Silver and gold, silver and gold
Mean so much more when I see
Silver and gold decorations
On ev’ry Christmas tree
Silver and Gold — Burl Ives
It has been a while since I have come across a truly jaw-dropping WTF listing price. When someone in Turtle Ridge prices that way, it can be written off as a mass delusion from the free-flowing kool aid dispensed in the area, but when someone lists at a ridiculous price in the midst of foreclosures and declining prices… well, that takes a special kind of greed and foolishness. Perhaps the silver and gold they were looking for in Rudolph the Red-Nosed Reindeer is buried in the back yard?
Income Requirement: $264,750
Downpayment Needed: $211,800
Purchase Price: $479,000
Purchase Date: 10/16/2002
Address: 337 Tall Oak, Irvine, CA 92603
1st Loan $401,100
Sq. Ft.: 1,800
$/Sq. Ft.: $588
Lot Size: –
Year Built: 2003
Stories: Three or More Levels
View(s): City Lights, Hills, Mountain, Panoramic, Has View
Area: Quail Hill
On Redfin: 6 days
From Redfin, “This superbly appointed single detached home was customized by a senior exec. w/ the homebuilder. Every detail was considered w/ the goal of making this home not just a notch above the rest, but THE BEST. An entertainer’s delight, this designer-inspired home has commanding views, and an innovative flr plan that has every bldr & seller upgrade imaginable, incl. a 2nd fl. deck w/ custom blt-in furniture, stainless Viking BBQ, fully mature garden–the largest in the Ivy Wreath–spa, fountain, & fire ring! “
So let’s put this in context: Quail Hill is getting killed. We have documented REOs (here, here), a group of three bedroom condos priced $350K to $400K less racing to the bottom, and more rollbacks than I can bother to link to (look here), and yet this place has more than doubled in value. Pricing in Quail Hill is falling below the $400 / SF mark and trending lower, but this property is supposed to be worth $588 / SF?
I can’t fathom the metric they used to come up with this price. It clearly isn’t based on comps. Perhaps it is an ego listing, or perhaps they commissioned their realtor for a special rectal extraction.
In fact, that is my challenge for you today: please tell me how someone could possibly arrive at this asking price.
The winner gets a free pitcher of kool aid.
Perhaps it is the $500K view of Quail Hill Boulevard and the apartment lights?