Newer Irvine listings with crazy WTF asking prices from equity sellers
- Thread starter usctrojancpa
- Start date
NEW -> Contingent Buyer Assistance Program
LOL no stalking. I have been looking in that area and he has/had a couple listings there. I knew exactly who this realtor was because I was getting multiple alerts from redfin when he changed the price or status of his listings.
ive been to a couple and its really not what you expect. First of all, most (not all) of the people bidding there are just an employee of someone else who is actually buying the house. They all know each other also because the same people come day after day. The few homes I saw sold for about 10-15% under the comps in the area. I didnt know the condition of the homes so i cant say if it was a good deal or not, but I really didnt think these people were getting great deals as investors. These investors must really have a streamline operation to be making a lot of money on these homes or maybe they are hoping for appreciation.
Looks like the house went off market today. They'll probably switch realtors, drop it another $100k and relist it.
There seems to be a handful of listings in PP that have become stale. A sign of things to come?
a sign of things to come? I think its already here...
Well, someone was foolish enough to pay $600 for this Toll Brothers model home at Baker Ranch.
https://www.redfin.com/CA/Lake-Forest/25-Bellflower-92630/home/81813056
I hope they plan on living there for many, many years to come.
Single story homes typically sell for 10-15% more on a price per square basis than equivalent two story homes (you lose 10% of SF due to stairs).
irvinehomeowner
Well-known member
Real Estate EXperts (REX) frequently do these type of auction listings.
I even bid on one a few years ago just to see how transparent the process was. I received a phone call that week, they told me how much the current high bid was and asked if I wanted to beat it.
For all I know, the current high bid was just whatever the owner wanted.
I even bid on one a few years ago just to see how transparent the process was. I received a phone call that week, they told me how much the current high bid was and asked if I wanted to beat it.
For all I know, the current high bid was just whatever the owner wanted.
irvinehomeowner
Well-known member
True.
But for a true auction, the bids should be tallied by a 3rd party with visibility to all bidders as the bids are revealed.
Many years ago, we attended a housing auction and it was actually very interesting as homes that we wanted, we created a top value for based on comps, and they always went for more. Not sure if it was the atmosphere of live bidding but it was pretty intense. Needless to say, we didn't win any of the homes but it was fun to be there.
Do the auctions on the courthouse steps for foreclosures operate like that? I imagine them to be similar to the ones you see on Flip or Flop (but I think those are staged for TV).
But for a true auction, the bids should be tallied by a 3rd party with visibility to all bidders as the bids are revealed.
Many years ago, we attended a housing auction and it was actually very interesting as homes that we wanted, we created a top value for based on comps, and they always went for more. Not sure if it was the atmosphere of live bidding but it was pretty intense. Needless to say, we didn't win any of the homes but it was fun to be there.
Do the auctions on the courthouse steps for foreclosures operate like that? I imagine them to be similar to the ones you see on Flip or Flop (but I think those are staged for TV).
gasman said:hello said:
Where's HappyWife when you need her to call out a stalker on TI???? >
LOL no stalking. I have been looking in that area and he has/had a couple listings there. I knew exactly who this realtor was because I was getting multiple alerts from redfin when he changed the price or status of his listings.
irvinehomeowner said:
ive been to a couple and its really not what you expect. First of all, most (not all) of the people bidding there are just an employee of someone else who is actually buying the house. They all know each other also because the same people come day after day. The few homes I saw sold for about 10-15% under the comps in the area. I didnt know the condition of the homes so i cant say if it was a good deal or not, but I really didnt think these people were getting great deals as investors. These investors must really have a streamline operation to be making a lot of money on these homes or maybe they are hoping for appreciation.
aquabliss
Well-known member
eatthis said:USCTrojanCPA said:Irvinecommuter said:Goriot said:
And still $638/sq. ft...
They need a few more of those $250k price reductions.
This could be their "shock and awe" strategy. Go with a out of this world starting price, follow by a huge price drop. If they were out to get attention it's certainly working.
Looks like the house went off market today. They'll probably switch realtors, drop it another $100k and relist it.
OC troll
New member
aquabliss said:eatthis said:USCTrojanCPA said:Irvinecommuter said:Goriot said:
And still $638/sq. ft...
They need a few more of those $250k price reductions.
This could be their "shock and awe" strategy. Go with a out of this world starting price, follow by a huge price drop. If they were out to get attention it's certainly working.
Looks like the house went off market today. They'll probably switch realtors, drop it another $100k and relist it.
There seems to be a handful of listings in PP that have become stale. A sign of things to come?
Irvine Fanatic said:aquabliss said:eatthis said:USCTrojanCPA said:Irvinecommuter said:Goriot said:
And still $638/sq. ft...
They need a few more of those $250k price reductions.
This could be their "shock and awe" strategy. Go with a out of this world starting price, follow by a huge price drop. If they were out to get attention it's certainly working.
Looks like the house went off market today. They'll probably switch realtors, drop it another $100k and relist it.
There seems to be a handful of listings in PP that have become stale. A sign of things to come?
a sign of things to come? I think its already here...
Not Irvine. And doesn't look like its an equity seller (builder sale?). But sticking it here anyway.
https://www.redfin.com/CA/Lake-Forest/11-Goldenrod-92610/home/101745012
So is this house already built? Are those the model pics or the home pics? $1.4M in Lake Forest without landscaping... so over $500psf once you're all said and done. It is a 10k sf lot with no MR, but hmmmm....
https://www.redfin.com/CA/Lake-Forest/11-Goldenrod-92610/home/101745012
So is this house already built? Are those the model pics or the home pics? $1.4M in Lake Forest without landscaping... so over $500psf once you're all said and done. It is a 10k sf lot with no MR, but hmmmm....
Ready2Downsize
Well-known member
Toll Brothers Ridgecrest plan 1 in Baker Ranch. Includes $200K in options plus $100K lot premium.
usctrojancpa
Well-known member
bones said:
Well, someone was foolish enough to pay $600 for this Toll Brothers model home at Baker Ranch.
https://www.redfin.com/CA/Lake-Forest/25-Bellflower-92630/home/81813056
I hope they plan on living there for many, many years to come.
Irvine Dream
New member
Oh common, they were were very savvy, they got a $225K reduction in price, instant equity babyUSCTrojanCPA said:
Ready2Downsize
Well-known member
lol! Exactly what I was thinking....... probably thought they got "a deal".
LongIrvine
Member
Re: 1 story, should trade at a premium, how much of a premium is the question.
usctrojancpa
Well-known member
renter1 said:
Single story homes typically sell for 10-15% more on a price per square basis than equivalent two story homes (you lose 10% of SF due to stairs).
LongIrvine
Member
USC-appreciate your insightful posts. Couple of single story places I've checked out in Tustin have 12 and 14 ft ceilings throughout. Do you know what apx $/ft premium is on those higher ceilings?
