Author Topic: Newer Irvine listings with crazy WTF asking prices from equity sellers  (Read 1277303 times)

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Offline USCTrojanCPA

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Re: Newer Irvine listings with crazy WTF asking prices from equity sellers
« Reply #2385 on: July 09, 2018, 07:21:48 PM »
What seems difficult to me is when a modern home is parachuted into a 1970's tract, sure... it's quite an upgrade... but you're still surrounded by crappy designed 1970's homes. Those properties are going to benefit quite a bit should this sell at full price. It's going to be difficult for the next "lot scraper" to come in and replace a home on this street.

It's a very nice property - but potentially the white elephant it appears to be.

There is more and more of that happening in Turtle Rock.  The lots are generally larger and I heard the HOA is fairly easy to work with as is the city as long as 1 wall is kept standing.

Check out the street view on Redfin.  I don't think they left any walls standing.  I do see what looks like maybe one stud being held up by a rope waaaaaaay in the back of the lot, does that count?

I know that both homes that my 2 clients bought that were flips by this same seller near by had one wall left standing per the same contractor (both buyers got to meet with the contractor to go over the requested repairs and ask any questions). 
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Offline FB1907

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Re: Newer Irvine listings with crazy WTF asking prices from equity sellers
« Reply #2386 on: July 11, 2018, 05:12:26 PM »
They are looking for $450k profit in less than two years   :o  How can even an agent agree to list it at this price?  Their time will be wasted for several open houses until they cut the price by $200k or even more.

https://www.redfin.com/CA/Irvine/113-Diamondback-92618/home/109742851

Offline USCTrojanCPA

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Re: Newer Irvine listings with crazy WTF asking prices from equity sellers
« Reply #2387 on: July 11, 2018, 05:18:54 PM »
They are looking for $450k profit in less than two years   :o  How can even an agent agree to list it at this price?  Their time will be wasted for several open houses until they cut the price by $200k or even more.

https://www.redfin.com/CA/Irvine/113-Diamondback-92618/home/109742851

I'll be really surprised if they get over $500/sf.
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Online aquabliss

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Re: Newer Irvine listings with crazy WTF asking prices from equity sellers
« Reply #2388 on: July 11, 2018, 05:26:39 PM »
Guys buying 113 Diamondback = Instand ROI!

Redfin estimate is $1,780,521

Just saying.

Offline FB1907

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Re: Newer Irvine listings with crazy WTF asking prices from equity sellers
« Reply #2389 on: July 11, 2018, 05:40:37 PM »
Guys buying 113 Diamondback = Instand ROI!

Redfin estimate is $1,780,521

Just saying.

There is another home on sale on the same exact street for $1.9M:  https://www.redfin.com/CA/Irvine/101-Diamondback-92618/home/112718985

If you calculate the average sqft for both listings, it is about $565.  Using that number, 113 Diamondback estimate would be $1.81M but it has a smaller lot and I'm sure Redfin takes the lot size into account somehow and their estimate ends up being $1.78M.

In short, Redfin estimates are not reliable and they are even ridiculous when there is no sufficient data(certain number of sold homes within last 6 months, currently listing homes,etc.)

 

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