Newer Irvine listings with crazy WTF asking prices from equity sellers
- Thread starter usctrojancpa
- Start date
NEW -> Contingent Buyer Assistance Program
Since 2020 (infinite QE) prices have been doubling every 3-4 years.
vsfan
Active member
Is that even possible? Okay with build code and etc.?Wood flooring garage door??
What do y’all think of this home? https://www.stessa.com/investment-properties/11-thunder-trl-6-irvine-ca-92614/details/F5bR7SqSULvq
Current ask is $2.2MM and the original ask was $2.5MM. If any of y’all were buying this home today, how much would you pay?
It’s not a SFR, it’s a townhome (attached only on one side) in a good location in Woodbridge, close to retail centers in Westpark and also Woodbridge plaza. Renovations appear to be well done but that being said is the seller attributing too much premium for the renovations and upgrades? This is a comp, 15 Firestone-https://redf.in/sKnPVm
Not renovated, but similar floor plan, size and it also sold recently for $1.6MM. Given this comp and knowing you will have to a pay a premium for the upgrades, how much more would you pay for a renovated home? Appreciate any insights.
Current ask is $2.2MM and the original ask was $2.5MM. If any of y’all were buying this home today, how much would you pay?
It’s not a SFR, it’s a townhome (attached only on one side) in a good location in Woodbridge, close to retail centers in Westpark and also Woodbridge plaza. Renovations appear to be well done but that being said is the seller attributing too much premium for the renovations and upgrades? This is a comp, 15 Firestone-https://redf.in/sKnPVm
Not renovated, but similar floor plan, size and it also sold recently for $1.6MM. Given this comp and knowing you will have to a pay a premium for the upgrades, how much more would you pay for a renovated home? Appreciate any insights.
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vsfan
Active member
800 per sqft max.
GrowthStateofMind
Active member
Why not just look for a similar-sized renovated home in Northwood area? Still pretty central and you can avoid that steep monthly HOA.
GrowthStateofMind
Active member
Or even The Ranch neighborhood off Yale and Irvine Center Drive for that matter if not Northwood @ravi. The SFRs there are a good size with decent lot sizes and 3-car garages.
miniDragonPaw
Member
Interesting, https://www.zillow.com/homedetails/217-Piazza-Irvine-CA-92602/338255165_zpid/
Selling for a lost.
Selling for a lost.
Loco_local
Active member
More interesting is that the person selling bought it for almost $1.5 million more two years later.
does this belong here? Asking price is $1,015/SF. https://redf.in/Em4e6m
Ha with Mike Ward getting new pickleball courts, unlikely but you never know.That home backs right up to a park. Better hope they don't out pickleball courts there.
Just looked at old threads on homes in this community when it was built 10 years ago. Almost everyone at that time on here believed these homes were extremely expensive at $1MM, now 10 years later, they are almost certainly going to be sold at atleast close to $2MM or higher ($850/SF or higher). Any updated thoughts on the homes in this community?
irvinehomeowner
Well-known member
Yep. Irvine prices are crazy. 3br starter homes that are 40 years old are in the $1.5m+ range.
In an active real estate market like orange county, house price doubles every 10 years in general.
Loco_local
Active member
I have a flip question but I don’t want to start a new thread.
The before and after photos of this property look pretty transformative or do you think it’s just lipstick on a pig. How much do you think they spent ?
The before and after photos of this property look pretty transformative or do you think it’s just lipstick on a pig. How much do you think they spent ?
Liar Loan
Well-known member
If you look at @Loco_local's post you can see the last sale in 1978 for $168,500 and a current list price of $1,980,000. That's about a 4.9% annual increase so prices have doubled every 15 years in Irvine.
Since 2020 (infinite QE) prices have been doubling every 3-4 years.
Agreed but I just found it interesting that the price doubled (if not more than doubled) even when almost everyone on here believed 10 years ago prices for these homes were expensive compared to the comps to begin with.
When it’s a 4.9% annual appreciation or let’s even double that to 10% which is insane but let use that as an example, once you have a primary residence to live in, what’s the appeal with residential real estate investing after that when you are getting roughly the same returns, if not more by just investing in the S&P 500? And by residential real estate investing I do not mean buying, fixing and forcing appreciation. There are folks who buy homes and just depend on appreciation and as you pointed out it’s not significant when you can get similar returns in the stock market.
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CalBears96
Well-known member
Personally, I don't like to invest in real estate because it makes the money illiquid. However, the ROI is different than the stock market. The reason is the capital involved. Let's say you buy a $2M home with 30% down. That's $600k. The appreciation is based on $2M, but your capital is only $600k. That makes the ROI 3X the appreciation. If you somehow only need to put down 20%, then it would be 5X.