Author Topic: Newer Irvine listings with crazy WTF asking prices from equity sellers  (Read 1469997 times)

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Offline aquabliss

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Re: Newer Irvine listings with crazy WTF asking prices from equity sellers
« Reply #2610 on: November 26, 2019, 08:58:23 PM »
Thought being right up against the toll road would be a problem for this seller but nope, in escrow in 5 Days.
https://www.redfin.com/CA/Irvine/71-Furlong-92602/home/112726118

Offline USCTrojanCPA

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Re: Newer Irvine listings with crazy WTF asking prices from equity sellers
« Reply #2611 on: November 26, 2019, 09:00:42 PM »
Well it is a nice looking home that's priced under $500/sf...maybe the buyer's hearing isn't all that good.  haha
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Offline woodburyowner

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Re: Newer Irvine listings with crazy WTF asking prices from equity sellers
« Reply #2612 on: November 26, 2019, 11:57:36 PM »
Thought being right up against the toll road would be a problem for this seller but nope, in escrow in 5 Days.
https://www.redfin.com/CA/Irvine/71-Furlong-92602/home/112726118

Looks very close to the original 2017 purchase price.  I wouldn't say this qualifies as a WTF price.  It might even close higher than asking.

Offline Liar Loan

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Re: Newer Irvine listings with crazy WTF asking prices from equity sellers
« Reply #2613 on: November 27, 2019, 06:09:40 PM »
It's funny how the title of this thread references "equity sellers".  Back in 2010 when USC started it, that was a big deal when buying real estate - whether a property was a short sale or an equity sale.  I wonder when the last sale occurred in Irvine that didn't have equity... 2014 maybe?

Offline lovingit

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Re: Newer Irvine listings with crazy WTF asking prices from equity sellers
« Reply #2614 on: November 27, 2019, 07:14:02 PM »
Thought being right up against the toll road would be a problem for this seller but nope, in escrow in 5 Days.
https://www.redfin.com/CA/Irvine/71-Furlong-92602/home/112726118

Is 4779 sq ft considered large lot for Varenna?

Offline USCTrojanCPA

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Re: Newer Irvine listings with crazy WTF asking prices from equity sellers
« Reply #2615 on: November 27, 2019, 09:51:57 PM »
It's funny how the title of this thread references "equity sellers".  Back in 2010 when USC started it, that was a big deal when buying real estate - whether a property was a short sale or an equity sale.  I wonder when the last sale occurred in Irvine that didn't have equity... 2014 maybe?

I’d have to check MLS but there’s seems to be less than a handful of REOs and short sales that close every year in Irvine. 
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Offline USCTrojanCPA

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Re: Newer Irvine listings with crazy WTF asking prices from equity sellers
« Reply #2616 on: November 29, 2019, 09:42:56 PM »
Hmmm, this seller seems to think that they can get around $1.6m for a non-premium sized lot Sagewood Plan 3 with tacky upgrades...

https://www.redfin.com/CA/Irvine/224-Denim-92618/home/51682837

Good luck with that, I guess we'll have another $1.5m home lingering on the market for months.
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Offline Dr. CA Real Estate

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Re: Newer Irvine listings with crazy WTF asking prices from equity sellers
« Reply #2617 on: December 05, 2019, 03:01:13 PM »
Never ceases to amaze me how often people using current listing prices instead of actual closing prices for comparables.
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Offline aquabliss

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Re: Newer Irvine listings with crazy WTF asking prices from equity sellers
« Reply #2618 on: December 07, 2019, 08:15:34 AM »
Never ceases to amaze me how often people using current listing prices instead of actual closing prices for comparables.

Since homes usually sell around 95% of list price, if everyone used the closing price to list at, wouldn’t it create a downward spiral? 

Home 1: Lists at $100, closes for $95
Home 2: Lists at $95, closes for $90.25
Home 3: Lists at $90.25, closes at $85.74
And so on...

Offline Dr. CA Real Estate

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Re: Newer Irvine listings with crazy WTF asking prices from equity sellers
« Reply #2619 on: December 08, 2019, 12:32:45 AM »
Never ceases to amaze me how often people using current listing prices instead of actual closing prices for comparables.

Since homes usually sell around 95% of list price, if everyone used the closing price to list at, wouldn’t it create a downward spiral? 

Home 1: Lists at $100, closes for $95
Home 2: Lists at $95, closes for $90.25
Home 3: Lists at $90.25, closes at $85.74
And so on...


Market forces prevent that
Kris Mendoza
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Offline USCTrojanCPA

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Re: Newer Irvine listings with crazy WTF asking prices from equity sellers
« Reply #2620 on: January 10, 2020, 10:35:07 AM »
This is a nice looking home with good upgrades, except for the wallpaper in some of the rooms and a large lot that was nicely done but come on...$666/sf in Beacon Park?  Does the seller and/or agent think they have a view lot in Altair or Hidden Canyon? Just another pipe dream listing that will linger on the market. haha

https://www.redfin.com/CA/Irvine/116-Mustard-92618/home/103690806
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Offline Kings

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Re: Newer Irvine listings with crazy WTF asking prices from equity sellers
« Reply #2621 on: January 10, 2020, 11:44:06 AM »
This is a nice looking home with good upgrades, except for the wallpaper in some of the rooms and a large lot that was nicely done but come on...$666/sf in Beacon Park?  Does the seller and/or agent think they have a view lot in Altair or Hidden Canyon? Just another pipe dream listing that will linger on the market. haha

https://www.redfin.com/CA/Irvine/116-Mustard-92618/home/103690806

$666/sf  >:D

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Offline aquabliss

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Re: Newer Irvine listings with crazy WTF asking prices from equity sellers
« Reply #2622 on: January 10, 2020, 03:57:33 PM »
I bet that fancy yard cost $20k landscape design and $150k to build.  Pretty Legit.  But ya, still.

Offline marmott

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Re: Newer Irvine listings with crazy WTF asking prices from equity sellers
« Reply #2623 on: January 11, 2020, 02:32:02 PM »
Quote
Estimated one Million dollars of upgrades in this magnificent two-story estate!

You must be crazy to put $1MM in upgrade in a house like that..

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Offline Soylent Green Is People

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Re: Newer Irvine listings with crazy WTF asking prices from equity sellers
« Reply #2624 on: January 11, 2020, 03:13:39 PM »
OOoof... photo 19 is not really saying "$1m in upgrades" to me. As others posted, the back yard is very nice, even with faux grass, but inside? I'd like to see a few invoices to convince me $1m was spent on this place.

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