Newer Irvine listings with crazy WTF asking prices from equity sellers

NEW -> Contingent Buyer Assistance Program
There is a 3 BR attached condo in CV East that was listed just under $1M. Lines out the door at the open house this weekend. Irvine market definitely not slowing down at this point.
 
Wow this house was sold on Feb 08 for $1mil now is listing for $1.28. That was fast 😀

https://www.redfin.com/CA/Irvine/5002-Dutcher-Ave-92604/home/4667389?600390594=copy_variant&231528114=control&utm_source=ios_share&utm_medium=share&utm_nooverride=1&utm_content=link&utm_campaign=share_sheet
 
Danimal said:
Wow this house was sold on Feb 08 for $1mil now is listing for $1.28. That was fast 😀

https://www.redfin.com/CA/Irvine/5002-Dutcher-Ave-92604/home/4667389?600390594=copy_variant&231528114=control&utm_source=ios_share&utm_medium=share&utm_nooverride=1&utm_content=link&utm_campaign=share_sheet
Click to expand...

LOL 1 week turnaround with 0 improvements. Bought for $1M cash and trying to flip for $280k profit in a week? Listing agent is the owner of the property. He's also shamelessly using the same pictures from the previous listing instead of taking his own pictures.

This man is insane. I hope he isn't thinking he can 1031 flip this to avoid short-term gains as the IRS frowns upon short term 1031s.
 
Cares said:
Danimal said:
Wow this house was sold on Feb 08 for $1mil now is listing for $1.28. That was fast 😀

https://www.redfin.com/CA/Irvine/5002-Dutcher-Ave-92604/home/4667389?600390594=copy_variant&231528114=control&utm_source=ios_share&utm_medium=share&utm_nooverride=1&utm_content=link&utm_campaign=share_sheet
Click to expand...

LOL 1 week turnaround with 0 improvements. Bought for $1M cash and trying to flip for $280k profit in a week? Listing agent is the owner of the property. He's also shamelessly using the same pictures from the previous listing instead of taking his own pictures.

This man is insane. I hope he isn't thinking he can 1031 flip this to avoid short-term gains as the IRS frowns upon short term 1031s.
Click to expand...

Ha ha, the descriptions for the property are golden. I could not stop laughing.

Maybe his other side job, a comedian at the improv Irvine. Wooohooo.
 
Danimal said:
Wow this house was sold on Feb 08 for $1mil now is listing for $1.28. That was fast 😀

https://www.redfin.com/CA/Irvine/5002-Dutcher-Ave-92604/home/4667389?600390594=copy_variant&231528114=control&utm_source=ios_share&utm_medium=share&utm_nooverride=1&utm_content=link&utm_campaign=share_sheet
Click to expand...

The $1,020,000 was a probate sale that was grossly under listed and should have probably closed closer to $1.1m.  It'll be interesting to see what it'll sell for.
 
$2m Mulberry listed

https://www.redfin.com/CA/Irvine/61-Berkshire-Wood-92620/home/58551955?600390594=copy_variant&231528114=control&utm_source=ios_share&utm_medium=share&utm_nooverride=1&utm_content=link&utm_campaign=share_sheet

🤔🤔🤔🤔🤔
 
scubasteve said:
$2m Mulberry listed

https://www.redfin.com/CA/Irvine/61-Berkshire-Wood-92620/home/58551955?600390594=copy_variant&231528114=control&utm_source=ios_share&utm_medium=share&utm_nooverride=1&utm_content=link&utm_campaign=share_sheet

🤔🤔🤔🤔🤔
Click to expand...

It'll sell for over $2m.
 
USCTrojanCPA said:
scubasteve said:
$2m Mulberry listed

https://www.redfin.com/CA/Irvine/61-Berkshire-Wood-92620/home/58551955?600390594=copy_variant&231528114=control&utm_source=ios_share&utm_medium=share&utm_nooverride=1&utm_content=link&utm_campaign=share_sheet

🤔🤔🤔🤔🤔
Click to expand...

It'll sell for over $2m.
Click to expand...

58 Berkshire Wood was listed at $1.7M recently and had a lot of traffic and interest. It was put on Hold as they are reviewing offers and assume it'll go into escrow shortly. The property is more upgraded than 61 Berkshire Wood.
 
Hard to believe it is not a bubble?when homes are selling for 300k more in 2 months (similar cv homes sold for 1.72 in dec). When I look at Redfin home sales, the volumes for Jan 2022 were higher than pre pandemic days. How can inventory be lower if transacted sales are higher? Or maybe buyers are less discerning. Feels like a trend fueled by fomo rather than by fundamentals.
 
xlunaxoreox said:
Hard to believe it is not a bubble?when homes are selling for 300k more in 2 months (similar cv homes sold for 1.72 in dec). When I look at Redfin home sales, the volumes for Jan 2022 were higher than pre pandemic days. How can inventory be lower if transacted sales are higher? Or maybe buyers are less discerning. Feels like a trend fueled by fomo rather than by fundamentals.
Click to expand...

Its the demand! Buyers from outside of Irvine ( Bay Area, LA, FCB) all lining up to buy in Irvine. There seems to more high paying jobs croping up in Irvine and surrounding cities. So yes, as inventory comes on it gets depleted at a faster rate of buildup! Buyers moving into Irvine have lots of money it looks like, so that's why they can bid up so high.
Right now any newer Irvine SFR above 2800$ easily commands 2 million based on recent homes that I have seen in Stonegate, EW, Cypress Village, OH
 
Irvinehomeseeker said:
xlunaxoreox said:
Hard to believe it is not a bubble?when homes are selling for 300k more in 2 months (similar cv homes sold for 1.72 in dec). When I look at Redfin home sales, the volumes for Jan 2022 were higher than pre pandemic days. How can inventory be lower if transacted sales are higher? Or maybe buyers are less discerning. Feels like a trend fueled by fomo rather than by fundamentals.
Click to expand...

Its the demand! Buyers from outside of Irvine ( Bay Area, LA, FCB) all lining up to buy in Irvine. There seems to more high paying jobs croping up in Irvine and surrounding cities. So yes, as inventory comes on it gets depleted at a faster rate of buildup! Buyers moving into Irvine have lots of money it looks like, so that's why they can bid up so high.
Right now any newer Irvine SFR above 2800$ easily commands 2 million based on recent homes that I have seen in Stonegate, EW, Cypress Village, OH
Click to expand...
One thing that hasn?t been mentioned is the amount of FCBs that are getting loans based off of 40% down payment with East West Bank with adjustable rates. No income check with that bank if you do 40% down. If interest rates ever climb significantly, a lot of those buyers might be forced to sell. But who knows if it will be an issue since they are probably loaded with $$.
 
Yes this is also true with Cathay Bank as well. My Mainland Chinese neighbor did this for multiple properties in Irvine which he rented out all of them.
 
sleepy5136 said:
One thing that hasn?t been mentioned is the amount of FCBs that are getting loans based off of 40% down payment with East West Bank with adjustable rates. No income check with that bank if you do 40% down. If interest rates ever climb significantly, a lot of those buyers might be forced to sell. But who knows if it will be an issue since they are probably loaded with $$.
Click to expand...

Why would FCBs take out a loan? If they need to take out a loan, then they wouldn't be called FCB.
 
teddybear said:
Yes this is also true with Cathay Bank as well. My Mainland Chinese neighbor did this for multiple properties in Irvine which he rented out all of them.
Click to expand...
Very risky. I think this will be a big issue for the 2m+ homes.
 
CalBears96 said:
sleepy5136 said:
One thing that hasn?t been mentioned is the amount of FCBs that are getting loans based off of 40% down payment with East West Bank with adjustable rates. No income check with that bank if you do 40% down. If interest rates ever climb significantly, a lot of those buyers might be forced to sell. But who knows if it will be an issue since they are probably loaded with $$.
Click to expand...

Why would FCBs take out a loan? If they need to take out a loan, then they wouldn't be called FCB.
Click to expand...

Lol this is hilarious. FCB has different meaning for University of Spoiled Children. Folks, this is what money can buy for ur kids.  Go Bruin.😀
 
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