Newer Irvine listings with crazy WTF asking prices from equity sellers

NEW -> Contingent Buyer Assistance Program
This new listing in OH listed for $50,000 less than what it was purchased for last year, seems strange that they would list at a loss from the start!


Price history

4/16/2025Listed for sale$4,200,000-1.2%$1,216/sqft
Source:
9f61463932aa73f48f1ae3d056f0eb39-zillow_web_logo_inf_11.jpg
CRMLS #OC25083894
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10/24/2024Sold$4,250,000-2.5%$1,230/sqft
Source:
9f61463932aa73f48f1ae3d056f0eb39-zillow_web_logo_inf_11.jpg
CRMLS #OC24180912
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What's up with this house, https://www.zillow.com/homedetails/102-Catalonia-Irvine-CA-92618/136801208_zpid/ ? Price dropped over $700k. Is there a back history to this house like a death?
Seems to be an auction now. Says bid starts at $1,998,800. The price actually dropped almost $1M if you go back to its original listing at $2,995,000 on 11/8/2024. $645/sf seems like a steal. It's a large home, but extremely small lot though, basically, a 3098 sf home on a 3790 sf lot.
 
Market is tanking and no one wants to live next to the landfill.
There are plenty of people who want to live next to the landfill. There are over 300 buyers on the waitlist for Toll Brothers at Summit. Obviously, not all of them are actually interested, but you can be sure that at least 100 of those buyers want to live next to the landfill. Not to mention those on the waitlist for Brookfield and Shea homes at Summit as well.
 
LOL anyone can click a button to be added on the wait list. Wake me when 300 buyers put down a deposit.
Seems like you don't quite understand how these things work.

That is called INTEREST list. You're only added to the wait list when you've been pre-approved by either Toll Brother's preferred lender or whichever lender at your choosing (which would require more documentations since builder prefer to use their preferred lender for pre-approval). So it means these buyers are somewhat serious about buying since they went through the trouble of getting pre-approved.

And you don't put down a deposit UNLESS you've been chosen to purchase a home. So no, there won't be 300 buyers putting down a deposit.
 
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