TestingIrvine
Active member
BlackKnight said:
No upgrades for $800 psf plus? Can?t be right, even for Eastwood premium. Makes no sense
Newer Irvine listings with crazy WTF asking prices from equity sellers
- Thread starter usctrojancpa
- Start date
NEW -> Contingent Buyer Assistance Program
No upgrades for $800 psf plus? Can?t be right, even for Eastwood premium. Makes no sense
Nope, it was a financed purchased that took 22 days.
Dirt only backyard = premium
The inventory of homes for sale got down to 60 in December which basically has caused prices to melt up because buyers were in full FOMO mode.
I feel fortunate that someone backed out of the Bluffs 2 that fell into our laps back in December. Otherwise, we would still be on the waitlist right now, watching the housing price sky rocket.
Yeah, I'm so thankful I helped so many buyers to buy homes since Covid started but I do feel bad for the buyers that I'm currently working with (especially the first time home buyers who are looking around $1m and have less a 20% down payment). At some point this needs to calm down but it's not happening and it's for homes all the way up to $5m.
This is why i have decided that when i sell my Woodbury home this summer, if the market is still crazy like this I am going to consider first time home buyer instead of investor. I was in the same boat 15 years ago and it was painfully frustrated. Good family deserves a good chance to live in city like Irvine.
You did the absolute best thing in deciding to sell your move-out home after your move into your upgrade home! I should have done the same - waited close to the completion of my upgrade home to sell my move-out home, but I didn't time it well - I thought last year's summer was the peak in pricing and sold then only to realize that I could have gotten 20% more if I waited till now!
If that went close to 2M, this one in EW on the same street is possibly expecting 2.3 M I guess -
https://www.redfin.com/CA/Irvine/104-Lovelace-92620/home/167385350
The 104 Lovelace property sold at a great low price of 1,428,050 - This was during the onset of the Pandemic when Solano by KB homes had a hard time selling. If this now resells at 2.3M, that would like 800K in less than 1.5 year.....
If that went close to 2M, this one in EW on the same street is possibly expecting 2.3 M I guess -
https://www.redfin.com/CA/Irvine/104-Lovelace-92620/home/167385350
The 104 Lovelace property sold at a great low price of 1,428,050 in Nov 2020 - This was during the onset of the Pandemic when Solano by KB homes had a hard time selling. If this now resells at 2.3M, that would like 800K in less than 1.5 year.....
I'm am increasingly getting frustrated for my buyers on the low end of the market. It feels terrible to hear how defeated they are when listings come out at their budget cap but sells $100k higher. Rates are going up but prices are not going down and neither are the number of offers. It feels terrible to have 20% down for $1M but the same home in less than a full year is $1.2M now...
Some of my sellers are of the same mindset, although most all investors get outbid by people looking to live in the home from what I've seen on my listings.
The agent for 104 Lovelace already told me that they accepted an offer today (Friday)
I wonder Rates going up will make any difference to this crazy price. When ppl in Irvine are able to bit up 200 -300K over asking price, the .5 to .75% increase in rates probably doesn't make much impact to Irvine buyers.
Right now the all 3 properties on market in EW are 2 Million plus.
Heard one realtor say that Rivian is moving employees to Irvine...these appear to be well paid Tech folks, so prices will only keep going up in Irvine.
It might effect the marginal buyers but when homes have 10-20 offers even if half of the buyers drop off it won't really impact prices.
I didn't and I doubt she would have told me, but given how fast it went into escrow I'm sure it closed for significantly over the list price.
No upgrades for $800 psf plus? Can?t be right, even for Eastwood premium. Makes no sense
BlackKnight
New member
Yeah $830/ square foot comes with dirt only backyardTestingIrvine said:
usctrojancpa
Well-known member
BlackKnight said:
Nope, it was a financed purchased that took 22 days.
usctrojancpa
Well-known member
BlackKnight said:Yeah $830/ square foot comes with dirt only backyardTestingIrvine said:
Dirt only backyard = premium
usctrojancpa
Well-known member
The California Court Company said:
The inventory of homes for sale got down to 60 in December which basically has caused prices to melt up because buyers were in full FOMO mode.
sleepy5136
Well-known member
FOMO 2022.The California Court Company said:
CalBears96
Well-known member
USCTrojanCPA said:
I feel fortunate that someone backed out of the Bluffs 2 that fell into our laps back in December. Otherwise, we would still be on the waitlist right now, watching the housing price sky rocket.
usctrojancpa
Well-known member
CalBears96 said:
Yeah, I'm so thankful I helped so many buyers to buy homes since Covid started but I do feel bad for the buyers that I'm currently working with (especially the first time home buyers who are looking around $1m and have less a 20% down payment). At some point this needs to calm down but it's not happening and it's for homes all the way up to $5m.
USCTrojanCPA said:
This is why i have decided that when i sell my Woodbury home this summer, if the market is still crazy like this I am going to consider first time home buyer instead of investor. I was in the same boat 15 years ago and it was painfully frustrated. Good family deserves a good chance to live in city like Irvine.
sleepy5136
Well-known member
Danimal said:
Irvinehomeseeker
Active member
Danimal said:
You did the absolute best thing in deciding to sell your move-out home after your move into your upgrade home! I should have done the same - waited close to the completion of my upgrade home to sell my move-out home, but I didn't time it well - I thought last year's summer was the peak in pricing and sold then only to realize that I could have gotten 20% more if I waited till now!
Irvinehomeseeker
Active member
BlackKnight said:
If that went close to 2M, this one in EW on the same street is possibly expecting 2.3 M I guess -
https://www.redfin.com/CA/Irvine/104-Lovelace-92620/home/167385350
The 104 Lovelace property sold at a great low price of 1,428,050 - This was during the onset of the Pandemic when Solano by KB homes had a hard time selling. If this now resells at 2.3M, that would like 800K in less than 1.5 year.....
Irvinehomeseeker
Active member
BlackKnight said:
If that went close to 2M, this one in EW on the same street is possibly expecting 2.3 M I guess -
https://www.redfin.com/CA/Irvine/104-Lovelace-92620/home/167385350
The 104 Lovelace property sold at a great low price of 1,428,050 in Nov 2020 - This was during the onset of the Pandemic when Solano by KB homes had a hard time selling. If this now resells at 2.3M, that would like 800K in less than 1.5 year.....
USCTrojanCPA said:
I'm am increasingly getting frustrated for my buyers on the low end of the market. It feels terrible to hear how defeated they are when listings come out at their budget cap but sells $100k higher. Rates are going up but prices are not going down and neither are the number of offers. It feels terrible to have 20% down for $1M but the same home in less than a full year is $1.2M now...
usctrojancpa
Well-known member
Danimal said:
Some of my sellers are of the same mindset, although most all investors get outbid by people looking to live in the home from what I've seen on my listings.
usctrojancpa
Well-known member
Irvinehomeseeker said:
The agent for 104 Lovelace already told me that they accepted an offer today (Friday)
Irvinehomeseeker
Active member
Cares said:
I wonder Rates going up will make any difference to this crazy price. When ppl in Irvine are able to bit up 200 -300K over asking price, the .5 to .75% increase in rates probably doesn't make much impact to Irvine buyers.
Right now the all 3 properties on market in EW are 2 Million plus.
Heard one realtor say that Rivian is moving employees to Irvine...these appear to be well paid Tech folks, so prices will only keep going up in Irvine.
Irvinehomeseeker
Active member
Like 10% over list price or even higher?USCTrojanCPA said:
usctrojancpa
Well-known member
Irvinehomeseeker said:
It might effect the marginal buyers but when homes have 10-20 offers even if half of the buyers drop off it won't really impact prices.
usctrojancpa
Well-known member
Irvinehomeseeker said:
I didn't and I doubt she would have told me, but given how fast it went into escrow I'm sure it closed for significantly over the list price.