Northpark Flip: 2 Malibu

homer_simpson said:
What is the average time frame a "correct or aggressively priced" home should sell in?  :)
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When I corrected the pricing strategy for my house in Irvine, it went into contract about 33 DOM total before going into pending.  That was inclusive of two weeks of 'lofty pricing'.  When we bought our house in Laguna, the sellers prices aggressively and it was under contract in three days (with someone else) and then fell out.  We came in and was under contract a few days later.

Who knows what proper timeframes are and the true value of a home.  A house in my neighborhood was on the market for 120 days (20 days under contract which fell out) at a WTF price.  After 4 months, it went under contract again and actually sold within 9K of the WTF price.  Another home came on the market two weeks later at an even greater WTF price and went under contract in 3 days.  I thought prices were declining....  Based on the recently sold home and if the new one closes shortly, I will have made a nice chunk of equity since 2009 when I bought. 


   
 
@davenlei:

I find your story interesting because I've noticed that South County prices are actually lower now than they have been in the last 2-3 years. Maybe it's the specific product I'm looking at because 3CWGs that used to be priced around $700-800k are now in the $600k-700k range.

As for time frame, anything that sells in under 2 months would probably be priced well (it takes time for people to come to make decisions like these... as it's NOT just purely financial). But there are other factors that would affect this that could be totally unrelated to price. I've seen non-short sales that looked like they were priced under market but have taken several months to sell.
 
irvinehomeowner said:
@davenlei:

I find your story interesting because I've noticed that South County prices are actually lower now than they have been in the last 2-3 years. Maybe it's the specific product I'm looking at because 3CWGs that used to be priced around $700-800k are now in the $600k-700k range.

As for time frame, anything that sells in under 2 months would probably be priced well (it takes time for people to come to make decisions like these... as it's NOT just purely financial). But there are other factors that would affect this that could be totally unrelated to price. I've seen non-short sales that looked like they were priced under market but have taken several months to sell.
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Davenlei was able to buy their home for slightly under comps back in late 2009 (probably about 3% under comps).  The sellers had listed the home that way to get it sold quickly as they had already purchased a home elsewhere in Orange County.  Even the listing agent commented to me that it was priced below market because of the desire for a quick sale. 
 
We've sort of ruled NW out of our location search and we still prefer newer.

The floorplan on that wasn't very good (IMO) either... but we did like the street location (cul-de-sac) and the lot was large (7000+sft).

As I've mentioned, we are getting really picky with our search since it is turning out that the next home might be our last.
 
irvinehomeowner said:
We've sort of ruled NW out of our location search and we still prefer newer.

The floorplan on that wasn't very good (IMO) either... but we did like the street location (cul-de-sac) and the lot was large (7000+sft).

As I've mentioned, we are getting really picky with our search since it is turning out that the next home might be our last.
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Is Irvine North of the 5-freeway a non-IHO approved location? 
 
USCTrojanCPA said:
irvinehomeowner said:
USCTrojanCPA said:
IHO really dropped the ball on this one. 
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Oh the horror! How will I sleep at night?

To us, a home is much more than just price and lack of HOA/MRs.
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But it had the coveted 3WCG.  :p
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And also the cons of a 1979-built house.

I think they had the floorplan info wrong on the listing, this home also did not have the "coveted" downstairs bed/bath.
 
USCTrojanCPA said:
Is Irvine North of the 5-freeway a non-IHO approved location? 
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It depends.

Our preference is to be closer to the 405 (or we would have bought in Harvard Square in the late 90s)... in addition to being a newer floorplan... but then that contradicts our desire to have multiple living spaces (living/family/dining). And that's my big thing... if you're gonna kill some of the downstairs living space, at least put some upstairs.
 
irvinehomeowner said:
USCTrojanCPA said:
Is Irvine North of the 5-freeway a non-IHO approved location? 
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It depends.

Our preference is to be closer to the 405 (or we would have bought in Harvard Square in the late 90s)... in addition to being a newer floorplan... but then that contradicts our desire to have multiple living spaces (living/family/dining). And that's my big thing... if you're gonna kill some of the downstairs living space, at least put some upstairs.
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I hear you.  I'm in an internal struggle over Las Ventanas Plan 2 OR GlenIvy/Liberty Plan 2 (with the downstairs bedroom...I need for my dad).  I too would prefer to be closer to the 405 but I just can't spend $400/sf+ on one of those older Woodbridge single-story homes. 
 
:) Hilarious thread. I think the issue started as a speculation on whether this is a flip or not, , though mistaken, ay ok, sorry NonFCB, but beef of the matter is the price of the house, period. It certainly has curb appeal, now price adjusted to 1.1 but in this market- truly the beef of the matter here, all cash, no cash, part cash or not. No comments, good luck to them

IHO where did you get your house with a 7000SF lot??

And someone, can you tell me exactly how to calculate rental parity? Thank u
 
julstride said:
IHO where did you get your house with a 7000SF lot??
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I think we were talking about Belmonte:
http://www.redfin.com/CA/Irvine/29-Belmonte-92620/home/4795997

That house had a 7000sft+ lot... not ours.
julstride said:
And someone, can you tell me exactly how to calculate rental parity? Thank u
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There's a calculator on the IHB and I think somewhere on the NY Times.

It's basically the cost of rent vs. the cost of owning (taking into account the extra costs such as HOA/taxes/maintenance and also the deductions from tax writeoffs).
 
irvinehomeowner said:
@davenlei:

I find your story interesting because I've noticed that South County prices are actually lower now than they have been in the last 2-3 years. Maybe it's the specific product I'm looking at because 3CWGs that used to be priced around $700-800k are now in the $600k-700k range.

As for time frame, anything that sells in under 2 months would probably be priced well (it takes time for people to come to make decisions like these... as it's NOT just purely financial). But there are other factors that would affect this that could be totally unrelated to price. I've seen non-short sales that looked like they were priced under market but have taken several months to sell.
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@IHO,
Sorry, I have been absent from this board for a while so I did not see your post until now.
I have noticed that south county seems to be very neighborhood specific on pricing movement.  I think it has a lot to do with which school the neighborhood is assigned to since some schools are blah and others are Irvine score quality.  Not many school districts can have the same type of generally high performing schools like IUSD.
So the other WTF house closed and the sold price is more than I expected.  I am not sure why things seem to be going up where I live but I am not complaining.

BTW, lots of 3CWG homes in my neighborhood.  I think you would feel at home here.  :)
 
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