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It's right next to the lake so homes like this will take a big premiums similar to how view lots have big premiums. Location, location, location.

We received a total of 9 offers, all at and over $1m. Best & Final were just sent out and they are due back by Thursday at 8pm.

Irvine prices went down about 20% +/- from the peak in 2006/2007 to 2009/2011 (we had a bottom bottom in 2009 and 2011 after the $8k tax credit expired) while other surrounding cities went down 30-40%. Irvine prices recovered first and went higher than most all other OC cities.

Think of the $1,000,000 list price as the opening bid. ;)

If the home was somewhat renovated, it would rent for $4,800 to $5,000 per month.

One of the cash offers is a flipper, the other is a owner occupant.

I totally agree with you, the higher interest rates are a main driver of the low inventory issue. I have several clients who want to upgrade to a larger home but they just can't mentally get there from a rate in the 2s to a rate in the 6s even though they can do financially, it's more of a...

Why are you looking to sell already?

Actually fairly strong, we have 6 offers now with 2 all cash buyers and the financed buyers are putting 20-50% down.

The crash is not coming, you need 5x the inventory in order for prices to fall....I don't see it happening.

As of the end of May we are only down about 2% from the peak pricing in Irvine and I expect that we'll be back to peak prices in the next 1-2 months given the low inventory levels.

There's no way we could have predicted that prices would be up about 5% from the end of the year but I know it took me by surprise. But as I've kept saying, inventory levels will be the tell of where pricing are going.

Had another 30 buyers come out today and 2 more offers came in.

There as a good turnout at today's open house, 32 sets of buyers. We had 2 offers over list come in.

Exactly, I can't image what the real estate market will do once rates go below 5%. LL has been really quiet lately.

Yeah, it reminded me of the 70s home that I grew up in not too far away in Huntington Beach. The home was definitely well cared for and will benefit from a full renovation so we did price it low to go fast.

Earlier this week I listed a single-story home in Westminster, it is the grandparent's home of one of my clients and it's on the market for the first time in 44 years. The home features 4 spacious bedrooms, 2 full bathrooms, and sits on a 6,000sf lot with 1,903sf of living space. The listing...

Not true, one of my buyers locked in a 30-year fixed jumbo rate 2 weeks ago at 5.875%. There aren't many people who took 3-5 year ARMs in the past 2-3 years as there was little rate difference between the ARM and 30 year fixed rates.

After 7 offers and best & final counters, we got word from escrow that the transaction closed today. The sales price was $1,295,000 which is a record closing price for an Indigo Plan 3 in Portola Springs. The buyer actually used an escalation clause which is what I have used with great success...

Been swamped with a few closings over these 2 weeks and working a few pocket listings. I'll post up a market update through April this week.