Anyone know what 3 Cipriani closed for?

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[quote author="irvine_home_owner" date=1255261540][quote author="USCTrojanCPA" date=1255260648][quote author="USCTrojanCPA" date=1251037840]I think 3 Cipriani will close for $850k-$875k. I went to see the property with one of my buyers before the open house last weekend. The carpet was in horrible shape (needed to be replaced), the bathrooms and kitchen were outdated, and the walls needed a good re-painting. The curb appeal was a little BLAH with the weird 3-car garage layout (I think even IHO would say it wasn't IHO approved...3-car garage wise of course).</blockquote>
I was very...the property closed for $880k on 10/1/09.</blockquote>
What?!?



The most recent comps were in the low 800s! How did that get through the appraisal?



Is it bubble time again?</blockquote>
I guessed $850k because that was about $333/sf which I thought would be within the higher end of comps. The smaller Westpark homes are closing in the high $300/sf range nowadays. I'll post up the loan info once it becomes available in the next week or two but my guess is that the buyer probably put over 30-40% down. The property definitely sold above comps and needed a good $15k-$20k worth of painting and carpet/flooring replacement. Prices are on the uptrend from what I can tell. Even the older properties in Northwood and El Camino have increased in prices by about 5%-8% since the spring.
 
[quote author="irvine_home_owner" date=1255261540][quote author="USCTrojanCPA" date=1255260648][quote author="USCTrojanCPA" date=1251037840]I think 3 Cipriani will close for $850k-$875k. I went to see the property with one of my buyers before the open house last weekend. The carpet was in horrible shape (needed to be replaced), the bathrooms and kitchen were outdated, and the walls needed a good re-painting. The curb appeal was a little BLAH with the weird 3-car garage layout (I think even IHO would say it wasn't IHO approved...3-car garage wise of course).</blockquote>
I was very...the property closed for $880k on 10/1/09.</blockquote>
What?!?



The most recent comps were in the low 800s! How did that get through the appraisal?



Is it bubble time again?</blockquote>


That was the only house on the market in that vicinity. Besides, Asians are very fond of that area. BTW, the buyer is Chinese.
 
[quote author="GlacierPoint" date=1255263144][quote author="irvine_home_owner" date=1255261540][quote author="USCTrojanCPA" date=1255260648][quote author="USCTrojanCPA" date=1251037840]I think 3 Cipriani will close for $850k-$875k. I went to see the property with one of my buyers before the open house last weekend. The carpet was in horrible shape (needed to be replaced), the bathrooms and kitchen were outdated, and the walls needed a good re-painting. The curb appeal was a little BLAH with the weird 3-car garage layout (I think even IHO would say it wasn't IHO approved...3-car garage wise of course).</blockquote>
I was very...the property closed for $880k on 10/1/09.</blockquote>
What?!?



The most recent comps were in the low 800s! How did that get through the appraisal?



Is it bubble time again?</blockquote>


That was the only house on the market in that vicinity. Besides, Asians are very fond of that area. BTW, the buyer is Chinese.</blockquote>


FCB AGAIN? They love those 3CWG and willing to pay higher than market price for them. They are thinking about the extra bedroom potential in the garage and justified for paying much higher.



The 3 car garage designs despite of their dated styling but certainly in high demand since all new products will not have this feature. Despite of other 3 car attempts in other configurations to save land like tandem and turned Chinese will always prefer the easiest one to drive into.



For those with 3CWG their home will not only command a much higher premium but also increased absorption vs a similar size home with only a 2 car garage.



The existing 2 car inventory will suffer the most in sale by longer duration in the market as well price reduction incentive to compete with new homes.



The ridiculous obscene amount of $$$ flippers and developers made during the bubble era will not repeat within our lifetime.



Political pressure will focus entirely on top school scores and low crime to sell homes.



City of Irvine is hurting financially due to the lack of permit fee. In order to keep jobs the city will do anything to work with developers. I predict the city will compromise its development standard demand. IPD will accidentally misplace some files and rush dying victims quickly to Santa Ana hospitals.
 
Holy shnickeys.



See... 3WCG is the hawtness. Despite the condition, the floorplan for it is decent, it's one of the few Westpark II models that have the laundry room as a separate area rather than a pass-through from the garage (but it's still on the 1st floor). I think the other big thing is the 1st floor bedroom with bath... it's perfect for that FCB multi-generational lifestyle bk talks about.



Where's graph? FCBs are alive and well.
 
[quote author="irvine_home_owner" date=1255304840]Holy shnickeys.



See... 3WCG is the hawtness. Despite the condition, the floorplan for it is decent, it's one of the few Westpark II models that have the laundry room as a separate area rather than a pass-through from the garage (but it's still on the 1st floor). I think the other big thing is the 1st floor bedroom with bath... it's perfect for that FCB multi-generational lifestyle bk talks about.



Where's graph? FCBs are alive and well.</blockquote>
This wasn't a cash buyer though. They used conventional financing...I just don't know how much yet.
 
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