Author Topic: Newer Irvine listings with crazy WTF asking prices from equity sellers  (Read 1738664 times)

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Offline The California Court Company

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Re: Newer Irvine listings with crazy WTF asking prices from equity sellers
« Reply #2880 on: April 29, 2021, 03:36:07 PM »
LL,
If you own a house in Irvine, I will gladly buy it from you at 2020 price estimate, since the price went down by a few percent in 2021, it must be good deal for you?
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Re: Newer Irvine listings with crazy WTF asking prices from equity sellers
« Reply #2881 on: April 29, 2021, 04:07:31 PM »
My recent "Non Irvine" favorite example of crazy pricing is this:

https://www.redfin.com/CA/Mission-Viejo/23852-Lindley-St-92691/home/4841136

(enjoy the photos while they are still up)

$650k list as "fixer"  :o
$740k close.

I spoke with the agent who had 5 offers, primarily flippers, but not the highest bid. Winner took out an insurance policy to protect the seller right after the contract was accepted, over the next 2 weeks fixed 80% of the house issues on his own (including filling the pool) and closed with a Conventional loan.

Have to say this was a very smart tactic if you can find the right older home. This would not work in newer communities unless there were serious issues with the previous owner. A similar home to this one closed within 500 yards of this home in the $900k range.

Yes, home prices are now approaching ludicrous speed.



My .02c

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Re: Newer Irvine listings with crazy WTF asking prices from equity sellers
« Reply #2882 on: April 29, 2021, 05:21:46 PM »
Irvine price has definitely been up from what I've seen.

Also agree with USC that it's not just Irvine. It's everywhere else too.

But what's interesting to me is the price increase in Irvine seems to be less compared to a few other cities that I keep tabs on (in terms of % gain)

Eastvale (Riverside county)

https://www.redfin.com/CA/Corona/13229-Kara-Ct-92880/home/6575213#property-history

Sold in 2016 - 430k
Sold in 2021 - 775k

Even Aliso Viejo seems to have bigger % gain than Irvine

https://www.redfin.com/CA/Aliso-Viejo/32-Cliffwood-92656/home/4872206#property-history

Sold in 2016 - 739k
Sold in 2021 - 1155k



I think areas outside of Irvine in the surrounding areas are now playing catch-up since their price appreciation has seriously lagged Irvine's since 2010.  The low inventory problem is pretty much in almost every single metro area...Vegas, Phoenix, Austin, Dallas, Salt Lake, Boise, Reno, etc, etc, etc. The most demand and largest price increases are happening for single family residences.
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Offline zovall

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Offline someguy

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Re: Newer Irvine listings with crazy WTF asking prices from equity sellers
« Reply #2884 on: April 30, 2021, 01:48:06 PM »
Record high price with unique backyard landscaping! $5,290,000 in Orchard Hills https://www.redfin.com/CA/Irvine/184-Leafy-Pass-92602/home/143911558

Paid $4,037,330 on 1/18/2019 http://oct.estreamone.com/Show.aspx?parcel=527-403-17.0100&year=2019

Solid gains right there!  Good luck to the seller!

Offline Kenkoko

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Re: Newer Irvine listings with crazy WTF asking prices from equity sellers
« Reply #2885 on: April 30, 2021, 02:14:30 PM »
Record high price with unique backyard landscaping! $5,290,000 in Orchard Hills https://www.redfin.com/CA/Irvine/184-Leafy-Pass-92602/home/143911558

Paid $4,037,330 on 1/18/2019 http://oct.estreamone.com/Show.aspx?parcel=527-403-17.0100&year=2019

Solid gains right there!  Good luck to the seller!

Sorry to be a Debbie Downer, but that backyard is an eyesore to say the least.

Offline Dr. CA Real Estate

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Re: Newer Irvine listings with crazy WTF asking prices from equity sellers
« Reply #2886 on: April 30, 2021, 02:59:42 PM »
While most of what he says is misinformation due to poor analytical skills or just plain wrong, there is something valid I will say in his favor. From an investment % gain basis, Irvine is the best place to buy in OC. Anaheim, Garden Grove, Santa Ana, Newport Coast, ect ect are much better. The one advantage Irvine had, which you could debate it no longer does over many areas, was in the lower risk of your investment
« Last Edit: April 30, 2021, 03:08:40 PM by Dr. CA Real Estate »
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Offline Cornflakes

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Re: Newer Irvine listings with crazy WTF asking prices from equity sellers
« Reply #2887 on: April 30, 2021, 04:03:33 PM »
I don't get what the point is arguing with this guy. The data speaks for itself and anecdotal experience speaks for itself.


Back in the days when Trump was running for the office, I got in convo with a ber driver.
Me: ...can you believe this guy? Nothing sticks to him...
Driver: It's fun. I am going to vote for him.
Me: Why, what is your reason?
Driver: Purely for circus and entertainment purposes.

We have a few TI members who just keep poking, only to create stir/circus/entertainment. I guess we just have to assess for ourselves if we are getting into an intellectual debate or walking in to a trap, and choose accordingly.

Offline irvinehomeowner

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Re: Newer Irvine listings with crazy WTF asking prices from equity sellers
« Reply #2888 on: April 30, 2021, 05:17:37 PM »
Irvine is the best... always and forever... until the end of time... and any other love song title you can think of.
Once you go 3-car garage... your junk can never go back.
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Re: Newer Irvine listings with crazy WTF asking prices from equity sellers
« Reply #2889 on: May 01, 2021, 02:59:56 PM »
Record high price with unique backyard landscaping! $5,290,000 in Orchard Hills https://www.redfin.com/CA/Irvine/184-Leafy-Pass-92602/home/143911558

Paid $4,037,330 on 1/18/2019 http://oct.estreamone.com/Show.aspx?parcel=527-403-17.0100&year=2019

Solid gains right there!  Good luck to the seller!

Eh, I much rather purchase 2x $2.6M homes. The yard landscaping is lackluster.

Offline akula1488

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Re: Newer Irvine listings with crazy WTF asking prices from equity sellers
« Reply #2890 on: May 01, 2021, 03:17:28 PM »
Record high price with unique backyard landscaping! $5,290,000 in Orchard Hills https://www.redfin.com/CA/Irvine/184-Leafy-Pass-92602/home/143911558

Paid $4,037,330 on 1/18/2019 http://oct.estreamone.com/Show.aspx?parcel=527-403-17.0100&year=2019

Solid gains right there!  Good luck to the seller!

Leafy pass is a giant turd compare to this house
https://www.redfin.com/CA/RANCHO-SANTA-FE/6658-NIEMAN-RANCH-RD-92067/home/4485479

School district is the same as Irvine, if not better. Look at that backyard, look at the ocean view....Single story, 2 acre lot???

Offline someguy

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Re: Newer Irvine listings with crazy WTF asking prices from equity sellers
« Reply #2891 on: May 01, 2021, 06:04:23 PM »

Leafy pass is a giant turd compare to this house
https://www.redfin.com/CA/RANCHO-SANTA-FE/6658-NIEMAN-RANCH-RD-92067/home/4485479

School district is the same as Irvine, if not better. Look at that backyard, look at the ocean view....Single story, 2 acre lot???

Now that's what $5.5M should get!  Check out those countertops!  And that view!  Drool.

Offline Irvinehomeseeker

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Re: Newer Irvine listings with crazy WTF asking prices from equity sellers
« Reply #2892 on: May 02, 2021, 03:48:12 PM »
Are prices really this crazy high today  - 1.68 Mill for a SFR in Eastwood:
https://www.redfin.com/CA/Irvine/121-Pewter-92620/home/112724022

Late last year, the singe level new construction from KB homes (NAPA) was sitting for months together and went for around 1.45 million earlier this year. I feel like passed up some good SFR opportunities now.

And this Delano attached Condo for 1.2 Million? Granted it has some furniture in it, but still 1.2M for attached Condo?
https://www.redfin.com/CA/Irvine/60-Parkwood-92602/home/174923119

The single level 121 Pewter home went pending in 1 day at the 1.68 Million price!  Back in Nov-Dec of last year, the single level SFR build by KB Homes (Napa) was selling at 1.4 million. I considered making an offer, but didn't pull the trigger...and in 4 months look a similar plan in contract for close to 300K more!! The person who bought https://www.redfin.com/CA/Irvine/100-Frontier-92602/home/174655184 (similar to 121 pewter) already made instant equity I guess.
I guess I never saw the insane price hike  coming so quickly...

Offline Irvinehomeseeker

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Re: Newer Irvine listings with crazy WTF asking prices from equity sellers
« Reply #2893 on: May 07, 2021, 08:36:43 AM »
Are prices really this crazy high today  - 1.68 Mill for a SFR in Eastwood:
https://www.redfin.com/CA/Irvine/121-Pewter-92620/home/112724022

Late last year, the singe level new construction from KB homes (NAPA) was sitting for months together and went for around 1.45 million earlier this year. I feel like passed up some good SFR opportunities now.

And this Delano attached Condo for 1.2 Million? Granted it has some furniture in it, but still 1.2M for attached Condo?
https://www.redfin.com/CA/Irvine/60-Parkwood-92602/home/174923119

The single level 121 Pewter home went pending in 1 day at the 1.68 Million price!  Back in Nov-Dec of last year, the single level SFR build by KB Homes (Napa) was selling at 1.4 million. I considered making an offer, but didn't pull the trigger...and in 4 months look a similar plan in contract for close to 300K more!! The person who bought https://www.redfin.com/CA/Irvine/100-Frontier-92602/home/174655184 (similar to 121 pewter) already made instant equity I guess.
I guess I never saw the insane price hike  coming so quickly...

121 Pewter sold for 1.75 Million!!

Offline akkord

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Re: Newer Irvine listings with crazy WTF asking prices from equity sellers
« Reply #2894 on: May 07, 2021, 09:28:32 AM »
Are prices really this crazy high today  - 1.68 Mill for a SFR in Eastwood:
https://www.redfin.com/CA/Irvine/121-Pewter-92620/home/112724022

Late last year, the singe level new construction from KB homes (NAPA) was sitting for months together and went for around 1.45 million earlier this year. I feel like passed up some good SFR opportunities now.

And this Delano attached Condo for 1.2 Million? Granted it has some furniture in it, but still 1.2M for attached Condo?
https://www.redfin.com/CA/Irvine/60-Parkwood-92602/home/174923119

The single level 121 Pewter home went pending in 1 day at the 1.68 Million price!  Back in Nov-Dec of last year, the single level SFR build by KB Homes (Napa) was selling at 1.4 million. I considered making an offer, but didn't pull the trigger...and in 4 months look a similar plan in contract for close to 300K more!! The person who bought https://www.redfin.com/CA/Irvine/100-Frontier-92602/home/174655184 (similar to 121 pewter) already made instant equity I guess.
I guess I never saw the insane price hike  coming so quickly...

121 Pewter sold for 1.75 Million!!

The property tax for a 2k sf 3bed home is going to be like 20k...thats nuts on top of the 1.75mm paid.

 

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