New Listing - Lantana Plan 1 home @ Columbus Grove (56 Snowdrop Tree)

usctrojancpa

usctrojancpa

Well-known member
I listed a Lantana Plan 1 home in Columbus Grove (Irvine side) earlier this evening on MLS. The home was built in 2006 by William Lyon Homes and features 3 spacious bedrooms and 2.5 bathrooms with 2,526sf of living space. The home also has an owned 6.625 kW Solar City solar system and a full home water softener system.

The home is listed at $1,098,000. PM or email me if you are interested in seeing it. I will have open houses this weekend on Saturday, March 7th from 1-4pm and Sunday, March 8th from 2-5pm.

Here is the Redfin link:
https://www.redfin.com/CA/Irvine/56-Snowdrop-Tree-92606/home/7202193

Pictures and the virtual tour are in the link below:

www.56SnowdropTree.com

I'll have corner bakery on Saturday if anyone wants to drop by and grab a bite to eat.  ;)
 
We had 2 more offers come in Sunday and earlier today.  The seller has selected one of the offers and we opened escrow earlier this afternoon. I'll change the status once the deposit hits escrow.
 
The buyer cancelled escrow because they are worried that one or both of them may lose their jobs so the home is back on the market.
 
USCTrojanCPA said:
The buyer cancelled escrow because they are worried that one or both of them may lose their jobs so the home is back on the market.
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I was very curious whether people start cancelling just due to the uncertainty. The good thing is, this won't be like 08/09 where you have a ton of foreclosures and shadow inventory because people were never qualified to begin with. Yes, there will be elevated unemployment if this gets bad, but banks are going to be leniant and they will give automatic extensions which will prevent people from having to "sell" their houses. Plus people just have more equity, etc, in Irvine than they did back than.  In general, I could see a Coronadip in housing, but I wouldn't expect it to be big (say 10-15% at most...which really isn't that big of a deal). 
 
Bullsback said:
USCTrojanCPA said:
The buyer cancelled escrow because they are worried that one or both of them may lose their jobs so the home is back on the market.
Click to expand...
I was very curious whether people start cancelling just due to the uncertainty. The good thing is, this won't be like 08/09 where you have a ton of foreclosures and shadow inventory because people were never qualified to begin with. Yes, there will be elevated unemployment if this gets bad, but banks are going to be leniant and they will give automatic extensions which will prevent people from having to "sell" their houses. Plus people just have more equity, etc, in Irvine than they did back than.  In general, I could see a Coronadip in housing, but I wouldn't expect it to be big (say 10-15% at most...which really isn't that big of a deal). 
Click to expand...

I've been seeing a handful of properties come back to the market in the past 3-4 weeks but I've also seen that about 150 listings pulled from the market (some of them converted to rental listings)....I'll speak more about that in my month market summary thread later on today. Also, I'm sure many listing agents are holding off with new listings just like I am with sellers who do not need to sell at this time.  Most of the listings on the market now are vacant homes or occupied homes where the sellers need to sell for various reasons.  There are still buyers out there but they are looking for good deals.
 
Btw, the seller accepted an offer on the home at the end of last week and I just changed the status of the listing as we got the deposit into escrow.
 
freedomcm said:
Are you seeing an influx of AirBnB units?
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It's hard to say whether the new listings were Airbnb homes, most of new Irvine listings are builder new homes. The vast majority of homes on the market in Irvine are vacant.  I have 3-4 listings upcoming that the owners live in and we are waiting until the stay at home order is lifted before even thinking about listing.
 
We closed escrow on this home yesterday afternoon. The sales price was $1,045,000. Congrats to both the buyer and seller.
 
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