Properties Closing Less than Previous Purchase Price

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freedomcm said:
Where is the oven in this kitchen?  How can you cook your Thanksgiving turkey?

woodburyowner said:
"14" strikes again! 
https://www.redfin.com/CA/Irvine/114-Symphony-92603/home/5902793

06/23/2019 - $1,720,000
05/23/2015 - $1,828,888
Click to expand...
Click to expand...
https://stellarealtygroup.com/wp-content/uploads/Irvine-Quail-Hill-Sienna-B-Plan-1-Alternate.jpg

That's the floor plan. In the kitchen photo what looks like could be a hallway that enters the room is actually the space for the fridge and next to that is the oven.
 
Yes, it's next to the fridge which is on the other side of the hallway where the pantry is.

Funny how there is no fridge in the pics either (where do you put your leftovers from Thanksgiving?). :)
 
Finally it is sold for $2,050,000, $350,000 lower than previous purchase price.

07/20/2007  $2,400,000
07/25/2019  $2,050,000

aquabliss said:
Leaf said:
This one just re-listed:
https://www.redfin.com/CA/Irvine/47-New-Dawn-92620/home/4790534

07/20/2007 bought $2,400,000
Now listed for $2,150,000.  No offer even with the reduced price.
Click to expand...

This is a good layout and nice location but it needs about a $200k remodel to get it out of 2001.  Remove all the travertine floors with wide plank engineered wood and switch out all the ugly oak cabinets for white or grey, then quartz (marble look) countertops throughout. 

OK maybe $300k
Click to expand...
 
Even if this property sold for 1 dollar, the OC County assessors will assess the property values base on the average comps. So let?s say they did buy it at below market, the property tax will be tax at the average for the immediate homes in Orchard Hills.
 
Sometimes these fast, low priced sales are relocation companies buying out a home. They might be taking one of those "instant offer" cash sales that Redfin, Zillow, and other companies are offering now. We'll know soon enough in 30 days or so.

My .02c
 
Compressed-Village said:
Even if this property sold for 1 dollar, the OC County assessors will assess the property values base on the average comps. So let?s say they did buy it at below market, the property tax will be tax at the average for the immediate homes in Orchard Hills.
Click to expand...

Interesting... when property prices were crashing in '08-11, I  never saw this happen.  The basis would always be the closed sales price.  Do you have any examples?
 
Leaf said:
116 Retreat in Quail Hill
https://www.redfin.com/CA/Irvine/116-Retreat-92603/home/5902876
7/20/2016, $2,020,000
7/19/2019, $1,600,000

Redfin shows it was listed 7/17/2019, and sold 7/19/2019.  Just 2 days from the day it was listed to the day it was sold!
Click to expand...

I think they have been trying to unload the property since November 2016 and delisted on April 2017.  But, that is a pretty big hit in 3 years with loss of $500k including the selling costs.
 
Goriot said:
Leaf said:
116 Retreat in Quail Hill
https://www.redfin.com/CA/Irvine/116-Retreat-92603/home/5902876
7/20/2016, $2,020,000
7/19/2019, $1,600,000

Redfin shows it was listed 7/17/2019, and sold 7/19/2019.  Just 2 days from the day it was listed to the day it was sold!
Click to expand...

I think they have been trying to unload the property since November 2016 and delisted on April 2017.  But, that is a pretty big hit in 3 years with loss of $500k including the selling costs.
Click to expand...

Hypothetical regarding this property. Let?s say it was a person?s primary residence and before the new tax law the tax deductions would be yuge (huge) and now the deduction is like nothing.

 
eyephone said:
Goriot said:
Leaf said:
116 Retreat in Quail Hill
https://www.redfin.com/CA/Irvine/116-Retreat-92603/home/5902876
7/20/2016, $2,020,000
7/19/2019, $1,600,000

Redfin shows it was listed 7/17/2019, and sold 7/19/2019.  Just 2 days from the day it was listed to the day it was sold!
Click to expand...

I think they have been trying to unload the property since November 2016 and delisted on April 2017.  But, that is a pretty big hit in 3 years with loss of $500k including the selling costs.
Click to expand...

Hypothetical regarding this property. Let?s say it was a person?s primary residence and before the tax law the tax deductions would be yuge (huge) and now the deduction is like nothing.
Click to expand...

I'm not sure I understand what you're getting at--are you implying they sold because they couldn't afford the home without the aid of the tax deductions?
If so, they overbought. Nobody needs a 2 million dollar house.  You should be buying at that level only if the the change in tax law has no substantial impact on your ability to pay.
 
misme said:
eyephone said:
Goriot said:
Leaf said:
116 Retreat in Quail Hill
https://www.redfin.com/CA/Irvine/116-Retreat-92603/home/5902876
7/20/2016, $2,020,000
7/19/2019, $1,600,000

Redfin shows it was listed 7/17/2019, and sold 7/19/2019.  Just 2 days from the day it was listed to the day it was sold!
Click to expand...

I think they have been trying to unload the property since November 2016 and delisted on April 2017.  But, that is a pretty big hit in 3 years with loss of $500k including the selling costs.
Click to expand...

Hypothetical regarding this property. Let?s say it was a person?s primary residence and before the tax law the tax deductions would be yuge (huge) and now the deduction is like nothing.
Click to expand...

I'm not sure I understand what you're getting at--are you implying they sold because they couldn't afford the home without the aid of the tax deductions?
If so, they overbought. Nobody needs a 2 million dollar house.  You should be buying at that level only if the the change in tax law has no substantial impact on your ability to pay.
Click to expand...

I?m not blaming the seller at all.
I?m just showing the effect of the new tax law. This is a classic example. (the demand for high priced homes is lower)*

* Things may change, but as of now I say the demand is lower.
 
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