Author Topic: Newer Irvine listings with crazy WTF asking prices from equity sellers  (Read 1309620 times)

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Offline OCMommy

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Re: Newer Irvine listings with crazy WTF asking prices from equity sellers
« Reply #15 on: April 15, 2011, 09:20:14 PM »
Our realtor has taken us to see alot of resales in Woodbury and Northwood.  When you look at the prices and the amount of work that will be required on the Northwood Pointe homes, new starts to make a lot of sense.

Offline iacrenter

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Re: Newer Irvine listings with crazy WTF asking prices from equity sellers
« Reply #16 on: April 16, 2011, 08:44:25 AM »
Our realtor has taken us to see alot of resales in Woodbury and Northwood.  When you look at the prices and the amount of work that will be required on the Northwood Pointe homes, new starts to make a lot of sense.

On a price per sqft basis, new home construction appears to be a good value. Then you factor in the higher MR & sometimes HOA, and need for landscaping--then not so much. Also, new TIC construction usually means small to no yard, no 3 car wide garage (for the IHO types), motor courts--but at least you have your California Room.  :)

Offline SecretGarden

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Re: Newer Irvine listings with crazy WTF asking prices from equity sellers
« Reply #17 on: April 17, 2011, 01:37:16 AM »
Our realtor has taken us to see alot of resales in Woodbury and Northwood.  When you look at the prices and the amount of work that will be required on the Northwood Pointe homes, new starts to make a lot of sense.

Hi OCMommy,

I totally agree that Northwood Pointe homes do not make much sense after pondering the prices awhile.  We've been looking for a home for over a year now and we started off liking Quail Hill, Woodbury, Portola Springs, etc etc and finally settled on Northwood Pointe (as our tastes evolved)...BUT after seeing all of the various homes in Northwood Pointe and their crazy asking prices, we feel like trying to buy there is like trying to swim upstream.  Do all the sellers there attend a seminar on how to list high and wait for a sucker?

Northwood Pointe has some clear advantages over some of the newer construction in that it offers established, excellent elementary and high schools within walking distance.  So you know re-zoning is improbable.  The other positives were that the neighborhood is tucked away from everything and has a pretty appealing centralized park/open space for the kids to roam around in.  The lots are much bigger too and it's mostly gated.  But despite these positives, the houses themselves are undeniably lame in design and some of the homes shortchange you with only half of a driveway.  (Plus, I wonder how much prices will come down once Orchard Hills opens.)     

The great rooms on some are awkwardly small OR they're obnoxiously big and too rectangular.  And to top it off, most of the homes were built in an era when white appliances were standard so that's a total eyesore.  Yet, these things don't seem to deter the owners from listing at crazy high prices.  I feel like telling these owners: "your house is NOT on a hill and you're NOT across from an ocean or even a lake or a pond.  Stop acting like it and lower your prices!"  And then a house goes into escrow and I think, "kill me, please."         

It's a frustrating market to say the least!!     

We're looking at new construction now because I feel like if I'm gonna be anyone's sucker, I'll at least let a builder sucker me into a TRUE great room and I'll pay for my own bad design choices.  Better that than a private owner who picked out bad flooring and designs for their 1990s home---which designs I'll be tearing down to bring them into the current century.   

BTW, what do YOU like about Northwood Pointe?  I wonder what is appealing about it for others because I can't quite verbalize why I like it so much but it just speaks to me.  It's obviously speaking to me a lot less these days.  ;)

Offline Irvine2Irvine

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Re: Newer Irvine listings with crazy WTF asking prices from equity sellers
« Reply #18 on: April 17, 2011, 07:00:17 AM »
The extra "e" on the Pointe costs extra $200K.

Seriously, I looked at many houses at Northwood Pointe and I generally like the neighborhood.  Being gated was a small plus, although some people may see that as a big plus.  Another thing that some people may like are the formal living room and dining rooms.  Also, relatively larger lot size for being a newer house is a plus.

I do agree that the house prices are high and are at the age where major maintenance are going to start.  Most of the homes I saw also needed major remodel in Kitchen and bathrooms as many were plain white tile.  My wife swore off white tiles in kitchen or bathroom.   So when I added up the remodeling costs, the houses were more expensive than the new construction, even with higher mello roos on new construction.  Also, I didn't want formal living room and formal dining room.  We rarely use them and prefer the great room concept.


Offline shokunin

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Re: Newer Irvine listings with crazy WTF asking prices from equity sellers
« Reply #19 on: April 17, 2011, 07:58:49 AM »
We like northwood pointe.  They use a lot of craftsmen / arts & crafts style architecture that I like.  The neighborhoods also seem much more quaint and less crowded.  The mature landscape and the fact that the homes are larger lots than what you'll see in WB or SG makes NPe feel much less dense. 

It is true that many of homes are aging a bit, but that is what I want.  i'd rip out the kitchens in most of these and redo them myself.  Even the current new housing use such cheap cabinetry, cheap drawers, cheapest drawer guides, etc.  You can upgrade but it'll cost ya.  Even the Mille Fleurs tract in WB, which used extensive thermofoil cabinets is peeling all over the place.  Bad design choices make it easier to justify to remodel.  If only the prices soften another 5-10% in NPe we'd jump in.  The lower mello roos and tax savings will offset some of the remodeling costs.



Offline OCMommy

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Re: Newer Irvine listings with crazy WTF asking prices from equity sellers
« Reply #20 on: April 17, 2011, 08:07:18 AM »
Nothwood Pointe for us has a classic neighborhood feel.  The mature trees and the largeer lots are nice.  We loved the trail too.  We actually like having a formal dining room and living room for the extra space and love the spiral staircases.  The problem is that the houes we saw all require work andcwhen buying at the top of your range....new starts to make more sense.  We have decided that irvine is a compromise no mattervwhich home you buy.  A least with new we can be happy about the new home feel. We are seriously consideringMaricopa.  The good news is thatbit doesn't seem to be selling quickly!

Offline shokunin

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Re: Newer Irvine listings with crazy WTF asking prices from equity sellers
« Reply #21 on: April 17, 2011, 09:47:56 AM »
We toured and liked Maricopa Plan 3, until I saw through the dining / kitchen windows and saw the "depth" of the rear yard.  I had to chuckle as it was like maybe 8-10ft deep.  On the side yard where the fireplace sticks out on the wall I pointed my laser measuring tape and it was 69" to the next door neighbor's (model 2?) fireplace wall.  Granted, other areas had more reasonable setbacks but the lack of privacy on the models were disappointing. 

I didn't check the lot sizes or lot layouts, but I hope the lots on Maricopa are bigger than the models.  We're leaning far more towards resales, as the time we factor in landscaping, flooring and upgrades, it'll add up to $125K or so, which is far less than our estimates to remodel a NW pointe home that has decent flooring and landscaping.

Offline USCTrojanCPA

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Re: Newer Irvine listings with crazy WTF asking prices from equity sellers
« Reply #22 on: April 17, 2011, 09:53:31 AM »
We toured and liked Maricopa Plan 3, until I saw through the dining / kitchen windows and saw the "depth" of the rear yard.  I had to chuckle as it was like maybe 8-10ft deep.  On the side yard where the fireplace sticks out on the wall I pointed my laser measuring tape and it was 69" to the next door neighbor's (model 2?) fireplace wall.  Granted, other areas had more reasonable setbacks but the lack of privacy on the models were disappointing. 

I didn't check the lot sizes or lot layouts, but I hope the lots on Maricopa are bigger than the models.  We're leaning far more towards resales, as the time we factor in landscaping, flooring and upgrades, it'll add up to $125K or so, which is far less than our estimates to remodel a NW pointe home that has decent flooring and landscaping.
That's the biggest problem that I see with these new homes in Stonegate....tiny lots with small backyards (high density).  I know the prices of homes are high in Northwood Pointe but there's a reason why they trade at those prices...it means there's a demand for those 10+ year homes.  To me, Stonegate is the poorman's Woodbury with the Woodbury pricing. 
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Offline akim997

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Re: Newer Irvine listings with crazy WTF asking prices from equity sellers
« Reply #23 on: April 17, 2011, 11:07:24 AM »
I've only seen one house in my life where I thought, "you know, this house is perfect, I wouldn't change a thing"...  it was a nicely remodeled house in North Tustin that was selling for $1.1M.   I've been looking for so long to realize that opinions on home design are never the same.   So personally, I'd rather buy a home that NEEDS to be updated and hope to negotiate from there.   A lot of sellers thow on ugly pre-fab granite which comes with a standard ugly bull-nose edge and say "highly upgraded with granite countertops" and expect a higher price.   I would have preferred it if they left it with whatever was there before.    So yeah, the Northwood Pointe homes need updating, but so do most.   Otherwise you might end up with this...

http://www.redfin.com/CA/Irvine/23-Straw-Flower-92620/home/4789395

Offline shokunin

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Re: Newer Irvine listings with crazy WTF asking prices from equity sellers
« Reply #24 on: April 17, 2011, 11:23:33 AM »
On the flip side, this house http://www.redfin.com/CA/Irvine/23-Woodhaven-Ln-92620/home/4790132 was sooo oddly remodeled, that the wife and I *HAD* to see the open house yesterday.

Redfin had the prior listing when owners bought still available (click on the price/listing history area) and the house used to look quite normal with nicely painted walls, carpet, fireplace and all...

The realtor tried her best to convince us that the floors were very expensive european hardwood.  Uhh.. but she couldn't explain why they painted it white and then rustic sanded it.  Then the entire house had every single electrical outlet moved to the baseboards.  But the baseboards weren't nice baseboards, since 7-8" baseboards are hard to come by.  Instead whoever installed the baseboards simply cut and painted strips of MDF and as needed and of course, had to cut out holes for the newly placed electrical outlets. 

Positive points, had a 3WCG and huge (relatively) lot.  Way overpriced in my opinion.

Offline OCMommy

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Re: Newer Irvine listings with crazy WTF asking prices from equity sellers
« Reply #25 on: April 17, 2011, 01:27:14 PM »
I do worry about what Stonegate will be in the future especially if Maricopa ends up being the largest type of home they build.

On Opening day they were referring to the backyards as gathering places .... I think that is the new Irvine lingo.

Offline irvinehomeowner

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Re: Newer Irvine listings with crazy WTF asking prices from equity sellers
« Reply #26 on: April 17, 2011, 01:33:06 PM »
I don't think Maricopa is the largest, the map of Stonegate looks like there are bigger homes just north.
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Offline SecretGarden

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Re: Newer Irvine listings with crazy WTF asking prices from equity sellers
« Reply #27 on: April 17, 2011, 01:52:22 PM »
On the flip side, this house http://www.redfin.com/CA/Irvine/23-Woodhaven-Ln-92620/home/4790132 was sooo oddly remodeled, that the wife and I *HAD* to see the open house yesterday.

Redfin had the prior listing when owners bought still available (click on the price/listing history area) and the house used to look quite normal with nicely painted walls, carpet, fireplace and all...

The realtor tried her best to convince us that the floors were very expensive european hardwood.  Uhh.. but she couldn't explain why they painted it white and then rustic sanded it. 

Way overpriced in my opinion.

We didn't even want to see that house because from the pictures on redfin it looked like the owner was high on something.  Plus, I agree it is REALLY overpriced.  I find it funny when a realtor tries to convince potential buyers that a certain upgrade or design choice was "very expensive."  Do we really look that naive?   :o

I've only seen one house in my life where I thought, "you know, this house is perfect, I wouldn't change a thing"...  it was a nicely remodeled house in North Tustin that was selling for $1.1M.   I've been looking for so long to realize that opinions on home design are never the same.   So personally, I'd rather buy a home that NEEDS to be updated and hope to negotiate from there.   A lot of sellers thow on ugly pre-fab granite which comes with a standard ugly bull-nose edge and say "highly upgraded with granite countertops" and expect a higher price.   I would have preferred it if they left it with whatever was there before.    So yeah, the Northwood Pointe homes need updating, but so do most.   Otherwise you might end up with this...

http://www.redfin.com/CA/Irvine/23-Straw-Flower-92620/home/4789395


Just curious which house you liked as far as design in North Tustin.  The reason why I ask is because I think overall, the Americanized Asian-Americans have somewhat similar tastes as far as home design and upgrades.  For instance, the 25 Torrey Pine is a good example.  We also bid on that property (which in hindsight we strongly regret after realizing how shady those realtors were and are) because it already had all of the upgrades that were tasteful.  (That saves a lot of time, fighting with the spouse, etc.)  I couldn't have made better decisions on design myself. 

So, in the most perfect universe I think we're waiting for a home in Northwood Pointe that has an owner who has similar tastes as that Torrey Pine type of home and has upgraded accordingly.  But wishful thinking, right?  That Strawflower house was upgraded with modern design choices that we felt looked cheap but were meant to look expensive.  The broker there tried to convince us that the upgrades were expensive.  Again, I feel like if you have to sit there and tell all of the potential buyers that the upgrades were "very expensive," then you've done something wrong somewhere.  Plus, it backs to a street. 

I agree that in that regard it's better to just get a Northwood Pointe home with NOTHING upgraded so that you're not paying for it, but that's the thing about these owners.  They list the homes as if they're already upgraded but they're not.

I HEART Northwood Pointe.  Believe me.  It gives me warm and fuzzy feelings but then there are some really lame things going on there.  Take a look at this house.   

http://www.redfin.com/CA/Irvine/15-Candlewood-92620/home/4790470

We saw 15 Candlewood and we are familiar enough with Northwood Pointe (we've studied all of the floorplans closely enough) to know that this house is NOT 2,350 sq ft.  It doesn't even hit 2,200.  The price per sq ft on this house would be north of $500/sq ft using the actual square footage.  Are we in a new construction in Newport Beach?  This is what kills me and chills our desire to buy in Northwood Pointe.  The artificial inflation on sale prices, plus overstated SQ FT of lot and home on redfin and MLS make it really unappealing to do business there.     

Nothwood Pointe for us has a classic neighborhood feel.  The mature trees and the largeer lots are nice.  We loved the trail too.  We actually like having a formal dining room and living room for the extra space and love the spiral staircases.  The problem is that the houes we saw all require work andcwhen buying at the top of your range....new starts to make more sense.  We have decided that irvine is a compromise no mattervwhich home you buy.  A least with new we can be happy about the new home feel. We are seriously consideringMaricopa.  The good news is thatbit doesn't seem to be selling quickly!
 
As much as I love Northwood Pointe, we are now considering Maricopa too.  We like Plan 2 the most but Plan 1 is appetizing since the base price is so low.  However, I am wary about why Maricopa is not selling well.  I feel like I've been so trigger-shy for so long now that I am beginning to OVERTHINK the home purchase.  I'm wondering whether Maricopa would be a hard sell in the resale market because the designs are not popular or if it's presently just the economic climate that's making them hard to sell.   

We'll probably end up buying Maricopa Plan 2 unless a reasonable Northwood Pointe seller comes onto the redfin scene. 

 
 
 

 

 
« Last Edit: April 17, 2011, 02:49:56 PM by SecretGarden »

Offline OCMommy

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Re: Newer Irvine listings with crazy WTF asking prices from equity sellers
« Reply #28 on: April 17, 2011, 06:34:40 PM »
We are seriously considering Maricopa too, but first have to sell our house.  I worry to about why it isn't selling and wonder what the lot sizes are ...we never asked. Plus I do not think it will be 100k to upgrade and landscape.

Offline SecretGarden

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Re: Newer Irvine listings with crazy WTF asking prices from equity sellers
« Reply #29 on: April 17, 2011, 08:28:07 PM »
I believe the Maricopa lots are 3,850 for most lots and 4,263 for a few others.  There are some outliers (the corner lots) but for the most part that's the range per the sales reps. 

 

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