Newer Irvine listings with crazy WTF asking prices from equity sellers

Soylent Green Is People said:
9 homes in the same zip code with more SF, higher bed/bath counts, and at a lower price point.

This listing on Townsend is clearly underpriced. Multiple bids will push it to $2.3m.

(Sarc)\off.

My .002c
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I'm surprised it's not a hot home on Redfin yet.  haha
 
USCTrojanCPA said:
Soylent Green Is People said:
9 homes in the same zip code with more SF, higher bed/bath counts, and at a lower price point.

This listing on Townsend is clearly underpriced. Multiple bids will push it to $2.3m.

(Sarc)\off.

My .002c
Click to expand...

I'm surprised it's not a hot home on Redfin yet.  haha
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Yup, this one will skip hot-homes and goes straight to escrowed. NOT.
 
Cares said:
Danimal said:
Wow this house was sold on Feb 08 for $1mil now is listing for $1.28. That was fast 😀

https://www.redfin.com/CA/Irvine/5002-Dutcher-Ave-92604/home/4667389?600390594=copy_variant&231528114=control&utm_source=ios_share&utm_medium=share&utm_nooverride=1&utm_content=link&utm_campaign=share_sheet
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LOL 1 week turnaround with 0 improvements. Bought for $1M cash and trying to flip for $280k profit in a week? Listing agent is the owner of the property. He's also shamelessly using the same pictures from the previous listing instead of taking his own pictures.

This man is insane. I hope he isn't thinking he can 1031 flip this to avoid short-term gains as the IRS frowns upon short term 1031s.
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Looks like it was under contract and then fell out of escrow in February. Then he pulled the listing, updated the bathrooms and changed the kitchen countertop and relisted. Just closed for $1.36M after a 9 day escrow 👀
 
What?s going on with the listings below?
Either price drop or back on market?
6 Duskywing
166 Tribeca
87 Strawberry
15 Courant
58 Clocktower
 
Turtle Rock (view) - Closed at $3.988M (~$400k over asking; 18 days in escrow?)https://www.redfin.com/CA/Irvine/21-Galileo-92603/home/4745654

Turtle Rock - Closed at $2.68M (~$90k under asking; 23 days in escrow?)https://www.redfin.com/CA/Irvine/19572-Sierra-Soto-Rd-92603/home/4740049

Turtle Ridge - Closed at $3.910 (~$130k over asking; 14 days in escrow?)https://www.redfin.com/CA/Irvine/34-Woodcrest-92603/home/5900730

Turtle Ridge (view) - Closed at $4.62M (~$370k under asking; 15 days in escrow?)https://www.redfin.com/CA/Irvine/21-Sylvan-92603/home/5900667

Are these cash buyers?
 
zovall said:
Turtle Rock (view) - Closed at $3.988M (~$400k over asking; 18 days in escrow?)https://www.redfin.com/CA/Irvine/21-Galileo-92603/home/4745654

Turtle Rock - Closed at $2.68M (~$90k under asking; 23 days in escrow?)https://www.redfin.com/CA/Irvine/19572-Sierra-Soto-Rd-92603/home/4740049

Turtle Ridge - Closed at $3.910 (~$130k over asking; 14 days in escrow?)https://www.redfin.com/CA/Irvine/34-Woodcrest-92603/home/5900730

Turtle Ridge (view) - Closed at $4.62M (~$370k under asking; 15 days in escrow?)https://www.redfin.com/CA/Irvine/21-Sylvan-92603/home/5900667

Are these cash buyers?
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Not all of them, only Galileo and Sylvan were all cash and the other 2 were financed.  With the refi business almost zero, lenders can close on financed buyers in about 3 weeks if they are straight forward (aka W-2 wage earners).
 
sleepy5136 said:
NYT said:
https://www.redfin.com/CA/Irvine/110-Lustro-92602/home/169474570

Ridiculous price. House sold for $2.144 million 1 year ago. Now $3.8 million. $1,129/sq foot. Jacked up 80% in 1 year?!
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is this Ravello?
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That seems to be Ravello Plan 2.

As ridiculous the it is, the seller is probably doing this because IP is selling Plan 1 with city view lot at $3.5M.  Supposedly, the city view lot premium is about $1.5M. This one seems to have mountain view, not city view. Probably worth $3M, considering Plan 2 non-view lot is now at $2.7M.
 
I was at Ravello today and I thought I saw that the view lots were in the $4m range. Maybe those are for the models...not sure.
 
best_potsticker_in_town said:
I was at Ravello today and I thought I saw that the view lots were in the $4m range. Maybe those are for the models...not sure.
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That's probably true. The $3.5M range was probably a couple months ago, for the last few lots.
 
CalBears96 said:
best_potsticker_in_town said:
I was at Ravello today and I thought I saw that the view lots were in the $4m range. Maybe those are for the models...not sure.
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That's probably true. The $3.5M range was probably a couple months ago, for the last few lots.
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There is currently one Ravello plan 1 (3,227 sqft) listed for $4.4 million (whopping $1,363/sqft).  Is this the model or non-model premium view lot?
Is this the sneak preview pricing for OH 4 houses?
 
Goriot said:
CalBears96 said:
best_potsticker_in_town said:
I was at Ravello today and I thought I saw that the view lots were in the $4m range. Maybe those are for the models...not sure.
Click to expand...

That's probably true. The $3.5M range was probably a couple months ago, for the last few lots.
Click to expand...

There is currently one Ravello plan 1 (3,227 sqft) listed for $4.4 million (whopping $1,363/sqft).  Is this the model or non-model premium view lot?
Is this the sneak preview pricing for OH 4 houses?
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I dont think it?s a model home. Upgrades look alright. Nothing fancy about the home except the view. $3.8 mil w/o windows treatment is outrageous 😎. 

These mainland Chinese investors really think their homes are in Newport Coast.
https://youtu.be/atFndNhr8tI
 
Ravello contacted one of my colleagues:

Lot 10: Plan 2, 5742sqft view lot; 30ft setback; $4.73M, available
Lot 11: Plan 3, 6362sqft view lot; 40ft setback; $4.91M, reserved but taking back-ups

Truly WTF prices....
 
irvinehomeowner said:
Danimal said:
These mainland Chinese investors really think their homes are in Newport Coast.
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LL said Irvine is coastal. :)
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I said Irvine is in a coastal county, as opposed to an inland county, so it should fare better than inland counties on a relative basis. 

In fact, you agreed with this when you said it was a short bike ride to the beach for you.  Although to be fair, your ride to the beach is probably not as short as mine is.  ;)
 
scubasteve said:
Ravello contacted one of my colleagues:

Lot 10: Plan 2, 5742sqft view lot; 30ft setback; $4.73M, available
Lot 11: Plan 3, 6362sqft view lot; 40ft setback; $4.91M, reserved but taking back-ups

Truly WTF prices....
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These are their best lots. Big lots with city view. So lot premium is like $2M.  :p Seems like they released them at the peak housing price also.
 
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