Author Topic: Newer Irvine listings with crazy WTF asking prices from equity sellers  (Read 1309615 times)

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Offline USCTrojanCPA

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I figured I'd expand on the highlight some of the newer listings with crazy WTF prices as they come onto the market.  So here's a great little example of either the seller or owner not realizing that 3-story Tall Oak detached condos in Quail Hill DO NOT sell for the same amount as their 2-story counterparts do:

http://www.redfin.com/CA/Irvine/107-Tall-Oak-92603/home/5979758

I actually went to see this property with one of my buyers Saturday morning.  It was nice, but the 3-story layout made the home feel kinda dark and hiking up all those stairs was not all that fun.  I guess the seller and listing agent didn't see that 32 and 104 Tall Oak (same floor plans) have been sitting on the market in the low $600s with no bite and that sold comps also point to prices around $600k for these 3-story units.  Looks like this baby is about $100k overpriced and will be sitting on the market for a good while.   :-X

I'll post up new listings as they come up, but feel free to post up any listings that you guys find that have stupid asking prices. 
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Offline jbh

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Re: Newer Irvine listings with crazy WTF asking prices from equity sellers
« Reply #1 on: August 15, 2010, 09:28:14 AM »
There are five 3-story listings in Corte Bella right now (all properties in there have 3 stories). The five listings have been sitting there for months.

A listing that I looked at and thought that it was listed for about $100K too much was on Suncreek at $925K. It looks like they just pulled it off of the market.

Offline test

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Re: Newer Irvine listings with crazy WTF asking prices from equity sellers
« Reply #2 on: August 15, 2010, 01:47:52 PM »
I think the three-story townhomes have proved hugely unpopular.  After a brief flirtation with them in the early 00's, TIC has given up on them.  With all the newly constructed townhomes this year, you'll notice there are no three-stories in WB, WE, SE or PS.

The reason they're not building 3 stories now because it costs more.  The products you see in WB, WBE and PS are the cheapest of the cheap in terms of construction.  Everything is going smaller and cheaper now.  This is from the horse's mouth (builder).


Offline irvinehomeowner

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Re: Newer Irvine listings with crazy WTF asking prices from equity sellers
« Reply #3 on: August 16, 2010, 09:00:56 AM »
Places like QH, where land is a premium and overall acreage is smaller, you will see more 3-story builds... other places you will see less.

I would imagine you might see them in Laguna Crossing but maybe not in Portola Springs.

Like in a previous thread, I believe there is a segment for a 3-story home, but more in the SFR mid-sized category where you can get 2500-3000sft of living space on a 2000sft house lot.
Once you go 3-car garage... your junk can never go back.
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Offline test

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Re: Newer Irvine listings with crazy WTF asking prices from equity sellers
« Reply #4 on: August 19, 2010, 12:45:43 PM »
I think the three-story townhomes have proved hugely unpopular.  After a brief flirtation with them in the early 00's, TIC has given up on them.  With all the newly constructed townhomes this year, you'll notice there are no three-stories in WB, WE, SE or PS.

The reason they're not building 3 stories now because it costs more.  The products you see in WB, WBE and PS are the cheapest of the cheap in terms of construction.  Everything is going smaller and cheaper now.  This is from the horse's mouth (builder).

"Nine of 10 builders surveyed by NAHB
in 2009 say they’re building or planning smaller,
lower-priced homes than in the past."

http://info.trulia.com/file.php/2837/trulia_infographics_2010.pdf


Offline USCTrojanCPA

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Re: Newer Irvine listings with crazy WTF asking prices from equity sellers
« Reply #5 on: August 20, 2010, 04:09:23 PM »
Not only is this home overpriced by a good $200k, the seller is only offering 2% buyer's agent commission.  I guess the sellers want to walk away with some profit since they bought it for $1.278m.  haha

http://www.redfin.com/CA/Irvine/31-Sanctuary-92620/home/5959278

Martin Mania
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Offline confuzed

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My WTF award goes to.........

http://www.redfin.com/CA/Irvine/23-Sovente-92606/home/4629800

Do you think Westpark II will ever see this kind of prices in next 10 years?

Offline iacrenter

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My WTF award goes to.........

http://www.redfin.com/CA/Irvine/23-Sovente-92606/home/4629800

Do you think Westpark II will ever see this kind of prices in next 10 years?

That is a big home on a big interior lot but not at $560/sqft! Maybe there is large oil deposit or gold mine under the property.

Offline frank69m

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My WTF award goes to.........

http://www.redfin.com/CA/Irvine/23-Sovente-92606/home/4629800

Do you think Westpark II will ever see this kind of prices in next 10 years?

That is a big home on a big interior lot but not at $560/sqft! Maybe there is large oil deposit or gold mine under the property.


Plus, I hope potential buyers realize that this home is right next to Kindercare day-care so expect lots of noise in the day.

Offline shadax

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I think the three-story townhomes have proved hugely unpopular.  After a brief flirtation with them in the early 00's, TIC has given up on them.  With all the newly constructed townhomes this year, you'll notice there are no three-stories in WB, WE, SE or PS.

ahh....check out D and F
http://www.villagesofirvine.com/Villages-And-Residences/Portola-Springs-Overview.aspx?type=neighborhood&Id=55

Offline shadax

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Re: Newer Irvine listings with crazy WTF asking prices from equity sellers
« Reply #10 on: April 14, 2011, 06:55:44 AM »
I think the three-story townhomes have proved hugely unpopular.  After a brief flirtation with them in the early 00's, TIC has given up on them.  With all the newly constructed townhomes this year, you'll notice there are no three-stories in WB, WE, SE or PS.

ahh....check out D and F
http://www.villagesofirvine.com/Villages-And-Residences/Portola-Springs-Overview.aspx?type=neighborhood&Id=55


When I wrote that in mid-2010, I said "this year there are no three-stories."  Three-stories are the BOMB in 2011!

Haha...whoops.  Didn't realize the date.  I toured them though-  I liked "D"...but the walking down two flights of stairs to do my laundry seems kind of lame.

Offline freedomcm

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Re: Newer Irvine listings with crazy WTF asking prices from equity sellers
« Reply #11 on: April 14, 2011, 10:27:17 AM »
Hah, but i think it is a typo from the flipper.  I bet a fat finger slip added a "1" before the $680k they are hoping for.

Offline IndieDev

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Re: Newer Irvine listings with crazy WTF asking prices from equity sellers
« Reply #12 on: April 14, 2011, 10:46:45 AM »

Do you think Westpark II will ever see this kind of prices in next 10 years?

No. Not unless we see massive inflation, or a radical shift upward in the median salary of the city.
"You are just a whining loser here hoping that Irvine house price can be 50% off so that you can afford a house here." - NonFCB
"690k... 20% down 4.25 int rate .36 dti and you need a salary of $ 90,500" - VillagePeople
"People are paying for something else, and labeling it "good schools". - PatStar

Offline USCTrojanCPA

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Re: Newer Irvine listings with crazy WTF asking prices from equity sellers
« Reply #13 on: April 14, 2011, 10:56:34 AM »

Do you think Westpark II will ever see this kind of prices in next 10 years?

No. Not unless we see massive inflation, or a radical shift upward in the median salary of the city.
Maybe all the FCBs can open some businesses in Irvine and soak up all the vacancies in the office and industrial market in Irvine.
Martin Mania
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mmania001@yahoo.com
714-747-3884 cell

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Offline IndieDev

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Re: Newer Irvine listings with crazy WTF asking prices from equity sellers
« Reply #14 on: April 14, 2011, 11:04:45 AM »

Do you think Westpark II will ever see this kind of prices in next 10 years?

No. Not unless we see massive inflation, or a radical shift upward in the median salary of the city.
Maybe all the FCBs can open some businesses in Irvine and soak up all the vacancies in the office and industrial market in Irvine.

Irvine is different. Rich Chindians will keep prices inflated for eternity, Northpark detached homes are actually worth $850k! Turtle Rock homes near Culver should be selling in the $900,000s! Von Karmann's commercial property will be revitalized with Chindian companies galore. If they open up a second 85 Degrees location, watch out, Irvine may become the next San Marino.
"You are just a whining loser here hoping that Irvine house price can be 50% off so that you can afford a house here." - NonFCB
"690k... 20% down 4.25 int rate .36 dti and you need a salary of $ 90,500" - VillagePeople
"People are paying for something else, and labeling it "good schools". - PatStar

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