Newer Irvine listings with crazy WTF asking prices from equity sellers

[kbinteriordesign]

Hi everyone I was going to drop 3 million on a nice SFR in Turtle Ridge with a view but instead I'm gonna buy a ~40 year old detached condo in Woodbridge without any yard space for the same price WDY think?
https://www.redfin.com/CA/Irvine/12-Waterway-92614/unit-22/home/5643022

As an interior designer, the overall interior aesthetic isn't too bad. Although, there is too much brown in the kitchen. It looks like they tried to carry the wood flooring into the wet areas with wood tile, but, in my opinion, it would have looked much better to use a contrasting flooring in those areas, as well as a waterfall island in the kitchen. Steel black windows would have looked better and broken up all the white on the walls, too. They spent a pretty good chunk of money on this remodel.

As a practical and logical person, I couldn't entertain nor encourage anyone to purchase that property at that price. I would rather purchase a properly executed modern design home in Corona Del Mar by a builder such as Brandon Architects like this one: https://www.redfin.com/CA/Corona-Del-Mar/608-Heliotrope-Ave-92625/home/4727401 or this one https://www.redfin.com/CA/Corona-Del-Mar/601-Iris-Ave-92625/home/4727406.

 

[aquabliss]

Hi everyone I was going to drop 3 million on a nice SFR in Turtle Ridge with a view but instead I'm gonna buy a ~40 year old detached condo in Woodbridge without any yard space for the same price WDY think?
https://www.redfin.com/CA/Irvine/12-Waterway-92614/unit-22/home/5643022

Redfin estimate is 2.878M haha. 

I don?t think they spent more than $120k on this remodel.  The before pictures are here:https://www.zillow.com/homedetails/12-Waterway-Irvine-CA-92614/2118555098_zpid/

 

[aquabliss]

This is dream home status right herrrr:https://www.redfin.com/CA/Irvine/19471-Sierra-Santo-Rd-92603/home/4739846

Flipper is gonna make some bank if they get any takers near ask.

 

[fortune11]

This is dream home status right herrrr:https://www.redfin.com/CA/Irvine/19471-Sierra-Santo-Rd-92603/home/4739846

Flipper is gonna make some bank if they get any takers near ask.

The lot size seems pretty small in relation to square footage. Very common for such (tear down and rebuilt) homes in west LA , but unusual for turtle rock . Maybe we will start to see more like these if gets sold near list price .

Have to give near full marks for (good) presentation though . 

 

[bones]

This is dream home status right herrrr:https://www.redfin.com/CA/Irvine/19471-Sierra-Santo-Rd-92603/home/4739846

Flipper is gonna make some bank if they get any takers near ask.

The lot size seems pretty small in relation to square footage. Very common for such (tear down and rebuilt) homes in west LA , but unusual for turtle rock . Maybe we will start to see more like these if gets sold near list price .

Have to give near full marks for (good) presentation though . 

Agree.  Unimpressed with the lot.
But nice house. 

 

[Halos]

Hi everyone I was going to drop 3 million on a nice SFR in Turtle Ridge with a view but instead I'm gonna buy a ~40 year old detached condo in Woodbridge without any yard space for the same price WDY think?
https://www.redfin.com/CA/Irvine/12-Waterway-92614/unit-22/home/5643022

The smurfs will buy after being told this is an ocean property in California ;D

 

[marmott]

This is dream home status right herrrr:https://www.redfin.com/CA/Irvine/19471-Sierra-Santo-Rd-92603/home/4739846

Flipper is gonna make some bank if they get any takers near ask.

The original house bought for $1,150,000: https://www.redfin.com/CA/Irvine/19471-Sierra-Santo-Rd-92603/home/4739846/crmls-NP17175644

 

[Jantoven]

Here we go people: https://www.redfin.com/CA/Irvine/106-Working-Rnch-92602/unit-80/home/113864221

Highlights include:

$1,149,000 asking price for an attached condo ($664 /sqft)
$  964,531 closed sale on 11/21/17
$385 HOA / month
3 bedrooms, 2.5 baths, loft
Furniture included, even those beds that aren't real sizes

Prediction = this listing will linger on the market for LONG time before it get's delisted.

Rule number 1. Never buy the model home.

Truer words have not been spoken.

Another example as to why to never buy the model:
https://www.redfin.com/CA/Irvine/127-Branch-92618/home/51684947

Bought for 2mil in 2015, sold for 1.825mil 3 years later

 

[usctrojancpa]

This is dream home status right herrrr:https://www.redfin.com/CA/Irvine/19471-Sierra-Santo-Rd-92603/home/4739846

Flipper is gonna make some bank if they get any takers near ask.

The original house bought for $1,150,000: https://www.redfin.com/CA/Irvine/19471-Sierra-Santo-Rd-92603/home/4739846/crmls-NP17175644

And they probably spent about $200/sf on the construction of the home so the all-in cost is around $2m.

 

[usctrojancpa]

Here we go people: https://www.redfin.com/CA/Irvine/106-Working-Rnch-92602/unit-80/home/113864221

Highlights include:

$1,149,000 asking price for an attached condo ($664 /sqft)
$  964,531 closed sale on 11/21/17
$385 HOA / month
3 bedrooms, 2.5 baths, loft
Furniture included, even those beds that aren't real sizes

Prediction = this listing will linger on the market for LONG time before it get's delisted.

Rule number 1. Never buy the model home.

Truer words have not been spoken.

Another example as to why to never buy the model:
https://www.redfin.com/CA/Irvine/127-Branch-92618/home/51684947

Bought for 2mil in 2015, sold for 1.825mil 3 years later

Buying a model home is one of the worst things a buyer can do.

 

[lnc]

This is dream home status right herrrr:https://www.redfin.com/CA/Irvine/19471-Sierra-Santo-Rd-92603/home/4739846

Flipper is gonna make some bank if they get any takers near ask.

The original house bought for $1,150,000: https://www.redfin.com/CA/Irvine/19471-Sierra-Santo-Rd-92603/home/4739846/crmls-NP17175644

And they probably spent about $200/sf on the construction of the home so the all-in cost is around $2m.

Most impressive thing is how fast the seller got this house done.

The original 1971 build 1798 sf house was sold on 8/31/17 according to Redfin.  Then the new owner need to get an architect to draw up the new home, submit the plan to the city and get it approved, hire contractors to build the home, hire more contractors for all the interiors stuff like cabinets, countertops, bathrooms and the flooring etc.  And get all these thing done in a very timely matter, that?s pretty impressive.

Most of new home builders barely get their model home done within 12 month from design to finish and this guy got this property done in 11 month.  This seller definitely knows his stuff.

 

[aquabliss]

My contractor told me Irvine inspectors are way efficient compared to other OC cities.  Some cities have you waiting weeks/months for an inspector to come for a particular check and Irvine is usually within a week.  But still yes, pretty efficient timing on the part of the flipper.

 

[sgip]

What seems difficult to me is when a modern home is parachuted into a 1970's tract, sure... it's quite an upgrade... but you're still surrounded by crappy designed 1970's homes. Those properties are going to benefit quite a bit should this sell at full price. It's going to be difficult for the next "lot scraper" to come in and replace a home on this street.

It's a very nice property - but potentially the white elephant it appears to be.

 

[usctrojancpa]

This is dream home status right herrrr:https://www.redfin.com/CA/Irvine/19471-Sierra-Santo-Rd-92603/home/4739846

Flipper is gonna make some bank if they get any takers near ask.

The original house bought for $1,150,000: https://www.redfin.com/CA/Irvine/19471-Sierra-Santo-Rd-92603/home/4739846/crmls-NP17175644

And they probably spent about $200/sf on the construction of the home so the all-in cost is around $2m.

Most impressive thing is how fast the seller got this house done.

The original 1971 build 1798 sf house was sold on 8/31/17 according to Redfin.  Then the new owner need to get an architect to draw up the new home, submit the plan to the city and get it approved, hire contractors to build the home, hire more contractors for all the interiors stuff like cabinets, countertops, bathrooms and the flooring etc.  And get all these thing done in a very timely matter, that?s pretty impressive.

Most of new home builders barely get their model home done within 12 month from design to finish and this guy got this property done in 11 month.  This seller definitely knows his stuff.

This flipper has done several Turtle Rock tear down flips in the past few years, 2 of my clients bought this seller's flips.

 

[usctrojancpa]

What seems difficult to me is when a modern home is parachuted into a 1970's tract, sure... it's quite an upgrade... but you're still surrounded by crappy designed 1970's homes. Those properties are going to benefit quite a bit should this sell at full price. It's going to be difficult for the next "lot scraper" to come in and replace a home on this street.

It's a very nice property - but potentially the white elephant it appears to be.

There is more and more of that happening in Turtle Rock.  The lots are generally larger and I heard the HOA is fairly easy to work with as is the city as long as 1 wall is kept standing.

 

[Bullsback]

This is dream home status right herrrr:https://www.redfin.com/CA/Irvine/19471-Sierra-Santo-Rd-92603/home/4739846

Flipper is gonna make some bank if they get any takers near ask.

The original house bought for $1,150,000: https://www.redfin.com/CA/Irvine/19471-Sierra-Santo-Rd-92603/home/4739846/crmls-NP17175644

And they probably spent about $200/sf on the construction of the home so the all-in cost is around $2m.

Most impressive thing is how fast the seller got this house done.

The original 1971 build 1798 sf house was sold on 8/31/17 according to Redfin.  Then the new owner need to get an architect to draw up the new home, submit the plan to the city and get it approved, hire contractors to build the home, hire more contractors for all the interiors stuff like cabinets, countertops, bathrooms and the flooring etc.  And get all these thing done in a very timely matter, that?s pretty impressive.

Most of new home builders barely get their model home done within 12 month from design to finish and this guy got this property done in 11 month.  This seller definitely knows his stuff.

I presume when someone is flipping a home, they already have plans that they intend to use and are looking for specific lots and properties that will fit their needs. I got to say, this was a really impressive flip. Lot might be a little small but damn that home is nice. 

 

[Bullsback]

What seems difficult to me is when a modern home is parachuted into a 1970's tract, sure... it's quite an upgrade... but you're still surrounded by crappy designed 1970's homes. Those properties are going to benefit quite a bit should this sell at full price. It's going to be difficult for the next "lot scraper" to come in and replace a home on this street.

It's a very nice property - but potentially the white elephant it appears to be.

I fully expect this to be a trend of the future in Irvine.  New builds are still very prevalent but in 5+ more years, when the new builds dry up more (right now a lot of major projects going on), I expect there will be a big push to buying older tracks with nice lots and good taxes.  Woodbridge and Turtle Rock are more pricey to buy and flip (but obviously more desireable) but even areas like the ranch, colony, college park, etc.  Just a matter of time.

In turtle rock it happens more than other areas, but this home in particular will definitely stick out given where the flip happened (it wasn't your typical ranch style single story flip to bigger house that you more typically see in Turtle Rock). 

 

[fortune11]

What seems difficult to me is when a modern home is parachuted into a 1970's tract, sure... it's quite an upgrade... but you're still surrounded by crappy designed 1970's homes. Those properties are going to benefit quite a bit should this sell at full price. It's going to be difficult for the next "lot scraper" to come in and replace a home on this street.

It's a very nice property - but potentially the white elephant it appears to be.

I fully expect this to be a trend of the future in Irvine.  New builds are still very prevalent but in 5+ more years, when the new builds dry up more (right now a lot of major projects going on), I expect there will be a big push to buying older tracks with nice lots and good taxes.  Woodbridge and Turtle Rock are more pricey to buy and flip (but obviously more desireable) but even areas like the ranch, colony, college park, etc.  Just a matter of time.

In turtle rock it happens more than other areas, but this home in particular will definitely stick out given where the flip happened (it wasn't your typical ranch style single story flip to bigger house that you more typically see in Turtle Rock).

This trend transformed entire parts of west LA (esp in early 2000s) , and many weren't happy when large mcmansions w limited setbacks on each side went up next to tiny homes that had been there since pre WW2.  Will be interesting to see how this pans out in older parts of Irvine like TR. 

 

[misme]

What seems difficult to me is when a modern home is parachuted into a 1970's tract, sure... it's quite an upgrade... but you're still surrounded by crappy designed 1970's homes. Those properties are going to benefit quite a bit should this sell at full price. It's going to be difficult for the next "lot scraper" to come in and replace a home on this street.

It's a very nice property - but potentially the white elephant it appears to be.

I fully expect this to be a trend of the future in Irvine.  New builds are still very prevalent but in 5+ more years, when the new builds dry up more (right now a lot of major projects going on), I expect there will be a big push to buying older tracks with nice lots and good taxes.  Woodbridge and Turtle Rock are more pricey to buy and flip (but obviously more desireable) but even areas like the ranch, colony, college park, etc.  Just a matter of time.

In turtle rock it happens more than other areas, but this home in particular will definitely stick out given where the flip happened (it wasn't your typical ranch style single story flip to bigger house that you more typically see in Turtle Rock).

This trend transformed entire parts of west LA (esp in early 2000s) , and many weren't happy when large mcmansions w limited setbacks on each side went up next to tiny homes that had been there since pre WW2.  Will be interesting to see how this pans out in older parts of Irvine like TR.

This house by house transformation of a neighborhood is exactly what happened in the Port Streets in Newport Beach, which started off looking very much like Turtle Rock area in Irvine.

I think the Turtle Rock location is desirable enough that with time, this house will not be a white elephant, but other homes will be torn down and rebuilt to equally nice standards.

 

[eyephone]

What seems difficult to me is when a modern home is parachuted into a 1970's tract, sure... it's quite an upgrade... but you're still surrounded by crappy designed 1970's homes. Those properties are going to benefit quite a bit should this sell at full price. It's going to be difficult for the next "lot scraper" to come in and replace a home on this street.

It's a very nice property - but potentially the white elephant it appears to be.

I fully expect this to be a trend of the future in Irvine.  New builds are still very prevalent but in 5+ more years, when the new builds dry up more (right now a lot of major projects going on), I expect there will be a big push to buying older tracks with nice lots and good taxes.  Woodbridge and Turtle Rock are more pricey to buy and flip (but obviously more desireable) but even areas like the ranch, colony, college park, etc.  Just a matter of time.

In turtle rock it happens more than other areas, but this home in particular will definitely stick out given where the flip happened (it wasn't your typical ranch style single story flip to bigger house that you more typically see in Turtle Rock).

That?s what I said previously. I would go further and say some might buy several lots and turn it into townhomes/condos. (For max ROI)