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nrgdiva
Posts: 13
Registered: ‎10-23-2010
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Interesting Sale - 29642 Ana Maria Ln, Laguna Niguel

Since I have been unsuccessful in buying a house over the last couple of months, I have taken to reviewing completed sales of homes in my area of interest in an attempt to learn more about this market. I’m sure some will call me "bitter, party of one" but these types of deals make me wonder if I'm just too pragmatic to buy another house in the OC.  I can appreciate the laws of supply and demand, but it seems all reasonableness has gone out the window.

 

This house was listed in June 2012, although the Pending date is not available, it was a short pay which sold for $475,000 on October 31st. The transaction data says that the same agent represented both buyer and seller.

It was placed back on the market by a different agent 7 days later (November 7th) for $589,000 and went pending on the same day. It sold for $540,000 on November 28th - with the new agent representing both seller and buyer (different brokerage than the first). 

 

That's a nice, realized increase of $65,000 in a month. 

http://www.redfin.com/CA/Laguna-Niguel/29642-Ana-Maria-Ln-92677/home/4921712/socalmls-S701429

 

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TrabucoDom
Posts: 1,584
Registered: ‎01-05-2008
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Re: Interesting Sale - 29642 Ana Maria Ln, Laguna Niguel

That's odd...it looks like some back scratching going on.

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Seneca
Posts: 186
Registered: ‎02-13-2012
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Re: Interesting Sale - 29642 Ana Maria Ln, Laguna Niguel

That's certainly a weird transaction, but hopefully you are not under the illusion that any ordinary transaction could net you a  2000 sq ft house on >1/4 acre in that area of LN for that price.  That's probably at least $200,000 less than its fair market value.  Maybe there's something ghastly wrong with it, or maybe there is some weird transferring of things around -- but either way, there's no way any ordinary buyer could touch it for that price, so I'm not sure what you feel this transaction says about the market in general.

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sdheda
Posts: 2
Registered: ‎03-27-2011
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Re: Interesting Sale - 29642 Ana Maria Ln, Laguna Niguel

I have noticed this too on other short sales. My theory is that investors are approaching the listing agents to get their offer accepted at a low price. Probably offering them all the commission. The invester then turns around and sells it for a higher price, making a nice profit.

 

I posted about this before, but was met with others telling me that the investor was doing everyone a favor. Post

 

Personally, I have still been unsuccessful in purchasing my first house after more than six months of trying. There is just nothing appealing in the market right now. Don't know how accurate the graphs on Redfin are, but they indicate 3.37k homes for sale in the OC right now. That is down 60% from last year.

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gree3616
Posts: 197
Registered: ‎02-05-2010
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Re: Interesting Sale - 29642 Ana Maria Ln, Laguna Niguel


sdheda wrote:

I have noticed this too on other short sales. My theory is that investors are approaching the listing agents to get their offer accepted at a low price. Probably offering them all the commission. The invester then turns around and sells it for a higher price, making a nice profit.

 

I posted about this before, but was met with others telling me that the investor was doing everyone a favor. Post

 

Personally, I have still been unsuccessful in purchasing my first house after more than six months of trying. There is just nothing appealing in the market right now. Don't know how accurate the graphs on Redfin are, but they indicate 3.37k homes for sale in the OC right now. That is down 60% from last year.


If you don't have to a buy house right now, I'd recommend waiting a bit.  This low inventory is making people do stupid things.