvine/110-Heavenly-92602/home/112721738

WOW 650K more in one month and under contract!! I guess folks from up north with the tech company salaries buying up irvine and OC housing stock.
Title: Re: Where the market is - Buyer Offers
Post by: fatduck on September 24, 2021, 08:15:36 PM
2m in 2018 to 4.3m in 2021 is not bad ROI either

But the real winner is the listing agent who did both the 4.3m sale a month ago and the current listing
Title: Re: Where the market is - Buyer Offers
Post by: sleepy5136 on September 24, 2021, 08:53:00 PM
2m in 2018 to 4.3m in 2021 is not bad ROI either

But the real winner is the listing agent who did both the 4.3m sale a month ago and the current listing
agree. the commission generated from one sale is already higher than the average households annual salary. This was done in one transaction.
Title: Re: Where the market is - Buyer Offers
Post by: USCTrojanCPA on September 25, 2021, 10:43:07 PM
Made an offer on this underpriced home for a buyer today...

https://www.redfin.com/CA/Irvine/5-Olinda-92602/home/5771809
Title: Re: Where the market is - Buyer Offers
Post by: aquabliss on September 25, 2021, 11:40:28 PM
Pavilion Park currently has zero true SFH on market.  2 SFH just went pending and the 2 other detached condos are pending.  Only one detached condo available just went on the market Thursday, but no SFH.

Never seen this happen before, crazy times.
Title: Re: Where the market is - Buyer Offers
Post by: Irvinehomeseeker on September 26, 2021, 10:00:40 AM
Sometimes you wonder if the buyers finally say quits when prices reach so high...both existing and new homes have risen like 75-100K on average in Irvine in just 3 months. Even if financing its like 400-500$ more per month. And there are hardly any homes on the market, yet ppl keep bidding up.
 Is the thought process like bid up and buy now or miss the boat forever?
And how are buyers stretching their budgets? I can understand buyers from northern CA with tech salaries able to afford but wonder about ppl from OC being able to compete.
Title: Re: Where the market is - Buyer Offers
Post by: sleepy5136 on September 26, 2021, 03:35:51 PM
Sometimes you wonder if the buyers finally say quits when prices reach so high...both existing and new homes have risen like 75-100K on average in Irvine in just 3 months. Even if financing its like 400-500$ more per month. And there are hardly any homes on the market, yet ppl keep bidding up.
 Is the thought process like bid up and buy now or miss the boat forever?
And how are buyers stretching their budgets? I can understand buyers from northern CA with tech salaries able to afford but wonder about ppl from OC being able to compete.
There is a TON of money and wealth being built due to COVID if you aren't in the bottom half of the income ladder. The stock market itself is already a great example and if you already have a home, your home already appreciated enough to be able to afford the higher payments. There is also a ton of overseas money coming in as foreign investors are putting their money into something more stable which would be US real estate. Now that US has opened its borders to international travelers, you may see a tick up in foreign investors in the housing market. You also have a bunch of parents helping their kids with the down payments as well.
Title: Re: Where the market is - Buyer Offers
Post by: zubs on September 26, 2021, 09:43:39 PM
After refinancing some properties due to the low interest rates in the past year, I'm paying $1100 less/month to the bank.
I'm sure lots of people have seen their mortgage payments drop in the past year....

There's only so much hookers n blow one can do before it gets tiresome.....Guess I'll stick it in the stock market like everyone else...or buy another house?
Title: Re: Where the market is - Buyer Offers
Post by: Compressed-Village on September 28, 2021, 09:01:21 AM
The way I pursues any investment is to never chase ANYTHING that is over leverage, overly hyped and peaked. My top, is different from other top, compare with a person coming from high cost area else where. Of course, if life change events occur, you will need to do what you need to do regardless.
Title: Re: Where the market is - Buyer Offers
Post by: zubs on September 28, 2021, 09:11:20 AM
My previous post is an attempt to show anecdotally how the feds policies have affected me.
I'm now $1100/month richer just through refinancing and no real work.
Also my properties have gone up 25% in value.
Plus I can raise my rents while my mortgage goes down?...dafuq.

Quite inflationary.


Costco king crab legs last year $27.99
Today it's $39.99.


Probably going higher when holidays hit.
Title: Re: Where the market is - Buyer Offers
Post by: Maserson on September 28, 2021, 02:13:53 PM
https://www.redfin.com/CA/Irvine/108-Locanda-92620/home/167378932?1280460695=variant&600390594=copy_variant&231528114=control&1077477207=variant&utm_source=ios_share&utm_medium=share&utm_nooverride=1&utm_content=link&utm_campaign=share_sheet

Are we at $700/soft now?
Title: Re: Where the market is - Buyer Offers
Post by: USCTrojanCPA on September 28, 2021, 03:15:58 PM
https://www.redfin.com/CA/Irvine/108-Locanda-92620/home/167378932?1280460695=variant&600390594=copy_variant&231528114=control&1077477207=variant&utm_source=ios_share&utm_medium=share&utm_nooverride=1&utm_content=link&utm_campaign=share_sheet

Are we at $700/soft now?

Wait till you see my upcoming Crescendo Plan 1 Cadence Park listing. It'll also be around $700/sf but it sits on a corner lot of almost 10,000sf and has almost $1m in upgrades including $500k in landscaping with a kick ass pool and mature trees. It'll give the model home a run for it's money.
Title: Re: Where the market is - Buyer Offers
Post by: Compressed-Village on September 28, 2021, 03:33:03 PM
My previous post is an attempt to show anecdotally how the feds policies have affected me.
I'm now $1100/month richer just through refinancing and no real work.
Also my properties have gone up 25% in value.
Plus I can raise my rents while my mortgage goes down?...dafuq.

Quite inflationary.


Costco king crab legs last year $27.99
Today it's $39.99.


Probably going higher when holidays hit.


Income producing assets such as a rental properties are doing extremely well in this environment. Lands and commodities, tangible assets is as good as gold.

Is it safe to say that we don't have speculators exist anymore in the realestate market? It's hard to say no, when you have homes appreciate 20-25 % annually, since last year. This will bring alot of speculation to the housing market and any speculation exist in an asset class will not end well. It is different though when someone buy to their root down. Whether the market goes up or down, we need a place to live, rent or buy. The heartache now is both rent and buy is coming into an extreme measures.
Title: Re: Where the market is - Buyer Offers
Post by: Compressed-Village on September 28, 2021, 03:46:51 PM
https://www.redfin.com/CA/Irvine/108-Locanda-92620/home/167378932?1280460695=variant&600390594=copy_variant&231528114=control&1077477207=variant&utm_source=ios_share&utm_medium=share&utm_nooverride=1&utm_content=link&utm_campaign=share_sheet

Are we at $700/soft now?

Wait till you see my upcoming Crescendo Plan 1 Cadence Park listing. It'll also be around $700/sf but it sits on a corner lot of almost 10,000sf and has almost $1m in upgrades including $500k in landscaping with a kick ass pool and mature trees. It'll give the model home a run for it's money.

Sounds like a kick ass pad.
Title: Re: Where the market is - Buyer Offers
Post by: USCTrojanCPA on September 28, 2021, 04:12:52 PM
https://www.redfin.com/CA/Irvine/108-Locanda-92620/home/167378932?1280460695=variant&600390594=copy_variant&231528114=control&1077477207=variant&utm_source=ios_share&utm_medium=share&utm_nooverride=1&utm_content=link&utm_campaign=share_sheet

Are we at $700/soft now?

Wait till you see my upcoming Crescendo Plan 1 Cadence Park listing. It'll also be around $700/sf but it sits on a corner lot of almost 10,000sf and has almost $1m in upgrades including $500k in landscaping with a kick ass pool and mature trees. It'll give the model home a run for it's money.

Sounds like a kick ass pad.

Yeah, the house is awesome and the interior upgrades were done with the consultation of an interior designer so very tastefully done.  I think he even upgraded the electrical panel to 400 amps because of the electronics in the home.  Seller will be moving up to his LA home at the end of next month so I should have it ready to list in Nov/Dec.
Title: Re: Where the market is - Buyer Offers
Post by: TestingIrvine on September 28, 2021, 04:16:57 PM
$700 is the new normal in newer communities in Irvine.

Too much demand with Bay Area people putting down cash offers. A Redfin agent says 70% of his client are Bay Area
Title: Re: Where the market is - Buyer Offers
Post by: zovall on September 28, 2021, 04:50:13 PM
$700 is the new normal in newer communities in Irvine.

Too much demand with Bay Area people putting down cash offers. A Redfin agent says 70% of his client are Bay Area

With many Bay Area tech jobs being more accepting for remote work now, it doesn't surprise me that many would move to Irvine/OC/Southern California to get more bang for their buck.
Title: Re: Where the market is - Buyer Offers
Post by: eyephone on September 28, 2021, 04:58:11 PM
But if they did not announce remote only forever. Then the person is taking a risk in a way.
Title: Re: Where the market is - Buyer Offers
Post by: zovall on September 28, 2021, 06:37:49 PM
Is it safe to say that we don't have speculators exist anymore in the realestate market? It's hard to say no, when you have homes appreciate 20-25 % annually, since last year. This will bring alot of speculation to the housing market and any speculation exist in an asset class will not end well. It is different though when someone buy to their root down. Whether the market goes up or down, we need a place to live, rent or buy. The heartache now is both rent and buy is coming into an extreme measures.

I think there are tons of speculators and "investors" buying now.. A lot of people have a lot of money and real estate is just one asset that has inflated. But since lending standards are high, we won't see a crash like we did last time. What could cause something like that?

I do believe that society benefits from people buying homes for themselves to live in.
Title: Re: Where the market is - Buyer Offers
Post by: sleepy5136 on September 28, 2021, 06:48:02 PM
Is it safe to say that we don't have speculators exist anymore in the realestate market? It's hard to say no, when you have homes appreciate 20-25 % annually, since last year. This will bring alot of speculation to the housing market and any speculation exist in an asset class will not end well. It is different though when someone buy to their root down. Whether the market goes up or down, we need a place to live, rent or buy. The heartache now is both rent and buy is coming into an extreme measures.

I think there are tons of speculators and "investors" buying now.. A lot of people have a lot of money and real estate is just one asset that has inflated. But since lending standards are high, we won't see a crash like we did last time. What could cause something like that?

I do believe that society benefits from people buying homes for themselves to live in.
once interest rates lift off, I think we will see a slow down. keyword, slowdown. Not a crash.
Title: Re: Where the market is - Buyer Offers
Post by: Compressed-Village on September 28, 2021, 07:18:14 PM
https://www.redfin.com/CA/Irvine/108-Locanda-92620/home/167378932?1280460695=variant&600390594=copy_variant&231528114=control&1077477207=variant&utm_source=ios_share&utm_medium=share&utm_nooverride=1&utm_content=link&utm_campaign=share_sheet

Are we at $700/soft now?

Wait till you see my upcoming Crescendo Plan 1 Cadence Park listing. It'll also be around $700/sf but it sits on a corner lot of almost 10,000sf and has almost $1m in upgrades including $500k in landscaping with a kick ass pool and mature trees. It'll give the model home a run for it's money.

Sounds like a kick ass pad.

Yeah, the house is awesome and the interior upgrades were done with the consultation of an interior designer so very tastefully done.  I think he even upgraded the electrical panel to 400 amps because of the electronics in the home.  Seller will be moving up to his LA home at the end of next month so I should have it ready to list in Nov/Dec.

As a realtor, do you have access to homes that when it hit the MLS listing that you can tell if the homes are in forebearance status? Or only the bank's own the notes has this info?
Title: Re: Where the market is - Buyer Offers
Post by: USCTrojanCPA on September 28, 2021, 08:11:42 PM
Is it safe to say that we don't have speculators exist anymore in the realestate market? It's hard to say no, when you have homes appreciate 20-25 % annually, since last year. This will bring alot of speculation to the housing market and any speculation exist in an asset class will not end well. It is different though when someone buy to their root down. Whether the market goes up or down, we need a place to live, rent or buy. The heartache now is both rent and buy is coming into an extreme measures.

I think there are tons of speculators and "investors" buying now.. A lot of people have a lot of money and real estate is just one asset that has inflated. But since lending standards are high, we won't see a crash like we did last time. What could cause something like that?

I do believe that society benefits from people buying homes for themselves to live in.

Totally agree on what you said.  All but one of my buyers in the past year were folks who were buying to occupy the home to live in (one was a client of mine who wanted to buy their first rental property).  However, I've had 3-4 of my previous clients ping me about buying a rental property in the few months but I told them to be ready to go to war because it's a brutally market in the sub $1m price range with dozens of offers on each listing.
Title: Re: Where the market is - Buyer Offers
Post by: USCTrojanCPA on September 28, 2021, 08:17:25 PM
https://www.redfin.com/CA/Irvine/108-Locanda-92620/home/167378932?1280460695=variant&600390594=copy_variant&231528114=control&1077477207=variant&utm_source=ios_share&utm_medium=share&utm_nooverride=1&utm_content=link&utm_campaign=share_sheet

Are we at $700/soft now?

Wait till you see my upcoming Crescendo Plan 1 Cadence Park listing. It'll also be around $700/sf but it sits on a corner lot of almost 10,000sf and has almost $1m in upgrades including $500k in landscaping with a kick ass pool and mature trees. It'll give the model home a run for it's money.

Sounds like a kick ass pad.

Yeah, the house is awesome and the interior upgrades were done with the consultation of an interior designer so very tastefully done.  I think he even upgraded the electrical panel to 400 amps because of the electronics in the home.  Seller will be moving up to his LA home at the end of next month so I should have it ready to list in Nov/Dec.

As a realtor, do you have access to homes that when it hit the MLS listing that you can tell if the homes are in forebearance status? Or only the bank's own the notes has this info?

I don't see whether they are in forbearance or not through my MLS title records, I only see the the latest loans taken out.  It's doubtful that there are many sellers in Irvine are in forbearance on their mortgage, but I wouldn't be surprised that there's more sellers outside of Irvine who are.  Personally, I didn't want to do forbearance even thought I could have because I didn't want to have any potential issues when it was time to buy the next home.
Title: Re: Where the market is - Buyer Offers
Post by: Cares on September 28, 2021, 10:51:57 PM
You cannot see it in any public records unless it goes into some sort of foreclosure.

Either way forbearance is a trap. They say it doesn't affect your credit and they don't report it to the credit bureaus which is true. But what do your credit report looks like? You'll have many months of unreported payments. Put 2 and 2 together and it's obvious that you're on a forbearance plan.
Title: Re: Where the market is - Buyer Offers
Post by: Mety on September 29, 2021, 09:20:17 AM
Is it safe to say that we don't have speculators exist anymore in the realestate market? It's hard to say no, when you have homes appreciate 20-25 % annually, since last year. This will bring alot of speculation to the housing market and any speculation exist in an asset class will not end well. It is different though when someone buy to their root down. Whether the market goes up or down, we need a place to live, rent or buy. The heartache now is both rent and buy is coming into an extreme measures.

I think there are tons of speculators and "investors" buying now.. A lot of people have a lot of money and real estate is just one asset that has inflated. But since lending standards are high, we won't see a crash like we did last time. What could cause something like that?

I do believe that society benefits from people buying homes for themselves to live in.

Real Estate has become a good investment asset since the interest rates have gone down a lot. CD rates are so low like 0.5% compare to 2 years ago when it was 3+%. So it's natural to see money moving from banks to properties and stocks since those are giving you much more appreciation than parking your money in banks now days.

What would cause a crash like last time? Couple things we can speculate.

1. Forbearance Money
Many people actually took advantage of forbearance since it's like not paying for like 2 to more months and living for free! Why not, right? Well, like many experts here warned, it would cause issues when you sell or refinance your home. It might not be much an issue if you sell since your home price most likely increased much to cover any unpaid mortgage, but if you were to refinance, you would have to take care of those unpaid money first. So if you spent those money elsewhere, tough luck. And imagine those unpaid money keeps piling up here and there and everywhere, yeah it won't be that pretty. But it's actually not that much of an issue since you can just sit at your home not selling or refinancing. Just live there forever, right?

2. Refinance
Because the rates have gone so much lower, so many people refinanced last and this year. But the problem is if you refinance right after you just refinanced, you're kind of screwing up your first refinancer. I heard you should wait couple months for them to actually profit for refinancing your home, but the rates kept getting lower and lower and since not many lenders can prohibit you from refinancing again with other lenders the next day, how would that loss be covered? If that keeps happening all over the country, yeah it won't be that pretty.

3. Increase of Rates
I think the country is actually benefitting from low interests rates since many people take advantage of it and keep buying homes which means more taxes for the country! In a way, that might be why we're having good economics and not crashing like many people thought. But if the rate goes up, woooo! You know people won't buy as much and RE money will be moved to banks and even to other countries, and your home price is going down, baby. :(

Now these are just couple speculations of possible crash. But I personally don't think or hope not it would happen as bad as the last one since we have more strict buying conditions and I personally don't think the FED will increase the rates any time soon. But who knows? 8)
Title: Re: Where the market is - Buyer Offers
Post by: CalBears96 on September 29, 2021, 11:11:30 AM
2. Refinance
Because the rates have gone so much lower, so many people refinanced last and this year. But the problem is if you refinance right after you just refinanced, you're kind of screwing up your first refinancer. I heard you should wait couple months for them to actually profit for refinancing your home, but the rates kept getting lower and lower and since not many lenders can prohibit you from refinancing again with other lenders the next day, how would that loss be covered? If that keeps happening all over the country, yeah it won't be that pretty.
As far as I know, lenders won't allow you to pay off your loan for 3-6 months without penalty.  When I refinanced back in March 2020, the terms were 6 months, so I had to wait until October before I could refinance again.  It worked out for me since the rate wasn't really worth it before then anyway.  I refinanced 15 years fixed at 2.625% (no closing costs) in March and then again at 2.25% in October.
Title: Re: Where the market is - Buyer Offers
Post by: eyephone on September 29, 2021, 11:23:38 AM
Is it safe to say that we don't have speculators exist anymore in the realestate market? It's hard to say no, when you have homes appreciate 20-25 % annually, since last year. This will bring alot of speculation to the housing market and any speculation exist in an asset class will not end well. It is different though when someone buy to their root down. Whether the market goes up or down, we need a place to live, rent or buy. The heartache now is both rent and buy is coming into an extreme measures.

I think there are tons of speculators and "investors" buying now.. A lot of people have a lot of money and real estate is just one asset that has inflated. But since lending standards are high, we won't see a crash like we did last time. What could cause something like that?

I do believe that society benefits from people buying homes for themselves to live in.

Real Estate has become a good investment asset since the interest rates have gone down a lot. CD rates are so low like 0.5% compare to 2 years ago when it was 3+%. So it's natural to see money moving from banks to properties and stocks since those are giving you much more appreciation than parking your money in banks now days.

What would cause a crash like last time? Couple things we can speculate.

1. Forbearance Money
Many people actually took advantage of forbearance since it's like not paying for like 2 to more months and living for free! Why not, right? Well, like many experts here warned, it would cause issues when you sell or refinance your home. It might not be much an issue if you sell since your home price most likely increased much to cover any unpaid mortgage, but if you were to refinance, you would have to take care of those unpaid money first. So if you spent those money elsewhere, tough luck. And imagine those unpaid money keeps piling up here and there and everywhere, yeah it won't be that pretty. But it's actually not that much of an issue since you can just sit at your home not selling or refinancing. Just live there forever, right?

2. Refinance
Because the rates have gone so much lower, so many people refinanced last and this year. But the problem is if you refinance right after you just refinanced, you're kind of screwing up your first refinancer. I heard you should wait couple months for them to actually profit for refinancing your home, but the rates kept getting lower and lower and since not many lenders can prohibit you from refinancing again with other lenders the next day, how would that loss be covered? If that keeps happening all over the country, yeah it won't be that pretty.

3. Increase of Rates
I think the country is actually benefitting from low interests rates since many people take advantage of it and keep buying homes which means more taxes for the country! In a way, that might be why we're having good economics and not crashing like many people thought. But if the rate goes up, woooo! You know people won't buy as much and RE money will be moved to banks and even to other countries, and your home price is going down, baby. :(

Now these are just couple speculations of possible crash. But I personally don't think or hope not it would happen as bad as the last one since we have more strict buying conditions and I personally don't think the FED will increase the rates any time soon. But who knows? 8)

and/or other global factors that can lead to an economic slowdown or credit crisis (thumbs up)
Title: Re: Where the market is - Buyer Offers
Post by: eyephone on September 29, 2021, 12:04:23 PM
Is it safe to say that we don't have speculators exist anymore in the realestate market? It's hard to say no, when you have homes appreciate 20-25 % annually, since last year. This will bring alot of speculation to the housing market and any speculation exist in an asset class will not end well. It is different though when someone buy to their root down. Whether the market goes up or down, we need a place to live, rent or buy. The heartache now is both rent and buy is coming into an extreme measures.

I think there are tons of speculators and "investors" buying now.. A lot of people have a lot of money and real estate is just one asset that has inflated. But since lending standards are high, we won't see a crash like we did last time. What could cause something like that?

I do believe that society benefits from people buying homes for themselves to live in.

Real Estate has become a good investment asset since the interest rates have gone down a lot. CD rates are so low like 0.5% compare to 2 years ago when it was 3+%. So it's natural to see money moving from banks to properties and stocks since those are giving you much more appreciation than parking your money in banks now days.

What would cause a crash like last time? Couple things we can speculate.

1. Forbearance Money
Many people actually took advantage of forbearance since it's like not paying for like 2 to more months and living for free! Why not, right? Well, like many experts here warned, it would cause issues when you sell or refinance your home. It might not be much an issue if you sell since your home price most likely increased much to cover any unpaid mortgage, but if you were to refinance, you would have to take care of those unpaid money first. So if you spent those money elsewhere, tough luck. And imagine those unpaid money keeps piling up here and there and everywhere, yeah it won't be that pretty. But it's actually not that much of an issue since you can just sit at your home not selling or refinancing. Just live there forever, right?

2. Refinance
Because the rates have gone so much lower, so many people refinanced last and this year. But the problem is if you refinance right after you just refinanced, you're kind of screwing up your first refinancer. I heard you should wait couple months for them to actually profit for refinancing your home, but the rates kept getting lower and lower and since not many lenders can prohibit you from refinancing again with other lenders the next day, how would that loss be covered? If that keeps happening all over the country, yeah it won't be that pretty.

3. Increase of Rates
I think the country is actually benefitting from low interests rates since many people take advantage of it and keep buying homes which means more taxes for the country! In a way, that might be why we're having good economics and not crashing like many people thought. But if the rate goes up, woooo! You know people won't buy as much and RE money will be moved to banks and even to other countries, and your home price is going down, baby. :(

Now these are just couple speculations of possible crash. But I personally don't think or hope not it would happen as bad as the last one since we have more strict buying conditions and I personally don't think the FED will increase the rates any time soon. But who knows? 8)

and/or other global factors that can lead to an economic slowdown or credit crisis (thumbs up)

There is reported power outages that not that many people are talking about, but people should be concerned.  8)
Title: Re: Where the market is - Buyer Offers
Post by: woodburyowner on September 29, 2021, 02:17:35 PM
2. Refinance
Because the rates have gone so much lower, so many people refinanced last and this year. But the problem is if you refinance right after you just refinanced, you're kind of screwing up your first refinancer. I heard you should wait couple months for them to actually profit for refinancing your home, but the rates kept getting lower and lower and since not many lenders can prohibit you from refinancing again with other lenders the next day, how would that loss be covered? If that keeps happening all over the country, yeah it won't be that pretty.
As far as I know, lenders won't allow you to pay off your loan for 3-6 months without penalty.  When I refinanced back in March 2020, the terms were 6 months, so I had to wait until October before I could refinance again.  It worked out for me since the rate wasn't really worth it before then anyway.  I refinanced 15 years fixed at 2.625% (no closing costs) in March and then again at 2.25% in October.

Lenders don't want you to pay off your loan until 6 months after the refinance in order for them to keep their commissions and fees.  There is nothing they can do to stop you.   
Title: Re: Where the market is - Buyer Offers
Post by: Cares on September 29, 2021, 05:09:57 PM
2. Refinance
Because the rates have gone so much lower, so many people refinanced last and this year. But the problem is if you refinance right after you just refinanced, you're kind of screwing up your first refinancer. I heard you should wait couple months for them to actually profit for refinancing your home, but the rates kept getting lower and lower and since not many lenders can prohibit you from refinancing again with other lenders the next day, how would that loss be covered? If that keeps happening all over the country, yeah it won't be that pretty.
As far as I know, lenders won't allow you to pay off your loan for 3-6 months without penalty.  When I refinanced back in March 2020, the terms were 6 months, so I had to wait until October before I could refinance again.  It worked out for me since the rate wasn't really worth it before then anyway.  I refinanced 15 years fixed at 2.625% (no closing costs) in March and then again at 2.25% in October.

Lenders don't want you to pay off your loan until 6 months after the refinance in order for them to keep their commissions and fees.  There is nothing they can do to stop you.   

Ban this man! He knows too much.

But yea honestly it's all scare tactics when they say you can't refinance in 6 months because they will lose their commission on it. Most lenders require you to sign some sort of agreement to not prepay within 6 months but #1 I doubt they will go after you for it and #2 the relationship will sour if they do try to go after you.

I would hope all my previous clients don't do this to me and that if rates significantly dropped within 6 months to give me the first shot. I would hate to lose the commission the 1st time around plus all closing costs I covered and then lose them as a customer too.
Title: Re: Where the market is - Buyer Offers
Post by: USCTrojanCPA on September 29, 2021, 09:46:22 PM
Got this home for one of my buyers using a no limit escalation clause but the bidding got fierce...

https://www.redfin.com/CA/Irvine/46-Townsend-92620/home/5978848
Title: Re: Where the market is - Buyer Offers
Post by: Mety on September 30, 2021, 10:31:03 AM
That's right. You know what time it is. It's the time Delano plan1 hits $1m listing, baby!
https://www.redfin.com/CA/Irvine/70-Parkwood-92602/home/167401774

It's looking for almost $90k appreciation in a month. Yes, you'e reading it correctly. They sold and listed again in a month with $90k up.
Title: Re: Where the market is - Buyer Offers
Post by: OCLuvr on September 30, 2021, 10:45:50 AM
Helena/Delano listings should go on a separate thread, as they match Bay Area prices than Irvine prices.
Title: Re: Where the market is - Buyer Offers
Post by: TestingIrvine on September 30, 2021, 11:07:05 AM
That's right. You know what time it is. It's the time Delano plan1 hits $1m listing, baby!
https://www.redfin.com/CA/Irvine/70-Parkwood-92602/home/167401774

It's looking for almost $90k appreciation in a month. Yes, you'e reading it correctly. They sold and listed again in a month with $90k up.



It’s an Open Door listing they bought below $1M and trying to flip it.
Title: Re: Where the market is - Buyer Offers
Post by: Mety on September 30, 2021, 11:16:00 AM
That's right. You know what time it is. It's the time Delano plan1 hits $1m listing, baby!
https://www.redfin.com/CA/Irvine/70-Parkwood-92602/home/167401774

It's looking for almost $90k appreciation in a month. Yes, you'e reading it correctly. They sold and listed again in a month with $90k up.



It’s an Open Door listing they bought below $1M and trying to flip it.

Opendoor charges 5% for listing fees. That’s more than many others now days. Interesting.
Title: Re: Where the market is - Buyer Offers
Post by: Irvinehomeseeker on September 30, 2021, 06:36:24 PM
That's right. You know what time it is. It's the time Delano plan1 hits $1m listing, baby!
https://www.redfin.com/CA/Irvine/70-Parkwood-92602/home/167401774

It's looking for almost $90k appreciation in a month. Yes, you'e reading it correctly. They sold and listed again in a month with $90k up.



It’s an Open Door listing they bought below $1M and trying to flip it.


So opendoor bought it Aug at 930K and they are selling for 90K more?
I heard flipping is back in full swing  A collegue of mine mentioned he is back into flipping with this hot housing market.
Just hoping it doesn't end the way happened in the last housing bubble.
Title: Re: Where the market is - Buyer Offers
Post by: USCTrojanCPA on September 30, 2021, 06:46:46 PM
That's right. You know what time it is. It's the time Delano plan1 hits $1m listing, baby!
https://www.redfin.com/CA/Irvine/70-Parkwood-92602/home/167401774

It's looking for almost $90k appreciation in a month. Yes, you'e reading it correctly. They sold and listed again in a month with $90k up.



It’s an Open Door listing they bought below $1M and trying to flip it.


So opendoor bought it Aug at 930K and they are selling for 90K more?
I heard flipping is back in full swing  A collegue of mine mentioned he is back into flipping with this hot housing market.
Just hoping it doesn't end the way happened in the last housing bubble.

No way they get a $1m for a Plan 1.  Probably mid-to-high $900s.
Title: Re: Where the market is - Buyer Offers
Post by: sleepy5136 on September 30, 2021, 07:00:07 PM
That's right. You know what time it is. It's the time Delano plan1 hits $1m listing, baby!
https://www.redfin.com/CA/Irvine/70-Parkwood-92602/home/167401774

It's looking for almost $90k appreciation in a month. Yes, you'e reading it correctly. They sold and listed again in a month with $90k up.

So I thought redfin/zillow/opendoor are taking Ls from buying and flipping? Doesn't seem like that is the case and these people are artificially inflating the market.


It’s an Open Door listing they bought below $1M and trying to flip it.


So opendoor bought it Aug at 930K and they are selling for 90K more?
I heard flipping is back in full swing  A collegue of mine mentioned he is back into flipping with this hot housing market.
Just hoping it doesn't end the way happened in the last housing bubble.
Title: Re: Where the market is - Buyer Offers
Post by: Irvinehomeseeker on September 30, 2021, 07:58:02 PM
That's right. You know what time it is. It's the time Delano plan1 hits $1m listing, baby!
https://www.redfin.com/CA/Irvine/70-Parkwood-92602/home/167401774

It's looking for almost $90k appreciation in a month. Yes, you'e reading it correctly. They sold and listed again in a month with $90k up.



It’s an Open Door listing they bought below $1M and trying to flip it.


So opendoor bought it Aug at 930K and they are selling for 90K more?
I heard flipping is back in full swing  A collegue of mine mentioned he is back into flipping with this hot housing market.
Just hoping it doesn't end the way happened in the last housing bubble.

No way they get a $1m for a Plan 1.  Probably mid-to-high $900s.

The plan 2 of Delano with 3 bedrooms went for 1.2M( i mean in contract), so why not plan 1 for 1M price at today's crazy market?. The sqt wise plan 1 is only 200 sqt less. Plan 1 misses as a side yard but makes it up somewhat with a small courtyard. Just wondering....
Title: Re: Where the market is - Buyer Offers
Post by: USCTrojanCPA on September 30, 2021, 08:24:13 PM
That's right. You know what time it is. It's the time Delano plan1 hits $1m listing, baby!
https://www.redfin.com/CA/Irvine/70-Parkwood-92602/home/167401774

It's looking for almost $90k appreciation in a month. Yes, you'e reading it correctly. They sold and listed again in a month with $90k up.



It’s an Open Door listing they bought below $1M and trying to flip it.


So opendoor bought it Aug at 930K and they are selling for 90K more?
I heard flipping is back in full swing  A collegue of mine mentioned he is back into flipping with this hot housing market.
Just hoping it doesn't end the way happened in the last housing bubble.

No way they get a $1m for a Plan 1.  Probably mid-to-high $900s.

The plan 2 of Delano with 3 bedrooms went for 1.2M( i mean in contract), so why not plan 1 for 1M price at today's crazy market?. The sqt wise plan 1 is only 200 sqt less. Plan 1 misses as a side yard but makes it up somewhat with a small courtyard. Just wondering....

Why?  Because it's a carriage unit where all the living space is upstairs with no yard.  I sold the same floor plan last year and heard all the complaining about that so you can't compare price per SF on an inferior floor plan to a good floor plan.  Also, the model match below closed yesterday for $939k. 

https://www.redfin.com/CA/Irvine/55-Quill-92602/home/169484376

Title: Re: Where the market is - Buyer Offers
Post by: Irvinehomeseeker on September 30, 2021, 10:43:52 PM
Thanks Martin!
Title: Re: Where the market is - Buyer Offers
Post by: irvinehomeowner on September 30, 2021, 11:21:46 PM
Condwich bad. :)

You would think a pandemic would have some negative effect on real estate... instead it was the opposite... on almost everything.

I wonder if tulips have gone up in price too.
Title: Re: Where the market is - Buyer Offers
Post by: Cares on October 01, 2021, 12:29:56 AM
Condwich bad. :)

You would think a pandemic would have some negative effect on real estate... instead it was the opposite... on almost everything.

I wonder if tulips have gone up in price too.

Well the negative effect is if you don't already own then you're in a much worse spot than a couple years ago. Most of us on these forums are owners of 1 or multiple homes so we're doing much better than the average person.
Title: Re: Where the market is - Buyer Offers
Post by: aquabliss on October 01, 2021, 12:40:21 AM
Condwich bad. :)

You would think a pandemic would have some negative effect on real estate... instead it was the opposite... on almost everything.

I wonder if tulips have gone up in price too.

Well the negative effect is if you don't already own then you're in a much worse spot than a couple years ago. Most of us on these forums are owners of 1 or multiple homes so we're doing much better than the average person.

A coworker friend of mine almost bought 3 times in 2019 but kept getting outbid and wasn’t in a rush.  Then when pandemic hit he got excited because he thought the economic crash of the century was here and he could buy a $1M home for $250k if he waited and kept his cash on the side.  Well of course you know what happened, he kept waiting and waiting and never bought.  Now of course that $1M home from 2019 is $1.5M and he can not afford it.  I feel bad for the guy but the best time to buy real estate is usually “now”, I told him this but he didn’t listen and now he’ll probably never buy anything.
Title: Re: Where the market is - Buyer Offers
Post by: CalBears96 on October 01, 2021, 01:07:02 AM
A coworker friend of mine almost bought 3 times in 2019 but kept getting outbid and wasn’t in a rush.  Then when pandemic hit he got excited because he thought the economic crash of the century was here and he could buy a $1M home for $250k if he waited and kept his cash on the side.  Well of course you know what happened, he kept waiting and waiting and never bought.  Now of course that $1M home from 2019 is $1.5M and he can not afford it.  I feel bad for the guy but the best time to buy real estate is usually “now”, I told him this but he didn’t listen and now he’ll probably never buy anything.
It's kind of funny because my brother-in-law also almost bought 3 times from 2019 to 2020.  Each time, it was my sister who always found some fault.  They practically was putting the deposit down before they found out Teresina didn't have amenities.  My brother-in-law said he probably would have bought if HOA fees were only $150, but my sister just refused.  Another one was Barcelona, and it was my sister trying to low ball IP's offer.  And the third one was Highland that my sister tried to low ball IP again.  She wasn't motivated to buy Highland because the master suite doesn't have vanity.  I guess my brother-in-law is regretting those decisions right now.

He's on priority list for Oaks at Portola Hills and Evergreen at Meadows now.
Title: Re: Where the market is - Buyer Offers
Post by: zovall on October 01, 2021, 02:32:02 AM
Another one was Barcelona, and it was my sister trying to low ball IP's offer.  And the third one was Highland that my sister tried to low ball IP again.

I have a relative like this too. They found their single story unicorn and then wanted to low ball. Same relative also wants a Tesla Model Y (which isn't available until March) and thinks they can negotiate the price. Very frustrating but also kinda funny as I am writing this...
Title: Re: Where the market is - Buyer Offers
Post by: eyephone on October 01, 2021, 07:15:56 AM
Condwich bad. :)

You would think a pandemic would have some negative effect on real estate... instead it was the opposite... on almost everything.

I wonder if tulips have gone up in price too.

Well the negative effect is if you don't already own then you're in a much worse spot than a couple years ago. Most of us on these forums are owners of 1 or multiple homes so we're doing much better than the average person.

A coworker friend of mine almost bought 3 times in 2019 but kept getting outbid and wasn’t in a rush.  Then when pandemic hit he got excited because he thought the economic crash of the century was here and he could buy a $1M home for $250k if he waited and kept his cash on the side.  Well of course you know what happened, he kept waiting and waiting and never bought.  Now of course that $1M home from 2019 is $1.5M and he can not afford it.  I feel bad for the guy but the best time to buy real estate is usually “now”, I told him this but he didn’t listen and now he’ll probably never buy anything.

You can say that about btc. People could of bought btc when it dropped to $29.8k.
Title: Re: Where the market is - Buyer Offers
Post by: Cares on October 01, 2021, 07:45:55 AM
Condwich bad. :)

You would think a pandemic would have some negative effect on real estate... instead it was the opposite... on almost everything.

I wonder if tulips have gone up in price too.

Well the negative effect is if you don't already own then you're in a much worse spot than a couple years ago. Most of us on these forums are owners of 1 or multiple homes so we're doing much better than the average person.

A coworker friend of mine almost bought 3 times in 2019 but kept getting outbid and wasn’t in a rush.  Then when pandemic hit he got excited because he thought the economic crash of the century was here and he could buy a $1M home for $250k if he waited and kept his cash on the side.  Well of course you know what happened, he kept waiting and waiting and never bought.  Now of course that $1M home from 2019 is $1.5M and he can not afford it.  I feel bad for the guy but the best time to buy real estate is usually “now”, I told him this but he didn’t listen and now he’ll probably never buy anything.

If he bought the first 2 months post shut down, so May/June 2020, then he could have gotten a great deal. I closed a transaction about $150k under market value. The seller was desperate to sell so he could move cross country and had his buyer back out due to COVID scares. My buyer thought "I"ll buy if I can get a good deal" and wanted to lowball an offer. They made a deal and behold the steal of the year.
Title: Re: Where the market is - Buyer Offers
Post by: Mety on October 01, 2021, 10:59:33 AM
So the question is... Which is better?

a) Being a proud owner of a condwich

b) Being a renter for life

Title: Re: Where the market is - Buyer Offers
Post by: CalBears96 on October 01, 2021, 11:06:08 AM
You can say that about btc. People could of bought btc when it dropped to $29.8k.
You can't really compare buying a home to buying BTC.  BTC is a speculative asset with no intrinsic value.
Title: Re: Where the market is - Buyer Offers
Post by: eyephone on October 01, 2021, 11:29:51 AM
You can say that about btc. People could of bought btc when it dropped to $29.8k.
You can't really compare buying a home to buying BTC.  BTC is a speculative asset with no intrinsic value.

They are both speculative. People have gain wealth through both.
I was just responding to his could of would of story.
Title: Re: Where the market is - Buyer Offers
Post by: zubs on October 01, 2021, 12:38:28 PM
So the question is... Which is better?

a) Being a proud owner of a condwich

b) Being a renter for life



You can consider that from 2019 to 2021 you lost 20% of any cash you left in the bank.
Cash is pretty trashy right now... I wonder when it'll become king again.

My cousin who lives in NJ and has 3 Irvine rental properties just bought a rental in Manhattan Beach.  He says he's losing a little bit of money @ $6000 rent....but he rather his cash in an asset than sitting there earning shit interest.
Title: Re: Where the market is - Buyer Offers
Post by: Mety on October 01, 2021, 01:12:17 PM
So the question is... Which is better?

a) Being a proud owner of a condwich

b) Being a renter for life



You can consider that from 2019 to 2021 you lost 20% of any cash you left in the bank.
Cash is pretty trashy right now... I wonder when it'll become king again.

My cousin who lives in NJ and has 3 Irvine rental properties just bought a rental in Manhattan Beach.  He says he's losing a little bit of money @ $6000 rent....but he rather his cash in an asset than sitting there earning shit interest.

I wasn't really talking about money here, but money or ROI is definitely something to consider as well.

I was asking more like what would people think or see better. Being an owner/living in a so-called "undesirable condo" unit or living in a probably a better house as a renter.
Title: Re: Where the market is - Buyer Offers
Post by: sleepy5136 on October 01, 2021, 01:28:12 PM
So the question is... Which is better?

a) Being a proud owner of a condwich

b) Being a renter for life



You can consider that from 2019 to 2021 you lost 20% of any cash you left in the bank.
Cash is pretty trashy right now... I wonder when it'll become king again.

My cousin who lives in NJ and has 3 Irvine rental properties just bought a rental in Manhattan Beach.  He says he's losing a little bit of money @ $6000 rent....but he rather his cash in an asset than sitting there earning shit interest.

I wasn't really talking about money here, but money or ROI is definitely something to consider as well.

I was asking more like what would people think or see better. Being an owner/living in a so-called "undesirable condo" unit or living in a probably a better house as a renter.
If you're able to find a deal for rentals, it might not be a bad idea to be renting and just throw all that extra money which would otherwise go towards HOA and property taxes to the stock market. Besides 2020 + 2021, S&P500 has always far outpaced any RE appreciation. That's what I did before buying my place recently. Owning isn't always the best option for everyone so it really depends on what the individual wants out of it.
Title: Re: Where the market is - Buyer Offers
Post by: Mety on October 01, 2021, 01:41:50 PM
So the question is... Which is better?

a) Being a proud owner of a condwich

b) Being a renter for life



You can consider that from 2019 to 2021 you lost 20% of any cash you left in the bank.
Cash is pretty trashy right now... I wonder when it'll become king again.

My cousin who lives in NJ and has 3 Irvine rental properties just bought a rental in Manhattan Beach.  He says he's losing a little bit of money @ $6000 rent....but he rather his cash in an asset than sitting there earning shit interest.

I wasn't really talking about money here, but money or ROI is definitely something to consider as well.

I was asking more like what would people think or see better. Being an owner/living in a so-called "undesirable condo" unit or living in a probably a better house as a renter.
If you're able to find a deal for rentals, it might not be a bad idea to be renting and just throw all that extra money which would otherwise go towards HOA and property taxes to the stock market. Besides 2020 + 2021, S&P500 has always far outpaced any RE appreciation. That's what I did before buying my place recently. Owning isn't always the best option for everyone so it really depends on what the individual wants out of it.

Thanks for your input. That's still very related only to the money issue. What about the life quality? What if one wants to settle at his/her own place for awhile? Sometimes the landlord might sell his rental and the tenant has to move out so it's a bit more unsettled in such case.
Title: Re: Where the market is - Buyer Offers
Post by: USCTrojanCPA on October 15, 2021, 07:08:31 PM
Put an offer in on this Woodbury detached condo for one of my buyers...

https://www.redfin.com/CA/Irvine/113-Alhambra-92620/home/12255051
Title: Re: Where the market is - Buyer Offers
Post by: USCTrojanCPA on October 17, 2021, 10:19:35 PM
Submitting another offer for a buyer on this home...

https://www.redfin.com/CA/Irvine/33-Darlington-92620/home/5494321
Title: Re: Where the market is - Buyer Offers
Post by: irvinehomeowner on October 18, 2021, 09:21:39 AM
So the question is... Which is better?

a) Being a proud owner of a condwich

b) Being a renter for life



First... no one is a "proud" owner of a condwich. :)

Kidding aside, it depends on the outlay and the stability. If you aren't going anywhere and the monthly is the same as renting, owning is almost always a better position but there are always caveats.

I remember when people were against me when I said any time is actually a good time to buy if you can afford it because you can't accurately time the market, now all those people who were waiting for the big slowdown are wishing they listened.

But no one will admit it.
Title: Re: Where the market is - Buyer Offers
Post by: zubs on October 18, 2021, 09:31:14 AM
IHO you may have my cleo crown.
I'm going back to tekno viking
Title: Re: Where the market is - Buyer Offers
Post by: irvinehomeowner on October 18, 2021, 10:34:13 AM
IHO you may have my cleo crown.

Neh. I don't make predictions... I just voice my opinion. I actually thought Covid would apply some downward pressure on prices... not elevate them to the moon.
Title: Re: Where the market is - Buyer Offers
Post by: Mety on October 18, 2021, 01:08:28 PM
So the question is... Which is better?

a) Being a proud owner of a condwich

b) Being a renter for life



First... no one is a "proud" owner of a condwich. :)

Kidding aside, it depends on the outlay and the stability. If you aren't going anywhere and the monthly is the same as renting, owning is almost always a better position but there are always caveats.

I remember when people were against me when I said any time is actually a good time to buy if you can afford it because you can't accurately time the market, now all those people who were waiting for the big slowdown are wishing they listened.

But no one will admit it.

I guess they just usually stop posting here then. Except eyephone. >:D
Title: Re: Where the market is - Buyer Offers
Post by: Liar Loan on October 19, 2021, 01:30:30 PM
I remember when people were against me when I said any time is actually a good time to buy if you can afford it because you can't accurately time the market, now all those people who were waiting for the big slowdown are wishing they listened.

But no one will admit it.

You are talking as if this cycle has already ended.
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