Someone explain

R

renter1

New member
Can someone tell me why 140 Smallwheel has been on the market with major price reduction and still not sold after 1 yr??? What do you think it will end up selling at??
 
You cared enough to start two new topics on this but can?t provide a Redfin link?

That driveway situation is weird. Usually the builder redoes the driveway before closing on the model.
 
Burn That Belly said:
This other Beacon Park home is also suffering at 225 days on market. They didn't even spend money on landscaping.
https://www.redfin.com/CA/Irvine/129-Calderon-92618/home/103649516

The realtor did note that front of house gets no light.

They bought it at $1.8M on 11/2016 and I guess they realized the MR was too crazy. Tried to dump it just a year later before taxes were due in 10/2017 asking $1.990M.

After commission, closing costs, property taxes, etc. they'll be lucky to net $50-60K (assuming they get their asking price) plus get hit with capital gain tax for selling below 2 years. Every year that passes by is about $25 grand in taxes, hoa, and insurance plus +2%MR y-o-y  ;D ;)
Click to expand...

So the narrative for any GP resale is taxes got too crazy?  Okay.
 
Nobody and do mean nobody buy a 2 million dollars house and don't know about the tax consequences.

It could be a bad flip attempt and another story of catching knife when all the tides going against you.

Taxes limitation, trade war, market super slow on the high end, rates surging. Not sure when it will make it to attached low end products. I can see that it will at some points. In the end a house is a home, a shelter, a place to put root down and raise your family. Overly leverage will not last. It will only take one bad house and you are gone.
 
tough Crowd :-\

Didn?t answer my second question what do u think it?ll sell at no body want to give their best guess?
 
This poor house.  I think the initial ask was 1.339.

The driveway's been completed but the agent refuses to update the images, they keep recycling the same iphone photos stolen from Irvine Housing blog:http://www.irvinehousingblog.com/2015/10/22/beacon-park-melody-collection-review/

Upside is it's a former model so you get some builder upgrades. It's a condo but has its own driveway and sits on a corner lot. You get some leftover used furniture.

Downside is tiny lot, sits next to the busier Beacon street, GP mellos, and the dreaded "14" in the address. 

Irvine housing blog had a mostly positive review of it. I'm convinced the address factor and the price death spiral are the main issues with it's resale.

I'll play pretend realtor for a second. Last 6 months of sales in Beacon from Redfin shows average $/sqft is around $430 x2405 = 1.034

 
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