Newer Irvine listings with crazy WTF asking prices from equity sellers

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Raymond said:
The difference is significant when buying Real Estate. When you buy a townhouse that means you're buying the inside, outside and land. But the major part is how lenders view them - townhomes don't have special qualification parameters - they're similar to Single Family Residences.

When you buy a condo you're buying only the inside - you don't own the outside or land, and lenders have restrictions with them ... they need to be approved first or you can't receive financing, which impacts marketability and liquidity. With conventional financing they need to be approved with Fannie/Freddie. With FHA they need to be approved by HUD, every two years. With VA it's a one time approval but they still need to fit VA's guidelines. And when you get a loan, they take a hit in pricing and/or interest rates - just because it's a condo.

The difference between condos and townhomes is significant and shouldn't be taken with a grain of salt.
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Not quite true, any property that is attached (whether it be a townhome or condo) needs to be an approved community for the lender to lend on and the lender will require a condo cert to be sent and filled out by the HOA. Even detached condos with a sub HOA need to get a condo cert to be filled out by the HOA for the lender.
 
usctrojancpa said:
Not quite true, any property that is attached (whether it be a townhome or condo) needs to be an approved community for the lender to lend on and the lender will require a condo cert to be sent and filled out by the HOA. Even detached condos with a sub HOA need to get a condo cert to be filled out by the HOA for the lender.
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Yep. Single Family Residences and Townhomes (or PUD's - Planned Unit Developments) residing within an HOA will need to confirm the HOA conforms to the lenders guidelines and a Condo Cert is often used for that purpose - unless the HOA has created their own PUD Cert). But condos that aren't on the approval lists for the lending agency's aren't considered for mortgages, while townhomes are always considered ... just the same as Single Family Residences.

I live in a PUD in Irvine and have refinanced and the lenders have required their own documents to confirm the HOA's adhere to their Investors requirements. One was called a Condo Cert, even though I have an SFR.
 
Raymond said:
Yep. Single Family Residences and Townhomes (or PUD's - Planned Unit Developments) residing within an HOA will need to confirm the HOA conforms to the lenders guidelines and a Condo Cert is often used for that purpose - unless the HOA has created their own PUD Cert). But condos that aren't on the approval lists for the lending agency's aren't considered for mortgages, while townhomes are always considered ... just the same as Single Family Residences.

I live in a PUD in Irvine and have refinanced and the lenders have required their own documents to confirm the HOA's adhere to their Investors requirements. One was called a Condo Cert, even though I have an SFR.
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Yeah, there are some tracts of SFRs where a condo cert is required by lenders. Always best to give the address to a lender and they can look what the requirements will be from a lender perspective.
 
You can really see where 11 Rossano's owners $100k of capital improvements was spent to spiff up this dog.
 
Irvine2023 said:
Closed for $938k on 7/6. Renovated and listed for $1.388 million on 8/23.

www.redfin.com

11 Rossano, Irvine, CA 92620 - 3 beds/2.5 baths

(CRMLS) For Sale: 3 beds, 2.5 baths ∙ 1425 sq. ft. ∙ 11 Rossano, Irvine, CA 92620 ∙ $1,276,000 ∙ MLS# OC23156589 ∙ Totally Remodeled Modern Style Interior, Breathtaking, Charming Home in Vista Filare neigh...
www.redfin.com www.redfin.com
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The downstairs bedroom is supposed to be a dining room, they sealed it off and added a closet. I guess that meets definition, though the downstairs bathroom won't have a shower.
 
thwang99 said:
The downstairs bedroom is supposed to be a dining room, they sealed it off and added a closet. I guess that meets definition, though the downstairs bathroom won't have a shower.
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Funny how the only bedroom they chose to show in the pictures is that oddly claustrophobic one.
 
A great deal of work was done on this unit, so I can see how a price would rise from $970k in 2021 to XYZ in 2023, but $2.7M where you are the only elephant in the community? One would need to be high on something powerful to justify this overbuilt unit to make any sense.
 
sgip said:
A great deal of work was done on this unit, so I can see how a price would rise from $970k in 2021 to XYZ in 2023, but $2.7M where you are the only elephant in the community? One would need to be high on something powerful to justify this overbuilt unit to make any sense.
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It’s undercover elephant. No one knows since you cant change the exterior of the house..cough..attached condo. 😉

One nice feature is the convenience of doing the laundry while cooking dinner w/o leaving the kitchen. 😎
 
More short term flipping...this home was purchased by an LLC back in May of this year for $2.88m (mailing address of the LLC is in the Groves too).

www.redfin.com

111 Whisper Rock, Irvine, CA 92602 - 4 beds/4.5 baths

(CRMLS) For Sale: 4 beds, 4.5 baths ∙ 3315 sq. ft. ∙ 111 Whisper Rock, Irvine, CA 92602 ∙ $3,600,000 ∙ MLS# PW23168127 ∙ Presenting an immaculate, brand-new luxury residence within the esteemed Orchard Hil...
www.redfin.com www.redfin.com

They want to get almost $1,100/sf while 106 and 122 Whisper Rock are lingering on the market both over $900/sf. Yeah, that is a great example of a listing that will linger on the market for a long, long time. Seller is literally looking for a sucker.
 
Yeah, I would think that they looks at the comps and being Keller Williams brokerage that they would know better.

Greed and stupidity is blaring here on this one, might be an "Area Expert @ Orchard Hills. ha ha.
 
irvinebullhousing said:
Yeah, I would think that they looks at the comps and being Keller Williams brokerage that they would know better.

Greed and stupidity is blaring here on this one, might be an "Area Expert @ Orchard Hills. ha ha.
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The listing price has nothing to do with the brokerage - Keller Williams - it's all about the listing Agent ... the Agent is the one that determines selling price. This listing Agent, Rui Dai, does reasonable business in Orchard Hills. If it's priced too high it'll be a waste of their time and resources ... it's a personal choice they make, independent of KW.
 
3.6 mil will buy a lake front 5 bed 4500 sq ft McMansion with your own boat dock in MV.

www.redfin.com

22811 Tindaya, Mission Viejo, CA 92692 - 5 beds/4.5 baths

(CRMLS) Sold: 5 beds, 4.5 baths, 4200 sq. ft. house located at 22811 Tindaya, Mission Viejo, CA 92692 sold for $3,700,000 on Jun 20, 2023. MLS# OC23080807. LUXURY LAKEFRONT LIVING IN SOUTH OC WITH YOUR OWN...
www.redfin.com www.redfin.com
www.redfin.com

23011 Bartolome, Mission Viejo, CA 92692 - 5 beds/3.5 baths

(CRMLS) 5 beds, 3.5 baths, 4537 sq. ft. house located at 23011 Bartolome, Mission Viejo, CA 92692 sold for $3,495,000 on Oct 7, 2022. MLS# OC22025146. Exceptional Lakefront Estate featuring the highly desi...
www.redfin.com www.redfin.com
 
irvinebullhousing said:
Yeah, I would think that they looks at the comps and being Keller Williams brokerage that they would know better.

Greed and stupidity is blaring here on this one, might be an "Area Expert @ Orchard Hills. ha ha.
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Ultimately it is the seller that determines the listing price and what price the seller will accept. The listing agent's job is to provide market data to the seller in helping to determine what the approx. market value price for the would be given the closed comps, condition of the home, updates in the home, any lot premium exists, and if any prep work needs to be done to the home. Then the right kind of strategy is discussed between the seller and agent to achieve that sales price goal. Luckily for me all of my sellers have taken my advice and recommendations which tends to result in very strong sale prices.

I get a kick out of the whole "Area Expert" thing when I see those signs. They sometimes say that because they've done a few transactions in a specific area so they proclaim themselves as an expert in the area, huh? Why the hell would any agent want to pigeonhole themselves in one specific area/village? A good agent can sell a home anywhere, not only in all of the Irvine Villages but also throughout Orange County and other surrounding counties. I rather be known as the Irvine and Orange County expert realtor.
 
Raymond said:
The listing price has nothing to do with the brokerage - Keller Williams - it's all about the listing Agent ... the Agent is the one that determines selling price. This listing Agent, Rui Dai, does reasonable business in Orchard Hills. If it's priced too high it'll be a waste of their time and resources ... it's a personal choice they make, independent of KW.
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The seller determines the listing price after consulting with the listing agent, some sellers look to the listing agent for advice on pricing while other sellers know the bottom line price and tell the agent what they want to list the home for (most sellers fall somewhere in the middle). Rui Dai has only had 6 listings and only 11 buy side transactions in almost 8 years so I wouldn't consider that agent any kind of expert. Rui Dai is an agent on Fei Li's team and his group which focuses on on working with inland Chinese does a lot of business so he has a team of agents on his team. It's a lot easier to "babysit" an overpriced listing when you have a team of junior agents to do constant showings and open houses. I'm of the opinion that time is money and like to be efficient with my time hence why my most all of my listings sell in weeks, not months. Typically, the longer a home sits on the market the lower the ultimate sales price will be and then you have those pesky carrying costs.
 
usctrojancpa said:
The seller determines the listing price after consulting with the listing agent, some sellers look to the listing agent for advice on pricing while other sellers know the bottom line price and tell the agent what they want to list the home for (most sellers fall somewhere in the middle). Rui Dai has only had 6 listings and only 11 buy side transactions in almost 8 years so I wouldn't consider that agent any kind of expert. Rui Dai is an agent on Fei Li's team and his group which focuses on on working with inland Chinese does a lot of business so he has a team of agents on his team. It's a lot easier to "babysit" an overpriced listing when you have a team of junior agents to do constant showings and open houses. I'm of the opinion that time is money and like to be efficient with my time hence why my most all of my listings sell in weeks, not months. Typically, the longer a home sits on the market the lower the ultimate sales price will be and then you have those pesky carrying costs.
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Fei Li, the agent for Chinese FCBs. I enjoy watching his YouTube channel
 
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