Newer Irvine listings with crazy WTF asking prices from equity sellers

[USCTrojanCPA]

Courtyard condo that backs against Portola Spring just sold for $2,050,000k, $400k over LP. House doesnt have that much upgrade. This is really WTF crazy.

https://www.redfin.com/CA/Irvine/238-Desert-Bloom-92618/home/51684578?600390594=copy_variant&231528114=control&utm_source=ios_share&utm_medium=share&utm_nooverride=1&utm_content=link&utm_campaign=share_sheet

That flooring is horrible, needs to be scrapped.  Easy answer why...lack of inventory.

[Irvinehomeseeker]

Courtyard condo that backs against Portola Spring just sold for $2,050,000k, $400k over LP. House doesnt have that much upgrade. This is really WTF crazy.

https://www.redfin.com/CA/Irvine/238-Desert-Bloom-92618/home/51684578?600390594=copy_variant&231528114=control&utm_source=ios_share&utm_medium=share&utm_nooverride=1&utm_content=link&utm_campaign=share_sheet

That flooring is horrible, needs to be scrapped.  Easy answer why...lack of inventory.

That's like 25% over list price! I get the lack of inventory but  wonder the buyers psychology when they go to this extend to bit up prices. I don't think first time buyers are bidding up like this in Irvine or are they able? I can only think of move up buyers who are able to sell their existing homes at high returns today to be able to bid up like this. Or, the fear of missing out.

[Cares]

Courtyard condo that backs against Portola Spring just sold for $2,050,000k, $400k over LP. House doesnt have that much upgrade. This is really WTF crazy.

https://www.redfin.com/CA/Irvine/238-Desert-Bloom-92618/home/51684578?600390594=copy_variant&231528114=control&utm_source=ios_share&utm_medium=share&utm_nooverride=1&utm_content=link&utm_campaign=share_sheet

Eesh, that could be the first $2M motorcourt sale outside of Orchard Hills.

There's a couple that sold recently also that crossed $2M:

https://www.redfin.com/CA/Irvine/97-Pelican-Ln-92618/home/167401211 and
https://www.redfin.com/CA/Irvine/123-Montero-92603/home/169485634

[houmajsa]

you talking about the tile? it does have a dirty appearance

Courtyard condo that backs against Portola Spring just sold for $2,050,000k, $400k over LP. House doesnt have that much upgrade. This is really WTF crazy.

https://www.redfin.com/CA/Irvine/238-Desert-Bloom-92618/home/51684578?600390594=copy_variant&231528114=control&utm_source=ios_share&utm_medium=share&utm_nooverride=1&utm_content=link&utm_campaign=share_sheet

That flooring is horrible, needs to be scrapped.  Easy answer why...lack of inventory.

[USCTrojanCPA]

you talking about the tile? it does have a dirty appearance

Courtyard condo that backs against Portola Spring just sold for $2,050,000k, $400k over LP. House doesnt have that much upgrade. This is really WTF crazy.

https://www.redfin.com/CA/Irvine/238-Desert-Bloom-92618/home/51684578?600390594=copy_variant&231528114=control&utm_source=ios_share&utm_medium=share&utm_nooverride=1&utm_content=link&utm_campaign=share_sheet

That flooring is horrible, needs to be scrapped.  Easy answer why...lack of inventory.

Yeah, the tile flooring in the kitchen and bathrooms...looks cheap and yeah the color isn't great.

[USCTrojanCPA]

Courtyard condo that backs against Portola Spring just sold for $2,050,000k, $400k over LP. House doesnt have that much upgrade. This is really WTF crazy.

https://www.redfin.com/CA/Irvine/238-Desert-Bloom-92618/home/51684578?600390594=copy_variant&231528114=control&utm_source=ios_share&utm_medium=share&utm_nooverride=1&utm_content=link&utm_campaign=share_sheet

That flooring is horrible, needs to be scrapped.  Easy answer why...lack of inventory.

That's like 25% over list price! I get the lack of inventory but  wonder the buyers psychology when they go to this extend to bit up prices. I don't think first time buyers are bidding up like this in Irvine or are they able? I can only think of move up buyers who are able to sell their existing homes at high returns today to be able to bid up like this. Or, the fear of missing out.

There is a  serious lack of inventory so many buyers are getting desperate and are bidding over comps, I'm seeing a lot of FOMO/desperation in the bidding in the past few months.  Most Irvine buyers are very strong financially so they can swing these higher prices.

[Cares]

Let's hope these crazy prices don't stop until my rental properties are all multi-millions so I can cash out and retire.

[sleepy5136]

Let's hope these crazy prices don't stop until my rental properties are all multi-millions so I can cash out and retire.

Might need to ask the government to start printing 1000 bills

[BlackKnight]

This one just sold $300k over asking price. Couple of years ago, it was on the market for few months w/ LP around $1.3ish. Crazy time indeed

https://www.redfin.com/CA/Irvine/41-Mapleton-92620/home/40101212?600390594=copy_variant&231528114=control&utm_source=ios_share&utm_medium=share&utm_nooverride=1&utm_content=link&utm_campaign=share_sheet

[SEAGULL689]

[/quote]

There is a  serious lack of inventory so many buyers are getting desperate and are bidding over comps, I'm seeing a lot of FOMO/desperation in the bidding in the past few months.  Most Irvine buyers are very strong financially so they can swing these higher prices.
[/quote]

When you say "very strong financially" what do you mean? For homes selling for $1M+, I assume the buyers are either investors or families? For the families, where are they getting their money? Parents, high paying jobs, or equity from old home? Been lurking these forums for a while and very curious where all this money is coming from!

[CalBears96]

There is a  serious lack of inventory so many buyers are getting desperate and are bidding over comps, I'm seeing a lot of FOMO/desperation in the bidding in the past few months.  Most Irvine buyers are very strong financially so they can swing these higher prices.
[/quote]

When you say "very strong financially" what do you mean? For homes selling for $1M+, I assume the buyers are either investors or families? For the families, where are they getting their money? Parents, high paying jobs, or equity from old home? Been lurking these forums for a while and very curious where all this money is coming from!
[/quote]

Probably high pay jobs AND equity from old home (at least for the ones moving up). I work at a high tech company and some of my co-workers are moving to a bigger home because their kids are growing up. And there is also talk about deep pockets from Bay Area buying in Irvine.

[USCTrojanCPA]

There is a  serious lack of inventory so many buyers are getting desperate and are bidding over comps, I'm seeing a lot of FOMO/desperation in the bidding in the past few months.  Most Irvine buyers are very strong financially so they can swing these higher prices.
[/quote]

When you say "very strong financially" what do you mean? For homes selling for $1M+, I assume the buyers are either investors or families? For the families, where are they getting their money? Parents, high paying jobs, or equity from old home? Been lurking these forums for a while and very curious where all this money is coming from!
[/quote]

I mean that they have well over 20% down in liquid funds and are buying at least 20-30%+ below their max purchase price capacity (aka under buying).  So if my buyer is looking to purchase a $2m home, they are approved to be able to purchase a $2.5m+ home.  Most of my buyers liquid funds for the down payment are coming primarily from savings/investing (high salaries/business income, bonuses, stock options, etc), secondarily equity from their current home or recently sold home, or lastly from gift funds from family (mainly for my younger first time home buyers). 

[airplanes]

Just wait until Facebook and Google cave to employee demands and start offering permanent WFH / remote work to a wider base of employees.  And if you are familiar with the valley and tech culture, you know that the other large employers tend to follow what FB / Google establish as a precedent when it comes to employee benefits.

Software engineers making $500k - $1M+ a year will start descending down to Orange County in hordes, leaving the Bay Area behind them.  As many have already pointed out, lots of them have already made their way down.

Even $800 / sq ft looks like a bargain if you are used to looking at homes in Palo Alto where homes start at $1,500 / sq ft.

[Danimal]

This photo is from another thread about an open house (attached condo) in S. OC today. According to OP, 10 people inside, 40+ waiting outside to get in and the rest looking for parking.

[eyephone]

Just wait until Facebook and Google cave to employee demands and start offering permanent WFH / remote work to a wider base of employees.  And if you are familiar with the valley and tech culture, you know that the other large employers tend to follow what FB / Google establish as a precedent when it comes to employee benefits.

Software engineers making $500k - $1M+ a year will start descending down to Orange County in hordes, leaving the Bay Area behind them.  As many have already pointed out, lots of them have already made their way down.

Even $800 / sq ft looks like a bargain if you are used to looking at homes in Palo Alto where homes start at $1,500 / sq ft.

I thought facebook delayed to return to the office until March.

Source: cbnc