Newer Irvine listings with crazy WTF asking prices from equity sellers
- Thread starter usctrojancpa
- Start date
NEW -> Contingent Buyer Assistance Program
The speed of the recovery is unbelievable. Look at the taxable value of the property. $985k! Now it's going to sell for 50% more than the assessed value!
Not for this example though since Prop 13 doesn't even come into the picture. Property was purchased for 1.4 million. So with Prop 13, the most it can go up is 2% per year from this starting price. If the property drops, it can get reassessed back to the original price + 2% gain/year the following year if the comps justify it.
My original point was that the comps the county assessor used had this property priced at $985k. I know it's not a perfect science, but it is somewhat telling about the speed of the housing recovery (now bubble, I guess) since the price gets reassessed every year.
Wow! So what kind of a contract do the realtor and owner have in such cases? He is making a LOT of money of this house if it sells. How do owners tolerate such listings? Don't they all sit at the table, go through what's being posted on the MLS? Or is there something I am missing?
I was wrong speculating that it would close "near" the asking price...it closed at $1.7 million, $101,000 over asking...http://www.redfin.com/CA/Irvine/27-Early-Lgt-92620/home/5930944
One other important note is that the buyer purchased in cash. What's the over/under on the buyer being Chinese?
furioussugar
New member
Yes, but these sellers still lost $$$ in the deal after commissions.....iacrenter said:
woodburyowner
Well-known member
fumbling said:
The speed of the recovery is unbelievable. Look at the taxable value of the property. $985k! Now it's going to sell for 50% more than the assessed value!
usctrojancpa
Well-known member
Comparing the taxable value of a property to the listing/sales price is worthless mainly because of Prop 13.woodburyowner said:
woodburyowner
Well-known member
USCTrojanCPA said:
Not for this example though since Prop 13 doesn't even come into the picture. Property was purchased for 1.4 million. So with Prop 13, the most it can go up is 2% per year from this starting price. If the property drops, it can get reassessed back to the original price + 2% gain/year the following year if the comps justify it.
My original point was that the comps the county assessor used had this property priced at $985k. I know it's not a perfect science, but it is somewhat telling about the speed of the housing recovery (now bubble, I guess) since the price gets reassessed every year.
ps99472
New member
lots of WTFs in full force.. here's a new winner..
http://www.redfin.com/CA/Irvine/71-Nighthawk-92604/home/4687739
fuzzy pics......check
mention of "entertainer's dream"......check (after paying this price, I will need to charge people to come visit me)
head scratching $578/sq ft price......check (I love Woodbridge, but not this much)
http://www.redfin.com/CA/Irvine/71-Nighthawk-92604/home/4687739
fuzzy pics......check
mention of "entertainer's dream"......check (after paying this price, I will need to charge people to come visit me)
head scratching $578/sq ft price......check (I love Woodbridge, but not this much)
usctrojancpa
Well-known member
You know what the worst part is....NO FULL DRIVEWAY for $1.2m.ps9 said:
cubiczirconia
New member
ps9 said:
Wow! So what kind of a contract do the realtor and owner have in such cases? He is making a LOT of money of this house if it sells. How do owners tolerate such listings? Don't they all sit at the table, go through what's being posted on the MLS? Or is there something I am missing?
fumbling said:
I was wrong speculating that it would close "near" the asking price...it closed at $1.7 million, $101,000 over asking...http://www.redfin.com/CA/Irvine/27-Early-Lgt-92620/home/5930944
usctrojancpa
Well-known member
Wow, I wish I had buyers like that where money is no object....I'd be closing on homes left and right. There's almost nothing that surprises me anymore when it comes to Irvine real estate.fumbling said:
woodburyowner
Well-known member
fumbling said:
One other important note is that the buyer purchased in cash. What's the over/under on the buyer being Chinese?
usctrojancpa
Well-known member
It says in the Redfin link (under Listing Information) how the property was purchased (cash, conventional, FHA, etc).ps9 said: