usctrojancpa
Well-known member
Remember that single story homes trade around 15%-20% higher on a price per square foot basis as compared to 2-story homes.
Newer Irvine listings with crazy WTF asking prices from equity sellers
- Thread starter usctrojancpa
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NEW -> Contingent Buyer Assistance Program
Remember that single story homes trade around 15%-20% higher on a price per square foot basis as compared to 2-story homes.
If you think that's bad, take a look at this one....listed for $3.75m in March and closed for $3.49m and now it's listed for $3.85m.
For the money laundering flips (quick resale, no improvements) zero profit is acceptable, even a small loss works as well, as all they want is for that wire at closing to have that freshly laundered smell.
The price bumping quick flips will be coming to an end shortly as the market is slowing down and inventory is starting to pile up.
We started listing it, but timing may be bad since a lot of people are vacationing right now. A lot of realtors came in at the broker preview, but Open House was kind of slow. It doesn't help that a couple other Bluffs 2 popped up on the market at the same time, one view lot and the other one listing at $100k less. Not to mention that my neighbor (Bluffs 1) started listing a week before us.
https://www.redfin.com/CA/Irvine/105-Yellow-Iris-92618/home/184738404 - FCB owner
https://www.redfin.com/CA/Portola-Hills/117-Halworth-92679/home/180436285 - FCB owner
https://www.redfin.com/CA/Irvine/105-Trumpet-Flower-92618/home/173442192 - FCB owner
https://www.redfin.com/CA/Irvine/107-Ritual-92618/home/143912240 - FCB owner
https://www.redfin.com/CA/Irvine/113-Tall-Reed-92618/home/188048353 - LLC owner (prob FCB)
Remember that single story homes trade around 15%-20% higher on a price per square foot basis as compared to 2-story homes.
Irvinehomeseeker
Active member
Same with this EW property https://www.redfin.com/CA/Irvine/100-Henderson-92620/home/112724525
vsfan
Active member
Good flip.
usctrojancpa
Well-known member
If you think that's bad, take a look at this one....listed for $3.75m in March and closed for $3.49m and now it's listed for $3.85m.
vsfan
Active member
I do wonder - don’t the sellers lose money by doing the flip within 3 month like this?If you think that's bad, take a look at this one....listed for $3.75m in March and closed for $3.49m and now it's listed for $3.85m.
sleepy5136
Well-known member
yea but probably better than paying almost 20k in mortgage every month. paying 43% downpayment and still needing to pay 20k in mortgage a month is crazy for this type of home.
sgip
Well-known member
If there is a loan, it's likely an IO based line of credit. Very low cost given how long the draw is active. Most flips are all cash purchases so the only expense is the theoretical loss of potential earned interest.
For the money laundering flips (quick resale, no improvements) zero profit is acceptable, even a small loss works as well, as all they want is for that wire at closing to have that freshly laundered smell.
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usctrojancpa
Well-known member
The price bumping quick flips will be coming to an end shortly as the market is slowing down and inventory is starting to pile up.
CalBears96
Well-known member
My luck is just shit. The only consolation I take from this is that at least I will get to experience a bit of that "Irvine pain". Not A LOT like the sellers 6 months ago, just a little bit, but better than nothing.Every time @CalBears96 is about to sell his house, market slows down
We started listing it, but timing may be bad since a lot of people are vacationing right now. A lot of realtors came in at the broker preview, but Open House was kind of slow. It doesn't help that a couple other Bluffs 2 popped up on the market at the same time, one view lot and the other one listing at $100k less. Not to mention that my neighbor (Bluffs 1) started listing a week before us.
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irvinehomeowner
Well-known member
Hey.... at least you got into the home you wanted... or more importantly the one your wife wanted. 
sleepy5136
Well-known member
That's crazy...2m+ home and doesn't have an actual driveway but instead a motorcourt. The power of FCB....
vsfan
Active member
Hmm… based on the pricing trend, I bet FCB moved on to 5m+ market, 2m is the new 900k for Irvine working class.
sleepy5136
Well-known member
If you want to clap back, I hope you are prepared with evidence. All the listings below are all below 5m and are FCB owners within the vicinity of CalBears that are in the market currently:
https://www.redfin.com/CA/Irvine/105-Yellow-Iris-92618/home/184738404 - FCB owner
https://www.redfin.com/CA/Portola-Hills/117-Halworth-92679/home/180436285 - FCB owner
https://www.redfin.com/CA/Irvine/105-Trumpet-Flower-92618/home/173442192 - FCB owner
https://www.redfin.com/CA/Irvine/107-Ritual-92618/home/143912240 - FCB owner
https://www.redfin.com/CA/Irvine/113-Tall-Reed-92618/home/188048353 - LLC owner (prob FCB)
vsfan
Active member
okay - I clicked the links, where was the “FCB owner” check box in the listing?
irvinehomeowner
Well-known member
I am assuming the realtor checks that box.
irvinehomeowner
Well-known member
sleepy5136
Well-known member
None. I have a way to check the info.