Newer Irvine listings with crazy WTF asking prices from equity sellers

Liar Loan said:
Cubic Zirconia said:
woodburyowner said:
woodburyowner said:
http://www.redfin.com/CA/Irvine/24-Early-Lgt-92620/home/5930926

This might be the largest backyard I've ever seen in Irvine!  Serious baller status.  What are the odds another cash buyer picks this one up?
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Just closed $70k over asking - $1,768,800.  All cash... Looks Chinese from the purchase price and buyers agents name.  NW2 seems to be the new Quail Hill!
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Do you think we will see million dollar condos as a new normal? :)
This thread is by far the most interesting documentation of changing Irvine real estate..
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So they have a gorgeous community pool but somebody decided to add another pool to the backyard?  What an outstanding use of that large lot size.
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When you live in this kind of house, you don't want to be seen with the riff raff at the community pool. :p
 
It seems like the home prices in Irvine are starting to stabilize a little. I have noticed a few homes with prices decreases as well as some being on the market for a little longer. A couple of my friends told me that they were told by their agents to make an offer slightly lower than asking. Do you guys feel the same way or is it just me?
 
Most sales stats are showing $/sf of solds has flatlined over the last month and a half or so, but listing prices are running 15-20% above that on a $/sf basis.
 
Lots of articles in the paper talking about how prices have jumped from March to May and from 2012 to 2013.

That's the first sign of the Apocalypse.
 
nosuchreality said:
Most sales stats are showing $/sf of solds has flatlined over the last month and a half or so, but listing prices are running 15-20% above that on a $/sf basis.
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Yes, I noticed that as well. It seems like the homes are initially listed for more and then the prices are reduced when it doesn't get sold quick enough. Also, the interest rates are shooting up. In the last two weeks they went from 3.5% to 3.625% to 3.75%. Based on the action from the last two weeks, 3.875% seems possible in the next few weeks. Below in an example of the increase in monthly mortgage payment.

- $500,000 @ 3.5% for 30 years = $2,245 monthly
- $500,000 @ 3.875% for 30 years = $2,351 monthly
- $106 more

- $477,000 @ 3.875% for 30 years = $2,243 monthly

Keeping the monthly ($2,245) payment the same gets you a house the is $23,000 cheap ($477,000). I dont know if the rising interest rates will have an affect on the home prices since there are a lot of cash buyers in the market.





 
How about this?

www.redfin.com/CA/Irvine/105-Towngate-92620/home/17471242

Property Type: Residential, Condominium
Attached, 2+ Common Walls
 
Really???

http://www.redfin.com/CA/Irvine/204-Guinevere-92620/home/7211785?utm_medium=email&utm_content=address&utm_source=myredfin&utm_campaign=instant_listings_update
 
quattroporte said:
It seems like the home prices in Irvine are starting to stabilize a little. I have noticed a few homes with prices decreases as well as some being on the market for a little longer. A couple of my friends told me that they were told by their agents to make an offer slightly lower than asking. Do you guys feel the same way or is it just me?
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Hmmmm, then why did every offer in the past few months that I made on resale properties had multiple offers and all over them sold over comps and over list price?  We are nowhere near price stabilization yet...inventory levels are way too low.  We need inventory levels to increase 2x-3x from today's levels to get to a balanced supply/demand of 4-5 months of inventory.  We are still around 1 month of inventory today.
 
obirvine said:
How about this?

www.redfin.com/CA/Irvine/105-Towngate-92620/home/17471242

Property Type: Residential, Condominium
Attached, 2+ Common Walls
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One of my buyers bought the same exact floor plan from The New Home Company for $200k less in 2011.
 
Agreed that it's pretty. It looks better than some model homes and almost looks like it's by Photoshop. The photographer/realtor knows what he/she is doing.
But then $830K for a condo/townhouse? Who don't I just go across the street and get a Mendocino from SG then? I'm not being sarcastic, I'm seriously wondering where is the hidden value...
 
borca said:
Agreed that it's pretty. It looks better than some model homes and almost looks like it's by Photoshop. The photographer/realtor knows what he/she is doing.
But then $830K for a condo/townhouse? Who don't I just go across the street and get a Mendocino from SG then? I'm not being sarcastic, I'm seriously wondering where is the hidden value...
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That Makes two of us. What's spl about Woodbury when Mendocino is jus 1 block away???????
 
A vs B village.. amenities.. has Stonegate as a buffer against landfill..

In a few years, as the newness of Stonegate goes away...it will be clearer..
 
LiefinIrvine said:
borca said:
Agreed that it's pretty. It looks better than some model homes and almost looks like it's by Photoshop. The photographer/realtor knows what he/she is doing.
But then $830K for a condo/townhouse? Who don't I just go across the street and get a Mendocino from SG then? I'm not being sarcastic, I'm seriously wondering where is the hidden value...
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That Makes two of us. What's spl about Woodbury when Mendocino is jus 1 block away???????
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Personally, I like the community parks and the urban trails.  I was looking into Maricopa in SG, but ultimately decided to buy a place in Woodbury because there are more pools and green areas.
 
cowlemon said:
LiefinIrvine said:
borca said:
Agreed that it's pretty. It looks better than some model homes and almost looks like it's by Photoshop. The photographer/realtor knows what he/she is doing.
But then $830K for a condo/townhouse? Who don't I just go across the street and get a Mendocino from SG then? I'm not being sarcastic, I'm seriously wondering where is the hidden value...
Click to expand...

That Makes two of us. What's spl about Woodbury when Mendocino is jus 1 block away???????
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Personally, I like the community parks and the urban trails.  I was looking into Maricopa in SG, but ultimately decided to buy a place in Woodbury because there are more pools and green areas.
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Woodbury wins against stonegate when you compare amenities and green spaces, but Stonegate wins by a landslide when you compare floorplans and value for your money.
 
ps9 said:
A vs B village.. amenities.. has Stonegate as a buffer against landfill..

In a few years, as the newness of Stonegate goes away...it will be clearer..
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Checked the google map and the landfill is 4.2 miles away from stonegate and 4.6 miles away from Woodbury. Its all the same.

I agree with the amenities but does it command this premium price??? (That too when you can access most of them except for the commons)

Stonegate school is better rated than woodbury. Even i would prefer woodbury, if the prices are same or slightly higher.
 
LiefinIrvine said:
Stonegate school is better rated than woodbury. Even i would prefer woodbury, if the prices are same or slightly higher.
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It also depends which schedule you prefer. Last I checked, Woodbury is year-round. Stonegate is traditional.
 
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