usctrojanman29_IHB
New member
Did you have a chance telling the listing agent the price was a bit off? hahaAnonymous said:
Holy Rip Off on QH home
- Thread starter frank69m_IHB
- Start date
NEW -> Contingent Buyer Assistance Program
The ladies in the house were really, really nice (could be agent + owner), didn't have the heart to tell them that. It is a really nice house though, with tasteful & classy decorating (ie. lots of thoughtful little things like in a fine hotel rather than a pretentious this is my palace kind of thing).
Note: JoonB is linking a different address above
I think if one was intending to make an offer, then a discussion of price would be ethical.
However if you have no intention of buying - then discussing the price is just being a rude boorish guest in someone's home.
Visitors to OPEN HOUSES are not guests they are PROSPECTS (both for the seller and the agent). A discussion of price is ALWAYS APPROPRIATE when someone is trying to SELL SOMETHING!
Jiminy Christmas, who are you trying to kid?
If I was a seller (and I was in the not too distant past) I would want to know what every single person who even glanced at my house thought it was worth.
I can't believe that they are trying to lease this home when it is scheduled for the foreclosure auction on 7/10. It has already been postponed twice, so the bank will start to get anxious and want to get rid of it. There should be some sort of rule that won't allow for Realtors to list a property for lease when it is in default. Don't be surprised if an investor picks it up at the auction, puts it on the market for $1mil, and pockets some decent cash.
There's no point, I'm sure there are buyers who think it's worth a lot more and would be willing to pay a lot more than me in order to buy right now, assuming of course I had that kind of money which I don't. I only stopped by because I was passing by the sign, and it seemed like more fun than going home to do dishes.
I don't know what any given homes intrinsic value is. I don't think even Shiller or Roubini or Whitney or Irvine Renter really know either.
There are still too many factors in play (ex. what will the unemployment rate in Irvine be? When will Treasuries finally become unattractive and push interest rates up? Will the Fed print even more money and cause runaway inflation? Or not? Will the state or federal govts change the game with yet more regulations? ). The only thing I know is that housing markets tend to turn slowly, so it's pretty hard to miss. Thus, I have to wait and wait and wait and see what happens. And if somehow I miss and can never buy and rent forever, I'm ok with that.
The odd-numbered Chantilly models are great locations and I think this one is closer to the cul-de-sac.
But $1.75m for basic white tile in the Master? This is worse than the Tapestry $1.4m pricing.
If you were selling luxury cars, and some self-confident dude making $6/hr came by and told you your luxury car was only worth $3000 to him, not $40,000 that wouldn't be exactly helpful would it? Just annoying.
Strawman. Cars don't lend themselves to fundamentals based valuation like homes.
We are talking about engaging realtors and owners in a discussion of pricing models. I believe that most realtors, lacking training in economics and/or finance, lack the background to evaluate real estate pricing beyond the comparables method. I imagine the average seller is worse. As the very least some understanding of the various potential determinants of price (NOI, rent equivalent, income to price, financing terms, etc) may lead to a faster pace of normalization for pricing.
Put it this way. If every person selling a home (agent or owner) knew the information contained on the this board, where do you think prices would be? Do you think that by not-knowing is the ultimate destination for prices altered?
I think if every seller today realized that his/her property would be worth 10-30% less by next year, based on fundamental pricing metrics, they would be far more likely to reduce their price now.
The first is $737k, but the NTS amount is $848k. Neg am much? Plus there is a $160k second.
So their total debt is $1m and some change... and they are listing at $1.65m? Public records says they bought it for $983,500 in '04... they should just list it for $1.3m and be glad if they get their down back (not to mention whatever they did with the $160k).
Actually I'd argue that cars are more likely to be easy for fundamentals based valuation than homes are. The reason being that if car sales are slow - you can just ship it to another state, or even another country. It's a truer free market. Whereas, if you have a gorgeous mansion but it's in Detroit ... can't ship it.
Homes can be rented out readily, offering a discounted cash flow based measurement of valuation. I don't many individuals who have a buy-to-let strategy with autos. In terms of mobility with cars, you are talking about liquidity, the demoninator in a standard DCF model. However, rental cash flow, the numerator is still non-existent for cars.
Additionally, for cars, there are frictions that limit the flow of vehicles based on demand thereby decreasing liquidity. There are varying emissions laws that necessitate alterations, transportation costs, import/export if moving overseas, and the cost of carry on any vehicle.
I really would like to hear what fundamentals you apply to auto valuations...
Anonymous_IHB
New member
usctrojanman29 said:
The ladies in the house were really, really nice (could be agent + owner), didn't have the heart to tell them that. It is a really nice house though, with tasteful & classy decorating (ie. lots of thoughtful little things like in a fine hotel rather than a pretentious this is my palace kind of thing).
usctrojanman29_IHB
New member
Well of course they were being nice, they need to find a sucker...errr buyer who is willing to overpay by about $400k for this home. We need folks to have provided them the biatch slap of reality that is needed. It's ok, the market will do that for them with this home just sitting and collecting dust on the market. Good luck trying to get this property to appraise.Anonymous said:
These sellers are delusional
Here is their description- I can't believe they are actually going to raise their price to $1.75 million after the room add-on.
The best lot in quiet cul-de-sac,highly upgraded thru-out. Entry door w/custom marble medallion, marble flooring thru-out.Spacious master suite w/large private balcony over look to spectacular view. Pre-wire stereo & alarm system. Formal dining room, butler pantry. Gourmet kitchen, stainless steel appliances, granite countertops, center island. Professional landscaped, stone work, 3 water fountains, built-in barbecue, huge back yard w/panoramic view, walk to elementary school.Price will be $1,750,000 with 400sqft room additional (option) Additional room will be complete in 45 days after close escrow. Seller consider lease option see MLS# P691640
Here is their description- I can't believe they are actually going to raise their price to $1.75 million after the room add-on.
The best lot in quiet cul-de-sac,highly upgraded thru-out. Entry door w/custom marble medallion, marble flooring thru-out.Spacious master suite w/large private balcony over look to spectacular view. Pre-wire stereo & alarm system. Formal dining room, butler pantry. Gourmet kitchen, stainless steel appliances, granite countertops, center island. Professional landscaped, stone work, 3 water fountains, built-in barbecue, huge back yard w/panoramic view, walk to elementary school.Price will be $1,750,000 with 400sqft room additional (option) Additional room will be complete in 45 days after close escrow. Seller consider lease option see MLS# P691640
Anonymous_IHB
New member
JoonB said:
Note: JoonB is linking a different address above
Anonymous_IHB
New member
usctrojanman29 said:
I think if one was intending to make an offer, then a discussion of price would be ethical.
However if you have no intention of buying - then discussing the price is just being a rude boorish guest in someone's home.
CapitalismWorks_IHB
New member
Anonymous said:
Visitors to OPEN HOUSES are not guests they are PROSPECTS (both for the seller and the agent). A discussion of price is ALWAYS APPROPRIATE when someone is trying to SELL SOMETHING!
Jiminy Christmas, who are you trying to kid?
If I was a seller (and I was in the not too distant past) I would want to know what every single person who even glanced at my house thought it was worth.
usctrojanman29_IHB
New member
Exactly, if I am a serious seller I want to get feedback from all possible buyers. Information like that is valuable. If you throw up your home for sale with a WTF price then you should be ready for the greif that will come with that. The real estate market isn't for overly sensitive folks and it could use more brutally honest folks in the industry.CapitalismWorks said:
graphrix_IHB
New member
JoonB said:
I can't believe that they are trying to lease this home when it is scheduled for the foreclosure auction on 7/10. It has already been postponed twice, so the bank will start to get anxious and want to get rid of it. There should be some sort of rule that won't allow for Realtors to list a property for lease when it is in default. Don't be surprised if an investor picks it up at the auction, puts it on the market for $1mil, and pockets some decent cash.
Anonymous_IHB
New member
usctrojanman29 said:
There's no point, I'm sure there are buyers who think it's worth a lot more and would be willing to pay a lot more than me in order to buy right now, assuming of course I had that kind of money which I don't. I only stopped by because I was passing by the sign, and it seemed like more fun than going home to do dishes.
I don't know what any given homes intrinsic value is. I don't think even Shiller or Roubini or Whitney or Irvine Renter really know either.
There are still too many factors in play (ex. what will the unemployment rate in Irvine be? When will Treasuries finally become unattractive and push interest rates up? Will the Fed print even more money and cause runaway inflation? Or not? Will the state or federal govts change the game with yet more regulations? ). The only thing I know is that housing markets tend to turn slowly, so it's pretty hard to miss. Thus, I have to wait and wait and wait and see what happens. And if somehow I miss and can never buy and rent forever, I'm ok with that.
CapitalismWorks_IHB
New member
I thought your point was something about ethics or boors or something or other. If you are saying that engaging realtors and owners in realistic discussion of pricing will not influence their decisions, I believe you are mistaken.
irvine_home_owner_IHB
New member
What do they owe on it?graphrix said:
The odd-numbered Chantilly models are great locations and I think this one is closer to the cul-de-sac.
But $1.75m for basic white tile in the Master? This is worse than the Tapestry $1.4m pricing.
Anonymous_IHB
New member
CapitalismWorks said:
If you were selling luxury cars, and some self-confident dude making $6/hr came by and told you your luxury car was only worth $3000 to him, not $40,000 that wouldn't be exactly helpful would it? Just annoying.
CapitalismWorks_IHB
New member
Anonymous said:
Strawman. Cars don't lend themselves to fundamentals based valuation like homes.
We are talking about engaging realtors and owners in a discussion of pricing models. I believe that most realtors, lacking training in economics and/or finance, lack the background to evaluate real estate pricing beyond the comparables method. I imagine the average seller is worse. As the very least some understanding of the various potential determinants of price (NOI, rent equivalent, income to price, financing terms, etc) may lead to a faster pace of normalization for pricing.
Put it this way. If every person selling a home (agent or owner) knew the information contained on the this board, where do you think prices would be? Do you think that by not-knowing is the ultimate destination for prices altered?
I think if every seller today realized that his/her property would be worth 10-30% less by next year, based on fundamental pricing metrics, they would be far more likely to reduce their price now.
graphrix_IHB
New member
irvine_home_owner said:
The first is $737k, but the NTS amount is $848k. Neg am much? Plus there is a $160k second.
irvine_home_owner_IHB
New member
See... this is just greedy.graphrix said:
So their total debt is $1m and some change... and they are listing at $1.65m? Public records says they bought it for $983,500 in '04... they should just list it for $1.3m and be glad if they get their down back (not to mention whatever they did with the $160k).
irvine_home_owner_IHB
New member
And this Vicara plan has been bouncing on and off the market for about $1.6m... who would buy that Bottlebrush place over this one?
http://www.redfin.com/CA/Irvine/39-Fresco-92603/home/5929315
Gah. Did someone reinflate the bubble when I wasn't looking?
http://www.redfin.com/CA/Irvine/39-Fresco-92603/home/5929315
Gah. Did someone reinflate the bubble when I wasn't looking?
I totally agree IHO. I saw 39 Fresco and the view is outstanding. The only problem with the Fresco house is that it really isn't a true 4 bedroom. If you make it 4 bedrooms, the layout is a little odd. I went there when the realtors just put it on the market-constantly telling me it's not a short sale- but that the guy bought it for over $2 million. THen she just follows my every move telling me what everything costs. It was beautiful, but they made a very big deal about the $50K posts in the kitchen ceiling, the $$$ grill outside, etc. My husband was in the car with the kids (we take turns seeing the house so the kids don't have to get out of the car) and the husband realtor comes out and is asking very probing questions to my husband- what does he do, do I work, etc. Very obvious. Then my husband sees Eric Fenchel entering this house (i guess checking out the competion as he had at the time 25 Fresco which is the same model and sold for $1.42 million). The realtor literally cut the questions and just ran over to Eric-it was so funny.
Anonymous_IHB
New member
CapitalismWorks said:
Actually I'd argue that cars are more likely to be easy for fundamentals based valuation than homes are. The reason being that if car sales are slow - you can just ship it to another state, or even another country. It's a truer free market. Whereas, if you have a gorgeous mansion but it's in Detroit ... can't ship it.
CapitalismWorks_IHB
New member
Anonymous said:
Homes can be rented out readily, offering a discounted cash flow based measurement of valuation. I don't many individuals who have a buy-to-let strategy with autos. In terms of mobility with cars, you are talking about liquidity, the demoninator in a standard DCF model. However, rental cash flow, the numerator is still non-existent for cars.
Additionally, for cars, there are frictions that limit the flow of vehicles based on demand thereby decreasing liquidity. There are varying emissions laws that necessitate alterations, transportation costs, import/export if moving overseas, and the cost of carry on any vehicle.
I really would like to hear what fundamentals you apply to auto valuations...