Author Topic: Trying to buy in Irvine is NO Fun  (Read 64983 times)

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Offline IndieDev

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Re: Trying to buy in Irvine is NO Fun
« Reply #270 on: December 01, 2011, 02:15:44 PM »
@Indie:

So now you're saying that you feel Biddle is worth at least $819k?

The parameters of your bet do not reflect your stance on fundamentals... which is why I said you hedge your bets in your favor.

If you truly believe that Biddle is $200k overvalued... then your bet threshold should have been $639k... not $819k. Who's not standing behind his beliefs now?

Uh... I don't know... I don't bet on stuff I can't control... Hey USCTrojan... what is it really worth in your opinion... I never claimed that... I'm just counter pointing your point on that other point....
Wow, this one is difficult to value.  The house needs a lot of work ($100k or so), doesn't look like the bank put any money into house since foreclosing on it.  The best comp is this house which also backs up to Culver but seems to be in much better condition...http://www.redfin.com/CA/Irvine/19001-Antioch-Dr-92603/home/4739364   The lowest per SF price in Turtle Rock for a detached home to close in 2011 was $385/sf (http://www.redfin.com/CA/Irvine/23-Rippling-Strm-92603/home/4742621).  So if you take the SF x $385/sf less $100k for renovations, I get an approx. value of $675k as my best guestimate.

Hey USCT, first, thanks for taking time to look at it. According to Redfin, in last 12 months, there were 3 homes that backed on to culver in these tracts. Three sold for 449, 439 and 459/sf which were the detached SFR. The only house (that i think you alluded to) that sold for 385/sf is a attached unit and actually in a different part of the tract that has different kinds of homes.

Based on this, if you took the three averages, then used $449 * 2001 sqft=898k - 100k in work needed=798,449, right? These comps are in the same general tract and all back onto Culver all built in couple of years of each other.

Curious why you choose to use the least similar sale among the 4 sales to comp against. I ask because I did my own "analysis" when I put in the bid as I was planning on flipping it or renting it out and I wanted to compare notes of value. TIA!

So Scurred...your analysis is wrong. You're doubledipping. the home that sold at 439/sq ft is already has the poor condition priced in. so for the current property, you're penalizing it twice by using the low 439/sq ft to average, and then deducting an additional 100k in repairs. Make sense?

This is why the property is probably worth 40k more and why you should bid above 850k to prevent others from stealing it from you.

I like the way you think.
"You are just a whining loser here hoping that Irvine house price can be 50% off so that you can afford a house here." - NonFCB
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Offline so_scared

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Re: Trying to buy in Irvine is NO Fun
« Reply #271 on: December 01, 2011, 02:19:43 PM »
@Indie:

So now you're saying that you feel Biddle is worth at least $819k?

The parameters of your bet do not reflect your stance on fundamentals... which is why I said you hedge your bets in your favor.

If you truly believe that Biddle is $200k overvalued... then your bet threshold should have been $639k... not $819k. Who's not standing behind his beliefs now?

Uh... I don't know... I don't bet on stuff I can't control... Hey USCTrojan... what is it really worth in your opinion... I never claimed that... I'm just counter pointing your point on that other point....
Wow, this one is difficult to value.  The house needs a lot of work ($100k or so), doesn't look like the bank put any money into house since foreclosing on it.  The best comp is this house which also backs up to Culver but seems to be in much better condition...http://www.redfin.com/CA/Irvine/19001-Antioch-Dr-92603/home/4739364   The lowest per SF price in Turtle Rock for a detached home to close in 2011 was $385/sf (http://www.redfin.com/CA/Irvine/23-Rippling-Strm-92603/home/4742621).  So if you take the SF x $385/sf less $100k for renovations, I get an approx. value of $675k as my best guestimate.

Hey USCT, first, thanks for taking time to look at it. According to Redfin, in last 12 months, there were 3 homes that backed on to culver in these tracts. Three sold for 449, 439 and 459/sf which were the detached SFR. The only house (that i think you alluded to) that sold for 385/sf is a attached unit and actually in a different part of the tract that has different kinds of homes.

Based on this, if you took the three averages, then used $449 * 2001 sqft=898k - 100k in work needed=798,449, right? These comps are in the same general tract and all back onto Culver all built in couple of years of each other.

Curious why you choose to use the least similar sale among the 4 sales to comp against. I ask because I did my own "analysis" when I put in the bid as I was planning on flipping it or renting it out and I wanted to compare notes of value. TIA!

So Scurred...your analysis is wrong. You're doubledipping. the home that sold at 439/sq ft is already has the poor condition priced in. so for the current property, you're penalizing it twice by using the low 439/sq ft to average, and then deducting an additional 100k in repairs. Make sense?

This is why the property is probably worth 40k more and why you should bid above 850k to prevent others from stealing it from you.

Moving, you need to attend Indie school of ridiculing. Heard he is opening a branch up in your move up neighborhood right next to the 85 degree. He already sees your potential!

Your post current skills doesn't quite cut it as either adding much ridicule nor value to the conversation. But thanks for playing.

Offline MovingOnUp

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Re: Trying to buy in Irvine is NO Fun
« Reply #272 on: December 01, 2011, 02:20:52 PM »
Hey USCT, first, thanks for taking time to look at it. According to Redfin, in last 12 months, there were 3 homes that backed on to culver in these tracts. Three sold for 449, 439 and 459/sf which were the detached SFR. The only house (that i think you alluded to) that sold for 385/sf is a attached unit and actually in a different part of the tract that has different kinds of homes.

Based on this, if you took the three averages, then used $449 * 2001 sqft=898k - 100k in work needed=798,449, right? These comps are in the same general tract and all back onto Culver all built in couple of years of each other.

Curious why you choose to use the least similar sale among the 4 sales to comp against. I ask because I did my own "analysis" when I put in the bid as I was planning on flipping it or renting it out and I wanted to compare notes of value. TIA!

This is genius. Quoting for future reference.

Why thank you! What was so insightful for you?

When putting in your bid on this house as an investment property, ignore any talk from naysayers about actuals. It's all about the proforma here. The intangible asset is the brand reputation of the neighborhood and potential baby. The haters don't get it like you or I. The brand and potential are priceless.

Offline MovingOnUp

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Re: Trying to buy in Irvine is NO Fun
« Reply #273 on: December 01, 2011, 02:26:52 PM »
@Indie:

So now you're saying that you feel Biddle is worth at least $819k?

The parameters of your bet do not reflect your stance on fundamentals... which is why I said you hedge your bets in your favor.

If you truly believe that Biddle is $200k overvalued... then your bet threshold should have been $639k... not $819k. Who's not standing behind his beliefs now?

Uh... I don't know... I don't bet on stuff I can't control... Hey USCTrojan... what is it really worth in your opinion... I never claimed that... I'm just counter pointing your point on that other point....
Wow, this one is difficult to value.  The house needs a lot of work ($100k or so), doesn't look like the bank put any money into house since foreclosing on it.  The best comp is this house which also backs up to Culver but seems to be in much better condition...http://www.redfin.com/CA/Irvine/19001-Antioch-Dr-92603/home/4739364   The lowest per SF price in Turtle Rock for a detached home to close in 2011 was $385/sf (http://www.redfin.com/CA/Irvine/23-Rippling-Strm-92603/home/4742621).  So if you take the SF x $385/sf less $100k for renovations, I get an approx. value of $675k as my best guestimate.

Hey USCT, first, thanks for taking time to look at it. According to Redfin, in last 12 months, there were 3 homes that backed on to culver in these tracts. Three sold for 449, 439 and 459/sf which were the detached SFR. The only house (that i think you alluded to) that sold for 385/sf is a attached unit and actually in a different part of the tract that has different kinds of homes.

Based on this, if you took the three averages, then used $449 * 2001 sqft=898k - 100k in work needed=798,449, right? These comps are in the same general tract and all back onto Culver all built in couple of years of each other.

Curious why you choose to use the least similar sale among the 4 sales to comp against. I ask because I did my own "analysis" when I put in the bid as I was planning on flipping it or renting it out and I wanted to compare notes of value. TIA!

So Scurred...your analysis is wrong. You're doubledipping. the home that sold at 439/sq ft is already has the poor condition priced in. so for the current property, you're penalizing it twice by using the low 439/sq ft to average, and then deducting an additional 100k in repairs. Make sense?

This is why the property is probably worth 40k more and why you should bid above 850k to prevent others from stealing it from you.

Moving, you need to attend Indie school of ridiculing. Heard he is opening a branch up in your move up neighborhood right next to the 85 degree. He already sees your potential!

Your post current skills doesn't quite cut it as either adding much ridicule nor value to the conversation. But thanks for playing.

There's some truth to this. I was once banned from this site  :'( How indy does it w/o getting banned makes me want to enroll.

You know how I know life isn't fair and makes my heart bleed for the poor? Cause I read posts from people like you with money that think buying this property as investment is a good idea. That someone that foolish still manages to have money. If just baffles me how you haven't lost it all yet.

And I'll keep playing...

Offline so_scared

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Re: Trying to buy in Irvine is NO Fun
« Reply #274 on: December 01, 2011, 02:31:09 PM »
@Indie:

So now you're saying that you feel Biddle is worth at least $819k?

The parameters of your bet do not reflect your stance on fundamentals... which is why I said you hedge your bets in your favor.

If you truly believe that Biddle is $200k overvalued... then your bet threshold should have been $639k... not $819k. Who's not standing behind his beliefs now?

Uh... I don't know... I don't bet on stuff I can't control... Hey USCTrojan... what is it really worth in your opinion... I never claimed that... I'm just counter pointing your point on that other point....
Wow, this one is difficult to value.  The house needs a lot of work ($100k or so), doesn't look like the bank put any money into house since foreclosing on it.  The best comp is this house which also backs up to Culver but seems to be in much better condition...http://www.redfin.com/CA/Irvine/19001-Antioch-Dr-92603/home/4739364   The lowest per SF price in Turtle Rock for a detached home to close in 2011 was $385/sf (http://www.redfin.com/CA/Irvine/23-Rippling-Strm-92603/home/4742621).  So if you take the SF x $385/sf less $100k for renovations, I get an approx. value of $675k as my best guestimate.

Hey USCT, first, thanks for taking time to look at it. According to Redfin, in last 12 months, there were 3 homes that backed on to culver in these tracts. Three sold for 449, 439 and 459/sf which were the detached SFR. The only house (that i think you alluded to) that sold for 385/sf is a attached unit and actually in a different part of the tract that has different kinds of homes.

Based on this, if you took the three averages, then used $449 * 2001 sqft=898k - 100k in work needed=798,449, right? These comps are in the same general tract and all back onto Culver all built in couple of years of each other.

Curious why you choose to use the least similar sale among the 4 sales to comp against. I ask because I did my own "analysis" when I put in the bid as I was planning on flipping it or renting it out and I wanted to compare notes of value. TIA!

So Scurred...your analysis is wrong. You're doubledipping. the home that sold at 439/sq ft is already has the poor condition priced in. so for the current property, you're penalizing it twice by using the low 439/sq ft to average, and then deducting an additional 100k in repairs. Make sense?

This is why the property is probably worth 40k more and why you should bid above 850k to prevent others from stealing it from you.

Moving, you need to attend Indie school of ridiculing. Heard he is opening a branch up in your move up neighborhood right next to the 85 degree. He already sees your potential!

Your post current skills doesn't quite cut it as either adding much ridicule nor value to the conversation. But thanks for playing.

There's some truth to this. I was once banned from this site  :'( How indy does it w/o getting banned makes me want to enroll.

You know how I know life isn't fair and makes my heart bleed for the poor? Cause I read posts from people like you with money that think buying this property as investment is a good idea. That someone that foolish still manages to have money. If just baffles me how you haven't lost it all yet.

And I'll keep playing...

for someone who has no idea what i HAD actually offered, you sure assume a lot and talk a lot....but hey, if it were any different, Indie wouldn't be personally recruiting you.

Offline MovingOnUp

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Re: Trying to buy in Irvine is NO Fun
« Reply #275 on: December 01, 2011, 02:44:06 PM »
@Indie:

So now you're saying that you feel Biddle is worth at least $819k?

The parameters of your bet do not reflect your stance on fundamentals... which is why I said you hedge your bets in your favor.

If you truly believe that Biddle is $200k overvalued... then your bet threshold should have been $639k... not $819k. Who's not standing behind his beliefs now?

Uh... I don't know... I don't bet on stuff I can't control... Hey USCTrojan... what is it really worth in your opinion... I never claimed that... I'm just counter pointing your point on that other point....
Wow, this one is difficult to value.  The house needs a lot of work ($100k or so), doesn't look like the bank put any money into house since foreclosing on it.  The best comp is this house which also backs up to Culver but seems to be in much better condition...http://www.redfin.com/CA/Irvine/19001-Antioch-Dr-92603/home/4739364   The lowest per SF price in Turtle Rock for a detached home to close in 2011 was $385/sf (http://www.redfin.com/CA/Irvine/23-Rippling-Strm-92603/home/4742621).  So if you take the SF x $385/sf less $100k for renovations, I get an approx. value of $675k as my best guestimate.

Hey USCT, first, thanks for taking time to look at it. According to Redfin, in last 12 months, there were 3 homes that backed on to culver in these tracts. Three sold for 449, 439 and 459/sf which were the detached SFR. The only house (that i think you alluded to) that sold for 385/sf is a attached unit and actually in a different part of the tract that has different kinds of homes.

Based on this, if you took the three averages, then used $449 * 2001 sqft=898k - 100k in work needed=798,449, right? These comps are in the same general tract and all back onto Culver all built in couple of years of each other.

Curious why you choose to use the least similar sale among the 4 sales to comp against. I ask because I did my own "analysis" when I put in the bid as I was planning on flipping it or renting it out and I wanted to compare notes of value. TIA!

So Scurred...your analysis is wrong. You're doubledipping. the home that sold at 439/sq ft is already has the poor condition priced in. so for the current property, you're penalizing it twice by using the low 439/sq ft to average, and then deducting an additional 100k in repairs. Make sense?

This is why the property is probably worth 40k more and why you should bid above 850k to prevent others from stealing it from you.

Moving, you need to attend Indie school of ridiculing. Heard he is opening a branch up in your move up neighborhood right next to the 85 degree. He already sees your potential!

Your post current skills doesn't quite cut it as either adding much ridicule nor value to the conversation. But thanks for playing.

There's some truth to this. I was once banned from this site  :'( How indy does it w/o getting banned makes me want to enroll.

You know how I know life isn't fair and makes my heart bleed for the poor? Cause I read posts from people like you with money that think buying this property as investment is a good idea. That someone that foolish still manages to have money. If just baffles me how you haven't lost it all yet.

And I'll keep playing...

for someone who has no idea what i HAD actually offered, you sure assume a lot and talk a lot....but hey, if it were any different, Indie wouldn't be personally recruiting you.

What'd you bid? Please share. Cause 700k, 600k, 500k are all still foolish to offer as an investment property. Flip, a different story. Hopefully no one in your family reads this board, otherwise they'd ask for their money back.

Offline akim997

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Re: Trying to buy in Irvine is NO Fun
« Reply #276 on: December 02, 2011, 04:11:49 PM »
antioch is bringing new life back to this board...   i love it!

Offline irvinehomeowner

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Re: Trying to buy in Irvine is NO Fun
« Reply #277 on: December 13, 2011, 05:33:32 PM »
Antioch went "Pending' on December 2... let's see what it closes at (if it closes).
Once you go 3-car garage... your junk can never go back.
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Offline so_scared

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Re: Trying to buy in Irvine is NO Fun
« Reply #278 on: December 22, 2011, 01:12:28 PM »
Antioch went "Pending' on December 2... let's see what it closes at (if it closes).

http://www.redfin.com/CA/Irvine/18921-Antioch-Dr-92603/home/4738176

705k

Offline USCTrojanCPA

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Re: Trying to buy in Irvine is NO Fun
« Reply #279 on: December 22, 2011, 01:48:37 PM »
Antioch went "Pending' on December 2... let's see what it closes at (if it closes).

http://www.redfin.com/CA/Irvine/18921-Antioch-Dr-92603/home/4738176

705k
It was a cash buyer without any seller consessions.
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Often imitated....Never duplicated!

Offline irvinehomeowner

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Re: Trying to buy in Irvine is NO Fun
« Reply #280 on: December 22, 2011, 02:27:31 PM »
Like I said... you never know what's going to happen with a single real estate transaction... comps give you the best idea but are not guaranteed.

This could have closed at $645k or $755k.
Once you go 3-car garage... your junk can never go back.
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Offline akim997

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Re: Trying to buy in Irvine is NO Fun
« Reply #281 on: December 23, 2011, 05:15:34 PM »
too bad no bets were made...   

the perma-bears lose this round...

 

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