Name that closing price (30 Gray Dove)...

irvinehomeowner

irvinehomeowner

Well-known member
So I'm on Redfin quite a bit (and I also get updates from IR2) and sometimes I see a house that is underpriced based on comps.

Like this on in Portola Springs:

http://www.redfin.com/CA/Irvine/30-Gray-Dove-92618/home/7203699

Granted it's a Los Colinas Plan 1 and $909k would seem high for a 3br house, but this is Irvine and it is almost brand new.

So what do you think this will close at? Seems like someone got it for $887k last month which is a huge drop from the $1.2m it sold for in Dec 2006.

Considering a Plan 2 and Plan 3 sold for about $950k and $965k... maybe this will close around $925k?

What's your guess?
 
[quote author="irvinehomeowner"]So what do you think this will close at? Seems like someone got it for $887k last month which is a huge drop from the $1.2m it sold for in Dec. 2006.[/quote]

Yeah, the bank took it back for $887k. There has been a few other Portola Springs foreclosures as of late. There was another one down on Bell Chime that someone scored bit time on. Just waiting for it to come on the market. Maybe a difficult debtor/tenant...
 
[quote author="irvinehomeowner"]So I'm on Redfin quite a bit (and I also get updates from IR2) and sometimes I see a house that is underpriced based on comps.

Like this on in Portola Springs:

http://www.redfin.com/CA/Irvine/30-Gray-Dove-92618/home/7203699

Granted it's a Los Colinas Plan 1 and $909k would seem high for a 3br house, but this is Irvine and it is almost brand new.

So what do you think this will close at? Seems like someone got it for $887k last month which is a huge drop from the $1.2m it sold for in Dec 2006.

Considering a Plan 2 and Plan 3 sold for about $950k and $965k... maybe this will close around $925k?

What's your guess?[/quote]
Depending upon the upgrades and the condition of the home, but my guess is $938,888.
 
So this property got profiled on the IHB:

http://www.irvinehousingblog.com/blog/comments/Maximizing-Home-Ownership-30-gray-dove-irvine-portola-springs/

And as usual, the comments are filled with Irvine bashing, bad Paint images and AZDave going on about homedebtorship.

While I understand he's a smart guy, but as a young single renter, I don't think he understands the non-mathematical reasons of why people want to buy homes. And why a 30-year mortgage/20% down (which currently I think is too high) makes home "ownership" possible for many.

He wants to go back to 50% down and 5-year mortgages. How many people can afford to do that?

But that brings up a question... did 30-year mortgages make house prices go higher? Did this real estate bubble really start in the 1934?
 
[quote author="irvinehomeowner"]So this property got profiled on the IHB:

http://www.irvinehousingblog.com/blog/comments/Maximizing-Home-Ownership-30-gray-dove-irvine-portola-springs/

And as usual, the comments are filled with Irvine bashing, bad Paint images and AZDave going on about homedebtorship.

While I understand he's a smart guy, but as a young single renter, I don't think he understands the non-mathematical reasons of why people want to buy homes. And why a 30-year mortgage/20% down (which currently I think is too high) makes home "ownership" possible for many.

He wants to go back to 50% down and 5-year mortgages. How many people can afford to do that?

But that brings up a question... did 30-year mortgages make house prices go higher? Did this real estate bubble really start in the 1934?[/quote]

IHO --- Why, oh why did I have to follow your link and go read the IHB today? Maybe I'm just too mainstream and cookie cutter, but that blog is going absolutely bizarro. What's with all the George Orwell/Brave New World/Big Brother stuff? I'm not sure that sort of talk is consistent with the type of mindset I am going to trust with my home purchase. Besides, most people talking like that (and attracted to that kind of talk) are the anti-establishment types who would seem to be the LEAST likely to want to sign up for a home purchase.

Strange way to drive business for your brokerage... ::)
 
I read it more for the enlightening commentary (except from some regular commenters).
Did you catch this on yesterday's post?

IR:
You can buy a house if you plan to be there for a long time and you recognize prices will probably go lower. If you are buying a house because you think prices have bottomed, and you better hurry because you might be priced out, you will be upset and disappointed.
Click to expand...
He still has his senses about him. It's funny, now that the forums are disconnected from the blog, I tend to read the IHB more and even comment now and then. Maybe that was their original intent... seems to be working on me (and geotpf).

I wish geotpf would post here more.
 
Wow! The comments today are... um... extra special.

IHO, I am beginning to think you might be AzDingleBerry's stalker. You just can't stop talking about him. And... really... geotpf? You have to be kidding me.

"I say it is still best to rent in Irvine. But with low interest rates, the tax credit, Irvine has hit bottom, and if you plan on living there for 7 to 10 to 100 years, then you should be fine."

Just copy and paste that exact quote three times a day EVERY FREAKIN DAY and you will get your geotpf fix. He never adds anything else. Repeat, repeat, and repeat and it will become true!
 
There is finally someone writing a positive testimonial on IHB in the comments section. If you are so inclined....here it is.

http://www.irvinehousingblog.com/blog/co....orthwood/#m ore

search for MRexpert. (control-F)

I actually think they are doing pretty good. The closing of the forums may have been a good business decision. I noticed that there are more comments on the blog now. Time will tell.

The thing about the daily blog is that there are always new comments. I enjoy reading them...also I read Mish's comments all the time too.
 
I am AZ's stalker... he labeled me as such so I'm going to live up to it. It's just hard to ignore some of the things he posts.

As for geo... c'mon... we need the diversity. While I don't agree with some of the things he says... this place needs discussion to happen.

As we all know, I'm on here all the time but the activity here is so low. All I see is "1 viewing" or "2 viewing"... number of members online averages like 5. The most traction this place got was when we had World War Winex.

Maybe we need to start writing more controversial posts that will attract more viewers and posters.

I tried to do that with my "Less than 20% down" and "Irvine's Premium" threads but it's weird that less people are willing to post here.

Could it be the lack of "Thanks!" so no one feels their input is appreciated?

And zubs notices the same thing I do... although that increased comment count seems to be coming from my favorite stalkee.
 
Well I have not posted here that much yet but I did notice something today so here it goes.

While driving up the 5 Freeway to the 405 at the 'Y' this morning, I noticed the yucky brown glob (smog) in the air hanging over Irvine seemed darker and thicker than I ever saw it before. Did anyone else notice this too? It made me want to cough just looking at it.
 
[quote author="zubs"]There is finally someone writing a positive testimonial on IHB in the comments section. If you are so inclined....here it is.

http://www.irvinehousingblog.com/blog/co....orthwood/#m ore

search for MRexpert. (control-F)

I actually think they are doing pretty good. The closing of the forums may have been a good business decision. I noticed that there are more comments on the blog now. Time will tell.

The thing about the daily blog is that there are always new comments. I enjoy reading them...also I read Mish's comments all the time too.[/quote]
Doesn't hurt that they got rid of their two biggest competitors. I'm gonna start posting up on the blog asking IR some questions about the commission structure and see if I can cause a little chaos....topic = commission rebate. >=)
 
FYI, I have been working with the Realtor on this property and the Bank is willing to part with it for $825K.

I was considering it, but it is missing the fourth bedroom, and just can't see myself in PS.

If anyone is interested, let me know and I'll post more info...
 
[quote author="USCTrojanCPA"]
[quote author="irvinehomeowner"]So I'm on Redfin quite a bit (and I also get updates from IR2) and sometimes I see a house that is underpriced based on comps.

Like this on in Portola Springs:

http://www.redfin.com/CA/Irvine/30-Gray-Dove-92618/home/7203699

Granted it's a Los Colinas Plan 1 and $909k would seem high for a 3br house, but this is Irvine and it is almost brand new.

So what do you think this will close at? Seems like someone got it for $887k last month which is a huge drop from the $1.2m it sold for in Dec 2006.

Considering a Plan 2 and Plan 3 sold for about $950k and $965k... maybe this will close around $925k?

What's your guess?[/quote]
Depending upon the upgrades and the condition of the home, but my guess is $938,888.[/quote]

$938,888.01
 
Below is an excerpt from an e-mail from the broker listing the property:

"On 30 Gray Dove - the Bank is ready to reduce the price and it looks like it could be had for $825,000. Let me know if you are interested at this price."

Looks like the new Woodbury homes are causing PS homes to reevaluate.
 
That price is a good deal compared to what Plan 1s originally sold for and size wise better than WB homes... but the kicker is it's only a 3BR... no 4th bedroom downstairs really hurts it.

I might consider it at $750k... hehe... but considering the pressure from WB, I will probably adjust my prediction to just under $900k.
 
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