Following in the footsteps of IPO...listing my condo Quail Hill condo for sale

NEW -> Contingent Buyer Assistance Program
[quote author="usctrojanman29" date=1221097935][quote author="ipoplaya" date=1221094051]7 Tall Oak closed yesterday for $705K. That's a CS index number of 225, which extrapolated to your place, would put your value around $580K. Sounds like your sale price is going to equate to mid 2005 pricing which is way over the Irvine or even QH average...</blockquote>
If I used a price/sf (7 Tall Oak is 1,800sf and had a sales price of $392/sf)...my condo is worth $722k which I could have gotten 18-24 months ago.</blockquote>
That doesn't take into account the value of a detached home as you stated here: "Based upon my sales comp analysis in QH, detached condos have about 6-8% premium in per SF pricing to attached condos." If you account for an 8% difference that would make yours more like $665k... but who's counting. Have a glass of wine on me.
 
[quote author="usctrojanman29" date=1221097935][quote author="ipoplaya" date=1221094051]7 Tall Oak closed yesterday for $705K. That's a CS index number of 225, which extrapolated to your place, would put your value around $580K. Sounds like your sale price is going to equate to mid 2005 pricing which is way over the Irvine or even QH average...</blockquote>
If I used a price/sf (7 Tall Oak is 1,800sf and had a sales price of $392/sf)...my condo is worth $722k which I could have gotten 18-24 months ago.</blockquote>


Too bad you can't use the same per sf between attached and detached... That's why the Case-Shiller methodology works best when comparing apples to oranges, or in this case, Fuji apples to Gala apples.
 
[quote author="ipoplaya" date=1221104774][quote author="usctrojanman29" date=1221097935][quote author="ipoplaya" date=1221094051]7 Tall Oak closed yesterday for $705K. That's a CS index number of 225, which extrapolated to your place, would put your value around $580K. Sounds like your sale price is going to equate to mid 2005 pricing which is way over the Irvine or even QH average...</blockquote>
If I used a price/sf (7 Tall Oak is 1,800sf and had a sales price of $392/sf)...my condo is worth $722k which I could have gotten 18-24 months ago.</blockquote>


Too bad you can't use the same per sf between attached and detached... That's why the Case-Shiller methodology works best when comparing apples to oranges, or in this case, Fuji apples to Gala apples.</blockquote>
Oh I understand, I know detached condos command a premium to attached condos. I'm just just like you do, the $392/sf price for Tall Oak is still a WTF price. I see QH properties selling for $250-$300/sf at the bottom so we got a ways to go.
 
[quote author="usctrojanman29" date=1221105120][quote author="ipoplaya" date=1221104774][quote author="usctrojanman29" date=1221097935][quote author="ipoplaya" date=1221094051]7 Tall Oak closed yesterday for $705K. That's a CS index number of 225, which extrapolated to your place, would put your value around $580K. Sounds like your sale price is going to equate to mid 2005 pricing which is way over the Irvine or even QH average...</blockquote>
If I used a price/sf (7 Tall Oak is 1,800sf and had a sales price of $392/sf)...my condo is worth $722k which I could have gotten 18-24 months ago.</blockquote>


Too bad you can't use the same per sf between attached and detached... That's why the Case-Shiller methodology works best when comparing apples to oranges, or in this case, Fuji apples to Gala apples.</blockquote>
Oh I understand, I know detached condos command a premium to attached condos. I'm just just like you do, the $392/sf price for Tall Oak is still a WTF price. I see QH properties selling for $250-$300/sf at the bottom so we got a ways to go.</blockquote>


Definitely a WTF price. I looked at 7 Tall Oak back in July and was considering making an offer. The differentiators were a large, open patio with a nice view, and considerable upgrades throughout. Based on comps that I was able to find (all in the Tall Oak tract), I thought that somewhere in the $650k-$670k range would be a reasonable price, partcularly since it had been on the market for almost a year.



There must have been some unique circumstance with this sale...I noticed that when it went into escrow, the listing was completely pulled from the MLS, rather than being changed to "Backup Offers". And who pays cash for a detached condo in QH? I can't figure this one out.
 
[quote author="usctrojanman29" date=1221093452]



I didn't ask for buyers to submit their bank statements and income information with their offers. That being said, I believe the buyer was serious and wanted to show that to me. It's all depends on the person.</blockquote>


I agree.

There?s no need to provide your financial information showing you?re a serious qualified buyer for a $600K property.

That?s probably going a little overboard.

On $1.5M and above offers, it's a must and shows the seller that you're serious.
 
107 Vermillion in QH closed for $775K, $342 per sf. Closing price was a 227 on CS, so right in line with the recent Tall Oak close price and a 2005 rollback. QH is holding up well...
 
some observation on QH:



Number of sales for the last 9 months) = 20

Inventory = 35 (per ziprealty)



It will take almost 16 months to deplete the inventory.

There has to be a big price decline to move the inventory.



First number is per ipo website.

The inventory number is per ziprealty. I suspect inventory is higher. I can find houses for sale not listed by ziprealty
 
[quote author="ocrebel" date=1221193794]some observation on QH:



Number of sales for the last 9 months) = 20

Inventory = 35 (per ziprealty)



It will take almost 16 months to deplete the inventory.

There has to be a big price decline to move the inventory.



First number is per ipo website.

The inventory number is per ziprealty. I suspect inventory is higher. I can find houses for sale not listed by ziprealty</blockquote>
I'll give you the numbers from MLS when I get home.
 
[quote author="ocrebel" date=1221193794]some observation on QH:



Number of sales for the last 9 months) = 20

Inventory = 35 (per ziprealty)



It will take almost 16 months to deplete the inventory.

There has to be a big price decline to move the inventory.



First number is per ipo website.

The inventory number is per ziprealty. I suspect inventory is higher. I can find houses for sale not listed by ziprealty</blockquote>


The number of sales may be higher than IPO's number. I think he's tracking only homes larger than about 1700-1800 square feet. Much of the attached product -- and some of the detached product, for that matter -- on the lower part of QH is smaller than that. Or were you screening inventory for only similarly-sized homes?
 
[quote author="NoThereThere" date=1221196866][quote author="ocrebel" date=1221193794]some observation on QH:



Number of sales for the last 9 months) = 20

Inventory = 35 (per ziprealty)



It will take almost 16 months to deplete the inventory.

There has to be a big price decline to move the inventory.



First number is per ipo website.

The inventory number is per ziprealty. I suspect inventory is higher. I can find houses for sale not listed by ziprealty</blockquote>


The number of sales may be higher than IPO's number. I think he's tracking only homes larger than about 1700-1800 square feet. Much of the attached product -- and some of the detached product, for that matter -- on the lower part of QH is smaller than that. Or were you screening inventory for only similarly-sized homes?</blockquote>


Surely the sales must be a good bit higher than my site shows... I miss lots of little ones. In the past, I wouldn't have picked up SC's condo on my tracking.
 
Irvine 92603:



<a href="http://www.melissadata.com/lists/ezlists/ezHomeowners.aspx?zip=92603">Number of sales for the last 12 months ( 08/07 - 08/08 ) = 231</a>



<a href="http://homeseekers.cyberhomes.com/Scripts/list.asp?_new=1&_strExcludes=strExcludes,sponsor,ad_id&zip_code=92603&_submit=Go&_ver=5&_sponsor=nav.HomePageForm.QuickSearch&_count=6&_lid=0&_quick_srch=1&_wpid=2&_save_srch=1&_ad_id=131">Inventory = 269</a>



inventory / sale = 269 / 231 = 14 months
 
[quote author="ocrebel" date=1221203194]Irvine 92603:



<a href="http://www.melissadata.com/lists/ezlists/ezHomeowners.aspx?zip=92603">Number of sales for the last 12 months ( 08/07 - 08/08 )</a>



<a href="http://homeseekers.cyberhomes.com/Scripts/list.asp?_new=1&_strExcludes=strExcludes,sponsor,ad_id&zip_code=92603&_submit=Go&_ver=5&_sponsor=nav.HomePageForm.QuickSearch&_count=6&_lid=0&_quick_srch=1&_wpid=2&_save_srch=1&_ad_id=131">Inventory = 269</a></blockquote>


603 includes much more than QH though...
 
[quote author="ocrebel" date=1221203489]you are right. 92603 includes: QH, Turtle Rock, Turtle Ridge and maybe more

It was easier to search for 92603</blockquote>
You can use a flitter in MLS to search by neighborhoods, including QH....like said guys, be patient I'll have the data up later tonight.
 
Some of you guys may find the following interesting.....I got a voicemail from the 2 other listing agents that are selling my exact same unit that are still stilling on the market...they congratulated me and asked if I could share the contact price. Sorry guys, you'll just have to wait until the property closes to find out.



Also, the seller has asked me if we can close on the 26th....I told her that the soonest I can close is the 29th because I will be moving out over the weekend.
 
I'm going to be blunt. In my opinion, you're both wrong. The deal should be to close on the 26th with a 3-day grace period for you to move out. Every time I have closed escrow on a home as both a buyer and seller, I have given and received that customary grace period.
 
[quote author="SoCal78" date=1221553680]I'm going to be blunt. In my opinion, you're both wrong. The deal should be to close on the 26th with a 3-day grace period for you to move out. Every time I have closed escrow on a home as both a buyer and seller, I have given and received that customary grace period.</blockquote>
Thanks for the great suggestion SoCal...I've e-mailed the buyer's agent to see if the buyer would be willing to give me a 2-3 day grace period. I told him that I will be moved out by Sunday evening.
 
[quote author="SoCal78" date=1221553680]I'm going to be blunt. In my opinion, you're both wrong. The deal should be to close on the 26th with a 3-day grace period for you to move out. Every time I have closed escrow on a home as both a buyer and seller, I have given and received that customary grace period.</blockquote>


@socal - The customary grace period not always customary. It raises several questions about insurance, responsibility, and liability if/when something should go wrong. For example, what would you do as an owner when the tenant throws a going away party, and doesn't clean up afterwards, or worse, breaks something?



On the West Side, and down in SD County, it is typical to close and deliver on the same day.



@trojanman - In your shoes, I'd close as early as possible and be very accommodating, getting your stuff out quickly. Anything can happen with an open escrow.



Also, don't ever tell your closing price to another agent until it is closed, nor the expected closing date, as they may cut you off at the knees by slashing their price enough to make the buyer walk from their earnest money deposit. More importantly for you, at this point, since the contingencies have not been removed and the property is still in "backup" status, there would be nearly no cost to the buyer to walk. When asked, the correct answer is, "That information will be public as soon as it is recorded. Would you like me to call you at when escrow closes?"



Congrats again. You still owe me lunch. And let me know when to come pick up my signs and lockbox. :-)
 
[quote author="IrvineRealtor" date=1221555256][quote author="SoCal78" date=1221553680]I'm going to be blunt. In my opinion, you're both wrong. The deal should be to close on the 26th with a 3-day grace period for you to move out. Every time I have closed escrow on a home as both a buyer and seller, I have given and received that customary grace period.</blockquote>


@socal - The customary grace period not always customary. It raises several questions about insurance, responsibility, and liability if/when something should go wrong. For example, what would you do as an owner when the tenant throws a going away party, and doesn't clean up afterwards, or worse, breaks something?



On the West Side, and down in SD County, it is typical to close and deliver on the same day.



@trojanman - In your shoes, I'd close as early as possible and be very accommodating, getting your stuff out quickly. Anything can happen with an open escrow.



Also, don't ever tell your closing price to another agent until it is closed, nor the expected closing date, as they may cut you off at the knees by slashing their price enough to make the buyer walk from their earnest money deposit. More importantly for you, at this point, since the contingencies have not been removed and the property is still in "backup" status, there would be nearly no cost to the buyer to walk. When asked, the correct answer is, "That information will be public as soon as it is recorded. Would you like me to call you at when escrow closes?"



Congrats again. You still owe me lunch. And let me know when to come pick up my signs and lockbox. :-)</blockquote>
Great advice, I'm awaiting the buyer's agent response. I do owe you lunch...can you make a late lunch on Wednesday at like 1pm-1:30pm (you can pick up the signs and lockbox then too)? You name the place. Let me know.
 
You must log in or register to reply here.
Back
Top