Bubble Swing Listings

[irvinehomeowner]

This one is interesting:
http://www.redfin.com/CA/Irvine/12-Poway-92602/home/5813332

It sold originally in 2002 for $598k, then in 2006 during the bubble height for $1.2m.

In 2010, it was listed for $850k as a short sale and then eventually sold June of last year for $799k.

Now it's listing for $1.1m... a $300k swing in just a year and half.

 

[ps99472]

It's the McRib lot premium

 

[nosuchreality]

Oh, McRib premium, here I was thinking 'wow, bad photoshop touch-ups have gotten really expensive'.

 

[irvinehomeowner]

Yep... a picture is worth a thousand dollars.

 

[bones]

.

 

[nosuchreality]

I like this floorplan.  Not a bad buy if you comp against new builds.  But man? $800k 1.5 years ago.

$800K 1.5 years ago, is basically inflation parity price from the Mar 2002 purchase.  That's with the, IMO, underestimated CPI numbers.

 

[iacrenter]

Lots of traffic at the brokers open today. The home is listed as a 4 bedroom but only optioned with 3 bedrooms + loft + office area (both could be turned into bedrooms). Flooring looks nice, decent size backyard for Irvine/NP, 2+1 garage, large MB closets, close proximity to BB court/pocket park. Negatives include close proximity to Portola--you can hear road sounds only from the backyard not in the home, shared driveway--not the best curb appeal.

This floorplan is only a generic builder layout. This particular home is reversed in layout and has no optional bedroom 4 & 5.

 

[ps99472]

Can you smell McDonalds if the windows are open?

 

[iacrenter]

Can you smell McDonalds if the windows are open?

Nice thing about living in NP is you can walk to both OH mall and NP Plaza. The Mickey D's french fry smell is free to all residents  ;D

 

[bones]

[quote a

 

[OpenSky]

 

[OpenSky]

 

[yaliu07]

I saw the house on redfin...  the worst is the house is 1.1 mil and you go to Arnold O. Beckman High School.... 

 

[homer_simpson]

I saw the house on redfin...  the worst is the house is 1.1 mil and you go to Arnold O. Beckman High School....

Oh no, Beckman high!!  :

Everyone gets so hung up on schools...

 

[nosuchreality]

Negatives include close proximity to Portola--you can hear road sounds only from the backyard not in the home, shared driveway--not the best curb appeal.

$1.1 million and you get a shared driveway?

Really?  Isn't that basically a motorcourt home?

 

[iacrenter]

Here is a screenshot from Bing Maps. You can judge for yourself.
Red Arrow indicates shared driveway.

 

[ps99472]

Isn't this the house by the bball court?  So not a shared driveway.  Kinda nice to have hoops so close, c'mon IHO, this can be your "street"   Good for knees too, since its only halfcourt

 

[OpenSky]

>

 

[nosuchreality]

Unless the demand is really for 4 homes at that price point $$$$.  Then when the new home comes online at $$$$$, then the old home still sells at $$$$?.

Because the old home now has upside comps showing $$$$$.

 

[irvinehomeowner]

The map view on Redfin is incorrect. It shows it as the house right next to the park but it's actually the 2nd one in that does have a shared driveway with the one on the end.

And IHO only plays full court... and never shorts or skins.