New Listing - Cambria Plan 1 condo @ Stonegate (139 Overbrook)

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usctrojancpa

usctrojancpa

Well-known member
I listed a turnkey Cambria Plan 1 condo in Stonegate earlier this afternoon on MLS. The home was built in 2014 and features 2 bedrooms and 2.5 bathrooms along with an upstairs loft with 1,533sf of living space. The home is listed at $769,900.

PM or email me if you are interested in seeing it.  I will have open houses this weekend on Saturday, March 23rd and Sunday, March 24th from 2-5pm for both days.

Here is the Redfin link:
https://www.redfin.com/CA/Irvine/139-Overbrook-92620/home/58556139

Pictures and the virtual tour are in the link below:

www.139Overbrook.com

If you guys are in the area, feel free to drop by to say hello and grab a little treat.  ;)
 
It looks like this house chased the market down.

03/19/2019  Listed  $769,900  $502  CRMLS
07/07/2018  Price Changed  $768,000  $501  CRMLS
07/06/2018  Price Changed  $775,000  $506  CRMLS
07/03/2018  Price Changed  $779,000  $508  CRMLS
05/16/2018  Listed  $798,000  $521  CRMLS


Although not a big drop.

On a side note, realtor.com had the information above while redfin and zillow put a bunch of * on the price changes.  Why hide relevant information?


https://www.realtor.com/realestateandhomes-detail/139-Overbrook_Irvine_CA_92620_M29790-61501
 
zubs said:
It looks like this house chased the market down.

03/19/2019  Listed  $769,900  $502  CRMLS
07/07/2018  Price Changed  $768,000  $501  CRMLS
07/06/2018  Price Changed  $775,000  $506  CRMLS
07/03/2018  Price Changed  $779,000  $508  CRMLS
05/16/2018  Listed  $798,000  $521  CRMLS


Although not a big drop.

On a side note, realtor.com had the information above while redfin and zillow put a bunch of * on the price changes.  Why hide relevant information?


https://www.realtor.com/realestateandhomes-detail/139-Overbrook_Irvine_CA_92620_M29790-61501
Click to expand...

Not sure why Zillow is hiding the price changes (looks to be the case with Redfin too), it's not something an agent can control (at least I've never tried).

Here's the back story on the condo.  It was listed by another agent for $798k (way overpriced) at the same time that I had 89 Overbrook listed for $750k (May 2018).  The model match closed comp was $748k at the time hence why I had a listing price of $750k on my listing.  Long story short, I got 3 offers and closed 89 Overbrook for $773k while 139 Overbrook lingered on the market. 

Shortly after I closed the owner of 139 Overbrook contacted me asking how I closed 89 Overbrook so fast at such a good price.  So I met with her and told her how I market and price my listings.  She told me how she was not happy with her agent because they got an offer of $770k and her agent advised her to reject it so she did.  After meeting with me, she wanted to cancel the listing with her agent but she was under a listing contract for 7 months until December so we ended up renting the condo for 5 months.  The tenants moved out last week and her we are. 

Something VERY IMPORTANT for all sellers to know is that once you sign a listing agreement with a brokerage, you can not cancel that listing agreement unless the brokerage agrees so you are locked in.  The broker that listed 139 Overbrook last year basically told my client to go pound sand when she requested they cancel listing agreement.  For my listings, I typically only do 3-4 month listing agreements as I really don't need more time as my listings seller fairly quickly and you can always expend listing agreements as needed.
 
Very interesting back story.  In the end, I don't think the mistake was the high listing price since it did result in a $770k offer.  The mistake was rejecting this offer as it ended up being true market price.  Your listing got $773k which came from a multiple offer situation. 

It's also interesting that the old agent advised his client to reject the offer when it could have been a done deal.  Now he has a commission of exactly $0.  Maybe the seller isn't telling the whole truth.

Agreeing to the listing agreement term is another mistake the seller made.  Completely his/her fault.   
 
woodburyowner said:
Very interesting back story.  In the end, I don't think the mistake was the high listing price since it did result in a $770k offer.  The mistake was rejecting this offer as it ended up being true market price.  Your listing got $773k which came from a multiple offer situation. 

It's also interesting that the old agent advised his client to reject the offer when it could have been a done deal.  Now he has a commission of exactly $0.  Maybe the seller isn't telling the whole truth.

Agreeing to the listing agreement term is another mistake the seller made.  Completely his/her fault.   
Click to expand...

The $770k offer came shortly after my listing went into escrow and it was one of my back-up buyers for 89 Overbrook as the owner showed me the offer and email chain with the agent. Anyhow, the $798k listing price drove a lot of traffic to my listing so I saw it as a positive for my 89 Overbrook sellers.  I think a lot of agents/sellers underestimate the importance of selecting the right pricing strategy for their listings. 
 
I think redfin and zillow have already entered the flipping game, so they don't like to show the price change history as it is detrimental for sales.  As an informed buyer, this makes me want to use them less.
 
Burying the prior list price and subsequent "price improvements" is a pretty common practice within the realtor community so it's hard to say if Redfin or Zillow is the source of this confusion. I was at an open house this weekend where the Agent said boldly that this was a "new listing"!!!. When asked about the 6 months prior listing information on Redfin it was "um... well it's new at this price... making it a new listing." That kind of behavior not helping buyers make an informed decision IMHO

The seller in USC's case should be ready to pack their bags. It will sell as expected, not fantasized about.

My .02c
 
The property closed earlier today.  The sales price was $769,000.  Congrats to the buyer and seller (I also represented the buyer on this transaction).
 
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