3-Car Garage Homes

NEW -> Contingent Buyer Assistance Program
irvinehomeowner said:
fe9000 said:
IHO,

How about 9 Laurelwood?  According to the listing, it's "Auction" style this Saturday.  Reserve is the listing price at $550,000.  Sounds like a gimmick to me.
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You are a bit late to the party my friend... read about 5 posts up.
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Shoot!!!  My bad!!!  I thought I didn't see it and I just got this notice in the email today.
 
qwerty said:
irvinehomeowner said:
So this Northwood Pointe home has a priced reduction from $1.1m to $790k one day after it lists and then again to $550k:

9 Laurelwood, 5/3 2800sf, $550khttp://www.redfin.com/CA/Irvine/9-Laurelwood-92620/home/4790277

And the listing has this juicy tidbit:
Offers will be accepted on site, One Day Only! this Saturday April 10th from 10am to 5pm. Rain or Shine- and sold to the best offer/buyer who places an offer on Saturday Only! - The List Price is the reserve or minimum bid subject to the Seller's(s') acceptance.
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I don't eBay very much but isn't the "reserve/minimum" bid what you can buy it at, without the "Seller's acceptance"? Granted this is a house but still.

So what type of FCB flurry are we going to expect with this one? Comps are about $1mil.
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on redfin i saw a home in Yorba Linda that pulled this exact stunt, said they were accepting offers all day this past saturday. well saturday came and went and they apparently received no offers or did not accept any. But "reserve/minimum was in the 400's i believe, but subject to sellers acceptance.
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That property is will be a short sale unless someone grossly overpays for it.  I believe they have over $800k in debt on it (one of my other buyers was semi-interested in it).
 
I'm going to visit Laurelwood tomorrow for this pseudo auction.

I'll let you guys know how it was (if I don't see some of you there).
 
irvinehomeowner said:
Do you mean they are building more? Astoria is sold out at Columbus Square.
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They only built and sold 34 out of the 102 planned units plus the 4 model homes.  The rest is vacant land right now.

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Stuff It said:
See you there
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Where were you? Heh.

Lots of people at this one... FCBs, non-FCBs... etc etc. There were more FCBs than the low-listed Woodbridge one we went to a while back. The house is nice, no upgrades other than the oak floor, berber carpet upstairs (which looks dated) and nice plantation shutters. I think I already mentioned that it has a Feng Shui no-no of being on the T of the street and the master toilet is over the nook, but other than that the floorplan is decent. I'm trying to figure out where they got their 2800 sft when the floorplan says 2588 sft.

The sales strategy is interesting, no visits until today and there will only be an open house today and then bids will be collected and a calling campaign will be done on Monday to determine highest bid and if lower bidders want to raise their price. And they are serious about it because it's already been delisted. I asked them about this process since there was mention of a YL house like that and they said the reason they do it that way is because some homeowners don't want their house on the market for weeks having to deal with the inconvenience of people going in and out every day. They have this one day process and whoever bids the highest, wins. I guess this works for equity sales and for people who don't want to hassle with the traditional listing process.

We put in a nominal bid because I wanted to experience the process but I doubt ours will be the highest as we only bid what we would buy it at which is lower than recent comps. This same exact floorplan on a cul-de-sac sold for $970k last week:
http://www.redfin.com/CA/Irvine/8-Trailwood-92620/home/4790201

It amazes me how much interest there is in Irvine... even a house that has barely any upgrades. The realtor was a North OC company that may not know the Irvine market as well because they seemed surprised by the turnout (esp if the YL house no-bids story is true). I asked them what they thought comps were in the area and their answer was lower than what I've seen them at (but maybe they told me that to get me to bid).

Not sure what you other realtors or buyers think of this type of process but I do feel it's interesting (the Woodbridge home that was listed below $800k ended up selling for over $1mil so go figure).

We'll see what they tell me on Monday.
 
irvinehomeowner said:
Stuff It said:
See you there
Click to expand...
Where were you? Heh.

Lots of people at this one... FCBs, non-FCBs... etc etc. There were more FCBs than the low-listed Woodbridge one we went to a while back. The house is nice, no upgrades other than the oak floor, berber carpet upstairs (which looks dated) and nice plantation shutters. I think I already mentioned that it has a Feng Shui no-no of being on the T of the street and the master toilet is over the nook, but other than that the floorplan is decent. I'm trying to figure out where they got their 2800 sft when the floorplan says 2588 sft.

The sales strategy is interesting, no visits until today and there will only be an open house today and then bids will be collected and a calling campaign will be done on Monday to determine highest bid and if lower bidders want to raise their price. And they are serious about it because it's already been delisted. I asked them about this process since there was mention of a YL house like that and they said the reason they do it that way is because some homeowners don't want their house on the market for weeks having to deal with the inconvenience of people going in and out every day. They have this one day process and whoever bids the highest, wins. I guess this works for equity sales and for people who don't want to hassle with the traditional listing process.

We put in a nominal bid because I wanted to experience the process but I doubt ours will be the highest as we only bid what we would buy it at which is lower than recent comps. This same exact floorplan on a cul-de-sac sold for $970k last week:
http://www.redfin.com/CA/Irvine/8-Trailwood-92620/home/4790201

It amazes me how much interest there is in Irvine... even a house that has barely any upgrades. The realtor was a North OC company that may not know the Irvine market as well because they seemed surprised by the turnout (esp if the YL house no-bids story is true). I asked them what they thought comps were in the area and their answer was lower than what I've seen them at (but maybe they told me that to get me to bid).

Not sure what you other realtors or buyers think of this type of process but I do feel it's interesting (the Woodbridge home that was listed below $800k ended up selling for over $1mil so go figure).

We'll see what they tell me on Monday.
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At the end of the day, it's not that realtor that sells the home...it's the price.  Your observations just highlight what I've been saying for months and months to Graph, there's a lot of demand out there for Irvine homes and even non-Irvine homes that are priced out. 
 
irvinehomeowner said:
Stuff It said:
See you there
Click to expand...
Where were you? Heh.

Lots of people at this one... FCBs, non-FCBs... etc etc. There were more FCBs than the low-listed Woodbridge one we went to a while back. The house is nice, no upgrades other than the oak floor, berber carpet upstairs (which looks dated) and nice plantation shutters. I think I already mentioned that it has a Feng Shui no-no of being on the T of the street and the master toilet is over the nook, but other than that the floorplan is decent. I'm trying to figure out where they got their 2800 sft when the floorplan says 2588 sft.

The sales strategy is interesting, no visits until today and there will only be an open house today and then bids will be collected and a calling campaign will be done on Monday to determine highest bid and if lower bidders want to raise their price. And they are serious about it because it's already been delisted. I asked them about this process since there was mention of a YL house like that and they said the reason they do it that way is because some homeowners don't want their house on the market for weeks having to deal with the inconvenience of people going in and out every day. They have this one day process and whoever bids the highest, wins. I guess this works for equity sales and for people who don't want to hassle with the traditional listing process.

We put in a nominal bid because I wanted to experience the process but I doubt ours will be the highest as we only bid what we would buy it at which is lower than recent comps. This same exact floorplan on a cul-de-sac sold for $970k last week:
http://www.redfin.com/CA/Irvine/8-Trailwood-92620/home/4790201

It amazes me how much interest there is in Irvine... even a house that has barely any upgrades. The realtor was a North OC company that may not know the Irvine market as well because they seemed surprised by the turnout (esp if the YL house no-bids story is true). I asked them what they thought comps were in the area and their answer was lower than what I've seen them at (but maybe they told me that to get me to bid).

Not sure what you other realtors or buyers think of this type of process but I do feel it's interesting (the Woodbridge home that was listed below $800k ended up selling for over $1mil so go figure).

We'll see what they tell me on Monday.
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I was tempted but my wife didn't want the house to be the one acting as a brake for the qi so it wasn't worth viewing a house we might not buy. Maybe next time when someone is giving away a house for free?
 
So let's make a contest, who wants to guess what bid price they are going to call me with as the top price. USC says $925k (or does he want $950k? No spreads!).
 
irvinehomeowner said:
So let's make a contest, who wants to guess what bid price they are going to call me with as the top price. USC says $925k (or does he want $950k? No spreads!).
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Put me down for $925k.
 
This process is interesting, i think its pretty good for the seller for areas in demand since i think it kind of creates a little bit of a frenzy with buyers, then emotions will get the most of some buyer and cause a higher bid than they may have put in otherwise. 
 
qwerty said:
This process is interesting, i think its pretty good for the seller for areas in demand since i think it kind of creates a little bit of a frenzy with buyers, then emotions will get the most of some buyer and cause a higher bid than they may have put in otherwise. 
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^^^This is the truth.  The competitive spirit and/or desperation of some buyers will cause them to bid more than they would have otherwise.
 
Well... I got the call but the problem is I won't be able to find out what the final bid price is because in order to know, I have to bid above the highest current price.

The high bid at the time they called me is just over $900k. I might try to call them back to find out what the final bid price was but I'm going to assume it will be higher.

Amazing.



 
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