Properties Closing Less than Previous Purchase Price

[aquabliss]

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. 

Oh wow good catch.  So pics 47-48 are actually the Bedroom, I thought it was the master closet. 

 

[irvine buyer]

The conversion of one bedroom into a closet is by itself unlikely to cause buyers to not want this house.  Both the closet cabinets as well as the built-ins in the downstairs bedroom closet are easily removed and don't require major renovation or cost to return to its original intended use.  Rather, I believe that its a combination of items:

Initially overpriced creating stale listing
Competition of product at this price point
Really small back yard not kid friendly
Congested feel to Capella neighborhood especially when street is filled with cars
Certain modifications (ie: glass see through pantry, hallway closet doors as well as aforementioned bedroom turned into closet)

The home does not appeal to a family with younger children, which is a large segment of the buyer pool.  That said, I think the buyer got a good price and neighbors are probably not happy with the sale price.  Perhaps someone knows if there is a story behind why seller was willing to take a sizable loss on sale.

 

[lovingit]

So buyers are willing to pay more for a smaller house across the street at Strada?  Guard gate means nothing anymore?

https://www.redfin.com/CA/Irvine/79-Bountiful-92602/home/112718659?utm_source=ios_share&utm_medium=share&utm_campaign=copy_link&utm_nooverride=1&utm_content=link

 

[misme]

So buyers are willing to pay more for a smaller house across the street at Strada?  Guard gate means nothing anymore?

https://www.redfin.com/CA/Irvine/79-Bountiful-92602/home/112718659?utm_source=ios_share&utm_medium=share&utm_campaign=copy_link&utm_nooverride=1&utm_content=link

I don't know if this is the best example for Strada doing well either. This house closed for $120K below its previous selling price 2.5 years ago. It also includes all furniture and decor in the selling price.
I think the market overall for certain types of homes is pretty bad.

 

[sgip]

Bridle Path sold from the builder in 2014 for $1,516,500 (public records). The accrued indebtedness was likely just above the selling price. Commissions, work on the home, etc, etc, etc... this was for all intents and purposes a short sale.

I haven't looked to hard in this area, but have there been any OH short sales as of yet? 

 

[usctrojancpa]

Bridle Path sold from the builder in 2014 for $1,516,500 (public records). The accrued indebtedness was likely just above the selling price. Commissions, work on the home, etc, etc, etc... this was for all intents and purposes a short sale.

I haven't looked to hard in this area, but have there been any OH short sales as of yet? 

I checked on MLS and in the past 6 months there has only been 1 short sale in all of Irvine.  My guess is that the seller came out of pocket to cover any difference between the loan payoff and loan proceeds.

 

[irvinehomeowner]

Bridle Path sold from the builder in 2014 for $1,516,500 (public records). The accrued indebtedness was likely just above the selling price. Commissions, work on the home, etc, etc, etc... this was for all intents and purposes a short sale.

I haven't looked to hard in this area, but have there been any OH short sales as of yet? 

I checked on MLS and in the past 6 months there has only been 1 short sale in all of Irvine.  My guess is that the seller came out of pocket to cover any difference between the loan payoff and loan proceeds.

1 short sale in 6 months.

Sounds like a strong ownership base.