Low inventory?

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Irvinecommuter said:
Curious...as to whether the lack of inventory is sustainable.  It is the "low" season for real estate...will we see a glut of homes in April/May?
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Yeah we are in the seasonably low period of inventory, but current inventory levels are over 70% lower than this time last year.  Like I mentioned, there's a good bit of pent up buyer demand out there so increased inventory will be met with buyer demand so I doubt we'll see a "glut" of homes for sale in April/May.  Are inventory levels going to be higher than at that time compared to today, I would think so (and I sure hope so). 
 
Irvinecommuter said:
Curious...as to whether the lack of inventory is sustainable.  It is the "low" season for real estate...will we see a glut of homes in April/May?
Click to expand...
Back at the end of 2011 when inventory was down to the 600s... everyone thought it would go back up once the new year started... then it didn't so they said it would go up in the summer of 2012 and it still didn't.

So who knows what to expect.
 
irvinehomeowner said:
Irvinecommuter said:
Curious...as to whether the lack of inventory is sustainable.  It is the "low" season for real estate...will we see a glut of homes in April/May?
Click to expand...
Back at the end of 2011 when inventory was down to the 600s... everyone thought it would go back up once the new year started... then it didn't so they said it would go up in the summer of 2012 and it still didn't.

So who knows what to expect.
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Yeah, the market did a total 180...I had buyers asking me when more inventory was coming and I would tell them late Spring/Summer.  Boy was I wrong.  haha
 
I'm getting ready to move into my new home soon.. so there might be a "new" listing on the market in a few weeks...

I apologize again USC for not being able to meet up with you to show the GT3... been pretty busy with the kiddo and work... On a side note... I noticed you might get the GT3 soon?  ;)
 
homer_simpson said:
I'm getting ready to move into my new home soon.. so there might be a "new" listing on the market in a few weeks...

I apologize again USC for not being able to meet up with you to show the GT3... been pretty busy with the kiddo and work... On a side note... I noticed you might get the GT3 soon?  ;)
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Yeah, maybe....;)  Let me know when you are free for lunch.
 
FYI, I just sold my house to an all cash buyer for 30,000 more that what I paid for it last year. Also, it was only on the market for 4 days before I got multiple offers. This is definitely a good time to sell.
 
JasonTheArtist said:
FYI, I just sold my house to an all cash buyer for 30,000 more that what I paid for it last year. Also, it was only on the market for 4 days before I got multiple offers. This is definitely a good time to sell.
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Where in Irvine was it? Did you buy another?
 
irvinehomeowner said:
JasonTheArtist said:
FYI, I just sold my house to an all cash buyer for 30,000 more that what I paid for it last year. Also, it was only on the market for 4 days before I got multiple offers. This is definitely a good time to sell.
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Where in Irvine was it? Did you buy another?
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It's in Orange on Irvine's land next to Peters Canyon. I bought this house on a whim thinking I needed a big house with a big back yard with a pool and spa, etc. Boy was I wrong. I wish someone would have told me, a bigger house=bigger problems. So, I'm packing my bags and buying new in Stonegate. Preferably San Mateo 3.
 
Well... this goes back to shadow inventory also. There is still a number of homes that are REO but are not on the MLS.

From foreclosureradar.com:

inventories-month


So in November, there were 142 homes that were REO... maybe a realtor can tell us how many REOs are on the MLS.
 
irvinehomeowner said:
Well... this goes back to shadow inventory also. There is still a number of homes that are REO but are not on the MLS.

From foreclosureradar.com:

inventories-month


So in November, there were 142 homes that were REO... maybe a realtor can tell us how many REOs are on the MLS.
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We have all of 4 active REO listings and 10 REOs in escrow. 
 
flipper said:
ps9 said:
Some of the Northwood 2 homes were well over a million when bought new from CalPac, I don't think we're at '05 bubble prices.
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Peak price is around $1.2M for this model. Northwood II hasn't fully recovered as there are many similar properties in Woodbury and Portola. Westpark and Turtle rock houses are selling more than 05 bubble prices now.
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Looks like one of these $1.2M models just went on the market and went pending within a few days!  26 Bamboo.
http://www.redfin.com/CA/Irvine/26-Bamboo-92620/home/5931594

I believe a flipper purchased this property at auction last month and it probably making a healthy profit.  Anyone know the auction price?
 
woodburyowner said:
flipper said:
ps9 said:
Some of the Northwood 2 homes were well over a million when bought new from CalPac, I don't think we're at '05 bubble prices.
Click to expand...
Peak price is around $1.2M for this model. Northwood II hasn't fully recovered as there are many similar properties in Woodbury and Portola. Westpark and Turtle rock houses are selling more than 05 bubble prices now.
Click to expand...

Looks like one of these $1.2M models just went on the market and went pending within a few days!  26 Bamboo.
http://www.redfin.com/CA/Irvine/26-Bamboo-92620/home/5931594

I believe a flipper purchased this property at auction last month and it probably making a healthy profit.  Anyone know the auction price?
Click to expand...
Flipper picked it up for $860k (opening bid was $730k) at the foreclosure auction on 12/3/12.
 
USCTrojanCPA said:
woodburyowner said:
flipper said:
ps9 said:
Some of the Northwood 2 homes were well over a million when bought new from CalPac, I don't think we're at '05 bubble prices.
Click to expand...
Peak price is around $1.2M for this model. Northwood II hasn't fully recovered as there are many similar properties in Woodbury and Portola. Westpark and Turtle rock houses are selling more than 05 bubble prices now.
Click to expand...

Looks like one of these $1.2M models just went on the market and went pending within a few days!  26 Bamboo.
http://www.redfin.com/CA/Irvine/26-Bamboo-92620/home/5931594

I believe a flipper purchased this property at auction last month and it probably making a healthy profit.  Anyone know the auction price?
Click to expand...
Flipper picked it up for $860k (opening bid was $730k) at the foreclosure auction on 12/3/12.
Click to expand...

And the career "flipper" takes off again! Qualifications: Intuition, Conviction and Cash to Invest.
 
It's seasonally adjusted right? Lot of people wait for the new year to list the property..
Seriously, for some with time, money and expertise, things are looking up again in Real Estate. Don't you think so?
 
USCTrojanCPA said:
woodburyowner said:
Looks like one of these $1.2M models just went on the market and went pending within a few days!  26 Bamboo.
http://www.redfin.com/CA/Irvine/26-Bamboo-92620/home/5931594

I believe a flipper purchased this property at auction last month and it probably making a healthy profit.  Anyone know the auction price?
Click to expand...
Flipper picked it up for $860k (opening bid was $730k) at the foreclosure auction on 12/3/12.
Click to expand...

Completed sale just got updated on MLS.  Cash buyer at asking price of 1.018 million.  The flipper made some good money on this transaction - only had to hold the property for 6 weeks!  Crazy times...
 
woodburyowner said:
USCTrojanCPA said:
woodburyowner said:
Looks like one of these $1.2M models just went on the market and went pending within a few days!  26 Bamboo.
http://www.redfin.com/CA/Irvine/26-Bamboo-92620/home/5931594

I believe a flipper purchased this property at auction last month and it probably making a healthy profit.  Anyone know the auction price?
Click to expand...
Flipper picked it up for $860k (opening bid was $730k) at the foreclosure auction on 12/3/12.
Click to expand...

Completed sale just got updated on MLS.  Cash buyer at asking price of 1.018 million.  The flipper made some good money on this transaction - only had to hold the property for 6 weeks!  Crazy times...
Click to expand...
It's a good time to be a seller/flipper. 
 
Cubic Zirconia said:
It's seasonally adjusted right? Lot of people wait for the new year to list the property..
Seriously, for some with time, money and expertise, things are looking up again in Real Estate. Don't you think so?
Click to expand...
The real estate industry is picking up and so some people will benefit from that pick up.  For agents, if inventory levels remain low like they are now it will begin to decrease the volume of transactions.  I'm noticing that the only sellers out there now are the move-down sellers.  I've noticed that several listings state (in the agent comments) that the sale of the listing is contingenty upon the seller finding a property.
 
is now not a good time to purchase in irvine anymore due to low inventory?  is it perhaps better to wait for new homes and wait for prices to drop? ???
 
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