Newer Irvine listings with crazy WTF asking prices from equity sellers

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aquabliss said:
I think this is Baker Ranch Shea Ridgewood Plan 3 @ $435/sq ft:https://www.redfin.com/CA/Lake-Forest/17-Oleander-92610/home/82815722

Even the model home was only $976k. 
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I made an offer for $975k on that home with a buyer and they owner is stuck at $1.05m.  My buyer moved on to Terraces for a bigger home at a slightly lower price.  That home will be on the market for a long time unless they lower the price below $1m.
 
Ready2Downsize said:
This house has been owned by three different parties with the most recent trying to sell it for over 2 years, always been 3900 sq feet.

No takers at $487 per sq foot, so the owner gets a new agent who promptly lists it for an additional nearly 300 sq feet, dropping the price to "only" $453/sq foot. Bamm....... caught a fish within a couple weeks, most likely thinking they got a deal.
https://www.redfin.com/CA/Irvine/7-Mahogany-Dr-92620/home/4788778
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Guess it works.  Sold in less than a month for 1.86M
 
all cash. 1 week close. gorgeous home

someguy said:
Looks like 187 Osage was bought new for 1.446M.  Definitely spent a good deal on upgrades & landscaping and very tastefully done IMO.  That his & her home office... kitchen island counter top...  yard...  california room... bi-fold doors...  floors...  paint...  ceiling... finishing... master shower... *drool*

Absolutely beautiful home.  Well done, good for that person, congrats to the realtors and future owners.
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Wow. I think it looks better than most model homes. They didn't miss a thing.... area rugs, crown molding, wainscot, feature walls and ceilings, shower tiles, backsplashes, wall art, sconces, fans, paint throughout and nice use of the backyard.

An absolutely beautiful home.
 
Ready2Downsize said:
Wow. I think it looks better than most model homes. They didn't miss a thing.... area rugs, crown molding, wainscot, feature walls and ceilings, shower tiles, backsplashes, wall art, sconces, fans, paint throughout and nice use of the backyard.

An absolutely beautiful home.
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They spent the entire two years decking this place out and as soon as it finished, they market it right away. If I was to make my house this nice, I am hesitant to move out and redo all over again. 400K profit in two years is a NICE return for hardwork and great taste.
https://www.redfin.com/CA/Irvine/187-Osage-92618/home/51682798
 
Not sure their profit was that high. They paid $1,467,000 and had $550K in upgrades, some of which may have been included as builder upgrades but I'm guessing not that much.

We had picked out 182 Osage which is on the same little culdesac. That house was sold with no upgrades for about $1,270,000 ($409 per sq foot). Same price per sq foot would put 187 Osage at nearly $1.6 million which makes me think they paid the builder very little for upgrades.

$1.467 million plus 550K in upgrades puts their cost over $2 million. Closing cost to sell a house this high is over $100K even with reduced commission.

If they are basing their $550K in upgrades on retail prices and they are in the industry and got them for considerably less or are realtors so they don't pay commish to someone else maybe they had a good profit but without those they didn't make a whole lot.
 
Maybe the seller hired professionals from the start?  I agree, having spent a few years fixing up a home and then selling it because we needed more space, it's exhausting to think about not making another house a home. 

Compressed-Village said:
Ready2Downsize said:
Wow. I think it looks better than most model homes. They didn't miss a thing.... area rugs, crown molding, wainscot, feature walls and ceilings, shower tiles, backsplashes, wall art, sconces, fans, paint throughout and nice use of the backyard.

An absolutely beautiful home.
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They spent the entire two years decking this place out and as soon as it finished, they market it right away. If I was to make my house this nice, I am hesitant to move out and redo all over again. 400K profit in two years is a NICE return for hardwork and great taste.
https://www.redfin.com/CA/Irvine/187-Osage-92618/home/51682798
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Ready2Downsize said:
Not sure their profit was that high. They paid $1,467,000 and had $550K in upgrades, some of which may have been included as builder upgrades but I'm guessing not that much.

We had picked out 182 Osage which is on the same little culdesac. That house was sold with no upgrades for about $1,270,000 ($409 per sq foot). Same price per sq foot would put 187 Osage at nearly $1.6 million which makes me think they paid the builder very little for upgrades.

$1.467 million plus 550K in upgrades puts their cost over $2 million. Closing cost to sell a house this high is over $100K even with reduced commission.

If they are basing their $550K in upgrades on retail prices and they are in the industry and got them for considerably less or are realtors so they don't pay commish to someone else maybe they had a good profit but without those they didn't make a whole lot.
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I'll bet the 550k number is a bit... exaggerated
 
It's always possible they are in the construction/real estate industry and didn't pay $550K in upgrades and maybe were the listing agents.

In that case, they got to live somewhere, get a tax write off and cap gains are not even taxable.......... it's kind of their "job" and was intended to make money.

If they deal with construction people regularly maybe it didn't take that much time to have it painted, crown molding, ceiling and wall features installed......... just put up the money and bring in the crews. Landscaping would have been longer.

If they have done this before and have a knack for interior decorating, they could have just picked out the tile and paint and voila.

If I could go back in time, I would have taken woodworking in high school (probably been the only girl) and gotten to know a realtor and got a little biz going fixing up houses like this, living in them along the way...... a Martha Stewart/Sawdust Girl/Ana White combo.

 
I don't know. Woodworking on the walls/ceilings/cased doors costs a decent amount of money to have a professional do.

If they did the woodworking themselves (installed the wood and sprayed it or did a great job rolling), those things can be soooo stinking cheap because the materials don't cost much....... it's all in the finish.

Wish I had seen this house in person just to see their decorating.
 
someguy said:
irvinehomeowner said:
Tarek? Did you make a new screen name? How is Christina?
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Nah, I'm not Tarek, sorry buddy.  We can still be buddies though!
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Yes, the house is nicely done for sure. Better than any model I walked thru, and I walked thru alot of models both in Orange County. The only thing I would do is add veneer stones on the BBQ and planter with the big tree in the backyard to make it look complete. Right now it looks like it half done, to me.
 
lnc said:
scubasteve said:
I'm wondering if Irvine Pac is listing this Mulberry house (I thought they were all sold out): https://www.redfin.com/CA/Irvine/54-Pinetree-92620/home/103637023
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Ha ha, I don't think this is listed by the builder, at least they will post better pics.

At $539/sq.ft, this is just crazy.  Wait a minute, this is a plan 2 isn't it?  Well now come to think of it, I think this is a pretty decent asking price.  :)
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This one is listed again for sale and now its $557/s.f., $1.35M

At least they provide better pic this time.  It's nicely upgraded though.
https://www.redfin.com/CA/Irvine/54-Pinetree-92620/home/103637023


BTW Scuba, this is that home with M5 and GT3 park at the curve right?
 
lnc said:
lnc said:
scubasteve said:
I'm wondering if Irvine Pac is listing this Mulberry house (I thought they were all sold out): https://www.redfin.com/CA/Irvine/54-Pinetree-92620/home/103637023
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Ha ha, I don't think this is listed by the builder, at least they will post better pics.

At $539/sq.ft, this is just crazy.  Wait a minute, this is a plan 2 isn't it?  Well now come to think of it, I think this is a pretty decent asking price.  :)
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This one is listed again for sale and now its $557/s.f., $1.35M

At least they provide better pic this time.  It's nicely upgraded though.
https://www.redfin.com/CA/Irvine/54-Pinetree-92620/home/103637023


BTW Scuba, this is that home with M5 and GT3 park at the curve right?
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The original owners sold already. These are new owners flipping the house. 

The owners of the GTR/M5 are in a different house. 

I'm not sure how much they'll get for this. The bigger Plan 3 on Acorn listed for 1.3M and sold for less than 1.2M.
 
aquabliss said:
Only $696/sq ft for a Laguna Altura motorcourt home:https://www.redfin.com/CA/Irvine/55-Lupari-92618/home/112504340

Merry Christmas indeed.
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You beat me to the post.  I saw this one pop up on my new Irvine listings tracker on MLS and knew it had to go in this thread.  So only one picture and asking for $1.45m?  Maybe the realtor could have planned better by having pictures taken ahead of time and posted them with the new list?  Just an idea.  And not sure why you'd want to be listing a home this week right before xmas, why not wait till after new years (that's what I advised to two sellers)?  And doing open houses on new years eve and new years day?  Uh yeah, that was a great idea....NOT!
 
This one kind of made me laugh when I saw the sales history...
https://www.redfin.com/CA/Irvine/402-Rockefeller-92612/unit-314/home/40102478

So basically the seller bought the property for $820k last year after it was listed for $869 for 6 months.  What is this guy smoking thinking that he'll get $228k more than what he bought it for last year (about a 25% yoy increase)?  Last similar comp closed for a little over $400/sf not $500/sf.  haha
 
USCTrojanCPA said:
This one kind of made me laugh when I saw the sales history...
https://www.redfin.com/CA/Irvine/402-Rockefeller-92612/unit-314/home/40102478

So basically the seller bought the property for $820k last year after it was listed for $869 for 6 months.  What is this guy smoking thinking that he'll get $228k more than what he bought it for last year (about a 25% yoy increase)?  Last similar comp closed for a little over $400/sf not $500/sf.  haha
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Funny you mentioned this. 

This was the property I mentioned few posts back regarding Central Park West that I was about to buy but later said no due to Santa Ana school district.  At the time it was $566k for a 2 bed 2 bath around 1600 sq ft.  It's been listed then delisted so many times, most recently at 750k ish.  Pains me a bit to see the resale go up so much but technically it never sold so I'll wait and see.  Still made out nicely with my cypress village home (2011-2012 purchase) but this was a $200k jump  :'(

I still have my doubts to see if this property would've cashflowed as a rental.  I would've needed around $3300-$3500/month to make a profit, but not sure if a 2 bedroom would get that much though it is right next to john wayne airport.  If that one property you mentioned sells even for 100k under asking, then it's proving that central park west was a success
https://www.redfin.com/CA/Irvine/511-Rockefeller-92612/home/59049471
 
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