Author Topic: Where the market is - Buyer Offers  (Read 15334 times)

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Offline USCTrojanCPA

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Re: Where the market is - Buyer Offers
« Reply #120 on: April 09, 2021, 11:57:28 PM »
I made an offer for the following Laguna Niguel home for a buyer earlier today...

https://www.redfin.com/CA/Laguna-Niguel/28019-Greenlawn-Cir-92677/home/4877008

We were going to make an offer on it earlier but it went into escrow quickly but since it dropped out we submitted an offer.

The escalation clause buyer counter worked, my client got this home.  We'll officially open up escrow on Monday. 
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Offline USCTrojanCPA

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Re: Where the market is - Buyer Offers
« Reply #121 on: April 11, 2021, 09:45:32 AM »
I made offers on the following 2 homes yesterday...

https://www.redfin.com/CA/Irvine/81-Coleridge-92620/home/51684024

https://www.redfin.com/CA/Irvine/80-Birmingham-92620/home/112721965

My client bid $1,220,000 on 81 Coleridge but the seller decided to move forward with a slightly higher offer against the advice of the listing agent.  We are the first back up buyer on the home.  The listing agent on Birmingham said that they will review offers on Monday evening.
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Online irvinehomeowner

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Re: Where the market is - Buyer Offers
« Reply #122 on: April 12, 2021, 05:56:01 AM »
I wonder if any of the sellers of these homes see this thread and say “Wait... my agent never told me about these offers!” 

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Offline USCTrojanCPA

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Re: Where the market is - Buyer Offers
« Reply #123 on: April 13, 2021, 12:41:09 AM »
I wonder if any of the sellers of these homes see this thread and say “Wait... my agent never told me about these offers!” 

:)

I told for the sake of their listing agents that it didn't happen.
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Offline USCTrojanCPA

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Re: Where the market is - Buyer Offers
« Reply #124 on: April 13, 2021, 12:44:01 AM »
I made offers for the 3 following homes earlier today...

https://www.redfin.com/CA/Irvine/109-Windham-92620/home/112720862

https://www.redfin.com/CA/Irvine/80-Birmingham-92620/home/112721965

https://www.redfin.com/CA/Irvine/61-Gardenstone-Path-92620/home/58557056

We already got the best & final counter offer for 80 Biringham that is due back by Tuesday at 6pm.
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Offline Sidehussle

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Re: Where the market is - Buyer Offers
« Reply #125 on: April 13, 2021, 05:23:14 PM »
These offer bid-ups seem exuberant for Irvine until you compare to Los Angeles pricing from 2019 through today.

We were shopping the SGV area (Arcadia, Temple City, and north San Gabriel (San Marino schools) and prices for run down, crappy, TLC homes averaged in the 650-700/ foot range back then.

Thankfully with telework, we bought in Irvine late 2019 for 460 per foot (and thought that was high).  We always thought Irvine is a great value compared for what you get in LA and the recent price increases is just closing the LA/OC gap.

Offers going out shortly on these 2 Irvine homes...

https://www.redfin.com/CA/Irvine/81-Navigator-92620/home/7215381

https://www.redfin.com/CA/Irvine/6-Grass-Vly-92602/home/5771347

Let's see what happens on these homes.

Updates...

Navigator got 5 offers and ended up at around $1.5m with my clients only willing to go up to $1.451m due to the questionable location. 

Grass Vly got 8 offers.  My clients went up to $1.351m on best & final counters and didn't get the house.  My guess is that it got bid up to the high $1.3s.

Offline USCTrojanCPA

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Re: Where the market is - Buyer Offers
« Reply #126 on: April 13, 2021, 05:48:36 PM »
These offer bid-ups seem exuberant for Irvine until you compare to Los Angeles pricing from 2019 through today.

We were shopping the SGV area (Arcadia, Temple City, and north San Gabriel (San Marino schools) and prices for run down, crappy, TLC homes averaged in the 650-700/ foot range back then.

Thankfully with telework, we bought in Irvine late 2019 for 460 per foot (and thought that was high).  We always thought Irvine is a great value compared for what you get in LA and the recent price increases is just closing the LA/OC gap.

Offers going out shortly on these 2 Irvine homes...

https://www.redfin.com/CA/Irvine/81-Navigator-92620/home/7215381

https://www.redfin.com/CA/Irvine/6-Grass-Vly-92602/home/5771347

Let's see what happens on these homes.

Updates...

Navigator got 5 offers and ended up at around $1.5m with my clients only willing to go up to $1.451m due to the questionable location. 

Grass Vly got 8 offers.  My clients went up to $1.351m on best & final counters and didn't get the house.  My guess is that it got bid up to the high $1.3s.

You make a great point.  I've had a few LA buyers who moved down to Irvine and all of them told me that Irvine was considerably less expensive and much nicer.  So at the end of the day it's all relative from a price/sf perspective.
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Offline USCTrojanCPA

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Re: Where the market is - Buyer Offers
« Reply #127 on: April 18, 2021, 10:14:13 PM »
I sent an offer for the Stonegate home for one of my clients this evening...

https://www.redfin.com/CA/Irvine/60-Parkdale-92620/home/58556535
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Offline Irvinehomeseeker

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Re: Where the market is - Buyer Offers
« Reply #128 on: April 18, 2021, 10:24:09 PM »
That one in SG looks very attractively priced. Multiple offers may push it up to 1.45 M I guess

Offline zovall

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Re: Where the market is - Buyer Offers
« Reply #129 on: April 20, 2021, 10:50:44 PM »
https://www.redfin.com/CA/Irvine/11-Pollena-92602/home/5814724

My guestimate is that Pollena home would go 100k above asking. And if there is serious bidding war, upto 150k above asking.

Great call Cornflakes! Looks like that one closed for 100k over asking

And congrats USC!

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Offline USCTrojanCPA

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Re: Where the market is - Buyer Offers
« Reply #130 on: April 21, 2021, 12:11:18 AM »
https://www.redfin.com/CA/Irvine/11-Pollena-92602/home/5814724

My guestimate is that Pollena home would go 100k above asking. And if there is serious bidding war, upto 150k above asking.

Great call Cornflakes! Looks like that one closed for 100k over asking

And congrats USC!

Thanks Zovall.  There's a bit more information how things played out.  So the seller received 10 offers on the home by Saturday when we asked for a 24-hour reply for our offer.  Of the 10 offers, there were 3 offers that the seller was seriously considering...$1.24m, $1.25m (my client's offer), and $1.265m.  The listing agent told me that the seller selected to move forward with my client's offer at the inspection for the following reasons (along with telling me about the other 2 offers were we competing against)...

1) My clients wrote a very detailed, sincere letter to the sellers identifying several things (posters, accessory pieces, and pictures of the sellers traveling adventures) that they saw in the home that they shared in common.

2) I've done several transactions with the listing agent over the years and she told the sellers that she would be most comfortable working with me versus the other agents as their offers weren't as clear and concise as mine and never worked with either of them.

3) My buyer's lender was very proactive and contacted the listing agent stated that my clients were very strong and underbuying with a DTI in the 20%s and had the financial capacity to purchase a $2m home.

4) We were the only offer that lifted both loan and appraisal contingencies right off the bat (we removed all contingencies in 10 days) while the other 2 offers only removed the appraisal contingency.

The appraisal on the home came in $85k short at $1,165,000 but my buyers easily and happily bridged the gap by putting more than 20% down.
Martin Mania, CPA
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Offline USCTrojanCPA

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Re: Where the market is - Buyer Offers
« Reply #131 on: April 21, 2021, 12:15:59 AM »
I made an offer for another buyer on this home back on March 3rd and it was interesting on it played out.

https://www.redfin.com/CA/Irvine/104-Summer-Lilac-92620/home/112721589

I told my buyer that a fair range price for this home was $1.475m to $1.5m.  So we started with an initial offer of $1.475m with no appraisal contingency and removing all contingencies in 14 days along with a 40% down payment.  My clients were ready to potentially go up to $1.5m on a best & final counter.  The listing agent texts me the next morning and apologizes to me saying that his seller accepted a slightly higher offer than ours despite him strongly recommending that they at least do a seller multiple counter to the top 2-3 buyers (we had the 2nd highest offer).  I think the home will close right around $1.5m.  The takeaway from this experience is don't hold back too much on your initial offer because you may not get another chance to bid higher. 

This one closed for $1.6m which is almost shocking given that the regular lot homes have been closing around $1.4m.
Martin Mania, CPA
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Offline Cares

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Re: Where the market is - Buyer Offers
« Reply #132 on: April 21, 2021, 07:27:52 AM »
I made an offer for another buyer on this home back on March 3rd and it was interesting on it played out.

https://www.redfin.com/CA/Irvine/104-Summer-Lilac-92620/home/112721589

I told my buyer that a fair range price for this home was $1.475m to $1.5m.  So we started with an initial offer of $1.475m with no appraisal contingency and removing all contingencies in 14 days along with a 40% down payment.  My clients were ready to potentially go up to $1.5m on a best & final counter.  The listing agent texts me the next morning and apologizes to me saying that his seller accepted a slightly higher offer than ours despite him strongly recommending that they at least do a seller multiple counter to the top 2-3 buyers (we had the 2nd highest offer).  I think the home will close right around $1.5m.  The takeaway from this experience is don't hold back too much on your initial offer because you may not get another chance to bid higher. 

This one closed for $1.6m which is almost shocking given that the regular lot homes have been closing around $1.4m.

I took a peek at this one potentially for myself. I predicted on the dot that it would sell at $1.6m cash given the nature that they changed their offer review from 1 week to 1 day (to a Tues/Weds) and not let the home sit until the weekend. They said they had a really strong offer that they had to respond it.

The agent is a relative to the seller.

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Re: Where the market is - Buyer Offers
« Reply #133 on: April 21, 2021, 10:00:53 AM »
I made an offer for another buyer on this home back on March 3rd and it was interesting on it played out.

https://www.redfin.com/CA/Irvine/104-Summer-Lilac-92620/home/112721589

I told my buyer that a fair range price for this home was $1.475m to $1.5m.  So we started with an initial offer of $1.475m with no appraisal contingency and removing all contingencies in 14 days along with a 40% down payment.  My clients were ready to potentially go up to $1.5m on a best & final counter.  The listing agent texts me the next morning and apologizes to me saying that his seller accepted a slightly higher offer than ours despite him strongly recommending that they at least do a seller multiple counter to the top 2-3 buyers (we had the 2nd highest offer).  I think the home will close right around $1.5m.  The takeaway from this experience is don't hold back too much on your initial offer because you may not get another chance to bid higher. 

This one closed for $1.6m which is almost shocking given that the regular lot homes have been closing around $1.4m.

I took a peek at this one potentially for myself. I predicted on the dot that it would sell at $1.6m cash given the nature that they changed their offer review from 1 week to 1 day (to a Tues/Weds) and not let the home sit until the weekend. They said they had a really strong offer that they had to respond it.

The agent is a relative to the seller.

What's interesting, is that my client's offer at $1.475m was the second highest offer as they were the first backup buyer.  IMO, the $1.6m sales price was a bit much but hey someone really wanted so they bid high to get even paying $125k more than the second highest buyer (good thing the buyer put $600k down because I'm sure it didn't appraise at $1.6m).
Martin Mania, CPA
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Offline Cares

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Re: Where the market is - Buyer Offers
« Reply #134 on: April 21, 2021, 10:15:37 AM »
I made an offer for another buyer on this home back on March 3rd and it was interesting on it played out.

https://www.redfin.com/CA/Irvine/104-Summer-Lilac-92620/home/112721589

I told my buyer that a fair range price for this home was $1.475m to $1.5m.  So we started with an initial offer of $1.475m with no appraisal contingency and removing all contingencies in 14 days along with a 40% down payment.  My clients were ready to potentially go up to $1.5m on a best & final counter.  The listing agent texts me the next morning and apologizes to me saying that his seller accepted a slightly higher offer than ours despite him strongly recommending that they at least do a seller multiple counter to the top 2-3 buyers (we had the 2nd highest offer).  I think the home will close right around $1.5m.  The takeaway from this experience is don't hold back too much on your initial offer because you may not get another chance to bid higher. 

This one closed for $1.6m which is almost shocking given that the regular lot homes have been closing around $1.4m.

I took a peek at this one potentially for myself. I predicted on the dot that it would sell at $1.6m cash given the nature that they changed their offer review from 1 week to 1 day (to a Tues/Weds) and not let the home sit until the weekend. They said they had a really strong offer that they had to respond it.

The agent is a relative to the seller.

What's interesting, is that my client's offer at $1.475m was the second highest offer as they were the first backup buyer.  IMO, the $1.6m sales price was a bit much but hey someone really wanted so they bid high to get even paying $125k more than the second highest buyer (good thing the buyer put $600k down because I'm sure it didn't appraise at $1.6m).

That home is one of the largest in CV and also probably on the largest lot in CV. They also did extensive backyard work and well maintained. At that exact moment there were I believe only 2 other 4BR SFR's available. Someone must have been desperate to buy so they overbid.

 

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