2 Kansas

N

nomogy_IHB

New member
Hi Guys,



I am interested in this property, What do you guys think is the right price

to purchase. Your inputs are appreciated.



<a href="http://www.redfin.com/CA/Irvine/2-Kansas-92606/home/5765588">http://www.redfin.com/CA/Irvine/2-Kansas-92606/home/5765588</a>
 
I like the area as well....logic says this place isn't worth over $525k (assumption PV = $352k, N = 9.5 yrs, I = 4% return)



But it's "IRVINE" ...lmao....anyways...$575-600k is a good price for it I suppose.
 
you'll find comparable homes all over irvine listed closer to $300/sq ft. $380 is very much on the high end. putting that tiny table in the kitchen and packing the living room with furniture for the photos isn't fooling anybody. they are awfully small for a SFR.
 
[quote author="nomogy" date=1231555198]Hi Guys,



I am interested in this property, What do you guys think is the right price

to purchase. Your inputs are appreciated.



http://www.redfin.com/CA/Irvine/2-Kansas-92606/home/5765588</blockquote>


Ah, that is my neighborhood... I know these houses quite well. The one on Washington just got into escrow, my guess is for $725K or so, maybe a smidge more. It is almost 2500sf and is a true 4-bedroom with a good floorplan. I know you could buy the 2900sf REO on Arizona for $775K. My most relevant comp is probably 30 Wyoming, closed in November, $695K for 2200sf.



All the above considered, I'd say market price for Kansas is $625K right now.
 
[quote author="acpme" date=1231556919]you'll find comparable homes all over irvine listed closer to $300/sq ft. $380 is very much on the high end. putting that tiny table in the kitchen and packing the living room with furniture for the photos isn't fooling anybody. they are awfully small for a SFR.</blockquote>


It won't go for as low as $300/sf any time soon. It's a large lot, 6000sf, and a corner location which many like. The orientation of the lot is such that you don't have neighbors towering over you when you are sitting in your backyard. It is also a single load street, so no neighbors across the street coming and going.



$310-320/sf today is probably about right for it. Tack on a $25K lot premium and voila, you have $625K or so. It would be great to be that close to the circle park and just walk across the street to hit the pool in the summer.
 
Ipop, I don't think you can buy the house in Arizona for 775K. They wouldn't sell it for that. Considering they got it for 725K or so and they still have to pay realtors, they would expect to get more for it.

As for the house in Kansas, I've seen it. It's cute, but it is way over-priced. I think, however, that in today's market it won't go for as low as 625K. I think it will go for something around 680K.
 
[quote author="evening rose" date=1231566724]Ipop, I don't think you can buy the house in Arizona for 775K. They wouldn't sell it for that. Considering they got it for 725K or so and they still have to pay realtors, they would expect to get more for it.

As for the house in Kansas, I've seen it. It's cute, but it is way over-priced. I think, however, that in today's market it won't go for as low as 625K. I think it will go for something around 680K.</blockquote>


I'm pretty sure Arizona can be obtained for somewhere around $775K. I've had conversations with selling agent and the best offer they have had so far is $750K. That place is hard to move since its only a 3-bedroom. 3000sf and 3-bedrooms is one whacky floorplan.



With regards to $680K, they would be doing very well if they obtained that price. The Case-Shiller index values on the three last three Harvard Square closues were 175, 176, and 176 respectively. Applying the same calc to Kansas yields a sales price of $622K. In other words, if Kansas sold for $622K, it would be the same depth of rollback/decline experienced by the owners on Nevada, Wyoming, and Indiana on their sales over past two months.



You very well may be right though rose. I wouldn't pay more than $625-650K for Kansas based off comps, but there are definitely greater fools than I.
 
Well, I know for a fact there have been other offers, greater than 750K on that house, yet it is still on the market... I agree though that having only 3 bedrooms in such a big house is problematic.

Regarding Kansas, indeed, there are some greater fools than you ;-)
 
[quote author="evening rose" date=1231573620]Well, I know for a fact there have been other offers, greater than 750K on that house, yet it is still on the market... I agree though that having only 3 bedrooms in such a big house is problematic.

Regarding Kansas, indeed, there are some greater fools than you ;-)</blockquote>


So agent Lisa Hynson of Century 21 lied to me just three days ago about the property on 22 Arizona? She told me the best offer presented to the bank so far, and this would have been since it was most recently listed on 12/9/08, was $750K and it was rejected by the bank.



You can confirm that someone else has offered more than that in the past month and was also rejected?
 
Ipop, this property is not bank owned. After being a short sale for a short while, it was purchased in auction a month ago by two private investors (AKA: flippers) for 725K I believe. It was relisted by an agent named Becky Tewell from Century 21.

We submitted an offer for 800K on this property and it was turned down, so I guess yes, you could say I can confirm it... I don't know why that Lisa person lied to you. I've met her too at the open house, and she said for sure the sellers are willing to negotiate down the price, though not by 100K. You would think they would negotiate it by 50K then, but I guess they think differently than her :p
 
[quote author="evening rose" date=1231583501]Ipop, this property is not bank owned. After being a short sale for a short while, it was purchased in auction a month ago by two private investors (AKA: flippers) for 725K I believe. It was relisted by an agent named Becky Tewell from Century 21.

We submitted an offer for 800K on this property and it was turned down, so I guess yes, you could say I can confirm it... I don't know why that Lisa person lied to you. I've met her too at the open house, and she said for sure the sellers are willing to negotiate down the price, though not by 100K. You would think they would negotiate it by 50K then, but I guess they think differently than her :p</blockquote>


Interesting... She said "bank" multiple times to me when referring to the owner. Either she doesn't know what she is talking about (doubtful) or is spinning some tales for some reason. I thought it was the bank that bid it up to $725K at auction. I wouldn't purchase the Arizona place for $800K given that Nevada went for $840K and it had five bedrooms (well, 4+ a nice office) and a 4-car garage. I was figuring on $25-50K to add a fourth bedroom upstairs, enlarge the downstairs bathroom, and replace the flooring and such. At $800K for us, it's not worth the hassle. Do love the backyard though. It's big and nicely done.



The next door neighbors are quite nice as well. We have known them for a few years. If you end up buying the place, I'll introduce you if you want...
 
Thank you, you are very sweet... we might need to meet first, before you can introduce me to other people ;-).

I agree with what you said about the house, though for us the floor plan really works. We really liked the layout, the spaciousness, and the back yard.
 
I had to register and post a reply just because I lived on Kansas.



I bought new and unloaded in 2003 -- in fact, my next door neighbor also sold their house at the same time. As I recall, we both put our homes on the same week and sold a week later - my neighbor moved into a larger 3000+sf homes within Harvard Square -- I think it was one of the rare 4-car garage (double tandem) homes on Arizona.



Harvard Square is a great community: Private park for the kids, movies at the park in the Summer, low HOA, gated, etc. I was single back then so none of this really mattered...



The lady that lives at 2 Kansas was a widower when she moved in. Nice back yard too, well, at least for circa 1999. Back then, we didn't really put much emphasis on landscaping versus today's homes. 2 Kansas is the smallest plan within the community, but this location is probably the best for this floorplan.



One great thing about living on Kansas is there are only 3 homes and with zero lot lines we had a lot of space between homes. The homes facing the backyard are offset further back than most new communities -- somewhat more privacy then the new homes built now within the same price range. What I really liked was that my guests had lots of space to park because there are no homes across the street -- just one long curbside.



If you think Irvine is back to 2003 prices or beyond, then no way will this house see over $650K.... just look at the 2 houses on Kansas (6 & 8) that are bigger and compare the sold prices in 2003. $500k would be a good price....
 
i generally don't like a house at the corner of a stop sign. people stop in front of your house and peel out and you get the exhaust. :)
 
[quote author="evening rose" date=1231590467]Thank you, you are very sweet... we might need to meet first, before you can introduce me to other people ;-).

I agree with what you said about the house, though for us the floor plan really works. We really liked the layout, the spaciousness, and the back yard.</blockquote>


I got an email back from the realtor for Arizona tonight saying they had an offer above $800K. Guess the flippers will make some money...
 
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