Lucky seller or upward trend?

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marketwatcher_IHB

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Okay, it's a falling market--but take a look at 5 Bethany, a typical 4/3 backing to a busy street (Turtle Rock Drive). According to Zillow, it recently (8/28/08) sold for $973,500--at least $100K more than it should have. And what's with the listing (also backing to Turtle Rock Drive) a few doors down, for $1.6 million? Are these folks just lucky, or are things turning around?
 
Speaking of Turtle Rock Drive, does anyone have an update on <a href="http://www.irvinehousingblog.com/blog/comments/how-to-lose-500000-in-a-year">this TR property that was featured on the blog</a>? it's still listed on <a href="http://www.redfin.com/CA/Irvine/20-Silver-Cres-92603/home/4743437">redfin for $800,000</a> and another house on the same street sold last month for <a href="http://www.redfin.com/CA/Irvine/33-Silver-Cres-92603/home/4743408">$1,350,000</a>.



I heard there was another property on that street that went into foreclosure a month ago, but I have not seen it listed. Does anyone have any information on what happened with the auction?
 
[quote author="marketwatcher" date=1221895763]Okay, it's a falling market--but take a look at 5 Bethany, a typical 4/3 backing to a busy street (Turtle Rock Drive). According to Zillow, it recently (8/28/08) sold for $973,500--at least $100K more than it should have. And what's with the listing (also backing to Turtle Rock Drive) a few doors down, for $1.6 million? Are these folks just lucky, or are things turning around?</blockquote>


I disagee. Based on its last sales price and recent pricing trends in Irvine, it should have sold for a smidge over $1M. $973K is actually a little deeper rollback than <a href="http://www.ipoplaya.com/iposhiller.pdf">most recent sales</a>... The Case-Shiller equivalent at $973K is a 194, which is around 6% lower than the median Case-Shiller equivalents over the past few months.
 
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