Posted: 29 Oct 2012 05:00 AM PDT
275 properties for sale as of this morning (Source: Redfin). 154 of them are Single Family Residences ranging from $424,900 to $17,750,000. Many of them are in fact detached condos, wrongly classified as Single Family Residences in the listing. The most popular search of properties within the range of $500,000 to $750,000 yields 74 properties, single family residences and condominiums included. Inventory is low, and Irvine market seems to be picking up fast.
Here is property that was built in 1978. Let's see how this property and similar properties have reacted to the bubble, the subsequent bust and to the current low inventory.
Listing Price: $710,000
From the MLS pictures, it’s evident that the house needs some face lift. But in my opinion, a lot of times the MLS listing description and MLS pictures play a very important role in bringing in the customers. For this particular property, the MLS pictures are not something that you would fall in love with.
Case in point, one of the very unflattering pictures of the property:
But there are times, or rather there were times when the inventory was as low as today, and people would just buy whatever was in the market paying the listing price, sometimes paying more than the listing price, creating a bidding war. One of the Irvine Realtors says “remember, all it takes is one buyer” whenever we question the audacity of list price on certain properties. At the end of the day that is the truth - all it takes is one buyer to change the conditions for the rest in the market.
Here is the pricing history for the Shady Hollow homes with similar floor plans since 2006:
In the 1990s, these houses sold around $252,000.
What do you think?
Share your views at Talk Irvine, or comment below.
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