Newer Irvine listings with crazy WTF asking prices from equity sellers

NEW -> Contingent Buyer Assistance Program
My recent "Non Irvine" favorite example of crazy pricing is this:
https://www.redfin.com/CA/Mission-Viejo/23852-Lindley-St-92691/home/4841136

(enjoy the photos while they are still up)

$650k list as "fixer"  :o
$740k close.

I spoke with the agent who had 5 offers, primarily flippers, but not the highest bid. Winner took out an insurance policy to protect the seller right after the contract was accepted, over the next 2 weeks fixed 80% of the house issues on his own (including filling the pool) and closed with a Conventional loan.

Have to say this was a very smart tactic if you can find the right older home. This would not work in newer communities unless there were serious issues with the previous owner. A similar home to this one closed within 500 yards of this home in the $900k range.

Yes, home prices are now approaching ludicrous speed.


[youtube]https://www.youtube.com/watch?v=ygE01sOhzz0[/youtube]

 
Kenkoko said:
Irvine price has definitely been up from what I've seen.

Also agree with USC that it's not just Irvine. It's everywhere else too.

But what's interesting to me is the price increase in Irvine seems to be less compared to a few other cities that I keep tabs on (in terms of % gain)

Eastvale (Riverside county)
https://www.redfin.com/CA/Corona/13229-Kara-Ct-92880/home/6575213#property-history

Sold in 2016 - 430k
Sold in 2021 - 775k

Even Aliso Viejo seems to have bigger % gain than Irvine
https://www.redfin.com/CA/Aliso-Viejo/32-Cliffwood-92656/home/4872206#property-history

Sold in 2016 - 739k
Sold in 2021 - 1155k
Click to expand...

I think areas outside of Irvine in the surrounding areas are now playing catch-up since their price appreciation has seriously lagged Irvine's since 2010.  The low inventory problem is pretty much in almost every single metro area...Vegas, Phoenix, Austin, Dallas, Salt Lake, Boise, Reno, etc, etc, etc. The most demand and largest price increases are happening for single family residences.
 
While most of what he says is misinformation due to poor analytical skills or just plain wrong, there is something valid I will say in his favor. From an investment % gain basis, Irvine is the best place to buy in OC. Anaheim, Garden Grove, Santa Ana, Newport Coast, ect ect are much better. The one advantage Irvine had, which you could debate it no longer does over many areas, was in the lower risk of your investment
 
Cares said:
I don't get what the point is arguing with this guy. The data speaks for itself and anecdotal experience speaks for itself.
Click to expand...

Back in the days when Trump was running for the office, I got in convo with a ber driver.
Me: ...can you believe this guy? Nothing sticks to him...
Driver: It's fun. I am going to vote for him.
Me: Why, what is your reason?
Driver: Purely for circus and entertainment purposes.

We have a few TI members who just keep poking, only to create stir/circus/entertainment. I guess we just have to assess for ourselves if we are getting into an intellectual debate or walking in to a trap, and choose accordingly.
 
someguy said:
Record high price with unique backyard landscaping! $5,290,000 in Orchard Hills https://www.redfin.com/CA/Irvine/184-Leafy-Pass-92602/home/143911558

Paid $4,037,330 on 1/18/2019 http://oct.estreamone.com/Show.aspx?parcel=527-403-17.0100&year=2019

Solid gains right there!  Good luck to the seller!
Click to expand...

Leafy pass is a giant turd compare to this househttps://www.redfin.com/CA/RANCHO-SANTA-FE/6658-NIEMAN-RANCH-RD-92067/home/4485479

School district is the same as Irvine, if not better. Look at that backyard, look at the ocean view....Single story, 2 acre lot???
 
Irvinehomeseeker said:
Are prices really this crazy high today  - 1.68 Mill for a SFR in Eastwood:https://www.redfin.com/CA/Irvine/121-Pewter-92620/home/112724022

Late last year, the singe level new construction from KB homes (NAPA) was sitting for months together and went for around 1.45 million earlier this year. I feel like passed up some good SFR opportunities now.

And this Delano attached Condo for 1.2 Million? Granted it has some furniture in it, but still 1.2M for attached Condo?https://www.redfin.com/CA/Irvine/60-Parkwood-92602/home/174923119
Click to expand...

The single level 121 Pewter home went pending in 1 day at the 1.68 Million price!  Back in Nov-Dec of last year, the single level SFR build by KB Homes (Napa) was selling at 1.4 million. I considered making an offer, but didn't pull the trigger...and in 4 months look a similar plan in contract for close to 300K more!! The person who boughthttps://www.redfin.com/CA/Irvine/100-Frontier-92602/home/174655184(similar to 121 pewter) already made instant equity I guess.
I guess I never saw the insane price hike  coming so quickly...
 
Irvinehomeseeker said:
Irvinehomeseeker said:
Are prices really this crazy high today  - 1.68 Mill for a SFR in Eastwood:https://www.redfin.com/CA/Irvine/121-Pewter-92620/home/112724022

Late last year, the singe level new construction from KB homes (NAPA) was sitting for months together and went for around 1.45 million earlier this year. I feel like passed up some good SFR opportunities now.

And this Delano attached Condo for 1.2 Million? Granted it has some furniture in it, but still 1.2M for attached Condo?https://www.redfin.com/CA/Irvine/60-Parkwood-92602/home/174923119
Click to expand...

The single level 121 Pewter home went pending in 1 day at the 1.68 Million price!  Back in Nov-Dec of last year, the single level SFR build by KB Homes (Napa) was selling at 1.4 million. I considered making an offer, but didn't pull the trigger...and in 4 months look a similar plan in contract for close to 300K more!! The person who boughthttps://www.redfin.com/CA/Irvine/100-Frontier-92602/home/174655184(similar to 121 pewter) already made instant equity I guess.
I guess I never saw the insane price hike  coming so quickly...
Click to expand...

121 Pewter sold for 1.75 Million!!
 
Irvinehomeseeker said:
Irvinehomeseeker said:
Irvinehomeseeker said:
Are prices really this crazy high today  - 1.68 Mill for a SFR in Eastwood:https://www.redfin.com/CA/Irvine/121-Pewter-92620/home/112724022

Late last year, the singe level new construction from KB homes (NAPA) was sitting for months together and went for around 1.45 million earlier this year. I feel like passed up some good SFR opportunities now.

And this Delano attached Condo for 1.2 Million? Granted it has some furniture in it, but still 1.2M for attached Condo?https://www.redfin.com/CA/Irvine/60-Parkwood-92602/home/174923119
Click to expand...

The single level 121 Pewter home went pending in 1 day at the 1.68 Million price!  Back in Nov-Dec of last year, the single level SFR build by KB Homes (Napa) was selling at 1.4 million. I considered making an offer, but didn't pull the trigger...and in 4 months look a similar plan in contract for close to 300K more!! The person who boughthttps://www.redfin.com/CA/Irvine/100-Frontier-92602/home/174655184(similar to 121 pewter) already made instant equity I guess.
I guess I never saw the insane price hike  coming so quickly...
Click to expand...

121 Pewter sold for 1.75 Million!!
Click to expand...

The property tax for a 2k sf 3bed home is going to be like 20k...thats nuts on top of the 1.75mm paid.
 
Irvinehomeseeker said:
Irvinehomeseeker said:
Irvinehomeseeker said:
Are prices really this crazy high today  - 1.68 Mill for a SFR in Eastwood:https://www.redfin.com/CA/Irvine/121-Pewter-92620/home/112724022

Late last year, the singe level new construction from KB homes (NAPA) was sitting for months together and went for around 1.45 million earlier this year. I feel like passed up some good SFR opportunities now.

And this Delano attached Condo for 1.2 Million? Granted it has some furniture in it, but still 1.2M for attached Condo?https://www.redfin.com/CA/Irvine/60-Parkwood-92602/home/174923119
Click to expand...

The single level 121 Pewter home went pending in 1 day at the 1.68 Million price!  Back in Nov-Dec of last year, the single level SFR build by KB Homes (Napa) was selling at 1.4 million. I considered making an offer, but didn't pull the trigger...and in 4 months look a similar plan in contract for close to 300K more!! The person who boughthttps://www.redfin.com/CA/Irvine/100-Frontier-92602/home/174655184(similar to 121 pewter) already made instant equity I guess.
I guess I never saw the insane price hike  coming so quickly...
Click to expand...

121 Pewter sold for 1.75 Million!!
Click to expand...

That is pretty crazy...over $850/sf.
 
USCTrojanCPA said:
Irvinehomeseeker said:
Irvinehomeseeker said:
Irvinehomeseeker said:
Are prices really this crazy high today  - 1.68 Mill for a SFR in Eastwood:https://www.redfin.com/CA/Irvine/121-Pewter-92620/home/112724022

Late last year, the singe level new construction from KB homes (NAPA) was sitting for months together and went for around 1.45 million earlier this year. I feel like passed up some good SFR opportunities now.

And this Delano attached Condo for 1.2 Million? Granted it has some furniture in it, but still 1.2M for attached Condo?https://www.redfin.com/CA/Irvine/60-Parkwood-92602/home/174923119
Click to expand...

The single level 121 Pewter home went pending in 1 day at the 1.68 Million price!  Back in Nov-Dec of last year, the single level SFR build by KB Homes (Napa) was selling at 1.4 million. I considered making an offer, but didn't pull the trigger...and in 4 months look a similar plan in contract for close to 300K more!! The person who boughthttps://www.redfin.com/CA/Irvine/100-Frontier-92602/home/174655184(similar to 121 pewter) already made instant equity I guess.
I guess I never saw the insane price hike  coming so quickly...
Click to expand...

121 Pewter sold for 1.75 Million!!
Click to expand...

That is pretty crazy...over $850/sf.
Click to expand...

I kicking myself for not acting on the Napa single level home late last year when it was available! i would made atleast 300K in equity when builder was trying to sell for 1.4 million. I was not sure about the value or appeal of single level homes...missed opportunity!
 
Irvinehomeseeker said:
USCTrojanCPA said:
Irvinehomeseeker said:
Irvinehomeseeker said:
Irvinehomeseeker said:
Are prices really this crazy high today  - 1.68 Mill for a SFR in Eastwood:https://www.redfin.com/CA/Irvine/121-Pewter-92620/home/112724022

Late last year, the singe level new construction from KB homes (NAPA) was sitting for months together and went for around 1.45 million earlier this year. I feel like passed up some good SFR opportunities now.

And this Delano attached Condo for 1.2 Million? Granted it has some furniture in it, but still 1.2M for attached Condo?https://www.redfin.com/CA/Irvine/60-Parkwood-92602/home/174923119
Click to expand...

The single level 121 Pewter home went pending in 1 day at the 1.68 Million price!  Back in Nov-Dec of last year, the single level SFR build by KB Homes (Napa) was selling at 1.4 million. I considered making an offer, but didn't pull the trigger...and in 4 months look a similar plan in contract for close to 300K more!! The person who boughthttps://www.redfin.com/CA/Irvine/100-Frontier-92602/home/174655184(similar to 121 pewter) already made instant equity I guess.
I guess I never saw the insane price hike  coming so quickly...
Click to expand...

121 Pewter sold for 1.75 Million!!
Click to expand...

That is pretty crazy...over $850/sf.
Click to expand...

I kicking myself for not acting on the Napa single level home late last year when it was available! i would made atleast 300K in equity when builder was trying to sell for 1.4 million. I was not sure about the value or appeal of single level homes...missed opportunity!
Click to expand...

The appreciation is surprising but single story homes tend to be very desirable and prices are high on them because so few of them are built nowadays.
 
USCTrojanCPA said:
Irvinehomeseeker said:
USCTrojanCPA said:
Irvinehomeseeker said:
Irvinehomeseeker said:
Irvinehomeseeker said:
Are prices really this crazy high today  - 1.68 Mill for a SFR in Eastwood:https://www.redfin.com/CA/Irvine/121-Pewter-92620/home/112724022

Late last year, the singe level new construction from KB homes (NAPA) was sitting for months together and went for around 1.45 million earlier this year. I feel like passed up some good SFR opportunities now.

And this Delano attached Condo for 1.2 Million? Granted it has some furniture in it, but still 1.2M for attached Condo?https://www.redfin.com/CA/Irvine/60-Parkwood-92602/home/174923119
Click to expand...

The single level 121 Pewter home went pending in 1 day at the 1.68 Million price!  Back in Nov-Dec of last year, the single level SFR build by KB Homes (Napa) was selling at 1.4 million. I considered making an offer, but didn't pull the trigger...and in 4 months look a similar plan in contract for close to 300K more!! The person who boughthttps://www.redfin.com/CA/Irvine/100-Frontier-92602/home/174655184(similar to 121 pewter) already made instant equity I guess.
I guess I never saw the insane price hike  coming so quickly...
Click to expand...

121 Pewter sold for 1.75 Million!!
Click to expand...

That is pretty crazy...over $850/sf.
Click to expand...

I kicking myself for not acting on the Napa single level home late last year when it was available! i would made atleast 300K in equity when builder was trying to sell for 1.4 million. I was not sure about the value or appeal of single level homes...missed opportunity!
Click to expand...

The appreciation is surprising but single story homes tend to be very desirable and prices are high on them because so few of them are built nowadays.
Click to expand...

Right! Compared to all the two level homes, this single levek did not seem to have much curb appeal to me at that time. Agree on how rare they are now.
 
https://www.redfin.com/CA/Irvine/135-Summerland-92620/unit-54/home/173913970?utm_source=ios_share&utm_medium=share&utm_campaign=copy_link&utm_nooverride=1&utm_content=link

Damn
 
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