[IHB] Bohemian Rhapsody

 
iacrenter said:
Here is a TI link to a previous discussion on these homes:
http://www.talkirvine.com/index.php/topic,1074.msg57221.html#msg57221

Rhapsody is a Cortile plan 3, along with 54 Chantilly. The previous plan 3 comp was 65 Canal --http://www.redfin.com/CA/Irvine/65-Canal-92620/home/22735381.

Plan 2 ~1150 sqfthttp://www.redfin.com/CA/Irvine/110-Chantilly-92620/home/7210103
Plan 3~1300 sqfthttp://www.redfin.com/CA/Irvine/196-Rhapsody-92620/home/7210093http://www.redfin.com/CA/Irvine/54-Chantilly-92620/home/7210082http://www.redfin.com/CA/Irvine/65-Canal-92620/home/22735381
Plan 4~1500 sqfthttp://www.redfin.com/CA/Irvine/67-Canal-92620/home/7210072

The interesting question is how long will this bubble last.
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Now that you have hedge funds turning residential real estate into a casino, you never know.  I hope said hedge funds bought bank/homebuilder stocks beforehand.  Sounds pretty smart
 
IAC, that thread is loaded with information on Irvine housing market! Did you also see that some of the WTF at the beginning of the thread is becoming the new normal?
 
iacrenter said:
Here is a TI link to a previous discussion on these homes:
http://www.talkirvine.com/index.php/topic,1074.msg57221.html#msg57221

Rhapsody is a Cortile plan 3, along with 54 Chantilly. The previous plan 3 comp was 65 Canal --http://www.redfin.com/CA/Irvine/65-Canal-92620/home/22735381.

Plan 2 ~1150 sqfthttp://www.redfin.com/CA/Irvine/110-Chantilly-92620/home/7210103
Plan 3~1300 sqfthttp://www.redfin.com/CA/Irvine/196-Rhapsody-92620/home/7210093http://www.redfin.com/CA/Irvine/54-Chantilly-92620/home/7210082http://www.redfin.com/CA/Irvine/65-Canal-92620/home/22735381
Plan 4~1500 sqfthttp://www.redfin.com/CA/Irvine/67-Canal-92620/home/7210072

The interesting question is how long will this bubble last.
Click to expand...

I think this bubble is going to be extremely short and will pop sooner than people will have time to react.  Economy is not getting better any faster and there is more pressure in China to prevent money from flowing outward.  Inventories will also increase through the summer as people always think that summer is the best time to sell.  Even though it is not because here in Southern California, the weather is great all year round.  Builders are also starting to ramp up their plans that they put on hold several years ago due to the crashing market. 
 
+1 to Snowblind's thoughts. I don't think this will extend beyond summer. Irvine can always build new villages. It's only a matter of time before they build more than they sell (or at least more than they can sell of WTF price)
 
Cubic Zirconia said:
IAC, that thread is loaded with information on Irvine housing market! Did you also see that some of the WTF at the beginning of the thread is becoming the new normal?
Click to expand...

I agree. Crazy market. WTF pricing has become the new norm.
 
The California Court Company said:
WTF is this. a condo < 1200 sqft is selling at close to $600k?

snowblind40 said:
I forgot to mention this property as well!
http://www.redfin.com/CA/Irvine/110-Chantilly-92620/home/7210103

It is pending status but if it closes anywhere near asking price, Cortile will officially be back at peak levels!
Click to expand...
Click to expand...

And the realtor who put 54 Chantilly on the market must have not done her homework. There is a plan 2 in pending that was originally listed at $589k and a plan 3 listed the day before at $650k, why the heck would you list a plan 3 at $569k even if the last one sold at $540k a month back? Even if you were hoping for a multiple offer situation, you would have gotten it at $589k.  Just leaving $20k on the table in my opinion.
 
Why do you think buyers rather buy resale than new at WTF prices? What is the common link between the previous featured properties and this one?
 
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