New Listing - Oak Park Plan 1 condo in Oak Creek (3311 Aspen Grove)

[usctrojancpa]

I activated a listing for a Oak Park Plan 1 condo in Oak Creek on MLS earlier today.  This floor plan features an open floor plan downstairs and upstairs loft along with a downstairs bedroom and full bath.  The condo has 1 bedroom and 1.5 bathrooms with about 900sf.  The home is listed to sell fast at $400,000. 

Here is the Redfin link:
https://www.redfin.com/CA/Irvine/3311-Aspen-Grv-92618/home/5841083

What was interesting when the property was being painted last week and I listed it and put it on hold, a buyer came by and submitted an offer over list price which the seller accepted.  So we are in escrow before the property was even actively listed on MLS. 

 

[Hugo Township]

Well, that's a heck of a plot twist.

 

[aquabliss]

Wow, 70% increase from the 2012 purchase price.  Nice.

 

[usctrojancpa]

Well, that's a heck of a plot twist.

Yeah, very unexpected...the seller was over at the condo getting it ready for the painters when the buyer (also an agent) came by to take a look at it.  The seller allowed him to look at it and later on that day I get an offer.  Just goes to show how strong the sub $800k market is in Irvine.

 

[usctrojancpa]

Wow, 70% increase from the 2012 purchase price.  Nice.

Yeah, the seller got a very good price on the condo...we are in escrow over list price though so it'll be above 70%. 

 

[Hugo Township]

Well, that's a heck of a plot twist.

Yeah, very unexpected...the seller was over at the condo getting it ready for the painters when the buyer (also an agent) came by to take a look at it.  The seller allowed him to look at it and later on that day I get an offer.  Just goes to show how strong the sub $800k market is in Irvine.

Perhaps I don't understand the MLS. If the listing wasn't activated, how did the buying agent find the listing in the first place? Confused about this one.

I ask because we are looking to buy in some specific tract areas and would love to find a listing before it becomes public. Less buyer competition

 

[usctrojancpa]

Well, that's a heck of a plot twist.

Yeah, very unexpected...the seller was over at the condo getting it ready for the painters when the buyer (also an agent) came by to take a look at it.  The seller allowed him to look at it and later on that day I get an offer.  Just goes to show how strong the sub $800k market is in Irvine.

Perhaps I don't understand the MLS. If the listing wasn't activated, how did the buying agent find the listing in the first place? Confused about this one.

I ask because we are looking to buy in some specific tract areas and would love to find a listing before it becomes public. Less buyer competition

Great question...so I created the MLS listing and submitting shortly after midnight last week.  Then I went into the listing which was Active (visible to everyone) and changed the status to Hold Do Not Show until this week so that the painters could finish their work and I could get the pictures and virtual tour done.  Putting into the Hold Do Not Show status removes the property from being visible to the general public via Redfin, Zillow, etc but agents can still see that a new listing was posted and look at what is in the Hold Do Not Show status on MLS.

 

[woodburyowner]

Great question...so I created the MLS listing and submitting shortly after midnight last week.  Then I went into the listing which was Active (visible to everyone) and changed the status to Hold Do Not Show until this week so that the painters could finish their work and I could get the pictures and virtual tour done.  Putting into the Hold Do Not Show status removes the property from being visible to the general public via Redfin, Zillow, etc but agents can still see that a new listing was posted and look at what is in the Hold Do Not Show status on MLS.

This strategy throws off the DOM metric in a negative way.  Does the benefit of having agents see the listing outweigh the negative of a longer DOM? 

The 2012 buy price seems very low.  Any good story behind that one? Redfin doesn't show a MLS listing for that transaction. 

 

[usctrojancpa]

The buyer (who is also an agent) wired over funds earlier today to escrow so we are set to close this afternoon.  The sales price for the home will be $420,000.  Congrats to both the buyer and seller.

 

[usctrojancpa]

Great question...so I created the MLS listing and submitting shortly after midnight last week.  Then I went into the listing which was Active (visible to everyone) and changed the status to Hold Do Not Show until this week so that the painters could finish their work and I could get the pictures and virtual tour done.  Putting into the Hold Do Not Show status removes the property from being visible to the general public via Redfin, Zillow, etc but agents can still see that a new listing was posted and look at what is in the Hold Do Not Show status on MLS.

This strategy throws off the DOM metric in a negative way.  Does the benefit of having agents see the listing outweigh the negative of a longer DOM? 

The 2012 buy price seems very low.  Any good story behind that one? Redfin doesn't show a MLS listing for that transaction. 

Agents can see listings under any status, including Hold Do Not Show status.  I listed the property before it was ready to be shown because the seller needed to have it listed for the new home builder since they were contingent.  The plan was to get it painted the week that I listed it and going Active on the listing the following week.  The seller purchase the condo in 2012 for $235k as a regular transaction (he actually paid $5k above list price) which was near the low of the market, so just like all the other homes in Irvine it appreciated over the years. 

 

[momopi]

I seem to recall back in phase 1, these condos in Oak Park sold for $110,000 in 1998 and jumped to $160,000+ in 1999.

Back in 2012 when I was shopping for a SFR, we stumbled upon contractors fixing up a home for resale.  It wasn't on the market yet and we just barged in, introduced ourselves and made an offer to pay their asking price.

The seller agent did hold one day open house and we ended up paying $5K over asking.