Newer Irvine listings with crazy WTF asking prices from equity sellers

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CalBears96 said:
Crown Residences at Pavilion Damansara Heights is the one that I really wanted to get. It has the straight view at Petronas Towers and Merdeka 118. Not to mention those condos are right on top of or right next to the MRT at Pavilion Damansara Heights. And it's 2-3 stops from 1 Utama mall and 4-5 stops to Pavilion Bukit Bintang and TRX the other way.

But even back when they started constructing Pavilion Damansara Heights in 2020, the buyers were taking a chance because there was practically nothing there. But then again, Damansara Heights is a rich neighborhood with lots of landed homes, so you can't really go wrong buying there. They won't buy too many condos in that area.
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I have not been back in MY/SG since 2013 - my last trip was to Malacca and didn’t even make it to KL. Would you believe I have yet to set foot in BTS mall. When I was in Damansara Heights I only visited Mid Valley mall.

Eating at roadside stalls/restaurants in MY in 2000’s had an odd Déjà vu feeling of Taiwan in 1980s. The same was not true in SG.

Next year, I will be in Taiwan and Japan. Two of my cousins moved from US to Japan with their families and said life was easier & more affordable there (??). Will go and have a look.
 
momopi said:
I have not been back in MY/SG since 2013 - my last trip was to Malacca and didn’t even make it to KL. Would you believe I have yet to set foot in BTS mall. When I was in Damansara Heights I only visited Mid Valley mall.

Eating at roadside stalls/restaurants in MY in 2000’s had an odd Déjà vu feeling of Taiwan in 1980s. The same was not true in SG.

Next year, I will be in Taiwan and Japan. Two of my cousins moved from US to Japan with their families and said life was easier & more affordable there (??). Will go and have a look.
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I've been to KL countless of times and I haven't set foot in BTS either. I've been to KLCC Suria just once a long time ago. Usually when we go to city center, we just go to Lot 10 and Sungei Wang Plaza (which is pretty much empty now) and now Pavilion. We've been to TRX just once since my wife isn't a fan of everything being so expensive. Mid Valley is a favorite of ours and I also like going to 1 Utama.
 
ravi said:
Probably not the right thread since I don’t think the asking price is outrageous but it’s been on the market for a while so any thoughts on why this home has been sitting? https://redf.in/Y7hmZO

I’ve seen the home-some issues I see are the 1st level bedroom has no closet, upgrades are necessary in the kitchen, particularly bathrooms, whole house flooring, etc but it’s mostly cosmetic upgrades, so while renovations would cost money (prob 100K?) it should not be that intense of a project.

The one other thing I thought about is some people may not want a loft on the third level? They would rather have it on the second level, but I truly don’t see this as a three story home. It’s sort of a 2.5 story home, as it’s not a full flight of stairs to get to the third level and plus the loft is truly nice and spacious with a full bath, home theater, office space. Also despite the small lot (3,700 SF) on paper, there is something about the setup here, the backyard appears to be more spacious than some 4,500+ SF lots in Woodbury.

Despite the upgrades needed, a $2.15M price is not that outrageous from my perspective, . Even the initial ask price of $2.25M is not that bad, maybe $2.5M would be a stretch but 2.0-2.25 M is right in the ballpark of where this might ultimately sell, so appreciate any thoughts on why the market does not seem to value this home, what am I missing?
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Woodbury will soon to zoned to Irvine High, not Portola High. People do not want to pay $2mil to go to Irvine High.
 
My parents live in old Racquet Club which was originally zoned for IHS but now after the Northwood development districts into Northwood. Good for values in that old non-HOA neighborhood
 
miniDragonPaw said:
I think it is a thing!

This one sold for 2.5M with school district of Northwood: https://www.zillow.com/homedetails/238-Shelbourne-Irvine-CA-92620/119680466_zpid/.

This one is still selling for 2.15M with school district of Irvine High in the future, https://www.zillow.com/homedetails/21-Fanpalm-Irvine-CA-92620/95723097_zpid/.
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Not disagreeing that Northwood High is rated higher than Irvine high but 21 fan palm is a smaller home, has fewer bathrooms and more importantly it’s a very townhome esque home despite it being a SFR on paper. The whole development on fanpalm, Marblehead, twin gables, etc is like this, there is no traditional single family home feel despite it being a detached home. That being said a more apples to apples home to the Shelburne home would probably sell for $2.30-2.40M today in Woodbury or cypress village. So yes a little less than stonegate for sure, there has always been a premium for stonegate homes, it’s nothing new though. Could it because of the elementary and not the high school? I am not familiar with the sales data for non stonegate homes assigned to Northwood high to see if there is a premium there as well.
 
vsfan said:
What’s wrong with Irvine High? Cypress village residents go to Irvine high all the time and they seem to be fine with 2m+ for SFH.
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I actually like Cyrpess Village a lot, the proximity to freeway, shopping areas, and easy access to CV elementary, Jeffrey Trail middle school, after school care on Trabuco, are major pluses.

There is nothing wrong with Irvine high. But as my wife expressed - why would I spend $2m+ so that my kids can attend the “worst” rated Irvine high school? While I’m on the side of “kids will figure it out themselves” and “school doesn’t matter much as long as it’s good enough and offers enough AP courses”, I do respect her perspective so I’m not considering any houses zoned to Irvine High.
 
miniDragonPaw said:
I think it is a thing!

This one sold for 2.5M with school district of Northwood: https://www.zillow.com/homedetails/238-Shelbourne-Irvine-CA-92620/119680466_zpid/.

This one is still selling for 2.15M with school district of Irvine High in the future, https://www.zillow.com/homedetails/21-Fanpalm-Irvine-CA-92620/95723097_zpid/.
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The $2.15m is a motor court home that sold for $2.05m last year and I believe an agent bought it looking to make some quick cash (originally listed back at $2.4m).

The $2.5m stonegate one is a real SFR that’s “sort of” in a motor court area, but those are considered as real SFR regardless. The major selling point of that house is it’s right across from Stonegate elementary school so kids can walk to school. And Stonegate elementary is widely regarded as one of the best elementary schools in Irvine.
 
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