Properties Closing Less than Previous Purchase Price
- Thread starter woodburyowner
- Start date
NEW -> Contingent Buyer Assistance Program
What makes it so 2008? The millwork/ mouldings because the toll products like vistas and hidden canyon had a lot of that as well built in 2016-2018 Or the broken floor plan? I like some built ins that are useful but some built ins I feel like are a waste of space or constricts you to creating only certain types of spaces.
Anyone who buys in Portola Springs thinking they are getting a "deal" only needs to look at this sad story. The really sad thing is this house is a relic from the early days of PS before it was rebranded a value village so it is a tragic memorial to what could have been.
Apparently Lake Forest homes built in the 1970's are also quite prestigious:https://www.redfin.com/CA/Lake-Forest/22622-Leaflock-St-92630/home/4819682
Would this anomaly affects neighboring prices?
nosuchreality
Well-known member
JM2C, it's a 4200 sf home, put the dumbass fish eye lens away.
Paris167
New member
bones said:
What makes it so 2008? The millwork/ mouldings because the toll products like vistas and hidden canyon had a lot of that as well built in 2016-2018 Or the broken floor plan? I like some built ins that are useful but some built ins I feel like are a waste of space or constricts you to creating only certain types of spaces.
bones said:
Anyone who buys in Portola Springs thinking they are getting a "deal" only needs to look at this sad story. The really sad thing is this house is a relic from the early days of PS before it was rebranded a value village so it is a tragic memorial to what could have been.
aquabliss
Well-known member
WTTCHMN said:
Apparently Lake Forest homes built in the 1970's are also quite prestigious:https://www.redfin.com/CA/Lake-Forest/22622-Leaflock-St-92630/home/4819682
sgip
Well-known member
Gotta love eucalyptus to live in that part of Lake Forest.
Saw this home go off market - quietly - and was amazed at what a deal these buyers got. Too bad for the seller, although they were under terrific pressure from the HOA and the persons business was tanking. The closing price of $890k was likely a "oh f*ck it, sell the damn thing" move just to get out from under it.
Purchased in 2005 for $1,025,000
Listed at $1,429 in January - too high
Last price shown - $1,299 in March - close, but still too high.
Closed July 2018 at $890k.
This is not an $890k home. The Agent took the pictures down,
https://www.redfin.com/CA/Rancho-Santa-Margarita/5-Via-Belmonte-92688/home/5115855
but you can still see the March photos on Zillow.
https://www.zillow.com/homedetails/5-Via-Belmonte-Rancho-Santa-Margarita-CA-92688/25641593_zpid/?fullpage=true
To the buyers, I salute you!
My .02c SGIP
Saw this home go off market - quietly - and was amazed at what a deal these buyers got. Too bad for the seller, although they were under terrific pressure from the HOA and the persons business was tanking. The closing price of $890k was likely a "oh f*ck it, sell the damn thing" move just to get out from under it.
Purchased in 2005 for $1,025,000
Listed at $1,429 in January - too high
Last price shown - $1,299 in March - close, but still too high.
Closed July 2018 at $890k.
This is not an $890k home. The Agent took the pictures down,
https://www.redfin.com/CA/Rancho-Santa-Margarita/5-Via-Belmonte-92688/home/5115855
but you can still see the March photos on Zillow.
https://www.zillow.com/homedetails/5-Via-Belmonte-Rancho-Santa-Margarita-CA-92688/25641593_zpid/?fullpage=true
To the buyers, I salute you!
My .02c SGIP
irvinebullhousing
Well-known member
Soylent Green Is People said:
Would this anomaly affects neighboring prices?
sgip
Well-known member
Yes, but it depends...
Yes. There is already one other home on this street that pulled their listing likely due to pricing concerns, while the remaining listing on the street has cut price - still with a long way to go. A similar home, but without as impressive of a lot or view, closed with a mid 8 handle in the area which could be used as a comparable for pricing and appraisals.
That said, this home was sold under duress. An sloppy appraiser might not catch this fact. A good appraiser would and make adjustments accordingly. It's up to the listing agent for any higher priced homes trying to sell at a fair market value to alert an appraiser to the issues presented with any recently closed homes as they compare to the home being appraised. Some agents are very good at taking these steps... Others? Not so much.
My .02c
SGIP
Yes. There is already one other home on this street that pulled their listing likely due to pricing concerns, while the remaining listing on the street has cut price - still with a long way to go. A similar home, but without as impressive of a lot or view, closed with a mid 8 handle in the area which could be used as a comparable for pricing and appraisals.
That said, this home was sold under duress. An sloppy appraiser might not catch this fact. A good appraiser would and make adjustments accordingly. It's up to the listing agent for any higher priced homes trying to sell at a fair market value to alert an appraiser to the issues presented with any recently closed homes as they compare to the home being appraised. Some agents are very good at taking these steps... Others? Not so much.
My .02c
SGIP
woodburyowner
Well-known member
With landscaping, this property meets the requirements.
https://www.redfin.com/CA/Irvine/24-Flatiron-92602/home/58553910
$1.58 Dec 2014
$1.60 Oct 2018
https://www.redfin.com/CA/Irvine/24-Flatiron-92602/home/58553910
$1.58 Dec 2014
$1.60 Oct 2018
woodburyowner
Well-known member
This one is close enough to meeting the requirements.
https://www.redfin.com/CA/Irvine/39-Maywood-92602/home/5812081
$1.59 Aug 2006
$1.61 Oct 2018
12 years and a 1% gain. Wonder what the story is with this property.
https://www.redfin.com/CA/Irvine/39-Maywood-92602/home/5812081
$1.59 Aug 2006
$1.61 Oct 2018
12 years and a 1% gain. Wonder what the story is with this property.
woodburyowner
Well-known member
Thought this one was close enough to post.
https://www.redfin.com/CA/Irvine/20-Breezes-92620/home/5959504
4/2013 - $1.475
12/2018 - $1.5
Looks like the selling agent is trying to prevent a dent in her selling statistics by changing the price to $1.5M right before setting it to sold. By doing this, her listing looks like it sold for asking price instead of 6% below. This should be against MLS rules.
https://www.redfin.com/CA/Irvine/20-Breezes-92620/home/5959504
4/2013 - $1.475
12/2018 - $1.5
Looks like the selling agent is trying to prevent a dent in her selling statistics by changing the price to $1.5M right before setting it to sold. By doing this, her listing looks like it sold for asking price instead of 6% below. This should be against MLS rules.