Burn That Belly
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Newer Irvine listings with crazy WTF asking prices from equity sellers
- Thread starter usctrojancpa
- Start date
aquabliss
Well-known member
WTF is up with OH Groves appreciation.
Example 1:https://www.redfin.com/CA/Irvine/126-Long-Fence-92602/home/58551576
Bought in Sept 15 for $1.485M, goes on the market in Nov 17, three price drops so far, even if they sell for current ask now $1.595M they are probably agent fees, landscaping and upgrades.
Example 2:https://www.redfin.com/CA/Irvine/3-Lonestar-92602/home/58553587
Bought in 2014 for $1.723M, now sitting on the market since November for only $160k above the original sales price from 2014, less than 10% increase and probably making little to no $ after fees, upgrades landscaping...
Example 3:https://www.redfin.com/CA/Irvine/10-Lowland-92602/home/58551781
Pending but that yard doesn?t look too cheap (maybe $70k-$90k), and the even if they sold for asking it?s less than 10% increase from 2015, doubt they?re making any $ here.
Is it Tustin school district (prob not because non gated even Tustin side across the way is doing well), the high price point? Lack of guard? Wonder why these homes aren?t doing well, area is very serene and relaxing...
Example 1:https://www.redfin.com/CA/Irvine/126-Long-Fence-92602/home/58551576
Bought in Sept 15 for $1.485M, goes on the market in Nov 17, three price drops so far, even if they sell for current ask now $1.595M they are probably agent fees, landscaping and upgrades.
Example 2:https://www.redfin.com/CA/Irvine/3-Lonestar-92602/home/58553587
Bought in 2014 for $1.723M, now sitting on the market since November for only $160k above the original sales price from 2014, less than 10% increase and probably making little to no $ after fees, upgrades landscaping...
Example 3:https://www.redfin.com/CA/Irvine/10-Lowland-92602/home/58551781
Pending but that yard doesn?t look too cheap (maybe $70k-$90k), and the even if they sold for asking it?s less than 10% increase from 2015, doubt they?re making any $ here.
Is it Tustin school district (prob not because non gated even Tustin side across the way is doing well), the high price point? Lack of guard? Wonder why these homes aren?t doing well, area is very serene and relaxing...
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aquabliss
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Ya I thought school district also but the non-gated side zoned to Tustin appreciates far more, makes no sense.https://www.redfin.com/CA/Irvine/Quarter-Horse-92602/home/109734622
This one sold for nearly 30% increase since 2015 sale. Much better appreciation than the Groves.
This one sold for nearly 30% increase since 2015 sale. Much better appreciation than the Groves.
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irvinebullhousing
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This mean that you are very happy with your current pad.
paperboyNC
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aquabliss said:
Agreed. Looked at home the other day near $2M that is a detached condo with a tiny yard and neighbors within arms reach.
We are officially in a bubble.
Burn That Belly said:
Its the price point and size of the homes. The 1.75M and up market is kind of stagnant all over Irvine with a glut of inventory that's not moving, not just in OH.
I would say its fine if you're buying a home you love to live in over the long term with your family, not if you're looking to make a quick profit on a flip. For that, detached 3BD/2BA condo is probably the best bet for % appreciation, since that's like the "baseline" family home for a lot of people that they will stretch to get into.
A 3600+ sq ft 4 BR house is really kind of a discretionary buy that people start questioning is it necessary when the price goes close to 2 million or over.
The Groves in OH is essentially all that kind of product--large, detached single family house with driveway, premium product, none under 3000 sq ft in the initial phase.
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Kings said:
Not necessarily!
Though I do grant that probably more people than not.
I chose OH over Port Streets and Spyglass Hill/Corona del Mar (we were in escrow on a house over there so I'm not just talking out of my @ss), because location was better for me re commute. But I'm not a beach person! Commuting to and from the coast every day would be super annoying.
I probably would have made more money on house appreciation over the long run by buying in CDM, I fully realize that, but in the end, I had to get the place that worked better for my daily life, right now. Also, I didn't want to live surrounded by all super rich people, for my kid's sake. It might not be true, it might just be my own faulty perception, but I did not want the influence of "the Newport lifestyle" on my kids as they are growing up. Its bad enough in Irvine as it is with respect to the materialism.
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Burn That Belly said:misme said:
I was here last year. I'm a total beach person. Once you see beaches, nothing else compares.
misme said:
There's a saying in life. Surround yourself with smart people and you will get smarter. Perhaps, surrounding yourself with rich people, could have the same effect?
Nah, I prefer stealth wealth and flying under the radar.
I personally never got the attraction behind remote "beach view" commanding a super premium . Beach access yes , I can get my hands around that, having owned a vacation rental up the central coast which was true walk down beach access.
But true beach access homes around here aren't as nice as the ones you find inland, unless you venture down south to Laguna and beyond. The Malibu style mansions are all up on Newport coast where you just get a view , not beach access.
You have to remember coastal communities in CA were not a prized location decades ago (say up until WW2) So the development along the coast was a bit hap hazard . All the rich people in those days lived farther inland. Then things changes starting in the 70s (cultural preference shift) . And now everyone wants the ocean.
But true beach access homes around here aren't as nice as the ones you find inland, unless you venture down south to Laguna and beyond. The Malibu style mansions are all up on Newport coast where you just get a view , not beach access.
You have to remember coastal communities in CA were not a prized location decades ago (say up until WW2) So the development along the coast was a bit hap hazard . All the rich people in those days lived farther inland. Then things changes starting in the 70s (cultural preference shift) . And now everyone wants the ocean.
usctrojancpa
Well-known member
Burn That Belly said:
But but...it has a "Great Park view!" so it's gotta trade at a premium. This seller must have used this closed model home closing to come up with their price...
https://www.redfin.com/CA/Irvine/211-Radial-92618/home/112720800
This listing will have a hard time getting anything close to $2m, especially with Cadence Park being open now.
usctrojancpa
Well-known member
Goriot said:
Nice looking home except for the cabinet color selection, white cabinets would have been a better choice as they'll age better. That being said, at $600/sf this listing makes me think one thing....fishing for a sucker...especially since you can get basically the same home in OH Reserve for less.
Burn That Belly
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Burn That Belly
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