Newer Irvine listings with crazy WTF asking prices from equity sellers

Well this thread doesn't say how the flipper financed their buy, or how much money they put into the flip.  Redfin doesn't give that info out.  It would be nice to have an analysis.  However it would be a work of love because I don't see how one can monetize it.  Maybe sell ads on IHB..shrug.
 
zubs said:
Well this thread doesn't say how the flipper financed their buy, or how much money they put into the flip.  Redfin doesn't give that info out.  It would be nice to have an analysis.  However it would be a work of love because I don't see how one can monetize it.  Maybe sell ads on IHB..shrug.
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On redfin, under listing information it gives this information:

"Buyer Financing: Conventional"
 
fumbling said:
http://www.redfin.com/CA/Irvine/62-Bamboo-92620/home/5931314

I don't see how this house can close anywhere near what they are asking at $1,325,000 ... the highest the Camellia homes got is only just above $1 million ... I doubt this house right next to Jeffrey would even close above $1 million IMO ... doesn't seem like a serious seller to offer such a WTF price ...
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Seller got a hell of a deal back in 09 at 915k.  This property will definitely clear 1 million.  Maybe 1.2 million is my guess.  A Camelia Plan 2 (2315 sq ft.) just went pending at $999k.
 
bearman81 said:
Ok, so this does not fit the "newer" definition, but certainly fits the "WTF" one I think: 

[url]http://www.redfin.com/CA/Irvine/7-Anzio-92614/home/4661983
[/url]

I understand the larger lot and good location, but, if you had $1M, wouldn't you find a better place than Westpark?  Btw, I live in Westpark currently so Im not thowing stones.
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Actually... for 9000+sft, culdesac location and 3CWG... $1m is a bargain compared to The Branches, Willow Bend and any other new home community in Irvine selling for $1m.

That lot is huge!
 
irvinehomeowner said:
bearman81 said:
Ok, so this does not fit the "newer" definition, but certainly fits the "WTF" one I think: 

[url]http://www.redfin.com/CA/Irvine/7-Anzio-92614/home/4661983
[/url]

I understand the larger lot and good location, but, if you had $1M, wouldn't you find a better place than Westpark?  Btw, I live in Westpark currently so Im not thowing stones.
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Actually... for 9000+sft, culdesac location and 3CWG... $1m is a bargain compared to The Branches, Willow Bend and any other new home community in Irvine selling for $1m.

That lot is huge!
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But it was builit in 1987!  Ok, so I dont have the lot size (only 6000) or location (near Culver), but maybe I shoot for $1M too?  :eek:
 
irvinehomeowner said:
bearman81 said:
But it was builit in 1987!
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You can always update to bring it into the 2010s... but you can't make your lot bigger or change your location.
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This house is perfect for anyone wanting to do a full remodel.  Drop 150k in this place and it can be much better than any newer product you can purchase.  Low HOA, low/no MR make it a pretty decent deal.
 
7 Anzio is an excellent house for the price.  Houses that big with such a huge lot (internal, not backing to a major sweet, like Main or Culver) are hard to come by in Westpark (believe me we have been on a hunt for over a year).  Excellent schools (Westpark Elementary, South Lake, University), walking distance to several parks, pools, including kids/toddler areas, walking distance to elementary school (Westpark Elementary which is year round and has APAAS), walking distance to several preschools (e.g. LePort Montessori).  I have 2 small kids, so believe me, it is a great house in a great location.  In addition, no Mello Roos and very low HOA fee.  More great features: fairly close to freeway if you need to commute, very close to shopping centers, coffee shops, short driving distance to the District (Whole Foods etc), Diamond Jamboree, Harvard/Main shopping plaza... Lots of Kids clubs/activities around!

We just bought in another area in Irvine and are very happy, but if I was looking for a house, I would go full price on this one and remodel.  :D

We looked in NW, University Park, Laguna Altura, but did not like it as much as Westpark.  Uni High or Northwood High were the only high schools we were considering (we are academically focused), so no PS, Oakcreek, or Woodbridge.  Stonegate/Lambert Ranch is going to be split due to the new HS No. 5 and the Stonegate elementary school is already overflowing/overcrowding.  Not a good sign. 

Anyway, we bought because renting a 4-bedroom house in Westpark became more expensive than to buy a similar house. I don't care if it is a bubble or not.  ;)



 
freedomcm said:
redfin says culverdale elementary, not westpark.

not gonna attract the FCBs....
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Atleast some parts of Westpark have the option of either Traditional (Culverdale) or Year round (Westpark).  And no, im not the owner either!
 
freedomcm said:
redfin says culverdale elementary, not westpark.

not gonna attract the FCBs....
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You are not from Irvine  ;D  In that area, residents have a choice whether to go to Westpark or Culverdale, it is called the "Super Attendance Area." :)  Check the IUSD site, it will tell you exactly when you type in the address.  In any case, I am not the owner, I doubt that in this economy owners would take the time and effort to defend their houses on a blog.  After going to numerous open houses, where realtors don't even bother getting their a$$ses off a couch to shake your hand or even acknowledge you, it is pretty clear that this is a strong sellers market for Irvine (Westpark at least). 

No FCBs are needed for Westpark houses...they are being sold quickly without FCBs, really.  ;)
 
http://www.redfin.com/CA/Irvine/116-Hedge-Bloom-92618/home/40103056?utm_campaign=instant_listings_update&utm_content=address&utm_medium=email&utm_source=myredfin

Another one. Sold in August 2010 for $413,000 now asking $585,000 for a 2 bedroom 1180 SF attached condo.
 
quattroporte said:
http://www.redfin.com/CA/Irvine/116-Hedge-Bloom-92618/home/40103056?utm_campaign=instant_listings_update&utm_content=address&utm_medium=email&utm_source=myredfin

Another one. Sold in August 2010 for $413,000 now asking $585,000 for a 2 bedroom 1180 SF attached condo.
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Wow, almost $500/sf for a Woodbury East attached condo with a gorgeous main listing picture like that?  Why not list it for $600/sf?  haha  Not sure what Bill and the seller are smoking, but it must be some strong stuff.
 
With 146 Hedge (model match) closing 40 days ago at $510k, spark up a bong full of the same stuff for me also. $75k of relative appreciation per month?
 
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