Newer Irvine listings with crazy WTF asking prices from equity sellers

NEW -> Contingent Buyer Assistance Program

Seems a bit pricey if you ask me. Not all bedrooms are en suite. WTF?! Nice views though. Is that the sole reason for what seems like a ridiculous price?
Other than the view, which is really nice, there's nothing good about this home. It's the smallest plan. Also, the lot size on Redfin is wrong. It's not 3800 sq ft, but 3600 sq ft tiny lot, just like 125 Oakstone. The lot information is from City of Irvine Online Parcel Search, so I trust it more. Basically, it's 5 ft from the house to the back wall.
 


This actually is a "deal" in that the home next door is priced at $2.7m. Combined with the other lot, the total price is $4.7m. Now you own the largest parcel in that area of Venice.

Here's a recent sale of another home at a similar lot size (2800) on the canal:

https://www.redfin.com/CA/Venice/237-Linnie-Canal-90291/home/6734398

Bought in 2018 for $2.5m, torn down, rebuilt as new, the ROI for this property was very healthy.

If you bought both listed lots at 4.7M, rebuilt 2 homes and sold at $6m each ($12m total), again the ROI would be considerable. It would take balls of steel and the patience of Job to rebuild, but it could be done.
 
This is what happens when you don't live in a gated community.

2 women are brutally attacked on Venice Canals, focusing debate on crime, homelessness​

 
If he has any "advice" in writing given on why selling was their only choice at the time, a case might be able to be made for some kind of action against the agent. Pretty hard to win a case like this, but hardly impossible.
 

Sold October 2023 for $2,200,000
Sold again March 2024 for $2,371,600 (+7.8% in 5 months)
Listed May 2024 at $2,880,000!! (+21.4% in 2 months)

Predicted sales price of $2,500,000 (+5.4% in 2 months)
Comes with a fully operational LS $$washer
Revisiting this one. In the mean time this neighbor's house listed at $2,650,000 sold for $2,820,000. $170K over list closing in less than two weeks. $$washer.


Then the 73 Copper Mine went pending. $500K profit in three months. MAX ROI!

Another neighbor originally listed at $2,688,000 but changed to $2,840,000 within a week after the 60 Stetson sale. Don't want to leave $150K on the table.


Is this craziness a sign of the peak or a harbinger of more to come? Only a fool would make that prediction - not me!
 
The FED is now committed to rate reduction, later this year. Maybe one or two, that will light the fire again.

As if we are not already in an inferno. Calm, they say. We want to be cautious said the FED. Little do they know, panick buying is abound in Irvine.
 
One of these 1 bedroom places sold for $100k above ask at $1.1 mil a few months ago…

Photos: https://www.realtor.com/realestateandhomes-detail/716-Trailblaze_Irvine_CA_92618_M20606-83008

If I'm not mistaken, this is a very nice ground level condo. No stairs, has master bedroom and an office that could be converted to a small bedroom as needed. The price is outrageous.

I was at Ladera Linda Community Park in Rancho Palos Verdes today. They refurnished the park with new facilities and it's very, very nice with ocean view, hiking trails, new buildings, etc. You can find older homes on large lot for half the price of Irvine there. With cool ocean breeze you probably only need to run whole house fan and not A/C. But getting in and out is troublesome with limited roads, not to mention distance/traffic to LA/OC for work.
 
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Other than the view, which is really nice, there's nothing good about this home. It's the smallest plan. Also, the lot size on Redfin is wrong. It's not 3800 sq ft, but 3600 sq ft tiny lot, just like 125 Oakstone. The lot information is from City of Irvine Online Parcel Search, so I trust it more. Basically, it's 5 ft from the house to the back wall.

That yard is so small, can you even put a patio outside? What good is a view lot if you can't even enjoy it being outside because of the tiny yard.
 
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