Newer Irvine listings with crazy WTF asking prices from equity sellers

NEW -> Contingent Buyer Assistance Program
Yoda said:
LOL, the listing agent literally advertising that the sellers are motivated for Chinese cash šŸ¤£, I wonder if that is even legal to advertise and put in a listing description for a home listed on the MLS...
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If my conversion calculations are correct, it's going to be pretty hard to launder $38m RMB (NET!) to pay for this $5m USD home.
 
sgip said:
If my conversion calculations are correct, it's going to be pretty hard to launder $38m RMB (NET!) to pay for this $5m USD home.
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there are ā€œundergroundā€ banks in China that help facilitate these types of transactions
 
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Wonder what the "vig" is on the large cash moves like this deal would require. Example: If $1m USD is needed to be washed out of the PRC, do these folks need $1.25m to run through the spin cycle so as to net $1m? I'd think that amount would be broken up of course into 30-40 smaller wires ( $25k-$35k each ) as I've seen in the past, but if someone needed a larger chunk of cash and didn't have the time to wait, is a 10-25 percent premium the going rate for a "bank" to get this done?
 
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Not really clear on the intricate details and mechanism involves, but here is the deal: as long as they pay their fees and taxes, its still a free and best place to put your money. Money will find its way to the best place that treat it well. Last I check, as long as you pay your taxes and have the money to buy they are doing everything right by my eyes. Compare pricing here, to elsewhere, example Canada, it still cheap. Plus you don't have the crazy Trudeau policies of foreign investment restrictions. How do you explain, United States has outperform all modern economy.

Look up The Dollar Milk Shake theory by Johnson.
 
It goes deeper than pricing.

Onesā€™s business and friends and family if rooted in SoCal, it would be impossible to move no matter how cheap it is. Even at 1/3 of the cost you will still need to generate enough income to pay for taxes and living expenses in Georgia.

Then again, itā€™s Georgia. Not saying that itā€™s a bad place to live, I would stay some where else in SoCal before going there.
 
panda said:
@irvinebullhousing

I agree that family, friends, and roots are priceless, but I am speaking solely from a financial standpoint.

Did you know that the median household income is $133k in Johns Creek vs $114k in Irvine?

Consider a Johns Creek resident (Mark) who owns at 5/4 3500 sqft SFR and an Irvine resident (Jack) who owns a 5/4 3500 sqft SFR who happens to be the same age and makes the same household income. Mark has his home off paid off free and clear, while the Jack has 20 more years to slave away to pay off a $2M credit card bill at 7% APR.

I am not concerned for people like you and me, but I have great sympathy and heart for those young Irvine Couples (20s - 30s) trying to start a family and having to enter the Irvine housing market at these ridiculous prices.

Money Magazine ranked Atlanta, Georgia as the Best Place in the U.S.
money.com

Atlanta Is the Best Place to Live in the U.S.

A booming economy and eye on equality make this our No. 1 spot.
money.com money.com
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Georgia's politics make it a terrible place for many people. It's not always about money. I have friends who can't wait to get out of GA, even though they make excellent salaries and own a beautiful, giant McMansion. They are a gay couple with an adopted toddler. They literally fear for their lives there and worry that their child will one day be taken from them.
 
brergnat said:
They are a gay couple with an adopted toddler. They literally fear for their lives there and worry that their child will one day be taken from them.
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It's actually much more likely they would suffer a hate crime living in California than in Georgia, statistically speaking.

California has 4x the population, but 13x as many hate crimes due to Sexual Orientation according to the US Justice Dept.

State Data

www.justice.gov www.justice.gov

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Liar Loan said:
It's actually much more likely they would suffer a hate crime living in California than in Georgia, statistically speaking.

California has 4x the population, but 13x as many hate crimes due to Sexual Orientation according to the US Justice Dept.

State Data

www.justice.gov www.justice.gov

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I didn't say they wanted to move to CA. They lived in Chicago before and want to move back. They had to relocate for a job.

They have also already been targeted in GA. They don't live in Atlanta.
 
panda said:
I would say that more people want to move in to GA vs out. Atlanta is currently the 3rd fastest growing MSA in the U.S after Dallas and Houston.

Between 2020 - 2023, there was a 401,898 net outflow out of LA/OC and Atlanta net inflow of 202,458 new residents. Keep in mind that the population in GA is 1/4 that of CA. Think of LA/OC and ATL as a stock and one stock lost $401,898 in value and another another stock gained $202,458 in value. @morekaos is correct. There is a major exodus taking place of people leaving CA in the last three years.

Regarding GA politics.. Panda is more of a Econ/Finance guy, and not really into politics. I don't have my faith and trust in Trump or Biden, but my faith and trust is in God.

Source: https://en.wikipedia.org/wiki/Metropolitan_statistical_area
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This is irrelevant to people's actual lived experiences. You also don't need to be "into" politics for political decisions to affect your life. Making decisions solely with regards to finances is not a smart thing to do.
 
sgip said:
Not Irvine, but an interesting case study that readers may find of other new build properties in Irvine.
https://www.redfin.com/CA/Lake-Forest/158-Pinnacle-Dr-92630/home/143912669

Builder sale of model home Oct, 2018 - $1,560, all cash, no loan.

Resale of home May 2021, $1,580, all cash, no loan.

New list for sale January 2022, $1,780.

In the sale history to present day, you can see the same furniture, staging in bathrooms, etc from model build (2016?) to 2022. These aren't re-used photos as the lighting and angles have changed. Not an appreciation play as price growth doesn't fit the WTF category, but IMHO the home seems to be on a high rotation spin cycle for cash washing.
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My favorite listing is back for another turn of a rinse cycle.

So.... last info in original post had the home listed for sale in January 2022 at $1.78M . It closed in March 2022 for $1.8M

The home was listed again in June 2024 for $1.97M but removed a day later. Odd, but dare I say, this whole thing is odd....

Newly listed April 2024 for $1.998m. It appears staged well, but the lazy realtors used some of the photos from 2021 (photo 29 of 54) That's 4 sales in about 6 years in a home that for all intents and purposes appears to have never been lived in..

 
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sgip said:
My favorite listing is back for another turn of a rinse cycle.

So.... last info in original post had the home listed for sale in January 2022 at $1.78M . It closed in March 2022 for $1.8M

The home was listed again in June 2024 for $1.97M but removed a day later. Odd, but dare I say, this whole thing is odd....

Newly listed April 2024 for $1.998m. It appears staged well, but the lazy realtors used some of the photos from 2021 (photo 29 of 54) That's 4 sales in about 6 years in a home that for all intents and purposes appears to have never been lived in..

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I wonder if someone bought it with hopes of getting a profit or renting it out, but was unsuccessful. That community tends to be less than BR and surrounding places. It's not my favorite LF community at all...pretty cool plan though.
 
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