Newer Irvine listings with crazy WTF asking prices from equity sellers

USCTrojanCPA said:
quattroporte said:
Buyer and listing agent the same. ummmm.....
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I put money down that the house is re-listed for sale within 60-90 days for a listing price north of $900k.
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I'm hoping the market tanks so they don't get that much!!  But yeah.. I'm sure you are right.
 
quattroporte said:
Just realized that it was bought cash...most likely an investor. Went pending the same day it was listed.
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I'll bet you the listing/buyer agent re-lists the home when it goes on sale.  ;)
 
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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Veronica said:
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.  ;)
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Looks like 7 Anzio has been withdrawn from MLS and is no longer for sale.  That's too bad - I was hoping to see a "2 Malibu" showdown - one of the most entertaining threads on this site.
 
Price change (lower) notification is pretty much the norm these days on redfin for Irvine. I'm not sure if it's bubble bursting or just correction to a more sustainable and solid level. I mean if it fall like 10-15% I would say it's minor to major correction, which isn't always a bad thing as we all know the price increase has to come down or stop some how. For homeowner a soft-landing would be good, IMO.
 
Another theory, people are pushing to sell before June 29th - the day of new releases in Irvine. More inventory will drive down the prices.
 
borca said:
Price change (lower) notification is pretty much the norm these days on redfin for Irvine. I'm not sure if it's bubble bursting or just correction to a more sustainable and solid level. I mean if it fall like 10-15% I would say it's minor to major correction, which isn't always a bad thing as we all know the price increase has to come down or stop some how. For homeowner a soft-landing would be good, IMO.
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A lot of sellers were listing at 10% or more of the last comparable sale thinking that prices still going up 5% per month as they were for a few months. Now that prices have stopped going up they have to drop their ask price.

The bubble has hardly burst - it's just stopped growing and likely will level out for the foreseeable future. I personally advised friends that were looking to buy 2-3 months ago to wait a few months until inventory went up (it has since doubled) so that they wouldn't be in crazy bidding wars for houses that weren't even their top choice.
 
paperboyNC said:
borca said:
Price change (lower) notification is pretty much the norm these days on redfin for Irvine. I'm not sure if it's bubble bursting or just correction to a more sustainable and solid level. I mean if it fall like 10-15% I would say it's minor to major correction, which isn't always a bad thing as we all know the price increase has to come down or stop some how. For homeowner a soft-landing would be good, IMO.
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A lot of sellers were listing at 10% or more of the last comparable sale thinking that prices still going up 5% per month as they were for a few months. Now that prices have stopped going up they have to drop their ask price.

The bubble has hardly burst - it's just stopped growing and likely will level out for the foreseeable future. I personally advised friends that were looking to buy 2-3 months ago to wait a few months until inventory went up (it has since doubled) so that they wouldn't be in crazy bidding wars for houses that weren't even their top choice.
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Good advice.
 
Is it me or does it feel like the high price frenzy is slowly going away?  Doesn't seem like there are as much homes closing with CASH purchase versus conventional loans..

 
Inventory up to 400+, new homes opening this weekend, Great Park in two months... supply is going up... easing the panic buying.
 
H        O        M        E        R said:
Is it me or does it feel like the high price frenzy is slowly going away?  Doesn't seem like there are as much homes closing with CASH purchase versus conventional loans..
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I notice the same thing. Less cash buyers, less bidding wars, prices drops and longer time on the market.

I had an opportunity to buy a new house at Agave (Portola Springs) last weekend for cheaper than most resales, but I decided not too. I didnt really like the floor plans and I didnt want to settle for something I would not be satisfied with. I am going to wait for something I like for a price that works for me. I am not going to rush into it.

On a side note, the 8 Agave homes (Phase 1) were sold out in 45 minutes. These homes were not even finished and had no furniture. Phase 2 goes on sale this weekend. I also checked out Sendero last weekend. Just too far for me. Lots of new construction coming to the market soon. These will put a pressure on the resales. Competition is always good for the consumer.

I saw one lady give a deposit check, and after giving the check she asks the sales person "What is the price again?". Unbelievable!

I wonder how many people would regret buying without even having to think it through and making a rash decision.  :-\
 
quattroporte said:
H        O        M        E        R said:
Is it me or does it feel like the high price frenzy is slowly going away?  Doesn't seem like there are as much homes closing with CASH purchase versus conventional loans..
Click to expand...

I notice the same thing. Less cash buyers, less bidding wars, prices drops and longer time on the market.

I had an opportunity to buy a new house at Agave (Portola Springs) last weekend for cheaper than most resales, but I decided not too. I didnt really like the floor plans and I didnt want to settle for something I would not be satisfied with. I am going to wait for something I like for a price that works for me. I am not going to rush into it.

On a side note, the 8 Agave homes (Phase 1) were sold out in 45 minutes. These homes were not even finished and had no furniture. Phase 2 goes on sale this weekend. I also checked out Sendero last weekend. Just too far for me. Lots of new construction coming to the market soon. These will put a pressure on the resales. Competition is always good for the consumer.

I saw one lady give a deposit check, and after giving the check she asks the sales person "What is the price again?". Unbelievable!

I wonder how many people would regret buying without even having to think it through and making a rash decision.  :-\
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Cash buyer?  English speaker?
 
Westsiiide! said:
quattroporte said:
H        O        M        E        R said:
Is it me or does it feel like the high price frenzy is slowly going away?  Doesn't seem like there are as much homes closing with CASH purchase versus conventional loans..
Click to expand...

I notice the same thing. Less cash buyers, less bidding wars, prices drops and longer time on the market.

I had an opportunity to buy a new house at Agave (Portola Springs) last weekend for cheaper than most resales, but I decided not too. I didnt really like the floor plans and I didnt want to settle for something I would not be satisfied with. I am going to wait for something I like for a price that works for me. I am not going to rush into it.

On a side note, the 8 Agave homes (Phase 1) were sold out in 45 minutes. These homes were not even finished and had no furniture. Phase 2 goes on sale this weekend. I also checked out Sendero last weekend. Just too far for me. Lots of new construction coming to the market soon. These will put a pressure on the resales. Competition is always good for the consumer.

I saw one lady give a deposit check, and after giving the check she asks the sales person "What is the price again?". Unbelievable!

I wonder how many people would regret buying without even having to think it through and making a rash decision.  :-\
Click to expand...

Cash buyer?  English speaker?
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Not sure if they were a cash buyer. Yes, English speaker.
 
quattroporte said:
I am going to wait for something I like for a price that works for me. I am not going to rush into it.
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Huh?  Agave is the lowest priced product in Portola Springs.  What are you going to wait for, them to sell you a parking space?
 
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