New Listing - Las Ventanas Plan 2 in Portola Spring

NEW -> Contingent Buyer Assistance Program
USCTrojanCPA said:
OpenSky said:
USCTrojanCPA said:
paperboyNC said:
USCTrojanCPA said:
Sellers have accepted the offer and we are opening escrow today.
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It's amazing how fast things will sell when they aren't listed at WTF prices.
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You got that right!
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USCTrojanCPA, do you agree the market is essentially flat from where it was in mid 2013, essentially not supporting acceleration, but status quo? Our appraisers used comps from a broad range.
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There may be a little noise in price movement of specific floor plans but all-in-all it would be a fair statement to say that the market has been relatively flat (pricing wise) since summer/fall of 2013.
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I think the market came down a little bit in the fall but the new listings that are coming up now are all trending very high
 
Loan has funded and we are set for recording shortly.  The final sales price is $875,000.  I will say that this escrow was not easy as we encountered an idiot appraiser who didn't understand simple math.  He appraised the amount at $806,000 which was just $21,000 higher than the Plan 1 on the same street that closed in Jan.  He would not listen to reason (aka a half a dozen closed comps) so the buyers had to go to another lender.  The second appraiser came in right at value.  Congrats to the buyers and sellers.
 
USCTrojanCPA said:
Loan has funded and we are set for recording shortly.  The final sales price is $875,000.  I will say that this escrow was not easy as we encountered an idiot appraiser who didn't understand simple math.  He appraised the amount at $806,000 which was just $21,000 higher than the Plan 1 on the same street that closed in Jan.  He would not listen to reason (aka a half a dozen closed comps) so the buyers had to go to another lender.  The second appraiser came in right at value.  Congrats to the buyers and sellers.
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Congrats. I'm guessing the appraiser also confused detached condos and true SFRs. Heck maybe he even used attached condos.
 
paperboyNC said:
USCTrojanCPA said:
Loan has funded and we are set for recording shortly.  The final sales price is $875,000.  I will say that this escrow was not easy as we encountered an idiot appraiser who didn't understand simple math.  He appraised the amount at $806,000 which was just $21,000 higher than the Plan 1 on the same street that closed in Jan.  He would not listen to reason (aka a half a dozen closed comps) so the buyers had to go to another lender.  The second appraiser came in right at value.  Congrats to the buyers and sellers.
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Congrats. I'm guessing the appraiser also confused detached condos and true SFRs. Heck maybe he even used attached condos.
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That's one thing he didn't mess up on.  He would not even consider that detached condos (Sevillas) were closing in the $420ish/sf for a 4bd/3ba unit.  At $806k the price per SF was $385.  I told him if I would have listed the home at that price I would have had 50 offers.  He put 90% of the weight of the Plan 1 Las Ventanas homes in the appraisal and only adjusted that value up by $21k.  I asked him, how can that home close for $420/sf and our home appraisers at $385/sf when we have a downstairs bedroom and a full bath downstairs?  He wouldn't respond to that question.  Yeah, the guy should be blackballed. 
 
USCTrojanCPA said:
That's one thing he didn't mess up on.  He would not even consider that detached condos (Sevillas) were closing in the $420ish/sf for a 4bd/3ba unit.  At $806k the price per SF was $385.  I told him if I would have listed the home at that price I would have had 50 offers.  He put 90% of the weight of the Plan 1 Las Ventanas homes in the appraisal and only adjusted that value up by $21k.  I asked him, how can that home close for $420/sf and our home appraisers at $385/sf when we have a downstairs bedroom and a full bath downstairs?  He wouldn't respond to that question.  Yeah, the guy should be blackballed.
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Makes no sense.
 
paperboyNC said:
USCTrojanCPA said:
That's one thing he didn't mess up on.  He would not even consider that detached condos (Sevillas) were closing in the $420ish/sf for a 4bd/3ba unit.  At $806k the price per SF was $385.  I told him if I would have listed the home at that price I would have had 50 offers.  He put 90% of the weight of the Plan 1 Las Ventanas homes in the appraisal and only adjusted that value up by $21k.  I asked him, how can that home close for $420/sf and our home appraisers at $385/sf when we have a downstairs bedroom and a full bath downstairs?  He wouldn't respond to that question.  Yeah, the guy should be blackballed.
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Makes no sense.
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Yeah, the buyer's agent and I were amazed.  Thankfully he told his clients to move on to another lender, it did delay our closing by a few weeks but it got done.
 
irvinehomeowner said:
Some appraisers don't understand the FCB-in-law downstairs bedroom value add.
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+1  I think he was an out-of-towner.  He buyers were looking for a downstairs bedroom for older family members who would drop by hence they didn't go after any of the Plan 1 collecting dust on the market.
 
thatOSguy said:
irvinehomeowner said:
Some appraisers don't understand the FCB-in-law downstairs bedroom value add.
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With our mini-remodel, we now have a downstairs bedroom (a nice one at that) but it only has a powder room adjacent. We actually could expand the powder room and add a shower, but that'd cost 10-15k. Anyone think it's worth pursuing -- purely from a value perspective?
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I think so. The downstairs bedroom with no shower isn't going to cut from a resale perspective. The whole point is for the old folks not to have to go upstairs
 
That's a tough one.

Depends on how long you are staying and if you yourself will find use in it.

If you don't plan to sell for a while, it might be okay as you stretch out that cost and use, but if you are going to "move up" in 5-10 years, you may rethink that.
 
thatOSguy said:
irvinehomeowner said:
Some appraisers don't understand the FCB-in-law downstairs bedroom value add.
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With our mini-remodel, we now have a downstairs bedroom (a nice one at that) but it only has a powder room adjacent. We actually could expand the powder room and add a shower, but that'd cost 10-15k. Anyone think it's worth pursuing -- purely from a value perspective?
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If you plan on owning it for a while, I'd put in the shower downstairs.  You'll definitely get you money back when it's time to sell. 
 
thatOSguy said:
irvinehomeowner said:
Some appraisers don't understand the FCB-in-law downstairs bedroom value add.
Click to expand...

With our mini-remodel, we now have a downstairs bedroom (a nice one at that) but it only has a powder room adjacent. We actually could expand the powder room and add a shower, but that'd cost 10-15k. Anyone think it's worth pursuing -- purely from a value perspective?
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I thought your downstairs bedroom conversion was a brilliant idea, you instantaneously add both functionality and value to your home.  Now, you just need to install one of this and you got shower.
 

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USCTrojanCPA said:
Loan has funded and we are set for recording shortly.  The final sales price is $875,000.  I will say that this escrow was not easy as we encountered an idiot appraiser who didn't understand simple math.  He appraised the amount at $806,000 which was just $21,000 higher than the Plan 1 on the same street that closed in Jan.  He would not listen to reason (aka a half a dozen closed comps) so the buyers had to go to another lender.  The second appraiser came in right at value.  Congrats to the buyers and sellers.
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I had the same problem for one of my refi's.  Appraiser only gave me a $7.5k price adjustment for my bedroom and full bathroom downstairs (over the 3 + 2.5 bath property down the street)!  This was the only time I got screwed from an appraiser during my 5 or so refi's.  He even chewed me out after I questioned him about it and sent in a formal appeal to my lender.  Lender told me that for my appeal to win, there would have to be basically gross negligence committed by the appraiser.  I ended up losing the appeal and had to bring an additional $20k to closing.
 
woodburyowner said:
USCTrojanCPA said:
Loan has funded and we are set for recording shortly.  The final sales price is $875,000.  I will say that this escrow was not easy as we encountered an idiot appraiser who didn't understand simple math.  He appraised the amount at $806,000 which was just $21,000 higher than the Plan 1 on the same street that closed in Jan.  He would not listen to reason (aka a half a dozen closed comps) so the buyers had to go to another lender.  The second appraiser came in right at value.  Congrats to the buyers and sellers.
Click to expand...

I had the same problem for one of my refi's.  Appraiser only gave me a $7.5k price adjustment for my bedroom and full bathroom downstairs (over the 3 + 2.5 bath property down the street)!  This was the only time I got screwed from an appraiser during my 5 or so refi's.  He even chewed me out after I questioned him about it and sent in a formal appeal to my lender.  Lender told me that for my appeal to win, there would have to be basically gross negligence committed by the appraiser.  I ended up losing the appeal and had to bring an additional $20k to closing.
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Was he an out-of-town appraiser?  You'd think a "professional" like an appraiser would be able to properly adjust for a 4th downstairs bedroom and bath but apparently that's not always the case.
 
notTHEoc said:
USCTrojanCPA said:
Loan has funded and we are set for recording shortly.  The final sales price is $875,000.  I will say that this escrow was not easy as we encountered an idiot appraiser who didn't understand simple math.  He appraised the amount at $806,000 which was just $21,000 higher than the Plan 1 on the same street that closed in Jan.  He would not listen to reason (aka a half a dozen closed comps) so the buyers had to go to another lender.  The second appraiser came in right at value.  Congrats to the buyers and sellers.
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Congrats on the sale.
What were the main differences between 30 Pawprint (closed Apr 1 @ $929k) and this one? Too bad appraiser didn't weight that one 90%. Pictures on both homes looked great. Pawprint had ~800sqf bigger lot, but anything else?
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Thanks.  The appraiser couldn't weigh the price of Pawprint because it wasn't closed when the appraisal was done.  The home has to been recorded on the county records in order for it to be included as a closed comp in an appraisal (takes 1-2 weeks after it closes for it appear on the county records database).  In terms of upgrades and condition of the home, they were basically the same.  30 Pawprint had a larger lot which was more appealing to its cash buyer (it would have never appraised at that price if it were a financed offer).  Having the toll road visible from the front door also had an influence on the value. 
 
So this means a Plan 3 could have gone for $900k+?

Bah... should have just bought one of these, dealt with the distance/toll road for 2-3 years and then sold.
 
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