HOMES REDUCED PRICE

Mety

Well-known member
I'm seeing many homes not selling as fast compare to even a month or two ago.
I specifically listed homes with the most selling price range. There are more homes reducing prices in higher range.

Detached homes and condos QH:https://www.redfin.com/CA/Irvine/239-Tall-Oak-92603/home/5945468https://www.redfin.com/CA/Irvine/302-Tall-Oak-92603/home/5921332https://www.redfin.com/CA/Irvine/30-Perennial-92603/home/5921498

Spacious detached homes in PS:https://www.redfin.com/CA/Irvine/171-Firefly-92618/home/58555811https://www.redfin.com/CA/Irvine/128-Yellow-Pne-92618/home/112721813

Super trendy 3bd condo in CV:https://www.redfin.com/CA/Irvine/79-Painted-Trellis-92618/home/112722426

Nice starter 2bd condo in SG:https://www.redfin.com/CA/Irvine/35-Mayfair-92620/home/51681412

Luxurious flat in WB that's been on a market over 200 days:https://www.redfin.com/CA/Irvine/53-Mission-Bell-92620/home/58557215


These are just small lists while there are far more homes that are not selling quick.
These homes would have been sold in a week after open house in the beginning of 2018, but that's not really happening anymore.
The price is reducing and people are not buying. Any thoughts?

BTW, I didn't touch GP since BTB already presented good number of those homes in other threads.




 
You do realize that most of those homes were grossly overpriced in the first place, right?  I'm seeing more and more sellers fishing for sucker buyers with their asking prices.
 
It's pretty simple - homes that are over priced, have poor pictures, etc. can be slow to sell. Otherwise homes under $1million are flying in to escrow.

I'll post examples.
 
paperboyNC said:
It's pretty simple - homes that are over priced, have poor pictures, etc. can be slow to sell. Otherwise homes under $1million are flying in to escrow.

I'll post examples.

Bingo, you nailed it!
 
Irvinecommuter said:
From personal experience being on the sidelines tracking homes for a long time, predicting (hoping) a downturn, and missing out  I could tell you that there was always price reductions and some homes not selling quickly even in the hottest market.  Continued tracking and comparing it to past observations, the market is still very hot in Irvine.

Buy if you want to live in a house and let the chips fall where they may
 
paperboyNC said:

59 Bell Chime finally went into contract after reducing the price like 3 times and almost took 3 months.
But I do get your point and I've said that couple times in the past that if the price is right, the home will get sold.
 
Burn That Belly said:
Burn That Belly said:
Mety

What about EW and OH3?  ;)

I guess I'll answer my own question:

Looking only specifically at proven resales in the last 6 months:

EW listed in Jan, went pending in Feb., sold by May.https://www.redfin.com/CA/Irvine/108-Hargrove-92602/home/143910278

EW listed Nov '17, sold Jan '18. https://www.redfin.com/CA/Irvine/105-Guinness-92602/home/144382736

EW listed Nov '17, sold Feb '18https://www.redfin.com/CA/Irvine/Baja-92602/home/112724639

EW listed Jan '18, sold Feb. '18https://www.redfin.com/CA/Irvine/144-Rotunda-92620/home/112726341

EW listed Jan '18, sold March '18https://www.redfin.com/CA/Irvine/107-Guinness-92602/home/144659270

OH listed May '18, sold June '18https://www.redfin.com/CA/Irvine/179-Stallion-92602/home/112729617

OH listed Feb '18, sold March '18https://www.redfin.com/CA/Irvine/128-Stallion-92602/unit-25/home/109733156

OH listed Feb '18, sold May '18https://www.redfin.com/CA/Irvine/292-Crescent-Moon-92602/home/144908319

OH listed Dec '17, sold Jan '18https://www.redfin.com/CA/Irvine/103-Hayseed-92602/home/112729515

OH listed Apr '18, sold May '18https://www.redfin.com/CA/Irvine/213-Rodeo-92602/unit-29/home/105420437


All are combinations of attached and detached. Above is just informational. Not to start villageWar.

I think EW and (east)OH are doing fine and closing, very, very fast. Not much resale homes available in EW or in eastern OH anyways so that causes a demand/supply struggle.

Eastern OH = (IUSD side of OH)

Since EW and OH3 are new constructions, they will keep raising the price each phase, and there are not that many in the market "currently".

I do think though they are contributing a big time in the overall price sky rocketing since the neighbors next want to match the same price as well. So I think the price will continue to grow, but at the same time the buyers are noticing some reducing here and there and many of them seem to be holding.
 
Burn That Belly said:
Mety said:
I'm seeing many homes not selling as fast compare to even a month or two ago.
I specifically listed homes with the most selling price range. There are more homes reducing prices in higher range.

Detached homes and condos QH:https://www.redfin.com/CA/Irvine/239-Tall-Oak-92603/home/5945468https://www.redfin.com/CA/Irvine/302-Tall-Oak-92603/home/5921332https://www.redfin.com/CA/Irvine/30-Perennial-92603/home/5921498

Spacious detached homes in PS:https://www.redfin.com/CA/Irvine/171-Firefly-92618/home/58555811https://www.redfin.com/CA/Irvine/128-Yellow-Pne-92618/home/112721813

Super trendy 3bd condo in CV:https://www.redfin.com/CA/Irvine/79-Painted-Trellis-92618/home/112722426

Nice starter 2bd condo in SG:https://www.redfin.com/CA/Irvine/35-Mayfair-92620/home/51681412

Luxurious flat in WB that's been on a market over 200 days:https://www.redfin.com/CA/Irvine/53-Mission-Bell-92620/home/58557215


These are just small lists while there are far more homes that are not selling quick.
These homes would have been sold in a week after open house in the beginning of 2018, but that's not really happening anymore.
The price is reducing and people are not buying. Any thoughts?

BTW, I didn't touch GP since BTB already presented good number of those homes in other threads.

For the QH homes, all three homes are tri-level. The $/sf is great but there's a low desirability for tri-levels.

For the PS homes, I think we touched on yellow pine 3 times. Firefly is a neighboring street. Basically, cramped streets and too much street parking activity. Although the firefly home does have its own driveway but it's a shared motorcourt still. Yard is also too small for the firefly home given the size.

For the CV home, this one's easy. It's too close to the 5fwy for that kind of asking price.

For the SG home, it's second floor living, courtyard style entry, no yard, so always have to climb stairs from first floor garage.

Finally for the WB home, that one is at WTF pricing for 2 bedrooms. It too is also 2nd floor living meaning you always have to climb stairs to reach the main living area.

Yes, you are very right on each one. However those reasons did not hold the buyers to make an offer couple months ago. Now they are holding.
 
Burn That Belly said:
Mety said:
Since EW and OH3 are new constructions, they will keep raising the price each phase, and there are not that many in the market "currently".

I do think though they are contributing a big time in the overall price sky rocketing since the neighbors next want to match the same price as well. So I think the price will continue to grow, but at the same time the buyers are noticing some reducing here and there and many of them seem to be holding.

To be fair though, the homes you posted for PS and CV have perfectly reasonable dollar / sf asking price in the mid to low $400/sf which is incredible in today's market. Plop these into a better neighborhood and keep the price and it should fly off the shelf.  Matter of fact, uproot these homes, keep the same price, and rebolt it down into a new foundation at Barcelona and I can almost say you'll have a line out the door like black friday.

How about another Delano at Barcelona?
 
Burn That Belly said:
Mety said:
Since EW and OH3 are new constructions, they will keep raising the price each phase, and there are not that many in the market "currently".

I do think though they are contributing a big time in the overall price sky rocketing since the neighbors next want to match the same price as well. So I think the price will continue to grow, but at the same time the buyers are noticing some reducing here and there and many of them seem to be holding.

That CV home is asking for $561/sqft

To be fair though, the homes you posted for PS and CV have perfectly reasonable dollar / sf asking price in the mid to low $400/sf which is incredible in today's market. Plop these into a better neighborhood and keep the price and it should fly off the shelf.  Matter of fact, uproot these homes, keep the same price, and rebolt it down into a new foundation at Barcelona and I can almost say you'll have a line out the door like black friday.
 
Burn That Belly said:
Burn That Belly said:
Mety

What about EW and OH3?  ;)

I guess I'll answer my own question:

Looking only specifically at proven resales in the last 6 months:

EW listed in Jan, went pending in Feb., sold by May.https://www.redfin.com/CA/Irvine/108-Hargrove-92602/home/143910278

EW listed Nov '17, sold Jan '18. https://www.redfin.com/CA/Irvine/105-Guinness-92602/home/144382736

EW listed Nov '17, sold Feb '18https://www.redfin.com/CA/Irvine/Baja-92602/home/112724639

EW listed Jan '18, sold Feb. '18https://www.redfin.com/CA/Irvine/144-Rotunda-92620/home/112726341

EW listed Jan '18, sold March '18https://www.redfin.com/CA/Irvine/107-Guinness-92602/home/144659270

OH listed May '18, sold June '18https://www.redfin.com/CA/Irvine/179-Stallion-92602/home/112729617

OH listed Feb '18, sold March '18https://www.redfin.com/CA/Irvine/128-Stallion-92602/unit-25/home/109733156

OH listed Feb '18, sold May '18https://www.redfin.com/CA/Irvine/292-Crescent-Moon-92602/home/144908319

OH listed Dec '17, sold Jan '18https://www.redfin.com/CA/Irvine/103-Hayseed-92602/home/112729515

OH listed Apr '18, sold May '18https://www.redfin.com/CA/Irvine/213-Rodeo-92602/unit-29/home/105420437


All are combinations of attached and detached. Above is just informational. Not to start villageWar.

I think EW and (east)OH are doing fine and closing, very, very fast. Not much resale homes available in EW or in eastern OH anyways so that causes a demand/supply struggle.

Eastern OH = (IUSD side of OH)

https://www.usnews.com/education/best-high-schools/california
 
Why are people not seeing this? This is the bottom line. look at what is for sale in Woodbridge under 1.2? Heck even the Ranch has blown up. Look at the Ranch?s recent sales and what is available. Look at this house below. 3bd backs to Irvine Center and sold for 900k. Old shit is cheaper and in style. Go get one while you can. These are all going over 1M too.
https://www.redfin.com/CA/Irvine/5302-Royale-Ave-92604/home/4680425?


USCTrojanCPA said:
paperboyNC said:
It's pretty simple - homes that are over priced, have poor pictures, etc. can be slow to sell. Otherwise homes under $1million are flying in to escrow.

I'll post examples.

Bingo, you nailed it!
 
irvineband said:
Why are people not seeing this? This is the bottom line. look at what is for sale in Woodbridge under 1.2? Heck even the Ranch has blown up. Look at the Ranch?s recent sales and what is available. Look at this house below. 3bd backs to Irvine Center and sold for 900k. Old shit is cheaper and in style. Go get one while you can. These are all going over 1M too.
https://www.redfin.com/CA/Irvine/5302-Royale-Ave-92604/home/4680425?


USCTrojanCPA said:
paperboyNC said:
It's pretty simple - homes that are over priced, have poor pictures, etc. can be slow to sell. Otherwise homes under $1million are flying in to escrow.

I'll post examples.

Bingo, you nailed it!

That one sold for $500/sf because it's a single story home but still shows that the market for homes under $1m is very warm.
 
FYI - If your planning on selling your home. There is a new service that sells your house for 2%. Info in the other thread.
 
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