Newer Irvine listings with crazy WTF asking prices from equity sellers

[usctrojancpa]

Look @ Japanese interest rates to predict US interest rates.

I don't think interest will be going up anytime soon in America.

Yup, we'll be Japan 2.0 with interest rates.  They've basically had interest rates around 0% for 25+ years, we've only had that for 1/2 that time. Watch how things slow down enough once the Fed bond buying stops and no more gov't spending happens.  I doubt the Fed will raise rates beyond 1% this go around, if they do at all.

 

[irvinebullhousing]

The more euphoria, the more positive reinforcement of pricing should be higher is the same predicament of 2008 unwound.

The big difference now is you got both the FED and Democrat Congress gives the nod, not so the Republican. The fiscal cliff is ever so closer to a doom drop.


In the last real crash, it?s required just the FED that does the trick. Not so this time.


We are heading into abyss. Reality suck. I rather be paper rich, but realities, is what we must face??someday. In the meantime enjoy the condwich appreciation.

The dynamics of the previous run-up were totally different versus what is going on today.  There was a lot more speculation and flipping with very loose credit standards like NINJA loans.  Not the case this time around as you are fully underwritten by lenders today plus the demand is from buyers who want to live in the home (all but 2 of my buyers in the past year were looking to buy the home to live in it). You have the work-from-home movement, move-up buyers, first time home buyers, and vacation home buyers that are driving the market which is cause very low inventory everywhere.  As I always used to say, watch inventory levels as they will be your tell on where pricing is going.

This by far is the most vital statistic to me. You have buyers that bought a home as a shelters, rather than investors. By far the most stable path.

Blackrock realestate investments their REIT single family homes have balloons with and many other institutions investtors jump into residential realestate investing.
https://slate.com/business/2021/06/blackrock-invitation-houses-investment-firms-real-estate.html

I am certain that some level of homes in Irvine once hit MLS or even before hit listing have some form of influence of this. In turn drive up insane price. This can be good as long as they stay in the game and have a long view and long hold. Conversely, if institution buys, there is no emotions involve just numbers and just P&L then I know business is business. Keep it when it good, dump it when it sour.

 

[trematix]

This one is a shocker?wow?stonegate

https://www.redfin.com/CA/Irvine/56-Steinway-92620/home/51682202?1280460695=variant&600390594=copy_variant&231528114=variant&1077477207=variant&utm_source=ios_share&utm_medium=share&utm_nooverride=1&utm_content=link&utm_campaign=share_sheet

 

[Irvinehomeseeker]

This one is a shocker?wow?stonegate

https://www.redfin.com/CA/Irvine/56-Steinway-92620/home/51682202?1280460695=variant&600390594=copy_variant&231528114=variant&1077477207=variant&utm_source=ios_share&utm_medium=share&utm_nooverride=1&utm_content=link&utm_campaign=share_sheet

Its build in 2018 and shows well from outside. Good size lot - 5000 Sqt. Market is  insanely great for sellers!!

 

[marmott]

A bit close to Portola Speedway but that seems to be the only downside.

 

[usctrojancpa]

This is what happens with turnkey homes in a market that has seriously low inventory.

 

[aquabliss]

$2.3M view lot in PS with no landscaping... over under days on market?https://www.redfin.com/CA/IRVINE/127-CHRONOLOGY-92618/home/143909502

 

[box]

$2.3M view lot in PS with no landscaping... over under days on market?https://www.redfin.com/CA/IRVINE/127-CHRONOLOGY-92618/home/143909502

That might be one of the best lots in that area of Portola Springs...5000+ sq ft, view lot (no house behind), only have a neighbor on one side, sits next to a small green belt w/ bench looking out on the view (I was there once when checking out this neighborhood).

> $700/sq ft though...will be interesting to see how long this one lasts.

 

[usctrojancpa]

$2.3M view lot in PS with no landscaping... over under days on market?https://www.redfin.com/CA/IRVINE/127-CHRONOLOGY-92618/home/143909502

That might be one of the best lots in that area of Portola Springs...5000+ sq ft, view lot (no house behind), only have a neighbor on one side, sits next to a small green belt w/ bench looking out on the view (I was there once when checking out this neighborhood).

> $700/sq ft though...will be interesting to see how long this one lasts.

Given the lack of inventory, it will most likely sell for over list price.

 

[aquabliss]

The interior on this house is pretty crazy, lots of work put in to all the accent walls with a mix of paint effects / wallpaper / marble tile.  It's a bit over the top but pretty nice and doesn't look cheap.https://www.redfin.com/CA/Irvine/145-Tenor-92618/home/169475344

Also their video tour is really cool, great drone shots and interior panning with slow/fast movements - really well done.

 

[hurijo]

Can anyone explain the sale history? Sold in Apr2020 for $955k, then sold in Aug2020 for $750k?

The interior on this house is pretty crazy, lots of work put in to all the accent walls with a mix of paint effects / wallpaper / marble tile.  It's a bit over the top but pretty nice and doesn't look cheap.https://www.redfin.com/CA/Irvine/145-Tenor-92618/home/169475344

Also their video tour is really cool, great drone shots and interior panning with slow/fast movements - really well done.

 

[Cares]

Can anyone explain the sale history? Sold in Apr2020 for $955k, then sold in Aug2020 for $750k?

The interior on this house is pretty crazy, lots of work put in to all the accent walls with a mix of paint effects / wallpaper / marble tile.  It's a bit over the top but pretty nice and doesn't look cheap.https://www.redfin.com/CA/Irvine/145-Tenor-92618/home/169475344

Also their video tour is really cool, great drone shots and interior panning with slow/fast movements - really well done.

I see the actual sale price as $917,000 from the builder. What happens sometimes with condos (especially new construction) is that all the sales data gets mixed up for nearby homes.

 

[Irvinehomeseeker]

The interior on this house is pretty crazy, lots of work put in to all the accent walls with a mix of paint effects / wallpaper / marble tile.  It's a bit over the top but pretty nice and doesn't look cheap.https://www.redfin.com/CA/Irvine/145-Tenor-92618/home/169475344

Also their video tour is really cool, great drone shots and interior panning with slow/fast movements - really well done.

is that wallpaper or marbile tile in the bathrooms and powder room? Way expensive to do that with the builder atleast.

 

[aquabliss]

The interior on this house is pretty crazy, lots of work put in to all the accent walls with a mix of paint effects / wallpaper / marble tile.  It's a bit over the top but pretty nice and doesn't look cheap.https://www.redfin.com/CA/Irvine/145-Tenor-92618/home/169475344

Also their video tour is really cool, great drone shots and interior panning with slow/fast movements - really well done.

is that wallpaper or marbile tile in the bathrooms and powder room? Way expensive to do that with the builder atleast.

Hmmm I thought for sure it was Tile or stone but then when I look at photo 25 I don?t see any grout lines.  Maybe it is indeed wallpaper.  Weird, but ya usually only Toll Brothers model homes spend $30k on tiling all the walls of the master bathroom with careera marble quartz tile.

 

[scubasteve]

Anyone know what tract this is? Builder is KB.  Was trying to see what the floor plan looks like

$2.3M view lot in PS with no landscaping... over under days on market?https://www.redfin.com/CA/IRVINE/127-CHRONOLOGY-92618/home/143909502

That might be one of the best lots in that area of Portola Springs...5000+ sq ft, view lot (no house behind), only have a neighbor on one side, sits next to a small green belt w/ bench looking out on the view (I was there once when checking out this neighborhood).

> $700/sq ft though...will be interesting to see how long this one lasts.

Given the lack of inventory, it will most likely sell for over list price.

 

[usctrojancpa]

Anyone know what tract this is? Builder is KB.  Was trying to see what the floor plan looks like

$2.3M view lot in PS with no landscaping... over under days on market?https://www.redfin.com/CA/IRVINE/127-CHRONOLOGY-92618/home/143909502

That might be one of the best lots in that area of Portola Springs...5000+ sq ft, view lot (no house behind), only have a neighbor on one side, sits next to a small green belt w/ bench looking out on the view (I was there once when checking out this neighborhood).

> $700/sq ft though...will be interesting to see how long this one lasts.

Given the lack of inventory, it will most likely sell for over list price.

Elderberry.

 

[bones]

Anyone know what tract this is? Builder is KB.  Was trying to see what the floor plan looks like

$2.3M view lot in PS with no landscaping... over under days on market?https://www.redfin.com/CA/IRVINE/127-CHRONOLOGY-92618/home/143909502

That might be one of the best lots in that area of Portola Springs...5000+ sq ft, view lot (no house behind), only have a neighbor on one side, sits next to a small green belt w/ bench looking out on the view (I was there once when checking out this neighborhood).

> $700/sq ft though...will be interesting to see how long this one lasts.

Given the lack of inventory, it will most likely sell for over list price.

Elderberry.

Def looks like a KB house. The master bedroom view window. The $2.2m money shot has paint all over the frame and painters tape stuck in the sill. The pantry stove/microwave was also an odd choice.

 

[CalBears96]

Anyone know what tract this is? Builder is KB.  Was trying to see what the floor plan looks like

$2.3M view lot in PS with no landscaping... over under days on market?https://www.redfin.com/CA/IRVINE/127-CHRONOLOGY-92618/home/143909502

That might be one of the best lots in that area of Portola Springs...5000+ sq ft, view lot (no house behind), only have a neighbor on one side, sits next to a small green belt w/ bench looking out on the view (I was there once when checking out this neighborhood).

> $700/sq ft though...will be interesting to see how long this one lasts.

Given the lack of inventory, it will most likely sell for over list price.

Elderberry.

Def looks like a KB house. The master bedroom view window. The $2.2m money shot has paint all over the frame and painters tape stuck in the sill. The pantry stove/microwave was also an odd choice.

Also, the HOA is $139. My brother-in-law looked at Elderberry and Highland last year. Almost bought Elderberry because HOA was $139, compared to $254 at Highland.

 

[sgip]

Has to be KB given the cheap-o cabinets in the photos. $2.2m for what looks like an IKEA instal. I guess if your 1.5 investment can net a 2.2 sale after 2 years the quality level of cabinets were of little concern.

My .02c

 

[akula1488]

2.2M for a KB home? Ouch.