Newer Irvine listings with crazy WTF asking prices from equity sellers

NEW -> Contingent Buyer Assistance Program
irviniteeee said:
I like this home and all but 1.8?!  ::)
http://www.redfin.com/CA/Irvine/125-Nighthawk-92604/home/4687635
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I think they are targeting me.

Look how they staged the garage:

OC14043768_33_2.jpg


Who does that?
 
http://www.redfin.com/CA/Irvine/25-Prickly-Pear-92618/home/55244887

Theoretically the $412/sq ft isn't too WTF but in my opinion this condo is worth $775,000.

Problems with the listing:
Says single-family (it's a condo)
Lists just one HOA fee of $241/mo (there are two, $111 and $134 which adds up to $245)
Furniture is awful
Pictures are just awful (someone's head in one of them, no staging, etc)

I'd guess that the realtor is a family friend and they are trying to save on commission.
 
thatOSguy said:
quattroporte said:
Really? Trying to make money off this flip??
http://www.redfin.com/CA/Irvine/103-Nature-92620/home/12253634
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Best part of the listing:

If you use GPS, please remember it is wrong. If you get the last turn, always go opposite of GPS instruction. If GPS ask you turn right at Nature, you turn left.
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It's as if the Realtor thought that was why it fetched $90k less just three weeks earlier.
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Yeah, good luck getting the property to appraise when the best comp is itself less than a month before the listing.  haha
 
quattroporte said:
Something does not seem right. Why would the seller's realtor do this? Shouldnt the realtor have the seller's best interest?
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1. Out-of-area agent, unfamiliar with the neighborhood and tract.
2. Overpriced from the onset, with a significant location issue (close to toll road).
3. Motivated seller.
4. ??? unknowns about the particular transaction (buyer also got an additional $1000 credit in lieu of repairs, which is a relatively high amount for a home this size.)

When listing agents warn of the "costs of over-pricing" a home, many sellers naturally think this is a scare-tactic and believe that "we can always drop the price later if we need to." (I admit, I had a tinge of this feeling in selling my own home.) Unfortunately, this case is a good example of why those assumptions can be false. If there are no other offers in, with a motivated seller the lowball offer may be effective, since they have nobody else to negotiate with. 

-IR2
 
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