Newer Irvine listings with crazy WTF asking prices from equity sellers

IP has gone ballistic with their model home pricing, their Como plan 2 model home is now listed for $3.7M!:

www.redfin.com

117 Appian #66, Irvine, CA 92602 - 3 beds/3 baths

(CRMLS) For Sale: 3 beds, 3 baths ∙ 2753 sq. ft. ∙ 117 Appian #66, Irvine, CA 92602 ∙ $3,700,625 ∙ MLS# NP23195158 ∙ Don't miss out on this extraordinary opportunity to own a highly upgraded and profession...
www.redfin.com www.redfin.com
 
Yoda said:
IP has gone ballistic with their model home pricing, their Como plan 2 model home is now listed for $3.7M!:

www.redfin.com

117 Appian #66, Irvine, CA 92602 - 3 beds/3 baths

(CRMLS) For Sale: 3 beds, 3 baths ∙ 2753 sq. ft. ∙ 117 Appian #66, Irvine, CA 92602 ∙ $3,700,625 ∙ MLS# NP23195158 ∙ Don't miss out on this extraordinary opportunity to own a highly upgraded and profession...
www.redfin.com www.redfin.com
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They seem to think that view lots are worth $1.5M to $2M. 😂
 
My wife showed me a Youtube clip of an upcoming Cielo plan 2 view lot sale. Upcoming because the owner hasn't closed escrow with IP yet. I think they will close escrow in December. Basically, this one was about at $2.9M+ and they're planning to sell it for $3.5M. :ROFLMAO:

This home actually has one of the smallest lots in the Cielo community. Let see if they get an offer.
 
irvinebullhousing said:
Every bad gotcha could goes into a house, this one has it.

Guess what,,, it will be bought very quickly, I won't be suprise at this price.

Damn, what a world we are living at the moment.
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It's a wreck, and doesn't pencil as a rental unit. If average sales prices in that tract are $1.3m, subtract 150k for location, it could be a narrowly profitable flip. Risky since the condition of the inside is unknown.
 
sgip said:
It's a wreck, and doesn't pencil as a rental unit. If average sales prices in that tract are $1.3m, subtract 150k for location, it could be a narrowly profitable flip. Risky since the condition of the inside is unknown.
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100 % agree with your assessement. I would only reccommend if this is a first time homeowner purchase, and that the potential buyer roll up their sleeves and putting the work themselves. The problem is millenial nowaday can't even lift a freakin' hammer to put in a nail, and outsource everything. They even outsource pickup food to Doordash.

Yup, that leave it to an investor, flipper. Maybe.
 
irvinebullhousing said:
100 % agree with your assessement. I would only reccommend if this is a first time homeowner purchase, and that the potential buyer roll up their sleeves and putting the work themselves. The problem is millenial nowaday can't even lift a freakin' hammer to put in a nail, and outsource everything. They even outsource pickup food to Doordash.

Yup, that leave it to an investor, flipper. Maybe.
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I'm not sure if a first time homebuyer has almost a million dollars in cash. This home cannot be financed. And this requires much more than a fixer upper. Also, millennials are up to 40+ years old, so not sure if this is the generation you're referring to. Plus, convenience is....convenient haha.
 
In situations like this, it usually means the home cannot be staged.

A contractor-investor once told me that he'd consider buying fixer uppers if the home is suitable for remodel, and the price is 2/3 of comparable homes in better condition. So if the going rate for a turnkey house there is $1.3 million, x 2/3 = $858,000 and the actual asking price is close at $825,000. I suspect they probably priced it to be attractive to fixer-upper investors.

Keep in mind, the contractor-investor is a contractor himself and he has a crew, so it cost much less for him to remodel a house inside-out.
 
sgip said:
It's a wreck, and doesn't pencil as a rental unit. If average sales prices in that tract are $1.3m, subtract 150k for location, it could be a narrowly profitable flip. Risky since the condition of the inside is unknown.
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This is nothing. It makes Hawaii homes look beautiful. Take a look at this one:


Welcome to the Hawaii market where 1M SFH gives you something that cannot be lived in :)
 
In the agent notes it says that no one has passed away in the home, what a relief. This home probably needs about $150k+ of work. Fully remodeled it should sell for around $1.2m. If it was in a better location and if not for having bought a home in La Harba by Los Coyotes CC, I might have considered to pick up and do a fix/flip.
 
www.zillow.com

159 Plum Lily, Irvine, CA 92618 | Zillow

159 Plum Lily, Irvine CA, is a Condo home that contains 1976 sq ft and was built in 2019.It contains 3 bedrooms and 3 bathrooms.This home last sold for $1,760,000 in February 2024. The Zestimate for this Condo is $1,822,400, which has increased by $36,320 in the last 30 days.The Rent Zestimate...
www.zillow.com www.zillow.com

This place is listed for $1.749m, but it's Zestimate shows only $1.4m! I know Zestimates can be behind, but that seems like a huge discrepency. Also it's 3BR.
 
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