Newer Irvine listings with crazy WTF asking prices from equity sellers

someguy said:
The description says single level home but there are clearly stairs in the 7th picture.
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Yes. If remember right, that plan had a second story loft/bonus room (you can see it in one of the pictures) but all the bedrooms are on the first floor.
 
someguy said:
The description says single level home but there are clearly stairs in the 7th picture.
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The listing description is way too 'salesy' for me.....such a turn-off.  I usually go straight to the pics and review the specs. of the house. 
 
At least the "backyard" is real patio sized, compared to million dollar home in Orchid Hills that only has a um...  concrete walkway in the back.
 
momopi said:
At least the "backyard" is real patio sized, compared to million dollar home in Orchid Hills that only has a um...  concrete walkway in the back.
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Did you purposely say Orchid Hills?!
 
capboba said:
photographer for this listing seems to choose weird height or whatever the proper term is (focal length?)

everything seems shorter than it should be. unless these aren't 10 ft ceilings?
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Scaling off the doors (80" tall) and wall cabs (84" from floor) those are 8' walls.
 
The $899k is a bait price. Note that the listing omits "No Reserve" so if there are zero bidders above $899k, they won't sell.

The math:

Sold December at $1,025,000
Financed $922,000
Assume it sells for $1,100,000.
Assume also $40k in closing fees. 1.5% seller agent, 2% buyers agent, msc fees.

The net cash this seller will get is about $40k - again assuming it's going to sell at $1,100,000 - a dubious achievement at this point.

Honestly this "Live AUCTION" strategy is really just shiatty marketing and bait pricing. Harcourts - a South County Real Estate concern - is pushing this as well.  Hope these tactics receive a prompt and well earned death.

My .02c

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Looking at the MLS...it looks like they want a non-contingent offer on auction day. If that's the case, I find it hard to believe they'd get close to original list or what it was previously sold at. That said, they've generated a lot of visibility and they may get an acceptable offer prior to the auction in June.
 
RAH had such hard time selling this home. They finally had to slash prices to book the revenue. New owners immediately ripped those meh tiles, justifiably so. But then, the pics show that they put polished concrete? Why?

No takers at $1025 and now auction. This home needs some serious buyer who wants to live in it for x years to remove the stigma.
 
No landscaping and no window treatments either...and as you stated, the flooring is still horrible which doesn't help.  People are going to need put in $$$ to do some work after close and many probably don't want to deal with it at this price point. 

Cornflakes said:
RAH had such hard time selling this home. They finally had to slash prices to book the revenue. New owners immediately ripped those meh tiles, justifiably so. But then, the pics show that they put polished concrete? Why?

No takers at $1025 and now auction. This home needs some serious buyer who wants to live in it for x years to remove the stigma.
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akkord said:
No landscaping and no window treatments either...and as you stated, the flooring is still horrible which doesn't help.  People are going to need put in $$$ to do some work after close and many probably don't want to deal with it at this price point. 

Cornflakes said:
RAH had such hard time selling this home. They finally had to slash prices to book the revenue. New owners immediately ripped those meh tiles, justifiably so. But then, the pics show that they put polished concrete? Why?

No takers at $1025 and now auction. This home needs some serious buyer who wants to live in it for x years to remove the stigma.
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But according to Redfin, it's a Hot Home and there's a 70% chance this home will sell in the next 3 days.  :)
 
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