Thoughts/Any bidders on 60 Cliffwood in West Irvine

2

2hot2buy_IHB

New member
Hello



anyone on these forums bid on this one? it went off the market in 2 days. was it that good? 1975 sqft/$709K.





2hot2buy
 
I was wondering the same thing.

From what I hear, they had received 5-6 offers by yesterday and there was at least one offer higher than asking price.

I really didn't think it was worth even the asking price considering its condition.

But apparently, what do I know?

could it be the location? Since it does have a good location.
 
[quote author="2hot2buy" date=1255693578]Hello



anyone on these forums bid on this one? it went off the market in 2 days. was it that good? 1975 sqft/$709K.





2hot2buy</blockquote>
It's a nice looking property, but about $50k-$60k overpriced in my opinion. None of my buyers made an offer on it.
 
[quote author="homeowner wannabe" date=1255694079]I was wondering the same thing.

From what I hear, they had received 5-6 offers by yesterday and there was at least one offer higher than asking price.

I really didn't think it was worth even the asking price considering its condition.

But apparently, what do I know?

could it be the location? Since it does have a good location.</blockquote>
It's not the location, it's the fact that buyers are getting desperate. No way it appraises even at list price because comps are around $650k so I hope it's a full cash offer or the buyers might get a some cold water thrown on them when they see the appraised value.
 
[quote author="homeowner wannabe" date=1255694079]I really didn't think it was worth even the asking price <span style="color: blue;">considering its condition</span>.</blockquote>


Is there something wrong with its condition?



No bids here, just keeping an eye on it. It seems to have one of the larger yards in the complex. However, it's near one of the entrances so I don't find that desirable... too many cars coming & going. The interior looked nice in the listing photos. (I did not see this in person.) I will be curious to see what it closes for.
 
[quote author="USCTrojanCPA" date=1255694437][quote author="homeowner wannabe" date=1255694079]I was wondering the same thing.

From what I hear, they had received 5-6 offers by yesterday and there was at least one offer higher than asking price.

I really didn't think it was worth even the asking price considering its condition.

But apparently, what do I know?

could it be the location? Since it does have a good location.</blockquote>
It's not the location, it's the fact that buyers are getting desperate. No way it appraises even at list price because comps are around $650k so I hope it's a full cash offer or the buyers might get a some cold water thrown on them with they see the appraised value.</blockquote>


I know it is because of the desperate buyers.

Most houses being sold are over-priced but not like this one.

I guess my question is that what this property has that others don't that drives the price this high.
 
[quote author="USCTrojanCPA" date=1255694437][quote author="homeowner wannabe" date=1255694079]I was wondering the same thing.

From what I hear, they had received 5-6 offers by yesterday and there was at least one offer higher than asking price.

I really didn't think it was worth even the asking price considering its condition.

But apparently, what do I know?

could it be the location? Since it does have a good location.</blockquote>
It's not the location, it's the fact that buyers are getting desperate. No way it appraises even at list price because comps are around $650k so I hope it's a full cash offer or the buyers might get a some cold water thrown on them with they see the appraised value.</blockquote>


are the comps you are referring to in the same neighborhood around robinson/asbury? this I believe did have some upgrades like hardwood floors/plantation shutters etc.
 
[quote author="SoCal78" date=1255694648][quote author="homeowner wannabe" date=1255694079]I really didn't think it was worth even the asking price <span style="color: blue;">considering its condition</span>.</blockquote>


Is there something wrong with its condition?



No bids here, just keeping an eye on it. It seems to have one of the larger yards in the complex. However, it's near one of the entrances so I don't find that desirable... too many cars coming & going. The interior looked nice in the listing photos. (I did not see this in person.) I will be curious to see what it closes for.</blockquote>


my guess is around $715K. is this madness going to stop? :) and folks say we are in a down market! between the all cash buyers in the last few months and lack of std. sale inventories, buyers are getting desperate. but don't see situation changing. anyone disgree?
 
[quote author="USCTrojanCPA" date=1255694322]

It's a nice looking property, but about $50k-$60k overpriced in my opinion. </blockquote>


Ah, c'mon Trojan --- living just up the street from me has to be worth at least $50k...
 
[quote author="SoCal78" date=1255694648][quote author="homeowner wannabe" date=1255694079]I really didn't think it was worth even the asking price <span style="color: blue;">considering its condition</span>.</blockquote>


Is there something wrong with its condition?



No bids here, just keeping an eye on it. It seems to have one of the larger yards in the complex. However, it's near one of the entrances so I don't find that desirable... too many cars coming & going. The interior looked nice in the listing photos. (I did not see this in person.) I will be curious to see what it closes for.</blockquote>


I thought the same thing about the photos and I was disappointed.

I am not into some fancy upgrades at all.

I often think I can live with many things that my realtor thinks that needs to be changed.

She said that I was very different in that sense from other buyers that she has had.



The wood floor on the first floor seems to be real wood but too many scratches and dents. You can see them all when you walk in the front door especially with the sun shining in.

My realtor said it might be possible to salvage it by refinishing(?) it but she wasn't sure.

The counter top was tile (not that I have anything against tiles) but on one side there was a hole (maybe size of a nickel or a quarter) with cracks spreading out from it.

All together (the hole and the cracks), it is about the size of letter size paper or maybe a little smaller.

You can't miss it and at least that portion needs to be changed.

The carpet in the second floor has to go. It is just too old.

And last but not least, the wall above the stairs......

It had at least twenty flat spots on the textured wall that looked like they were trying to fill nail holes and did a really bad job.

When you go down the stairs you can't miss them unless you are looking down.
 
All of this talk and no link. I'm of the "just curious" type, I'd like a link because I'm too lazy to look for it but I'm really wondering what type of property is getting this amount of money in Irvine.
 
[quote author="CK" date=1255695984][quote author="USCTrojanCPA" date=1255694322]

It's a nice looking property, but about $50k-$60k overpriced in my opinion. </blockquote>


Ah, c'mon Trojan --- living just up the street from me has to be worth at least $50k...</blockquote>
True, no wonder it went off the market in 2 days. I call it the "CK" factor.
 
[quote author="2hot2buy" date=1255694879][quote author="USCTrojanCPA" date=1255694437][quote author="homeowner wannabe" date=1255694079]I was wondering the same thing.

From what I hear, they had received 5-6 offers by yesterday and there was at least one offer higher than asking price.

I really didn't think it was worth even the asking price considering its condition.

But apparently, what do I know?

could it be the location? Since it does have a good location.</blockquote>
It's not the location, it's the fact that buyers are getting desperate. No way it appraises even at list price because comps are around $650k so I hope it's a full cash offer or the buyers might get a some cold water thrown on them with they see the appraised value.</blockquote>


are the comps you are referring to in the same neighborhood around robinson/asbury? this I believe did have some upgrades like hardwood floors/plantation shutters etc.</blockquote>
I ran closed comps for West Irvine of homes larger than 1,800sf with 3bed+ and 3bath+ and the avg. per SF price is around $315/sf since 7/1/09. There were 4 homes around Robinson and Asbury that sold since 7/1/09 and had prices per SF of $295, $298, $303, and $332.
 
[quote author="tmare" date=1255697389]All of this talk and no link. I'm of the "just curious" type, I'd like a link because I'm too lazy to look for it but I'm really wondering what type of property is getting this amount of money in Irvine.</blockquote>
Tmare, the property is in "pending" status so no pictures are available on Redfin. Gotta have MLS accent to see the listing and picture at this point.
 
[quote author="homeowner wannabe" date=1255694861][quote author="USCTrojanCPA" date=1255694437][quote author="homeowner wannabe" date=1255694079]I was wondering the same thing.

From what I hear, they had received 5-6 offers by yesterday and there was at least one offer higher than asking price.

I really didn't think it was worth even the asking price considering its condition.

But apparently, what do I know?

could it be the location? Since it does have a good location.</blockquote>
It's not the location, it's the fact that buyers are getting desperate. No way it appraises even at list price because comps are around $650k so I hope it's a full cash offer or the buyers might get a some cold water thrown on them with they see the appraised value.</blockquote>


I know it is because of the desperate buyers.

Most houses being sold are over-priced but not like this one.

I guess my question is that what this property has that others don't that drives the price this high.</blockquote>
1. Not facing a busy street/highway

2. Not a short sale

3. In move-in condition

4. Have an Irvine address

5. A price tag of less than $450/sf



That's about all you need to get a property into escrow if you are a seller.
 
[quote author="USCTrojanCPA" date=1255698712][quote author="tmare" date=1255697389]All of this talk and no link. I'm of the "just curious" type, I'd like a link because I'm too lazy to look for it but I'm really wondering what type of property is getting this amount of money in Irvine.</blockquote>
Tmare, the property is in "pending" status so no pictures are available on Redfin. Gotta have MLS accent to see the listing and picture at this point.</blockquote>


Actually, the listing info and photos can still be viewed <a href="http://www.realtor.com/realestateandhomes-detail/60-Cliffwood_Irvine_CA_92602_1113337789?source=hp">here </a>at realtor.com and <a href="http://www.trulia.com/property/1089189443-60-Cliffwood-Irvine-CA-92602">here </a>at trulia. (First link only shows 4 out of the 6 property photos. The trulia link shows all photos.)
 
[quote author="SoCal78" date=1255699595][quote author="USCTrojanCPA" date=1255698712][quote author="tmare" date=1255697389]All of this talk and no link. I'm of the "just curious" type, I'd like a link because I'm too lazy to look for it but I'm really wondering what type of property is getting this amount of money in Irvine.</blockquote>
Tmare, the property is in "pending" status so no pictures are available on Redfin. Gotta have MLS accent to see the listing and picture at this point.</blockquote>


Actually, the listing info and photos can still be viewed <a href="http://www.realtor.com/realestateandhomes-detail/60-Cliffwood_Irvine_CA_92602_1113337789?source=hp">here </a>at realtor.com and <a href="http://www.trulia.com/property/1089189443-60-Cliffwood-Irvine-CA-92602">here </a>at trulia.</blockquote>
Very cool, I've gotten so used to using Redfin that I haven't even been on realtor.com for a long while. I guess realtor.com doesn't take the listing down until it closes escrow.
 
[quote author="USCTrojanCPA" date=1255694322][quote author="2hot2buy" date=1255693578]Hello



anyone on these forums bid on this one? it went off the market in 2 days. was it that good? 1975 sqft/$709K.





2hot2buy</blockquote>
It's a nice looking property, but about $50k-$60k overpriced in my opinion. None of my buyers made an offer on it.</blockquote>


I wish my agent would talk like you. Any house we go into, our agent's 1st words are "this will go for full price or over full price and that we should bid ASAP" :)
 
[quote author="homeowner wannabe" date=1255694079]

could it be the location? Since it does have a good location.</blockquote>


I was thinking about your comment as I drove past this house on the way to drop the kiddie off at school this morning. While it might appear this home has a good location (stone's throw from pool/tennis courts/park), I actually think this location is a drawback. Living in Ivywood, I can tell you there is a good deal of foot traffic from the neighborhood down to the community area --- everyone walks there, and not only during the day but at night with dog walking. So this home would have a lot of foot traffic in front. I'd also be willing to bet you can hear the pool area from the backyard here.



Anyway, just a couple of thoughts. Don't distress if you missed this one --- there will be others I am sure.
 
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