Newer Irvine listings with crazy WTF asking prices from equity sellers

[irvinehomeowner]

I think 53 Emerald always had 3CWG garage.  All the neighbors have it:https://www.google.com/maps/place/5...f68e88c384adc15!8m2!3d33.66798!4d-117.8013986

If you look at the 2008 MLS pictures (and the one previous), it was a 2CWG.

Landings II has a mix of 2CWG and 3CWG... and you can tell by the style it's different from the other 3CWGs.

It looks like a Plan A, as the square footage was 2334sft in the older listings and that and Plan B were the only Landings 2 that had two rooms over the garage (you can see the two windows in the newer photos). Looks like a partial rebuild.

 

[Burn That Belly]

x

 

[Mety]

btw, unrelated question, have noticed a number of listings where a different sqft # shows up in the public facts section on Redfin, useful tool?

Yes, the public record is the correct information for the sqft.
Some agents just list it as 1500sq when it's actually 1482sq.
Also converting the loft into the 3rd bedroom would make it 3bd, but the record will still keep it as 2bd.

 

[irvineband]

Agreed this home is a beast but its 1.8. The other one is 1.18. I?m looking at 1.25 and lower.

Best Woodbridge remodel I?ve ever seen:https://www.redfin.com/CA/Irvine/53-Emerald-92614/home/4697590

Well worth the price.

 

[the.irvine]

https://www.redfin.com/CA/Irvine/114-Yuba-92602/home/145695756

Is BTB trying to flip this?

Not sure how much someone paid for this when new

 

[irvinebullhousing]

https://www.redfin.com/CA/Irvine/114-Yuba-92602/home/145695756

Is BTB trying to flip this?

Not sure how much someone paid for this when new

This is a flip, and try to profit almost 250K after less than 1 year of hold. Yup, people love to makes big bucks for doing nothing. Standard carpet and tiles, throughout. And plants probably for the entire yard worth about 200 bucks. Big money spent for staging to get it ready.

 

[Burn That Belly]

x

 

[Kings]

West Park represent! WP's king of WTF pricing @ $724sf.

Bought in January for $580k, now asking $744K less than 5 months later. A 28% appreciation!  This seller is CRANKING up that ROI.

https://www.redfin.com/CA/Irvine/3672-Hamilton-St-92614/home/4655604

this would be a good home to come in with a lowball offer since it's a flip.  the problem is they paid retail on the purchase at $580k.  so the seller is motivated to sell quickly because the longer this one sits on the market the more carry costs will eat into their profit.  they likely didn't put any more than $50k on the remodel, plus another $30k closing costs would mean about $660k to break even.  i'd come in at $685k and let it ride until they start to get desperate.

 

[Mety]

West Park represent! WP's king of WTF pricing @ $724sf.

Bought in January for $580k, now asking $744K less than 5 months later. A 28% appreciation!  This seller is CRANKING up that ROI.

https://www.redfin.com/CA/Irvine/3672-Hamilton-St-92614/home/4655604

this would be a good home to come in with a lowball offer since it's a flip.  the problem is they paid retail on the purchase at $580k.  so the seller is motivated to sell quickly because the longer this one sits on the market the more carry costs will eat into their profit.  they likely didn't put any more than $50k on the remodel, plus another $30k closing costs would mean about $660k to break even.  i'd come in at $685k and let it ride until they start to get desperate.

Hey it's detached!! with $75 a month HOA!! Who wouldn't want that?

 

[Kings]

West Park represent! WP's king of WTF pricing @ $724sf.

Bought in January for $580k, now asking $744K less than 5 months later. A 28% appreciation!  This seller is CRANKING up that ROI.

https://www.redfin.com/CA/Irvine/3672-Hamilton-St-92614/home/4655604

this would be a good home to come in with a lowball offer since it's a flip.  the problem is they paid retail on the purchase at $580k.  so the seller is motivated to sell quickly because the longer this one sits on the market the more carry costs will eat into their profit.  they likely didn't put any more than $50k on the remodel, plus another $30k closing costs would mean about $660k to break even.  i'd come in at $685k and let it ride until they start to get desperate.

Hey it's detached!! with $75 a month HOA!! Who wouldn't want that?

lots would, but the fact that it's still sitting on the market 45 days later says it's overpriced

 

[irvineband]

wow house is 2500 sq ft and lot is 3000 sq ft? Is that right? If so that is stupid.

https://www.redfin.com/CA/Irvine/114-Yuba-92602/home/145695756

Is BTB trying to flip this?

Not sure how much someone paid for this when new

 

[Mety]

West Park represent! WP's king of WTF pricing @ $724sf.

Bought in January for $580k, now asking $744K less than 5 months later. A 28% appreciation!  This seller is CRANKING up that ROI.

https://www.redfin.com/CA/Irvine/3672-Hamilton-St-92614/home/4655604

this would be a good home to come in with a lowball offer since it's a flip.  the problem is they paid retail on the purchase at $580k.  so the seller is motivated to sell quickly because the longer this one sits on the market the more carry costs will eat into their profit.  they likely didn't put any more than $50k on the remodel, plus another $30k closing costs would mean about $660k to break even.  i'd come in at $685k and let it ride until they start to get desperate.

Hey it's detached!! with $75 a month HOA!! Who wouldn't want that?

lots would, but the fact that it's still sitting on the market 45 days later says it's overpriced

To close to 405? Too old? Too small? Half bathroom in the master bedroom? (what the heck)
That huge front and backyard got lots of potential though. Nicely upgraded also.
Yeah maybe somewhere around $660k would be more reasonable.

 

[Burn That Belly]

x

 

[usctrojancpa]

Ladies and Gentlemen, I have found the 'Supreme Leader' for MAX ROI. I found the king but now I found the SL.

Take a look at this 1971 original owner Turtle Rock home who paid around $200K for it. Now he's asking $2.388M or a whopping $1,002/sf  . Till this day, he is only paying roughly $2K in property taxes. Amazing.

He has officially broken the spring and cracked the glass on my ROI gauge meter after the needle went two full rotations.
https://www.redfin.com/CA/Irvine/5552-Oakley-Ter-92603/home/4740877

Nicely upgraded home but it needs an infinity pool in the backyard if it wants to get $1,000/sf+.  I wasn't even born when that home was bought new. haha

 

[Kings]

Ladies and Gentlemen, I have found the 'Supreme Leader' for MAX ROI. I found the king but now I found the SL.

Take a look at this 1971 original owner Turtle Rock home who paid around $200K for it. Now he's asking $2.388M or a whopping $1,002/sf  . Till this day, he is only paying roughly $2K in property taxes. Amazing.

He has officially broken the spring and cracked the glass on my ROI gauge meter after the needle went two full rotations.
https://www.redfin.com/CA/Irvine/5552-Oakley-Ter-92603/home/4740877

not even 6% appreciation per year, i think you need to check your roi meter 

 

[Burn That Belly]

x

 

[Kings]

not even 2% appreciation per year, i think you need to check your roi meter 

Wait are you sure?  The original price in 1971 was $200K. 47 years later, at 2% appreciation compounding means:

Year 1: $200,000
Year 5: $216,486
Year 10: $239,018
Year 20: $291,362
Year 30: $355,168
Year 40: $432,948
Year 47: $497,322

So that's $497K but he's asking $2.388M.

hah, caught me. my math was wrong - barely 6%

 

[Burn That Belly]

x

 

[Ready2Downsize]

Ladies and Gentlemen, I have found the 'Supreme Leader' for MAX ROI. I found the king but now I found the SL.

Take a look at this 1971 original owner Turtle Rock home who paid around $200K for it. Now he's asking $2.388M or a whopping $1,002/sf  . Till this day, he is only paying roughly $2K in property taxes. Amazing.

He has officially broken the spring and cracked the glass on my ROI gauge meter after the needle went two full rotations.
https://www.redfin.com/CA/Irvine/5552-Oakley-Ter-92603/home/4740877

The original price was much less than $200K.

If you're figures were right there were plenty of better ROI homes. My mom bought her house for $23K and we sold it for over $700K after she died. She owed nothing, didn't remodel it (or we would have gotten more for it) and her cost was $900 per year for property taxes plus gardener. No HOA, no mello.

This house probably had an assessed value of $90K as far as property taxes go in 1978. Prior to that there was a LOT of inflation. This house was more like $50K when it was purchased, maybe less.

 

[woodburyowner]

If you invested 200k into S&P500 in Jan 1971 and reinvested dividends, you would have $23,788,000 at the end of 2017.  The power of compound interest is incredible.