Trying to buy in Irvine is NO Fun

[usctrojancpa]

@Indie:

So now you're saying that you feel Biddle is worth at least $819k?

The parameters of your bet do not reflect your stance on fundamentals... which is why I said you hedge your bets in your favor.

If you truly believe that Biddle is $200k overvalued... then your bet threshold should have been $639k... not $819k. Who's not standing behind his beliefs now?

Uh... I don't know... I don't bet on stuff I can't control... Hey USCTrojan... what is it really worth in your opinion... I never claimed that... I'm just counter pointing your point on that other point....

Wow, this one is difficult to value.  The house needs a lot of work ($100k or so), doesn't look like the bank put any money into house since foreclosing on it.  The best comp is this house which also backs up to Culver but seems to be in much better condition...http://www.redfin.com/CA/Irvine/19001-Antioch-Dr-92603/home/4739364  The lowest per SF price in Turtle Rock for a detached home to close in 2011 was $385/sf (http://www.redfin.com/CA/Irvine/23-Rippling-Strm-92603/home/4742621).  So if you take the SF x $385/sf less $100k for renovations, I get an approx. value of $675k as my best guestimate. 

 

[irvinehomeowner]

Hey... 19001 is a 3CWG!

$675k? So over $650k which is what I said 4 months ago... and where Indie originally challenged me. Now he's hedged his over/under to $700k which I find strange considering the market should be weaker now than back then (winter is the slow season). You would think Indie's over/under would be lower now, but instead he went up... not standing very strong behind his beliefs there.

Also, it since you are taking $100k off the top, if this were in good condition, $775k would be a good comp? So, the experienced realtor agrees with the comps for these homes being $700k+ vs Fundanomics of $600k?

 

[IndieDev]

Man, IHO is such a big pussy (cat).

 

[so_scared]

@Indie:

So now you're saying that you feel Biddle is worth at least $819k?

The parameters of your bet do not reflect your stance on fundamentals... which is why I said you hedge your bets in your favor.

If you truly believe that Biddle is $200k overvalued... then your bet threshold should have been $639k... not $819k. Who's not standing behind his beliefs now?

Uh... I don't know... I don't bet on stuff I can't control... Hey USCTrojan... what is it really worth in your opinion... I never claimed that... I'm just counter pointing your point on that other point....

Wow, this one is difficult to value.  The house needs a lot of work ($100k or so), doesn't look like the bank put any money into house since foreclosing on it.  The best comp is this house which also backs up to Culver but seems to be in much better condition...http://www.redfin.com/CA/Irvine/19001-Antioch-Dr-92603/home/4739364  The lowest per SF price in Turtle Rock for a detached home to close in 2011 was $385/sf (http://www.redfin.com/CA/Irvine/23-Rippling-Strm-92603/home/4742621).  So if you take the SF x $385/sf less $100k for renovations, I get an approx. value of $675k as my best guestimate.

Hey USCT, first, thanks for taking time to look at it. According to Redfin, in last 12 months, there were 3 homes that backed on to culver in these tracts. Three sold for 449, 439 and 459/sf which were the detached SFR. The only house (that i think you alluded to) that sold for 385/sf is a attached unit and actually in a different part of the tract that has different kinds of homes.

Based on this, if you took the three averages, then used $449 * 2001 sqft=898k - 100k in work needed=798,449, right? These comps are in the same general tract and all back onto Culver all built in couple of years of each other.

Curious why you choose to use the least similar sale among the 4 sales to comp against. I ask because I did my own "analysis" when I put in the bid as I was planning on flipping it or renting it out and I wanted to compare notes of value. TIA!

 

[usctrojancpa]

@Indie:

So now you're saying that you feel Biddle is worth at least $819k?

The parameters of your bet do not reflect your stance on fundamentals... which is why I said you hedge your bets in your favor.

If you truly believe that Biddle is $200k overvalued... then your bet threshold should have been $639k... not $819k. Who's not standing behind his beliefs now?

Uh... I don't know... I don't bet on stuff I can't control... Hey USCTrojan... what is it really worth in your opinion... I never claimed that... I'm just counter pointing your point on that other point....

Wow, this one is difficult to value.  The house needs a lot of work ($100k or so), doesn't look like the bank put any money into house since foreclosing on it.  The best comp is this house which also backs up to Culver but seems to be in much better condition...http://www.redfin.com/CA/Irvine/19001-Antioch-Dr-92603/home/4739364  The lowest per SF price in Turtle Rock for a detached home to close in 2011 was $385/sf (http://www.redfin.com/CA/Irvine/23-Rippling-Strm-92603/home/4742621).  So if you take the SF x $385/sf less $100k for renovations, I get an approx. value of $675k as my best guestimate.

Hey USCT, first, thanks for taking time to look at it. According to Redfin, in last 12 months, there were 3 homes that backed on to culver in these tracts. Three sold for 449, 439 and 459/sf which were the detached SFR. The only house (that i think you alluded to) that sold for 385/sf is a attached unit and actually in a different part of the tract that has different kinds of homes.

Based on this, if you took the three averages, then used $449 * 2001 sqft=898k - 100k in work needed=798,449, right? These comps are in the same general tract and all back onto Culver all built in couple of years of each other.

Curious why you choose to use the least similar sale among the 4 sales to comp against. I ask because I did my own "analysis" when I put in the bid as I was planning on flipping it or renting it out and I wanted to compare notes of value. TIA!

Well, the home was in very poor condition and the market has declined since the last closing so I wanted to take a conservative route to get to a value.  Since no one has scoped up the property when it was listed at a higher price, it sorta validates my assumption to be conservative.  But the reality is, the home will sell for whatever one buyer thinks the home is worth so my guestimate could be off.

 

[IndieDev]

Yeah USCTrojan why are you so conservative about this house? It's obviously worth $900,000 based on comps! Comps are all that matter when it comes to housing prices. The bank should immediately relist this home at $850,000, that would be a STEAL.

 

[IndieDev]

Hey USCT, first, thanks for taking time to look at it. According to Redfin, in last 12 months, there were 3 homes that backed on to culver in these tracts. Three sold for 449, 439 and 459/sf which were the detached SFR. The only house (that i think you alluded to) that sold for 385/sf is a attached unit and actually in a different part of the tract that has different kinds of homes.

Based on this, if you took the three averages, then used $449 * 2001 sqft=898k - 100k in work needed=798,449, right? These comps are in the same general tract and all back onto Culver all built in couple of years of each other.

Curious why you choose to use the least similar sale among the 4 sales to comp against. I ask because I did my own "analysis" when I put in the bid as I was planning on flipping it or renting it out and I wanted to compare notes of value. TIA!

This is genius. Quoting for future reference.

 

[usctrojancpa]

Yeah USCTrojan why are you so conservative about this house? It's obviously worth $900,000 based on comps! Comps are all that matter when it comes to housing prices. The bank should immediately relist this home at $850,000, that would be a STEAL.

Maybe because I'm not a typical kool-aid drinking realtard.  haha  Obviously you have too look at comps, but comps are not the be-all and end-all, you also have to take into consideration all of the other relevant facts.  Again, my guestimate is only that...my estimate.

 

[MovingOnUp]

@Indie:

So now you're saying that you feel Biddle is worth at least $819k?

The parameters of your bet do not reflect your stance on fundamentals... which is why I said you hedge your bets in your favor.

If you truly believe that Biddle is $200k overvalued... then your bet threshold should have been $639k... not $819k. Who's not standing behind his beliefs now?

Uh... I don't know... I don't bet on stuff I can't control... Hey USCTrojan... what is it really worth in your opinion... I never claimed that... I'm just counter pointing your point on that other point....

Wow, this one is difficult to value.  The house needs a lot of work ($100k or so), doesn't look like the bank put any money into house since foreclosing on it.  The best comp is this house which also backs up to Culver but seems to be in much better condition...http://www.redfin.com/CA/Irvine/19001-Antioch-Dr-92603/home/4739364  The lowest per SF price in Turtle Rock for a detached home to close in 2011 was $385/sf (http://www.redfin.com/CA/Irvine/23-Rippling-Strm-92603/home/4742621).  So if you take the SF x $385/sf less $100k for renovations, I get an approx. value of $675k as my best guestimate.

Hey USCT, first, thanks for taking time to look at it. According to Redfin, in last 12 months, there were 3 homes that backed on to culver in these tracts. Three sold for 449, 439 and 459/sf which were the detached SFR. The only house (that i think you alluded to) that sold for 385/sf is a attached unit and actually in a different part of the tract that has different kinds of homes.

Based on this, if you took the three averages, then used $449 * 2001 sqft=898k - 100k in work needed=798,449, right? These comps are in the same general tract and all back onto Culver all built in couple of years of each other.

Curious why you choose to use the least similar sale among the 4 sales to comp against. I ask because I did my own "analysis" when I put in the bid as I was planning on flipping it or renting it out and I wanted to compare notes of value. TIA!

So Scurred...your analysis is wrong. You're doubledipping. the home that sold at 439/sq ft is already has the poor condition priced in. so for the current property, you're penalizing it twice by using the low 439/sq ft to average, and then deducting an additional 100k in repairs. Make sense?

This is why the property is probably worth 40k more and why you should bid above 850k to prevent others from stealing it from you.

 

[so_scared]

Hey USCT, first, thanks for taking time to look at it. According to Redfin, in last 12 months, there were 3 homes that backed on to culver in these tracts. Three sold for 449, 439 and 459/sf which were the detached SFR. The only house (that i think you alluded to) that sold for 385/sf is a attached unit and actually in a different part of the tract that has different kinds of homes.

Based on this, if you took the three averages, then used $449 * 2001 sqft=898k - 100k in work needed=798,449, right? These comps are in the same general tract and all back onto Culver all built in couple of years of each other.

Curious why you choose to use the least similar sale among the 4 sales to comp against. I ask because I did my own "analysis" when I put in the bid as I was planning on flipping it or renting it out and I wanted to compare notes of value. TIA!

This is genius. Quoting for future reference.

Why thank you! What was so insightful for you?

 

[IndieDev]

@Indie:

So now you're saying that you feel Biddle is worth at least $819k?

The parameters of your bet do not reflect your stance on fundamentals... which is why I said you hedge your bets in your favor.

If you truly believe that Biddle is $200k overvalued... then your bet threshold should have been $639k... not $819k. Who's not standing behind his beliefs now?

Uh... I don't know... I don't bet on stuff I can't control... Hey USCTrojan... what is it really worth in your opinion... I never claimed that... I'm just counter pointing your point on that other point....

Wow, this one is difficult to value.  The house needs a lot of work ($100k or so), doesn't look like the bank put any money into house since foreclosing on it.  The best comp is this house which also backs up to Culver but seems to be in much better condition...http://www.redfin.com/CA/Irvine/19001-Antioch-Dr-92603/home/4739364  The lowest per SF price in Turtle Rock for a detached home to close in 2011 was $385/sf (http://www.redfin.com/CA/Irvine/23-Rippling-Strm-92603/home/4742621).  So if you take the SF x $385/sf less $100k for renovations, I get an approx. value of $675k as my best guestimate.

Hey USCT, first, thanks for taking time to look at it. According to Redfin, in last 12 months, there were 3 homes that backed on to culver in these tracts. Three sold for 449, 439 and 459/sf which were the detached SFR. The only house (that i think you alluded to) that sold for 385/sf is a attached unit and actually in a different part of the tract that has different kinds of homes.

Based on this, if you took the three averages, then used $449 * 2001 sqft=898k - 100k in work needed=798,449, right? These comps are in the same general tract and all back onto Culver all built in couple of years of each other.

Curious why you choose to use the least similar sale among the 4 sales to comp against. I ask because I did my own "analysis" when I put in the bid as I was planning on flipping it or renting it out and I wanted to compare notes of value. TIA!

So Scurred...your analysis is wrong. You're doubledipping. the home that sold at 439/sq ft is already has the poor condition priced in. so for the current property, you're penalizing it twice by using the low 439/sq ft to average, and then deducting an additional 100k in repairs. Make sense?

This is why the property is probably worth 40k more and why you should bid above 850k to prevent others from stealing it from you.

I like the way you think.

 

[so_scared]

@Indie:

So now you're saying that you feel Biddle is worth at least $819k?

The parameters of your bet do not reflect your stance on fundamentals... which is why I said you hedge your bets in your favor.

If you truly believe that Biddle is $200k overvalued... then your bet threshold should have been $639k... not $819k. Who's not standing behind his beliefs now?

Uh... I don't know... I don't bet on stuff I can't control... Hey USCTrojan... what is it really worth in your opinion... I never claimed that... I'm just counter pointing your point on that other point....

Wow, this one is difficult to value.  The house needs a lot of work ($100k or so), doesn't look like the bank put any money into house since foreclosing on it.  The best comp is this house which also backs up to Culver but seems to be in much better condition...http://www.redfin.com/CA/Irvine/19001-Antioch-Dr-92603/home/4739364  The lowest per SF price in Turtle Rock for a detached home to close in 2011 was $385/sf (http://www.redfin.com/CA/Irvine/23-Rippling-Strm-92603/home/4742621).  So if you take the SF x $385/sf less $100k for renovations, I get an approx. value of $675k as my best guestimate.

Hey USCT, first, thanks for taking time to look at it. According to Redfin, in last 12 months, there were 3 homes that backed on to culver in these tracts. Three sold for 449, 439 and 459/sf which were the detached SFR. The only house (that i think you alluded to) that sold for 385/sf is a attached unit and actually in a different part of the tract that has different kinds of homes.

Based on this, if you took the three averages, then used $449 * 2001 sqft=898k - 100k in work needed=798,449, right? These comps are in the same general tract and all back onto Culver all built in couple of years of each other.

Curious why you choose to use the least similar sale among the 4 sales to comp against. I ask because I did my own "analysis" when I put in the bid as I was planning on flipping it or renting it out and I wanted to compare notes of value. TIA!

So Scurred...your analysis is wrong. You're doubledipping. the home that sold at 439/sq ft is already has the poor condition priced in. so for the current property, you're penalizing it twice by using the low 439/sq ft to average, and then deducting an additional 100k in repairs. Make sense?

This is why the property is probably worth 40k more and why you should bid above 850k to prevent others from stealing it from you.

Moving, you need to attend Indie school of ridiculing. Heard he is opening a branch up in your move up neighborhood right next to the 85 degree. He already sees your potential!

Your post current skills doesn't quite cut it as either adding much ridicule nor value to the conversation. But thanks for playing.

 

[MovingOnUp]

Hey USCT, first, thanks for taking time to look at it. According to Redfin, in last 12 months, there were 3 homes that backed on to culver in these tracts. Three sold for 449, 439 and 459/sf which were the detached SFR. The only house (that i think you alluded to) that sold for 385/sf is a attached unit and actually in a different part of the tract that has different kinds of homes.

Based on this, if you took the three averages, then used $449 * 2001 sqft=898k - 100k in work needed=798,449, right? These comps are in the same general tract and all back onto Culver all built in couple of years of each other.

Curious why you choose to use the least similar sale among the 4 sales to comp against. I ask because I did my own "analysis" when I put in the bid as I was planning on flipping it or renting it out and I wanted to compare notes of value. TIA!

This is genius. Quoting for future reference.

Why thank you! What was so insightful for you?

When putting in your bid on this house as an investment property, ignore any talk from naysayers about actuals. It's all about the proforma here. The intangible asset is the brand reputation of the neighborhood and potential baby. The haters don't get it like you or I. The brand and potential are priceless.

 

[MovingOnUp]

@Indie:

So now you're saying that you feel Biddle is worth at least $819k?

The parameters of your bet do not reflect your stance on fundamentals... which is why I said you hedge your bets in your favor.

If you truly believe that Biddle is $200k overvalued... then your bet threshold should have been $639k... not $819k. Who's not standing behind his beliefs now?

Uh... I don't know... I don't bet on stuff I can't control... Hey USCTrojan... what is it really worth in your opinion... I never claimed that... I'm just counter pointing your point on that other point....

Wow, this one is difficult to value.  The house needs a lot of work ($100k or so), doesn't look like the bank put any money into house since foreclosing on it.  The best comp is this house which also backs up to Culver but seems to be in much better condition...http://www.redfin.com/CA/Irvine/19001-Antioch-Dr-92603/home/4739364  The lowest per SF price in Turtle Rock for a detached home to close in 2011 was $385/sf (http://www.redfin.com/CA/Irvine/23-Rippling-Strm-92603/home/4742621).  So if you take the SF x $385/sf less $100k for renovations, I get an approx. value of $675k as my best guestimate.

Hey USCT, first, thanks for taking time to look at it. According to Redfin, in last 12 months, there were 3 homes that backed on to culver in these tracts. Three sold for 449, 439 and 459/sf which were the detached SFR. The only house (that i think you alluded to) that sold for 385/sf is a attached unit and actually in a different part of the tract that has different kinds of homes.

Based on this, if you took the three averages, then used $449 * 2001 sqft=898k - 100k in work needed=798,449, right? These comps are in the same general tract and all back onto Culver all built in couple of years of each other.

Curious why you choose to use the least similar sale among the 4 sales to comp against. I ask because I did my own "analysis" when I put in the bid as I was planning on flipping it or renting it out and I wanted to compare notes of value. TIA!

So Scurred...your analysis is wrong. You're doubledipping. the home that sold at 439/sq ft is already has the poor condition priced in. so for the current property, you're penalizing it twice by using the low 439/sq ft to average, and then deducting an additional 100k in repairs. Make sense?

This is why the property is probably worth 40k more and why you should bid above 850k to prevent others from stealing it from you.

Moving, you need to attend Indie school of ridiculing. Heard he is opening a branch up in your move up neighborhood right next to the 85 degree. He already sees your potential!

Your post current skills doesn't quite cut it as either adding much ridicule nor value to the conversation. But thanks for playing.

There's some truth to this. I was once banned from this site  :'( How indy does it w/o getting banned makes me want to enroll.

You know how I know life isn't fair and makes my heart bleed for the poor? Cause I read posts from people like you with money that think buying this property as investment is a good idea. That someone that foolish still manages to have money. If just baffles me how you haven't lost it all yet.

And I'll keep playing...

 

[so_scared]

@Indie:

So now you're saying that you feel Biddle is worth at least $819k?

The parameters of your bet do not reflect your stance on fundamentals... which is why I said you hedge your bets in your favor.

If you truly believe that Biddle is $200k overvalued... then your bet threshold should have been $639k... not $819k. Who's not standing behind his beliefs now?

Uh... I don't know... I don't bet on stuff I can't control... Hey USCTrojan... what is it really worth in your opinion... I never claimed that... I'm just counter pointing your point on that other point....

Wow, this one is difficult to value.  The house needs a lot of work ($100k or so), doesn't look like the bank put any money into house since foreclosing on it.  The best comp is this house which also backs up to Culver but seems to be in much better condition...http://www.redfin.com/CA/Irvine/19001-Antioch-Dr-92603/home/4739364  The lowest per SF price in Turtle Rock for a detached home to close in 2011 was $385/sf (http://www.redfin.com/CA/Irvine/23-Rippling-Strm-92603/home/4742621).  So if you take the SF x $385/sf less $100k for renovations, I get an approx. value of $675k as my best guestimate.

Hey USCT, first, thanks for taking time to look at it. According to Redfin, in last 12 months, there were 3 homes that backed on to culver in these tracts. Three sold for 449, 439 and 459/sf which were the detached SFR. The only house (that i think you alluded to) that sold for 385/sf is a attached unit and actually in a different part of the tract that has different kinds of homes.

Based on this, if you took the three averages, then used $449 * 2001 sqft=898k - 100k in work needed=798,449, right? These comps are in the same general tract and all back onto Culver all built in couple of years of each other.

Curious why you choose to use the least similar sale among the 4 sales to comp against. I ask because I did my own "analysis" when I put in the bid as I was planning on flipping it or renting it out and I wanted to compare notes of value. TIA!

So Scurred...your analysis is wrong. You're doubledipping. the home that sold at 439/sq ft is already has the poor condition priced in. so for the current property, you're penalizing it twice by using the low 439/sq ft to average, and then deducting an additional 100k in repairs. Make sense?

This is why the property is probably worth 40k more and why you should bid above 850k to prevent others from stealing it from you.

Moving, you need to attend Indie school of ridiculing. Heard he is opening a branch up in your move up neighborhood right next to the 85 degree. He already sees your potential!

Your post current skills doesn't quite cut it as either adding much ridicule nor value to the conversation. But thanks for playing.

There's some truth to this. I was once banned from this site  :'( How indy does it w/o getting banned makes me want to enroll.

You know how I know life isn't fair and makes my heart bleed for the poor? Cause I read posts from people like you with money that think buying this property as investment is a good idea. That someone that foolish still manages to have money. If just baffles me how you haven't lost it all yet.

And I'll keep playing...

for someone who has no idea what i HAD actually offered, you sure assume a lot and talk a lot....but hey, if it were any different, Indie wouldn't be personally recruiting you.

 

[MovingOnUp]

@Indie:

So now you're saying that you feel Biddle is worth at least $819k?

The parameters of your bet do not reflect your stance on fundamentals... which is why I said you hedge your bets in your favor.

If you truly believe that Biddle is $200k overvalued... then your bet threshold should have been $639k... not $819k. Who's not standing behind his beliefs now?

Uh... I don't know... I don't bet on stuff I can't control... Hey USCTrojan... what is it really worth in your opinion... I never claimed that... I'm just counter pointing your point on that other point....

Wow, this one is difficult to value.  The house needs a lot of work ($100k or so), doesn't look like the bank put any money into house since foreclosing on it.  The best comp is this house which also backs up to Culver but seems to be in much better condition...http://www.redfin.com/CA/Irvine/19001-Antioch-Dr-92603/home/4739364  The lowest per SF price in Turtle Rock for a detached home to close in 2011 was $385/sf (http://www.redfin.com/CA/Irvine/23-Rippling-Strm-92603/home/4742621).  So if you take the SF x $385/sf less $100k for renovations, I get an approx. value of $675k as my best guestimate.

Hey USCT, first, thanks for taking time to look at it. According to Redfin, in last 12 months, there were 3 homes that backed on to culver in these tracts. Three sold for 449, 439 and 459/sf which were the detached SFR. The only house (that i think you alluded to) that sold for 385/sf is a attached unit and actually in a different part of the tract that has different kinds of homes.

Based on this, if you took the three averages, then used $449 * 2001 sqft=898k - 100k in work needed=798,449, right? These comps are in the same general tract and all back onto Culver all built in couple of years of each other.

Curious why you choose to use the least similar sale among the 4 sales to comp against. I ask because I did my own "analysis" when I put in the bid as I was planning on flipping it or renting it out and I wanted to compare notes of value. TIA!

So Scurred...your analysis is wrong. You're doubledipping. the home that sold at 439/sq ft is already has the poor condition priced in. so for the current property, you're penalizing it twice by using the low 439/sq ft to average, and then deducting an additional 100k in repairs. Make sense?

This is why the property is probably worth 40k more and why you should bid above 850k to prevent others from stealing it from you.

Moving, you need to attend Indie school of ridiculing. Heard he is opening a branch up in your move up neighborhood right next to the 85 degree. He already sees your potential!

Your post current skills doesn't quite cut it as either adding much ridicule nor value to the conversation. But thanks for playing.

There's some truth to this. I was once banned from this site  :'( How indy does it w/o getting banned makes me want to enroll.

You know how I know life isn't fair and makes my heart bleed for the poor? Cause I read posts from people like you with money that think buying this property as investment is a good idea. That someone that foolish still manages to have money. If just baffles me how you haven't lost it all yet.

And I'll keep playing...

for someone who has no idea what i HAD actually offered, you sure assume a lot and talk a lot....but hey, if it were any different, Indie wouldn't be personally recruiting you.

What'd you bid? Please share. Cause 700k, 600k, 500k are all still foolish to offer as an investment property. Flip, a different story. Hopefully no one in your family reads this board, otherwise they'd ask for their money back.

 

[akim997]

antioch is bringing new life back to this board...  i love it!

 

[irvinehomeowner]

Antioch went "Pending' on December 2... let's see what it closes at (if it closes).

 

[so_scared]

Antioch went "Pending' on December 2... let's see what it closes at (if it closes).

http://www.redfin.com/CA/Irvine/18921-Antioch-Dr-92603/home/4738176

705k

 

[usctrojancpa]

Antioch went "Pending' on December 2... let's see what it closes at (if it closes).

http://www.redfin.com/CA/Irvine/18921-Antioch-Dr-92603/home/4738176

705k

It was a cash buyer without any seller consessions.