Newer Irvine listings with crazy WTF asking prices from equity sellers

NEW -> Contingent Buyer Assistance Program
paperboyNC said:
lovingit said:
What is so special about this Northwood home that it wants almost $500 / sq ft ?
https://www.redfin.com/CA/Irvine/19-Woodlawn-92620/home/4783086
Click to expand...

Don't know about $1.2m, but it will easily sell for $1.1m (around $450/ sq ft)
Click to expand...

$350/sq ft is more appropriate for NW. I think that one is way overpriced.  See comparables below:
https://www.redfin.com/CA/Irvine/7-Harrisburg-92620/home/4779260
https://www.redfin.com/CA/Irvine/31-Bull-Run-92620/home/4781114
https://www.redfin.com/CA/Irvine/40-Westport-92620/home/4780290
 
lovingit said:
paperboyNC said:
lovingit said:
What is so special about this Northwood home that it wants almost $500 / sq ft ?
https://www.redfin.com/CA/Irvine/19-Woodlawn-92620/home/4783086
Click to expand...

Don't know about $1.2m, but it will easily sell for $1.1m (around $450/ sq ft)
Click to expand...

$350/sq ft is more appropriate for NW. I think that one is way overpriced.  See comparables below:
https://www.redfin.com/CA/Irvine/7-Harrisburg-92620/home/4779260
https://www.redfin.com/CA/Irvine/31-Bull-Run-92620/home/4781114
https://www.redfin.com/CA/Irvine/40-Westport-92620/home/4780290
Click to expand...

Redfin estimates it's worth $1.1m the other three homes all sold for more than Redfin's estimate.
 
Redfin estimate has long way to go in improving their algos. Many homes in and out of orange county have grossly inaccurate estimates on redfin.
 
Bullsback said:
woodburyowner said:
Goriot said:
$1.4 million Maricopa.  Nicely upgraded though and no house on the back.  We'll see if it sells anywhere near the asking price.
https://www.redfin.com/CA/Irvine/87-Nassau-92620/home/40101604
Click to expand...

Ronnie is the king of WTF pricing over at LA.  However, this listing isn't at the same level as some of the WTF listings in LA.  My guess is that this will close closer to 1.3.
Click to expand...
If by close to 1.3, you mean around 1.15, then yes, I agree.  At 1.3M, this place is a rip. Special lot, yes its nicely landscaped but its < 4K square feet. Nothing crazy with this price and with it priced as high as it is, its going to sit for a while and that will mean it sells for less then it would have had it just been priced right from the start. 
Click to expand...

Price changed to $1.345M and looks like they got an offer. 
 
aquabliss said:
Bullsback said:
woodburyowner said:
Goriot said:
$1.4 million Maricopa.  Nicely upgraded though and no house on the back.  We'll see if it sells anywhere near the asking price.
https://www.redfin.com/CA/Irvine/87-Nassau-92620/home/40101604
Click to expand...

Ronnie is the king of WTF pricing over at LA.  However, this listing isn't at the same level as some of the WTF listings in LA.  My guess is that this will close closer to 1.3.
Click to expand...
If by close to 1.3, you mean around 1.15, then yes, I agree.  At 1.3M, this place is a rip. Special lot, yes its nicely landscaped but its < 4K square feet. Nothing crazy with this price and with it priced as high as it is, its going to sit for a while and that will mean it sells for less then it would have had it just been priced right from the start. 
Click to expand...

Price changed to $1.345M and looks like they got an offer.
Click to expand...

Wow. This is comforting as we'll be closing soon on our overpriced house. When you add the base price, builder upgrades, and post-closing upgrades (landscaping!), it's hard to imagine getting that price for the house any time soon (if we had to sell).
 
In same boat. . . . overpaid. . . by a lot, especially compared to what other types of assets one could buy on a comparative basis.  Need to use a lot of mental adjustments for utility yield to even have it begin to be comparable. . . .
 
LongIrvine said:
In same boat. . . . overpaid. . . by a lot, especially compared to what other types of assets one could buy on a comparative basis.  Need to use a lot of mental adjustments for utility yield to even have it begin to be comparable. . . .
Click to expand...

Oh well. I have never considered the home you live in as an "investment." So it's easy for me to rationalize what feels like over-paying today. The hope is its value tracks inflation and beats it by a point or two over a long period. Anything above that is gravy, and luck. A 3.5% rate helps justify over-paying too.
 
LongIrvine said:
In same boat. . . . overpaid. . . by a lot, especially compared to what other types of assets one could buy on a comparative basis.  Need to use a lot of mental adjustments for utility yield to even have it begin to be comparable. . . .
Click to expand...

The mortgage payments seem not to hurt as bad as the day you get the envelope in the mail with the return address of "Orange County Tax Collector".

Such a sad day for all Great Park residents.  Don't worry LongIrvine, your day will come soon enough ;)
 
paperboyNC said:
aquabliss said:
aquabliss said:
USCTrojanCPA said:
Why is this seller wasting everyone's time with this listing?
https://www.redfin.com/CA/Irvine/127-Compass-92618/home/65023404

Over $500/sf at PP?  Come on, the seller paid $890k for the home back in Nov. 2013.  $1m?  Sure  $1.1m?  If they find the right buyer and they put in $$$ into the backyard.  But $1.3m is nuts.
Click to expand...

$150k price drop.  Looks like reality has set in.
Click to expand...

This house is such a dog.  Been on the market 6 months and changed realtors twice, dropped the price 3 times, no takers.

Note to self, never buy in a T intersection.

Somebody go offer $900k cash on this house, they might take it.
Click to expand...

No one gets excited about a home that's been listed for that long. They should have priced it aggressively, but people are dumb.
Click to expand...

Back on the market at $1.2M.

This realtor has a way with words...  "For the family you're raising, and the family that raised you."
 
Perspective said:
Yep, because everyone's dream is to have their own beautiful home, and to still be living with their parents.
Click to expand...

more like, to get free child care while the husband and wife are out working to pay the mortgage on the house. So many high income dual income households who get free full time childcare from elderly parents/in laws living with them.

 
It's a whole lot cheaper to have your parent(s) live with you than put them in a home. Don't assume it's just for free child care.

I would be fine if my daughter(s) came back home (rent free) even if they have kids that I watch while they are at work.

My brother in law hated that my other brother in law lived rent free with his dad for years but I was happy someone was there in case he fell or needed help with anything around the house. He had no kids but if he did I'm sure I would have been fine with him being there and I'm sure my brother in law would have been even more upset with the free rent thing.

When you get older, your perspective and priorities change. When you are younger, you can't wait to get away from your parents and be on your own. When you're older you wish your kids came by more often.
https://www.youtube.com/watch?v=etundhQa724
 
I told my parents to sell their house & I would sell mine so that we could combine like voltron and buy a massive castle together.

392342-voltron.jpg


They said no.
 
nyc to oc said:
Perspective said:
Yep, because everyone's dream is to have their own beautiful home, and to still be living with their parents.
Click to expand...

more like, to get free child care while the husband and wife are out working to pay the mortgage on the house. So many high income dual income households who get free full time childcare from elderly parents/in laws living with them.
Click to expand...

It's not "free." Everything has a cost.
 
Perspective said:
Yep, because everyone's dream is to have their own beautiful home, and to still be living with their parents.
Click to expand...

Depending on where you are from and what culture is important to you, it could be the case. In many asian cultures, especially Chinese, they prefer to have the whole family together. Typically 3 generations share a home for their lifetime and on.
 
I've had to live with my parental units a few times between homes... it was so convenient.

Home cooked meals, free kid-sitting... we always make sure every home we own has a downstairs br and bath, just in case one of our parents boomerangs. :)
 
You must log in or register to reply here.
Back
Top