Posted: 11 Mar 2013 05:00 AM PDT
Condos listing for $400+/SF are becoming a new normal in Irvine. People are flocking to see these homes, and without a second thought, are putting in offers with more than the usual twenty percent down payment. I talked to a Realtor friend of mine recently, and asked him if people were throwing in all cash offers to these overpriced condos since the appraisals might not even be favorable for loans. He said it's a combination of down payments in excess (to cover if the appraisal came in lower than the purchase/listing price) and appraisals done to suit current market conditions. As an Irvine home owner, and as a buyer to upgrade, it's confusing to me as well. At this point, I am not sure if we should sell and get out before the water gets murky, or buy another one before I get priced out! (I am sure all the Realtors have started using the legendary threat "Buy now, or be priced out forever" again!)
Things are getting so crazy, the house with this MLS picture (only picture) sold at $363/SF!
I had written about "Campaniles of North Park" and wondered if the unexciting exclamations and the use of teenage jargon had decreased interest in one of the properties. Turns out we are at a point where everything sells, and everything sells for more! I think busy Realtors can start employing their Kindergarten children to take pictures and write property descriptions, and still mint money.
Here is a picture from a property listed at $599,999 (pending sale, back-up offers accepted!).
Topsy-turvy market? Agreed.
Many pictures in this listing are blurry. But this one has a certain spooky element to it.
Here is a listing by another Irvine Realtor. Although there are a couple of very professional Realtors on Talk Irvine, I didn't want to choose their listings - a good listing is a good listing, but I don't want to play favorites. (6 Night Bloom listing description and pictures/ staging were very professional in my opinion, and so was 95 Waterman). In a day and age where technology has advanced so much that you can point and shoot great pictures with your cell phone, and spell-check what you write using almost any tool you are using to write, it's a turn off to look at blurry pictures and read incomplete property descriptions. An average buyer spends one third of his pay check on his house. If my department store can send a glossy catalogue to lure me into buying a $50 sweater, I think my Realtor can at least spend a few minutes to present the house in a decent manner.
Do you scan a property via MLS listing before you visit the property?
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