Newer Irvine listings with crazy WTF asking prices from equity sellers

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usctrojancpa

usctrojancpa

Well-known member
I figured I'd expand on the highlight some of the newer listings with crazy WTF prices as they come onto the market.  So here's a great little example of either the seller or owner not realizing that 3-story Tall Oak detached condos in Quail Hill DO NOT sell for the same amount as their 2-story counterparts do:
http://www.redfin.com/CA/Irvine/107-Tall-Oak-92603/home/5979758

I actually went to see this property with one of my buyers Saturday morning.  It was nice, but the 3-story layout made the home feel kinda dark and hiking up all those stairs was not all that fun.  I guess the seller and listing agent didn't see that 32 and 104 Tall Oak (same floor plans) have been sitting on the market in the low $600s with no bite and that sold comps also point to prices around $600k for these 3-story units.  Looks like this baby is about $100k overpriced and will be sitting on the market for a good while.  :-X

I'll post up new listings as they come up, but feel free to post up any listings that you guys find that have stupid asking prices. 
 
There are five 3-story listings in Corte Bella right now (all properties in there have 3 stories). The five listings have been sitting there for months.

A listing that I looked at and thought that it was listed for about $100K too much was on Suncreek at $925K. It looks like they just pulled it off of the market.
 
jumpcut said:
I think the three-story townhomes have proved hugely unpopular.  After a brief flirtation with them in the early 00's, TIC has given up on them.  With all the newly constructed townhomes this year, you'll notice there are no three-stories in WB, WE, SE or PS.
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The reason they're not building 3 stories now because it costs more.  The products you see in WB, WBE and PS are the cheapest of the cheap in terms of construction.  Everything is going smaller and cheaper now.  This is from the horse's mouth (builder).

 
Places like QH, where land is a premium and overall acreage is smaller, you will see more 3-story builds... other places you will see less.

I would imagine you might see them in Laguna Crossing but maybe not in Portola Springs.

Like in a previous thread, I believe there is a segment for a 3-story home, but more in the SFR mid-sized category where you can get 2500-3000sft of living space on a 2000sft house lot.
 
test said:
jumpcut said:
I think the three-story townhomes have proved hugely unpopular.  After a brief flirtation with them in the early 00's, TIC has given up on them.  With all the newly constructed townhomes this year, you'll notice there are no three-stories in WB, WE, SE or PS.
Click to expand...

The reason they're not building 3 stories now because it costs more.  The products you see in WB, WBE and PS are the cheapest of the cheap in terms of construction.  Everything is going smaller and cheaper now.  This is from the horse's mouth (builder).
Click to expand...

"Nine of 10 builders surveyed by NAHB
in 2009 say they?re building or planning smaller,
lower-priced homes than in the past."
http://info.trulia.com/file.php/2837/trulia_infographics_2010.pdf

 
iacrenter said:
confuzed said:
My WTF award goes to.........
http://www.redfin.com/CA/Irvine/23-Sovente-92606/home/4629800

Do you think Westpark II will ever see this kind of prices in next 10 years?
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That is a big home on a big interior lot but not at $560/sqft! Maybe there is large oil deposit or gold mine under the property.
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Plus, I hope potential buyers realize that this home is right next to Kindercare day-care so expect lots of noise in the day.
 
jumpcut said:
shadax said:
jumpcut said:
I think the three-story townhomes have proved hugely unpopular.  After a brief flirtation with them in the early 00's, TIC has given up on them.  With all the newly constructed townhomes this year, you'll notice there are no three-stories in WB, WE, SE or PS.
Click to expand...

ahh....check out D and F
http://www.villagesofirvine.com/Villages-And-Residences/Portola-Springs-Overview.aspx?type=neighborhood&Id=55
Click to expand...

When I wrote that in mid-2010, I said "this year there are no three-stories."  Three-stories are the BOMB in 2011!
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Haha...whoops.  Didn't realize the date.  I toured them though-  I liked "D"...but the walking down two flights of stairs to do my laundry seems kind of lame.
 
Hah, but i think it is a typo from the flipper.  I bet a fat finger slip added a "1" before the $680k they are hoping for.
 
confuzed said:
Do you think Westpark II will ever see this kind of prices in next 10 years?
Click to expand...

No. Not unless we see massive inflation, or a radical shift upward in the median salary of the city.
 
IndieDev said:
confuzed said:
Do you think Westpark II will ever see this kind of prices in next 10 years?
Click to expand...

No. Not unless we see massive inflation, or a radical shift upward in the median salary of the city.
Click to expand...
Maybe all the FCBs can open some businesses in Irvine and soak up all the vacancies in the office and industrial market in Irvine.
 
USCTrojanCPA said:
IndieDev said:
confuzed said:
Do you think Westpark II will ever see this kind of prices in next 10 years?
Click to expand...

No. Not unless we see massive inflation, or a radical shift upward in the median salary of the city.
Click to expand...
Maybe all the FCBs can open some businesses in Irvine and soak up all the vacancies in the office and industrial market in Irvine.
Click to expand...

Irvine is different. Rich Chindians will keep prices inflated for eternity, Northpark detached homes are actually worth $850k! Turtle Rock homes near Culver should be selling in the $900,000s! Von Karmann's commercial property will be revitalized with Chindian companies galore. If they open up a second 85 Degrees location, watch out, Irvine may become the next San Marino.
 
Our realtor has taken us to see alot of resales in Woodbury and Northwood.  When you look at the prices and the amount of work that will be required on the Northwood Pointe homes, new starts to make a lot of sense.
 
OCMommy said:
Our realtor has taken us to see alot of resales in Woodbury and Northwood.  When you look at the prices and the amount of work that will be required on the Northwood Pointe homes, new starts to make a lot of sense.
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On a price per sqft basis, new home construction appears to be a good value. Then you factor in the higher MR & sometimes HOA, and need for landscaping--then not so much. Also, new TIC construction usually means small to no yard, no 3 car wide garage (for the IHO types), motor courts--but at least you have your California Room.  :)
 
OCMommy said:
Our realtor has taken us to see alot of resales in Woodbury and Northwood.  When you look at the prices and the amount of work that will be required on the Northwood Pointe homes, new starts to make a lot of sense.
Click to expand...

Hi OCMommy,

I totally agree that Northwood Pointe homes do not make much sense after pondering the prices awhile.  We've been looking for a home for over a year now and we started off liking Quail Hill, Woodbury, Portola Springs, etc etc and finally settled on Northwood Pointe (as our tastes evolved)...BUT after seeing all of the various homes in Northwood Pointe and their crazy asking prices, we feel like trying to buy there is like trying to swim upstream.  Do all the sellers there attend a seminar on how to list high and wait for a sucker?

Northwood Pointe has some clear advantages over some of the newer construction in that it offers established, excellent elementary and high schools within walking distance.  So you know re-zoning is improbable.  The other positives were that the neighborhood is tucked away from everything and has a pretty appealing centralized park/open space for the kids to roam around in.  The lots are much bigger too and it's mostly gated.  But despite these positives, the houses themselves are undeniably lame in design and some of the homes shortchange you with only half of a driveway.  (Plus, I wonder how much prices will come down once Orchard Hills opens.)     

The great rooms on some are awkwardly small OR they're obnoxiously big and too rectangular.  And to top it off, most of the homes were built in an era when white appliances were standard so that's a total eyesore.  Yet, these things don't seem to deter the owners from listing at crazy high prices.  I feel like telling these owners: "your house is NOT on a hill and you're NOT across from an ocean or even a lake or a pond.  Stop acting like it and lower your prices!"  And then a house goes into escrow and I think, "kill me, please."       

It's a frustrating market to say the least!!   

We're looking at new construction now because I feel like if I'm gonna be anyone's sucker, I'll at least let a builder sucker me into a TRUE great room and I'll pay for my own bad design choices.  Better that than a private owner who picked out bad flooring and designs for their 1990s home---which designs I'll be tearing down to bring them into the current century.   

BTW, what do YOU like about Northwood Pointe?  I wonder what is appealing about it for others because I can't quite verbalize why I like it so much but it just speaks to me.  It's obviously speaking to me a lot less these days.  ;)
 
The extra "e" on the Pointe costs extra $200K.

Seriously, I looked at many houses at Northwood Pointe and I generally like the neighborhood.  Being gated was a small plus, although some people may see that as a big plus.  Another thing that some people may like are the formal living room and dining rooms.  Also, relatively larger lot size for being a newer house is a plus.

I do agree that the house prices are high and are at the age where major maintenance are going to start.  Most of the homes I saw also needed major remodel in Kitchen and bathrooms as many were plain white tile.  My wife swore off white tiles in kitchen or bathroom.  So when I added up the remodeling costs, the houses were more expensive than the new construction, even with higher mello roos on new construction.  Also, I didn't want formal living room and formal dining room.  We rarely use them and prefer the great room concept.

 
We like northwood pointe.  They use a lot of craftsmen / arts & crafts style architecture that I like.  The neighborhoods also seem much more quaint and less crowded.  The mature landscape and the fact that the homes are larger lots than what you'll see in WB or SG makes NPe feel much less dense. 

It is true that many of homes are aging a bit, but that is what I want.  i'd rip out the kitchens in most of these and redo them myself.  Even the current new housing use such cheap cabinetry, cheap drawers, cheapest drawer guides, etc.  You can upgrade but it'll cost ya.  Even the Mille Fleurs tract in WB, which used extensive thermofoil cabinets is peeling all over the place.  Bad design choices make it easier to justify to remodel.  If only the prices soften another 5-10% in NPe we'd jump in.  The lower mello roos and tax savings will offset some of the remodeling costs.


 
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