Newer Irvine listings with crazy WTF asking prices from equity sellers

[qwerty]

Apple is opening up a design center in Irvine so buy now or get priced out forever! #RSUs
https://www.bloomberg.com/news/arti...n-new-office-to-bring-wireless-chips-in-house

Microsoft just announced the purchase of Activation Blizzard. Irvine now has another mega cap footprint.

Microsoft already had an office in Lake Forest for a long time, and the purchasing of Blizzard is just switching of owner, so there is no material impact to the job market here. Unless Microsoft decided to hiring more people locally here but this needs it to open new line of business (which requires more engineering effort to justify the extra headcount).

Most likely activision employees are getting an immediate vesting of options.

It's an all cash acquisition, so no conversion to MSFT shares. Question is, are the unvested shares accounted for?

The deal doesn?t close until 2023 so the equity wouldn?t vest until then. Even in an all cash deal the employees can get their equity swapped out for Microsoft equity. Sometimes the equity has double triggers meaning a change in control needs to happen first then a termination for the equity to vest immediately. My guess is once the deal closes the unvested equity will vest and get cashed out.

 

[Ready2Downsize]

Apple is opening up a design center in Irvine so buy now or get priced out forever! #RSUs
https://www.bloomberg.com/news/arti...n-new-office-to-bring-wireless-chips-in-house

Microsoft just announced the purchase of Activation Blizzard. Irvine now has another mega cap footprint.

Microsoft already had an office in Lake Forest for a long time, and the purchasing of Blizzard is just switching of owner, so there is no material impact to the job market here. Unless Microsoft decided to hiring more people locally here but this needs it to open new line of business (which requires more engineering effort to justify the extra headcount).

Most likely activision employees are getting an immediate vesting of options.

It's an all cash acquisition, so no conversion to MSFT shares. Question is, are the unvested shares accounted for?

Depends on how their grants are worded but my hubby has worked for several companies (dot com era) that were bought out. His shares vested when it closed and I think to get them cashed out he needed to leave the company. In every case he left because each time they were moving employees to Silicon Valley for the same pay and we had just bought our forever home in Irvine which I was not willing to leave.

It was most unfortunate that he accepted a job at geocities and his start date turned out to be the day AFTER yahoo announced they were buying them which meant his option grant was priced at the buyout price. We did make money but not nearly what we would have made if he had started work a couple days earlier.

 

[CalBears96]

Depends on how their grants are worded but my hubby has worked for several companies (dot com era) that were bought out. His shares vested when it closed and I think to get them cashed out he needed to leave the company. In every case he left because each time they were moving employees to Silicon Valley for the same pay and we had just bought our forever home in Irvine which I was not willing to leave.

It was most unfortunate that he accepted a job at geocities and his start date turned out to be the day AFTER yahoo announced they were buying them which meant his option grant was priced at the buyout price. We did make money but not nearly what we would have made if he had started work a couple days earlier.

IIRC, the start date doesn't really matter. The option price is set on the date that the board approves the options granted, which could be weeks after the start date.

 

[Ready2Downsize]

Depends on how their grants are worded but my hubby has worked for several companies (dot com era) that were bought out. His shares vested when it closed and I think to get them cashed out he needed to leave the company. In every case he left because each time they were moving employees to Silicon Valley for the same pay and we had just bought our forever home in Irvine which I was not willing to leave.

It was most unfortunate that he accepted a job at geocities and his start date turned out to be the day AFTER yahoo announced they were buying them which meant his option grant was priced at the buyout price. We did make money but not nearly what we would have made if he had started work a couple days earlier.

IIRC, the start date doesn't really matter. The option price is set on the date that the board approves the options granted, which could be weeks after the start date.

His option grant was given to him when he was hired and it was at the price the stock closed the day he was hired. He obviously didn't know the price till he started work which was the week after he accepted the job. This was early jan 1999. I remember it like it was yesterday. Woo Hoo! Geocities is being bought! Options are going to pay off well only to be told um.............. the price is set the day I start which is tomorrow. Luckily the dot com bubble came later and the stock went way up months later.

He couldn't quit or he wouldn't get his options because obviously not a share was vested. He was quickly picked off by some other employees who were going to another dot com so he had two jobs for a couple months. He would tell geocities he had to take his kids to dance, go to the doctor, all kinds of excuses on why he wasn't in the office (no work from home then). I think he aged 10 years and it was working ok until one day he got a rupture appendix. Geocities didn't believe he was really sick (lots of newly minted multimillionaire kids weren't showing up so they were cracking down on absenteeism). Meanwhile his options were worthless but I told him they MIGHT be worth something so he kept the charade going till he got sick. Got the options!

 

[The Motor Court Company]

getting off track a bit.

Attached condo without a real backyard in freaking Woodbury East (Sandwiched between Sand Canyon and 133) is going to cost more than $600 ($637 to be exact) per sqft?
https://www.redfin.com/CA/Irvine/37-Peony-92618/home/40102979

Seriously?

At least the listing agent is good at words like "Ultimate Sophistication", "HOTSPOT Destination", "Prestige Monterey?, "Exceeds every expectation", "Premier Private Lot", "Tranquil",  "natural", "decadent indulgence!" "Uncommon Experiences" "Finest Living Elements", "Premium Carpeting", "Chef-Inspired Gourmet Kitchen", "ALL Top End Stainless Steel Appliances"! "World-Class Amenities"...

 

[airplanes]

Apple is opening up a design center in Irvine so buy now or get priced out forever! #RSUs
https://www.bloomberg.com/news/arti...n-new-office-to-bring-wireless-chips-in-house

Microsoft just announced the purchase of Activation Blizzard. Irvine now has another mega cap footprint.

Microsoft already had an office in Lake Forest for a long time, and the purchasing of Blizzard is just switching of owner, so there is no material impact to the job market here. Unless Microsoft decided to hiring more people locally here but this needs it to open new line of business (which requires more engineering effort to justify the extra headcount).

Most likely activision employees are getting an immediate vesting of options.

It's an all cash acquisition, so no conversion to MSFT shares. Question is, are the unvested shares accounted for?

The deal doesn?t close until 2023 so the equity wouldn?t vest until then. Even in an all cash deal the employees can get their equity swapped out for Microsoft equity. Sometimes the equity has double triggers meaning a change in control needs to happen first then a termination for the equity to vest immediately. My guess is once the deal closes the unvested equity will vest and get cashed out.

FY2023, MSFT FYE is 6/30.  Possible it closes this calendar year but with MSFT?s track record and broader regulatory sentiment with big tech these days? could be looking at second request and delayed timing and stretching into CY2023.

Put it another way, MSFT is paying $95/share but activision closed around $82 today.  Investors are pricing in the fact that this deal might get blocked by regulators.

 

[CalBears96]

getting off track a bit.

Attached condo without a real backyard in freaking Woodbury East (Sandwiched between Sand Canyon and 133) is going to cost more than $600 ($637 to be exact) per sqft?
https://www.redfin.com/CA/Irvine/37-Peony-92618/home/40102979

Seriously?

At least the listing agent is good at words like "Ultimate Sophistication", "HOTSPOT Destination", "Prestige Monterey?, "Exceeds every expectation", "Premier Private Lot", "Tranquil",  "natural", "decadent indulgence!" "Uncommon Experiences" "Finest Living Elements", "Premium Carpeting", "Chef-Inspired Gourmet Kitchen", "ALL Top End Stainless Steel Appliances"! "World-Class Amenities"...

I can't see anything. Said "Local rules requires you to sign in to see all the details/more pictures." This is the first time I see this message on Redfin.

 

[sgip]

If you scroll down the page, Redfin shows most of the data you'd want. It's sometimes helpful to look in the "tax"/"sales history" tab.

The cringe-est realtorspeak for me is "nestled". No idea why, but I can't read listings with the word.

 

[irvinehomeowner]

The deal doesn?t close until 2023 so the equity wouldn?t vest until then. Even in an all cash deal the employees can get their equity swapped out for Microsoft equity. Sometimes the equity has double triggers meaning a change in control needs to happen first then a termination for the equity to vest immediately. My guess is once the deal closes the unvested equity will vest and get cashed out.

I get all tingly when qwerty flexes his business acumen.

#calvesout

 

[CalBears96]

If you scroll down the page, Redfin shows most of the data you'd want. It's sometimes helpful to look in the "tax"/"sales history" tab.

The cringe-est realtorspeak for me is "nestled". No idea why, but I can't read listings with the word.

Well, it doesn't show the data that I want to see the most, listing price and photos. 

 

[sgip]

Weird.  I've noticed that Redfin is getting more "proprietary" with their data. With the account I do have it sends me "Coming Soon" listings, and you used to see those on the general Redfin site without an account. No longer. When I get a "coming soon" e-mail and look at the regular site without logging in, that "coming soon" is nowhere to be found.

May just need to open a free Redfin account and use that whenever possible.

Realtor.com has more sales history and will show list prices that are blocked or changed on Redfin.
https://www.realtor.com/realestateandhomes-detail/M1258010192

 

[The Motor Court Company]

you got Bluffs 2 right? at $637 per sqft this attached condo in WBE costs more per sqft than Bluffs 2 in Portola Springs? it is absurd?Bluffs is newer, detached, 1 extra bedroom, real backyard?they feed into the same middle and high schools, and I would argue WBE is in a worst location than PS (between Sand Canyon and 133, and that big ass water tower is so close?)

If you scroll down the page, Redfin shows most of the data you'd want. It's sometimes helpful to look in the "tax"/"sales history" tab.

The cringe-est realtorspeak for me is "nestled". No idea why, but I can't read listings with the word.

Well, it doesn't show the data that I want to see the most, listing price and photos. 

 

[CalBears96]

you got Bluffs 2 right? at $637 per sqft this attached condo in WBE costs more per sqft than Bluffs 2 in Portola Springs? it is absurd?Bluffs is newer, detached, 1 extra bedroom, real backyard?they feed into the same middle and high schools, and I would argue WBE is in a worst location than PS (between Sand Canyon and 133, and that big ass water tower is so close?)

If you scroll down the page, Redfin shows most of the data you'd want. It's sometimes helpful to look in the "tax"/"sales history" tab.

The cringe-est realtorspeak for me is "nestled". No idea why, but I can't read listings with the word.

Well, it doesn't show the data that I want to see the most, listing price and photos. 

I got Bluffs 2, yes. The purchase price put it close to $600/sq ft. But once we're done with all the upgrades, it would be close to $650/sq ft. And we actually have a pretty good size backyard, 27' and 37' to the back wall, quite a bit bigger than most homes in Bluffs. I can't say if WBE or PS is better, but my wife loves PS, so that's great enough for us. ;D

 

[The Motor Court Company]

still it is attached vs detached.....and this is like the worse kind of attached. close to condo...for example, above this plan'3 garage is plan 1's living areas.

I like PS if you don't mind (or actually prefer) the remoteness. WBE is more central to Woodbury Town center and freeway access so it is more convenient.

you got Bluffs 2 right? at $637 per sqft this attached condo in WBE costs more per sqft than Bluffs 2 in Portola Springs? it is absurd?Bluffs is newer, detached, 1 extra bedroom, real backyard?they feed into the same middle and high schools, and I would argue WBE is in a worst location than PS (between Sand Canyon and 133, and that big ass water tower is so close?)

If you scroll down the page, Redfin shows most of the data you'd want. It's sometimes helpful to look in the "tax"/"sales history" tab.

The cringe-est realtorspeak for me is "nestled". No idea why, but I can't read listings with the word.

Well, it doesn't show the data that I want to see the most, listing price and photos. 

I got Bluffs 2, yes. The purchase price put it close to $600/sq ft. But once we're done with all the upgrades, it would be close to $650/sq ft. And we actually have a pretty good size backyard, 27' and 37' to the back wall, quite a bit bigger than most homes in Bluffs. I can't say if WBE or PS is better, but my wife loves PS, so that's great enough for us. ;D

 

[Irvinehomeseeker]

Attached condo like this one is going for 790 per sqt. So yes, prices are crazy all over. Buy  now or miss out forever!
https://www.redfin.com/CA/Irvine/154-Damsel-92602/home/167403884

 

[The Motor Court Company]

this is different attached product though. only shared 1 wall with the neighbor and you have real backyard. plus it is in Eastwood, newer village and zoned to better schools, no low income housing and apartments. but $790 for attached is still yikes and I would rather go with detached offerings in PS.

Attached condo like this one is going for 790 per sqt. So yes, prices are crazy all over. Buy  now or miss out forever!
https://www.redfin.com/CA/Irvine/154-Damsel-92602/home/167403884

 

[OCLuvr]

Do you think Portola Springs is any less hot? Not even a complete SFR sold for $500k higher than asking.. Yes, 0.5million higher than asking

238 Desert Bloom Irvine, CA 92618
https://www.zillow.com/homedetails/238-Desert-Bloom-Irvine-CA-92618/119682482_zpid/?utm_campaign=iosappmessage&utm_medium=referral&utm_source=txtshare

 

[The Motor Court Company]

KB homes and not really a SFR? more like detached condo on a motor court? yes, it is ouch..

Do you think Portola Springs is any less hot? Not even a complete SFR sold for $500k higher than asking.. Yes, 0.5million higher than asking

238 Desert Bloom Irvine, CA 92618
https://www.zillow.com/homedetails/238-Desert-Bloom-Irvine-CA-92618/119682482_zpid/?utm_campaign=iosappmessage&utm_medium=referral&utm_source=txtshare

 

[CalBears96]

Do you think Portola Springs is any less hot? Not even a complete SFR sold for $500k higher than asking.. Yes, 0.5million higher than asking

238 Desert Bloom Irvine, CA 92618
https://www.zillow.com/homedetails/238-Desert-Bloom-Irvine-CA-92618/119682482_zpid/?utm_campaign=iosappmessage&utm_medium=referral&utm_source=txtshare

$645 per sq ft.

I don't like the flooring.

I would rather buy Ravello 2.

 

[daedalus]

The cringe-est realtorspeak for me is "nestled". No idea why, but I can't read listings with the word.

The other one for me is "boasts".  I prefer my housing have some humility.