Hugo Township
Active member
Cheaper than Irvine, haha
Newer Irvine listings with crazy WTF asking prices from equity sellers
- Thread starter usctrojancpa
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Cheaper than Irvine, haha
Is the middle/upper market still soft in terms of demand?
Yes, the upper end of the market is starting to soften and increase is growing.
Seems a bit pricey if you ask me. Not all bedrooms are en suite. WTF?! Nice views though. Is that the sole reason for what seems like a ridiculous price?
This actually is a "deal" in that the home next door is priced at $2.7m. Combined with the other lot, the total price is $4.7m. Now you own the largest parcel in that area of Venice.
Here's a recent sale of another home at a similar lot size (2800) on the canal:
https://www.redfin.com/CA/Venice/237-Linnie-Canal-90291/home/6734398
Bought in 2018 for $2.5m, torn down, rebuilt as new, the ROI for this property was very healthy.
If you bought both listed lots at 4.7M, rebuilt 2 homes and sold at $6m each ($12m total), again the ROI would be considerable. It would take balls of steel and the patience of Job to rebuild, but it could be done.
Then the 73 Copper Mine went pending. $500K profit in three months. MAX ROI!
Another neighbor originally listed at $2,688,000 but changed to $2,840,000 within a week after the 60 Stetson sale. Don't want to leave $150K on the table.
Is this craziness a sign of the peak or a harbinger of more to come? Only a fool would make that prediction - not me!
Photos: https://www.realtor.com/realestateandhomes-detail/716-Trailblaze_Irvine_CA_92618_M20606-83008
If I'm not mistaken, this is a very nice ground level condo. No stairs, has master bedroom and an office that could be converted to a small bedroom as needed. The price is outrageous.
I was at Ladera Linda Community Park in Rancho Palos Verdes today. They refurnished the park with new facilities and it's very, very nice with ocean view, hiking trails, new buildings, etc. You can find older homes on large lot for half the price of Irvine there. With cool ocean breeze you probably only need to run whole house fan and not A/C. But getting in and out is troublesome with limited roads, not to mention distance/traffic to LA/OC for work.
That yard is so small, can you even put a patio outside? What good is a view lot if you can't even enjoy it being outside because of the tiny yard.
Cheaper than Irvine, haha
Hugo Township
Active member
Is the middle/upper market still soft in terms of demand?
usctrojancpa
Well-known member
Yes, the upper end of the market is starting to soften and increase is growing.
GrowthStateofMind
Member
Seems like 1 mil remains the floor for any starter home in Irvine
vsfan
Member
1m is the new 500k
Seems a bit pricey if you ask me. Not all bedrooms are en suite. WTF?! Nice views though. Is that the sole reason for what seems like a ridiculous price?
vsfan
Member
View is worth 1-1.5m these days.
CalBears96
Well-known member
Other than the view, which is really nice, there's nothing good about this home. It's the smallest plan. Also, the lot size on Redfin is wrong. It's not 3800 sq ft, but 3600 sq ft tiny lot, just like 125 Oakstone. The lot information is from City of Irvine Online Parcel Search, so I trust it more. Basically, it's 5 ft from the house to the back wall.
momopi
Well-known member
If you thought Irvine prices was crazy...
sgip
Well-known member
This actually is a "deal" in that the home next door is priced at $2.7m. Combined with the other lot, the total price is $4.7m. Now you own the largest parcel in that area of Venice.
Here's a recent sale of another home at a similar lot size (2800) on the canal:
https://www.redfin.com/CA/Venice/237-Linnie-Canal-90291/home/6734398
Bought in 2018 for $2.5m, torn down, rebuilt as new, the ROI for this property was very healthy.
If you bought both listed lots at 4.7M, rebuilt 2 homes and sold at $6m each ($12m total), again the ROI would be considerable. It would take balls of steel and the patience of Job to rebuild, but it could be done.
This house was flipped for $290k profit within a month. Cant imagine what the owner who sold this house last month is thinking right now 
.
.GrowthStateofMind
Member
One of these 1 bedroom places sold for $100k above ask at $1.1 mil a few months ago…
I chatted with him. Exact words were “F**k!!! I deserve the loss profit for listening to that M**********r LL”This house was flipped for $290k profit within a month. Cant imagine what the owner who sold this house last month is thinking right now
Revisiting this one. In the mean time this neighbor's house listed at $2,650,000 sold for $2,820,000. $170K over list closing in less than two weeks. $$washer.
Then the 73 Copper Mine went pending. $500K profit in three months. MAX ROI!
Another neighbor originally listed at $2,688,000 but changed to $2,840,000 within a week after the 60 Stetson sale. Don't want to leave $150K on the table.
Is this craziness a sign of the peak or a harbinger of more to come? Only a fool would make that prediction - not me!
irvinebullhousing
Well-known member
The FED is now committed to rate reduction, later this year. Maybe one or two, that will light the fire again.
As if we are not already in an inferno. Calm, they say. We want to be cautious said the FED. Little do they know, panick buying is abound in Irvine.
As if we are not already in an inferno. Calm, they say. We want to be cautious said the FED. Little do they know, panick buying is abound in Irvine.
momopi
Well-known member
Photos: https://www.realtor.com/realestateandhomes-detail/716-Trailblaze_Irvine_CA_92618_M20606-83008
If I'm not mistaken, this is a very nice ground level condo. No stairs, has master bedroom and an office that could be converted to a small bedroom as needed. The price is outrageous.
I was at Ladera Linda Community Park in Rancho Palos Verdes today. They refurnished the park with new facilities and it's very, very nice with ocean view, hiking trails, new buildings, etc. You can find older homes on large lot for half the price of Irvine there. With cool ocean breeze you probably only need to run whole house fan and not A/C. But getting in and out is troublesome with limited roads, not to mention distance/traffic to LA/OC for work.
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usctrojancpa
Well-known member
That yard is so small, can you even put a patio outside? What good is a view lot if you can't even enjoy it being outside because of the tiny yard.