Newer Irvine listings with crazy WTF asking prices from equity sellers

NEW -> Contingent Buyer Assistance Program
nosuchreality said:
USCTrojanCPA said:
shahshah said:
This is BS. This sold 3 months ago.
https://www.redfin.com/CA/Irvine/12-Lucero-W-92620/home/4786039
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They spent maybe $50k-$60k and trying to make a $100k in profit?  Yeah, good luck with that.  haha
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Any chance to see the old MLS photos?
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Here you go...
https://www.redfin.com/CA/Irvine/12-Lucero-W-92620/home/4786039/crmls-OC17134346

My client made an offer on the home and got into escrow on it but given how bad the inspection report came they cancelled escrow.
 
Apparently my Redfin-fu is sub-par.  Every time I tried to access the sold listing it always pulled the new one up.

So rip out tile put in wood floor.  Is it real, laminate, engineered?
Refaced the fireplace.
Replaced cabinets from home depot/lowes/ikea with granite top, same basic foot print. Rotated, fridge, stove not a major move.
Standard update to bathrooms.

You sure that's not more like $25-$30K?  It's a small place, small footprint kitchen, small baths with standard updating.  That's paying someone to do it too.

oh I missed new windows...
 
Wow, I guess there are now flippers for new homes. haha  So I saw a brand new Cressa Plan 2 (117 Windswept) listed today for $1,358,000 or $522/sf when the owner purchased it for $1,084,000 or $416/sf earlier this year.  At least they were nice enough to do all the landscaping.  The home should sell mid to low-high $400/sf which would if you add the landscaping costs and selling costs would basically be around break even.  Guess we'll start seeing this more and more as the Irvine build-out continues.
 
USCTrojanCPA said:
fortune11 said:
This probably qualifies as a WTF transaction -- close to 5mm w/ no landscaping. The lot is huge though ,  but still ... wonder who the resale buyer might have been.
https://www.redfin.com/CA/Irvine/101-Pinnacle-Trl-92618/home/144230904
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Based upon it closing for all cash and the buyer's agent name....I'll give you 3 hints.

F
C
B
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The short time between listing and sale also suggests maybe they already must have had $$ parked in this country (as opposed to getting it out in that short timeframe given capital controls). 

Good example nonetheless for anyone thinking about impact of new tax bill on high end homes (answer: negligible). 
 
fortune11 said:
USCTrojanCPA said:
fortune11 said:
This probably qualifies as a WTF transaction -- close to 5mm w/ no landscaping. The lot is huge though ,  but still ... wonder who the resale buyer might have been.
https://www.redfin.com/CA/Irvine/101-Pinnacle-Trl-92618/home/144230904
Click to expand...

Based upon it closing for all cash and the buyer's agent name....I'll give you 3 hints.

F
C
B
Click to expand...

The short time between listing and sale also suggests maybe they already must have had $$ parked in this country (as opposed to getting it out in that short timeframe given capital controls). 

Good example nonetheless for anyone thinking about impact of new tax bill on high end homes (answer: negligible).
Click to expand...

I can tell you this, if people are taxed more they will not spend. (econ 101) Removing the salt deduction is form of a tax.
 
eyephone said:
fortune11 said:
USCTrojanCPA said:
fortune11 said:
This probably qualifies as a WTF transaction -- close to 5mm w/ no landscaping. The lot is huge though ,  but still ... wonder who the resale buyer might have been.
https://www.redfin.com/CA/Irvine/101-Pinnacle-Trl-92618/home/144230904
Click to expand...

Based upon it closing for all cash and the buyer's agent name....I'll give you 3 hints.

F
C
B
Click to expand...

The short time between listing and sale also suggests maybe they already must have had $$ parked in this country (as opposed to getting it out in that short timeframe given capital controls). 

Good example nonetheless for anyone thinking about impact of new tax bill on high end homes (answer: negligible).
Click to expand...

I can tell you this, if people are taxed more they will not spend. (econ 101) Removing the salt deduction is form of a tax.
Click to expand...

No one disagrees on this point.  But I am specifically talking here of well situated high end homes such as this one , where cash buyers could care less about the Salt deduction.  I am still intrigued by the fact that FCBs are seeing value in Irvine new construction at close to 5m price point.  If it was solely a matter of parking their cash anywhere , why not choose a new port coast resale. 
 
eyephone said:
fortune11 said:
USCTrojanCPA said:
fortune11 said:
This probably qualifies as a WTF transaction -- close to 5mm w/ no landscaping. The lot is huge though ,  but still ... wonder who the resale buyer might have been.
https://www.redfin.com/CA/Irvine/101-Pinnacle-Trl-92618/home/144230904
Click to expand...

Based upon it closing for all cash and the buyer's agent name....I'll give you 3 hints.

F
C
B
Click to expand...

The short time between listing and sale also suggests maybe they already must have had $$ parked in this country (as opposed to getting it out in that short timeframe given capital controls). 

Good example nonetheless for anyone thinking about impact of new tax bill on high end homes (answer: negligible).
Click to expand...

I can tell you this, if people are taxed more they will not spend. (econ 101) Removing the salt deduction is form of a tax.
Click to expand...

Generally speaking that may be true if life followed the laws of economics but things don't follow a book and buying a home to many people (who intend to live in it) is an emotional purchase.  CA raises the gas tax and registration fees is also another tax...will it also impact real estate?  Doubtful.  Same goes for the proposed tax bill, it's all stuff on the margin for most all people.  The big drivers for real estate will continue to be the economy, the job market, wages, family formation, foreign capital movements, and to a lesser degree interest rates.
 
Just like Irvine didn't drop as much as everywhere else, the tax changes won't have as much of an effect as everywhere else either.

Unicorns are magical!
 
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