Biggest Irvine drop?

NEW -> Contingent Buyer Assistance Program
[quote author="ABC123" date=1225345978]I saw this one on Redfin. There must be more than meets the eye because I don't know how this could have ever sold for 1.2 million



<a href="http://www.redfin.com/CA/Irvine/146-Saint-James-92606/unit-55/home/5887440"> 146 Saint James #55 Irvine, CA 92606 </a>



Price: $519,000

Beds: 2

Baths: 3

Sq. Ft.: 1,170

$/Sq. Ft.: $444

Lot Size: 2,275 Sq. Ft.

Year Built: 2001



Sales History

Jul 16, 2003 $642,455

Aug 22, 2005 $1,210,000</blockquote>


Looks like something's wrong with Redfin's data on this one. I show:



11/28/03: current owner buys for $442,000, using $353,600 first/$88,400 second, so zero down.



2/14/2005: A happy valentine's day refi of the second for $137,000.
 
[quote author="irvine_home_owner" date=1225346212][quote author="WestparkRenter" date=1225345042]WestPark, drop 40%

Bought in 2006 for $1.300M, sold recently around $800K, drop $500K.</blockquote>
If you're talking about 11 Santa Rida:



<a href="http://www.redfin.com/CA/Irvine/11-Santa-Rida-92606/home/4626530">http://www.redfin.com/CA/Irvine/11-Santa-Rida-92606/home/4626530</a>



Oct 31, 2006 $1,300,000

Sep 05, 2008 $855,540



That's actually still 34%.</blockquote>


Yes this is the one. I went by my memory so it's not exact.
 
[quote author="WestparkRenter" date=1225344860][quote author="JLegend" date=1225343777][quote author="asianinvasian" date=1225343331]

Why are you comparing different plans? No wonder you're still renting.</blockquote>


hehe. because if a few houses drop by 40% in Irvine, they all should becasue they are cookie-cutter. I hear very little about desirability, design and overall look and feel of homes in Irvine as being important to many on this forum. maybe because if you've seen one irvine house, you've seen them all.</blockquote>


If you own real estate, you should know, people don't really care about that, it's a matter of preference. It's like buying a used car, does not matter what upgrades you have, people don't care, they always pay a used car by mileage and condition of the car. The rest of the upgrades, you paid for it, got great use out of it, but buyer does not give you extra amount for it.</blockquote>


Nonsense. And you're proving my point about the mentality of many on this forum.



If you take two identical homes (next to each other for sake of comparison so location isn't an issue), one that has been upgraded nicely with quality wood floors, dark granite counter tops throughout, updated banister and railings and crown molding and nice fixtures throughout, that will likely sell much faster (or garner more interest) than a house that is "stock," hardly upgraded with tiles for counter tops, carpet, old school wood banister and railings, and older wood cabinets. Most buyers don't want the hassle of upgrading. And if the upgraded house is more or less in-line with the buyer's aesthetics, that is "worth" more to the buyer. If the difference in price is in-line with the upgrades, that "nicer" houser will reasonably command a higher asking price. There is a point, however, if you ask too much, buyers will think to themselves that they can do the upgrades themselves for much cheaper. But you can't tell me with a straight face that a buyer could use the adjacent house as leverage to drastically bring down the price of the nicely upgraded place. IF I were the seller, I'd say go buy the cheap looking stock house and waste time you could be spending with your family upgrading it. If you don't need to upgrade, then live in your outdated home and be happy.
 
[quote author="JLegend" date=1225351696][quote author="WestparkRenter" date=1225344860][quote author="JLegend" date=1225343777][quote author="asianinvasian" date=1225343331]

Why are you comparing different plans? No wonder you're still renting.</blockquote>


hehe. because if a few houses drop by 40% in Irvine, they all should becasue they are cookie-cutter. I hear very little about desirability, design and overall look and feel of homes in Irvine as being important to many on this forum. maybe because if you've seen one irvine house, you've seen them all.</blockquote>


If you own real estate, you should know, people don't really care about that, it's a matter of preference. It's like buying a used car, does not matter what upgrades you have, people don't care, they always pay a used car by mileage and condition of the car. The rest of the upgrades, you paid for it, got great use out of it, but buyer does not give you extra amount for it.</blockquote>


Nonsense. And you're proving my point about the mentality of many on this forum.



If you take two identical homes (next to each other for sake of comparison so location isn't an issue), one that has been upgraded nicely with quality wood floors, dark granite counter tops throughout, updated banister and railings and crown molding and nice fixtures throughout, that will likely sell much faster (or garner more interest) than a house that is "stock," hardly upgraded with tiles for counter tops, carpet, old school wood banister and railings, and older wood cabinets. Most buyers don't want the hassle of upgrading. And if the upgraded house is more or less in-line with the buyer's aesthetics, that is "worth" more to the buyer. If the difference in price is in-line with the upgrades, that "nicer" houser will reasonably command a higher asking price. There is a point, however, if you ask too much, buyers will think to themselves that they can do the upgrades themselves for much cheaper. But you can't tell me with a straight face that a buyer could use the adjacent house as leverage to drastically bring down the price of the nicely upgraded place. IF I were the seller, I'd say go buy the cheap looking stock house and waste time you could be spending with your family upgrading it. If you don't need to upgrade, then live in your outdated home and be happy.</blockquote>


To each his own. I may not like your style or the granite that you choose. It costs me more to undo somebody's taste. I prefer to start from scratch. So yes, I did go out of my way to get pricings on how much things would cost to redo a brand new house( because they charge too much to upgrade). So I know how much things would cost.





In my post, I was referring to the floor plan. Desirable floorplan holds value and non-desirable floorplan doesn't as much. But I'm not sure you get to charge more.
 
[quote author="WestparkRenter" date=1225352572]



To each his own. I may not like your style or the granite that you choose. I prefer to start from scratch. So yes, I did go out of my way to get pricings on how much things would cost to redo a brand new house( because they charge too much to upgrade). So I know how much things would cost. So it would cost me more to undo somebody's taste.



In my post, I was referring to the floor plan. Desirable floorplan holds value and non-desirable floorplan doesn't as much. But I'm not sure you get to charge more.</blockquote>


Fair enough. But I disagree with respect to floorplans. A desirable floor plan is characterized that way for a reason, and it could reasonably carry a premium.
 
[quote author="JLegend" date=1225352768][quote author="WestparkRenter" date=1225352572]



To each his own. I may not like your style or the granite that you choose. I prefer to start from scratch. So yes, I did go out of my way to get pricings on how much things would cost to redo a brand new house( because they charge too much to upgrade). So I know how much things would cost. So it would cost me more to undo somebody's taste.



In my post, I was referring to the floor plan. Desirable floorplan holds value and non-desirable floorplan doesn't as much. But I'm not sure you get to charge more.</blockquote>


Fair enough. But I disagree with respect to floorplans. A desirable floor plan is characterized that way for a reason, and it could reasonably carry a premium.</blockquote>
I wish this is true. I'm an owner of a desirable floorplan(plan 2) vs my neighbor's floorplan( plan 3). Plan 3 has slightly larger square footage. The difference between plan 2 and plan 3 is 250 sqft. Not much of a difference in space. But everytime plan 3 was on sale, it also sold more than plan 2 in similar location. But plan 2 is rarely onsale and when it does it always get snapped up.
 
[quote author="WestparkRenter" date=1225353050][quote author="JLegend" date=1225352768][quote author="WestparkRenter" date=1225352572]



To each his own. I may not like your style or the granite that you choose. I prefer to start from scratch. So yes, I did go out of my way to get pricings on how much things would cost to redo a brand new house( because they charge too much to upgrade). So I know how much things would cost. So it would cost me more to undo somebody's taste.



In my post, I was referring to the floor plan. Desirable floorplan holds value and non-desirable floorplan doesn't as much. But I'm not sure you get to charge more.</blockquote>


Fair enough. But I disagree with respect to floorplans. A desirable floor plan is characterized that way for a reason, and it could reasonably carry a premium.</blockquote>
I wish this is true. I'm an owner of a desirable floorplan(plan 2) vs my neighbor's floorplan( plan 3). Plan 3 has slightly larger square footage. The difference between plan 2 and plan 3 is 250 sqft. Not much of a difference in space. But everytime plan 3 was on sale, it also sold more than plan 2 in similar location. But plan 2 is rarely onsale and when it does it always get snapped up.</blockquote>


Not sure what you are trying to convey here between your last sentence and the previous one.
 
[quote author="JLegend" date=1225353224][quote author="WestparkRenter" date=1225353050][quote author="JLegend" date=1225352768][quote author="WestparkRenter" date=1225352572]



To each his own. I may not like your style or the granite that you choose. I prefer to start from scratch. So yes, I did go out of my way to get pricings on how much things would cost to redo a brand new house( because they charge too much to upgrade). So I know how much things would cost. So it would cost me more to undo somebody's taste.



In my post, I was referring to the floor plan. Desirable floorplan holds value and non-desirable floorplan doesn't as much. But I'm not sure you get to charge more.</blockquote>


Fair enough. But I disagree with respect to floorplans. A desirable floor plan is characterized that way for a reason, and it could reasonably carry a premium.</blockquote>
I wish this is true. I'm an owner of a desirable floorplan(plan 2) vs my neighbor's floorplan( plan 3). Plan 3 has slightly larger square footage. The difference between plan 2 and plan 3 is 250 sqft. Not much of a difference in space. But everytime plan 3 was on sale, it also sold more than plan 2 in similar location. But plan 2 is rarely onsale and when it does it always get snapped up.</blockquote>


Not sure what you are trying to convey here between your last sentence and the previous one.</blockquote>


What I'm trying to say is a desirable floor plan holds value but not necesarily carries a premium( at least not in my experience). Because it never sold more than the non-desirable floor plan but it always sells when it's on sale.
 
[quote author="irvine_home_owner" date=1225372383]I'm not sure if sales history is that reliable on ALL Redfin listings.



I remember in IPO's listing, it had a previous sale price that was not true.</blockquote>


If you refer to my postings then no I did not use redfin. I remember most houses sold in my neigborhoold. All of my neighbors did. They should, it's one of the biggest assets they own.
 
[quote author="WestparkRenter" date=1225413440][quote author="irvine_home_owner" date=1225372383]I'm not sure if sales history is that reliable on ALL Redfin listings.



I remember in IPO's listing, it had a previous sale price that was not true.</blockquote>


If you refer to my postings then no I did not use redfin. I remember most houses sold in my neigborhoold. All of my neighbors did. They should, it's one of the biggest assets they own.</blockquote>
I was referring to the listing of IPO's house he recently sold... it had a previous sales price that was higher than what he had actually bought it for.



EDIT: Sorry... I meant IPO's own home that he had for sale... not WestparkRenter.
 
[quote author="irvine_home_owner" date=1225414428][quote author="WestparkRenter" date=1225413440][quote author="irvine_home_owner" date=1225372383]I'm not sure if sales history is that reliable on ALL Redfin listings.



I remember in IPO's listing, it had a previous sale price that was not true.</blockquote>


If you refer to my postings then no I did not use redfin. I remember most houses sold in my neigborhoold. All of my neighbors did. They should, it's one of the biggest assets they own.</blockquote>
I was referring to the listing of your house you recently sold... it had a previous sales price that was higher than what you had actually bought it for.</blockquote>
Are you sure it's me. Which post number? I have not posted any house on redfin, however ABC did. I merely responded to his post.
 
I didn't look through this whole thread, but did anyone post <a href="http://www.redfin.com/CA/Irvine/22-Honey-Locust-92606/home/7201191">22 Honey Locust</a>?





Sales History



Date Price

Aug 31, 2006 $1,226,000

Oct 10, 2008 $763,416



<strong>This is 37.7% off</strong>
 
Is <a href="http://www.redfin.com/CA/Irvine/86-Almador-92614/unit-210/home/5553793"> 86 Almador #210</a> a foreclosure or did it really sell for $105,000?
 
<a href="http://www.redfin.com/CA/Irvine/3214-Watermarke-Pl-92612/home/5952560"> 3214 Watermarke Pl</a>

Jun 08, 2005 $307,000

Apr 13, 2006 $420,000

Sep 19, 2008 $278,000





<a href="http://www.redfin.com/CA/Irvine/2316-Watermarke-Pl-92612/home/5952889"> 2316 Watermarke Pl</a>

Aug 16, 2005 $316,000

Sep 19, 2008 $263,000
 
[quote author="IrvineRenter" date=1225428216]I didn't look through this whole thread, but did anyone post <a href="http://www.redfin.com/CA/Irvine/22-Honey-Locust-92606/home/7201191">22 Honey Locust</a>?





Sales History



Date Price

Aug 31, 2006 $1,226,000

Oct 10, 2008 $763,416



<strong>This is 37.7% off</strong></blockquote>
Does this count? I thought this went back to the bank on Oct 10 and now it's back up for sale for $809k.
 
[quote author="irvine_home_owner" date=1225430982][quote author="IrvineRenter" date=1225428216]I didn't look through this whole thread, but did anyone post <a href="http://www.redfin.com/CA/Irvine/22-Honey-Locust-92606/home/7201191">22 Honey Locust</a>?





Sales History



Date Price

Aug 31, 2006 $1,226,000

Oct 10, 2008 $763,416



<strong>This is 37.7% off</strong></blockquote>
Does this count? I thought this went back to the bank on Oct 10 and now it's back up for sale for $809k.</blockquote>


What do you mean, "does this count?" It was a transaction in the market. It may be for a lower-than-normal purchase price because of the all-cash purchase, but it certainly still counts.
 
[quote author="IrvineRenter" date=1225431559][quote author="irvine_home_owner" date=1225430982][quote author="IrvineRenter" date=1225428216]I didn't look through this whole thread, but did anyone post <a href="http://www.redfin.com/CA/Irvine/22-Honey-Locust-92606/home/7201191">22 Honey Locust</a>?





Sales History



Date Price

Aug 31, 2006 $1,226,000

Oct 10, 2008 $763,416



<strong>This is 37.7% off</strong></blockquote>
Does this count? I thought this went back to the bank on Oct 10 and now it's back up for sale for $809k.</blockquote>


What do you mean, "does this count?" It was a transaction in the market. It may be for a lower-than-normal purchase price because of the all-cash purchase, but it certainly still counts.</blockquote>


<em>Doesn't count!



Yes it does!



No it doesn't!



Yes I T does!



Okay, do over then?



Do over!</em>



Sorry, sometimes my inner child comes out when I read some convos.
 
What I mean is did it actually sell to a buyer or did the bank just acquire it? IPO listed it as a cancelled listing.



I see now where Redfin shows the 10/10/08 sale (for some reason, it didn't show it before) and it sounded like someone else put higher offers on it in the Alexandria thread but the seller (bank?) didn't accept.



Just wondering... those sales are kind of suspect to me because I doubt I could go in there with $763k cash and they would sell it to me.
 
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