3-Car Garage Homes

NEW -> Contingent Buyer Assistance Program
Someone else I know bid on it also and was also told the same high bid so it hasn't moved between us (almost an hour time difference). I think they are going downwards by bid price because the person we knew bid lower than us by a large margin.

After thinking about it, this process seems like win-win for the seller. They only have to open up their house one day, if this process produces a higher than comp bid price... they benefit. If they can decide the bids are too low to either not sell or go the traditional route later on. Although the realtor did say this house will be sold (although I can imagine if no one bid past their "reserve" price they would not do so).

The only thing is I can see the high bidder not following through once they get to inspect the home more or after doing more of their own research. I know that when we bought our 1st resale home, we actually only went there once and decided... but the homes after that we went back to look at multiple times. The last one we bought I think the sellers may have gotten a bit sick of us because we went with her parents, and then my parents etc etc. At the current bid price, it will be hard to want to top it without looking at it more. Although it's probably about 10% below comps, it would have to be 15-20% for people to justify raising your bid when you can't re-look at it. And if you don't have a realtor, you can't even re-look at the listing through Redfin because it's no longer there.

Very interesting process. Maybe the Irvine Company should do this for those Plan 3 Santa Cruz's they were emailing me about.
 
irvinehomeowner said:
Someone else I know bid on it also and was also told the same high bid so it hasn't moved between us (almost an hour time difference). I think they are going downwards by bid price because the person we knew bid lower than us by a large margin.

After thinking about it, this process seems like win-win for the seller. They only have to open up their house one day, if this process produces a higher than comp bid price... they benefit. If they can decide the bids are too low to either not sell or go the traditional route later on. Although the realtor did say this house will be sold (although I can imagine if no one bid past their "reserve" price they would not do so).

The only thing is I can see the high bidder not following through once they get to inspect the home more or after doing more of their own research. I know that when we bought our 1st resale home, we actually only went there once and decided... but the homes after that we went back to look at multiple times. The last one we bought I think the sellers may have gotten a bit sick of us because we went with her parents, and then my parents etc etc. At the current bid price, it will be hard to want to top it without looking at it more. Although it's probably about 10% below comps, it would have to be 15-20% for people to justify raising your bid when you can't re-look at it. And if you don't have a realtor, you can't even re-look at the listing through Redfin because it's no longer there.

Very interesting process. Maybe the Irvine Company should do this for those Plan 3 Santa Cruz's they were emailing me about.
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I give the listing realtors some credit.  They are doing something a bit different and bringing something new to the table, which is always good.  The benefits for the sellers are as posted above in several of the comments.  I'll admit a bit of scientific jealously as I've always wanted to post a very low ($1?) list price just to see if bids would come in and if they would follow the rules of the invisible hand (but how do you tell without a control?).  Unfortunately I would be exploring possibly at the cost of somebody else's real asset so I'd rather just "hide 'n watch," as they say in the Big Easy.

There are some weaknesses that ought to be addressed, as well:
1. Narrowing of access - if there is a "right buyer" that can't come that one day, what then?  Smaller buyer pool = Seller's loss.
2. Lack of prequalification - while there, I noted that it only takes a name and a phone number on a piece of paper to make a bid? What if the top bidder can't pay what he/she claims they will offer?  What if the next-best offer goes away in the meantime? This could be better-mitigated with requesting buyers to bring a preapproval for a minimum, but as it stands = Seller's loss.
3. Circus effect - what if the "right buyer" is put off by the carnival-style approach? Choosing not to participate is still choosing = Seller's loss.
4. Burn victim - what if the auction fails to produce a winning bid (one that the seller will accept)? This is like scolding a two-year-old, "Stop, or else..."  Eventually there have to be consequences or credibility will be lost.  It can't be "Stop, or else I'll say 'Stop' again." Starting over = No credibility = Seller loss.

Overall, I still like the quasi-innovation, but will choose to stand by and watch this play out several times in this market before ever recommending it to a potential seller.

-IR2
 
Yes. I think this will only work in high-demand markets (Irvine) and for high-demand products (3CWG!).

My first question was if they will not accept offers outside of the bidding process, how will they do backups if the high bid falls through (since there is no prequal). The answer was a bit vague but I was told that it would go to the next highest bidder and so on and that the high bid does fall through probably half the time. My concern is how do I know that someone won't sneak in an offer outside of the bid process or that the agent/seller will favor one offer over the next? That lack of visibility does cast some doubt on the process.

If I know the high was $900k (or find out what the final high was), what's to stop me from calling the agent and saying "I'll pay that if the buyer falls through" and leapfrogging the waiting people who bid?

And while I did bid out of curiosity and it was a high possibility I would be outbid, had I been the higher bidder, I certainly would have gone through with the purchase at that price as it would have been a relative steal compared to comps and quite easy for us to qualify. It may have been seen as really low but I put a price I think is a reasonable price for Irvine homes had it not been held up for these past few years (and a price point I hope to see sometime by 2013).

So it was very easy to say "No, we will not raise our bid" but based on the timing between ours and our acquaintance's, I don't think ours was unreasonable comparatively (definition: there were probably more lower than there were higher... but I can never be sure). It did remind me of the auctions we attended many years ago when we were looking for our first house but at least that one had visibility (and there was some real OMG prices being bid).
 
irvinehomeowner said:
Yes. I think this will only work in high-demand markets (Irvine) and for high-demand products (3CWG!).

My first question was if they will not accept offers outside of the bidding process, how will they do backups if the high bid falls through (since there is no prequal). The answer was a bit vague but I was told that it would go to the next highest bidder and so on and that the high bid does fall through probably half the time. My concern is how do I know that someone won't sneak in an offer outside of the bid process or that the agent/seller will favor one offer over the next? That lack of visibility does cast some doubt on the process.

If I know the high was $900k (or find out what the final high was), what's to stop me from calling the agent and saying "I'll pay that if the buyer falls through" and leapfrogging the waiting people who bid?
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Your two questions above are really no different than when a realtor tells you they have multiple offers. My guess is there is a decent amount of times when they say there is another offer when there really is not one, to get you to bid against yourself.  The whole RE sales process has a lack of visibility in terms of whether you are or are not competing with anyone else. 
 
qwerty said:
irvinehomeowner said:
Yes. I think this will only work in high-demand markets (Irvine) and for high-demand products (3CWG!).

My first question was if they will not accept offers outside of the bidding process, how will they do backups if the high bid falls through (since there is no prequal). The answer was a bit vague but I was told that it would go to the next highest bidder and so on and that the high bid does fall through probably half the time. My concern is how do I know that someone won't sneak in an offer outside of the bid process or that the agent/seller will favor one offer over the next? That lack of visibility does cast some doubt on the process.

If I know the high was $900k (or find out what the final high was), what's to stop me from calling the agent and saying "I'll pay that if the buyer falls through" and leapfrogging the waiting people who bid?
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Your two questions above are really no different than when a realtor tells you they have multiple offers. My guess is there is a decent amount of times when they say there is another offer when there really is not one, to get you to bid against yourself.  The whole RE sales process has a lack of visibility in terms of whether you are or are not competing with anyone else. 
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Don't you know...you can only trust a realtor as far as you can throw them.  haha  That being said, there are a few good ones out there that do things the "right" way.  I've had the good fortune of running into a few of those.  And we've both experienced the other types of idiot/arrogant wastes of space.
 
irvinehomeowner said:
Yes. I think this will only work in high-demand markets (Irvine) and for high-demand products (3CWG!).

My first question was if they will not accept offers outside of the bidding process, how will they do backups if the high bid falls through (since there is no prequal). The answer was a bit vague but I was told that it would go to the next highest bidder and so on and that the high bid does fall through probably half the time. My concern is how do I know that someone won't sneak in an offer outside of the bid process or that the agent/seller will favor one offer over the next? That lack of visibility does cast some doubt on the process.

If I know the high was $900k (or find out what the final high was), what's to stop me from calling the agent and saying "I'll pay that if the buyer falls through" and leapfrogging the waiting people who bid?

And while I did bid out of curiosity and it was a high possibility I would be outbid, had I been the higher bidder, I certainly would have gone through with the purchase at that price as it would have been a relative steal compared to comps and quite easy for us to qualify. It may have been seen as really low but I put a price I think is a reasonable price for Irvine homes had it not been held up for these past few years (and a price point I hope to see sometime by 2013).

So it was very easy to say "No, we will not raise our bid" but based on the timing between ours and our acquaintance's, I don't think ours was unreasonable comparatively (definition: there were probably more lower than there were higher... but I can never be sure). It did remind me of the auctions we attended many years ago when we were looking for our first house but at least that one had visibility (and there was some real OMG prices being bid).
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Come on IHO, why don't you share with us your bid amount.  Was it $888,888.88???
 
It was between $700k and $800k.

Just in case the realtor happens upon this thread... I don't want to give too much information.

I know what qwerty means but this process is supposed to "different" from that as each bidder gets a chance to top the highest bid (unlike a traditional transaction where the seller gets to choose based on not just price but financing etc etc). And of course... you have no idea in a traditional transaction if there are really competing bids.

The same can be applied here as I have no idea if there really was a high bid of $900k but if that was the buyer's reserve, I could get a chance to beat it (although it would be the same as the agent telling me that there is an offer on a traditional sale at $900k and if I really want it to put in a higher offer).

$900k is below comps so it's conceivable it's an actual bid. The listing shows as hold status at $900k so I don't think anyone matched the high bid. It will be interesting how this shakes out. Rumor is there was an out of town job transfer, one of the members did not want to move so they said they will only sell if they do it in a day. True or not? I dunno... but fun to follow.
 
Does anyone know how much the home went for?  Dh and I were watching this and wondered....

IHO, it looks like you and are in the in the market for the same kind of home at the same kind of price. 

I went to see Sonoma and Carmel last weekend.  Carmel is pretty, but I think the floorplans are just ok and the price is shocking.  For 3000 sq feet homes, I would have expected a better layout.  Villa Rosa is looking like a better deal every day.  DH says I need to just accept that this is what a million dollars gets you in Irvine, but it is shocking.

Over the last week, we have had 2 real estate agents stop by our house asking us if we want to sell as they have buyers.  Is this true or just a way to get us to list.  I actually have no doubt that our house would sell, the questions is ... are we willing to pay what it takes to get into an Irvine home?????

 
I think Laurelwood is holding at $900k. We'll see how escrow shakes out.

As for those agents with buyers, ask them to show you some type of signed agreement by the buyer and then you'll sell. Otherwise I would go with a realtor you know and trust.

While I am frustrated by current inventory and pricing in the 3CWG segment in Irvine, I still think there may be a chance for prices to go lower in 3-5 years. We'll see how the backlog of foreclosures hold up and go from there.

While I do hear the stories... I wonder how much of those distressed homes are 3CWGs in Irvine.
 
OCMommy said:
Does anyone know how much the home went for?  Dh and I were watching this and wondered....

IHO, it looks like you and are in the in the market for the same kind of home at the same kind of price. 

I went to see Sonoma and Carmel last weekend.  Carmel is pretty, but I think the floorplans are just ok and the price is shocking.  For 3000 sq feet homes, I would have expected a better layout.  Villa Rosa is looking like a better deal every day.  DH says I need to just accept that this is what a million dollars gets you in Irvine, but it is shocking.

Over the last week, we have had 2 real estate agents stop by our house asking us if we want to sell as they have buyers.  Is this true or just a way to get us to list.  I actually have no doubt that our house would sell, the questions is ... are we willing to pay what it takes to get into an Irvine home?????
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When I sent out letters to homeowners on because of my buyer, I did so with stating that I did not want to list the home because I was not looking for a listing.  I stated that I was looking for a home for a buyer who are ready, willing, and able to purchase their home.  I provided my buyers' pre-approval loan letters along with the proof of funds to the 4 homeowners that responded to my letters to provide to them that I had a real buyer for their homes.  You should go back to that agent and tell him that if he does have a buyer for your home then you want to see their loan pre-approval letter and their proof of funds.  DO NOT SIGN ANY PRESENTATION AGREEMENT!!!  If the agent does provide you proof of a real buyer who is interested in your property AND you guys come to an agreement on the price, then tell them they you do not want the home listed on MLS and that you'll pay him 2-3% (I asked the owner for only 2% and to pass some of the savings on to my buyer in terms of a lower price) to take care of the transaction for both you and the buyer.  If the agent asks or insists that he list your property...tell them to hit the road.
 
New one today in Oak Creek:

8 Blackbird, 4/2.5 2389sf, $829khttp://www.redfin.com/CA/Irvine/8-Blackbird-92618/home/4746443

I think this is the floorplan:http://floorplans.irvinerealtorsite.com/OakCreek/AshfordPlace/AshfordPlaceB2273.JPG

The lot is over 7800sft as it's on the end of the cul-de-sac and it's pie shaped... the con being of course it's near the freeway but at least it's not directly backing it, it's on the opposite side of the cul-de-sac facing it so the noise is away from the master bedroom (not the kids' though).

The price is really good considering the lot size but from the few pictures they have (drive by only for now too), it doesn't look very updated other than flooring (pergo/wood and tile?). I'm not too hot on the floorplan but 3CGers can't be choosers.
 
irvinefan said:
28 Belmonte!
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Hehe... I was looking at that one this morning.

It has good bones... but is pretty old:

28 Belmonte, 4/2.5 2144sf $670k (short sale)http://www.redfin.com/CA/Irvine/28-Belmonte-92620/home/4795959
http://floorplans.irvinerealtorsite.com/Northwood/Oakleaf/OakleafC2130.JPG

The master is huge and the the kitchen is open to the family room. It has a wetbar (SoCal78!) but at least it's in the dining room. Deal breakers for us (other than the aged A frame exterior) are the laundry in the garage, no downstairs bedroom and the amount of interior renovation that would have to be done. I guess at $670k this is what you are going to get, the location is decent (cul-de-sac street) and it is currently the lowest 3CWG in Irvine.
 
irvinehomeowner said:
I think Laurelwood is holding at $900k. We'll see how escrow shakes out.
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It looks like they closed last week at $935k.

This makes me wonder if someone came in and gave another offer over the $900k top bid. Listed and sold in 2 months... pretty good.
 
irvinehomeowner said:
irvinefan said:
28 Belmonte!
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Hehe... I was looking at that one this morning.

It has good bones... but is pretty old:

28 Belmonte, 4/2.5 2144sf $670k (short sale)http://www.redfin.com/CA/Irvine/28-Belmonte-92620/home/4795959
http://floorplans.irvinerealtorsite.com/Northwood/Oakleaf/OakleafC2130.JPG

The master is huge and the the kitchen is open to the family room. It has a wetbar (SoCal78!) but at least it's in the dining room. Deal breakers for us (other than the aged A frame exterior) are the laundry in the garage, no downstairs bedroom and the amount of interior renovation that would have to be done. I guess at $670k this is what you are going to get, the location is decent (cul-de-sac street) and it is currently the lowest 3CWG in Irvine.
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I went to go see that home a few backs with one of my buyers.  The home is disgusting and it has a lot of termite damage.  I doubt it will get any offers.
 
The outside doesn't look so good... so if the inside is just as bad... that's a bit s

There are a few more options:

4031 Blackfin, 5/3 2344sf $675khttp://www.redfin.com/CA/Irvine/4031-Blackfin-Ave-92620/home/4777868

No front pictures so I can't tell if it's 3CW and the floorplan I think it is doesn't show a 3-car. It also backs Bryan/Culver.

Also Winchester came back up but the listing says they are only looking for all-cash offers... I wonder why it fell out?http://www.redfin.com/CA/Irvine/9-Winchester-92620/home/4780427
 
Re blackfin:  what do people with young kids do when you have one of those yards where the pool takes up the whole space and is literally 3 steps from the door?    Do you just not buy homes like this I guess?  Or the kids jsut never go outside (not like there's anywhere to go...)


ANYWAY.  You can sort of see the garage via the Bing Maps Bird's eye view, sort.  From the redfin page click the birds eye view  link on the map (warning, popup) and manipulate the map til you can see what you want.

It does appear to be a 3CG although there's a giant thing parked in front of part of it.

I dunno if I'd worry that much about the noise, outside of commuting hours and sat afternoon traffic it probably isn't THAT bad, unless you guys are ultra sensitive to any sounds at all.    And you could install some kind of fountaining system back there for ambient noise.  Although we currently live with a running stream next to us (artificial, for noise) and we hate the noise of the water a lot more than we would hate the noise of cars (its kind of a dull roar while you're trying to watch a movie).    On the plus side it does block out neighbor noise and people talking really well.
 
Culver is loud... especially at an intersection. It has to do with the acceleration and deceleration of vehicles that increases the noise factor compared to other locations. Combine that with motorcycles, buses and fire/police and it becomes quite a nuisance.
 
IHO - I like the Oak Creek house posted and am starting to think that I would go with a house with the smaller square footage if it had the three car garage.  I do not like the proximity to the freeway!
 
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