Newer Irvine listings with crazy WTF asking prices from equity sellers

eyephone said:
Bullsback said:
Soylent Green Is People said:
What seems difficult to me is when a modern home is parachuted into a 1970's tract, sure... it's quite an upgrade... but you're still surrounded by crappy designed 1970's homes. Those properties are going to benefit quite a bit should this sell at full price. It's going to be difficult for the next "lot scraper" to come in and replace a home on this street.

It's a very nice property - but potentially the white elephant it appears to be.
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I fully expect this to be a trend of the future in Irvine.  New builds are still very prevalent but in 5+ more years, when the new builds dry up more (right now a lot of major projects going on), I expect there will be a big push to buying older tracks with nice lots and good taxes.  Woodbridge and Turtle Rock are more pricey to buy and flip (but obviously more desireable) but even areas like the ranch, colony, college park, etc.  Just a matter of time.

In turtle rock it happens more than other areas, but this home in particular will definitely stick out given where the flip happened (it wasn't your typical ranch style single story flip to bigger house that you more typically see in Turtle Rock).
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That?s what I said previously. I would go further and say some might buy several lots and turn it into townhomes/condos. (For max ROI)  ;)
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does the city / hoa allow that type of conversion?  consolidation of lots into multi-unit properties?
 
eyephone said:
Bullsback said:
Soylent Green Is People said:
What seems difficult to me is when a modern home is parachuted into a 1970's tract, sure... it's quite an upgrade... but you're still surrounded by crappy designed 1970's homes. Those properties are going to benefit quite a bit should this sell at full price. It's going to be difficult for the next "lot scraper" to come in and replace a home on this street.

It's a very nice property - but potentially the white elephant it appears to be.
Click to expand...
I fully expect this to be a trend of the future in Irvine.  New builds are still very prevalent but in 5+ more years, when the new builds dry up more (right now a lot of major projects going on), I expect there will be a big push to buying older tracks with nice lots and good taxes.  Woodbridge and Turtle Rock are more pricey to buy and flip (but obviously more desireable) but even areas like the ranch, colony, college park, etc.  Just a matter of time.

In turtle rock it happens more than other areas, but this home in particular will definitely stick out given where the flip happened (it wasn't your typical ranch style single story flip to bigger house that you more typically see in Turtle Rock).
Click to expand...

That?s what I said previously. I would go further and say some might buy several lots and turn it into townhomes/condos. (For max ROI)  ;)
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Said in jest, but  v good point.  Either this is a very easy arbitrage that exists in plain sight or the city has restrictions on such activity .  assume the latter. 
 
USCTrojanCPA said:
Soylent Green Is People said:
What seems difficult to me is when a modern home is parachuted into a 1970's tract, sure... it's quite an upgrade... but you're still surrounded by crappy designed 1970's homes. Those properties are going to benefit quite a bit should this sell at full price. It's going to be difficult for the next "lot scraper" to come in and replace a home on this street.

It's a very nice property - but potentially the white elephant it appears to be.
Click to expand...

There is more and more of that happening in Turtle Rock.  The lots are generally larger and I heard the HOA is fairly easy to work with as is the city as long as 1 wall is kept standing.
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Check out the street view on Redfin.  I don't think they left any walls standing.  I do see what looks like maybe one stud being held up by a rope waaaaaaay in the back of the lot, does that count?
 
aquabliss said:
USCTrojanCPA said:
Soylent Green Is People said:
What seems difficult to me is when a modern home is parachuted into a 1970's tract, sure... it's quite an upgrade... but you're still surrounded by crappy designed 1970's homes. Those properties are going to benefit quite a bit should this sell at full price. It's going to be difficult for the next "lot scraper" to come in and replace a home on this street.

It's a very nice property - but potentially the white elephant it appears to be.
Click to expand...

There is more and more of that happening in Turtle Rock.  The lots are generally larger and I heard the HOA is fairly easy to work with as is the city as long as 1 wall is kept standing.
Click to expand...

Check out the street view on Redfin.  I don't think they left any walls standing.  I do see what looks like maybe one stud being held up by a rope waaaaaaay in the back of the lot, does that count?
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I know that both homes that my 2 clients bought that were flips by this same seller near by had one wall left standing per the same contractor (both buyers got to meet with the contractor to go over the requested repairs and ask any questions). 
 
aquabliss said:
Guys buying 113 Diamondback = Instand ROI!

Redfin estimate is $1,780,521

Just saying.
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There is another home on sale on the same exact street for $1.9M: https://www.redfin.com/CA/Irvine/101-Diamondback-92618/home/112718985

If you calculate the average sqft for both listings, it is about $565.  Using that number, 113 Diamondback estimate would be $1.81M but it has a smaller lot and I'm sure Redfin takes the lot size into account somehow and their estimate ends up being $1.78M.

In short, Redfin estimates are not reliable and they are even ridiculous when there is no sufficient data(certain number of sold homes within last 6 months, currently listing homes,etc.)
 
Ready2Downsize said:
Bit excessive!
https://www.redfin.com/CA/Irvine/22-Middleton-92620/home/5769547

Corner lot (backs to Arborwood which is the road that everyone takes to get to Northwood High because Yale doesn't go thru) and next to the gate which gets you the added bonus of hearing the gate close every time someone drives thru it.


It looks like they might have painted those cabinets in the kitchen which I bet looks like..... not good.
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Exact model match comp down the street closed last month for $1.298M.  https://www.redfin.com/CA/Irvine/10-Middleton-92620/home/4793273

I much prefer 10 Middleton than 22. 
 
You can add 10 Middleton to your list of homes that sold for less than they did the previous sale. This was $1000 less with some painting and wainscot added to the home but a pretty poor return for 4 years in Irvine.

IMO though both buyers for 10 and 22 Middleton overpaid last time.
 
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