Undesirable Irvine homes

Welcome back, YF!!!

Yeah, I can't stand bad photos for these expensive homes. What are they thinking? Maybe they do that on purpose?? I don't get it. They might be better off by using Google Map captures and some photos from the community website.



 
I can accept that PS homes have a hard time reselling because the owners bought at a discount so it all evens out. What is unacceptable is paying exorbitant GPN new home prices and then having a hard time reselling. 
 
Mety said:
Welcome back, YF!!!

Yeah, I can't stand bad photos for these expensive homes. What are they thinking? Maybe they do that on purpose?? I don't get it. They might be better off by using Google Map captures and some photos from the community website.
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If you're too cheap to hire a photographer, at least get a clip on wide angle lens for your iPhone. Its only about 20 bucks:
jtg1448532022905.jpg
 
Burn That Belly said:
Let's go over homes that have sat on the market for just way too long. Simply put, if you relocate these homes somewhere else without even changing the price, they might have sold faster. Are these homes just that undesirable? Let's find out.


287 days - 128 Yellow Pine
For $950K, what's wrong with this home in PS? It has a good price for 4 bedrooms and comes with a driveway. Last august, they even listed it at $890K but to no avail. Why is this home cursed to the bones? Back in 2016 and some part of 2017, they tried to rent it for $3400-3600/mo to no avail.
genMid.PW17194970_0.jpg
https://www.redfin.com/CA/Irvine/128-Yellow-Pne-92618/home/112721813[/quote]

That 128 Yellow Pine house was sold in Aug 2014 for $740K from the builder (Ryland).  $950K selling price ($500+/sqft) is way to high for that development.  Should be closer to $900K. 
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Smallwheel is likely a model released for sale by the builder in 2016 but nothing was done, then relisted in 2017. It's essentially a botched sale, not an over priced listing in the traditional sense (IMHO)

Fieldwoods a nice home, but at $1.8 when you can get so much more at that price point... yo' dawg, it's a no from me.

My .02c
 
paydawg said:
Burn That Belly said:
Let's go over homes that have sat on the market for just way too long. Simply put, if you relocate these homes somewhere else without even changing the price, they might have sold faster. Are these homes just that undesirable? Let's find out.


287 days - 128 Yellow Pine
For $950K, what's wrong with this home in PS? It has a good price for 4 bedrooms and comes with a driveway. Last august, they even listed it at $890K but to no avail. Why is this home cursed to the bones? Back in 2016 and some part of 2017, they tried to rent it for $3400-3600/mo to no avail.
genMid.PW17194970_0.jpg
https://www.redfin.com/CA/Irvine/128-Yellow-Pne-92618/home/112721813[/quote]

That 128 Yellow Pine house was sold in Aug 2014 for $740K from the builder (Ryland).  $950K selling price ($500+/sqft) is way to high for that development.  Should be closer to $900K.
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I will buy it if it lists at $800K and change the street name to Yellow Fever.
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Yellow Pine is part of the Colibri development. Not very popular floorplan, dense development. Everybody parks on the street, makes the whole neighborhood feel like an apartment complex.  I know it's not completely representative but look at Google street views of Yellow Pine vs Laceflower vs Mission Bell.

They sold decently well at the time because pricing was 750k.
 

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Burn That Belly said:
Maserson said:
Yellow Pine is part of the Colibri development. Not very popular floorplan, dense development. Everybody parks on the street, makes the whole neighborhood feel like an apartment complex.  I know it's not completely representative but look at Google street views of Yellow Pine vs Laceflower vs Mission Bell.

They sold decently well at the time because pricing was 750k.
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Nice pictures!

The most recent comp Colibri sold was 122 Yellow Pine and that sold for $990K back on march 2018, not long ago. That's only $410/sf. Real shocking low.https://www.redfin.com/CA/Irvine/122-Yellow-Pne-92618/home/112721859


That means, by appraisal standards, 124 Yellow Pine should be trading at around $410 * 1875sf = $768,750.  :eek: :eek:  If we are more generous, and give it another $20/sf ($430sf) the appraiser would allow: $806,250.  Wow, that is quite low. I'll be extra generous and say it appraises at $450sf. That still only puts it at $843K.
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We seriously Colibri b/c of the $/sq ft., but one day, while looking out one of the smaller bedrooms on the 2nd floor, I realized the neighbor's house was within arms-length of the bedroom window.  Those houses are way too close together and from all sides.  Once I realized that, I never considered them again.  I need at least a little open space when I look outside. 

Plus....the drive to/from the freeway was way too long for me.  It's BFE out there. 

It probably has room to rise once the rest of GP is built up, but with a higher MR and HOA than the IP products, it was a no-go for me. 
 
Not only these homes BTB listed but many homes are suffering long enough on the market.

Check out these homes:https://www.redfin.com/city/9361/CA/Irvine/filter/min-price=500k,max-price=1M,max-price-reduced=1mo

60 homes in $500K-$1M range cut down their prices within the last 30 days and still not having a deal from buyers. Are we going to see some reasonable price correction soon overall? Other cities actually started to see this happening a little bit earlier. Seems like Irvine is kinda catching up. What do you guys think?





 
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