Newer Irvine listings with crazy WTF asking prices from equity sellers

irvinehomeowner said:
I recall something like price changes alerts agents so it may increase views.

Not sure if that's right.
Click to expand...
If I see that many price changes in a listing, it would give me more negotiating power as a buyer. I would be even more aggressive in that case. Doing what they are doing is not in the sellers interest TBH.
 
sleepy5136 said:
irvinehomeowner said:
I recall something like price changes alerts agents so it may increase views.

Not sure if that's right.
Click to expand...
If I see that many price changes in a listing, it would give me more negotiating power as a buyer. I would be even more aggressive in that case. Doing what they are doing is not in the sellers interest TBH.
Click to expand...

It would only give you more negotiating power as a buyer if sell reduces the price. How would it give you more negotiating power if seller increases the price? Remember a while back one of Martin's seller increased the listing price from $2.8M to $3.2M due to too many offers above $3M? I mean, that was at the peak, but the same principle applies. As a buyer, you don't get more negotiating power if seller increases listing price.

Either way, negotiating power depends on the market, not the price. Right now, we're sliding into buyer's market, so buyers currently hold the advantage in negotiation, regardless of price.
 
CalBears96 said:
sleepy5136 said:
irvinehomeowner said:
I recall something like price changes alerts agents so it may increase views.

Not sure if that's right.
Click to expand...
If I see that many price changes in a listing, it would give me more negotiating power as a buyer. I would be even more aggressive in that case. Doing what they are doing is not in the sellers interest TBH.
Click to expand...

It would only give you more negotiating power as a buyer if sell reduces the price. How would it give you more negotiating power if seller increases the price? Remember a while back one of Martin's seller increased the listing price from $2.8M to $3.2M due to too many offers above $3M? I mean, that was at the peak, but the same principle applies. As a buyer, you don't get more negotiating power if seller increases listing price.

Either way, negotiating power depends on the market, not the price. Right now, we're sliding into buyer's market, so buyers currently hold the advantage in negotiation, regardless of price.
Click to expand...
because it shows me at one point in time you were willing to sell for that price. The market right now gives me even more reason to negotiate below the asking price and especially when the Fed plans to hike more.
 
sleepy5136 said:
CalBears96 said:
sleepy5136 said:
irvinehomeowner said:
I recall something like price changes alerts agents so it may increase views.

Not sure if that's right.
Click to expand...
If I see that many price changes in a listing, it would give me more negotiating power as a buyer. I would be even more aggressive in that case. Doing what they are doing is not in the sellers interest TBH.
Click to expand...

It would only give you more negotiating power as a buyer if sell reduces the price. How would it give you more negotiating power if seller increases the price? Remember a while back one of Martin's seller increased the listing price from $2.8M to $3.2M due to too many offers above $3M? I mean, that was at the peak, but the same principle applies. As a buyer, you don't get more negotiating power if seller increases listing price.

Either way, negotiating power depends on the market, not the price. Right now, we're sliding into buyer's market, so buyers currently hold the advantage in negotiation, regardless of price.
Click to expand...
because it shows me at one point in time you were willing to sell for that price. The market right now gives me even more reason to negotiate below the asking price and especially when the Fed plans to hike more.
Click to expand...

Bzzt, wrong. Listing price doesn't mean willing to sell at that price. Some sellers intentionally list below market price to attract more offers. Basically, letting buyers to outbid themselves.

Like I said, the market determines negotiating power, not price. You even said it yourself in the second sentence.
 
best_potsticker_in_town said:
USCTrojanCPA said:
trematix said:
I remember this listing last year. How soon before they slash the price?
https://www.redfin.com/CA/Irvine/65-Rockinghorse-92602/home/112726245
Click to expand...

$975/sf?  They'll be lucky if they get $775/sf.  That home is a low $2m home.  Let them sit on the market.
Click to expand...

I went to the open house this weekend and that pool is embarrassing. You can't even swim in it. Not sure what the hell the owners were thinking on that one...
Click to expand...

I don't think that's actually intended to be a pool. It's more like a pond for the waterfall. Or maybe it's a little pool for you to sit in there and relax.
 
best_potsticker_in_town said:
USCTrojanCPA said:
trematix said:
I remember this listing last year. How soon before they slash the price?
https://www.redfin.com/CA/Irvine/65-Rockinghorse-92602/home/112726245
Click to expand...

$975/sf?  They'll be lucky if they get $775/sf.  That home is a low $2m home.  Let them sit on the market.
Click to expand...

I went to the open house this weekend and that pool is embarrassing. You can't even swim in it. Not sure what the hell the owners were thinking on that one...
Click to expand...

So not gonna get $975/sf?  I think they also have it listed for rent for $15k a month.  Also a complete joke. 
 
CalBears96 said:
best_potsticker_in_town said:
USCTrojanCPA said:
trematix said:
I remember this listing last year. How soon before they slash the price?
https://www.redfin.com/CA/Irvine/65-Rockinghorse-92602/home/112726245
Click to expand...

$975/sf?  They'll be lucky if they get $775/sf.  That home is a low $2m home.  Let them sit on the market.
Click to expand...

I went to the open house this weekend and that pool is embarrassing. You can't even swim in it. Not sure what the hell the owners were thinking on that one...
Click to expand...

I don't think that's actually intended to be a pool. It's more like a pond for the waterfall. Or maybe it's a little pool for you to sit in there and relax.
Click to expand...

There's nowhere to sit and it looks pretty deep 8-10 ft on the deep end, I'd guess. The length of the pool is no more than 15-20 ft long.

To top it all off, this house is on a T-intersection. There are a couple other similar listings in the Groves asking $500k less - and you could argue that in this market those are on the high end too. No way this one is getting anywhere close to $975/ft.
 
But the ?pool? is Instagram famous! I was shown it for months on my discover/explore feed. I think the contractor has a big following there - can?t remember his handle.
 
bones said:
But the ?pool? is Instagram famous! I was shown it for months on my discover/explore feed. I think the contractor has a big following there - can?t remember his handle.
Click to expand...

A good contractor would have not recommended that the owner put in that pool.  A spa, sure but not a pool in that tiny yard.  It's a total FAIL in my opinion.  If you want to get a pool, buy yourself a home with a big enough backyard.
 
totally agree! if it is a real swimming pool, equipments like pumps, filters, heaters and cleaners, and also chemical feeders and salt chlorine generators still take space; this will make the yard look even smaller.

USCTrojanCPA said:
bones said:
But the ?pool? is Instagram famous! I was shown it for months on my discover/explore feed. I think the contractor has a big following there - can?t remember his handle.
Click to expand...

A good contractor would have not recommended that the owner put in that pool.  A spa, sure but not a pool in that tiny yard.  It's a total FAIL in my opinion.  If you want to get a pool, buy yourself a home with a big enough backyard.
Click to expand...
 
CalBears96 said:
sleepy5136 said:
CalBears96 said:
sleepy5136 said:
irvinehomeowner said:
I recall something like price changes alerts agents so it may increase views.

Not sure if that's right.
Click to expand...
If I see that many price changes in a listing, it would give me more negotiating power as a buyer. I would be even more aggressive in that case. Doing what they are doing is not in the sellers interest TBH.
Click to expand...

It would only give you more negotiating power as a buyer if sell reduces the price. How would it give you more negotiating power if seller increases the price? Remember a while back one of Martin's seller increased the listing price from $2.8M to $3.2M due to too many offers above $3M? I mean, that was at the peak, but the same principle applies. As a buyer, you don't get more negotiating power if seller increases listing price.

Either way, negotiating power depends on the market, not the price. Right now, we're sliding into buyer's market, so buyers currently hold the advantage in negotiation, regardless of price.
Click to expand...
because it shows me at one point in time you were willing to sell for that price. The market right now gives me even more reason to negotiate below the asking price and especially when the Fed plans to hike more.
Click to expand...

Bzzt, wrong. Listing price doesn't mean willing to sell at that price. Some sellers intentionally list below market price to attract more offers. Basically, letting buyers to outbid themselves.

Like I said, the market determines negotiating power, not price. You even said it yourself in the second sentence.
Click to expand...
I don't have time to go back/forth with you all the time. We can agree to disagree.
 
Ready2Downsize said:
CalBears96 said:
Ready2Downsize said:
Sold twice this year already. Sold a couple months ago for $1,180,000
Click to expand...

Only sold once, right? Started listing in March and sold on June 24th or 27th.
Click to expand...

OH! My bad! Sorry. I went to zillow because something weird on my computer on redfin site with not bringing up all the photos and I scrolled thru the home value list too quick and added in the pending sale in March.

So................ prices went UP from March and now they are DOWN from the peak to where they were in March. Well........... LL was right! Prices are down from the peak! But the peak was way later and now they are up from where he started saying they'd be down.

That's like shorting a stock and being happy it's down from the peak till u notice u r still not break even.

So the fed is going to raise rates till they go too far but there is always unintended consequences. Like those with low rate loans deciding they ain't selling which leaves the builders. That would hurt the move up market somewhat but would be a real problem for the first time buyer market... going to come a time when first time buyers are once again out in the cold because so many want houses and not enough to go around.

Meanwhile, investors are going to snatch up houses. Going to be a lot of homes here in the Valley of the Sun early 2023 when the spec homes are ready. Right now lots of listings are not actually available to move in but they will be in several months. I might go sniffing around when the spec homes go unsold.

By then Opendoor should be out of biz. LOL!
Click to expand...

I was right, thank you, but there is still so much wrong with your post.

What would be the value of warning people against buying after the peak?  That would make no sense whatsoever.  Everybody, including you, now realizes that home prices are headed down.  Earlier this year you were in complete denial and I tried to warn you against making a mistake.

You're now trying to say I was wrong because prices haven't fallen far enough in three months to make me right.  You have lived through multiple real estate busts and not one of them has lasted for just a few months, so why would you pretend like prices are done falling?  This is major cognitive dissonance on your part.

Many people will stay put due to low rate loans, but there will always be death, divorce, and job losses causing inventory to churn.  Demographically, there will be many fewer first time buyers later this decade, in a trend that will stretch far into the future.  The tanking fertility rate that started during the Great Recession is going to start paying major dividends by reducing demand across the board.

If Opendoor goes under, which seems likely, that will mean less investor dollars pouring in and less demand in the Valley of the Sun.  Eventually, there will be some good deals for investors, but not until a major price correction occurs.  Nobody will want to buy a severely cashflow negative investment in a declining market.

 
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