Newer Irvine listings with crazy WTF asking prices from equity sellers

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OpenSky said:
Goriot said:
iacrenter 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.
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More cracks in the NP armor.

New listing @ 3 Sebastian asking $989Khttp://www.redfin.com/CA/Irvine/3-Sebastian-92602/home/5812921

and 23 Willow Ridge dropped their price down to $950k.http://www.redfin.com/CA/Irvine/23-Willowridge-92602/home/5813137

You can always hope this motivates the $1M+ homes at 15 Larchwood, 10 Hallwood, and 15 Willow Ridge to make a market adjustment to their prices.
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15 Willow Ridge just went Pending.  2,300 sqft pending at $1.078mm.  Probably it will sell for $1.05mm I guess no crack in the armor yet.
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Let's see it close and what price it fetches. I've toured that home, lotta oak. Larchwood actually shows nicer but the parking situation is fubar.

I'd be very surprised to see it close over $1M.
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Since it went into escrow so fast, it'll probably sell >$1.05m.  The problem is that inventory levels still remain low so it's a test of wills between sellers with high asking prices and buyers not having a lot of options.
 
Remember- all u need is one buyer to like your house for whatever reason. Not everyone analyzes every house and compares every aspect to other nearby homes. And there are a lot of stupid people out there
 
OpenSky said:
10 Hallwood now off market.
http://www.redfin.com/CA/Irvine/10-Hallwood-92602/home/5813234

Wasn't able to sell for a slight premium vs what they paid in 2007.

Thanks for playing FCB Roulette, you get to keep your stucco box a little while longer!
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That doesn't help to put downward pressure on prices.  As these WTF listings come off the market, inventory levels decrease.  If you are looking for prices to soften, you want the listings to stick around so it puts more pressure on the real sellers that are actually looking to sell.
 
OpenSky said:
USCTrojanCPA said:
OpenSky said:
10 Hallwood now off market.
http://www.redfin.com/CA/Irvine/10-Hallwood-92602/home/5813234

Wasn't able to sell for a slight premium vs what they paid in 2007.

Thanks for playing FCB Roulette, you get to keep your stucco box a little while longer!
Click to expand...
That doesn't help to put downward pressure on prices.  As these WTF listings come off the market, inventory levels decrease.  If you are looking for prices to soften, you want the listings to stick around so it puts more pressure on the real sellers that are actually looking to sell.
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I'm in escrow. I just want rational pricing.
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Ahhh, so now that you are in escrow you don't mind the high pricing?  :P  Congrats, let me know if you need any service provider referrals.
 
yeah.. almost 2M for a 3 bedroom.. you're a little closer to the beach!  1M premium!
 
Every time I come on here, I get more and more depressed.  Seriously, what's going to happen to Irvine prices when there's no more land to develop?

Irvine Company now promises not to develop in these areas.
http://forever.irvinecompany.com/the-land/interactive-map/

Laguna Beach average sqft is $1200 and it's still up there for homes with no beach view.  So my guess is that property closer to Laguna Beach (Laguna Altera) gets a premium even though you get a view of your neighbors window eight feet away.  Why don't these people buy a mile further away and save a few hundred thousand??
 
Why would FCBs walk a few hundred yards to the Sears side of SCP and save $ thousands on a handbag
collected said:
Every time I come on here, I get more and more depressed.  Seriously, what's going to happen to Irvine prices when there's no more land to develop?

Irvine Company now promises not to develop in these areas.
http://forever.irvinecompany.com/the-land/interactive-map/

Laguna Beach average sqft is $1200 and it's still up there for homes with no beach view.  So my guess is that property closer to Laguna Beach (Laguna Altera) gets a premium even though you get a view of your neighbors window eight feet away.  Why don't these people buy a mile further away and save a few hundred thousand??
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