rkp said:
I havent gone through the last 8 pages so not sure what all the drama was about but agree that TR is coming down in price.
Cliffs:
- Newcomer comes onto TalkIrvine expressing how hard it is to find good product in their price range, especially new.
- "edhne" chimes in and suggest buying in TR, specifically 19181 Biddle Dr because even though it's expensive it's a "good solid comp" and value for the money ($839,000).
- I say bullsh*t, and say it's overpriced. It's a 40 year old house, backing to Culver. I say it's worth closer to
$600,000, than $800,000 based on fundamentals in the area.
- edhne takes offense (probably because he owns in the area). He uses "Zillow" and a made up inflation rate to reason that it's actually worth more than the listing price
- I go on to list my reasons of why I think it's over priced based on ACTUAL inflation, median salary in the area, comparable rents, and say it will never sell at the listed price unless he finds a big foreign asian sucker.
- He claims he's a CPA/CFA with an MBA and will bet me $1,000 that the house in question will close above $800,000 in
7 years. Yes, he wanted to make a bet with me where we might have to wait nearly a decade to prove his theory right. :
- I counter with a more reasonable bet where I say it won't close within $10,000 of his claimed "solid comp" the next time the property goes pending, I then increase the gap to $15,000 to sweeten the deal.
- edhne, backed into a corner finally admits he made a mistake and that $839,000 might not be a very good comp.
- 2 months later, a house of the same age, backing to Culver, 2 blocks down the street, but with more square footage shows up on the MLS listed at
$608,000. 19181 Biddle Dr is taken off market. edhne's lack of knowledge is now fully exposed.
