Irvine Inventory

Seeing that the inventory numbers in Irvine was 430 in Jan 2010 and now at 824.. are you guys seeing any softness in home prices in Irvine are they still very stubborn? 

Prices are almost twice as soft. 

I'll be updating my sheet this evening and you can check it out for yourself.  How are prices in Chicago?

Panda said:

Seeing that the inventory numbers in Irvine was 430 in Jan 2010 and now at 824.. are you guys seeing any softness in home prices in Irvine are they still very stubborn? 

Click to expand...

80%+ of the new MLS listings in Irvine are equity sellers asking beyond WTF prices...here are some great examples for you:

http://www.redfin.com/CA/Irvine/115-Tearose-92603/home/5902055  (about $75-$100/sf overpriced)http://www.redfin.com/CA/Irvine/4-Ponderosa-92604/home/4690082(about $60-$75/sf overpriced)
http://www.redfin.com/CA/Irvine/2-Glenoaks-92618/home/4746564  (about $75-$100/sf overpriced)

That being said, properties that are priced at or below comps still fly into escrow fairly quickly.  It'll be interesting to see what happens to all those WTF listings because I doubt that many of those sellers are really motivated and are just looking for a sucker plus will NEVER appraise.

USCTrojanCPA said:

Panda said:

Seeing that the inventory numbers in Irvine was 430 in Jan 2010 and now at 824.. are you guys seeing any softness in home prices in Irvine are they still very stubborn? 

Click to expand...

80%+ of the new MLS listings in Irvine are equity sellers asking beyond WTF prices...here are some great examples for you:

http://www.redfin.com/CA/Irvine/115-Tearose-92603/home/5902055  (about $75-$100/sf overpriced)http://www.redfin.com/CA/Irvine/4-Ponderosa-92604/home/4690082(about $60-$75/sf overpriced)
http://www.redfin.com/CA/Irvine/2-Glenoaks-92618/home/4746564  (about $75-$100/sf overpriced)

That being said, properties that are priced at or below comps still fly into escrow fairly quickly.  It'll be interesting to see what happens to all those WTF listings because I doubt that many of those sellers are really motivated and are just looking for a sucker plus will NEVER appraise.

Click to expand...

Wow! Irvine is truly a WTF market. Does that mean we will see Irvine homes over priced by $100+/sf when we reach inventory levels of 1200 +? I thought prices go down when inventory levels shoot up like this. What is going on here?

Bad Panda... I already started a thread on this subject:
http://www.talkirvine.com/index.php?topic=926.0

I'm crossing my fingers... with IrvineRenter on IHB saying it might be the time to buy for people who are willing to stay for the long haul... the apocalypse must be near... Mayans and 2012, here we come.

irvinehomeowner said:

Bad Panda... I already started a thread on this subject:
http://www.talkirvine.com/index.php?topic=926.0

I'm crossing my fingers... with IrvineRenter on IHB saying it might be the time to buy for people who are willing to stay for the long haul... the apocalypse must be near... Mayans and 2012, here we come.

Click to expand...

I'm itching to write my "I Told You So..." thread in 2020 

Panda said:

USCTrojanCPA said:

Panda said:

Seeing that the inventory numbers in Irvine was 430 in Jan 2010 and now at 824.. are you guys seeing any softness in home prices in Irvine are they still very stubborn? 

Click to expand...

80%+ of the new MLS listings in Irvine are equity sellers asking beyond WTF prices...here are some great examples for you:

http://www.redfin.com/CA/Irvine/115-Tearose-92603/home/5902055  (about $75-$100/sf overpriced)http://www.redfin.com/CA/Irvine/4-Ponderosa-92604/home/4690082(about $60-$75/sf overpriced)
http://www.redfin.com/CA/Irvine/2-Glenoaks-92618/home/4746564  (about $75-$100/sf overpriced)

That being said, properties that are priced at or below comps still fly into escrow fairly quickly.  It'll be interesting to see what happens to all those WTF listings because I doubt that many of those sellers are really motivated and are just looking for a sucker plus will NEVER appraise.

Click to expand...

Wow! Irvine is truly a WTF market. Does that mean we will see Irvine homes over priced by $100+/sf when we reach inventory levels of 1200 +? I thought prices go down when inventory levels shoot up like this. What is going on here?

Click to expand...

One step at a time Panda.  First the inventory levels have to rise and hold then the prices will begin to decline as the motivated sellers that need to sell do whatever they need to do to move their properties into escrow.  I think the main reason for a lot of those deep equity sellers asking for WTF prices came to the market because of what they have been seeing in terms of sales and price increases in Irvine along with all the press hype of the Woodbury homes selling so quickly.  It could very well be that those new listings with WTF prices are pulled off the market and inventory levels plummet, the next 3-6 months will be very interesting.