vsfan
Active member
I have a 1.5m+ mortgage right now and I don’t know if I want to, if I can, pay it off in 3-4 years. Ideally once the principle drops to 750k I will start coasting on it…
Why hasn’t this sold
- Thread starter Danadu
- Start date
NEW -> Contingent Buyer Assistance Program
Perhaps Martin can chime in here but from watching all the seasons of Million dollar listing, in general, if the home doesn’t go into escrow in 30-60 days it is overpriced. On those shows there are some very unique properties for which comps are hard to find to properly price, for those homes I can understand the concept of “all you need is one buyer who loves the home” and therefore not reduce the price - although even in these situations the house seems to sell for less the list price. I’m not familiar with your neighborhood but is sounds like it a run of the mill tract home.
So if it has not gone into escrow it is probably over-priced.
You should either reduce the price or take it off the market. The longer it sits the more likely you will receive lowball offers.
Price is always the number 1 factor in selling a home.
I can definitely say that these homes weren't getting offer not because they're overpriced. It's because buyers aren't looking anymore at this point. There is no traffic at all.
My neighbor's Bluffs 1 got into escrow a week after listing in July at $2.39M. This Bluffs 1 isn't getting any offers, at lower listed price. Another Bluffs 1 listed at $2.29M, but didn't get any offer either. It ended up being taken off the market a couple of weeks later. A Bluffs 2 listed right after this Bluffs 1 got into escrow at $2.39M, but never got any offer either. Now it's off the market too. Another Bluffs 1 closed escrow right after at $2.4M, then turned around to list at $2.29 (must be money laundering).
Btw don’t for a second think that the listing prices you see is what the buyers are willing to accept. I know this based on my offers.
It is always about the price. If you don’t want to accept what the market offers now just wait and see what happens. You might get what you want (more likely) or end up selling it for less (less likely but still possible).
Like I said, there's a stalemate right now. Buyers think it's a buyer's market (which is probably true), but a lot of sellers won't budge on their pricing.
Yes, the whole economy works on supply and demand. 6 months ago, there was huge demand and no supply. Right now, that has shifted to little demand and more supply. We will see what happens after the rates have come down quite a bit. I expect demand to increase while supply stays about that same.
Irvinehomeseeker
Active member
Speaking of unsold homes in Irvine, what happened to FCBs who attempted to launder money by buying homes at crazy prices? Even that pool has dried up?
qwerty
Well-known member
As others have said, just cherry picking one data point, doesn’t mean anything.This one proves you wrong:
113 Tall Reed, Irvine, CA 92618 | MLS #OC24110241 | Zillow
This 2455 square feet Condo home has 4 bedrooms and 4 bathrooms. It is located at 113 Tall Reed, Irvine, CA.www.zillow.com
Date Event Price 8/23/2024 Price change $2,188,000-4.9%$891/sqft Source: CRMLS #OC24110241
7/13/2024 Price change $2,299,999-2.1%$937/sqft Source: CRMLS #OC241102416/30/2024 Price change $2,350,000-1.7%$957/sqft Source: CRMLS #OC241102416/1/2024 Listed for sale $2,389,500+0%$973/sqft Source: CRMLS #OC241102415/31/2024 Listing removed $2,389,000$973/sqft Source: CRMLS #OC240841245/22/2024 Contingent $2,389,000$973/sqft Source: CRMLS #OC240841244/27/2024 Listed for sale $2,389,000$973/sqft Price history
Perhaps Martin can chime in here but from watching all the seasons of Million dollar listing, in general, if the home doesn’t go into escrow in 30-60 days it is overpriced. On those shows there are some very unique properties for which comps are hard to find to properly price, for those homes I can understand the concept of “all you need is one buyer who loves the home” and therefore not reduce the price - although even in these situations the house seems to sell for less the list price. I’m not familiar with your neighborhood but is sounds like it a run of the mill tract home.
So if it has not gone into escrow it is probably over-priced.
You should either reduce the price or take it off the market. The longer it sits the more likely you will receive lowball offers.
qwerty
Well-known member
You should take all of Martins listing and look at how quickly they go into escrow. I think most of his home are in escrow within a couple of weeks. He helps the client price it right and most of the time he sets some sort of record.
Price is always the number 1 factor in selling a home.
vsfan
Active member
lol, FCBs are rich but not stupid…
CalBears96
Well-known member
The others, even Martin, aren't as familiar with PS as I am, as I've been following it for months before listing.
I can definitely say that these homes weren't getting offer not because they're overpriced. It's because buyers aren't looking anymore at this point. There is no traffic at all.
My neighbor's Bluffs 1 got into escrow a week after listing in July at $2.39M. This Bluffs 1 isn't getting any offers, at lower listed price. Another Bluffs 1 listed at $2.29M, but didn't get any offer either. It ended up being taken off the market a couple of weeks later. A Bluffs 2 listed right after this Bluffs 1 got into escrow at $2.39M, but never got any offer either. Now it's off the market too. Another Bluffs 1 closed escrow right after at $2.4M, then turned around to list at $2.29 (must be money laundering).
Irvinehomeseeker
Active member
Agree. But as Calbears speculated in this example "Another Bluffs 1 closed escrow right after at $2.4M, then turned around to list at $2.29 (must be money laundering)." - If the intent is to launder money, then they can list at lower price to make the money look legit.
sgip
Well-known member
Aren't these Bluffs Sellers just "early phase speculators"? I haven't the time to look up via title records all these sellers names and employment, but besides the obvious money launderers, these other listings seem to be "buyers" who simply misjudged the market and chose.... poorly.
CB - I did 2 transactions recently with Martin and he nailed what my house would sell for even though he had zero knowledge of the San Jose market, and we were in escrow within 10 days of listing. You may be better off waiting until next March, prime time, but there is no way mortgage rates drop below 6, so at your current price I doubt there will be any bidders then as well given the unaffordability for the first time buyer. A detached condo will crater before the rest of the market, and you may be seeing it happen in real time. If I was you I would lower your price to $1.888 to generate a bidding war and exit that property with more equity than you'll have next March when inventory will be much higher.
irvine buyer
Active member
Martin sold one home for me and he was able to obtain top dollar in a short period of time. He truly understands what is going on in the market. I would at least see what his opinion of value is.
I indeed would not be looking at your home when I can buy a single family home with a proper driveway slightly older as a buyer for the same price. I don’t understand why it is so hard to understand this situation. It is all about the supply and demand.
Btw don’t for a second think that the listing prices you see is what the buyers are willing to accept. I know this based on my offers.
It is always about the price. If you don’t want to accept what the market offers now just wait and see what happens. You might get what you want (more likely) or end up selling it for less (less likely but still possible).
CalBears96
Well-known member
Of course I understand that SFH are more preferable over detached condos, if you're willing to pay $150k-$200k premium. Why would you assume that I don't understand that? Look at the listing of Highland homes. They're not the same price.
Like I said, there's a stalemate right now. Buyers think it's a buyer's market (which is probably true), but a lot of sellers won't budge on their pricing.
Yes, the whole economy works on supply and demand. 6 months ago, there was huge demand and no supply. Right now, that has shifted to little demand and more supply. We will see what happens after the rates have come down quite a bit. I expect demand to increase while supply stays about that same.
CalBears96
Well-known member
Driveway. And front yard, but driveway is the most important factor. Detached condos share driveway with neighbor in the front.
The Motor Court Company
Well-known member
Drive way and not on a motor court. Can park by the sidewalk. I would take an older SFH over newer detached condo 10 out of 10 times except on Halloween trick o treats.
sleepy5136
Well-known member
In addition to what others have mentioned, I think the location of PS is also a factor. I did a quick search to see if there were “newer” SFH that is < 2.5m. I was surprised to see there were 2 right now:
Both are better located than PS. So no 150-200k premium needed for a newer SFH in Irvine.
Both are better located than PS. So no 150-200k premium needed for a newer SFH in Irvine.
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irviniteeee
Active member
Same here, but some people don't mind the detached condo life or homes like your namesake with a motorcourt. Look at the La Vita homes in OH; those things were selling better than the SFRs in OH. I think it's because the designs were more innovative.
irviniteeee
Active member
Those yards are so depressing...
sleepy5136
Well-known member
Welcome to Irvine.
GrowthStateofMind
Member
Curious if the FCBs are just being more selective in current market by focusing only on latest shiny object - current and future OH new builds and releases - over other preexisting homes that are even just a few years old.
The current market activity seems reminiscent of fall 2022 market when I was looking to buy. Threw out a lot of low ball offers in multiple cities around OC and nothing would stick then even with no other competing offers during this time interest rates already increased. Many sellers were willing to wait 1-2 months to accept a different offer at list or simply pulled off market instead of settling for offers $25-30K below ask. Not too many motivated sellers that I encountered back then.
The current market activity seems reminiscent of fall 2022 market when I was looking to buy. Threw out a lot of low ball offers in multiple cities around OC and nothing would stick then even with no other competing offers during this time interest rates already increased. Many sellers were willing to wait 1-2 months to accept a different offer at list or simply pulled off market instead of settling for offers $25-30K below ask. Not too many motivated sellers that I encountered back then.
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