Where the market is - Buyer Offers

The California Court Company said:
This is actually West Irvine Pointe right? Significant difference vs West Irvine. Like Northwood Pointe vs the old Northwood.

USCTrojanCPA said:
The market is starting to melt up, almost like a short squeeze due to the lack of inventory.  I got this West Irvine condo for my buyer using a no-limit escalation clause beating out 20 other buyers....
https://www.redfin.com/CA/Irvine/30-Moonstone-92602/home/5885224
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Yeah, it is now called West Irvine Pointe because there is a master plan community association.
 
Prices will keep going up, up, up in Irvine. Bay area money with their new indefinite work from home policies (i.e. Apple) are like heat seeking missiles target locked on Irvine.  We will be $1K per foot in no time.

huuur said:
We participated in the bid wars in some recent listings - it is going totally crazy. The offers are $200K above listing - some homes are entering $700 per sqft

Do you feel like in Jan there will be more homes? With slightly more homes, will the prices stabilize or will then continue to shoot up from already crazy places?

USCTrojanCPA said:
The market is starting to melt up, almost like a short squeeze due to the lack of inventory.  I got this West Irvine condo for my buyer using a no-limit escalation clause beating out 20 other buyers....
https://www.redfin.com/CA/Irvine/30-Moonstone-92602/home/5885224
Click to expand...
Click to expand...
 
is this detached? also interesting all 4 floor plans have downstair bedroom. plan 1 is perfect for small family with 1 kid or (2 kids with bunked bed) living with downpayment source at the first floor bedroom

Cares said:
USCTrojanCPA said:
I submitted an offer over list for a buyer on this Plan 1 Trellis Court detached condo in Cypress Village...
https://www.redfin.com/CA/Irvine/112-Barrington-92618/home/167404009
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Easily underpriced. About 8 months ago similar homes sold close to $1.1M. Also another attached 3BR home in CV sold $1.08M.
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The California Court Company said:
is this detached? also interesting all 4 floor plans have downstair bedroom. plan 1 is perfect for small family with 1 kid or (2 kids with bunked bed) living with downpayment source at the first floor bedroom

Cares said:
USCTrojanCPA said:
I submitted an offer over list for a buyer on this Plan 1 Trellis Court detached condo in Cypress Village...
https://www.redfin.com/CA/Irvine/112-Barrington-92618/home/167404009
Click to expand...

Easily underpriced. About 8 months ago similar homes sold close to $1.1M. Also another attached 3BR home in CV sold $1.08M.
Click to expand...
Click to expand...

Yes this is a 3BR detached home with a loft upstairs. This was "phase 1" of Trellis Court. The newer "phase 2" of Trellis Court converted the loft into a 4th bedroom as standard build.
 
The California Court Company said:
is this detached? also interesting all 4 floor plans have downstair bedroom. plan 1 is perfect for small family with 1 kid or (2 kids with bunked bed) living with downpayment source at the first floor bedroom

Cares said:
USCTrojanCPA said:
I submitted an offer over list for a buyer on this Plan 1 Trellis Court detached condo in Cypress Village...
https://www.redfin.com/CA/Irvine/112-Barrington-92618/home/167404009
Click to expand...

Easily underpriced. About 8 months ago similar homes sold close to $1.1M. Also another attached 3BR home in CV sold $1.08M.
Click to expand...
Click to expand...

Yeah, it's fully detached.  There's enough space to build a 4th bedroom upstairs over the family room and still keep the loft.
 
nice.. I can see this is one of the most efficient 4 BR floor plan that is < 2000 sqft, plus detached. no wonder it is a popular floor plan. at this market at this time, it shouldn?t surprise me this will be bid up to 1.3M. Good luck on your buyer?
 
The California Court Company said:
nice.. I can see this is one of the most efficient 4 BR floor plan that is < 2000 sqft, plus detached. no wonder it is a popular floor plan. at this market at this time, it shouldn?t surprise me this will be bid up to 1.3M. Good luck on your buyer?
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And this was selling at 800K in 2017...so at 1.3M,  500K gain in less than 5 years!
 
$1.3M is a little ambitious for this unit. It's the smallest of Trellis Court neighborhood and doesn't have the 4th bedroom. I would be utterly shocked if it went that high. I think $1.2M is the top end for a desperate buyer.
 
Cares said:
$1.3M is a little ambitious for this unit. It's the smallest of Trellis Court neighborhood and doesn't have the 4th bedroom. I would be utterly shocked if it went that high. I think $1.2M is the top end for a desperate buyer.
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No dice, the listing agent said the seller accepted a stronger all cash buyer with a short escrow period.  My clients offer was $1,181,000.
 
Offered 1.35 on this with no contingency and 10 day close and, received this on multiple counter offer saying not to bother it offer is below 1.5? I gave up!!!! Someone please tell me the market will cool down https://www.redfin.com/CA/Irvine/2-Butler-St-92612/home/4698876?600390594=copy_variant&231528114=control&utm_source=ios_share&utm_medium=share&utm_nooverride=1&utm_content=link&utm_campaign=share_sheet
 

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This market will cool down in which we will get some more supply and prices stabilize but not to any level that you are hoping or expecting.
 
irvinekids said:
Offered 1.35 on this with no contingency and 10 day close and, received this on multiple counter offer saying not to bother it offer is below 1.5? I gave up!!!! Someone please tell me the market will cool down https://www.redfin.com/CA/Irvine/2-Butler-St-92612/home/4698876?600390594=copy_variant&231528114=control&utm_source=ios_share&utm_medium=share&utm_nooverride=1&utm_content=link&utm_campaign=share_sheet
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I spoke to that agent about the home.  They received 25 offers, it was significantly under listed.  My buyer passed when I told him about the $1.5m counter.
 
It's been a while since I've seen two bedrooms on the first floor. Interesting setup. The location is 10/10 in my mind, as well. But 1.5 is a lot...
 
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