Newer Irvine listings with crazy WTF asking prices from equity sellers

It a nice house but I think you can add another 100k to the price of it didn?t back to a main road. Add more if it backed to a park or whatever.
 
best_potsticker_in_town said:
Is Irvine Pacific going delirious?
https://www.redfin.com/CA/Irvine/119-Donati-92602/unit-63/home/160627000

This home is a, "quick move-in" and has been around for a while. Fully upgraded through flooring. After 4 months on the market, not sure if raising the price by $68k is going to generate more buyer interest.
Click to expand...

They just lower the price back down to $125,0947.

Not sure what happen here but maybe the initial price increase was to reflect the cost of upgrades from the base price but now they decided to gives big discount in order to sale the home.

If this is indeed correct, $68k worth of free upgrades is not bad of a deal and buyer can probably negotiate a little bit more.


 
irvinehomeowner said:
kbinteriordesign said:
irvinehomeowner said:
Here is another "amazing" Woodbridge price:
https://www.redfin.com/CA/Irvine/1-Bayside-92614/home/4692563

Can't believe this older 4br/2.5ba home with only flooring upgrades sold for $1.25m. When it listed for $1.299 I thought that was delusional, yet it sold in just over a month.

Irvine is crazy... this is supposed to be a SLOWDOWN!
Click to expand...

This home was staged nicely and has a clean and open floorplan to work with. The kitchen is outdated, but there is room to expand such as adding an island or possibly creating a banquet. If they keep the same footprint and the cabinets are paint grade, they could easily update it with new paint, hardware and countertops. In the living room, I would resurface the fireplace with tile or stone and replace the slider with an accordion glass door, then extend the look of the interior flooring to the outside to connect the two areas and create the effect of more living space outdoors. The light fixtures could be replaced with something more modern/contemporary. Since the electrical is already existing, there is no need for permits, just new fixtures and installation. Replacing the fixtures alone would have an immediate effect. The same cosmetic treatments could be applied to the bathrooms on the second floor. There's quite bit of potential here. You could do all that and it would probably still cost less than buying a brand new build with fewer upgrades, a smaller lot, higher HOA and Mello Roos. For someone who doesn't mind having this work done, it's a good option.
Click to expand...

Sure.

But for $1.25m those kitchen and bathroom upgrades should have already been done.
Click to expand...

Personally, I think the location is near-perfect. Super convenient walking distance to the Woodbridge shopping center, schools, and easy access to the paths and lake. Obviously  your opinion may differ.
 
kbinteriordesign said:
irvinehomeowner said:
kbinteriordesign said:
irvinehomeowner said:
Here is another "amazing" Woodbridge price:
https://www.redfin.com/CA/Irvine/1-Bayside-92614/home/4692563

Can't believe this older 4br/2.5ba home with only flooring upgrades sold for $1.25m. When it listed for $1.299 I thought that was delusional, yet it sold in just over a month.

Irvine is crazy... this is supposed to be a SLOWDOWN!
Click to expand...

This home was staged nicely and has a clean and open floorplan to work with. The kitchen is outdated, but there is room to expand such as adding an island or possibly creating a banquet. If they keep the same footprint and the cabinets are paint grade, they could easily update it with new paint, hardware and countertops. In the living room, I would resurface the fireplace with tile or stone and replace the slider with an accordion glass door, then extend the look of the interior flooring to the outside to connect the two areas and create the effect of more living space outdoors. The light fixtures could be replaced with something more modern/contemporary. Since the electrical is already existing, there is no need for permits, just new fixtures and installation. Replacing the fixtures alone would have an immediate effect. The same cosmetic treatments could be applied to the bathrooms on the second floor. There's quite bit of potential here. You could do all that and it would probably still cost less than buying a brand new build with fewer upgrades, a smaller lot, higher HOA and Mello Roos. For someone who doesn't mind having this work done, it's a good option.
Click to expand...

Sure.

But for $1.25m those kitchen and bathroom upgrades should have already been done.
Click to expand...

I hear ya. So what would have made this property worth $1.25 million dollars to you? In addition to the improvements listed above and some newer upgrades already included, plus approximately 2,500sf, 4 bedrooms, 2.5 bath, a 5,000sf corner lot, full driveway, no Mello Roos, and $97/monthly HOA with a breakdown of $509 per sf, what else would you have liked to see? I'm genuinely curious to know what buyers are looking for in this market.
Click to expand...

Some people I know had more information about this:

1. It was an all-cash offer only 15 days after listing.
2. The owners look like *East* Asian.

Seems like the FCB buying is still strong in Irvine. I still can't believe it went for $1.25m when there are 3CWGs close by in that range. For that money I probably would have got one of these instead:

$1.225m 5/3https://www.redfin.com/CA/Irvine/3-Santa-Rida-92606/home/4626459

$1.255m 5/3https://www.redfin.com/CA/Irvine/8-Arbusto-92606/home/4629591

$1.25m 5/3 2950sft!!https://www.redfin.com/CA/Irvine/3-Salvo-92606/home/4629610

$1.245m 4/3https://www.redfin.com/CA/Irvine/17-Festivo-92606/home/4628561

All of those are 3CWGs and most of them are 5brs instead of 4br.

The only 3CWG in Woodbridge that sold around that time was this:

$1.305m 5/3https://www.redfin.com/CA/Irvine/8-Willowbrook-92604/home/4687462

It's ugly but it's bigger, has 5 brs with a downstairs br, a more quiet location, and backs the park.

But I guess Redfin is telling me that 2CWGs in Woodbridge do trade for about $1.2m+... that's "amazing"!!
 
irvinehomeowner said:
kbinteriordesign said:
irvinehomeowner said:
kbinteriordesign said:
irvinehomeowner said:
Here is another "amazing" Woodbridge price:
https://www.redfin.com/CA/Irvine/1-Bayside-92614/home/4692563

Can't believe this older 4br/2.5ba home with only flooring upgrades sold for $1.25m. When it listed for $1.299 I thought that was delusional, yet it sold in just over a month.

Irvine is crazy... this is supposed to be a SLOWDOWN!
Click to expand...

This home was staged nicely and has a clean and open floorplan to work with. The kitchen is outdated, but there is room to expand such as adding an island or possibly creating a banquet. If they keep the same footprint and the cabinets are paint grade, they could easily update it with new paint, hardware and countertops. In the living room, I would resurface the fireplace with tile or stone and replace the slider with an accordion glass door, then extend the look of the interior flooring to the outside to connect the two areas and create the effect of more living space outdoors. The light fixtures could be replaced with something more modern/contemporary. Since the electrical is already existing, there is no need for permits, just new fixtures and installation. Replacing the fixtures alone would have an immediate effect. The same cosmetic treatments could be applied to the bathrooms on the second floor. There's quite bit of potential here. You could do all that and it would probably still cost less than buying a brand new build with fewer upgrades, a smaller lot, higher HOA and Mello Roos. For someone who doesn't mind having this work done, it's a good option.
Click to expand...

Sure.

But for $1.25m those kitchen and bathroom upgrades should have already been done.
Click to expand...

I hear ya. So what would have made this property worth $1.25 million dollars to you? In addition to the improvements listed above and some newer upgrades already included, plus approximately 2,500sf, 4 bedrooms, 2.5 bath, a 5,000sf corner lot, full driveway, no Mello Roos, and $97/monthly HOA with a breakdown of $509 per sf, what else would you have liked to see? I'm genuinely curious to know what buyers are looking for in this market.
Click to expand...

Some people I know had more information about this:

1. It was an all-cash offer only 15 days after listing.
2. The owners look like *East* Asian.

Seems like the FCB buying is still strong in Irvine. I still can't believe it went for $1.25m when there are 3CWGs close by in that range. For that money I probably would have got one of these instead:

$1.225m 5/3https://www.redfin.com/CA/Irvine/3-Santa-Rida-92606/home/4626459

$1.255m 5/3https://www.redfin.com/CA/Irvine/8-Arbusto-92606/home/4629591

$1.25m 5/3 2950sft!!https://www.redfin.com/CA/Irvine/3-Salvo-92606/home/4629610

$1.245m 4/3https://www.redfin.com/CA/Irvine/17-Festivo-92606/home/4628561

All of those are 3CWGs and most of them are 5brs instead of 4br.

The only 3CWG in Woodbridge that sold around that time was this:

$1.305m 5/3https://www.redfin.com/CA/Irvine/8-Willowbrook-92604/home/4687462

It's ugly but it's bigger, has 5 brs with a downstairs br, a more quiet location, and backs the park.

But I guess Redfin is telling me that 2CWGs in Woodbridge do trade for about $1.2m+... that's "amazing"!!
Click to expand...

Man, you reaaally love 3CWG. I'm so not used to seeing those in Irvine to be honest, but if you're used to it then I guess you'll have to have one.
 
It's funny how the title of this thread references "equity sellers".  Back in 2010 when USC started it, that was a big deal when buying real estate - whether a property was a short sale or an equity sale.  I wonder when the last sale occurred in Irvine that didn't have equity... 2014 maybe?
 
Liar Loan said:
It's funny how the title of this thread references "equity sellers".  Back in 2010 when USC started it, that was a big deal when buying real estate - whether a property was a short sale or an equity sale.  I wonder when the last sale occurred in Irvine that didn't have equity... 2014 maybe?
Click to expand...

I?d have to check MLS but there?s seems to be less than a handful of REOs and short sales that close every year in Irvine. 
 
Dr. CA Real Estate said:
Never ceases to amaze me how often people using current listing prices instead of actual closing prices for comparables.
Click to expand...

Since homes usually sell around 95% of list price, if everyone used the closing price to list at, wouldn?t it create a downward spiral? 

Home 1: Lists at $100, closes for $95
Home 2: Lists at $95, closes for $90.25
Home 3: Lists at $90.25, closes at $85.74
And so on...
 
aquabliss said:
Dr. CA Real Estate said:
Never ceases to amaze me how often people using current listing prices instead of actual closing prices for comparables.
Click to expand...

Since homes usually sell around 95% of list price, if everyone used the closing price to list at, wouldn?t it create a downward spiral? 

Home 1: Lists at $100, closes for $95
Home 2: Lists at $95, closes for $90.25
Home 3: Lists at $90.25, closes at $85.74
And so on...
Click to expand...


Market forces prevent that
 
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