Newer Irvine listings with crazy WTF asking prices from equity sellers

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USCTrojanCPA said:
aquabliss said:
This isn't in Irvine but had to post the crazy Baker Ranch Heights model asking price at $686 / sq ft.

I assume then they'll try to sell the Highlands models for $2M.
https://www.redfin.com/CA/Lake-Forest/25-Bellflower-92630/home/81813056

Will take 20 years for the buyer of this to break even.
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Looks to be the model home since the listing agent works for Toll Brothers.  But yeah, whoever buys that home will be down before they step in the home. 
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I mentioned that it was Baker Ranch Heights model home :)

but yes you are correct (on both accounts)
 
aquabliss said:
USCTrojanCPA said:
aquabliss said:
This isn't in Irvine but had to post the crazy Baker Ranch Heights model asking price at $686 / sq ft.

I assume then they'll try to sell the Highlands models for $2M.
https://www.redfin.com/CA/Lake-Forest/25-Bellflower-92630/home/81813056

Will take 20 years for the buyer of this to break even.
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Looks to be the model home since the listing agent works for Toll Brothers.  But yeah, whoever buys that home will be down before they step in the home. 
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I mentioned that it was Baker Ranch Heights model home :)

but yes you are correct (on both accounts)
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It's Monday, I had a blonde moment and missed you mentioning it being the model.   
 
bones said:
Goriot said:
Is this correct? $744/sqft in Great Park?  Resale Springhouse model for $1.75 million? 
https://www.redfin.com/CA/Irvine/193-Compass-92618/home/88015927
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It's also listed for rent @ $7500/month?  Crazy.
http://www.trulia.com/rental/3208450244-193-Compass-Irvine-CA-92618

I think this sold for $1.4M from the builder.
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Well if they keep pushing up the comps on these homes isn't that good for the overall Irvine market if there are buyers willing to pay close to this price per sq ft?

BTW on that Baker Ranch model does all the furniture/ decor come with the proce of the home? Is that how the models are sold?
 
Paris said:
bones said:
Goriot said:
Is this correct? $744/sqft in Great Park?  Resale Springhouse model for $1.75 million? 
https://www.redfin.com/CA/Irvine/193-Compass-92618/home/88015927
Click to expand...

It's also listed for rent @ $7500/month?  Crazy.
http://www.trulia.com/rental/3208450244-193-Compass-Irvine-CA-92618

I think this sold for $1.4M from the builder.
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Well if they keep pushing up the comps on these homes isn't that good for the overall Irvine market if there are buyers willing to pay close to this price per sq ft?

BTW on that Baker Ranch model does all the furniture/ decor come with the proce of the home? Is that how the models are sold?
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It's surprising enough that it sold for $1.4m even as a model home, but thinking that it'll sell for $1.75m is laughable.  Maybe I just drop in and tell the newbie realtor that the home isn't in Newport Beach/Coast.
 
Who knows at what price it'll sell for, but $7,500 rent? If your income and/or wealth affords you the ability to spend that on rent, there's only a tiny percentage of homes you can't afford to buy and similarly upgrade.

I like the backyard though. How much do pools like this cost?
 
Goriot said:
Is this correct? $744/sqft in Great Park?  Resale Springhouse model for $1.75 million? 
https://www.redfin.com/CA/Irvine/193-Compass-92618/home/88015927
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The plan 3 resale that is pending was on the market for months and finally went pending at 939 (not sure what the actual close price will be, but it will not be over 939). If you are a realtor, what is the point of even wasting your time with these sort of listings. 
 
Bullsback said:
Goriot said:
Is this correct? $744/sqft in Great Park?  Resale Springhouse model for $1.75 million? 
https://www.redfin.com/CA/Irvine/193-Compass-92618/home/88015927
Click to expand...
The plan 3 resale that is pending was on the market for months and finally went pending at 939 (not sure what the actual close price will be, but it will not be over 939). If you are a realtor, what is the point of even wasting your time with these sort of listings. 
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And I think this one is a Plan 2.  However if these buyers did buy for $1.4M I doubt they'll want to take any less. 
 
Compressed-Village said:
Those are pretty nice upgrade in the home. The pool is awesome, amazing what they have done with that space. At that price point is hard to swallow. BUT FCB forces are pretty strong in these part of the hood. Check the link below and you can see why.
http://www.cnbc.com/2015/07/09/will-chinese-buyers-flee-or-flood-us-housing.html
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I've always thought that the fcb's were really only interested in new, but if these actually sell for $700/sq ft, we're in a new era of housing bubble.  And Irvine will open up the open land preserve for housing asap
 
https://www.redfin.com/CA/Irvine/250-Desert-Bloom-92618/home/51684568

Most expensive motorcourt in Irvine!  Come check out this Garbage Hill home nestled in the foothills of the prestigious Bowerman Institute.  Run with the wild in the local Silverado Park and get in touch with nature!  Owner put in almost $300,000 in upgrades which they want back by jacking up this overpriced home by $300,000!  Most recent comp took almost 6 months to COE and sold at $381/sq ft, but heck we don't care, because you can walk to Portola Elementary so that's a worthy price bump! 
 
ps9 said:
https://www.redfin.com/CA/Irvine/250-Desert-Bloom-92618/home/51684568

Most expensive motorcourt in Irvine!  Come check out this Garbage Hill home nestled in the foothills of the prestigious Bowerman Institute.  Run with the wild in the local Silverado Park and get in touch with nature!  Owner put in almost $300,000 in upgrades which they want back by jacking up this overpriced home by $300,000!  Most recent comp took almost 6 months to COE and sold at $381/sq ft, but heck we don't care, because you can walk to Portola Elementary so that's a worthy price bump!
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may be there are two parallel markets, see this one
http://www.ziprealty.com/property/25-CALISTOGA-IRVINE-CA-92602/7803519/detail
 
ps9 said:
https://www.redfin.com/CA/Irvine/250-Desert-Bloom-92618/home/51684568

Most expensive motorcourt in Irvine!  Come check out this Garbage Hill home nestled in the foothills of the prestigious Bowerman Institute.  Run with the wild in the local Silverado Park and get in touch with nature!  Owner put in almost $300,000 in upgrades which they want back by jacking up this overpriced home by $300,000!  Most recent comp took almost 6 months to COE and sold at $381/sq ft, but heck we don't care, because you can walk to Portola Elementary so that's a worthy price bump! 
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I'm wondering if that is one of the model homes.  I don't remember the prices being that high when they sold.
 
USCTrojanCPA said:
ps9 said:
https://www.redfin.com/CA/Irvine/250-Desert-Bloom-92618/home/51684568

Most expensive motorcourt in Irvine!  Come check out this Garbage Hill home nestled in the foothills of the prestigious Bowerman Institute.  Run with the wild in the local Silverado Park and get in touch with nature!  Owner put in almost $300,000 in upgrades which they want back by jacking up this overpriced home by $300,000!  Most recent comp took almost 6 months to COE and sold at $381/sq ft, but heck we don't care, because you can walk to Portola Elementary so that's a worthy price bump! 
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I'm wondering if that is one of the model homes.  I don't remember the prices being that high when they sold.
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I don't think this is a model home.  This is one of the few Garden Hill Plan 4 and I don't recall any model home for Plan 4.


This one is asking $445/sq ft and has minimal upgrade:https://www.redfin.com/CA/Irvine/171-Desert-Bloom-92618/home/51684801
 
You can make an offer on 250 Desert Bloom asking $1.680,000 for a 3,435 sq ft house on a 4,200 sq ft lot; or a new build in Orchard Hills asking $1,660,705 for a 3,795 sq ft house on a 6,380 sq ft lot (with a ~1.4% tax rate relative to Portola Springs ~1.75%?).

https://www.redfin.com/CA/Irvine/12-Fairview-Unknown/home/56738250?utm_source=myredfin&utm_medium=email&utm_campaign=iphone_email&utm_nooverride=1

Easy decision for me.
 
Perspective said:
You can make an offer on 250 Desert Bloom asking $1.680,000 for a 3,435 sq ft house on a 4,200 sq ft lot; or a new build in Orchard Hills asking $1,660,705 for a 3,795 sq ft house on a 6,380 sq ft lot (with a ~1.4% tax rate relative to Portola Springs ~1.75%?).

https://www.redfin.com/CA/Irvine/12-Fairview-Unknown/home/56738250?utm_source=myredfin&utm_medium=email&utm_campaign=iphone_email&utm_nooverride=1

Easy decision for me.
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Tax rate is also only around 1.4% for the PS house ($19K total tax paid at $1.38M valuation per OC tax record).    Plus the OH home needs landscape and other upgrades to really be comparable to the PS one.  Am not saying the PS one is not overpriced (the difference in the asking and tax record valuation says it all) but they are not as wide apart as you are portraying.
 
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