sleepy5136
Well-known member
Could it be because they were sitting on record low interest rates so carrying costs were low?
Why hasn’t this sold
- Thread starter Danadu
- Start date
NEW -> Contingent Buyer Assistance Program
Area moving quick to Asian where they
Have up to 3 families in one unit they
Are better to buy a house that has a
Huge garage to let other family members
Move in! In my area they have 3 families
Moved into one bedroom house the garage
Has the garage door but is now living space!
A big garage for them to turn into living area!
Much better then 127 Mongoose probably no
Parking and the association probably would
Not let them turn garage into living space
Like my association! 3 families in one bedroom! BHE management
Depends where rates go... if they drop, makes it affordable for people to move up but then that also makes prices go up.
Outside of a black swan event... I don't see any large drop (and let's be real here...a 5% drop is not really a large drop). Even at 10% off, considering the gains in the last few years... where does that put us? 2020 pricing?
Election results... possible wars... earthquake... what is going to cause prices to crash?
Not familiar with Portola Springs? I've been helping clients buy and sell homes in Portola Springs for 15 years. I know all of the tracts and have helped new home buyers purchase in just about every tract built in 2010 and later, including 2 buyers at The Bluffs.
In terms of buyer traffic, homes that look good and are priced right are still getting really good traffic and multiple offers so buyers are still out there but the sense of urgency is gone because they see the market turning via constant price reductions and increasing inventory levels.
Honestly, your neighbor got lucky. I told them that the market was slowing down and that we may have to price accordingly as well as doing some upgrading as the entire home had very few upgrades, including standard flooring throughout. I'm a straight shooter when it comes to discussions with sellers and I'm sure I've lost some listings because I don't blow smoke up their booty to get their listing.
I'm willing to submit semi low ball offers for my buyers but I do set proper expectation of what may happen (i.e. no response or the offer is rejected without a counter offer). That being said, I'm not out to make friends with the listing agents as my primary goal is to help my buyers when I'm helping them look to buy a home.
There was a bit of an air pocket back the late summer/early fall 2016 where prices were soft, not sure if it was the elections or not but things did pick up in early 2017.
I still see people listing their 2010+ build SFR homes listed at $925+/sf. I guess they don't want to sell.
I would like to see these listings close at these prices:
I guess if they can wait until spring, maybe there is a chance they get those prices...
vsfan
Active member
I tired really hard to offer to 114 mongoose during 2022 and 2023, the asking went from 1.4 to 1.6 before it was finally sold. Technically it was on the market for 1+ years. And yes the seller won over all my low ball offers (3 at least).
sleepy5136
Well-known member
I heard that putting in low ball offers are frowned upon for realtors. Is that true? Seems like we have a couple of folks here that have realtors that are willing to do it. I thought normally it's better to simply wait for price drops rather then put low ball offers.
irvinehomeowner
Well-known member
People always forget how low rates affect the environment. During the "big" crash in the late 2000s, when interest rates went down instead of up, this eased the pressure on O-ARM resets and allowed owners to kick the can longer keeping inventory off market (not to mention banks delaying foreclosures and corps buying up distressed inventory) which softened the drop.
And now, because of the record low era of rates since then, it suppresses inventory because people can wait which also prevents prices from going as low as people want.
People who consistently predict drops ignore these important factors among other variables.
And now, because of the record low era of rates since then, it suppresses inventory because people can wait which also prevents prices from going as low as people want.
People who consistently predict drops ignore these important factors among other variables.
vsfan
Active member
So are you suggesting prices are gonna be flat in the upcoming 2025?
1915 mello
New member
$9000.00 a month house payment in an
Area moving quick to Asian where they
Have up to 3 families in one unit they
Are better to buy a house that has a
Huge garage to let other family members
Move in! In my area they have 3 families
Moved into one bedroom house the garage
Has the garage door but is now living space!
1915 mello
New member
Irvine area is quickly becoming Garden Grove
And Westminster packed up!
School will start to go down soon!
And Westminster packed up!
School will start to go down soon!
1915 mello
New member
Yes plenty of parking for 3 Asian families and
A big garage for them to turn into living area!
Much better then 127 Mongoose probably no
Parking and the association probably would
Not let them turn garage into living space
Like my association! 3 families in one bedroom! BHE management
irvinehomeowner
Well-known member
No idea... I can only guess like everyone else.
Depends where rates go... if they drop, makes it affordable for people to move up but then that also makes prices go up.
Outside of a black swan event... I don't see any large drop (and let's be real here...a 5% drop is not really a large drop). Even at 10% off, considering the gains in the last few years... where does that put us? 2020 pricing?
Election results... possible wars... earthquake... what is going to cause prices to crash?
sleepy5136
Well-known member
I find it very difficult to believe that a presidential election would cause a slowdown.
usctrojancpa
Well-known member
Not familiar with Portola Springs? I've been helping clients buy and sell homes in Portola Springs for 15 years. I know all of the tracts and have helped new home buyers purchase in just about every tract built in 2010 and later, including 2 buyers at The Bluffs.
In terms of buyer traffic, homes that look good and are priced right are still getting really good traffic and multiple offers so buyers are still out there but the sense of urgency is gone because they see the market turning via constant price reductions and increasing inventory levels.
Honestly, your neighbor got lucky. I told them that the market was slowing down and that we may have to price accordingly as well as doing some upgrading as the entire home had very few upgrades, including standard flooring throughout. I'm a straight shooter when it comes to discussions with sellers and I'm sure I've lost some listings because I don't blow smoke up their booty to get their listing.
usctrojancpa
Well-known member
I'm willing to submit semi low ball offers for my buyers but I do set proper expectation of what may happen (i.e. no response or the offer is rejected without a counter offer). That being said, I'm not out to make friends with the listing agents as my primary goal is to help my buyers when I'm helping them look to buy a home.
usctrojancpa
Well-known member
There was a bit of an air pocket back the late summer/early fall 2016 where prices were soft, not sure if it was the elections or not but things did pick up in early 2017.
talkirvine
Member
Driveway, setback (3' vs 5'), landscaping responsibilities and HOA fees are the main differences.
CalBears96
Well-known member
Yeah, my neighbor got really lucky since the buyer actually rented it out. So I'm not really sure why they didn't buy the 113 Tall Reed home for cheaper. That home got a decent lot size as well and since they're renting it out, the flooring upgrade that my neighbor put in isn't necessary.
Another why hasn't this sold question:
Is it because of:
- Location i.e. Great Park
- High Mello-Roos
- Small backyard
I know market is slow and all but based on the description it's not crazy to think someone can grab this for probably $2.5 million since it's mentioned that the sellers are motivated.
What do you guys think?
Is it because of:
- Location i.e. Great Park
- High Mello-Roos
- Small backyard
I know market is slow and all but based on the description it's not crazy to think someone can grab this for probably $2.5 million since it's mentioned that the sellers are motivated.
What do you guys think?
irviniteeee
Active member
I think 2.5 sounds realistic. They're definitely going to milk the former model home title for all it's worth for as long as they can though.
woodburyowner
Well-known member
Wow, haven't seen a Mike Dunn listing in awhile. He is the king of WTF pricing and this listing is no different. The unusually small backyard probably puts this property at the bottom 5% of lot sizes for GP (known for above average Irvine lot sizes). 2.5M sounds about right.
After seeing what 62 Logan (link below) sold for even $2.5 million seems a lot.
I still see people listing their 2010+ build SFR homes listed at $925+/sf. I guess they don't want to sell.
I would like to see these listings close at these prices:
I guess if they can wait until spring, maybe there is a chance they get those prices...
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