Newer Irvine listings with crazy WTF asking prices from equity sellers

woodburyowner · Jun 26, 2013

This one will probably be the peak price for this model for awhile.. maybe +5% more since this one probably took a hit since it borders Jeffery. looks to be an all cash Chinese buyer..
http://www.redfin.com/CA/Irvine/66-Crabapple-92620/home/5931374

quattroporte · Jun 26, 2013

test said:
quattroporte said:

I am going to wait for something I like for a price that works for me. I am not going to rush into it.

Click to expand...

Huh? Agave is the lowest priced product in Portola Springs. What are you going to wait for, them to sell you a parking space?

Every forum has a joker that entertains everyone. test is definitely the joker for this forum. Jokers keep the forum lively. Oh wait! I just remembered another quote.

?A stupid man's report of what a clever man says can never be accurate, because he unconsciously translates what he hears into something he can understand.? ? Bertrand Russell, A History of Western Philosophy

usctrojancpa · Jun 26, 2013

woodburyowner said:
This one will probably be the peak price for this model for awhile.. maybe +5% more since this one probably took a hit since it borders Jeffery. looks to be an all cash Chinese buyer..
http://www.redfin.com/CA/Irvine/66-Crabapple-92620/home/5931374

They will get a nice surprise of traffic noise as Stonegate and Area 5A get built out.

shadax · Jun 27, 2013

test said:
quattroporte said:

I am going to wait for something I like for a price that works for me. I am not going to rush into it.

Click to expand...

Huh? Agave is the lowest priced product in Portola Springs. What are you going to wait for, them to sell you a parking space?

The problem with this "joke" is that you just contradicted yourself. You're the one who claims we're at the peak of another bubble. Not that I disagree, but still.

The Motor Court Company · Jun 27, 2013

why it is slowing down? Chinese have found a new investment.http://www.foxnews.com/world/2013/06/22/chinese-buy-up-canada-farms-is-beijing-behind-it/

quattroporte · Jun 28, 2013

shadax said:
test said:

quattroporte said:

I am going to wait for something I like for a price that works for me. I am not going to rush into it.

Click to expand...

Huh? Agave is the lowest priced product in Portola Springs. What are you going to wait for, them to sell you a parking space?

Click to expand...

The problem with this "joke" is that you just contradicted yourself. You're the one who claims we're at the peak of another bubble. Not that I disagree, but still.

Its test, what do you expect? test, contradicts himself/herself half the time. The other half makes no sense. test should go to the doctor and get some "tests" done.

quattroporte · Jun 28, 2013

http://www.redfin.com/CA/Irvine/116-Hedge-Bloom-92618/home/40103056

Jun 28, 2013 Price Changed $539,000
Jun 19, 2013 Price Changed $559,900
Jun 16, 2013 Listed (Active) $584,900

ps99472 · Jul 6, 2013

hrcp said:
hrcp said:

yaliu07 said:

Why does most people here hate/dislike Chinese? Because they are rich??

Click to expand...

Actually, it's not the Chinese buyers that bother me - it's the overt Chinese-focused marketing tactics of some realtors that I disdain. Oh well... I have money too, but I guess I'm just not their target market - someone who can be sandbagged to pay above market because in comparison to real estate in major Asian cities, the price/sq ft in Irvine looks cheap. Maybe I should just move to NY, get used to paying $1000 sq/ft, and when I get back, everything will look like it's on sale for less than half off.

Click to expand...

Now here's an example of what I'm talking about - a new listing for all you Chinese FCB's out there:
http://www.redfin.com/CA/Irvine/4-Ivy-Gln-92620/home/5770041

It's being marketed just for you! Look at all those 8's in the price! Plus, according to the white realtor, it's FENG SHUI positive! Hey, at least there's "asian" in "caucasian" so I'm sure he's at least half an expert. So what if there are no comps to support the lofty price? Why didn't the realtor highlight the Feng Shui lucky number 4 house address?

Taking hrcp's post and moving it here....

Over $600/sq ft...not sure if this will be a Dunn deal....but he did sell a Georgetown for $1 million recently.... And I wouldn't doubt that Dunn (Phil Dunphy!) knows quite a bit more about feng shui crap than most, you don't have to be Asian to learn hocus pocus.

usctrojancpa · Jul 8, 2013

ps9 said:
hrcp said:

hrcp said:

yaliu07 said:

Why does most people here hate/dislike Chinese? Because they are rich??

Click to expand...

Actually, it's not the Chinese buyers that bother me - it's the overt Chinese-focused marketing tactics of some realtors that I disdain. Oh well... I have money too, but I guess I'm just not their target market - someone who can be sandbagged to pay above market because in comparison to real estate in major Asian cities, the price/sq ft in Irvine looks cheap. Maybe I should just move to NY, get used to paying $1000 sq/ft, and when I get back, everything will look like it's on sale for less than half off.

Click to expand...

Now here's an example of what I'm talking about - a new listing for all you Chinese FCB's out there:
http://www.redfin.com/CA/Irvine/4-Ivy-Gln-92620/home/5770041

It's being marketed just for you! Look at all those 8's in the price! Plus, according to the white realtor, it's FENG SHUI positive! Hey, at least there's "asian" in "caucasian" so I'm sure he's at least half an expert. So what if there are no comps to support the lofty price? Why didn't the realtor highlight the Feng Shui lucky number 4 house address?

Click to expand...

Taking hrcp's post and moving it here....

Over $600/sq ft...not sure if this will be a Dunn deal....but he did sell a Georgetown for $1 million recently.... And I wouldn't doubt that Dunn (Phil Dunphy!) knows quite a bit more about feng shui crap than most, you don't have to be Asian to learn hocus pocus.

I'm very disappointed in Mike...the price should have been $2,888,888 not $2,688,888 so because of that it'll sit on the market. lol

yaliu07 · Jul 8, 2013

This is crazy. I am looking for a 4 - 5 bedrooms in Irvine and I found

35 pending house in Irvine. Most of them are million dollar home.
http://www.redfin.com/homes-for-sale#!hoa=200&market=socal&max_price=2000000&min_listing_approx_size=2000&min_price=600000&min_year_built=1980&num_beds=4&region_id=9361&region_type=6&sf=1&status=130&uipt=1&v=8

9 pending house in Torrance.
http://www.redfin.com/homes-for-sale#!hoa=200&market=socal&max_price=2000000&min_listing_approx_size=2000&min_price=600000&min_year_built=1980&num_beds=4&region_id=20094&region_type=6&sf=1&status=130&uipt=1&v=8

House sold in the last 3 month
117 house sold in Irvine
28 house sold in Torrance

House sold in the last month
31 house sold in Irvine
10 house sold in Torrance

quattroporte · Jul 11, 2013

irvinerealtor · Jul 11, 2013

As devil's advocate, a quick review of the last 10 days of Irvine closings...

79 MLS-recorded sales.
41 of those closed for over their initial asking price.

-IR2

test · Jul 11, 2013

quattroporte said:
Some more price reductions in the past few days.

Too bad you still can't afford any of them.

Coleman · Jul 11, 2013

If I originally listed at $1,000,000 then lowered to $900,000 and sell at $920,000 is that still above asking?

IR2, have you been seeing the appraisals for some of the houses sold come in higher or lower than expected during the escrow process?

irvinerealtor · Jul 11, 2013

gwailo168 said:
If I originally listed at $1,000,000 then lowered to $900,000 and sell at $920,000 is that still above asking?

IR2, have you been seeing the appraisals for some of the houses sold come in higher or lower than expected during the escrow process?

79 MLS-recorded sales.
41 of those closed for over their initial asking price.

Appraisals have been coming in at about par (as expected) for most of the escrows that I've been seeing.
Closings have been higher than I'd expected.
There have also been a larger % of escrows I've seen falling apart due to the differences.

Many of the buyers are offering to make up the difference between sales price and appraisal price in their offers, but are finding it too bitter a pill to swallow once it becomes a reality...

There are good ways and bad ways to handle these situations.
-IR2

calimark · Jul 11, 2013

IrvineRealtor said:
There are good ways and bad ways to handle these situations.
-IR2

Can you elaborate what you mean by good ways and bad ways to handle [appraisals coming in lower than sales price]? (if that's what you're referring to... curious to hear any stories here, whether sellers are often willing to come down in price, etc.). TIA! 8)

usctrojancpa · Jul 11, 2013

If the buyers are putting down 30%+ then unless the appraisal comes in way lower they will be able to get the loan they want since the lender will lend them up to 80% of the lower appraised value. If a buyer is only wanting to putt down 20% and the appraisal comes in lower....that could be an issue.

calimark · Jul 11, 2013

assuming big fat down payment... for sake of argument then. (thought here is that a buyer is potentially far overpaying for a home that is appraised too low... hence, future ability to resell, if needed, is constrained by a future buyer's ability to finance)...

usctrojancpa · Jul 11, 2013

Westsiiide! said:
assuming big fat down payment... for sake of argument then. (thought here is that a buyer is potentially far overpaying for a home that is appraised too low... hence, future ability to resell, if needed, is constrained by a future buyer's ability to finance)...

Some buyers are either not comfortable with high LTV loans or they don't qualify for higher loan amounts. It comes down to how much they like the home and how much competition there is for it so it just depends on the buyer.

quattroporte · Jul 12, 2013

IR2 and USCTrojanCPA, are you guys seeing the price increases slowing down and/or prices stabilizing?

Newer Irvine listings with crazy WTF asking prices from equity sellers

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