Newer Irvine listings with crazy WTF asking prices from equity sellers

Can anyone clearly define for me what differentiates a "standard tract build kitchen" to a "gourmet kitchen"? Seems like every single kitchen description out there must contain either "gourmet" or "chef's" in the descriptor.

92618 currently (12/26/2020) has 240 listed homes. When sorting by the keyword "gourmet" - 76 qualify. 

My .02c
 
kpatnps said:
marmott said:
This one felt a WTF to me: $604/sqft for a 2300sqft condo with no particular amazing features or upgrades.
https://www.redfin.com/CA/Irvine/115-Hargrove-92620/home/143910276
Click to expand...

Agree this is a WTF for sure.  1.39 for a 2300sq ft motorcourt condo?  Thats a HARD pass.
Click to expand...

I don?t think this ones a motorcourt but there are motorcourt homes directly across the street so a lot of people will be parking in front of your house.

They broke a cardinal rule of staging.  No accent rugs on carpet!
 
aquabliss said:
kpatnps said:
marmott said:
This one felt a WTF to me: $604/sqft for a 2300sqft condo with no particular amazing features or upgrades.
https://www.redfin.com/CA/Irvine/115-Hargrove-92620/home/143910276
Click to expand...

Agree this is a WTF for sure.  1.39 for a 2300sq ft motorcourt condo?  Thats a HARD pass.
Click to expand...

I don?t think this ones a motorcourt but there are motorcourt homes directly across the street so a lot of people will be parking in front of your house.

They broke a cardinal rule of staging.  No accent rugs on carpet!
Click to expand...

Carpet, tile and new countertop.  Initial look through I felt it looked very dated even though it was built in 2016.  Realized even with the white mission cabinets, it was the early 2000s standard flip beige, beige, brown granite responsible.
 
That seller basically selected no upgrades and everything is builder grade (aka FCB home).  Seller bought it for a little over $1m and rented it out for a few years before flipping it.
 
USCTrojanCPA said:
That seller basically selected no upgrades and everything is builder grade (aka FCB home).  Seller bought it for a little over $1m and rented it out for a few years before flipping it.
Click to expand...

Agree it?s a WTF, and yet...it?s gone contingent 12 days after listing.
 
misme said:
USCTrojanCPA said:
That seller basically selected no upgrades and everything is builder grade (aka FCB home).  Seller bought it for a little over $1m and rented it out for a few years before flipping it.
Click to expand...

Agree it?s a WTF, and yet...it?s gone contingent 12 days after listing.
Click to expand...

Well there is a serious lack of inventory in the lower and middle part of the market (where this home falls into) so some buyers are "reaching" a bit. It's a great time to be a seller nowadays.
 
USCTrojanCPA said:
misme said:
USCTrojanCPA said:
That seller basically selected no upgrades and everything is builder grade (aka FCB home).  Seller bought it for a little over $1m and rented it out for a few years before flipping it.
Click to expand...

Agree it?s a WTF, and yet...it?s gone contingent 12 days after listing.
Click to expand...

Well there is a serious lack of inventory in the lower and middle part of the market (where this home falls into) so some buyers are "reaching" a bit. It's a great time to be a seller nowadays.
Click to expand...

1.39 is lower/middle now?  What income would be needed to purchase a 1.39M home without reaching?

 
kpatnps said:
USCTrojanCPA said:
misme said:
USCTrojanCPA said:
That seller basically selected no upgrades and everything is builder grade (aka FCB home).  Seller bought it for a little over $1m and rented it out for a few years before flipping it.
Click to expand...

Agree it?s a WTF, and yet...it?s gone contingent 12 days after listing.
Click to expand...

Well there is a serious lack of inventory in the lower and middle part of the market (where this home falls into) so some buyers are "reaching" a bit. It's a great time to be a seller nowadays.
Click to expand...

1.39 is lower/middle now?  What income would be needed to purchase a 1.39M home without reaching?
Click to expand...

About 200k household income assuming $280k (20%) in cash down payment and an aggressive (imo) spend of ~1/3 of your income on mortgage costs alone.

$200k household income is higher than the average of the City of Irvine, and higher than 80%+ of Irvine households.https://statisticalatlas.com/place/California/Irvine/Household-Income

I think it goes without saying that income has not kept pace with housing costs here.
 
HMart said:
kpatnps said:
USCTrojanCPA said:
misme said:
USCTrojanCPA said:
That seller basically selected no upgrades and everything is builder grade (aka FCB home).  Seller bought it for a little over $1m and rented it out for a few years before flipping it.
Click to expand...

Agree it?s a WTF, and yet...it?s gone contingent 12 days after listing.
Click to expand...

Well there is a serious lack of inventory in the lower and middle part of the market (where this home falls into) so some buyers are "reaching" a bit. It's a great time to be a seller nowadays.
Click to expand...

1.39 is lower/middle now?  What income would be needed to purchase a 1.39M home without reaching?
Click to expand...

About 200k household income assuming $280k (20%) in cash down payment and an aggressive (imo) spend of ~1/3 of your income on mortgage costs alone.

$200k household income is higher than the average of the City of Irvine, and higher than 80%+ of Irvine households.https://statisticalatlas.com/place/California/Irvine/Household-Income

I think it goes without saying that income has not kept pace with housing costs here.
Click to expand...

80% is based on available tax return/w2 info.

Probably excludes own C-Corp, S-Corp, partnerships and self employed who all know how to shield income. I bet if you include that population of Irvine, $200K is more like the median.
 
Sidehussle said:
HMart said:
kpatnps said:
USCTrojanCPA said:
misme said:
USCTrojanCPA said:
That seller basically selected no upgrades and everything is builder grade (aka FCB home).  Seller bought it for a little over $1m and rented it out for a few years before flipping it.
Click to expand...

Agree it?s a WTF, and yet...it?s gone contingent 12 days after listing.
Click to expand...

Well there is a serious lack of inventory in the lower and middle part of the market (where this home falls into) so some buyers are "reaching" a bit. It's a great time to be a seller nowadays.
Click to expand...

1.39 is lower/middle now?  What income would be needed to purchase a 1.39M home without reaching?
Click to expand...

About 200k household income assuming $280k (20%) in cash down payment and an aggressive (imo) spend of ~1/3 of your income on mortgage costs alone.

$200k household income is higher than the average of the City of Irvine, and higher than 80%+ of Irvine households.https://statisticalatlas.com/place/California/Irvine/Household-Income

I think it goes without saying that income has not kept pace with housing costs here.
Click to expand...

80% is based on available tax return/w2 info.

Probably excludes own C-Corp, S-Corp, partnerships and self employed who all know how to shield income. I bet if you include that population of Irvine, $200K is more like the median.
Click to expand...

Don't forget rich foreign families who send their kids here for an education and report 0 income.
 
irvinehomeowner said:
Average Irvine income is drastically underreported/stated.
Click to expand...

Likely.

If a median home price in Irvine is $912k (zillow), which is a believable number, then the average household income should be a third or 1/4th of it. Not 1/9th. In aggregate data, outliers woun't affect it much such as a family of school-teacher living in a turtle rock home for 30 years, FCB kids living in GPN home with zero income, or high earners living in a down sized home etc...
 
You must log in or register to reply here.
Back
Top