Quail Hill Comp Killer

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irvinehomeowner

irvinehomeowner

Well-known member
As far as I've seen, this is the first SFR in this area of Quail Hill that has gone below $1mil. It is the "starter" tract (Olivos) and is not on the view side but I don't remember seeing a normal sale this low in the Olivos/Tapestry tracts.
http://www.redfin.com/CA/Irvine/120-Weathervane-92603/home/5902616http://floorplans.irvinerealtorsite.com/QuailHill/Olivos/OlivosB2460.JPG

I find the listing description amusing:

Clean and bright home with NO wow factors. The home is ready for a new owners personal touchs without tearing out expensive upgrades to do so and priced accordingly.


Pricing history:

Jul 15, 2010  Price Changed  $974,900  --  Inactive CARETS #1 
Jul 10, 2010 Price Changed $959,000 -- Inactive CARETS #1
Jun 21, 2010 Listed $989,800 -- Inactive CARETS #1
Jun 29, 2004 Sold (Public Records) $818,000 -- Public Records


Sold for $818k in 04... and is selling for $150k+ more now. Yeah... 40% drops and 2001 prices in Irvine are rampant.
 
This is the best description I've seen from a realtor to date: "Clean and bright home with NO wow factors"

I guess it was priced right because the listing already says pending. 
 
Does comp killers go both ways?

If one house is asking a WTF high price does that make all the other houses worth more?

If one house is asking a WTF low price does that make all the other houses worth less?
 
Maybe there were some liens on the house.  The bank will not pay for any unpaid HOA.  The banks will only pay for property tax.  I guess what I'm saying is these foreclosures/short sales sometimes have hidden cost associated.  Sometimes a shortsale seller will want you to buy all their furnitures and art work for some crazy price in order to consider you as a buyer.
 
We almost rented that Tapestry house in '08. It's funny because I think the landlord was trying to up the rent on the tenants so he put it up for lease and the tenant knew this so they always made the house a mess, clothes all over, on the balcony, food everywhere etc. It must have worked because he ended up pulling it off citing that he renewed the current tenant's lease.

I guess he got foreclosed on because Redfin shows it went back to the bank for $1.049m in April. $1.086m is a decent price because it originally sold in '04 for just over $1m.

Maybe I can buy in QH after all... hehe.
 
irvinehomeowner said:
Wow... closed for $959k on Aug 20th.

Must have been all or high cash sale considering it closed so quickly.
Click to expand...
It was not a cash buyer...conventional financing (can't tell how much down just yet).
 
Chitown said:
here is another killer comp from QH it is almost Wood bury price. I do not know if there was something wrong with the place or not but it seems that QH is cracking down a bit, it has been resistant for a while:
http://www.redfin.com/CA/Irvine/148-Tapestry-92603/home/5902410
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I saw this property with one of my buyers.  It needed a little TLC but the color choices made the home seem dark.  It was bought by a cash buyer.
 
sonoma said:
Maybe there were some liens on the house.  The bank will not pay for any unpaid HOA.  The banks will only pay for property tax.  I guess what I'm saying is these foreclosures/short sales sometimes have hidden cost associated.  Sometimes a shortsale seller will want you to buy all their furnitures and art work for some crazy price in order to consider you as a buyer.
Click to expand...
On REOs, there are no liens that the buyers are responsible for.  That being said, some lenders on REOs will not provide the buyers a home warranty, a pest inspection (or repairs), and/or repairs.....you buy "as-is" and "how-is."  With short sales, I've seen it all...from having to pay the 2nd or 3rd lender, pay the HOA late dues, pay for late property taxes, etc.
 
irvinehomeowner said:
So a year later, we see a Tapestry home less than $1mil:

4br/3.5ba, 2557sft, $950khttp://www.redfin.com/CA/Irvine/133-Treehouse-92603/home/5902142

It's a Plan 1 but it's on the view side of the street (odd numbered addresses are view lots in this tract).

I think one other Tapestry has closed below $1mil in the last 2 years, it was a foreclosed Plan 3 I think.
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I went to look at this house and it was very disappointing.  Even for QH's standards, this view was terrible.  I am used to "view" homes in QH.  You  typically can only see a "view" from the second floor but this house was almost level with the next row of houses.

I have noticed that these QH homes are not selling and there have been some prices drops.  I wonder if the jumbo conforming limit decrease has exacerbated this?  Hopefully the Turtle Ridge Summit homes follow suit.
 
I saw that house as well when the previous tenant was packing still moving out.  The home did not show well.  Very basic, small yard/lot and nearly no view.  Didn't like the flow or floorplan.  Treehouse is too low on the hill to get a decent view other than rooflines. 

However, at least there's some space and privacy between you and your rear-yard neighbors, there's a greenbelt between the yard and the next tract.  Although not huge, it's still better than homes that have yard-neighbors in the 2011 collection.
 
irvinehomeowner said:
So a year later, we see a Tapestry home less than $1mil:

4br/3.5ba, 2557sft, $950khttp://www.redfin.com/CA/Irvine/133-Treehouse-92603/home/5902142

It's a Plan 1 but it's on the view side of the street (odd numbered addresses are view lots in this tract).

I think one other Tapestry has closed below $1mil in the last 2 years, it was a foreclosed Plan 3 I think.
Click to expand...


That would behttp://www.redfin.com/CA/Irvine/149-Treehouse-92603/home/5902122,but I think it was a short sale
 
@frank69m:

Yeah, 149 Treehouse was the one. The Redfin history says it was foreclosed and the listing description describes it as bank-owned. I remember it because the pictures showed the kitchen stripped of not just the appliances but also the cabinets and countertops.

Considering some of these Tapestries sold in 03 for $700k-$800k... selling for $950k+ isn't bad.
 
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