Newer Irvine listings with crazy WTF asking prices from equity sellers

Five words that disqualify a realtor IMHO:

"Area Expert"
"Nestled"
"Gourmet Kitchen"

As Martin alluded to rare is the realtor who is really an "area expert". Those that say they are raise the red flag for me. The other words are over used squishy descriptors that have beaten the proverbial dead horse into a fine mist.
 
usctrojancpa said:
The seller determines the listing price after consulting with the listing agent, some sellers look to the listing agent for advice on pricing while other sellers know the bottom line price and tell the agent what they want to list the home for (most sellers fall somewhere in the middle). Rui Dai has only had 6 listings and only 11 buy side transactions in almost 8 years so I wouldn't consider that agent any kind of expert. Rui Dai is an agent on Fei Li's team and his group which focuses on on working with inland Chinese does a lot of business so he has a team of agents on his team. It's a lot easier to "babysit" an overpriced listing when you have a team of junior agents to do constant showings and open houses. I'm of the opinion that time is money and like to be efficient with my time hence why my most all of my listings sell in weeks, not months. Typically, the longer a home sits on the market the lower the ultimate sales price will be and then you have those pesky carrying costs.
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So does Fei Li himself take a cut of all transactions under his team? He's not a broker I think? I thought only brokers can run their own team? Maybe I'm misunderstanding something here.
 
sleepy5136 said:
So does Fei Li himself take a cut of all transactions under his team? He's not a broker I think? I thought only brokers can run their own team? Maybe I'm misunderstanding something here.
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A Salesperson or Broker can create their own team(s) and determine the percentage of the commission they keep - there's lots of ways to create/design teams and commission splits. Normally, creating a team means you have a marketing strategy that brings in new business, thus the reason for receiving a portion of the commission from the closed transactions.
 
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sleepy5136 said:
So does Fei Li himself take a cut of all transactions under his team? He's not a broker I think? I thought only brokers can run their own team? Maybe I'm misunderstanding something here.
Click to expand...

You do not have to be a broker to have a team, but the brokerage that the agent works under will determine what name the agent can call his group. On a team, you have the main agent or sometimes called the rainmaker to sources business whether it be through marketing/advertising and/or repeat/referral business and uses junior agents to do a lot of work like the paperwork, open houses, inspections, etc. From what I've heard from other agents who have teams, the main agent keeps around 50% of the commission and the rest going to the junior agent/s.
 
potsticker said:
KW takes their cut then Fei takes his. The rest is the agent's.
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With most bigger brokerages, there is a commission split along with a royalty fee (both have caps over a 12 month period). Once those caps are reached, there is only a small transaction fee per closing going forward until the next anniversary year comes around.
 
usctrojancpa said:
You do not have to be a broker to have a team, but the brokerage that the agent works under will determine what name the agent can call his group. On a team, you have the main agent or sometimes called the rainmaker to sources business whether it be through marketing/advertising and/or repeat/referral business and uses junior agents to do a lot of work like the paperwork, open houses, inspections, etc. From what I've heard from other agents who have teams, the main agent keeps around 50% of the commission and the rest going to the junior agent/s.
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very insightful! thanks for the info!
 
www.redfin.com

3 Wandering Rill, Irvine, CA 92603 - 5 beds/4 baths

(CRMLS) For Sale: 5 beds, 4 baths ∙ 2770 sq. ft. ∙ 3 Wandering Rill, Irvine, CA 92603 ∙ $3,180,000 ∙ MLS# OC23170382 ∙ Welcome to your luxurious dream home! This fully renovated 5-bedroom, 4-bathroom house...
www.redfin.com www.redfin.com

Sold for $2.3M in June, now asking $3.18M in September. Nice remodel but looks like no structural changes. New Paint, Floors, Kitchen, Appliances, Baths.

When I initially look at this I think oh that's a pretty good deal for 5Bd house in Turtle Rock. Then I realize that the mortgage + prop tax at current rates is around $20k/mo after putting $636k down payment. Eeesh.
 
aquabliss said:
www.redfin.com

3 Wandering Rill, Irvine, CA 92603 - 5 beds/4 baths

(CRMLS) For Sale: 5 beds, 4 baths ∙ 2770 sq. ft. ∙ 3 Wandering Rill, Irvine, CA 92603 ∙ $3,180,000 ∙ MLS# OC23170382 ∙ Welcome to your luxurious dream home! This fully renovated 5-bedroom, 4-bathroom house...
www.redfin.com www.redfin.com

Sold for $2.3M in June, now asking $3.18M in September. Nice remodel but looks like no structural changes. New Paint, Floors, Kitchen, Appliances, Baths.

When I initially look at this I think oh that's a pretty good deal for 5Bd house in Turtle Rock. Then I realize that the mortgage + prop tax at current rates is around $20k/mo after putting $636k down payment. Eeesh.
Click to expand...
No one's getting that with only 20% down
 
aquabliss said:
www.redfin.com

3 Wandering Rill, Irvine, CA 92603 - 5 beds/4 baths

(CRMLS) For Sale: 5 beds, 4 baths ∙ 2770 sq. ft. ∙ 3 Wandering Rill, Irvine, CA 92603 ∙ $3,180,000 ∙ MLS# OC23170382 ∙ Welcome to your luxurious dream home! This fully renovated 5-bedroom, 4-bathroom house...
www.redfin.com www.redfin.com

Sold for $2.3M in June, now asking $3.18M in September. Nice remodel but looks like no structural changes. New Paint, Floors, Kitchen, Appliances, Baths.

When I initially look at this I think oh that's a pretty good deal for 5Bd house in Turtle Rock. Then I realize that the mortgage + prop tax at current rates is around $20k/mo after putting $636k down payment. Eeesh.
Click to expand...
nice house. Maybe IHO can buy it
 
aquabliss said:
www.redfin.com

3 Wandering Rill, Irvine, CA 92603 - 5 beds/4 baths

(CRMLS) For Sale: 5 beds, 4 baths ∙ 2770 sq. ft. ∙ 3 Wandering Rill, Irvine, CA 92603 ∙ $3,180,000 ∙ MLS# OC23170382 ∙ Welcome to your luxurious dream home! This fully renovated 5-bedroom, 4-bathroom house...
www.redfin.com www.redfin.com

Sold for $2.3M in June, now asking $3.18M in September. Nice remodel but looks like no structural changes. New Paint, Floors, Kitchen, Appliances, Baths.

When I initially look at this I think oh that's a pretty good deal for 5Bd house in Turtle Rock. Then I realize that the mortgage + prop tax at current rates is around $20k/mo after putting $636k down payment. Eeesh.
Click to expand...

It won't sell in the $3,000,000s because the home has no view but I can see it selling in the high $2m range. Flips get taxed at ordinary income and if the seller has decent income a 6 figure flip profit will be taxed at 40-50%.
 
Why are these homes so low in price?

redf.in

12 Kahlo Ct, Irvine, CA - 4 beds/2.5 baths

Sold: 4 beds, 2.5 baths, 2522 sq. ft. house located at 12 Kahlo Ct, Irvine, CA 92617 sold for $853,500 on Aug 25, 2023. View sales history, tax history, home value estimates, and overhead views. AP...
redf.in redf.in
redf.in

16 Cervantes Ct, Irvine, CA - 4 beds/3 baths

Sold: 4 beds, 3 baths, 2381 sq. ft. house located at 16 Cervantes Ct, Irvine, CA 92617 sold for $812,000 on Aug 18, 2023. View sales history, tax history, home value estimates, and overhead views. ...
redf.in redf.in
 
sleepy5136 said:
Why are these homes so low in price?

redf.in

12 Kahlo Ct, Irvine, CA - 4 beds/2.5 baths

Sold: 4 beds, 2.5 baths, 2522 sq. ft. house located at 12 Kahlo Ct, Irvine, CA 92617 sold for $853,500 on Aug 25, 2023. View sales history, tax history, home value estimates, and overhead views. AP...
redf.in redf.in
redf.in

16 Cervantes Ct, Irvine, CA - 4 beds/3 baths

Sold: 4 beds, 3 baths, 2381 sq. ft. house located at 16 Cervantes Ct, Irvine, CA 92617 sold for $812,000 on Aug 18, 2023. View sales history, tax history, home value estimates, and overhead views. ...
redf.in redf.in
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Looks like affordable housing for UCI staff. The resale price is restricted, so you’re not going to gain a ton of equity.
 
usctrojancpa said:
It won't sell in the $3,000,000s because the home has no view but I can see it selling in the high $2m range. Flips get taxed at ordinary income and if the seller has decent income a 6 figure flip profit will be taxed at 40-50%.
Click to expand...
What if the flipper was a resident of a no income tax state? They just buy it, never move in and sell it. Do they owe California state income tax? What if they live in Puerto Rico or even better, the Cayman Islands?
 
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