vsfan
Member
Pending after 15 days on the market… almost 1100 per sqft.
Newer Irvine listings with crazy WTF asking prices from equity sellers
- Thread starter usctrojancpa
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NEW -> Contingent Buyer Assistance Program
Pending after 15 days on the market… almost 1100 per sqft.
Irvine prices did decrease about 9% from May 2022 to the end of 2022. Then in 2023 prices started rising and that happen around the same time that China lifted their covid zero policy.
We were looking into these homes back then. If my memory served me well, they were selling around $1.2 mil. We lost interest after finding out about GP tax.
The home was purchased by the seller from Lennar in 2016 for $1,220,000.
Yes that's because it's a single story home. Single story home on average sell for about 20% more than two story homes of similar size and location.
I'm fortunate (or maybe not so) to have been signed up to purchase this plan in Phase 2. I actually measured everything during construction. I'm most likely within 1/2" on every measurement of what was built. See attached pictures. Here's what I found:
Using the Gross Living Area: 1,949 SF (shown cross hatched below).
Using the ANSI Method: 2,162 SF (thick purple line below). Note that if you include the entire wall separating the garage from the living space it is 2,170 SF.
Using the IBC Method: 2,589 SF (includes the garage and California Room).
Because this is a single story home, don't have to worry about stairs, which does create additional issues. No justifying the 2,715 SF number. The builder's number is published - just keep in mind what they are measuring. They should also state somewhere they are using "ANSI Standardized Property Measuring Guidelines." But they only say everything is approximate... you're on your own.
Beat this one to death
Time to get a COLD ONE!
Pending after 15 days on the market… almost 1100 per sqft.
sgip
Well-known member
These were some of the earlier homes finished in the GP. Sales history doesn't say what the original purchase price was, although it can be inferred in the tax history. Any info on what these sold for back in 2016?
usctrojancpa
Well-known member
Irvine prices did decrease about 9% from May 2022 to the end of 2022. Then in 2023 prices started rising and that happen around the same time that China lifted their covid zero policy.
We were looking into these homes back then. If my memory served me well, they were selling around $1.2 mil. We lost interest after finding out about GP tax.
usctrojancpa
Well-known member
The home was purchased by the seller from Lennar in 2016 for $1,220,000.
usctrojancpa
Well-known member
Yes that's because it's a single story home. Single story home on average sell for about 20% more than two story homes of similar size and location.
sgip
Well-known member
With all things now measured in "NVIDIA's", if $1.2m was invested in NVIDIA during 2016, your shares would be about 430k. A pretty stupid move, but merely a thought exercise.... With a 4/1 split in 2021, you'd have 1.7m shares. At current price I think you'd have $2.1b if my math is correct.... MAX ROI
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Martin already told you the price, but for fun I've attached some original builder information. According to the Phase 2 price list, single stories were going for $1,050,000. This house was in Phase 7, Lot 4. So 5 phases increased at $30K each plus maybe $20K lot premium, estimated. Note the square footage is only 2,165 SF not 2,715 SF shown in the listing. Lot 4 listed at 6,136 SF while Lot 42 (in Phase 2) 6,301 SF so lot is smaller with an angled back wall. Does back to Bosque...busy. We almost bought this plan but the floor plan just had too many issues to overcome.
Attachments
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CalBears96
Well-known member
How do they go from 2165 sq. ft to 2715 sq ft? That's a massive lie. I've seen stupid ass appraiser increasing sq ft on Highland Plan 2 from 2753 sq ft to 2860 sq ft, but increasing by 550 sq ft is just plain ridiculous. I don't know why appraisers don't use builders' listed sq ft and just make up their own numbers.
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vsfan
Member
I was at the open house, it did feel smaller than 2715 sqft.
CalBears96
Well-known member
I mean, if the builder listed it as 2165 sq ft, then it's definitely 2165 sq ft. It won't be even 10 sq ft bigger, let alone 550 sq ft bigger.
sgip
Well-known member
Builders measure SF exclusive of stairs, landings, etc. Appraisers can (not "always") use that space when calculating volume. Some appraisers will subtract pony walls from their SF calculations as well.
Unless there was an addition on this home, you can't get another 500 SF out of thin air. It's possible the realtor used whatever the County says SF is, which is a piss poor way to discover and market SF.
Unless there was an addition on this home, you can't get another 500 SF out of thin air. It's possible the realtor used whatever the County says SF is, which is a piss poor way to discover and market SF.
GrowthStateofMind
Member
Extra 550 sq ft for wishful thinking, hopes, and dreams of living in Irvine
Maybe, but based on my experience builders make errors and are generally within 3%. But better than most appraisers! The problem is that there is no uniform standard that everyone agrees to. And then what numbers do we use? Those dimensions found on the blueprints or what was actually built? Do we use the Gross Living Area where we measure the inside of all rooms and add them up? That's how you measure flooring and energy calculation requirements. Do we use the ANSI method where we measure to the exterior walls of the living areas - walls that are shared with the garage are measured to the center of the wall. Doesn't Fannie Mae require this? I believe Gross Living Area is the better method. Or do we use the IBC method where you go the exterior of all covered areas, such as the California Room and/or garage? I doubt it, but you never know. Then consider measuring things. You have exterior walls that the plans show are 40 feet outside edge to outside edge. Do you think they were built exactly 40 feet? Doubtful. But even if they were exact, five different people would measure them and have five different numbers. Built in margin of error.
I'm fortunate (or maybe not so) to have been signed up to purchase this plan in Phase 2. I actually measured everything during construction. I'm most likely within 1/2" on every measurement of what was built. See attached pictures. Here's what I found:
Using the Gross Living Area: 1,949 SF (shown cross hatched below).
Using the ANSI Method: 2,162 SF (thick purple line below). Note that if you include the entire wall separating the garage from the living space it is 2,170 SF.
Using the IBC Method: 2,589 SF (includes the garage and California Room).
Because this is a single story home, don't have to worry about stairs, which does create additional issues. No justifying the 2,715 SF number. The builder's number is published - just keep in mind what they are measuring. They should also state somewhere they are using "ANSI Standardized Property Measuring Guidelines." But they only say everything is approximate... you're on your own.
Beat this one to death
Time to get a COLD ONE!Attachments
No these houses are not 2700 sqft. I’ve seen houses like this one listed over the year are around 2100. Garage should not be considered living space.Maybe, but based on my experience builders make errors and are generally within 3%. But better than most appraisers! The problem is that there is no uniform standard that everyone agrees to. And then what numbers do we use? Those dimensions found on the blueprints or what was actually built? Do we use the Gross Living Area where we measure the inside of all rooms and add them up? That's how you measure flooring and energy calculation requirements. Do we use the ANSI method where we measure to the exterior walls of the living areas - walls that are shared with the garage are measured to the center of the wall. Doesn't Fannie Mae require this? I believe Gross Living Area is the better method. Or do we use the IBC method where you go the exterior of all covered areas, such as the California Room and/or garage? I doubt it, but you never know. Then consider measuring things. You have exterior walls that the plans show are 40 feet outside edge to outside edge. Do you think they were built exactly 40 feet? Doubtful. But even if they were exact, five different people would measure them and have five different numbers. Built in margin of error.
I'm fortunate (or maybe not so) to have been signed up to purchase this plan in Phase 2. I actually measured everything during construction. I'm most likely within 1/2" on every measurement of what was built. See attached pictures. Here's what I found:
Using the Gross Living Area: 1,949 SF (shown cross hatched below).
Using the ANSI Method: 2,162 SF (thick purple line below). Note that if you include the entire wall separating the garage from the living space it is 2,170 SF.
Using the IBC Method: 2,589 SF (includes the garage and California Room).
Because this is a single story home, don't have to worry about stairs, which does create additional issues. No justifying the 2,715 SF number. The builder's number is published - just keep in mind what they are measuring. They should also state somewhere they are using "ANSI Standardized Property Measuring Guidelines." But they only say everything is approximate... you're on your own.
Beat this one to death
sleepy5136
Well-known member
Can’t the agent get in trouble if the listing gets reported as misinformation? 500+ sqft difference isn’t minor by any means
sgip
Well-known member
If this closes without any corrections, I would think the listing agent, the buyers agent, and the home inspector would have some kind of liability issue. This assumes it's an all cash deal and an appraiser is not being used.
This is more than likely a case of lazy realtor, one who didn't verify, listed, and has now been forced to update all parties about the error. Remember also that it's pending, not sold, so the final closing price is unknown.
Or.... It could be another money launderer who needs only to park cash into an asset and doesn't care. It will be interesting to see how this all plays out, no?
This is more than likely a case of lazy realtor, one who didn't verify, listed, and has now been forced to update all parties about the error. Remember also that it's pending, not sold, so the final closing price is unknown.
Or.... It could be another money launderer who needs only to park cash into an asset and doesn't care. It will be interesting to see how this all plays out, no?
Liar Loan
Well-known member
Thanks for sharing that. I found a few things interesting:
- The UK has a relatively high amount leaving given that their population is ~70M. White flight?
- The UAE (population ~9M) and Singapore (population ~6M) influxes are incredibly high but both are small, wealthy city states known for being business friendly and having rule of law. No shoplifting (or rape or murder) passes given out.
- The influx into Italy and Greece is interesting too. It's not like those places have tons of high paying jobs and I didn't get the impression that they are exemplary model states for having rule of law.
- The UK has a relatively high amount leaving given that their population is ~70M. White flight?
- The UAE (population ~9M) and Singapore (population ~6M) influxes are incredibly high but both are small, wealthy city states known for being business friendly and having rule of law. No shoplifting (or rape or murder) passes given out.
- The influx into Italy and Greece is interesting too. It's not like those places have tons of high paying jobs and I didn't get the impression that they are exemplary model states for having rule of law.