Where are the Sheeple?

Shepard Living

Asking Price: $1,829,000

Purchase Price: $1,429,000

Purchase Date: 3/10/2006

Address: 34 Shepard, Irvine, CA 92620

Beds: 5 IrvineRenter

Baths: 5.5

Sq. Ft.*: 3,800

Lot Sq. Ft.*: 6,000

Year Built: 2005

Stories: 2

Type: Single Family Residence

Neighborhood: Woodbury

$/Sq. Ft.*: $481

MLS: S472326

Status: Active on market

On Redfin: 83 days

Redfin, Zillow

Here we have a shepard who needs a sheep to fleece. It seems many of the sheeple didn’t get the memo about continual double digit price appreciation in Irvine. They haven’t shown up for 83 days to buy our shepard’s home for $400,000 more than he paid for it one year earlier. If this isn’t an example of Southern California’s Cultural Pathology I don’t know what is? The mentality that believes you should make $400,000 a year for simply owning your home. Unbelievable!

SheepleFrom Redfin “Most popular elevation in this JB plan 1. Long Driveway, porte cochere leads to rear/attached 2 car garage. Hardwood flrs down, carpet/tile, many upgrades: intercom, surround sound, security syst. , ceiling fans custom window coverings, central vaccum, sound attenuation insulation. Superb home. Completely landscaped, BBQ, lampposts in rear, attention to detail and quality. Walking distance to parks, Woodbury’s Commons, Shopping center, new elementary school.”

Personally, I would not like the porte cochere driveway. Every day I would be worried that either me or my wife was going to smash into the house while backing out. Although, it does make for a nicer front elevation when the house isn’t rear loaded (most of Woodbury is).




It would appear the price will need to fall before it will generate any buyer interest. Another 5 bedroom in the neighborhood at 11 Ingleside is asking $427 SF or $1,325,000. A nearby 3 bedroom at 105 Mission is asking $370 SF or $724,800, and it has been on the market for 85 days, so it is probably priced too high as well. If our flipper reduces the price to $370 SF, we are back to his purchase price. Will he do it? I guess it depends on whether or not he really wants to sell it.

12 thoughts on “Where are the Sheeple?

  1. oc_fliptrack


    And a connection at IMPAC says the market is coming back in July. So we’re looking at another “Inverted Year!” Where is Gary Watts these days, anyway?

  2. Anon

    This house looks cute and all, but why would anyone pay that much $ to live east of the 5? I don’t get it.

  3. Mr Vincent

    The Good: Curb appeal from the front.

    The Bad: Unless the builders are aiming at multi-generation families, 5 beds and 6 baths take away too much of the usable sq footage.

    Interior is rather bland looking.

    The ugly: Lot is way too small at 6000 sq ft. Side yards are too tight. Backyard is very uninviting.

    The asking price is insane. This should be a $900k house.

  4. GrewUpInIrvine

    I’d be very interested in the home if it was in the 900k range… (as crazy as that may be).

  5. Irvine_Native

    I’m not a fan of Woodbury. 3800 square feet on a 6000 lot is silly. For this kind of money you can get a fantastic home in Turtle Rock, which is the #1 neighborhood in Irvine IMO. Sure, the homes aren’t new there, but that is a bonus in my book.

    When these flippers price their homes, do they even bother to look at what else is available in Irvine for their asking price? No one will pay anywhere near asking on this home. If they do, well then they get what the deserve.

  6. JoonB

    I really like the family room- it looks big compared to the tiny family rooms i’ve been seeing.

    I don’t know what the obsession is with Woodbury, imho. It’s flat and seems too isolated to me. I think the homes look nice, but the location is too far! If you work in Newport Beach, the commute is too long! I’d rather go to Aliso Viejo and get a home in a gated community and take the toll road.

  7. IrvineR

    why pay this much when you can buy an ocean view home in Newport Coast for slightly higher price
    what does the seller think

  8. Recocering Homeowner

    According to the dictionary, “Shepard” is the last name of an American astronaut. Hence the price – out of this world!

    If the owner had bought on a street called Shepherd (person who leads sheep), he would be entitled to price his home appropriately to attract the sheeple. This is clearly a case of false advertising and he will not get his price.

  9. MMG

    with all due respect to everyone here, I live next to woodburry. this house with is worth no more than 750k in my opinion, for the following reasons:

    1. as someone above stated”5 beds and 6 baths take away too much of the usable sq footage.”
    2.tiny lot. small backyard.
    3.NO View.
    4. HOA and Mello Roos ….high.
    5. Prices dropping–> at this point if you can afford anything above 600k you are taking a big gamble with you money. In a few short month your downpayment (if you put any) would be wiped out and some.

    just one man’s opinion.

  10. PricelessIrvine

    Why is that price so outragous? [L=realator.com]http://www.realtor.com/FindHome/HomeListings.asp?locallnk=yes&frm=bymap&mnbed=0&mnbath=0&mnprice=1750000&mxprice=99999999&js=off&pgnum=1&lnksrc=&fid=so&stype=&mnsqft=&mls=xmls&areaid=12221&poe=realtor&ct=Irvine&st=CA&sbint=&vtsort=&sorttype=&typ=1&typ=2&typ=4&x=73&y=17[/L] 114 houses listed in Irvine that are more than $1,750,000 and some of them are almost 30 years old.

  11. k.o.

    Wow, people agreeing that Woodbury is overrated and really not that special?

    A $400K increase in a year is just INSANE. Unless they put in a gold plated fountain that spews diamonds, its just not worth it. (Not that 1.4 mil was worth it when they bought the place in ’06).

    Seriously, how much do you need to make in order to afford this place? And then assume that you will be using all the rooms. Let’s say you have enough kids/dependents to fill 4 of those rooms. Dang, thats a lot of expenditure just for furniture to go into this place!

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