Newer Irvine listings with crazy WTF asking prices from equity sellers

newOC said:
trematix said:
Dr. CA Real Estate said:
irviniteeee said:
irvineboy said:
Holy heck.  I know OH3 prices are high but you can get this for the same price.

https://www.redfin.com/CA/Irvine/114-Clear-Fls-92602/home/143911336?utm_source=ios_share&utm_medium=share&utm_campaign=copy_link&utm_nooverride=1&utm_content=link
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Saw that and thought the same thing as well. I'm just really trying to understand what's drawing people to the Reserve once you get up to 2M+. Is it because a lot more homes have views there? The Groves is just so much more appealing to me. You have better home designs and more square footage in the Groves for the price. Maybe somebody has some insight.
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IP marketing
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Also the school district. People put a value on that. Reserve is IUSD. Groves is zoned to TUSD
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And that Irvine marketing tricks some people into thinking there?s a difference. Beckman high is as good as any iusd school. In fact it?s in Irvine LOL
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The name of Beckman sounds very high-end and prestigious.
 
Are prices really this crazy high today  - 1.68 Mill for a SFR in Eastwood:https://www.redfin.com/CA/Irvine/121-Pewter-92620/home/112724022

Late last year, the singe level new construction from KB homes (NAPA) was sitting for months together and went for around 1.45 million earlier this year. I feel like passed up some good SFR opportunities now.

And this Delano attached Condo for 1.2 Million? Granted it has some furniture in it, but still 1.2M for attached Condo?https://www.redfin.com/CA/Irvine/60-Parkwood-92602/home/174923119
 
I noticed a lot of these wtf listings are listed by Chinese agents.  Do they eventually sell for asking or are these agents unaware of market?
 
lovingit said:
I noticed a lot of these wtf listings are listed by Chinese agents.  Do they eventually sell for asking or are these agents unaware of market?
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They have unmotivated sellers who own the homes outright so they can be a little stubborn.
 
Like USC said, unmotivated sellers but willing to sell if a certain price is obtained. I had a listing for someone that owned their home outright and kept it vacant because they don't want to deal with renters. Most of these owners are financially savvy to be in the position they are in. They know that their holding costs are lower than home appreciation so they are willing to wait for the right price.
 
Cares said:
Like USC said, unmotivated sellers but willing to sell if a certain price is obtained. I had a listing for someone that owned their home outright and kept it vacant because they don't want to deal with renters. Most of these owners are financially savvy to be in the position they are in. They know that their holding costs are lower than home appreciation so they are willing to wait for the right price.
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Dang, I can't imagine being rich enough to keep a $1m+ home vacant for lack of wanting to deal with renters.
 
HMart said:
Cares said:
Like USC said, unmotivated sellers but willing to sell if a certain price is obtained. I had a listing for someone that owned their home outright and kept it vacant because they don't want to deal with renters. Most of these owners are financially savvy to be in the position they are in. They know that their holding costs are lower than home appreciation so they are willing to wait for the right price.
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Dang, I can't imagine being rich enough to keep a $1m+ home vacant for lack of wanting to deal with renters.
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Imagine the $4m+ homes that are vacant in the Groves and Hidden Canyon.
 
HMart said:
Cares said:
Like USC said, unmotivated sellers but willing to sell if a certain price is obtained. I had a listing for someone that owned their home outright and kept it vacant because they don't want to deal with renters. Most of these owners are financially savvy to be in the position they are in. They know that their holding costs are lower than home appreciation so they are willing to wait for the right price.
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Dang, I can't imagine being rich enough to keep a $1m+ home vacant for lack of wanting to deal with renters.
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If you bought a $1M home in cash, your annual holding cost at most is $15k. Irvine homes are appreciating much faster than that. Granted this last year may be an outlier but a $950k 4BR detached condo from 2 years ago is selling nearly +$200k for an annualized $100k appreciation. $1.2M 4BR SFR are selling $1.4M.

To these people it is like putting money into a savings account and earning interest.
 
Cares said:
HMart said:
Cares said:
Like USC said, unmotivated sellers but willing to sell if a certain price is obtained. I had a listing for someone that owned their home outright and kept it vacant because they don't want to deal with renters. Most of these owners are financially savvy to be in the position they are in. They know that their holding costs are lower than home appreciation so they are willing to wait for the right price.
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Dang, I can't imagine being rich enough to keep a $1m+ home vacant for lack of wanting to deal with renters.
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If you bought a $1M home in cash, your annual holding cost at most is $15k. Irvine homes are appreciating much faster than that. Granted this last year may be an outlier but a $950k 4BR detached condo from 2 years ago is selling nearly +$200k for an annualized $100k appreciation. $1.2M 4BR SFR are selling $1.4M.

To these people it is like putting money into a savings account and earning interest.
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But you're foregoing rental income of ~$50k/yr, even including the cut of a management company, right? That's the part I was referring to.
 
Irvinehomeseeker said:
I guess they don't to deal with tenants...And potential damages to the house. Just keep it vacant and see it appreciate, much like stock. :D
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Exactly, they don't want to have to deal with tenants, potential evictions, repairs, etc. It is a risk to them. They rather park their money and let it appreciate.
 
Liar Loan said:
The problem is Irvine is not appreciating.  A new report just came out confirming that fact:
http://ochousingnews.com/wp-content/uploads/2021/04/New-OC-Irvine-April-2021-Market-Report-OCHN.pdf

(page 4) - Irvine prices down -1.1% this year
(page 6) - Irvine prices have been going down since mid-2019

Orange County as a whole is of course trending up so this is really an Irvine specific problem.
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Ummm, Irvine prices are up like 12-15% year over year so not sure what the article is talking about.  As we speak, are down around 3 WEEKS (not months) of inventory in Irvine and the only other time that happened in the recent past was in 2013 when prices last rocketed up.
 
It?s an addiction for Liar Loan to bash Irvine whenever Larry gives him some tidbit to glom onto. Sometimes I think they are related.

And he says we are biased.
 
irvinehomeowner said:
It?s an addiction for Liar Loan to bash Irvine whenever Larry gives him some tidbit to glom onto. Sometimes I think they are related.

And he says we are biased.
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LL must have missed my thread of how most of the offers that I've made on Irvine homes got outbid including 32 Marblehead which sold for $75k more than 100 Marblehead one month later.  Yeah, prices are really flat....NOT!
 
HMart said:
Cares said:
HMart said:
Cares said:
Like USC said, unmotivated sellers but willing to sell if a certain price is obtained. I had a listing for someone that owned their home outright and kept it vacant because they don't want to deal with renters. Most of these owners are financially savvy to be in the position they are in. They know that their holding costs are lower than home appreciation so they are willing to wait for the right price.
Click to expand...

Dang, I can't imagine being rich enough to keep a $1m+ home vacant for lack of wanting to deal with renters.
Click to expand...

If you bought a $1M home in cash, your annual holding cost at most is $15k. Irvine homes are appreciating much faster than that. Granted this last year may be an outlier but a $950k 4BR detached condo from 2 years ago is selling nearly +$200k for an annualized $100k appreciation. $1.2M 4BR SFR are selling $1.4M.

To these people it is like putting money into a savings account and earning interest.
Click to expand...

But you're foregoing rental income of ~$50k/yr, even including the cut of a management company, right? That's the part I was referring to.
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I know of a few people doing this in Altair, I wonder if it's gonna work out for them as well as it did in those examples.
 
CLB_srA said:
HMart said:
Cares said:
HMart said:
Cares said:
Like USC said, unmotivated sellers but willing to sell if a certain price is obtained. I had a listing for someone that owned their home outright and kept it vacant because they don't want to deal with renters. Most of these owners are financially savvy to be in the position they are in. They know that their holding costs are lower than home appreciation so they are willing to wait for the right price.
Click to expand...

Dang, I can't imagine being rich enough to keep a $1m+ home vacant for lack of wanting to deal with renters.
Click to expand...

If you bought a $1M home in cash, your annual holding cost at most is $15k. Irvine homes are appreciating much faster than that. Granted this last year may be an outlier but a $950k 4BR detached condo from 2 years ago is selling nearly +$200k for an annualized $100k appreciation. $1.2M 4BR SFR are selling $1.4M.

To these people it is like putting money into a savings account and earning interest.
Click to expand...

But you're foregoing rental income of ~$50k/yr, even including the cut of a management company, right? That's the part I was referring to.
Click to expand...

I know of a few people doing this in Altair, I wonder if it's gonna work out for them as well as it did in those examples.
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Most of us are up 1m+ in Altair so I think we will be ok.
 
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