Author Topic: Properties Closing Less than Previous Purchase Price  (Read 10812 times)

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Offline Cares

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Re: Properties Closing Less than Previous Purchase Price
« Reply #60 on: June 27, 2019, 08:14:19 AM »
Where is the oven in this kitchen?  How can you cook your Thanksgiving turkey?

"14" strikes again! 

https://www.redfin.com/CA/Irvine/114-Symphony-92603/home/5902793

06/23/2019 - $1,720,000
05/23/2015 - $1,828,888

https://stellarealtygroup.com/wp-content/uploads/Irvine-Quail-Hill-Sienna-B-Plan-1-Alternate.jpg

That's the floor plan. In the kitchen photo what looks like could be a hallway that enters the room is actually the space for the fridge and next to that is the oven.

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Online irvinehomeowner

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Re: Properties Closing Less than Previous Purchase Price
« Reply #61 on: June 27, 2019, 08:47:00 AM »
Yes, it's next to the fridge which is on the other side of the hallway where the pantry is.

Funny how there is no fridge in the pics either (where do you put your leftovers from Thanksgiving?). :)
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Offline iacrenter

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Re: Properties Closing Less than Previous Purchase Price
« Reply #62 on: July 16, 2019, 11:13:50 AM »
Is this property going for the USC technique of getting multiple offers over list or will this likely close less than it's 2016 purchase price?

Property: 129 Calderon (Great Park)
Asking $1.79M
Paid $1.8M in November 30, 2016

https://www.redfin.com/CA/Irvine/129-Calderon-92618/home/103649516

Offline Goriot

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Re: Properties Closing Less than Previous Purchase Price
« Reply #63 on: July 16, 2019, 04:18:07 PM »
Is this property going for the USC technique of getting multiple offers over list or will this likely close less than it's 2016 purchase price?

Property: 129 Calderon (Great Park)
Asking $1.79M
Paid $1.8M in November 30, 2016

https://www.redfin.com/CA/Irvine/129-Calderon-92618/home/103649516

Already lost money after expenses.   Haven't seen things sell below $400 per sqft in a while.  btw, So much YELLOW!! Jaundice.

Offline shahshah

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Re: Properties Closing Less than Previous Purchase Price
« Reply #64 on: July 16, 2019, 05:51:40 PM »
.

Offline Leaf

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Re: Properties Closing Less than Previous Purchase Price
« Reply #65 on: July 26, 2019, 08:12:52 PM »
Finally it is sold for $2,050,000, $350,000 lower than previous purchase price.

07/20/2007   $2,400,000
07/25/2019   $2,050,000

This one just re-listed:
https://www.redfin.com/CA/Irvine/47-New-Dawn-92620/home/4790534

07/20/2007 bought $2,400,000
Now listed for $2,150,000.  No offer even with the reduced price.

This is a good layout and nice location but it needs about a $200k remodel to get it out of 2001.  Remove all the travertine floors with wide plank engineered wood and switch out all the ugly oak cabinets for white or grey, then quartz (marble look) countertops throughout. 

OK maybe $300k

Offline Goriot

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Re: Properties Closing Less than Previous Purchase Price
« Reply #66 on: July 27, 2019, 08:32:04 AM »
Is this a Strategic Transaction? Related party or inside transaction to perhaps lower taxes?
Went pending in <2 weeks and close at significantly below market.

https://www.redfin.com/CA/Irvine/103-Indian-Summer-92602/home/112721938


Offline aquabliss

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Re: Properties Closing Less than Previous Purchase Price
« Reply #67 on: July 27, 2019, 09:49:18 AM »
Is this a Strategic Transaction? Related party or inside transaction to perhaps lower taxes?
Went pending in <2 weeks and close at significantly below market.

https://www.redfin.com/CA/Irvine/103-Indian-Summer-92602/home/112721938



Something fishy there, great deal for the buyer if it’s legit.  I never noticed Redfin lists the buyers agent after closing until I looked at this listing.

Offline Compressed-Village

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Re: Properties Closing Less than Previous Purchase Price
« Reply #68 on: July 27, 2019, 11:51:51 AM »
Even if this property sold for 1 dollar, the OC County assessors will assess the property values base on the average comps. So let’s say they did buy it at below market, the property tax will be tax at the average for the immediate homes in Orchard Hills.

Offline Soylent Green Is People

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Re: Properties Closing Less than Previous Purchase Price
« Reply #69 on: July 27, 2019, 01:33:42 PM »
Sometimes these fast, low priced sales are relocation companies buying out a home. They might be taking one of those "instant offer" cash sales that Redfin, Zillow, and other companies are offering now. We'll know soon enough in 30 days or so.

My .02c

Offline woodburyowner

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Re: Properties Closing Less than Previous Purchase Price
« Reply #70 on: July 27, 2019, 02:54:16 PM »
Even if this property sold for 1 dollar, the OC County assessors will assess the property values base on the average comps. So let’s say they did buy it at below market, the property tax will be tax at the average for the immediate homes in Orchard Hills.

Interesting... when property prices were crashing in '08-11, I  never saw this happen.  The basis would always be the closed sales price.  Do you have any examples?

Offline best_potsticker_in_town

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Re: Properties Closing Less than Previous Purchase Price
« Reply #71 on: July 28, 2019, 07:29:18 PM »
I think it sold for $2.83m. Showing sold for $2.83m on zillow: https://www.zillow.com/homedetails/103-Indian-Summer-Irvine-CA-92602/251173762_zpid/

Listing agent may have fat-fingered it in MLS.

Offline Leaf

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Re: Properties Closing Less than Previous Purchase Price
« Reply #72 on: July 29, 2019, 02:51:04 PM »
116 Retreat in Quail Hill
https://www.redfin.com/CA/Irvine/116-Retreat-92603/home/5902876
7/20/2016, $2,020,000
7/19/2019, $1,600,000

Redfin shows it was listed 7/17/2019, and sold 7/19/2019.  Just 2 days from the day it was listed to the day it was sold!

Offline Goriot

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Re: Properties Closing Less than Previous Purchase Price
« Reply #73 on: July 29, 2019, 04:50:08 PM »
116 Retreat in Quail Hill
https://www.redfin.com/CA/Irvine/116-Retreat-92603/home/5902876
7/20/2016, $2,020,000
7/19/2019, $1,600,000

Redfin shows it was listed 7/17/2019, and sold 7/19/2019.  Just 2 days from the day it was listed to the day it was sold!

I think they have been trying to unload the property since November 2016 and delisted on April 2017.  But, that is a pretty big hit in 3 years with loss of $500k including the selling costs.

Offline eyephone

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Re: Properties Closing Less than Previous Purchase Price
« Reply #74 on: July 29, 2019, 04:52:41 PM »
116 Retreat in Quail Hill
https://www.redfin.com/CA/Irvine/116-Retreat-92603/home/5902876
7/20/2016, $2,020,000
7/19/2019, $1,600,000

Redfin shows it was listed 7/17/2019, and sold 7/19/2019.  Just 2 days from the day it was listed to the day it was sold!

I think they have been trying to unload the property since November 2016 and delisted on April 2017.  But, that is a pretty big hit in 3 years with loss of $500k including the selling costs.

Hypothetical regarding this property. Let’s say it was a person’s primary residence and before the new tax law the tax deductions would be yuge (huge) and now the deduction is like nothing.

« Last Edit: July 29, 2019, 05:03:39 PM by eyephone »

 

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