Author Topic: TayMo bids war  (Read 2885 times)

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Offline lovingit

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TayMo bids war
« on: May 23, 2021, 08:48:57 AM »
Someone told me TayMo releases new phases to a group of buyers and then makes them bid up the prices.  Whoever has the highest price then gets that lot.  Is this a new practice for all builders or just TayMo?  Sounds a bit ridiculous.

Offline zubs

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Re: TayMo bids war
« Reply #1 on: May 23, 2021, 10:16:34 AM »
If I had 10 houses and 50 people wanted to buy my 10 houses, I would put them in a bidding war.
Why ridiculous?

Offline USCTrojanCPA

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Re: TayMo bids war
« Reply #2 on: May 23, 2021, 10:47:00 AM »
Someone told me TayMo releases new phases to a group of buyers and then makes them bid up the prices.  Whoever has the highest price then gets that lot.  Is this a new practice for all builders or just TayMo?  Sounds a bit ridiculous.

Yes, that is what is happening at Palermo.  Most all of the other builders in Irvine are going off waitlists.


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Offline lovingit

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Re: TayMo bids war
« Reply #3 on: May 23, 2021, 02:41:49 PM »
There is demand everywhere.  I don’t believe the other builders except TayMo are doing bidding war.

Offline Irvinehomeseeker

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Re: TayMo bids war
« Reply #4 on: May 23, 2021, 02:58:32 PM »
Palermo prices start at 1.55 million on their website for 2750 sqt. Wondering how much it will go up upon bidding within select group of buyers.
IP appears to price it high to start with.

Offline Goriot

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Re: TayMo bids war
« Reply #5 on: September 02, 2021, 08:14:18 PM »
Palermo increasing their prices significantly.  Plan 1 starts at $1.76 million now and Plan 3 at $1.91 million.  This is bare bone base price.  Thank you Ravello.
More pain for buyers coming!

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Offline mythicquest

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Re: TayMo bids war
« Reply #6 on: September 03, 2021, 10:53:48 AM »
wow... I wonder how their demand will be. I was interested in Palermo early on, but when they started doing a bidding war for basically every lot I didn't even bother

Offline akula1488

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Re: TayMo bids war
« Reply #7 on: September 03, 2021, 12:21:35 PM »
It goes both ways. If you are selling your house won't you do the same if there are multiple offers? It is quite fair.

Only shady thing the builder can do is to increase price after under contract or cancel you but legally they can do that from the contract.

Online sleepy5136

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Re: TayMo bids war
« Reply #8 on: September 03, 2021, 02:52:39 PM »
It goes both ways. If you are selling your house won't you do the same if there are multiple offers? It is quite fair.

Only shady thing the builder can do is to increase price after under contract or cancel you but legally they can do that from the contract.
You're right that it works both ways. The reason why people are bothered by it is because new construction isn't considered cheap since you need to do some minor improvements to make it look better. Landscaping, window treatments, and at times light switches aren't even included in the base price.

With that understanding, now you are told that there will be bidding wars for new construction? I'd rather continue with resale in that case. With resale, landscaping, window treatments, and light switches already exist. So if I bid over ask, I won't have to pocket out more money for those items.

Offline mythicquest

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Re: TayMo bids war
« Reply #9 on: September 03, 2021, 02:59:47 PM »
It goes both ways. If you are selling your house won't you do the same if there are multiple offers? It is quite fair.

Only shady thing the builder can do is to increase price after under contract or cancel you but legally they can do that from the contract.

Sure I can definitely understand that argument, but it's a bit apples/oranges. I could buy something second hand on ebay in an auction, or I can buy it brand new. I'm already paying the premium for the brand new product, and the whole point is that I'm buying something at a predictable advertised price point. And yea I get that if demand is higher than supply the price will come up, we see that all the time with new playstations and cars sometimes, but no I don't think bidding wars for a new product like a house is normal or the same as a resale situation, and we as consumers should not accept it as such

Offline fatduck

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Re: TayMo bids war
« Reply #10 on: September 03, 2021, 03:28:33 PM »
The bidding war is for the land not the house.

Offline akula1488

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Re: TayMo bids war
« Reply #11 on: September 03, 2021, 10:04:52 PM »
Actually new items can get bid up on Ebay way over listing/MSRP if the new item is popular with high demand. Like when Nintendo Wii first came out etc.
I guess at the end it still supply and demand and we are not used to see bidding war for new constructions but the same goes for waiving all contingencies like inspection for resale. Just not a normal time for real estate.

It goes both ways. If you are selling your house won't you do the same if there are multiple offers? It is quite fair.

Only shady thing the builder can do is to increase price after under contract or cancel you but legally they can do that from the contract.

Sure I can definitely understand that argument, but it's a bit apples/oranges. I could buy something second hand on ebay in an auction, or I can buy it brand new. I'm already paying the premium for the brand new product, and the whole point is that I'm buying something at a predictable advertised price point. And yea I get that if demand is higher than supply the price will come up, we see that all the time with new playstations and cars sometimes, but no I don't think bidding wars for a new product like a house is normal or the same as a resale situation, and we as consumers should not accept it as such

Online sleepy5136

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Re: TayMo bids war
« Reply #12 on: September 03, 2021, 11:05:29 PM »
Actually new items can get bid up on Ebay way over listing/MSRP if the new item is popular with high demand. Like when Nintendo Wii first came out etc.
I guess at the end it still supply and demand and we are not used to see bidding war for new constructions but the same goes for waiving all contingencies like inspection for resale. Just not a normal time for real estate.

It goes both ways. If you are selling your house won't you do the same if there are multiple offers? It is quite fair.

Only shady thing the builder can do is to increase price after under contract or cancel you but legally they can do that from the contract.

Sure I can definitely understand that argument, but it's a bit apples/oranges. I could buy something second hand on ebay in an auction, or I can buy it brand new. I'm already paying the premium for the brand new product, and the whole point is that I'm buying something at a predictable advertised price point. And yea I get that if demand is higher than supply the price will come up, we see that all the time with new playstations and cars sometimes, but no I don't think bidding wars for a new product like a house is normal or the same as a resale situation, and we as consumers should not accept it as such

I think an apples to apples situation would be game console manufacturers . Ebay is not the manufacturer of their products like the builder is of their homes they sale. Last time I checked, Sony does not put their consoles into the market and cause a bidding war for them.

Offline mythicquest

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Re: TayMo bids war
« Reply #13 on: September 03, 2021, 11:41:04 PM »
« Last Edit: September 03, 2021, 11:53:01 PM by mythicquest »

Offline qwerty

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Re: TayMo bids war
« Reply #14 on: September 04, 2021, 05:44:09 AM »
Another hot commodity is cars. While some dealers have marked them up, they don’t subject the buyer to an auction. If you want the car it’s yours if you are willing to pay the stated/inflated price. 

 

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