Author Topic: Properties Closing Less than Previous Purchase Price  (Read 11164 times)

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Offline WTTCHMN

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Re: Properties Closing Less than Previous Purchase Price
« Reply #30 on: October 03, 2018, 10:07:42 PM »
But the description says it’s “located in the prestigious community of Portola Springs”!



Apparently Lake Forest homes built in the 1970's are also quite prestigious:
https://www.redfin.com/CA/Lake-Forest/22622-Leaflock-St-92630/home/4819682

Damn, that’s a lot of eucalyptus.  Santa Ana winds must be a bitch to clean up after.

The backyard looks like a koala sanctuary.

Offline Soylent Green Is People

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Re: Properties Closing Less than Previous Purchase Price
« Reply #31 on: October 03, 2018, 10:25:33 PM »
Gotta love eucalyptus to live in that part of Lake Forest.

Saw this home go off market - quietly - and was amazed at what a deal these buyers got. Too bad for the seller, although they were under terrific pressure from the HOA and the persons business was tanking. The closing price of $890k was likely a "oh f*ck it, sell the damn thing" move just to get out from under it.

Purchased in 2005 for $1,025,000
Listed at $1,429 in January - too high
Last price shown - $1,299 in March - close, but still too high.
Closed July 2018 at $890k.

This is not an $890k home. The Agent took the pictures down,

https://www.redfin.com/CA/Rancho-Santa-Margarita/5-Via-Belmonte-92688/home/5115855

but you can still see the March photos on Zillow.

https://www.zillow.com/homedetails/5-Via-Belmonte-Rancho-Santa-Margarita-CA-92688/25641593_zpid/?fullpage=true

To the buyers, I salute you!

My .02c SGIP

Offline Compressed-Village

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Re: Properties Closing Less than Previous Purchase Price
« Reply #32 on: October 04, 2018, 09:42:12 AM »
Gotta love eucalyptus to live in that part of Lake Forest.

Saw this home go off market - quietly - and was amazed at what a deal these buyers got. Too bad for the seller, although they were under terrific pressure from the HOA and the persons business was tanking. The closing price of $890k was likely a "oh f*ck it, sell the damn thing" move just to get out from under it.

Purchased in 2005 for $1,025,000
Listed at $1,429 in January - too high
Last price shown - $1,299 in March - close, but still too high.
Closed July 2018 at $890k.

This is not an $890k home. The Agent took the pictures down,

https://www.redfin.com/CA/Rancho-Santa-Margarita/5-Via-Belmonte-92688/home/5115855

but you can still see the March photos on Zillow.

https://www.zillow.com/homedetails/5-Via-Belmonte-Rancho-Santa-Margarita-CA-92688/25641593_zpid/?fullpage=true

To the buyers, I salute you!

My .02c SGIP

Would this anomaly affects neighboring prices?

Offline Soylent Green Is People

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Re: Properties Closing Less than Previous Purchase Price
« Reply #33 on: October 04, 2018, 12:57:26 PM »
Yes, but it depends...

Yes. There is already one other home on this street that pulled their listing likely due to pricing concerns, while the remaining listing on the street has cut price - still with a long way to go. A similar home, but without as impressive of a lot or view, closed with a mid 8 handle in the area which could be used as a comparable for pricing and appraisals.

That said, this home was sold under duress. An sloppy appraiser might not catch this fact. A good appraiser would and make adjustments accordingly. It's up to the listing agent for any higher priced homes trying to sell at a fair market value to alert an appraiser to the issues presented with any recently closed homes as they compare to the home being appraised. Some agents are very good at taking these steps... Others? Not so much.

My .02c

SGIP

Offline woodburyowner

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Re: Properties Closing Less than Previous Purchase Price
« Reply #34 on: October 10, 2018, 02:46:03 PM »
With landscaping, this property meets the requirements.

https://www.redfin.com/CA/Irvine/24-Flatiron-92602/home/58553910

$1.58 Dec 2014
$1.60 Oct 2018

Offline woodburyowner

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Re: Properties Closing Less than Previous Purchase Price
« Reply #35 on: October 10, 2018, 02:49:33 PM »
This one is close enough to meeting the requirements.

https://www.redfin.com/CA/Irvine/39-Maywood-92602/home/5812081

$1.59 Aug 2006
$1.61 Oct 2018

12 years and a 1% gain.  Wonder what the story is with this property.

Offline bones

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Re: Properties Closing Less than Previous Purchase Price
« Reply #36 on: October 10, 2018, 02:52:14 PM »
With landscaping, this property meets the requirements.

https://www.redfin.com/CA/Irvine/24-Flatiron-92602/home/58553910

$1.58 Dec 2014
$1.60 Oct 2018


Beckman’s the 24th ranked HS in the US?
Is that true or just an opulent lie?

Offline Cares

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Re: Properties Closing Less than Previous Purchase Price
« Reply #37 on: October 10, 2018, 03:01:54 PM »
With landscaping, this property meets the requirements.

https://www.redfin.com/CA/Irvine/24-Flatiron-92602/home/58553910

$1.58 Dec 2014
$1.60 Oct 2018


Beckman’s the 24th ranked HS in the US?
Is that true or just an opulent lie?

It's a lie. #355 Nationally and #55 in California.

I'M GOING TO REPORT THIS LISTING TO THE BOARD!  >:D

Offline eyephone

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Re: Properties Closing Less than Previous Purchase Price
« Reply #38 on: October 10, 2018, 03:21:34 PM »
Real estate Board?

Offline woodburyowner

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Re: Properties Closing Less than Previous Purchase Price
« Reply #39 on: January 02, 2019, 09:20:22 AM »
Thought this one was close enough to post.

https://www.redfin.com/CA/Irvine/20-Breezes-92620/home/5959504

4/2013 - $1.475
12/2018 - $1.5

Looks like the selling agent is trying to prevent a dent in her selling statistics by changing the price to $1.5M right before setting it to sold.    By doing this, her listing looks like it sold for asking price instead of 6% below.  This should be against MLS rules.

Offline irvinehomeowner

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Re: Properties Closing Less than Previous Purchase Price
« Reply #40 on: January 02, 2019, 10:47:02 AM »
Since 2013 was a big jump, I'm not too surprised the Woodbury Breezes property was close in pricing.

Is it just in some newer hoods where there has been a large appreciation from 2015 to 2018 (like Delano)?
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Offline USCTrojanCPA

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Re: Properties Closing Less than Previous Purchase Price
« Reply #41 on: January 02, 2019, 10:55:26 AM »
Thought this one was close enough to post.

https://www.redfin.com/CA/Irvine/20-Breezes-92620/home/5959504

4/2013 - $1.475
12/2018 - $1.5

Looks like the selling agent is trying to prevent a dent in her selling statistics by changing the price to $1.5M right before setting it to sold.    By doing this, her listing looks like it sold for asking price instead of 6% below.  This should be against MLS rules.

Looks like it was a pocket listing where the agent represented both the buyer and seller.  My guess is that she did adjust the listing price lower to match the closing price the same day it closed probably for the reason you pointed out.  Unfortunately there's no MLS rule that prevents the listing price to be adjusted prior it to being changed to SOLD so along as the Seller approved it.
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Offline meccos12

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Re: Properties Closing Less than Previous Purchase Price
« Reply #42 on: January 02, 2019, 07:45:05 PM »
Since 2013 was a big jump, I'm not too surprised the Woodbury Breezes property was close in pricing.

Makes no sense at all.  What does the big jump in housing prices in 2013 have anything to do with how this house has not appreciated after nearly 6 years?   Does that logic only apply to this house or to all other homes?

Offline talkirvine

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Re: Properties Closing Less than Previous Purchase Price
« Reply #43 on: January 02, 2019, 08:32:49 PM »
Gee! I want to find all these deals before they were sold. Can anyone on this board send me notifications of motivated sellers in Irvine, so that I can get at least one of these sweet deals before they were gone? That will be very appreciated.

Offline Ready2Downsize

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Re: Properties Closing Less than Previous Purchase Price
« Reply #44 on: January 02, 2019, 09:13:15 PM »
In 2013, there were multiple buyers in that price range with bidding wars and houses going over asking price. Some crazy stuff was included in some sales like sellers can stay for a few months with no rent back.


That buyer over paid most likely and/or he/she was in a major hurry to get out and took whatever he/she could get.

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