Newer Irvine listings with crazy WTF asking prices from equity sellers

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Compressed-Village said:
https://www.zillow.com/homedetails/137-Smallwheel-Irvine-CA-92618/241482526_zpid/


Something fishy with this listing. Sold for 345K in Nov 2021.

Several months later list at over 1000/sqft asking,  it deserve to be WTF pricing.
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I remember checking out the house 3 years ago. It was selling for $1.3 or $1.4 mil. We didnt like how cramped the backyard was with little pool, water fountain and GP tax. They couldnt sell it back then which is a good thing for the seller. $2.2 mil now shouldnt be hard to sell 😎
 
Irvinehomeseeker said:
Compressed-Village said:
https://www.zillow.com/homedetails/137-Smallwheel-Irvine-CA-92618/241482526_zpid/


Something fishy with this listing. Sold for 345K in Nov 2021.

Several months later list at over 1000/sqft asking,  it deserve to be WTF pricing.
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Single Level home. Probably sold within family for a low price.
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Something is not quite right with the price history.

4/19/17 - Sold for $1,380,000
9/10/20 - Listed at $1,499,000
9/25/20 - Sold for $349,000
10/6/21 - Sold for $349,000
Now asking for $2,188,800

Not once, but twice, sold within family?
 
Interesting. I was using my imagination and this is what I came up with. The owner sells it to a family member before divorce (maybe spouse doesn?t know it exists or doesn?t know about divorce), then after divorce, the family member gives it back. Then newly single owner now gets to sell it and keep all the gains. Haha?is that plausible? Any realtor volunteer to look up title and see if the ownership went back to the same person?
 
foodisgood said:
Interesting. I was using my imagination and this is what I came up with. The owner sells it to a family member before divorce (maybe spouse doesn?t know it exists or doesn?t know about divorce), then after divorce, the family member gives it back. Then newly single owner now gets to sell it and keep all the gains. Haha?is that plausible? Any realtor volunteer to look up title and see if the ownership went back to the same person?
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But that seems to be an extremely bad idea if the new owner ends up selling the house for $2.2M. That's a lot of gain. Unnecessary gain.
 
CalBears96 said:
foodisgood said:
Interesting. I was using my imagination and this is what I came up with. The owner sells it to a family member before divorce (maybe spouse doesn?t know it exists or doesn?t know about divorce), then after divorce, the family member gives it back. Then newly single owner now gets to sell it and keep all the gains. Haha?is that plausible? Any realtor volunteer to look up title and see if the ownership went back to the same person?
Click to expand...

But that seems to be an extremely bad idea if the new owner ends up selling the house for $2.2M. That's a lot of gain. Unnecessary gain.
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Would be interesting to know the reasoning behind the transaction.

As far as gains go, wouldn?t matter if they?re non residents?  (they?re not going to file any type of taxes here)?
 
AW said:
CalBears96 said:
foodisgood said:
Interesting. I was using my imagination and this is what I came up with. The owner sells it to a family member before divorce (maybe spouse doesn?t know it exists or doesn?t know about divorce), then after divorce, the family member gives it back. Then newly single owner now gets to sell it and keep all the gains. Haha?is that plausible? Any realtor volunteer to look up title and see if the ownership went back to the same person?
Click to expand...

But that seems to be an extremely bad idea if the new owner ends up selling the house for $2.2M. That's a lot of gain. Unnecessary gain.
Click to expand...
Would be interesting to know the reasoning behind the transaction.

As far as gains go, wouldn?t matter if they?re non residents?  (they?re not going to file any type of taxes here)?
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If they are foreign, they will have taxes withheld in escrow.
 
foodisgood said:
Interesting. I was using my imagination and this is what I came up with. The owner sells it to a family member before divorce (maybe spouse doesn?t know it exists or doesn?t know about divorce), then after divorce, the family member gives it back. Then newly single owner now gets to sell it and keep all the gains. Haha?is that plausible? Any realtor volunteer to look up title and see if the ownership went back to the same person?
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Those 2 transactions are recorded grant deeds where the buyer's name is the same as the seller's name.  Not sure what to make of it.
 
My suspicions is that, they tried to pull a fast one with attempt to lower the property tax base with the new lower recorded purchased price.


That won't work with County Tax Assessor's as the tax base will be base on an average price of similar homes in the area as the base if the recorded price substantially lower compare with the previous. And they are not stupid to not look at the records of ownerships and know that it is a played moves



 
I looked at the property history. The real answer is Person A had 100% ownership and then transferred 75% ownership to Person A (themselves) and 25% ownership to Person B for $345,000. (Sold 25% ownership).

Then subsequently transferred another 25% ownership again to Person B for another $345,000. So Person A now owns 50% and Person B owns 50%. (Sold another 25%).

Thus the valuation on the property was $1,380,000 at the time which seems right. Nothing "funny" going on here.

Both persons are single, unmarried women. The thing with Zillow/Redfin is that they just pull all Grant Deeds with just price information without the context of the deed.
 
Cares said:
I looked at the property history. The real answer is Person A had 100% ownership and then transferred 75% ownership to Person A (themselves) and 25% ownership to Person B for $345,000. (Sold 25% ownership).

Then subsequently transferred another 25% ownership again to Person B for another $345,000. So Person A now owns 50% and Person B owns 50%. (Sold another 25%).

Thus the valuation on the property was $1,380,000 at the time which seems right. Nothing "funny" going on here.

Both persons are single, unmarried women. The thing with Zillow/Redfin is that they just pull all Grant Deeds with just price information without the context of the deed.
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If you don't mind, how does one actually get the information you just gave us? I'm curious where these details are actually recorded.
 
You can go into city hall to pull each record. I have access online through my job from various title companies.
 
USCTrojanCPA said:
CalBears96 said:
USCTrojanCPA said:
Danimal said:
Attached condo with 3 bedrooms in Woodbury asking price $1,990,000.  Big $10k discount from $2 mill
;D ;D ;D

https://www.redfin.com/CA/Irvine/100-Townsend-92620/home/12257231?600390594=copy_variant&231528114=control&utm_source=ios_share&utm_medium=share&utm_nooverride=1&utm_content=link&utm_campaign=share_sheet 
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Yeah, good luck with that.
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$900+/sq ft for an attached condo.  ::)
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It better have city or ocean views for that price per SF but alas this one doesn't.  Let's see how long before the drop the price and/or de-list it. I have 4 words about the seller.....NOT SURE IF SERIOUS
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Oh wow, I remember seeing this at $900k in 2017. Even then, they were trying to sell it on and off since 2016.
 
aquabliss said:
The Townsend Condo got "Hot Home" status on Redfin!
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I'm not going to sugarcoat it but anyone who pays remotely close to their asking price really needs to have their head examined.  haha
 
Anyone know how many "see through" homes there are in this KB community?

When I see these listings, I'm reminded why there isn't a housing shortage. Shortages exist when items are not available for use or consumption. Imagine what prices would be like if these "parked offshore funds" homes were not held for investment, but for owners or renters.

It was a smart buy for the seller,  but not a healthy one considering it's impact on the general home buying environment.
 
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