New Listing - Jasmine Plan 3 detached condo @ Cypress Village (93 Island Coral)

usctrojancpa

Well-known member
I listed another beautiful turnkey Jasmine Plan 3 detached condo in Cypress Village earlier this afternoon, even in a better location than my previous 99 Island Coral listing. The home sits on a private corner lot with only one neighbor and features 3 bedrooms and 2.5 bathrooms along with a wraparound yard with 2,052sf of living space. The listing price is $1,100,000.

Showings will be on Saturday, Feb 27th from 11am to 5pm and Sunday, Feb 28th from 10am to 5pm in 15-min intervals. PM me or email (mmania001@yahoo.com) if you are interested in seeing it.

Here is the Redfin link:
https://www.redfin.com/CA/Irvine/93-Island-Coral-92620/home/112722298

Below is the link to the pictures and virtual tour:

www.93IslandCoral.com
 
Cares said:
How many custom domains do you own now? Once you collect enough you can start an Irvine domain monopoly and sell it to the next agent representing the owner of that address.

This picture is definitely not a CV pool. You might have mixed up your listings btw.https://ssl.cdn-redfin.com/photo/45/bigphoto/445/OC21033445_30_0.jpg

Good catch, looks like PreviewFirst threw that picture in as I did a mass upload of the pictures.  The property address domains are purchased through PreviewFirst as part of their marketing package that I purchase.
 
First offer in...there should be 3-4 more coming from my discussion with agents that showed the home the past 2 days.
 
The seller has selected a buyer and we will open escrow tomorrow.  I've put the home On Hold until the buyer's deposit gets to escrow.
 
Got word from escrow this morning that we have officially closed on 93 Island Coral.  The sales price of the home was $55,000 over the list price at $1,155,000 which is the highest 3 bedroom detached condo sales price for both Marigold and Jasmine condos including $90,000 higher than the previous highest model match closed comp.  The seller also got a free rent back through the end of July.  Congrats to both the buyer and seller.
 
LiefinIrvine said:
55K above List Price! That too a 3 bhk detached Condo selling for more than 1.1M, Way2Go USCTrojanCPA!

I was a little surprised it went as high as it did.  The 2nd highest offer was $1.135m and 3rd highest was $1.132m so the top buyer (cash buyer investor) really wanted the home.
 
USCTrojanCPA said:
LiefinIrvine said:
55K above List Price! That too a 3 bhk detached Condo selling for more than 1.1M, Way2Go USCTrojanCPA!

I was a little surprised it went as high as it did.  The 2nd highest offer was $1.35m and 3rd highest was $1.32m so the top buyer (cash buyer investor) really wanted the home.
Did I read that correctly? Buyer took the offer for 1.15 instead of the other offers for 1.35 and 1.32?
 
LiefinIrvine said:
@uscTrojanCPA  Is the Low inventory driving this surge or the Low Mortgage interest?

I think this price run-up is primarily due to the low inventory levels which have a lot of buyers swarming the same listings.  Of the 4 buyers, 2 were all cash and the other ones were putting 30% down and 70% down. I'm sure that the financed buyers want to lock in their low rates before they go up any further. 
 
sleepy5136 said:
USCTrojanCPA said:
LiefinIrvine said:
55K above List Price! That too a 3 bhk detached Condo selling for more than 1.1M, Way2Go USCTrojanCPA!

I was a little surprised it went as high as it did.  The 2nd highest offer was $1.35m and 3rd highest was $1.32m so the top buyer (cash buyer investor) really wanted the home.
Did I read that correctly? Buyer took the offer for 1.15 instead of the other offers for 1.35 and 1.32?

Haha  Good catch Sleepy, I forgot to include another "1" after the million. 
 
USCTrojanCPA said:
LiefinIrvine said:
@uscTrojanCPA  Is the Low inventory driving this surge or the Low Mortgage interest?

I think this price run-up is primarily due to the low inventory levels which have a lot of buyers swarming the same listings.  Of the 4 buyers, 2 were all cash and the other ones were putting 30% down and 70% down. I'm sure that the financed buyers want to lock in their low rates before they go up any further.
Goes to show that Irvine  continues to attract cash buyers despite overseas investors shrinking in numbers.  Or is it that FCB are back with things returning to normal?
 
Irvinehomeseeker said:
USCTrojanCPA said:
LiefinIrvine said:
@uscTrojanCPA  Is the Low inventory driving this surge or the Low Mortgage interest?

I think this price run-up is primarily due to the low inventory levels which have a lot of buyers swarming the same listings.  Of the 4 buyers, 2 were all cash and the other ones were putting 30% down and 70% down. I'm sure that the financed buyers want to lock in their low rates before they go up any further.
Goes to show that Irvine  continues to attract cash buyers despite overseas investors shrinking in numbers.  Or is it that FCB are back with things returning to normal?

Cash buyers are alive and well.  Not all are FCBs as some are 1031 exchange cash buyer investors (which was one of the buyers on 93 Island Coral). 
 
China still has restrictions on outflow of cash so you will see less FCB than 5 years ago. They have to get the money out through illegal means or 3rd party countries which is expensive.
 
Cares said:
China still has restrictions on outflow of cash so you will see less FCB than 5 years ago. They have to get the money out through illegal means or 3rd party countries which is expensive.

True but where there is a will (and $$$) there is always a way (through Hong Kong as an example).  I've seen many FCB buyers use Sterling, Cathay, East West, etc for asset backed loans with 50%+ down with a 5 year ARM.  I figure they'll bring over enough cash to pay off that loan within 5 days.
 
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