Newer Irvine listings with crazy WTF asking prices from equity sellers

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OS said:
In NP, we take #fuckingdelusional to a whole new level.

I consider NWP to be NP's price ceiling and WI to be its floor. There are some significant exceptions. For example, the attached product and detached condo products in WI sometimes trade at an inexplicable premium to NP, perhaps due to the "side of the toll road" locale of NP's attached. And a few of the executive homes in NP trade at a premium to NWP, presumably because of the amenities?

And lately, I've seen a few closings in NP Square that are seemingly on par with NP.

The real story is low volume. 92602 is off 20-40% YoY for the past 9 months. My sense is the low volume translates to volatility, and the products in NP straddle nearly every price point in the market, so it's hard to gauge relative value without many comps.
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What do you think of that supposed 10K lot?  #purefiction
I've seen brokers fudge numbers, but even if you include that greenbelt in front, i dont see 10K.
 
OS said:
My sense is the seller is including the green patch adjacent the home, which I believe is common area. Only possibility is some sort of easement? That'd be highly unusual 'round these parts.

The rest of the dirt simply surrounds the home, so I don't see how in the world it could be a 10k lot.

If we're including common area, hell, we've got a few acres !!
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Yeah, that looks like common area.
I don't know how you include that without jeopardizing your license.
 
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Yeah, that looks like common area.
I don't know how you include that without jeopardizing your license.
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Well the same realtor also has the listing of 27 Calistoga.  I would be surprised if the listed sq footage of the house is correct.
 

Yeah, that looks like common area.
I don't know how you include that without jeopardizing your license.
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Well the same realtor also has the listing of 27 Calistoga.  I would be surprised if the listed sq footage of the house is correct.
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I know and i've seen others that seemed questionable, but never to this extent. 
This one looks to be at least a few thousand feet off.
I'm going to the open house for sure.  #callingbullshit
 
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2templeton_zps99ece122.jpg


http://www.redfin.com/CA/Irvine/3-Templeton-92602/home/5770585/crmls-P665239http://www.redfin.com/CA/Irvine/2-Los-Olivos-92602/home/5770612

Still hard to see how 2 Templeton is 10,000 sq ft., but all google fu signs point towards it.  3 Templeton is at 13,000 sq ft lot and 2 Los Olivos is at 9,000 sq ft lot. 
 
USCTrojanCPA said:
This seller must have sniffed a bit too much of the toxic dirt that blew over to PP from the Great Park thinking they'll get over $500/sf on this home with no landscaping (especially since they purchased it for $1,436,000 on 7/29/14)...
https://www.redfin.com/CA/Irvine/184-Salmon-92618/home/58459120

This seller obviously didn't get the message that the market has cooled off since last year.
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I guess it is obvious that they are targeting only FCBs.  I have been however surprised again and again with successful sales of WTF listings some of them with obviously incorrect info (square footage of the house or lot size)
 
USCTrojanCPA said:
This seller must have sniffed a bit too much of the toxic dirt that blew over to PP from the Great Park thinking they'll get over $500/sf on this home with no landscaping (especially since they purchased it for $1,436,000 on 7/29/14)...
https://www.redfin.com/CA/Irvine/184-Salmon-92618/home/58459120

This seller obviously didn't get the message that the market has cooled off since last year.
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For that kind of money I'd get this home:https://www.redfin.com/CA/Laguna-Beach/1375-Terrace-Way-92651/home/4892467

Yeah it's a little more expensive but the lack of Mello-roos and the higher SF makes up for it. Plus there's the "180-degree views of the crashing Pacific and Catalina beyond can be seen from all levels and virtually every room."
 
paperboyNC said:
USCTrojanCPA said:
This seller must have sniffed a bit too much of the toxic dirt that blew over to PP from the Great Park thinking they'll get over $500/sf on this home with no landscaping (especially since they purchased it for $1,436,000 on 7/29/14)...
https://www.redfin.com/CA/Irvine/184-Salmon-92618/home/58459120

This seller obviously didn't get the message that the market has cooled off since last year.
Click to expand...

For that kind of money I'd get this home:https://www.redfin.com/CA/Laguna-Beach/1375-Terrace-Way-92651/home/4892467

Yeah it's a little more expensive but the lack of Mello-roos and the higher SF makes up for it. Plus there's the "180-degree views of the crashing Pacific and Catalina beyond can be seen from all levels and virtually every room."
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Those are some gorgeous views! Why has it been on the market for so long, what's wrong with it?
 
Paris167 said:
paperboyNC said:
USCTrojanCPA said:
This seller must have sniffed a bit too much of the toxic dirt that blew over to PP from the Great Park thinking they'll get over $500/sf on this home with no landscaping (especially since they purchased it for $1,436,000 on 7/29/14)...
https://www.redfin.com/CA/Irvine/184-Salmon-92618/home/58459120

This seller obviously didn't get the message that the market has cooled off since last year.
Click to expand...

For that kind of money I'd get this home:https://www.redfin.com/CA/Laguna-Beach/1375-Terrace-Way-92651/home/4892467

Yeah it's a little more expensive but the lack of Mello-roos and the higher SF makes up for it. Plus there's the "180-degree views of the crashing Pacific and Catalina beyond can be seen from all levels and virtually every room."
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Those are some gorgeous views! Why has it been on the market for so long, what's wrong with it?
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Pricey and cooling housing market.
 
This is not an Irvine property but it is certainly a WTF listing.  This Uninhabitable? Palo Alto Home On Market For $1.8M makes Orchard Hill home looks like the bargain of the century and it actually got offers. :o

A home that may be infested with rodents is on the market in Palo Alto with a staggering asking price.

Neighbors were stunned when the dilapidated home went on the market for $1.8 million.
?We thought it would possibly go for $650,000, maybe $700,000.  Then when it came out originally for $1.6 million, and then they raised it to $1.8 million, we were like, I?m kind of dumbfounded,? neighbor Dave Ashton said.

The house is in such bad shape that prospective bidders can?t even go inside to take a tour.  Part of the house is being held up by wooden posts.
?It?s obviously uninhabitable,? Ashton said.  Realtor Debbie Wilhelm said if the home?s eventual new owners plan to bulldoze the house and start fresh, they will likely have to add nearly $1 million on to the price tag.

The seller received two offers Tuesday, and Wilhelm says it will sell to a group of investors
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samuroo said:
Is the listed square footage correct? I thought it was under 1900.
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Nope.  It's a Plan 2 Portisol so it's 1949 sq ft.  Plenty of comps for this model in the last 6 months.  My guess is that it will close around $850k.

The funny thing is that it was listed at $1.1 million back in Oct 2013!  Now THAT's a true WTF price.
 
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