Selling IPO

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Now THAT is a closet. I would have to buy more shoes to

fit all the shoe cubbies. The hub calls my ummm, shoepile

the IMELDA MARCOS Memorial Shoe Pile.
 
graphrix said:
Yup the IHB party was Ipo's house today. Tenmagnet must have already been there, because all the Belvedere and diet Red Bull was gone. But, IR2 seemed pretty happy and mumbling on and on about the high traffic and how many people signed in as skek. Good job IHBers, keep the spam coming to the skekster.

And, why? Seriously... why? Say it ain't so...

http://img109.mytextgraphics.com/photolava/2008/07/06/ipoplaya-fiawgazd.jpeg
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Ah Nutter-my-boy, I hung that puppy up there special just for you and any IHBers that wandered the place. Needed to show it was truly the House of IPO. No pic of old my mini-truck window huh?! I left that up too for funzies... I did see some ugly mutt of a guy down by the corner with a too-cute-for-him companion when I was making an exit this afternoon. Must have missed you by 30 seconds. And no, I never did own a PT. I bought one for my wife (I guess fiancee at the time) when they first came out because she was so ga-ga over them. I did have it lowered and put a cat-back on it to get some more ponies out of that slug of an engine though.

Heck, I missed everyone today except artichaze and his lovely wife. Thanks for the visits everyone, although I don't think we needed any faux traffic to make things seem livelier. IR2 was definitely a busy man today. I was there for perhaps 30 minutes total, on two occassions, and saw 7-8 groups come through myself. I figured I'd stop by and keep Deuce from falling asleep in between prospective customers but my presence was quite unnecessary.
 
Shouldn't we be talking about the fact that, even though this is IPO's place and it's nice and all, it would be really dumb to drop $600K on a condo?
 
caycifish said:
This right here is a major selling point for me:

http://i-0.rfimg.us/photo/46/bigphoto/343/P645343_15_0.jpg

The master bathroom is nice, but then I walk around the corner and I actually said "whoa!" when I saw the closet. A very nice closet for a townhome. Shoe cubbies = good.

Actually, most everything in that floorplan makes sense and I like it a lot.

And no IR2, I did not take the mosaic vase from the office. But I wanted to. :-)

And apparently the SUV driving away as we walked up was Ipo himself and we missed meeting him by 1 whole minute. Maybe Wednesday!
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My wife likes many things about our rental but she dearly misses her shoe cubbies. She had every little cubby filled and usually a large pile in front of the cubby as well... Can't complain too much though as our master closet now is about as big as the secondary bedrooms at our Knollwood place. If I owned the place we're in now, I'd put a nice vanity island in the master closet with shoe cubbies on all four sides. Ms. IPO would seriously dig that!
 
ElricSeven said:
Shouldn't we be talking about the fact that, even though this is IPO's place and it's nice and all, it would be really dumb to drop $600K on a condo?
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I prefer to think of it as how smart I am to be selling it for $600K, not the other way around... :)
 
No offense, but it's looking to me like there's a bit of a double standard. What would your place rent for and what price should it be worth given the 160x (generous) multiple?
 
ElricSeven said:
No offense, but it's looking to me like there's a bit of a double standard. What would your place rent for and what price should it be worth given the 160x (generous) multiple?
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It rents for around $2800 typically. A smaller unit recently leased for $3K even...
 
ipoplaya said:
ElricSeven said:
No offense, but it's looking to me like there's a bit of a double standard. What would your place rent for and what price should it be worth given the 160x (generous) multiple?
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It rents for around $2800 typically. A smaller unit recently leased for $3K even...
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I rent a unit in quail hill that's an end unit and remarkably similar looking, although about 1700 square feet, for $2,800. So I'll go for that. That's $448,000 on the high end and $336,000 on the low end.

What differentiates this place from these?

302 Terra Bella for $515K, 125 Pathway for $540K and 27 Bolinas for $549K?

Seems like your price per square foot is pretty high. If you want it to move fast, I would knock $50K off the place. You're $50 per square foot higher than some of the comps and we're going into slow sales season. You don't want it to sit on the market all winter.

I'm not rooting against you, I'd be happy if you found one of the ones born every minute. Just giving my frank appraisal. You'll make it up on the way back in in spades.
 
Eh, after seeing Ipo's place in person, I have to say in today's market it will sell for the price he is asking if not more. I voted for 2 weeks, only because it will take some time for Ipo to go through all the offers. Gasp... that comes from one of the bigger bears of IHB, but I do know the reality of the market, regardless of whether I agree with it or not.
 
graphrix said:
Eh, after seeing Ipo's place in person, I have to say in today's market it will sell for the price he is asking if not more. I voted for 2 weeks, only because it will take some time for Ipo to go through all the offers. Gasp... that comes from one of the bigger bears of IHB, but I do know the reality of the market, regardless of whether I agree with it or not.
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I guess I saw that as the problem. Everyone's going out of their way to be nice. But really, you should apply the same yardsticks you do to everyone else's property.
 
I saw IPO's place today too. I was amazed at how the floorplan was laid out... as for price I think it'll go in the high 500s within a month.

Now, when the home sells, how will the IHB community react? Imagine the new lucky homeowner getting a flyer on his door with a URL to this post.
 
ElricSeven said:
No offense, but it's looking to me like there's a bit of a double standard. What would your place rent for and what price should it be worth given the 160x (generous) multiple?
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E7-

It is a very fair question and frankly I'm surprised that this side of the topic hadn't been brought up earlier.

Spelling, photos, and the rest are only important in how they relate to getting the best return for the seller on his/her investment. If the price of the home is wrong, Shakespeare could write the description and it would sit, languishing as unsold inventory.

I do think it is a mistake to confuse concepts of "should be worth" with "what active buyers are paying" though, in any market. That difference is where opportunity sits.

Time will tell. I don't mean this in a smug way, or to sound unappreciative, but the IHB is probably not the target crowd of premium buyers that a seller is looking for to maximize his/her profits. After all is said and done, Ipop may choose to share his experience and give an informative story of what it's actually like, rather than just offering speculation. If so, hopefully it will come across with credibility. If not, at least it will eventually hit his escrow sheet and you can post a big "Told ya so."
 
ElricSeven said:
What differentiates this place from these?

302 Terra Bella for $515K, 125 Pathway for $540K and 27 Bolinas for $549K?

Seems like your price per square foot is pretty high. If you want it to move fast, I would knock $50K off the place. You're $50 per square foot higher than some of the comps and we're going into slow sales season. You don't want it to sit on the market all winter.

I'm not rooting against you, I'd be happy if you found one of the ones born every minute. Just giving my frank appraisal. You'll make it up on the way back in in spades.
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I believe you're not familiar with this area of Irvine. Terra Bella although its in Northpark feels like its a condo conversion and no one want to buy there for this very reason. Pathway doesnt even exist yet it "to be built soon" the priced is that way to drive foot traffic. Bolinas I believe is a short sale (someone correct me?) and its priced that way to attract attention but the bank most likely wont give to that price. We all know how short sales are.

To keep things in perspective. 111 Waterman sold in 2 days which is half a block from this house within the same track. Priced at $377/sqft since it has more upgrades. 70 Knollwood which is the same exact model as IPO's house sold a few weeks ago as soon as they lowered their price to $599K. 81 Sapphire sold for around asking in 1 week which 1 street down. The price per sqft was a bit lower since this was an attached condo.

Yes its a detached condo but there are still buyers out there waiting in the side line for the affordable house that they can snatch. The key for all these recent sales were that they were all upgraded up the yin yang. Buyers nowadays are looking for a turn key house that they don't need to touch for the next 3-4 years.

Given this I highly doubt it if offers around asking won't come in by Monday since the comps mentioned above would give the future buyer a sense of security. Obviously people that browse here will say no don't buy. But most probably the buyer doesn't even know that IHB exist and they will fall in love with this home.
 
ElricSeven said:
graphrix said:
Eh, after seeing Ipo's place in person, I have to say in today's market it will sell for the price he is asking if not more. I voted for 2 weeks, only because it will take some time for Ipo to go through all the offers. Gasp... that comes from one of the bigger bears of IHB, but I do know the reality of the market, regardless of whether I agree with it or not.
Click to expand...

I guess I saw that as the problem. Everyone's going out of their way to be nice. But really, you should apply the same yardsticks you do to everyone else's property.
Click to expand...

You really think I am being nice with the photos I posted? Come on, if you dig, the place has faults.

I hold the same yardstick to anyone who buys this home, not what Ipo can sell it for. The market is what it is. Does this mean this home should sell for the 160 multiple? No, because the market isn't there yet, but it could get there, and Ipo is smart enough to realize this (with the help of his Realtor), and get out now. I think it is possible it will get there, especially on an inflation based price. But, like I said, the market isn't there yet.

I do hold the same standard though for the MLS listing and the quality of the home. I like the home, the floor plan is great. It has so many things I would want, including all those shoe cubbies. The kitchen was very open, the sod in the yard was nice, and the office space was what I need. This is really a great home and Ipo and Mrs. Ipo have good taste. The listing has amazing pictures, correct spelling and grammar, and an agent who is willing to work and work smart.

Am I still being nice? Yeah, because Ipo and IR2 have done it right, and it will sell whether or not I agree on the price. I mean, I would pay $500k for the place, does that mean no one else will pay anything above that? Unfortunately, that is highly unlikely, and I will not even waste my time placing that offer. It's too bad, those shoe cubbies were a big selling point.
 
ipoplaya said:
Ah Nutter-my-boy, I hung that puppy up there special just for you and any IHBers that wandered the place. Needed to show it was truly the House of IPO. No pic of old my mini-truck window huh?! I left that up too for funzies...
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I purposely left that out of the shot. I figured I had already embarrassed you enough... So, no need to rub it in further that you are and were a big dork. I will let Tenmagnet take over on that front.

I did see some ugly mutt of a guy down by the corner with a too-cute-for-him companion when I was making an exit this afternoon. Must have missed you by 30 seconds.
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Yup, that was me. I knew that was you by the dumb look on your face as you checked out my hot companion. How a ranting housing nutter got so lucky is something I will never understand. Although, I was tempted to yell out... "Yo, Ipop, it's graphcakes!" But, I thought better of it, as it would only solidify my nutter status.

Heck, I missed everyone today except artichaze and his lovely wife. Thanks for the visits everyone, although I don't think we needed any faux traffic to make things seem livelier. IR2 was definitely a busy man today. I was there for perhaps 30 minutes total, on two occassions, and saw 7-8 groups come through myself. I figured I'd stop by and keep Deuce from falling asleep in between prospective customers but my presence was quite unnecessary.
Click to expand...

Yeah, the faux traffic didn't help. By the time I got there IR2 looked like he was done. But, the Belvedere was missing and he was acting kinda loopy by the time I got there. Note to self: Lock up the liquor cabinet when IR2 has an open house. I could tell you got plenty of real traffic though. You have a great home that is staged very well, despite the tiny plant hiding you caulk. I know the place will sell, even if I think I will be able to pick one up for less in less than a year or so. Just in case your offers suck, you can consider my offer of $500k as a verbal offer. No offense will be taken if you don't accept it, and it would be really great if I did pick yours or one like it for that price. It is all those damn shoe cubbies that make me realize such a small but great thing can make someone happy.
 
one point ont he shoe-cubbies (bk speak up if you disagree): the target demographic from what I understand for West Irvine is Asian. 99% of Asian families leave all their shoes by the front door or the garage. shoes never touch the interior of an Asian household. I wold imagine the cubbies would be a neutral to negative attraction for this demographic.

It's a nice condo but you can get detached with Irvine schools for the same or close-to price. I can get detached with a big lot in Mission Viejo with excellent schools and much closer to the beach for $100K less. Some nutcake will pay $600K but it doesn't mean he didn't get taken to the hoop by ipo. Sombody will regret this purchase for 10 years. That's the real story behind this thread.
 
graphrix said:
ElricSeven said:
graphrix said:
Eh, after seeing Ipo's place in person, I have to say in today's market it will sell for the price he is asking if not more. I voted for 2 weeks, only because it will take some time for Ipo to go through all the offers. Gasp... that comes from one of the bigger bears of IHB, but I do know the reality of the market, regardless of whether I agree with it or not.
Click to expand...

I guess I saw that as the problem. Everyone's going out of their way to be nice. But really, you should apply the same yardsticks you do to everyone else's property.
Click to expand...

You really think I am being nice with the photos I posted? Come on, if you dig, the place has faults.

I hold the same yardstick to anyone who buys this home, not what Ipo can sell it for. The market is what it is. Does this mean this home should sell for the 160 multiple? No, because the market isn't there yet, but it could get there, and Ipo is smart enough to realize this (with the help of his Realtor), and get out now. I think it is possible it will get there, especially on an inflation based price. But, like I said, the market isn't there yet.
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I've always admired the consistency and thoroughness of your analysis. I thought a good part of it was missing here.

With respect to your statement above about applying a yardstick to the buyer and not the seller, I respectfully disagree. I think that seller properties are criticized based on real, non-bubble market value all the time on this board. For example, one yardstick you consistently apply is to do a thorough analysis of the value of the property being sold with a cynical eye, for instance using GRM. I just didn't see that here. Just noting inconsistencies in how a friend of IHB's property is treated from any other that's highlighted in the absence of a critical, facts-based analysis of real value. If you read the entire chain of posts the strong general impression one gets is that the place is a bargain and should be snapped up.

Perhaps make it the subject of one of the blog posts? That way you can go step-by-step, laud him for the good listing, good photos and then get down to what it really will be worth after all this is over. Just like you do to all the other listings. Unless, of course, you think that $370 per square foot is the bottom in Irvine for a condo?

A lot of people pay a great deal of attention to what you say and I think they're owed good counsel.

I'll stand down now, since I think I've done the best I can to make the point.
 
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