Newer Irvine listings with crazy WTF asking prices from equity sellers

[Irvinehomeseeker]

360K Price difference between two same SQT/lot size Belvedere SFRs in EW  - The higher priced one cut list price by just 20K this week. The one on henderson  doesn't have photos (donno if staged) and  located on a T Intersection, but 360K less than the other seems like a big drop. https://www.redfin.com/CA/Irvine/112-Meander-92620/home/112724295https://www.redfin.com/CA/Irvine/110-Henderson-92602/home/112724352

The one on Meander is a bit unique in the sense that the seller wants a 2-year lease back. This is likely why it's priced lower.

I see. Very interesting. Investors would the target then.

 

[potsticker]

Over $930/sf and backing up to the Toll Road in this market?  Uhhh, I don't think so.
https://www.redfin.com/CA/Irvine/53-Royal-Pne-92602/home/112723819

Plus that tile flooring downstairs doesn't look good at all.

I visited this one over the weekend. It does back up onto the toll road and you can hear it from inside the house. It sounds like the listing agent was telling visitors that the toll road isn't as busy on the weekdays and it won't be an issue. The upgrades are decent but the house has definitely been lived in. If you're asking nearly $3m - at least fill/patch the holes in the wall.

 

[The Motor Court Company]

I thought toll roads are busier during weekday commute hours?

Over $930/sf and backing up to the Toll Road in this market?  Uhhh, I don't think so.
https://www.redfin.com/CA/Irvine/53-Royal-Pne-92602/home/112723819

Plus that tile flooring downstairs doesn't look good at all.

I visited this one over the weekend. It does back up onto the toll road and you can hear it from inside the house. It sounds like the listing agent was telling visitors that the toll road isn't as busy on the weekdays and it won't be an issue. The upgrades are decent but the house has definitely been lived in. If you're asking nearly $3m - at least fill/patch the holes in the wall.

 

[potsticker]

I thought toll roads are busier during weekday commute hours?

Over $930/sf and backing up to the Toll Road in this market?  Uhhh, I don't think so.
https://www.redfin.com/CA/Irvine/53-Royal-Pne-92602/home/112723819

Plus that tile flooring downstairs doesn't look good at all.

I visited this one over the weekend. It does back up onto the toll road and you can hear it from inside the house. It sounds like the listing agent was telling visitors that the toll road isn't as busy on the weekdays and it won't be an issue. The upgrades are decent but the house has definitely been lived in. If you're asking nearly $3m - at least fill/patch the holes in the wall.

Yeah - the listing agent was clearly lying. They aren't going to get $2.85m. The house looks much better in pictures and doesn't show as well.

 

[aquabliss]

360K Price difference between two same SQT/lot size Belvedere SFRs in EW  - The higher priced one cut list price by just 20K this week. The one on henderson  doesn't have photos (donno if staged) and  located on a T Intersection, but 360K less than the other seems like a big drop. https://www.redfin.com/CA/Irvine/112-Meander-92620/home/112724295https://www.redfin.com/CA/Irvine/110-Henderson-92602/home/112724352

The one on Meander is a bit unique in the sense that the seller wants a 2-year lease back. This is likely why it's priced lower.

Does the buyer have to give free rent or the sellers will pay for the lease (after close) for 2 years?  I guess either way can be negotiated but curious how this usually works.

 

[usctrojancpa]

360K Price difference between two same SQT/lot size Belvedere SFRs in EW  - The higher priced one cut list price by just 20K this week. The one on henderson  doesn't have photos (donno if staged) and  located on a T Intersection, but 360K less than the other seems like a big drop. https://www.redfin.com/CA/Irvine/112-Meander-92620/home/112724295https://www.redfin.com/CA/Irvine/110-Henderson-92602/home/112724352

The one on Meander is a bit unique in the sense that the seller wants a 2-year lease back. This is likely why it's priced lower.

Does the buyer have to give free rent or the sellers will pay for the lease (after close) for 2 years?  I guess either way can be negotiated but curious how this usually works.

It's all negotiable at the end of the day but no way could get they get primary rate pricing with that kind of rent back.

 

[sgip]

True. A rent back greater than 60 days bends the rates and terms closer to Non-Owner or all cash only terms.

 

[potsticker]

You could do an agreement outside of escrow. Would you be violating the terms of your lender's agreement? Most probably.

 

[sgip]

At closing, an owner occupied purchase loan requires you to sign separate occupancy guarantees. Although these are rarely followed up on, "rarely" does not mean "never". If discovered - and I have seen it happen - the resulting chaos is not a pretty thing.

 

[usctrojancpa]

You could do an agreement outside of escrow. Would you be violating the terms of your lender's agreement? Most probably.

True but that's a long rent back for someone who actually wants to live in the home eventually. 

 

[Arman]

https://www.redfin.com/CA/Irvine/100-Jayhawk-92602/home/179965787?600390594=copy_variant&231528114=control&1778901559=variant&utm_source=ios_share&utm_medium=share&utm_nooverride=1&utm_content=link&utm_campaign=share_sheet

Standard builder finishes throughout as best I can tell. No landscaping. Yeah, sure, totally worth $784/sq foot. I can appreciate closing with standard and then upgrading the finishes to flip it, but they didn't even bother with that trouble.

 

[CalBears96]

https://www.redfin.com/CA/Irvine/100-Jayhawk-92602/home/179965787?600390594=copy_variant&231528114=control&1778901559=variant&utm_source=ios_share&utm_medium=share&utm_nooverride=1&utm_content=link&utm_campaign=share_sheet

Standard builder finishes throughout as best I can tell. No landscaping. Yeah, sure, totally worth $784/sq foot. I can appreciate closing with standard and then upgrading the finishes to flip it, but they didn't even bother with that trouble.

At least this is a SFR with a pretty big lot size. The Bluffs 1 detached condo with a tiny lot across from my home is also asking for $784/sq ft, with very little upgrades and no landscaping either. And it's OH vs. PS also.  ;D

 

[Irvinehomeseeker]

https://www.redfin.com/CA/Irvine/100-Jayhawk-92602/home/179965787?600390594=copy_variant&231528114=control&1778901559=variant&utm_source=ios_share&utm_medium=share&utm_nooverride=1&utm_content=link&utm_campaign=share_sheet

Standard builder finishes throughout as best I can tell. No landscaping. Yeah, sure, totally worth $784/sq foot. I can appreciate closing with standard and then upgrading the finishes to flip it, but they didn't even bother with that trouble.

Brand new never lived in looks like. Price is high but that's almost the same base price that builders are releasing new homes today. Have to see if/when builders in Irvine get modest with base prices 

 

[irviniteeee]

https://www.redfin.com/CA/Irvine/100-Jayhawk-92602/home/179965787?600390594=copy_variant&231528114=control&1778901559=variant&utm_source=ios_share&utm_medium=share&utm_nooverride=1&utm_content=link&utm_campaign=share_sheet

Standard builder finishes throughout as best I can tell. No landscaping. Yeah, sure, totally worth $784/sq foot. I can appreciate closing with standard and then upgrading the finishes to flip it, but they didn't even bother with that trouble.

At least this is a SFR with a pretty big lot size. The Bluffs 1 detached condo with a tiny lot across from my home is also asking for $784/sq ft, with very little upgrades and no landscaping either. And it's OH vs. PS also.  ;D

I think what sucks is that the FRONT is big but the backyard is laughable...Well I'm sure someone will buy it lol.

 

[Maserson]

+1. Lot size can be misleading when the home is back loaded. Usable back yard > large front/curb appeal

 

[CalBears96]

https://www.redfin.com/CA/Irvine/100-Jayhawk-92602/home/179965787?600390594=copy_variant&231528114=control&1778901559=variant&utm_source=ios_share&utm_medium=share&utm_nooverride=1&utm_content=link&utm_campaign=share_sheet

Standard builder finishes throughout as best I can tell. No landscaping. Yeah, sure, totally worth $784/sq foot. I can appreciate closing with standard and then upgrading the finishes to flip it, but they didn't even bother with that trouble.

At least this is a SFR with a pretty big lot size. The Bluffs 1 detached condo with a tiny lot across from my home is also asking for $784/sq ft, with very little upgrades and no landscaping either. And it's OH vs. PS also.  ;D

I think what sucks is that the FRONT is big but the backyard is laughable...Well I'm sure someone will buy it lol.

Looking at the pictures again, the one from great room does seem to show a very small backyard.

 

[irviniteeee]

https://www.redfin.com/CA/Irvine/100-Jayhawk-92602/home/179965787?600390594=copy_variant&231528114=control&1778901559=variant&utm_source=ios_share&utm_medium=share&utm_nooverride=1&utm_content=link&utm_campaign=share_sheet

Standard builder finishes throughout as best I can tell. No landscaping. Yeah, sure, totally worth $784/sq foot. I can appreciate closing with standard and then upgrading the finishes to flip it, but they didn't even bother with that trouble.

At least this is a SFR with a pretty big lot size. The Bluffs 1 detached condo with a tiny lot across from my home is also asking for $784/sq ft, with very little upgrades and no landscaping either. And it's OH vs. PS also.  ;D

I think what sucks is that the FRONT is big but the backyard is laughable...Well I'm sure someone will buy it lol.

Looking at the pictures again, the one from great room does seem to show a very small backyard.

Yeah... I like the front though. I also wonder if it's a turn off for some buyers to have homes above looking down on the lot at that price.

 

[Irvinehomeseeker]

Eastwood still strong - asking 1.45M for a 1650sqt detached condohttps://www.redfin.com/CA/Irvine/70-Gust-92602/home/169482542

 

[OCtoSV]

A condo at $865/sq ft - what moron would buy this at current rates? It?s not SV, where a 1088 sq ft SFR (though attached duet style, but deeded an SFR on a 3K sq ft lot) just closed at $1227/sq ft in my hood.

 

[The Motor Court Company]

Why not both? I appreciate a big front yard not just for curb appeal but a ?buffer? for the kids so when they run out of the house they don?t end up on the street immediately

+1. Lot size can be misleading when the home is back loaded. Usable back yard > large front/curb appeal