$100,000 difference, same floorplan on same street , which one would you buy?

ps99472

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http://www.redfin.com/CA/Irvine/53-Festivo-92606/home/4628504
http://www.redfin.com/CA/Irvine/71-Festivo-92606/home/4628527

71 Festivo has been on the market for almost 90 days with a hefty $1 mil price tag, then 4 days ago, along comes 53 Festivo (with a better location) listed by the same agent for $100k less.  Upgrades wise 71 blows 53 out of the water... the dreaded range in the center island was moved by the folks at 71 to a side location for better ventilation, flooring, bathrooms, all better at 71.  Location wise, 53 gets a slight edge, as 71 backs onto Paseo Westpark (master bedroom too) while 53 backs onto the alley behind the detached condos on Altezza.  71 was purchased for over $1 mil in '06, while 53 seems to be original owners.  Identical floorplan except 53 is 5 bedrooms with the key bedroom downstairs, while 71 has a super family room (awkward in my opinion) in lieu of the extra bedroom.  A negative for both is that the 3 secondary bedrooms upstairs all share 1 bath, which can be a dealbreaker for many especially those with older kids.  Nice entrance with the curved staircase and high ceilings in the living/dining room combo.  Traffic can get congested in this area as it is near the elementary school but easy to walk to and fro.  Nice area of Westpark II, these two houses do not have the hideous peachy exterior color this area is known for (unfortunately you'll be next to one).  Too me, while the upgrades to 71 is nice and will make it move in ready, the lack of bedroom downstairs and backing Paseo does not justify the $100k difference. 

Feel sorry for the sellers at 71, I would feel stabbed in the back by my agent if they list my neighbor with the same exact floorplan at a lower price.  I would let this contract expire and relist with someone else. 
 
53 Festivo hands down.  You can always do upgrades to your taste (I prefer a clean slate to do my thing and not pay for other people's upgrades) plus you'll benefit with a low property tax basis.  You can't change the location with any amount of money either.  Also, a downstairs bedroom is a NEED-TO-HAVE with many buyers in that price range.  Remember that ultimately the seller makes the final decision on what the listing price is.  It could be that the owners of 71 Festivo don't want to lose anymore money then they already will (or they have a high loan balance and need >$900k in sales proceeds to not have to put in any additional money into escrow to close). 
 
While 71 does back Paseo Westpark, it is also a corner lot which some prefer and the lot is about 400 sq ft bigger.

The upgrades in 71 are much nicer... but I do like the outdoor area of 53.

It's not as hands down to me, but I do lean towards 53 because of the quieter location.
 
irvinehomeowner said:
While 71 does back Paseo Westpark, it is also a corner lot which some prefer and the lot is about 400 sq ft bigger.

The upgrades in 71 are much nicer... but I do like the outdoor area of 53.

It's not as hands down to me, but I do lean towards 53 because of the quieter location.
I kinda like how 71 was furnished, sorta my style (contemporary).  Although, those floor tiles looks kinda cheap...would have been better if they staggered them or put them down in a diamond pattern.  It would take me less than $100k to turn 53 into something like 71.
 
Oh... and I forgot one other thing... this floorplan is actually a 3-car garage one, the den is an option... how dare they use that space for a space that will barely get used. :)
 
You still have a 3cw driveway..  I think I'll get more use out of a den then a 3rd space... most of the houses I've seen with 3cg just use it as storage..  Do you actually park a car in the 3rd spot IHO?  what else woud you do with it?  Man cave?  Pool table?  ping pong?  Additional living space would count towards total sq ft as well which would place it as a higher premium then what a 3rd garage space can bring. 

Anyways, I still feel bad for the folks at 71, now you have direct competition from a neighbor couple houses down with the same floorplan and an extra bedroom..  plus your agent who is suppose to look out for your best interest is now undermining your price by looking out for your neighbor's interest as well.  I guess these sort of things happen all the time.. Especially with area "specialists"..  I wonder if 71 got a heads up about 53 coming up on the market..
 
ps9 said:
You still have a 3cw driveway..  I think I'll get more use out of a den then a 3rd space... most of the houses I've seen with 3cg just use it as storage..  Do you actually park a car in the 3rd spot IHO?  what else woud you do with it?  Man cave?  Pool table?  ping pong?  Additional living space would count towards total sq ft as well which would place it as a higher premium then what a 3rd garage space can bring. 
71 doesn't have the driveway... but 53 does.

When my parents would visit, they would always park in the 3rd car driveway which allows either me or my wife to come and go from the main garage. It was mainly used for part storage, part workout room and part computer/tv room (mini mancave)... it was actually re-purposed a few times during our ownership (so it really is a great flex space). Nowadays, maybe a ping pong/pool table.

And while you think the higher sq ft count would add a premium... you will be surprised because the 3rd car garage actually carries a higher cachet (at least that's what the data said on IHB's hedonistic data model regarding premiums).
Anyways, I still feel bad for the folks at 71, now you have direct competition from a neighbor couple houses down with the same floorplan and an extra bedroom..  plus your agent who is suppose to look out for your best interest is now undermining your price by looking out for your neighbor's interest as well.  I guess these sort of things happen all the time.. Especially with area "specialists"..  I wonder if 71 got a heads up about 53 coming up on the market..
Although it's trendy to demonize realtors... we never know the full story. The sellers have just as much influence on pricing regardless of what the agent might recommend. For all we know, they told the sellers that the comps support a $900k price but they wanted $1mil... and so maybe they are listing 53 at comp pricing and 71 at seller dream pricing.

Aren't comps for these more like low $800k?
 
ps9 said:
plus your agent who is suppose to look out for your best interest is now undermining your price by looking out for your neighbor's interest as well.  I guess these sort of things happen all the time.. Especially with area "specialists"..  I wonder if 71 got a heads up about 53 coming up on the market..

PS9 - i think you may be missing the point, the real issue that a very similar house came on the market and being second on the market, any agent would likely have priced it lower that 71 in order for it to move first. And as all the others have mentioned we dont know the full story and related facts. When there is a home listed first and it hasnt sold, the second (almost identical home) will likely price lower since the first one has established that the price is too high (just speaking in generalities here).
 
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