Newer Irvine listings with crazy WTF asking prices from equity sellers

NEW -> Contingent Buyer Assistance Program
USCTrojanCPA said:
Buying a big new home like that to flip in a month and a half?  Wow, that takes some big marbles.
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I thought when you buy a new build don't you have to sign something to the effect that you will not sell the home for a year or two? I recall signing such a document before in the sales office.  Is this under the jurisdiction of the HOA?
 
BruinDoc said:
USCTrojanCPA said:
Buying a big new home like that to flip in a month and a half?  Wow, that takes some big marbles.
Click to expand...

I thought when you buy a new build don't you have to sign something to the effect that you will not sell the home for a year or two? I recall signing such a document before in the sales office.  Is this under the jurisdiction of the HOA?
Click to expand...

It may take that long, or longer and the continuous decrease in price ensue. Must be some good stuff they smokin. Legalize cannabis is a REAL problem. 
 
At some point we're going to run out of "bigger fools..."

Hope the seller is planning on a slew of interested all cash buyers. Most jumbo lenders will not finance that home given the distorted sellers price. Someone might at conforming loan limit levels only.

My .02c

SGIP
 
BruinDoc said:
USCTrojanCPA said:
Buying a big new home like that to flip in a month and a half?  Wow, that takes some big marbles.
Click to expand...

I thought when you buy a new build don't you have to sign something to the effect that you will not sell the home for a year or two? I recall signing such a document before in the sales office.  Is this under the jurisdiction of the HOA?
Click to expand...

When I bought my home, my lady I was signing with said that it's an illegal document that is not worth the paper it's printed on. Once you own your home the builder has absolutely no control over what you do with it.
 
paperboyNC said:
BruinDoc said:
USCTrojanCPA said:
Buying a big new home like that to flip in a month and a half?  Wow, that takes some big marbles.
Click to expand...

I thought when you buy a new build don't you have to sign something to the effect that you will not sell the home for a year or two? I recall signing such a document before in the sales office.  Is this under the jurisdiction of the HOA?
Click to expand...

When I bought my home, my lady I was signing with said that it's an illegal document that is not worth the paper it's printed on. Once you own your home the builder has absolutely no control over what you do with it.
Click to expand...
The no sale within one year is not contractual, it is not something that you agree to or not agree to.  It is a CC&R recorded in the title chain and runs with the land.  Even if you don't agree, it is there.  Some land restrictions like no blacks or Jews have been ruled not enforceable, but no court has ever ruled that the one year sale restriction is not enforceable.  Also, let's be clear that the subject CC&R doesn't say you can't sell within one year, it says if you sell in one year, any profit goes to the master developer (TIC), you will still get back what you put into the property.
 
This home was actually purchased over a year ago, so the seller is in the clear.

My guess is that the seller is probably into this home about $3.1M after landscaping and post-closing finishes.

With limited if any structural upgrades, I'm thinking $3.5M may actually be about right for this property.  Will probably take a super-long time to sell though, given that the builder still has a few phases to sell through. 
 
Goriot said:
So, there are 3 resales at Hidden Canyon.  I wonder which one will be the first resale turnover at HC. 
https://www.redfin.com/CA/Irvine/115-Misty-Sky-92618/home/108588415- 160 days ($713 / sqft)https://www.redfin.com/CA/Irvine/105-Shady-Arbor-92618/home/112929241- 7 days ($652 / sqft)https://www.redfin.com/CA/Irvine/105-Orchard-92618/home/110016822- 1 day ($797 / sqft) - Atleast this one has descent upgrades and a view, but still overpriced
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Gotta love realtors - multi-million dollar listings, and they're taking a few terrible pics with their phones. Brilliant!
 
Seems like only one of these can be taken seriously. The property on Misty Sky never had landscaping . . . my guess is that these sellers are just testing the market . . . and I think the other one with the double staircase may still be held by the builder.  Can't believe people are trying to re-sell right now though.  Seems like it would be so much better to at least wait another 6 months.
 
Shady Arbor is listed by the Builder. Last second currency transfer restriction fall out is my guess.

The resellers will have a tough go if the builder has room in their pricing to spare.
 
aquabliss said:
Looks like zero upgrades on this one:https://www.redfin.com/CA/Irvine/105-Shady-Arbor-92618/home/112929241
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I mean, seriously, look at this @$$hole-
https://www.redfin.com/CA/Irvine/58-Livia-92618/home/45378806

Date        Event                  Price
Jan 17, 2017 Listed (Active)            $1,849,000
Jun 25, 2013 Sold (Public Records)  $1,198,500

Trying to make over a 60% return, or 20% YoY. Meanwhile, in the same zipcode, market rents have only gone up about 3-4% YoY, it's insanity.
 
jbot747 said:
I mean, seriously, look at this @$$hole-
https://www.redfin.com/CA/Irvine/58-Livia-92618/home/45378806

Date        Event                  Price
Jan 17, 2017 Listed (Active)            $1,849,000
Jun 25, 2013 Sold (Public Records)  $1,198,500

Trying to make over a 60% return, or 20% YoY. Meanwhile, in the same zipcode, market rents have only gone up about 3-4% YoY, it's insanity.
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why is he an a$$hole?  if he lists for too high and can't sell it he can only hurt himself.  wont' affect anyone else.  maybe provide entertainment for the folks here that's it.
 
jbot747 said:
aquabliss said:
Looks like zero upgrades on this one:https://www.redfin.com/CA/Irvine/105-Shady-Arbor-92618/home/112929241
Click to expand...

I mean, seriously, look at this @$$hole-
https://www.redfin.com/CA/Irvine/58-Livia-92618/home/45378806

Date        Event                  Price
Jan 17, 2017 Listed (Active)            $1,849,000
Jun 25, 2013 Sold (Public Records)  $1,198,500

Trying to make over a 60% return, or 20% YoY. Meanwhile, in the same zipcode, market rents have only gone up about 3-4% YoY, it's insanity.
Click to expand...

Those tiles and the backyard hardscaping are not very appealing. 
 
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