Newer Irvine listings with crazy WTF asking prices from equity sellers

The interesting thing about this listing is the guest space. Some FCBs may like that feature.

I think the design features are fine, some people like that stuff... but $1.8m+ is a crazy ask. It seems they are marketing to Middle Easterners (a huge demographic in University Park) because they showcase the proximity to Wholesome Choice in 2 of the photos.
 
fresh-uni-at-tsukiji.jpg
high gets a half million dollar premium
 
Mety said:
Ahhhh Gotcha. Irvine High not good enough?
Click to expand...

It also took me a while to figure it out ;D ;D
Irvine High....So there is actually a school named Irvine high..(just joking..)  No one talked to me about it. Everybody just saying NWHS or Uni, or just a few time Beckman..
 
joke4real said:
Mety said:
Ahhhh Gotcha. Irvine High not good enough?
Click to expand...

It also took me a while to figure it out ;D ;D
Irvine High....So there is actually a school named Irvine high..(just joking..)  No one talked to me about it. Everybody just saying NWHS or Uni, or just a few time Beckman..
Click to expand...

There are 6 high schools in Irvine:

Irvine High
University High
Woodbridge High
Northwood High
Portola High

Beckman High has an Irvine address but is under Tustin School District.
 
This is going to be interesting to see how it plays out.  The listing below is the first Como Plan 1 view lot to come to market....
https://www.redfin.com/CA/Irvine/100-Las-Palmas-92602/home/160666145

The owner, errr flipper (an LLC), closed on the home for $1,652,500 on 2/21/19 (not even a month).  From the MLS pictures, there have been no upgrades to the home.  Assuming 6% transaction costs at full list price (I see 2.5% buyer agent commission so I'm assuming a 2.5% listing agent commission plus 1% 3rd party closing costs), the owner will make a profit of $20 unless the agent that helped him to buy the home gave him a nice rebate.  haha
 
When this home was initially released in June 2018, its price was $1,651,000.  So the flipper only selected $1,500 builder upgrade.

USCTrojanCPA said:
This is going to be interesting to see how it plays out.  The listing below is the first Como Plan 1 view lot to come to market....
https://www.redfin.com/CA/Irvine/100-Las-Palmas-92602/home/160666145

The owner, errr flipper (an LLC), closed on the home for $1,652,500 on 2/21/19 (not even a month).  From the MLS pictures, there have been no upgrades to the home.  Assuming 6% transaction costs at full list price (I see 2.5% buyer agent commission so I'm assuming a 2.5% listing agent commission plus 1% 3rd party closing costs), the owner will make a profit of $20 unless the agent that helped him to buy the home gave him a nice rebate.  haha
Click to expand...
 
Leaf said:
When this home was initially released in June 2018, its price was $1,651,000.  So the flipper only selected $1,500 builder upgrade.

USCTrojanCPA said:
This is going to be interesting to see how it plays out.  The listing below is the first Como Plan 1 view lot to come to market....
https://www.redfin.com/CA/Irvine/100-Las-Palmas-92602/home/160666145

The owner, errr flipper (an LLC), closed on the home for $1,652,500 on 2/21/19 (not even a month).  From the MLS pictures, there have been no upgrades to the home.  Assuming 6% transaction costs at full list price (I see 2.5% buyer agent commission so I'm assuming a 2.5% listing agent commission plus 1% 3rd party closing costs), the owner will make a profit of $20 unless the agent that helped him to buy the home gave him a nice rebate.  haha
Click to expand...
Click to expand...

They really splurged, huh?  haha  My guess is that it might have been recessed lights or some electrical outlets/J-boxes.
 
Not sure this truly qualifies as a WTF asking price - however is certainly qualifies a WFT was the buyer overpaying so much for a model home.
https://www.redfin.com/CA/Irvine/79-Bountiful-92602/home/112718659

Strada Model 3 model home. Buyer paid $1.618m two years ago when the base price was around $1.25m (almost $370K for the privilege of buying a model home). Now he wants to sell for $1.739m or only a $121K profit which will we wiped out by selling costs. The bad thing is that my uneducated guesstimate is that this home is only worth maybe $1.55m. Pretty sure that USCTrojan said you should never buy a model home because you ain't going to recoup the premium paid. It does include tacky furniture, mismatched interior decorator options, a home that many thousands walk through PLUS a 6' backyard!!

Funny thing is that the buyer actually never lived in the home nor rented it out. Bought it, kept it in storage, and now is selling. Most likely a FCB who had a life change. Maybe used it to park some overseas cash. I'm sure the TI group can come up with some better ideas than me... 
 
Not saying these homes fall in this category... but...remember that some of these purchases were simply to launder money - profit from a flip isn't the motivator, clean cash is.

The amount of free floating $$$ in OC would stagger the imagination of most, and a "flipped" home is one way of making sure these funds come out nice and legal to re-use.

My .02c

SGIP
 
DrTravel said:
Not sure this truly qualifies as a WTF asking price - however is certainly qualifies a WFT was the buyer overpaying so much for a model home.
https://www.redfin.com/CA/Irvine/79-Bountiful-92602/home/112718659

Strada Model 3 model home. Buyer paid $1.618m two years ago when the base price was around $1.25m (almost $370K for the privilege of buying a model home). Now he wants to sell for $1.739m or only a $121K profit which will we wiped out by selling costs. The bad thing is that my uneducated guesstimate is that this home is only worth maybe $1.55m. Pretty sure that USCTrojan said you should never buy a model home because you ain't going to recoup the premium paid. It does include tacky furniture, mismatched interior decorator options, a home that many thousands walk through PLUS a 6' backyard!!

Funny thing is that the buyer actually never lived in the home nor rented it out. Bought it, kept it in storage, and now is selling. Most likely a FCB who had a life change. Maybe used it to park some overseas cash. I'm sure the TI group can come up with some better ideas than me... 
Click to expand...

Wow, I've never seen so much RED furniture and not only that but matching red towel and stove knobs.  haha  They are smoking crack if they think that they'll get more than what they paid for the home.  That model home novelty wears off very quickly once a have becomes a "resale" home.
 
I need a better monitor because all that RED is burning a hole in mine. Picture 38 (Laundry Area) has a big "R" over the sink. Perhaps that's to let the staff know where to wash only reds?
 
You must log in or register to reply here.
Back
Top