Newer Irvine listings with crazy WTF asking prices from equity sellers

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Opensky,

Looks like another Plan 3 Mendocino popped up on Redfin. Looks like a corner location, relatively large lot ~5000sqft, but only optioned with 3 bedrooms and the price is an eye popping $1.075M! Not much pictures, so it could be upgraded.
http://www.redfin.com/CA/Irvine/22-Sebastian-92602/home/5812787

So now you have three Plan 3 Mendocinos all fighting for buyers on the same tract in NP.http://www.redfin.com/CA/Irvine/26-Oroville-92602/home/5812451http://www.redfin.com/CA/Irvine/14-Oroville-92602/home/5812478

This could be an opportunity for some dealing.
 
iacrenter said:
Opensky,

Looks like another Plan 3 Mendocino popped up on Redfin. Looks like a corner location, relatively large lot ~5000sqft, but only optioned with 3 bedrooms and the price is an eye popping $1.075M! Not much pictures, so it could be upgraded.
http://www.redfin.com/CA/Irvine/22-Sebastian-92602/home/5812787

So now you have three Plan 3 Mendocinos all fighting for buyers on the same tract in NP.http://www.redfin.com/CA/Irvine/26-Oroville-92602/home/5812451http://www.redfin.com/CA/Irvine/14-Oroville-92602/home/5812478

This could be an opportunity for some dealing.
Click to expand...

Mendocino 1 is a good deal about a year ago...now it's crowding up against a lot of competition and the floorplans are pretty wacky.

Also...the realtor might want to properly input the zip code.
 
Irvinecommuter said:
iacrenter said:
Opensky,

Looks like another Plan 3 Mendocino popped up on Redfin. Looks like a corner location, relatively large lot ~5000sqft, but only optioned with 3 bedrooms and the price is an eye popping $1.075M! Not much pictures, so it could be upgraded.
http://www.redfin.com/CA/Irvine/22-Sebastian-92602/home/5812787

So now you have three Plan 3 Mendocinos all fighting for buyers on the same tract in NP.http://www.redfin.com/CA/Irvine/26-Oroville-92602/home/5812451http://www.redfin.com/CA/Irvine/14-Oroville-92602/home/5812478

This could be an opportunity for some dealing.
Click to expand...

Mendocino 1 is a good deal about a year ago...now it's crowding up against a lot of competition and the floorplans are pretty wacky.
Click to expand...

There are a couple Plan 1's in the tract which are adding an extra bedroom over their driveway porticos. I guess they are seeing the prices some of their larger neighbors are getting and want to cash in.
 
iacrenter said:
Irvinecommuter said:
iacrenter said:
Opensky,

Looks like another Plan 3 Mendocino popped up on Redfin. Looks like a corner location, relatively large lot ~5000sqft, but only optioned with 3 bedrooms and the price is an eye popping $1.075M! Not much pictures, so it could be upgraded.
http://www.redfin.com/CA/Irvine/22-Sebastian-92602/home/5812787

So now you have three Plan 3 Mendocinos all fighting for buyers on the same tract in NP.http://www.redfin.com/CA/Irvine/26-Oroville-92602/home/5812451http://www.redfin.com/CA/Irvine/14-Oroville-92602/home/5812478

This could be an opportunity for some dealing.
Click to expand...

Mendocino 1 is a good deal about a year ago...now it's crowding up against a lot of competition and the floorplans are pretty wacky.
Click to expand...

There are a couple Plan 1's in the tract which are adding an extra bedroom over their driveway porticos. I guess they are seeing the prices some of their larger neighbors are getting and want to cash in.
Click to expand...

We came close to getting a plan 1 but it didn't work out.  You would have to add the 4th bedroom to make plan 1 work.
 
1 Carmichael is a short sale. Many appraisers will ignore this one as a comp.

I don't see any newer Northwood properties selling under $400/sf. You can't use properties from old Northwood as comps.
 
For auction.com purchase, the buyer has to pay 5% premium out of his own pocket to pay for auction.com fees and listing agent fees. So the price of the buyer paid is close to $940k if appraisers want to use this as a comp.

Cheaper price from new OH homes is wishful thinking. You have to consider higher HOA fees, mello roos, small lot size, landscape cost, etc. The houses on the Irvine side are not gated per other discussions. The builders will also increase price steadily over phases to maximize profits if the demand is high.
 
OpenSky said:
quattroporte said:
.....and buyer paid cash....
Click to expand...

Nope. It was a financed purchase. Greenlight Financial brokered the loan. Sorry to let the facts get in the way of your narrative!!  :P
Click to expand...

No worries. Feel free to correct if inaccurate. I pulled the data straight from Redfin. Regardless, it still seems like a good deal.
 
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