Talk Irvine

General => Real Estate => Irvine Real Estate => Topic started by: keilbros on March 11, 2022, 02:04:39 PM

Title: Hidden Canyon - Selling Strategy or Selling Mistake?
Post by: keilbros on March 11, 2022, 02:04:39 PM
I noticed three homes for sale in Hidden Canyon

https://www.redfin.com/CA/Irvine/112-Gardenview-92603/home/112725511 - $4.3m ($945/sq ft)

https://www.redfin.com/CA/Irvine/105-Whiteplume-92603/home/112725619 - $4.28m ($894/sq ft)

https://www.redfin.com/CA/Irvine/114-Heather-Mist-92603/home/112725749  - $4.28m ($886/sq ft)

after Hidden Canyon recorded the most expensive home sale on record a few weeks ago.
 
https://www.redfin.com/CA/Irvine/138-Scenic-Crst-92603/home/112725389 - $9m ($1406/sq ft).

Spoke to the realtor who started this low price shopping spree within Hidden Canyon (114 Heather Mist realtor).  Michael Chen •DRE #01913609 • RE/MAX Universal Realty 626-818-5808 (agent)
mikechen@altruasia.com (agent). Asked him why such a discrepancy in pricing? (This was when his listing was the only one on the mls). He said it was deliberate, to create a bidding war. Only problem is there was a 12 party bidding war on the 138 Scenic Crest home, which was initially price at $8.88.
If these other properties followed the same $/sq ft, adjusted downwards due to significantly smaller lots, you still come to a price around $6m (adjusted for inflation, and lack of inventory supply). What is the advantage of anchoring the initial price of these homes so low? Is a bidding war going to get these homes 40% more of a sales price? Any experienced realtors or home investors want to chime in? I'm trying to figure out if maybe these are just grossly under priced and I should make an offer to purchase one.
Title: Re: Hidden Canyon - Selling Strategy or Selling Mistake?
Post by: Compressed-Village on March 12, 2022, 08:21:35 AM
All 3 are beautiful homes. I especially like the 114 Heather with the glass pool. At 4 + million, the buyers pool thin-out.

If you need the space and have the dough, I would buy it. I am too poor to even consider anything close to south of the 405.
Title: Re: Hidden Canyon - Selling Strategy or Selling Mistake?
Post by: USCTrojanCPA on March 12, 2022, 01:53:22 PM
I'm not going to lie, it's tricky to price these larger homes because there's many more variables that go into it than smaller tract homes.  I do find that most agent are still somewhat underpricing their listings even given the higher comps.
Title: Re: Hidden Canyon - Selling Strategy or Selling Mistake?
Post by: mythicquest on April 27, 2022, 10:02:53 AM
Looks like someone saw the $9m Scenic Crest sale and wants to capitalize too

https://www.redfin.com/CA/Irvine/101-Aster-Mesa-92618/home/112725868

Title: Re: Hidden Canyon - Selling Strategy or Selling Mistake?
Post by: irvinehomeowner on April 27, 2022, 10:14:24 AM
Holy moly.

What did these originally sell for? $2m?
Title: Re: Hidden Canyon - Selling Strategy or Selling Mistake?
Post by: irvinehomeowner on April 27, 2022, 11:20:29 AM
Just looked at these listings... the $9m ones have much better locations and lot sizes than the other 3.

But Heather Mist just closed for $5.1m.
Title: Re: Hidden Canyon - Selling Strategy or Selling Mistake?
Post by: sleepy5136 on April 27, 2022, 02:45:47 PM
http://
Just looked at these listings... the $9m ones have much better locations and lot sizes than the other 3.

But Heather Mist just closed for $5.1m.
Original buyer of heather mist bought it for 2.8m and sold it in 2020 for 3m. That second buyer made 2m in 2 years.
Title: Re: Hidden Canyon - Selling Strategy or Selling Mistake?
Post by: USCTrojanCPA on April 27, 2022, 06:41:21 PM
http://
Just looked at these listings... the $9m ones have much better locations and lot sizes than the other 3.

But Heather Mist just closed for $5.1m.
Original buyer of heather mist bought it for 2.8m and sold it in 2020 for 3m. That second buyer made 2m in 2 years.

Still gonna be a big tax bill despite the $500k gain exemption.
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