Biggest Irvine drop?

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ABC123 said:
I saw this one on Redfin. There must be more than meets the eye because I don't know how this could have ever sold for 1.2 million

146 Saint James #55 Irvine, CA 92606

Price: $519,000

Beds: 2

Baths: 3

Sq. Ft.: 1,170

$/Sq. Ft.: $444

Lot Size: 2,275 Sq. Ft.

Year Built: 2001

Sales History

Jul 16, 2003 $642,455

Aug 22, 2005 $1,210,000
Click to expand...

Looks like something's wrong with Redfin's data on this one. I show:

11/28/03: current owner buys for $442,000, using $353,600 first/$88,400 second, so zero down.

2/14/2005: A happy valentine's day refi of the second for $137,000.
 
WestparkRenter said:
JLegend said:
asianinvasian said:
Why are you comparing different plans? No wonder you're still renting.
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hehe. because if a few houses drop by 40% in Irvine, they all should becasue they are cookie-cutter. I hear very little about desirability, design and overall look and feel of homes in Irvine as being important to many on this forum. maybe because if you've seen one irvine house, you've seen them all.
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If you own real estate, you should know, people don't really care about that, it's a matter of preference. It's like buying a used car, does not matter what upgrades you have, people don't care, they always pay a used car by mileage and condition of the car. The rest of the upgrades, you paid for it, got great use out of it, but buyer does not give you extra amount for it.
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Nonsense. And you're proving my point about the mentality of many on this forum.

If you take two identical homes (next to each other for sake of comparison so location isn't an issue), one that has been upgraded nicely with quality wood floors, dark granite counter tops throughout, updated banister and railings and crown molding and nice fixtures throughout, that will likely sell much faster (or garner more interest) than a house that is "stock," hardly upgraded with tiles for counter tops, carpet, old school wood banister and railings, and older wood cabinets. Most buyers don't want the hassle of upgrading. And if the upgraded house is more or less in-line with the buyer's aesthetics, that is "worth" more to the buyer. If the difference in price is in-line with the upgrades, that "nicer" houser will reasonably command a higher asking price. There is a point, however, if you ask too much, buyers will think to themselves that they can do the upgrades themselves for much cheaper. But you can't tell me with a straight face that a buyer could use the adjacent house as leverage to drastically bring down the price of the nicely upgraded place. IF I were the seller, I'd say go buy the cheap looking stock house and waste time you could be spending with your family upgrading it. If you don't need to upgrade, then live in your outdated home and be happy.
 
JLegend said:
WestparkRenter said:
JLegend said:
asianinvasian said:
Why are you comparing different plans? No wonder you're still renting.
Click to expand...

hehe. because if a few houses drop by 40% in Irvine, they all should becasue they are cookie-cutter. I hear very little about desirability, design and overall look and feel of homes in Irvine as being important to many on this forum. maybe because if you've seen one irvine house, you've seen them all.
Click to expand...

If you own real estate, you should know, people don't really care about that, it's a matter of preference. It's like buying a used car, does not matter what upgrades you have, people don't care, they always pay a used car by mileage and condition of the car. The rest of the upgrades, you paid for it, got great use out of it, but buyer does not give you extra amount for it.
Click to expand...

Nonsense. And you're proving my point about the mentality of many on this forum.

If you take two identical homes (next to each other for sake of comparison so location isn't an issue), one that has been upgraded nicely with quality wood floors, dark granite counter tops throughout, updated banister and railings and crown molding and nice fixtures throughout, that will likely sell much faster (or garner more interest) than a house that is "stock," hardly upgraded with tiles for counter tops, carpet, old school wood banister and railings, and older wood cabinets. Most buyers don't want the hassle of upgrading. And if the upgraded house is more or less in-line with the buyer's aesthetics, that is "worth" more to the buyer. If the difference in price is in-line with the upgrades, that "nicer" houser will reasonably command a higher asking price. There is a point, however, if you ask too much, buyers will think to themselves that they can do the upgrades themselves for much cheaper. But you can't tell me with a straight face that a buyer could use the adjacent house as leverage to drastically bring down the price of the nicely upgraded place. IF I were the seller, I'd say go buy the cheap looking stock house and waste time you could be spending with your family upgrading it. If you don't need to upgrade, then live in your outdated home and be happy.
Click to expand...

To each his own. I may not like your style or the granite that you choose. It costs me more to undo somebody's taste. I prefer to start from scratch. So yes, I did go out of my way to get pricings on how much things would cost to redo a brand new house( because they charge too much to upgrade). So I know how much things would cost.

In my post, I was referring to the floor plan. Desirable floorplan holds value and non-desirable floorplan doesn't as much. But I'm not sure you get to charge more.
 
WestparkRenter said:
To each his own. I may not like your style or the granite that you choose. I prefer to start from scratch. So yes, I did go out of my way to get pricings on how much things would cost to redo a brand new house( because they charge too much to upgrade). So I know how much things would cost. So it would cost me more to undo somebody's taste.

In my post, I was referring to the floor plan. Desirable floorplan holds value and non-desirable floorplan doesn't as much. But I'm not sure you get to charge more.
Click to expand...

Fair enough. But I disagree with respect to floorplans. A desirable floor plan is characterized that way for a reason, and it could reasonably carry a premium.
 
JLegend said:
WestparkRenter said:
To each his own. I may not like your style or the granite that you choose. I prefer to start from scratch. So yes, I did go out of my way to get pricings on how much things would cost to redo a brand new house( because they charge too much to upgrade). So I know how much things would cost. So it would cost me more to undo somebody's taste.

In my post, I was referring to the floor plan. Desirable floorplan holds value and non-desirable floorplan doesn't as much. But I'm not sure you get to charge more.
Click to expand...

Fair enough. But I disagree with respect to floorplans. A desirable floor plan is characterized that way for a reason, and it could reasonably carry a premium.
Click to expand...
I wish this is true. I'm an owner of a desirable floorplan(plan 2) vs my neighbor's floorplan( plan 3). Plan 3 has slightly larger square footage. The difference between plan 2 and plan 3 is 250 sqft. Not much of a difference in space. But everytime plan 3 was on sale, it also sold more than plan 2 in similar location. But plan 2 is rarely onsale and when it does it always get snapped up.
 
WestparkRenter said:
JLegend said:
WestparkRenter said:
To each his own. I may not like your style or the granite that you choose. I prefer to start from scratch. So yes, I did go out of my way to get pricings on how much things would cost to redo a brand new house( because they charge too much to upgrade). So I know how much things would cost. So it would cost me more to undo somebody's taste.

In my post, I was referring to the floor plan. Desirable floorplan holds value and non-desirable floorplan doesn't as much. But I'm not sure you get to charge more.
Click to expand...

Fair enough. But I disagree with respect to floorplans. A desirable floor plan is characterized that way for a reason, and it could reasonably carry a premium.
Click to expand...
I wish this is true. I'm an owner of a desirable floorplan(plan 2) vs my neighbor's floorplan( plan 3). Plan 3 has slightly larger square footage. The difference between plan 2 and plan 3 is 250 sqft. Not much of a difference in space. But everytime plan 3 was on sale, it also sold more than plan 2 in similar location. But plan 2 is rarely onsale and when it does it always get snapped up.
Click to expand...

Not sure what you are trying to convey here between your last sentence and the previous one.
 
JLegend said:
WestparkRenter said:
JLegend said:
WestparkRenter said:
To each his own. I may not like your style or the granite that you choose. I prefer to start from scratch. So yes, I did go out of my way to get pricings on how much things would cost to redo a brand new house( because they charge too much to upgrade). So I know how much things would cost. So it would cost me more to undo somebody's taste.

In my post, I was referring to the floor plan. Desirable floorplan holds value and non-desirable floorplan doesn't as much. But I'm not sure you get to charge more.
Click to expand...

Fair enough. But I disagree with respect to floorplans. A desirable floor plan is characterized that way for a reason, and it could reasonably carry a premium.
Click to expand...
I wish this is true. I'm an owner of a desirable floorplan(plan 2) vs my neighbor's floorplan( plan 3). Plan 3 has slightly larger square footage. The difference between plan 2 and plan 3 is 250 sqft. Not much of a difference in space. But everytime plan 3 was on sale, it also sold more than plan 2 in similar location. But plan 2 is rarely onsale and when it does it always get snapped up.
Click to expand...

Not sure what you are trying to convey here between your last sentence and the previous one.
Click to expand...

What I'm trying to say is a desirable floor plan holds value but not necesarily carries a premium( at least not in my experience). Because it never sold more than the non-desirable floor plan but it always sells when it's on sale.
 
irvine_home_owner said:
I'm not sure if sales history is that reliable on ALL Redfin listings.

I remember in IPO's listing, it had a previous sale price that was not true.
Click to expand...

If you refer to my postings then no I did not use redfin. I remember most houses sold in my neigborhoold. All of my neighbors did. They should, it's one of the biggest assets they own.
 
WestparkRenter said:
irvine_home_owner said:
I'm not sure if sales history is that reliable on ALL Redfin listings.

I remember in IPO's listing, it had a previous sale price that was not true.
Click to expand...

If you refer to my postings then no I did not use redfin. I remember most houses sold in my neigborhoold. All of my neighbors did. They should, it's one of the biggest assets they own.
Click to expand...
I was referring to the listing of IPO's house he recently sold... it had a previous sales price that was higher than what he had actually bought it for.

EDIT: Sorry... I meant IPO's own home that he had for sale... not WestparkRenter.
 
irvine_home_owner said:
WestparkRenter said:
irvine_home_owner said:
I'm not sure if sales history is that reliable on ALL Redfin listings.

I remember in IPO's listing, it had a previous sale price that was not true.
Click to expand...

If you refer to my postings then no I did not use redfin. I remember most houses sold in my neigborhoold. All of my neighbors did. They should, it's one of the biggest assets they own.
Click to expand...
I was referring to the listing of your house you recently sold... it had a previous sales price that was higher than what you had actually bought it for.
Click to expand...
Are you sure it's me. Which post number? I have not posted any house on redfin, however ABC did. I merely responded to his post.
 
irvine_home_owner said:
IrvineRenter said:
I didn't look through this whole thread, but did anyone post 22 Honey Locust?

Sales History

Date Price

Aug 31, 2006 $1,226,000

Oct 10, 2008 $763,416

This is 37.7% off
Click to expand...
Does this count? I thought this went back to the bank on Oct 10 and now it's back up for sale for $809k.
Click to expand...

What do you mean, "does this count?" It was a transaction in the market. It may be for a lower-than-normal purchase price because of the all-cash purchase, but it certainly still counts.
 
IrvineRenter said:
irvine_home_owner said:
IrvineRenter said:
I didn't look through this whole thread, but did anyone post 22 Honey Locust?

Sales History

Date Price

Aug 31, 2006 $1,226,000

Oct 10, 2008 $763,416

This is 37.7% off
Click to expand...
Does this count? I thought this went back to the bank on Oct 10 and now it's back up for sale for $809k.
Click to expand...

What do you mean, "does this count?" It was a transaction in the market. It may be for a lower-than-normal purchase price because of the all-cash purchase, but it certainly still counts.
Click to expand...

Doesn't count!

Yes it does!

No it doesn't!

Yes I T does!

Okay, do over then?

Do over!

Sorry, sometimes my inner child comes out when I read some convos.
 
What I mean is did it actually sell to a buyer or did the bank just acquire it? IPO listed it as a cancelled listing.

I see now where Redfin shows the 10/10/08 sale (for some reason, it didn't show it before) and it sounded like someone else put higher offers on it in the Alexandria thread but the seller (bank?) didn't accept.

Just wondering... those sales are kind of suspect to me because I doubt I could go in there with $763k cash and they would sell it to me.
 
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