Newer Irvine listings with crazy WTF asking prices from equity sellers

NEW -> Contingent Buyer Assistance Program
Compare the photos from the 2013 sale to the 2024 listing. You won't find anything of real significance in the "remodel". There is an island with electricity for a low microwave and a bathroom that had a tub-shower converted to a walk in shower. Everything else is ginger breading.

What do you get for your $1.1m price hike from the February sale? From the listing agents AI generated fluff:

This residence showcases a uniquely designed dual-master bedroom layout (builder original) with sophisticated, high-end enhancements (HomeDepot overhead lights). Vaulted ceilings and a spacious loft on the second floor (builder original) set the stage, complemented by luxurious white oak flooring (Real or Engineered? Not mentioned) and imported Italian tiles (From Local Floor and Decor) . Uniquely crafted light fixtures (by HomeDepot) and bespoke walk-in closets in both master suites (builder original) enhance the opulence. The state-of-the-art kitchen features premium integrated KitchenAid appliances ($2.8m for KitchenAid???) and finely crafted new cabinetry (HomeDepot). Each bathroom is meticulously detailed with premium materials (Granite tile...zzzzzz), superior doors (as opposed to inferior?), and precision-crafted hardware (HomeDepot). The private yard invites serene interactions with nature, while the open layout seamlessly integrates indoor and outdoor living. LED eco-friendly lighting (Lowes) and innovative materials like 3D prints, natural bark, and sophisticated embroidered textiles (AKA "wallpaper") create captivating feature walls, enhancing the vibrancy of the home.

Oh ChatGPT, what tales you can weave.... When this sells - at what price is anyone's guess - whoever put up the $$$ for this flip will get quite the Vig for their risk position. The current owner is "9 Point Management" out of Irvine. The name of which is perhaps an indicator of what the profit expectations are here.
 
sgip said:
Compare the photos from the 2013 sale to the 2024 listing. You won't find anything of real significance in the "remodel". There is an island with electricity for a low microwave and a bathroom that had a tub-shower converted to a walk in shower. Everything else is ginger breading.

What do you get for your $1.1m price hike from the February sale? From the listing agents AI generated fluff:

This residence showcases a uniquely designed dual-master bedroom layout (builder original) with sophisticated, high-end enhancements (HomeDepot overhead lights). Vaulted ceilings and a spacious loft on the second floor (builder original) set the stage, complemented by luxurious white oak flooring (Real or Engineered? Not mentioned) and imported Italian tiles (From Local Floor and Decor) . Uniquely crafted light fixtures (by HomeDepot) and bespoke walk-in closets in both master suites (builder original) enhance the opulence. The state-of-the-art kitchen features premium integrated KitchenAid appliances ($2.8m for KitchenAid???) and finely crafted new cabinetry (HomeDepot). Each bathroom is meticulously detailed with premium materials (Granite tile...zzzzzz), superior doors (as opposed to inferior?), and precision-crafted hardware (HomeDepot). The private yard invites serene interactions with nature, while the open layout seamlessly integrates indoor and outdoor living. LED eco-friendly lighting (Lowes) and innovative materials like 3D prints, natural bark, and sophisticated embroidered textiles (AKA "wallpaper") create captivating feature walls, enhancing the vibrancy of the home.

Oh ChatGPT, what tales you can weave.... When this sells - at what price is anyone's guess - whoever put up the $$$ for this flip will get quite the Vig for their risk position. The current owner is "9 Point Management" out of Irvine. The name of which is perhaps an indicator of what the profit expectations are here.
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100 Tinker 92618 is open house today, I stopped by to talk to Ronnie. It is listing for 2.98m, with 2715 sqft so about 1100 per sqft.
 
vsfan said:
100 Tinker 92618 is open house today, I stopped by to talk to Ronnie. It is listing for 2.98m, with 2715 sqft so about 1100 per sqft.
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Single story is nice, but $1100/sq ft for GP is laughable. MR is probably around $12k, so we're looking at $40k in property taxes.
 
Wouldn’t be surprised. A lot of listings with Berkshire Hathaway seem to drum up good activity and high sell prices across other cities I’ve looked at in the past and Ronnie and Cyrena are seasoned with higher priced listings in newer parts of Irvine.
 
irviniteeee said:
I mean they did a great job on the remodel and it's a nice size, but.......absolutely not with that price.

Also...once you factor in that 500+ HOA on top of the price...how is that even likable? Better off getting a detached that costs more with a lower HOA.
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that's true, but you have to understand the target demographic/buyer here. Most homes in China are attached and they don't look at the price per sq/ft when buying. They look at the sale price.
 
sleepy5136 said:
that's true, but you have to understand the target demographic/buyer here. Most homes in China are attached and they don't look at the price per sq/ft when buying. They look at the sale price.
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Hmm I would like to clarify that Chinese homes are selling based on CNY per square meter, so it is the same per sqft. Difference is that Chinese real estate have common area factored into the total area so a 100 m^2 home has about 80% is actually within the unit while the other 20% is for things like hallway and elevator. Anyhow, overseas buyers are heavily relying on real estate agents locally here so it is less about what the buyers know/want. And a large percentage of them probably never will live in that property…
 
vsfan said:
Hmm I would like to clarify that Chinese homes are selling based on CNY per square meter, so it is the same per sqft. Difference is that Chinese real estate have common area factored into the total area so a 100 m^2 home has about 80% is actually within the unit while the other 20% is for things like hallway and elevator. Anyhow, overseas buyers are heavily relying on real estate agents locally here so it is less about what the buyers know/want. And a large percentage of them probably never will live in that property…
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The point is you can’t use the Chinese RE metric with US. It’s apples to oranges. At the end of the day the homes here are bigger and cheaper compared to China.
 
sleepy5136 said:
The point is you can’t use the Chinese RE metric with US. It’s apples to oranges. At the end of the day the homes here are bigger and cheaper compared to China.
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True - in general Irvine housing price is still way cheaper than top tier Chinese cities. The buy to rent ratio in China is astronomical.
 
This list lost me when Seattle has "affordability" as an attribute. Basic 3/2 1500 SF homes are almost all at $1m

Curious what defines their "socioeconomics" reason for avoiding some cities.
 
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