Selling IPO

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[quote author="ElricSeven" date=1215383652]That way you can go step-by-step, laud him for the good listing, good photos and then get down to what it really will be worth after all this is over. Just like you do to all the other listings. Unless, of course, you think that $370 per square foot is the bottom in Irvine for a condo?



A lot of people pay a great deal of attention to what you say and I think they're owed good counsel.

</blockquote>






It's only a condo in title. It's fully detached like an SFR although with a petite yard. If equivalent can be rented at $2800, then when the market finishes shake out, it'll be selling for roughly $350,000 in today's dollars. Buyers will start stepping up in larger numbers starting at about $450,000.



Selling today is about outcompeting the others sellers for the limited, need or want to buy buyer pool today. From the work IR2 & Ipop did, they appear to be competing quite well against the other 92602 properties.



As a side note, Ipop/IR2, why is Redfin reporting that ugly prior sale?
 
ES - I think I get your point, but I think you are also missing that many (all?) of the properties featured on the main blog are homes that are (1) severely underwater, (2) attempted flips, and (3) sellers asking WTF prices for this market. IPO's home does not seem to fit this criteria. IPO bought in 2001 for less than the asking price. I don't know about his loans, but from what he has written, he will come out of this transaction with money in his pocket and not burn the bank. Lastly, his asking price appears to be within the same realm as sold comps (not asking comps). In other words, he seems to be doing everything right for today's market. I don't know why there should be a double standard to feature a home that doesn't fit what appears to IR's general criteria just because the seller posts here. There are a fair number of homes that are priced for the current market that don't get featured on the blog.



Would I buy it? No, but then again, none of Irvine is my target neighborhood. Has anyone else (other than Graph and at a reduced price) said that they were interested in buying it? No. That is telling, I think. Would it be nice if he was selling for 1.6 x GRM? Yes, but he would be leaving money on the table in the current market. I don't think he has an obligation to price to the IHB yardstick just because he posts here. This is an arm's length transaction and if there is a willing buyer, then regardless of whether any of us thinks the buyer is nuts, IPO should go through with the transaction.



What I will say is this, for a seller and a listing agent, both IPO and IR2 have done a commendable job. IPO is asking for what the market will currently bear and not trying to overreach. He put in the effort to make the house look nice and appealing. IR2's listing was accurate and widespread, and he was friendly and knowledgeable at the open house (he also gets bonus points for putting open house signs far enough back from where you had to turn so that you could make the turn in time).



While I understand where you are coming from, I think you also recognize that buyers in today's market are willing to pay more than 1.6 x GRM. While unfortunate for them, I don't understand why Ipop must price for the 2010 market today just because he posts here.
 
[quote author="s2000dude" date=1215353551]I saw IPO's place today too. I was amazed at how the floorplan was laid out... as for price I think it'll go in the high 500s within a month.



Now, when the home sells, how will the IHB community react? Imagine the new lucky homeowner getting a flyer on his door with a URL to this post.</blockquote>


OT: Nice screen name AP1 or AP2?



Nice place. $4K for staging, wow. Too bad design to sell doesn't come down to the OC.
 
Wife's comments.



Kitchen cabinets need to go all the way up. Need pics of pantry. Is there room for a small island? Otherwise, nice layout.
 
[quote author="EvaLSeraphim" date=1215388719]ES - I think I get your point, but I think you are also missing that many (all?) of the properties featured on the main blog are homes that are (1) severely underwater, (2) attempted flips, and (3) sellers asking WTF prices for this market. IPO's home does not seem to fit this criteria. IPO bought in 2001 for less than the asking price. I don't know about his loans, but from what he has written, he will come out of this transaction with money in his pocket and not burn the bank. Lastly, his asking price appears to be within the same realm as sold comps (not asking comps). In other words, he seems to be doing everything right for today's market. I don't know why there should be a double standard to feature a home that doesn't fit what appears to IR's general criteria just because the seller posts here. There are a fair number of homes that are priced for the current market that don't get featured on the blog.



Would I buy it? No, but then again, none of Irvine is my target neighborhood. Has anyone else (other than Graph and at a reduced price) said that they were interested in buying it? No. That is telling, I think. Would it be nice if he was selling for 1.6 x GRM? Yes, but he would be leaving money on the table in the current market. I don't think he has an obligation to price to the IHB yardstick just because he posts here. This is an arm's length transaction and if there is a willing buyer, then regardless of whether any of us thinks the buyer is nuts, IPO should go through with the transaction.



What I will say is this, for a seller and a listing agent, both IPO and IR2 have done a commendable job. IPO is asking for what the market will currently bear and not trying to overreach. He put in the effort to make the house look nice and appealing. IR2's listing was accurate and widespread, and he was friendly and knowledgeable at the open house (he also gets bonus points for putting open house signs far enough back from where you had to turn so that you could make the turn in time).



While I understand where you are coming from, I think you also recognize that buyers in today's market are willing to pay more than 1.6 x GRM. While unfortunate for them, I don't understand why Ipop must price for the 2010 market today just because he posts here.</blockquote>


Yes, I think we've an understanding. Just wanted to get the value part out there because I was worried about the integrity of the forum. No one had commented on value until I brought it up.
 
I think EvaL summed it up pretty well. I may not have said directly that the place is overpriced, but I did verbally offer $500k, which would put it close to the 160 GRM at $3k a month rent. Should Ipo price it at $500k because this nutter is willing to pay that? No, it would be stupid, and it would get bid up to the current asking price, and I would just have continue squatting in the foreclosure around the corner. And, hopefully none of those people who would overbid or pay Ipo's price would be readers of IHB. I highly doubt any IHBer will be a buyer of this place, or at least not admit it. I have to commend Ipo on all his work and IR2's work on the house and the listing, but I, and I would hope most IHBers would, commend Ipo on his decision to sell after all the crap he has taken from us in the past. If the knucklehead wasn't so damn stubborn and listened to us back then, then he could have sold the place for more, but oh no... I am just a nutter. Now, fast forward to today, while he still thinks I am a nutter, and rightfully so, he does respect me a little and I respect him a little too, because he has decided to sell his place at market price, rent a big house, and wait for the market to come to him. BTW Ipo, did IR2 turn you onto the SFR in Northwood Point that is scheduled for the auction next week?



I just can't rip on listing that is listed very professionally, in awesome condition, not underwater, and not asking WTF pricing but market comp pricing. I do think it is overpriced, but most non-IHBers will not, and it will sell, because it is a deal to many people for what it is, a very nice SFR on a condo zoned lot. Now, if he priced it above $600k, I would have taken a lot more pictures, and they would not be nearly as nice.



<blockquote>I?ll stand down now, since I think I?ve done the best I can to make the point.</blockquote>


Don't do that. Sometimes I am the stubborn one that takes some time to get someone's point. I will have a lot more respect for anyone who will try their best to make their point, whether I get it or not. That is why I like the forums, and if Ipo stood down a long time ago, it would have made the forums not as cool as they were and are. I like discussions like this, and I think you brought up a very good point. I just think I have given Ipo so much crap in the past that there is no need to give him more crap for his market priced listing, with purdy pictures.
 
We stopped by the House of IPO today. It was worth the 2 gallons of gas and the Jamba Juice to bribe my husband to go to an open house. :coolsmirk:



Nice place.



P.S. IR2, I introduced myself with my real name and not my screenname. I was with my husband and my friend. We were the ones who were talking about my husband's shoes getting stolen at an open house that we went to awhile ago. It's hard enough to get my husband to go to open houses, now I have to hear him tell that story to every realtor we meet at an open house. I think he's still traumatized. :coolsmirk: It was nice to meet you.
 
[quote author="CalGal" date=1215414894]We stopped by the House of IPO today. It was worth the 2 gallons of gas and the Jamba Juice to bribe my husband to go to an open house. :coolsmirk:



Nice place.



P.S. IR2, I introduced myself with my real name and not my screenname. I was with my husband and my friend. We were the ones who were talking about my husband's shoes getting stolen at an open house that we went to awhile ago. It's hard enough to get my husband to go to open houses, now I have to hear him tell that story to every realtor we meet at an open house. I think he's still traumatized. :coolsmirk: It was nice to meet you.

</blockquote>


Thanks CalGal, it was really nice to meet you, too. I had my suspicions, and was really hoping that you would come bearing your famous choc-chip cookies today. Mmmmmm...maybe next week? I'll pay for the gas.
 
I stopped by, but I think everybody missed me because i,"didn't fit the stereotype". I didn't mind, its nice to not be hassled. I'm thinking about a nice little home in the area, but nothing has come down yet. We will see.

good luck

-bix
 
<blockquote>Thanks CalGal, it was really nice to meet you, too. I had my suspicions, and was really hoping that you would come bearing your famous choc-chip cookies today. Mmmmmm...maybe next week? I?ll pay for the gas. </blockquote>
Well, the chocolate chip cookies could be a possibility. I'm always looking for an excuse to make them, and my husband certainly wouldn't complain for a few. :coolsmirk: Maybe I'll see you on Wednesday. It would be my thank you to you for helping my friend with her property appraisals. She really appreciated your help.



You'll just have to promise to keep a few to the side in case Graph, Cayci and any other IHBers stop by. You and any IHB peeps get first dibs over any realtors. :coolsmirk: In fact, in order for anyone to get a cookie, they'll have to say the secret word "Skek." :lol:
 
[quote author="S_man" date=1215390473]



OT: Nice screen name AP1 or AP2?



</blockquote>


AP2. Do you have an S2K too?



I stopped by this place today <a href="http://www.redfin.com/CA/Tustin/2580-Alister-Ave-92782/home/5444789">http://www.redfin.com/CA/Tustin/2580-Alister-Ave-92782/home/5444789</a>



They have 6 offers after being on the market for 3 days. Their highest is at their asking price of 589k. I think IPO has a GREAT chance to sell for close if not at 600k!!!
 
[quote author="CalGal" date=1215414894]

I was with my husband and my friend. We were the ones who were talking about my husband's shoes getting stolen at an open house that we went to awhile ago. It's hard enough to get my husband to go to open houses, now I have to hear him tell that story to every realtor we meet at an open house. I think he's still traumatized. :coolsmirk: It was nice to meet you.

</blockquote>


I'd be traumatized, too! Well, at least that time I brought an extra pair. ;-)
 
IR2 - This listing description is all wrong - You aren't using all CAPS and there should definitely be a whole host of exclamation points if you want to attract attention to your listing.



;)



Seriously, for the life of me I can't understand why RE agents write their listing descriptions for the MLS as if the only ones reading the description are other agents with statements like "Bring your fussiest buyers".



I have to admit, I'm extremely impressed with the way you have marketed this home, taking full advantage of all available online real estate (pun intended) to formulate a witty yet informative and articulate description, plenty of good pictures, cross promotion at Craigslist, Zillow and Redfin as well as your own site and a unique address url mini-site complete with floor plans and I notice that you are using Google analytics to track visitor activity. Well thought out pricing strategy to include different variables in user searcher behavior, that hadn't even occurred to me. I'm also impressed that a). you are using compete.com to track traffic to your host sites and b). you even know what analytics and compete.com are.



As an international speaker and consultant on Internet marketing strategy to multi-national corporations - this compliment means something, believe me. I have yet to have run into a RE Agent who 'gets it' in terms of fully utilizing all of the online resources available out there to effectively market a property, including social media avenues such as this blog - until now. I believe you'll do well simply because of your impressively thorough online marketing tactics and the ineffectiveness of your competition.
 
[quote author="biscuitninja" date=1215423481]I stopped by, but I think everybody missed me because i,"didn't fit the stereotype". I didn't mind, its nice to not be hassled. I'm thinking about a nice little home in the area, but nothing has come down yet. We will see.

good luck

-bix</blockquote>


Bix - okay, I'll bite. What's "the stereotype"?
 
ISM and Merchant,

I didn't fit the local Irvine stereotype.... I wore faded Levi Jeans along with a black (Mustang) T-shit and of course tennis shoes. So I really don't fit the socal/Irvine looking type. As for cars, I was driving around the red Turbo Mustang that day.... So nothing weird going on.... The black mustang only gets about 10mpg so it stays at home alot. The turbo mustang gets 20-27mpg so its getting more run time and the Focus of course is a weekday car.

Anyways good luck

-bix
 
Okay, this is perfectly done. Nice staging, perfect 28mm camera lenses, perfect price. I voted 1 month...but it should get a ton of offers and get snatched up.



This is how you sell a house.
 
[quote author="biscuitninja" date=1215475274]ISM and Merchant,

I didn't fit the local Irvine stereotype.... I wore faded Levi Jeans along with a black (Mustang) T-shit and of course tennis shoes. So I really don't fit the socal/Irvine looking type. As for cars, I was driving around the red Turbo Mustang that day.... So nothing weird going on.... The black mustang only gets about 10mpg so it stays at home alot. The turbo mustang gets 20-27mpg so its getting more run time and the Focus of course is a weekday car.

Anyways good luck

-bix</blockquote>


bix, I knew it was you. My Geiger counter went through the roof. :coolsmirk:
 
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