Orange County

[Evarb1]

Based on this information.  It looks like the agent specializes in short sales.  

http://www.mlslistingpoint.com/realtor/woo-kyung-yang-real-estate-agent-listings-X86322

Thank you for explaining the process.

[Evarb1]

Here is the home that sold for $30,000 under market.  It was a foreclosure.  The investor did not know what the home was worth, so he took an offer the first day it was listed.  

My neighbor tried to see the house, but they did not return her phone call.  This seemed shady.  After he accepted the offer, several more offers came in.

Is there a period of time that investors need to hold the property before they flip it?

http://www.redfin.com/CA/Tustin/2945-Schwendeman-Ave-92782/home/4764539

[digo]

Why should there be a wait time before a flipper resells? He wants to get his margin as fast as possible.

Anyway, some flippers fix it up and resell at a premium. It turns a bad comp into a good comp for you.

Also, don't underestimate the importance of staging your home.  People want to see the space and imagine their own furniture in it. They don't want to see clutter, too much furniture or smell your dog's food bowl.  Many realtors actually offer this staging service for "free".

When we sold our house recently we actually vacated, repainted and recarpeted and priced it right. It went in a few days.

This is a competition, and there are other criteria than just price.

[JK_1]

Actually I think he knew exactly what it was worth. He bought it for $621k and flipped it for $726k just over three months later. Instead of competing with you he lowered his price and people jumped all over it. He didn't get to greedy on the flip and made some decent money. If he priced it close to yours it might sit longer giving him carrying costs and tying up cash flow. He did well and left you with a lower comp.

 Anyone now looking at yours is going to point out this one. It's not like a short sale or REO in horrible condition either.

Personally I'm amazed these are going for over $700k but I don't know that particular area either. You can get the same or more sq. footage and be a walk from the beach. but maybe that's just me.

[Debbi57]

I agree with Bob,I live in the Sedona community .There is something under handed going on here.The houses have no sign,no lockbox, no one will answer the phone.The property will show on the MLS however it is alrieady sold.The listing agents are all from a different area outside of the OC and they willn't speak to you.Our  gated community is only 12 years old and is walking distance to top rated schools.The neighbor behind us for the same sq ft. is going for over $839,000.plusThe appraiser will use the low comps.What can we do ?

[irvinehomeowner]

I think that's just how the market is going.

I am familiar with this area of Tustin Ranch (as I've been looking there) and I've seen a few going for even below $700k in the last 3 years. The Humeston house backs a busy road and considering the same model sold near it sold for $685k 2 years ago... $749k is actually high:

http://www.redfin.com/CA/Tustin/2942-Humeston-Ave-92782/home/4764589

That neighborhood is also next to the fire station so there is that noise to contend with.

Other tracts in TR are also getting hit... Serrano recently had a close for $649k and that house is bigger than most of the Sedona homes.

We all want our homes to sell for as much as they can... but prices are still falling (at least from my point of view).

[Evarb1]

FYI - we have never heard noise from the fire station.  When we had wildfires years ago we felt safer and more protected than other communities.

The plan two that was recently sold by the investor still has a crew of people working on their home.  I'm not even sure if the homeowners have moved in yet.  I know they have spent thousands of dollars fixing it up.  

It's worth a lot to be able to have your kids walk to top rated schools from K - Jr High.

Yes, those foreclosures and short sales have affected prices, but the prices are not as low as they once were. 

[irvinehomeowner]

---

Evarb1 wrote:

Yes, those foreclosures and short sales have affected prices, but the prices are not as low as they once were. 

---

I'm not sure what you mean by this.  What timeframe are you talking about? Those sub $700k prices are all from the last 3 years... so anything that sells significantly above $700-$750k is actually abnormal.

Prices have been going down not up... and I realize there have been claims that 2009 was the bottom... but I still think areas like Tustin Ranch are on a downward trend... not upwards.