usctrojancpa
Well-known member
kpatnps said:
It's a hell of a drug though. haha
Newer Irvine listings with crazy WTF asking prices from equity sellers
- Thread starter usctrojancpa
- Start date
NEW -> Contingent Buyer Assistance Program
It's a hell of a drug though. haha
Well... more like lazy bank. But if that were in my backyard, the IHO view increases it $200k!
Who would have thought "rare full-size driveway make a striking impression" would be a selling point?
At some point, I think people will start to wonder if it is really worth it to live here.
I would ask if the builder is on crack with that price, but it's IP aka Irvine Company so I expect nothing less.
Welp! This home is now part of a live auction with bidding starting at $1.7m.
And they'll end up getting less than they would have if they had listed it at a more reasonable price right off the bat.
The reserve price is ultimately what the seller will accept which no one other than the seller and maybe the listing agent know. And no, if there is only one bid at $1.7m the seller is not obligated to sell the home at $1.7m. The seller needs to accept a buyer's offer to be obligated to sell.
BINGO!!! I'll stick to pricing my listings appropriately and having them sell in weeks without playing these auction games.
I wonder if buyers even know that they might have problems getting the home financed with the yard not being done once the appraiser reveals it to the lender. I think with the cheap flooring, dated countertops, and unfinished yard it'll sell for around $2m +/-.
It's a hell of a drug though. haha
irvinehomeowner
Well-known member
aquabliss said:
Well... more like lazy bank. But if that were in my backyard, the IHO view increases it $200k!
Who would have thought "rare full-size driveway make a striking impression" would be a selling point?
irvinehomeowner said:aquabliss said:
Well... more like lazy bank. But if that were in my backyard, the IHO view increases it $200k!
Who would have thought "rare full-size driveway make a striking impression" would be a selling point?
At some point, I think people will start to wonder if it is really worth it to live here.
irvinehomeowner
Well-known member
I think that can be said about almost anywhere.
We've debated this before, with many cities, and since this is TalkIRVINE... there are a few (or more) who have a bias.
We've debated this before, with many cities, and since this is TalkIRVINE... there are a few (or more) who have a bias.
irviniteeee
Active member
Dr. CA Real Estate said:
I would ask if the builder is on crack with that price, but it's IP aka Irvine Company so I expect nothing less.
irviniteeee
Active member
USCTrojanCPA said:
Welp! This home is now part of a live auction with bidding starting at $1.7m.
Dr. CA Real Estate
New member
jeez first they were over listed now they made the mistake of getting Harcourts to do their terrible strategy to try and sell the home.
https://www.redfin.com/CA/Irvine/123-Calderon-92618/home/108244852
https://www.redfin.com/CA/Irvine/123-Calderon-92618/home/108244852
usctrojancpa
Well-known member
irviniteeee said:
And they'll end up getting less than they would have if they had listed it at a more reasonable price right off the bat.
sgip
Well-known member
Perhaps a box of Lucky Charms is buried there next to that pot o'gold. They are as we know magically delicious, leading to a quick sale at a high price. They work in a similar vein as St Joseph's statues which superstitious realtors will bury in peoples yards. https://www.homelight.com/blog/st-joseph-statue-to-sell-house/
If those backyard photos are current, many lenders will not want to close on the property given the state of things back there. A quick concrete pour and scooting the bricks to one side of the home might do the trick. Sheesh. Why show this stuff online? Did this agent really think that was a good look? My guess is with a $37,000+ per year tax bill and a loan rate north of 5.25%, cash is getting pretty tight and the yard just isn't a priority anymore.
Would love to have the data on Harcourt's "LIVE AUCTION BIDDING" final closing price info. My guess is that this gimmick really doesn't work and they end up selling for less than if they were priced right from the start and turned quickly.
My .02c
If those backyard photos are current, many lenders will not want to close on the property given the state of things back there. A quick concrete pour and scooting the bricks to one side of the home might do the trick. Sheesh. Why show this stuff online? Did this agent really think that was a good look? My guess is with a $37,000+ per year tax bill and a loan rate north of 5.25%, cash is getting pretty tight and the yard just isn't a priority anymore.
Would love to have the data on Harcourt's "LIVE AUCTION BIDDING" final closing price info. My guess is that this gimmick really doesn't work and they end up selling for less than if they were priced right from the start and turned quickly.
My .02c
Irvinecommuter
New member
What's with the tile flooring...was this a thing like 3 to 5 years ago? I hate tile floor indoors and it's brutal on the knees/ankles.
Tile is also very difficult/expensive to replace so you are stuck with it unless you want to put down more money after the WTF pricing.
/old man rant.
Tile is also very difficult/expensive to replace so you are stuck with it unless you want to put down more money after the WTF pricing.
/old man rant.
irvinehomeowner
Well-known member
From my experience with these auctions... it's not really legit.
If the bids don't get up to their "reserve" they can just cancel all bids.
If the bids don't get up to their "reserve" they can just cancel all bids.
usctrojancpa
Well-known member
aquabliss said:
The reserve price is ultimately what the seller will accept which no one other than the seller and maybe the listing agent know. And no, if there is only one bid at $1.7m the seller is not obligated to sell the home at $1.7m. The seller needs to accept a buyer's offer to be obligated to sell.
sgip
Well-known member
You can sort of reverse engineer the faux "reserve price" by doing a MLS previous listing price history.
This home (out of area) https://www.redfin.com/CA/Laguna-Beach/154-Pearl-St-92651/home/4894695 is heralded as an "auction" sale, priced at $4,000,000. It was originally listed in May of 2019 by an out of area realtor at $7,950,000. It delisted in September 2020 at $6,499,000. That figure, or something near it, is the "reserve"
They paid $2.8 for what is the oldest home in the City, and could not level it for historical preservation reasons. They built a 2nd home on the site and now want 1.5x the cost to buy and build. From a property tax basis alone they've eaten almost 100k in 2 years waiting for a buyer to take the bait.
Will be interesting to see how 123 S Calderon goes.
This home (out of area) https://www.redfin.com/CA/Laguna-Beach/154-Pearl-St-92651/home/4894695 is heralded as an "auction" sale, priced at $4,000,000. It was originally listed in May of 2019 by an out of area realtor at $7,950,000. It delisted in September 2020 at $6,499,000. That figure, or something near it, is the "reserve"
They paid $2.8 for what is the oldest home in the City, and could not level it for historical preservation reasons. They built a 2nd home on the site and now want 1.5x the cost to buy and build. From a property tax basis alone they've eaten almost 100k in 2 years waiting for a buyer to take the bait.
Will be interesting to see how 123 S Calderon goes.
usctrojancpa
Well-known member
aquabliss said:
BINGO!!! I'll stick to pricing my listings appropriately and having them sell in weeks without playing these auction games.
usctrojancpa
Well-known member
Soylent Green Is People said:
I wonder if buyers even know that they might have problems getting the home financed with the yard not being done once the appraiser reveals it to the lender. I think with the cheap flooring, dated countertops, and unfinished yard it'll sell for around $2m +/-.
usctrojancpa
Well-known member
Here's an example of one of these Hardcourts auction listings in my neighborhood with my exact floor plan.
https://www.redfin.com/CA/Tustin/2605-Palmetto-92782/home/4757580
The seller originally listed the home with one of the local Tustin Ranch realtors for $1.59m for 185 days with no luck. About 5 months after that listing expired, the seller listed the home with Hardcourts for $1.25m and the "auction date" was about 4 weeks from the listing date. I believe that the seller could have gotten over $1.4m if they had listed the home for $1.45m-$1.5m right off the bat.
https://www.redfin.com/CA/Tustin/2605-Palmetto-92782/home/4757580
The seller originally listed the home with one of the local Tustin Ranch realtors for $1.59m for 185 days with no luck. About 5 months after that listing expired, the seller listed the home with Hardcourts for $1.25m and the "auction date" was about 4 weeks from the listing date. I believe that the seller could have gotten over $1.4m if they had listed the home for $1.45m-$1.5m right off the bat.