Northpark Flip: 2 Malibu

[usctrojancpa]

Really???  Somebody forgot to drop that memo off to the cash buyers of [...] 25 Torrey Pine who both paid OVER comps...

Easy... didn't they get a discount since they paid under some of the other bids and were eventually chosen because "cash is king"?

Paying above comps does not get you a discount even if it was around $5k than a higher offer.  The cash buyer on Montrose had no other competition as the property was priced above comps and didnt show all that well (had a price of $393/sf versus the higest comp of $378/sf and that $378/sf was an upgraded home while Montrose was construction grade).  I personally know that some cash buyers demand a discount because they are paying cash while others really don't care. 

 

[usctrojancpa]

The irony...
" Do you know cash is king in real estate? We use all cash purchase to get the best discount, " by NonFCB

Really???  Somebody forgot to drop that memo off to the cash buyers of 93 Montrose and 25 Torrey Pine who both paid OVER comps (there were no other offers on Montrose either).

Some foreign buyers can't qualify for any loans here.

I know but my point is that some cash buyers could care less about getting any kind of discount while others demand it...it's really case by case.  Also, the big multi-million homes tend to be bought by cash buyers as there aren't too many lenders once you get above the $1m-$1.5m loan amount (it'll only be special private banking loans made to special customers). 

 

[iacrenter]

UPDATE: so 25 days and counting and no sale yet. Price has now dropped to $1.149M.
http://www.redfin.com/CA/Irvine/2-Malibu-92602/home/5772647

 

[IndieDev]

NonFCB is a verifiable genius.

 

[LAtoOC]

I keep forgetting this is right next to Culver, but otherwise, it looks nice

 

[usctrojancpa]

I keep forgetting this is right next to Culver, but otherwise, it looks nice

You know very fast once you open your car door on your way to the front door.

 

[25inirvine]

Come on guys, thie is clearly still part of the pricing strategy.

 

[traceimage]

Let's play the "Guess What This House Will Sell For" game. I'm going to guess $940k.

 

[usctrojancpa]

Let's play the "Guess What This House Will Sell For" game. I'm going to guess $940k.

$988,888.88

 

[usctrojancpa]

Let's play the "Guess What This House Will Sell For" game. I'm going to guess $940k.

$988,888.88

1.15M.

Want to bet?  I'll even bet that it doesn't close above $1.1m.

 

[IndieDev]

Living next to Culver in Irvine is special.

 

[luckyguy]

Let's play the "Guess What This House Will Sell For" game. I'm going to guess $940k.

$988,888.88

1.15M.

Want to bet?  I'll even bet that it doesn't close above $1.1m.

I will bet $10k with you for $1.1m.

 

[luckyguy]

Living next to Culver in Irvine is special.

How often do you drive through that section of Culver? It's almost end of Culver and the traffic is not heavier than Alton, Main, Barranca, etc.

 

[frank69m]

Living next to Culver in Irvine is special.

How often do you drive through that section of Culver? It's almost end of Culver and the traffic is not heavier than Alton, Main, Barranca, etc.

Wait until the Stonegate and Orchard Hills traffic comes.

 

[frank69m]

Let's play the "Guess What This House Will Sell For" game. I'm going to guess $940k.

I think 1,088,168

 

[iacrenter]

Living next to Culver in Irvine is special.

How often do you drive through that section of Culver? It's almost end of Culver and the traffic is not heavier than Alton, Main, Barranca, etc.

Right now that portion of Culver has relatively low volume. In the years ahead, Orchard Hills may put more of a strain on traffic there.

 

[usctrojancpa]

Let's play the "Guess What This House Will Sell For" game. I'm going to guess $940k.

$988,888.88

1.15M.

Want to bet?  I'll even bet that it doesn't close above $1.1m.

I will bet $10k with you for $1.1m.

I'll need to team up with IndieDev to give you that kind of action.  How about the winner picks which charity the loser will contribute the bet amount to? 

 

[IndieDev]

Living next to Culver in Irvine is special.

How often do you drive through that section of Culver? It's almost end of Culver and the traffic is not heavier than Alton, Main, Barranca, etc.

Alton, Main, Barranca? You just named 3 major arteries that pass through Irvine. I wouldn't want to live next to any of those streets. That's like saying "living next to the 91 isn't any worse than living next to the 405, 5, and 110."

 

[IndieDev]

Living next to Culver in Irvine is special.

How often do you drive through that section of Culver? It's almost end of Culver and the traffic is not heavier than Alton, Main, Barranca, etc.

Right now that portion of Culver has relatively low volume. In the years ahead, Orchard Hills may put more of a strain on traffic there.

That area of Culver is actually worse than Culver at Irvine Blvd. I visit a business associate in Northpark near that area (turn in at Viewpark), and it's worse than other parts of Culver because people are ALWAYS going about 60mph regardless of the speed limit because it's a long uninterrupted straight, besides Meadowood, until you hit Portala. You can hear Mustangs, BMW V10's, GSXR's and all their high revving glory if you live next to that part of Culver.

 

[IndieDev]

Let's play the "Guess What This House Will Sell For" game. I'm going to guess $940k.

$988,888.88

1.15M.

Want to bet?  I'll even bet that it doesn't close above $1.1m.

I will bet $10k with you for $1.1m.

I'll need to team up with IndieDev to give you that kind of action.  How about the winner picks which charity the loser will contribute the bet amount to?

I think you should take it. There's only been 3 sales over $1,000,000 in all of Northpark this year, and none of the 3 were next to Culver. I'll gladly hold the checks for either party and make sure whoever wins gets their cash.