Irvine Homes and Real Estate

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superbobbay said:
I have been watching this house for a while now.
https://www.redfin.com/CA/Irvine/33-Meadow-GN-92602/home/5815187

It started out at $895,000, then dropped to $849,000, finally at $839,000.

Offer accepted yesterday.

I thought it would drop to $799,000 with the lull in real estate, but things are not that bad afterall.

It did take 70 days on the market though.
Click to expand...

70 days is the new, previously listings used to have offers in like 7 days

(Post is for entertainment purpsoes) ;)
 
superbobbay said:
I have been watching this house for a while now.
https://www.redfin.com/CA/Irvine/33-Meadow-GN-92602/home/5815187

It started out at $895,000, then dropped to $849,000, finally at $839,000.

Offer accepted yesterday.

I thought it would drop to $799,000 with the lull in real estate, but things are not that bad afterall.

It did take 70 days on the market though.
Click to expand...

what if the home was priced correctly at $839,000 from the start? i think most people suffer from overinflated "ego" when it comes to the value of their home. 

i have a neighbor listing their home for rent and it's been empty for 3 months and i haven't noticed one showing.  why?  because they're priced about $400 over what the market should be for that home type.
 
on another note, the drainage of the hardscape in the backyard of that home is atrocious

genMid.OC18231597_19_0.jpg
 
superbobbay said:
I have been watching this house for a while now.
https://www.redfin.com/CA/Irvine/33-Meadow-GN-92602/home/5815187

It started out at $895,000, then dropped to $849,000, finally at $839,000.

Offer accepted yesterday.

I thought it would drop to $799,000 with the lull in real estate, but things are not that bad afterall.

It did take 70 days on the market though.
Click to expand...

Crappy pictures + no staging + bad paint colors + overpriced = sitting on the market for a while with price drops.
 
superbobbay said:
I have been watching this house for a while now.
https://www.redfin.com/CA/Irvine/33-Meadow-GN-92602/home/5815187

It started out at $895,000, then dropped to $849,000, finally at $839,000.

Offer accepted yesterday.

I thought it would drop to $799,000 with the lull in real estate, but things are not that bad afterall.

It did take 70 days on the market though.
Click to expand...

So this is what I got from this post. 

"If prices are not lower by at least 11% in a just few months of housing slowing down, things are not that bad."

ok.  gotcha.
 
meccos12 said:
superbobbay said:
I have been watching this house for a while now.
https://www.redfin.com/CA/Irvine/33-Meadow-GN-92602/home/5815187

It started out at $895,000, then dropped to $849,000, finally at $839,000.

Offer accepted yesterday.

I thought it would drop to $799,000 with the lull in real estate, but things are not that bad afterall.

It did take 70 days on the market though.
Click to expand...

So this is what I got from this post. 

"If prices are not lower by at least 11% in a just few months of housing slowing down, things are not that bad."

ok.  gotcha.
Click to expand...

That depends on how reasonable the starting point was...
 
Irvinecommuter said:
meccos12 said:
superbobbay said:
I have been watching this house for a while now.
https://www.redfin.com/CA/Irvine/33-Meadow-GN-92602/home/5815187

It started out at $895,000, then dropped to $849,000, finally at $839,000.

Offer accepted yesterday.

I thought it would drop to $799,000 with the lull in real estate, but things are not that bad afterall.

It did take 70 days on the market though.
Click to expand...

So this is what I got from this post. 

"If prices are not lower by at least 11% in a just few months of housing slowing down, things are not that bad."

ok.  gotcha.
Click to expand...

That depends on how reasonable the starting point was...
Click to expand...

And was it reasonable?
 
meccos12 said:
Irvinecommuter said:
meccos12 said:
superbobbay said:
I have been watching this house for a while now.
https://www.redfin.com/CA/Irvine/33-Meadow-GN-92602/home/5815187

It started out at $895,000, then dropped to $849,000, finally at $839,000.

Offer accepted yesterday.

I thought it would drop to $799,000 with the lull in real estate, but things are not that bad afterall.

It did take 70 days on the market though.
Click to expand...

So this is what I got from this post. 

"If prices are not lower by at least 11% in a just few months of housing slowing down, things are not that bad."

ok.  gotcha.
Click to expand...

That depends on how reasonable the starting point was...
Click to expand...

And was it reasonable?
Click to expand...

I don't know...but I do know there are always WTF asking prices.  You can't get what you don't ask for and many people rather ask too much and come down rather than start low and push high. 
 
USCTrojanCPA said:
superbobbay said:
I have been watching this house for a while now.
https://www.redfin.com/CA/Irvine/33-Meadow-GN-92602/home/5815187

It started out at $895,000, then dropped to $849,000, finally at $839,000.

Offer accepted yesterday.

I thought it would drop to $799,000 with the lull in real estate, but things are not that bad afterall.

It did take 70 days on the market though.
Click to expand...

Crappy pictures + no staging + bad paint colors + overpriced = sitting on the market for a while with price drops.
Click to expand...

I am home shopping and I visited the house a couple of times; it was a mess.  An upstairs window was broken, the house had not had even the most basic cleaning, and the owner had left a lot of items all over.  There was something that looked like poop on the carpet upstairs.  I'm sure that turned off many buyers.

To me though, the price seemed reasonable for Ivywood.  The house and yard were small, but it was nicely located on a corner (so one fewer neighbor), and it didn't back to a busy/noisy street like many other Ivywood houses.
 
Irvine SFR Market Update 12/21/2018

1093 Irvine SFRs Sold
Median Home Price: $1,212,000
Median Discount is : 1%
Median Days on the market  : 62 days
Gross Irvine SFR Sales: $1,523,310,712


 
1518 Irvine Townhomes/Condos sold in 2018
Median Home Price: $725,000
Median Discount is : 0%
Median Days on the market  : 51 days
Gross Irvine Townhomes/Condos Sales : $1,122,483,822

This is very interesting as I am looking at the stats of the most expensive gated golf course community (St Marlo Country Club) of 924 homes in Forsyth County situated in among the best 10/10/10 Georgia schools. Forsyth County is the wealthiest county in Georgia.

The median condo/townhome in Irvine is $725,000 which is right at the median price of the most expensive gated golf course in Forsyth County at $757,500. The median discount is 3% in at the gated golf course where the median discount is 0% for Townhome/Condos in Irvine. The median DOM is 65 days for the gated golf course and median DOM is 51 days in Irvine. 

Year 2018
St Marlo Country Club Stats
Homes Sold in 2018: 52
Gross Sales: $42,253,000
High Prices Sold: $1,726,000
Lowest Price Sold: $540,000
Median Home Price: $757,500
Median Sold Price Off Asking : 97.0%
Median Days on the Market : 65 Days

1620 Irvine Townhomes/Condos sold in 2017. Inventory for Townhomes/Condos are estimated to be 2.4 months and the average PPSF is $450.28. The Irvine Townhomes/Condos median home price is $656,944. The highest priced home sold in 2017 is 8120 Scholarship at $2,060,000 and the lowest priced home sold is $240,000 at 292 Streamwood.
 
Compressed-Village said:
Irvine price will be stable as ever while the equities market nose dive. Irvine housing will be your best bet from now going forward.
Click to expand...

You should pull all your money from all accounts and start buying Irvine homes then. 
 
That's right. Compressed-Village picked up 5 of those of detached condos in Trovata in the low $200s to buy and hold forever. :)

Compressed-Village said:
meccos12 said:
Compressed-Village said:
Irvine price will be stable as ever while the equities market nose dive. Irvine housing will be your best bet from now going forward.
Click to expand...

You should pull all your money from all accounts and start buying Irvine homes then.
Click to expand...

Been there, done that!!! :)
Click to expand...
 
Irvine Total SFR + Condo/Townhomes for 2018
Median home price = $850,000
2611 Irvine SFR + Condo / Townhome Sold in 2018
Median Year Built: 2002
Median Day on Market: 55 days
Total Gross Sales in Irvine 2018: $2,645,794,534 - That is $2.6 Billion USD combined sales of all Irvine Real Estate Sold in 2018.


IRVINE_2018_MARKET_UPDATE.jpg

 
Compressed-Village said:
meccos12 said:
Compressed-Village said:
Irvine price will be stable as ever while the equities market nose dive. Irvine housing will be your best bet from now going forward.
Click to expand...

You should pull all your money from all accounts and start buying Irvine homes then.
Click to expand...

Been there, done that!!! :)
Click to expand...

So are you saying that all of your money is in Irvine real estate?  If so, much respect for you and good luck. 
 
Panda said:
Irvine Total SFR + Condo/Townhomes for 2018
Median home price = $850,000
2611 Irvine SFR + Condo / Townhome Sold in 2018
Median Year Built: 2002
Median Day on Market: 55 days
Total Gross Sales in Irvine 2018: $2,645,794,534 - That is $2.6 Billion USD combined sales of all Irvine Real Estate Sold in 2018.


IRVINE_2018_MARKET_UPDATE.jpg
Click to expand...

In this market where we had much stronger sales in the first half of the year compared to the second half of the year, using the monthly average of completed sales over the entire year to calculate months of inventory will give a misleading picture of what the true market is like.
 
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