Author Topic: Newer Irvine listings with crazy WTF asking prices from equity sellers  (Read 1741058 times)

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Offline Yousr

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Re: Newer Irvine listings with crazy WTF asking prices from equity sellers
« Reply #3120 on: November 05, 2021, 10:29:38 PM »
https://www.redfin.com/CA/Irvine/140-San-Benito-92603/home/176995325

Is there a reason that I’m not aware of to justify this detached condo to be worth 1k+ sqft?

Because South of the 405???

But still...2M or 1000$/sqt for a 3 BDR detached condo?  I can understand the proximity to The Spectrum...not so sure about being zoned to Uni High being such big thing. All almost 2M for a detached condo with no driveway seems like lot. But then buyers from Northern CA have deep pockets and with stock market beating records each day, it may also sell soon!

Yeah, $1000/sf is crazy for that 3bd detached condo.

This is Barcelona by IP. Crazy as it may sound, these were selling at the low 1 million (~1.2 M) around the May time frame of last year when I was looking. I believe this area has a shortage of SFR and detached condos, as most of the residential offerings around the Spectrum mall are rental apartments. But even with a Mountain View, I think $1000/sqft is obscene.

Offline aquabliss

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Re: Newer Irvine listings with crazy WTF asking prices from equity sellers
« Reply #3121 on: November 06, 2021, 09:54:56 PM »
But guys, according to the description (and I quote) “This property at the backyard no neighbors will more private.”

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Offline Yousr

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Re: Newer Irvine listings with crazy WTF asking prices from equity sellers
« Reply #3122 on: November 06, 2021, 11:23:42 PM »
But guys, according to the description (and I quote) “This property at the backyard no neighbors will more private.”


 ;D ;D I see it all makes perfect sense now. And don’t forget about the motor court that’s is shared by 8 homes. The more the merrier

Offline aquabliss

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Re: Newer Irvine listings with crazy WTF asking prices from equity sellers
« Reply #3123 on: November 10, 2021, 01:54:24 AM »
Any bets on when the first OH Strata resell closes over $2M?  Getting closer:
https://www.redfin.com/CA/Irvine/79-Bountiful-92602/home/112718659

Offline DrTravel

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Re: Newer Irvine listings with crazy WTF asking prices from equity sellers
« Reply #3124 on: November 10, 2021, 06:21:36 AM »
Any bets on when the first OH Strata resell closes over $2M?  Getting closer:
https://www.redfin.com/CA/Irvine/79-Bountiful-92602/home/112718659

This former model home might actually be the one.

This one just sold for $1.9M or $115K over list
https://www.redfin.com/CA/Irvine/127-Iron-Horse-92602/home/108244569

These are currently in escrow:
https://www.redfin.com/CA/Irvine/53-Horseshoe-92602/home/112718849 - this one has a "bargain" list price but what will it sell for?
https://www.redfin.com/CA/Irvine/124-Iron-Horse-92602/home/112718860

Stay tuned
Do ordinary things extraordinarily well.

Online TestingIrvine

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Re: Newer Irvine listings with crazy WTF asking prices from equity sellers
« Reply #3125 on: November 12, 2021, 09:16:01 PM »
Some sellers are only listing to test how crazy the market is, at least that's what I think with this listing unless they really think the condo is worth $1.4m but then they have no sense of reality.

Delano sold for $1.3M high $500psf rate.
This is a bigger home (low $500psf rate).

4 bedrooms sell at a massive premium even if they are attached condos. This is the reality of Irvine.

Those two kid families need that office / 4th room to work out of.

Well let's see....Delano is a 2-level condo with the living area on the ground floor with a side yard and relatively low Mello Roos.  The Novel Park condo is 3-levels with no yard and very high Mello Roos.  It's an apples to oranges comparison.

A 4bed home 2,200sqft home less than $1.4M is really hard to find.  This home will sell at list price.

Any 4bed home less than $1.2M is hard to find.

Let's make a friendly wager.  If it sells for $1.4m or more you win and if it sells for below $1.4m I win.  The bet is $100 paid by the loser to the winner's choice of charity.

This is under contract within 10 days. Prob sold at or more than listing.

Irvine is on fire.

Home:
https://www.redfin.com/CA/Irvine/356-Novel-92618/home/173025239?1280460695=variant&600390594=copy_variant&231528114=control&1077477207=variant&utm_source=ios_share&utm_medium=share&utm_nooverride=1&utm_content=link&utm_campaign=share_sheet

Offline CalBears96

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Re: Newer Irvine listings with crazy WTF asking prices from equity sellers
« Reply #3126 on: November 12, 2021, 10:05:51 PM »
Yeah, unfortunately, Irvine is not slowing down as I had hoped. IP is releasing new homes for Bluffs and Highland. Seems like Bluffs is increasing by $10k and Highland by $20k on the next release. We're probably still 3-5 months away on the wait list. That's at least another $50k increase before our turn. I was hoping it would slow down with holidays coming up, but it's not.   :(

Offline Compressed-Village

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Re: Newer Irvine listings with crazy WTF asking prices from equity sellers
« Reply #3127 on: November 12, 2021, 10:16:37 PM »
Some sellers are only listing to test how crazy the market is, at least that's what I think with this listing unless they really think the condo is worth $1.4m but then they have no sense of reality.

Delano sold for $1.3M high $500psf rate.
This is a bigger home (low $500psf rate).

4 bedrooms sell at a massive premium even if they are attached condos. This is the reality of Irvine.

Those two kid families need that office / 4th room to work out of.

Well let's see....Delano is a 2-level condo with the living area on the ground floor with a side yard and relatively low Mello Roos.  The Novel Park condo is 3-levels with no yard and very high Mello Roos.  It's an apples to oranges comparison.

A 4bed home 2,200sqft home less than $1.4M is really hard to find.  This home will sell at list price.

 :)Any 4bed home less than $1.2M is hard to find.

Let's make a friendly wager.  If it sells for $1.4m or more you win and if it sells for below $1.4m I win.  The bet is $100 paid by the loser to the winner's choice of charity.


Ohhhh, it might surprise us all. Martin might have to pay up. :)

Offline The California Court Company

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Re: Newer Irvine listings with crazy WTF asking prices from equity sellers
« Reply #3128 on: November 15, 2021, 10:15:45 AM »
have not checked Irvine real estate market for a while. It seems like inventory is super low? There is no home for sale at all at the Stonegate Village? from 1 BR attached condo to 4k+ sqft SFRs? nada? how is this possible?
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Offline lnc

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Re: Newer Irvine listings with crazy WTF asking prices from equity sellers
« Reply #3129 on: November 15, 2021, 01:23:44 PM »
have not checked Irvine real estate market for a while. It seems like inventory is super low? There is no home for sale at all at the Stonegate Village? from 1 BR attached condo to 4k+ sqft SFRs? nada? how is this possible?

There are decent number of homes for sales but they all sold in a blink of an eye, hence very low number of homes actually linger on Redfin listings. 

If you list a Saratoga right now, it will get offers within few hours of listing if it is reasonably priced and sold before the actual open house.

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Offline USCTrojanCPA

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Re: Newer Irvine listings with crazy WTF asking prices from equity sellers
« Reply #3130 on: November 15, 2021, 01:34:40 PM »
have not checked Irvine real estate market for a while. It seems like inventory is super low? There is no home for sale at all at the Stonegate Village? from 1 BR attached condo to 4k+ sqft SFRs? nada? how is this possible?

There are decent number of homes for sales but they all sold in a blink of an eye, hence very low number of homes actually linger on Redfin listings. 

If you list a Saratoga right now, it will get offers within few hours of listing if it is reasonably priced and sold before the actual open house.

Exactly, there's been lots of listings this year but the buyer demand is swamping the supply because homes are flying into escrow within a week so there's no time for inventory to build up.
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Offline sleepy5136

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Re: Newer Irvine listings with crazy WTF asking prices from equity sellers
« Reply #3131 on: November 25, 2021, 07:06:48 AM »
What justifies this price? Despite it being in turtle, the place isn’t significantly big nor is the lot extremely big. It’s decent size for the size of the home but everything needs to be redone.

https://www.redfin.com/CA/Irvine/8-Elderberry-92603/home/4743845?

Offline Cares

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Re: Newer Irvine listings with crazy WTF asking prices from equity sellers
« Reply #3132 on: November 25, 2021, 09:16:49 AM »
Priced at $1,950,000. This would be a record sale in Cypress Village with the closest being $1.8M and 2889 sqft. This one is not only $150k higher but also 200 sqft smaller.

The cherry on top of this is that there is a tenant until August 2022 that is only paying $5000 per month.

https://www.redfin.com/CA/Irvine/102-Crimson-Oak-92620/home/105485869
« Last Edit: November 25, 2021, 09:22:14 AM by Cares »

Offline USCTrojanCPA

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Re: Newer Irvine listings with crazy WTF asking prices from equity sellers
« Reply #3133 on: November 25, 2021, 06:27:40 PM »
Priced at $1,950,000. This would be a record sale in Cypress Village with the closest being $1.8M and 2889 sqft. This one is not only $150k higher but also 200 sqft smaller.

The cherry on top of this is that there is a tenant until August 2022 that is only paying $5000 per month.

https://www.redfin.com/CA/Irvine/102-Crimson-Oak-92620/home/105485869

The funny part is that Redfin estimates the value at $1.935m...those guestimates are a complete joke.
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Offline HMart

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Re: Newer Irvine listings with crazy WTF asking prices from equity sellers
« Reply #3134 on: November 25, 2021, 11:38:59 PM »
Uh...that's an attached property for 2m and over $1k/sqft? WTF

 

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