Where the market is - Buyer Offers

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irvinehomeowner said:
I wonder if any of the sellers of these homes see this thread and say ?Wait... my agent never told me about these offers!? 

:)
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I told for the sake of their listing agents that it didn't happen.
 
These offer bid-ups seem exuberant for Irvine until you compare to Los Angeles pricing from 2019 through today.

We were shopping the SGV area (Arcadia, Temple City, and north San Gabriel (San Marino schools) and prices for run down, crappy, TLC homes averaged in the 650-700/ foot range back then.

Thankfully with telework, we bought in Irvine late 2019 for 460 per foot (and thought that was high).  We always thought Irvine is a great value compared for what you get in LA and the recent price increases is just closing the LA/OC gap.

USCTrojanCPA said:
USCTrojanCPA said:
Offers going out shortly on these 2 Irvine homes...
https://www.redfin.com/CA/Irvine/81-Navigator-92620/home/7215381
https://www.redfin.com/CA/Irvine/6-Grass-Vly-92602/home/5771347

Let's see what happens on these homes.
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Updates...

Navigator got 5 offers and ended up at around $1.5m with my clients only willing to go up to $1.451m due to the questionable location. 

Grass Vly got 8 offers.  My clients went up to $1.351m on best & final counters and didn't get the house.  My guess is that it got bid up to the high $1.3s.
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Sidehussle said:
These offer bid-ups seem exuberant for Irvine until you compare to Los Angeles pricing from 2019 through today.

We were shopping the SGV area (Arcadia, Temple City, and north San Gabriel (San Marino schools) and prices for run down, crappy, TLC homes averaged in the 650-700/ foot range back then.

Thankfully with telework, we bought in Irvine late 2019 for 460 per foot (and thought that was high).  We always thought Irvine is a great value compared for what you get in LA and the recent price increases is just closing the LA/OC gap.

USCTrojanCPA said:
USCTrojanCPA said:
Offers going out shortly on these 2 Irvine homes...
https://www.redfin.com/CA/Irvine/81-Navigator-92620/home/7215381
https://www.redfin.com/CA/Irvine/6-Grass-Vly-92602/home/5771347

Let's see what happens on these homes.
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Updates...

Navigator got 5 offers and ended up at around $1.5m with my clients only willing to go up to $1.451m due to the questionable location. 

Grass Vly got 8 offers.  My clients went up to $1.351m on best & final counters and didn't get the house.  My guess is that it got bid up to the high $1.3s.
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You make a great point.  I've had a few LA buyers who moved down to Irvine and all of them told me that Irvine was considerably less expensive and much nicer.  So at the end of the day it's all relative from a price/sf perspective.
 
zovall said:
Cornflakes said:
USCTrojanCPA said:
https://www.redfin.com/CA/Irvine/11-Pollena-92602/home/5814724
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My guestimate is that Pollena home would go 100k above asking. And if there is serious bidding war, upto 150k above asking.
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Great call Cornflakes! Looks like that one closed for 100k over asking

And congrats USC!
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Thanks Zovall.  There's a bit more information how things played out.  So the seller received 10 offers on the home by Saturday when we asked for a 24-hour reply for our offer.  Of the 10 offers, there were 3 offers that the seller was seriously considering...$1.24m, $1.25m (my client's offer), and $1.265m.  The listing agent told me that the seller selected to move forward with my client's offer at the inspection for the following reasons (along with telling me about the other 2 offers were we competing against)...

1) My clients wrote a very detailed, sincere letter to the sellers identifying several things (posters, accessory pieces, and pictures of the sellers traveling adventures) that they saw in the home that they shared in common.

2) I've done several transactions with the listing agent over the years and she told the sellers that she would be most comfortable working with me versus the other agents as their offers weren't as clear and concise as mine and never worked with either of them.

3) My buyer's lender was very proactive and contacted the listing agent stated that my clients were very strong and underbuying with a DTI in the 20%s and had the financial capacity to purchase a $2m home.

4) We were the only offer that lifted both loan and appraisal contingencies right off the bat (we removed all contingencies in 10 days) while the other 2 offers only removed the appraisal contingency.

The appraisal on the home came in $85k short at $1,165,000 but my buyers easily and happily bridged the gap by putting more than 20% down.
 
USCTrojanCPA said:
I made an offer for another buyer on this home back on March 3rd and it was interesting on it played out.
https://www.redfin.com/CA/Irvine/104-Summer-Lilac-92620/home/112721589

I told my buyer that a fair range price for this home was $1.475m to $1.5m.  So we started with an initial offer of $1.475m with no appraisal contingency and removing all contingencies in 14 days along with a 40% down payment.  My clients were ready to potentially go up to $1.5m on a best & final counter.  The listing agent texts me the next morning and apologizes to me saying that his seller accepted a slightly higher offer than ours despite him strongly recommending that they at least do a seller multiple counter to the top 2-3 buyers (we had the 2nd highest offer).  I think the home will close right around $1.5m.  The takeaway from this experience is don't hold back too much on your initial offer because you may not get another chance to bid higher. 
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This one closed for $1.6m which is almost shocking given that the regular lot homes have been closing around $1.4m.
 
USCTrojanCPA said:
USCTrojanCPA said:
I made an offer for another buyer on this home back on March 3rd and it was interesting on it played out.
https://www.redfin.com/CA/Irvine/104-Summer-Lilac-92620/home/112721589

I told my buyer that a fair range price for this home was $1.475m to $1.5m.  So we started with an initial offer of $1.475m with no appraisal contingency and removing all contingencies in 14 days along with a 40% down payment.  My clients were ready to potentially go up to $1.5m on a best & final counter.  The listing agent texts me the next morning and apologizes to me saying that his seller accepted a slightly higher offer than ours despite him strongly recommending that they at least do a seller multiple counter to the top 2-3 buyers (we had the 2nd highest offer).  I think the home will close right around $1.5m.  The takeaway from this experience is don't hold back too much on your initial offer because you may not get another chance to bid higher. 
Click to expand...

This one closed for $1.6m which is almost shocking given that the regular lot homes have been closing around $1.4m.
Click to expand...

I took a peek at this one potentially for myself. I predicted on the dot that it would sell at $1.6m cash given the nature that they changed their offer review from 1 week to 1 day (to a Tues/Weds) and not let the home sit until the weekend. They said they had a really strong offer that they had to respond it.

The agent is a relative to the seller.
 
Cares said:
USCTrojanCPA said:
USCTrojanCPA said:
I made an offer for another buyer on this home back on March 3rd and it was interesting on it played out.
https://www.redfin.com/CA/Irvine/104-Summer-Lilac-92620/home/112721589

I told my buyer that a fair range price for this home was $1.475m to $1.5m.  So we started with an initial offer of $1.475m with no appraisal contingency and removing all contingencies in 14 days along with a 40% down payment.  My clients were ready to potentially go up to $1.5m on a best & final counter.  The listing agent texts me the next morning and apologizes to me saying that his seller accepted a slightly higher offer than ours despite him strongly recommending that they at least do a seller multiple counter to the top 2-3 buyers (we had the 2nd highest offer).  I think the home will close right around $1.5m.  The takeaway from this experience is don't hold back too much on your initial offer because you may not get another chance to bid higher. 
Click to expand...

This one closed for $1.6m which is almost shocking given that the regular lot homes have been closing around $1.4m.
Click to expand...

I took a peek at this one potentially for myself. I predicted on the dot that it would sell at $1.6m cash given the nature that they changed their offer review from 1 week to 1 day (to a Tues/Weds) and not let the home sit until the weekend. They said they had a really strong offer that they had to respond it.

The agent is a relative to the seller.
Click to expand...

What's interesting, is that my client's offer at $1.475m was the second highest offer as they were the first backup buyer.  IMO, the $1.6m sales price was a bit much but hey someone really wanted so they bid high to get even paying $125k more than the second highest buyer (good thing the buyer put $600k down because I'm sure it didn't appraise at $1.6m).
 
USCTrojanCPA said:
Cares said:
USCTrojanCPA said:
USCTrojanCPA said:
I made an offer for another buyer on this home back on March 3rd and it was interesting on it played out.
https://www.redfin.com/CA/Irvine/104-Summer-Lilac-92620/home/112721589

I told my buyer that a fair range price for this home was $1.475m to $1.5m.  So we started with an initial offer of $1.475m with no appraisal contingency and removing all contingencies in 14 days along with a 40% down payment.  My clients were ready to potentially go up to $1.5m on a best & final counter.  The listing agent texts me the next morning and apologizes to me saying that his seller accepted a slightly higher offer than ours despite him strongly recommending that they at least do a seller multiple counter to the top 2-3 buyers (we had the 2nd highest offer).  I think the home will close right around $1.5m.  The takeaway from this experience is don't hold back too much on your initial offer because you may not get another chance to bid higher. 
Click to expand...

This one closed for $1.6m which is almost shocking given that the regular lot homes have been closing around $1.4m.
Click to expand...

I took a peek at this one potentially for myself. I predicted on the dot that it would sell at $1.6m cash given the nature that they changed their offer review from 1 week to 1 day (to a Tues/Weds) and not let the home sit until the weekend. They said they had a really strong offer that they had to respond it.

The agent is a relative to the seller.
Click to expand...

What's interesting, is that my client's offer at $1.475m was the second highest offer as they were the first backup buyer.  IMO, the $1.6m sales price was a bit much but hey someone really wanted so they bid high to get even paying $125k more than the second highest buyer (good thing the buyer put $600k down because I'm sure it didn't appraise at $1.6m).
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That home is one of the largest in CV and also probably on the largest lot in CV. They also did extensive backyard work and well maintained. At that exact moment there were I believe only 2 other 4BR SFR's available. Someone must have been desperate to buy so they overbid.
 
Cares said:
USCTrojanCPA said:
Cares said:
USCTrojanCPA said:
USCTrojanCPA said:
I made an offer for another buyer on this home back on March 3rd and it was interesting on it played out.
https://www.redfin.com/CA/Irvine/104-Summer-Lilac-92620/home/112721589

I told my buyer that a fair range price for this home was $1.475m to $1.5m.  So we started with an initial offer of $1.475m with no appraisal contingency and removing all contingencies in 14 days along with a 40% down payment.  My clients were ready to potentially go up to $1.5m on a best & final counter.  The listing agent texts me the next morning and apologizes to me saying that his seller accepted a slightly higher offer than ours despite him strongly recommending that they at least do a seller multiple counter to the top 2-3 buyers (we had the 2nd highest offer).  I think the home will close right around $1.5m.  The takeaway from this experience is don't hold back too much on your initial offer because you may not get another chance to bid higher. 
Click to expand...

This one closed for $1.6m which is almost shocking given that the regular lot homes have been closing around $1.4m.
Click to expand...

I took a peek at this one potentially for myself. I predicted on the dot that it would sell at $1.6m cash given the nature that they changed their offer review from 1 week to 1 day (to a Tues/Weds) and not let the home sit until the weekend. They said they had a really strong offer that they had to respond it.

The agent is a relative to the seller.
Click to expand...

What's interesting, is that my client's offer at $1.475m was the second highest offer as they were the first backup buyer.  IMO, the $1.6m sales price was a bit much but hey someone really wanted so they bid high to get even paying $125k more than the second highest buyer (good thing the buyer put $600k down because I'm sure it didn't appraise at $1.6m).
Click to expand...

That home is one of the largest in CV and also probably on the largest lot in CV. They also did extensive backyard work and well maintained. At that exact moment there were I believe only 2 other 4BR SFR's available. Someone must have been desperate to buy so they overbid.
Click to expand...

Yeah, I get it....extreme situations call for exterme measures (aka bidding high).
 
Wow, 32 Marblehead sold $1.35m (list $1.2m). Last highest sale in same tract was about a month ago for $1.275m.

USCTrojanCPA said:
USCTrojanCPA said:
Made an offer over list on this Montecito Plan 2 home in Woodbury earlier today...
https://www.redfin.com/CA/Irvine/32-Marblehead-92620/home/28931918

Agent said they have multiple offers (big shocker) and will be reviewing them with the seller on Sunday night.
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No dice for my buyers who put an initial offer of $1.251m on the home.  Got this reply from the listing agent...

"The seller finally made a decision in another direction. The prevailing party has a family in the area and terms that the seller couldn't refuse.

I know so many buyers are disappointed these days and I appreciate your work on this."

So sounds like seller got an offer that they couldn't refuse and didn't want to send out counters.
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hurijo said:
Wow, 32 Marblehead sold $1.35m (list $1.2m). Last highest sale in same tract was about a month ago for $1.275m.

USCTrojanCPA said:
USCTrojanCPA said:
Made an offer over list on this Montecito Plan 2 home in Woodbury earlier today...
https://www.redfin.com/CA/Irvine/32-Marblehead-92620/home/28931918

Agent said they have multiple offers (big shocker) and will be reviewing them with the seller on Sunday night.
Click to expand...

No dice for my buyers who put an initial offer of $1.251m on the home.  Got this reply from the listing agent...

"The seller finally made a decision in another direction. The prevailing party has a family in the area and terms that the seller couldn't refuse.

I know so many buyers are disappointed these days and I appreciate your work on this."

So sounds like seller got an offer that they couldn't refuse and didn't want to send out counters.
Click to expand...
Click to expand...

Yeah the other Marblehead was more upgraded and had a larger lot.
 
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