Properties Closing Less than Previous Purchase Price

the market for these big houses > 4000 sq ft, is really slow, in multiple neighborhoods in Irvine. I don't think the problem is Beacon Park/Great Park per se, its just the market for this type of property. There's a lot to choose from (and including all the new builds in this category), and not enough buyers.


There are other big houses closing less than prior purchase price, or losing money after you factor in commissions, in Northwood Pointe, Quail Hill, Orchard Hills, Woodbury, Great Park, Portola Springs, you name it.



 
Maserson said:
They mention Irvine here:https://news.yahoo.com/chinese-buyers-pull-back-u-143453247.html

Checkout this Lumiere flip, what a bargain...https://www.redfin.com/CA/Irvine/56...SUDK6CdV0QsvzCfTArE71lix9wRiJhRhn_qlNCknuVRlE
Click to expand...

I think this is good thing for Irvine in the long run.
Hopefully, all those empty investor owned homes will actually be bought by people who will live here and form a real community.
That Lumiere house has all the personality of an empty cardboard box.
 
Leaf said:
Two month after its last sale, 8 Willowbrook is listed for sale at $1,649,000!
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Still no pics yet but that should change. Maybe this was a flip, 2 months of renos and a much higher price.

Can't wait to see their design choices.
 
irvinehomeowner said:
Leaf said:
Two month after its last sale, 8 Willowbrook is listed for sale at $1,649,000!
Click to expand...

Still no pics yet but that should change. Maybe this was a flip, 2 months of renos and a much higher price.

Can't wait to see their design choices.
Click to expand...

Over $600/sf for an old house even if it's fully renovated will be a stretch.
 
Even in a rising property market one can find examples of houses closing for less than previous.  This thread is for properties closing less than previous purchase, so his example stands.

Even if 1,000 houses sold for higher than last price, this thread is not about that.
 
Compressed-Village said:
For every one of your example listing that sold for less than previous purchased price, there are ten if not, hundreds of homes that sold at the same time for profit.

Why don't you post some of those? You get what I am saying.
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Bad news gets more clicks than good news.
 
meccos12 said:
Compressed-Village said:
meccos12 said:
https://www.redfin.com/CA/Irvine/16-Thorn-Hl-92602/home/5857474
Click to expand...

For every one of your example listing that sold for less than previous purchased price, there are ten if not, hundreds of homes that sold at the same time for profit.

Why don't you post some of those? You get what I am saying.
Click to expand...

Calm down buddy.  This thread is about posting properties that closed for lower than previous purchase price.
Click to expand...

You are correct. I jumped the gun.  :)
 
woodburyowner said:
https://www.redfin.com/CA/Irvine/115-Bridle-Path-92602/home/58551629

11/2014 - $1.516M
12/2019 - $1.4M

The curse of Capella strikes again. 
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Whoa that is a nice Capella with lots of upgrades made post escrow close I?m sure.  Owners really took a bath.  Originally listed for $1.8M and closed for $1.4M

What is so offputting about Capella?  No yard, sure but that is most TIC new homes anyhow.  I do think the Capella neighborhood and streets feel a bit too condensed in general but wonder if there is some other reason we?re not thinking about.
 
I think part of the problem is its essentially a large 2 br house with lots of nice high end finishes. 1.4 M seems pretty steep for 2 bedrooms.

The owners over customized and turned the downstairs into an office with built ins and then turned one of the upstairs bedrooms into a huge walk in closet, again with built ins. Of course, you can convert back, but its a pain.  It limits the buyer pool, which is presumably mostly families in that area. Would have been better to go basic and keep the functionality of the extra bedrooms. 

 
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