Newer Irvine listings with crazy WTF asking prices from equity sellers

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vsfan said:
I do wonder - don’t the sellers lose money by doing the flip within 3 month like this?
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yea but probably better than paying almost 20k in mortgage every month. paying 43% downpayment and still needing to pay 20k in mortgage a month is crazy for this type of home.
 
vsfan said:
I do wonder - don’t the sellers lose money by doing the flip within 3 month like this?
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If there is a loan, it's likely an IO based line of credit. Very low cost given how long the draw is active. Most flips are all cash purchases so the only expense is the theoretical loss of potential earned interest.

For the money laundering flips (quick resale, no improvements) zero profit is acceptable, even a small loss works as well, as all they want is for that wire at closing to have that freshly laundered smell.
 
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sgip said:
If there is a loan, it's likely an IO based line of credit. Very low cost given how long the draw is active. Most flips are all cash purchases so the only expense is the theoretical loss of potential earned interest.

For the money laundering flips (quick resale, no improvements) zero profit is acceptable, even a small loss works as well, as all they want is for that wire at closing to have that freshly laundered smell.
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The price bumping quick flips will be coming to an end shortly as the market is slowing down and inventory is starting to pile up.
 
Danimal said:
Every time @CalBears96 is about to sell his house, market slows down 😀
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My luck is just shit. The only consolation I take from this is that at least I will get to experience a bit of that "Irvine pain". Not A LOT like the sellers 6 months ago, just a little bit, but better than nothing.

We started listing it, but timing may be bad since a lot of people are vacationing right now. A lot of realtors came in at the broker preview, but Open House was kind of slow. It doesn't help that a couple other Bluffs 2 popped up on the market at the same time, one view lot and the other one listing at $100k less. Not to mention that my neighbor (Bluffs 1) started listing a week before us.

 
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vsfan said:
Hmm… based on the pricing trend, I bet FCB moved on to 5m+ market, 2m is the new 900k for Irvine working class.
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If you want to clap back, I hope you are prepared with evidence. All the listings below are all below 5m and are FCB owners within the vicinity of CalBears that are in the market currently:

https://www.redfin.com/CA/Irvine/105-Yellow-Iris-92618/home/184738404 - FCB owner
https://www.redfin.com/CA/Portola-Hills/117-Halworth-92679/home/180436285 - FCB owner
https://www.redfin.com/CA/Irvine/105-Trumpet-Flower-92618/home/173442192 - FCB owner
https://www.redfin.com/CA/Irvine/107-Ritual-92618/home/143912240 - FCB owner
https://www.redfin.com/CA/Irvine/113-Tall-Reed-92618/home/188048353 - LLC owner (prob FCB)
 
sleepy5136 said:
If you want to clap back, I hope you are prepared with evidence. All the listings below are all below 5m and are FCB owners within the vicinity of CalBears that are in the market currently:

https://www.redfin.com/CA/Irvine/105-Yellow-Iris-92618/home/184738404 - FCB owner
https://www.redfin.com/CA/Portola-Hills/117-Halworth-92679/home/180436285 - FCB owner
https://www.redfin.com/CA/Irvine/105-Trumpet-Flower-92618/home/173442192 - FCB owner
https://www.redfin.com/CA/Irvine/107-Ritual-92618/home/143912240 - FCB owner
https://www.redfin.com/CA/Irvine/113-Tall-Reed-92618/home/188048353 - LLC owner (prob FCB)
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okay - I clicked the links, where was the “FCB owner” check box in the listing?
 
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