Newer Irvine listings with crazy WTF asking prices from equity sellers

NEW -> Contingent Buyer Assistance Program
California has many smaller & charming towns like Cayucos, Atascadero, Camel, Cambria, St Helena, etc. It's a shame that so many people living in big cities never venture out to explore them. I've known people who live in Irvine and never visited Laguna Beach (!). However, access to healthcare may be a concern at some of the locations, so not recommended if you have major health conditions that require frequent visit to the doctors. Irvine is actually a pretty good location for that purpose with multiple Kaiser hospitals nearby.

If I were to retire, I'd spend part of the year traveling abroad, and the other part hopping around small California towns, or even venture out to Fairbanks Alaska while health permits. When I get too old to travel around and need nursing care, I'd consider moving to a nursing home in Thailand that's much more affordable.

There are also people who retire to cruise ships, but I think the food gets old after a while.
 
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If I were to promote Irvine homes to target demographic group, I’d target high net worth retiree’s.

I’d go to Cambria, St Helena, Calistoga, etc. and say, hey guys, as you get older it’d be difficult dealing with driving far distance for medical care. Come to Irvine, we have many convenient hospitals and clinics. Good weather, safe neighborhood, comparable home prices, golf course, shopping, wheelchair accessible and lots of food choices.
 
momopi said:
If I were to promote Irvine homes to target demographic group, I’d target high net worth retiree’s.

I’d go to Cambria, St Helena, Calistoga, etc. and say, hey guys, as you get older it’d be difficult dealing with driving far distance for medical care. Come to Irvine, we have many convenient hospitals and clinics. Good weather, safe neighborhood, comparable home prices, golf course, shopping, wheelchair accessible and lots of food choices.
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Do high net worth people drive to Hoag / KP like us? Wouldn’t they have private doctor come to their house for check up and move into acute care when needed?
 
Yes and no. The well-off may employ private nurses and contract concierge doctors for routine care, but still need to go to a hospital for major or specialist treatments.

The issue with living in small towns like Cambria is that the local clinic might resemble a prefab building with limited treatment options. Even if you want to pay for a contract concierge doctor, you'd have to find one willing to travel long distance. For something major like prostate issues you might have to drive to Sierra Vista Regional Medical Center in San Luis Obispo.

In Irvine, you have several major hospitals in close proximity, and good selection of clinics, specialist care, and concierge doctors who will do house calls.

Coming from wealthy coastal towns, they'll find comparable real estate prices in Irvine. There are also many parks, hiking trails, and HOA amenities. Irvine is really suited for financially well off retiree's. But the Irvine company would also need to provide affordable housing for those employed in businesses catering to the demographic.
 
momopi said:
Yes and no. The well-off may employ private nurses and contract concierge doctors for routine care, but still need to go to a hospital for major or specialist treatments.

The issue with living in small towns like Cambria is that the local clinic might resemble a prefab building with limited treatment options. Even if you want to pay for a contract concierge doctor, you'd have to find one willing to travel long distance. For something major like prostate issues you might have to drive to Sierra Vista Regional Medical Center in San Luis Obispo.

In Irvine, you have several major hospitals in close proximity, and good selection of clinics, specialist care, and concierge doctors who will do house calls.

Coming from wealthy coastal towns, they'll find comparable real estate prices in Irvine. There are also many parks, hiking trails, and HOA amenities. Irvine is really suited for financially well off retiree's. But the Irvine company would also need to provide affordable housing for those employed in businesses catering to the demographic.
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Your last part is exactly gentrification… I had hard time thinking someone making less than 50 dollar per hour living in Irvine. Housing alone can eat half of take home pay.
 
I grew up in San Luis Obispo. My parents moved to Irvine after retiring to accomplish a few things: 1. a new house, which they always wanted, 2. a main-floor bedroom, 3. access to better healthcare, 4. closer to family.

San Luis Obispo and the surrounding area are among the nicest in California. When I lived in SLO, I could be at the beach or in the country in 15-20 minutes. When Costco and Target opened in the early 2000s, it was game-changing as it marked a time of hyper-growth for the city that brought more jobs outside of just Cal Poly and PG&E.

I asked myself often, would I be happier if I settled in SLO rather than Irvine? Both are great to raise families and money goes a bit farther in SLO. But Irvine is more cultured, and the infrastructure is newer/nicer.
 
Irvine2023 said:
I’ve never seen this in a listing before. An incentive for the buyer’s agent to convince their client to offer list or higher. But then they’re only offering 1.5% to the buyer’s agent. So even if they get that bonus it’s pretty close to the typical 2%.



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A buyer who sees this and still makes an offer is a fool. A realtor who tries to convince his client make an offer at full price or higher should have his license stripped away for malpractice.

The smell of desperation is strong with this one.
 
potsticker said:
I grew up in San Luis Obispo. My parents moved to Irvine after retiring to accomplish a few things: 1. a new house, which they always wanted, 2. a main-floor bedroom, 3. access to better healthcare, 4. closer to family.

San Luis Obispo and the surrounding area are among the nicest in California. When I lived in SLO, I could be at the beach or in the country in 15-20 minutes. When Costco and Target opened in the early 2000s, it was game-changing as it marked a time of hyper-growth for the city that brought more jobs outside of just Cal Poly and PG&E.

I asked myself often, would I be happier if I settled in SLO rather than Irvine? Both are great to raise families and money goes a bit farther in SLO. But Irvine is more cultured, and the infrastructure is newer/nicer.
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SLO was always more of a college town experience for me, because I used to visit friends attending Cal Poly there and only hanged out with college kids. It's a nice place, but like many Central California locations, healthcare accessibility is an issue with long waits. If you lived in Santa Barbara and had to wait 4 weeks to see a local doctor, you can just drive to Los Angeles and have a wide selection of healthcare choices. From SLO it's a much longer drive.

Irvine homes are more expensive than SLO, but healthcare choices and accessibility is much better. If I were retired and need to see a doctor on regular basis, it'd make more sense to visit SLO than to live there. Should the supply of FCB's dwindle in Irvine, the Irvine Company could retarget retiree's.
 
momopi said:
SLO was always more of a college town experience for me, because I used to visit friends attending Cal Poly there and only hanged out with college kids. It's a nice place, but like many Central California locations, healthcare accessibility is an issue with long waits. If you lived in Santa Barbara and had to wait 4 weeks to see a local doctor, you can just drive to Los Angeles and have a wide selection of healthcare choices. From SLO it's a much longer drive.

Irvine homes are more expensive than SLO, but healthcare choices and accessibility is much better. If I were retired and need to see a doctor on regular basis, it'd make more sense to visit SLO than to live there. Should the supply of FCB's dwindle in Irvine, the Irvine Company could retarget retiree's.
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FCB is plenty as far as I can tell. I was talking to my kid’s pediatrician, who is from Iran, he said so many Iranians are moving into Irvine. And when they couldn’t afford Irvine, they bought in nearby places like lake forest or Mission Viejo. So even if Chinese buyers finally exhausted - god knows when - there will be new ones…
 
Danimal said:
This house bought in 01/2021 for $1.5. Rented it out last few years. Now it is under contract for $3.5. That’s a nice ROI within few years.

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That's the thing about selling real estate with prop 13

$1,500,000 X 1% = $15,000 property tax
$3,500,000 X 1% = $35,000 property tax

I'd just keep it and rent it forever.
 
zubs said:
That's the thing about selling real estate with prop 13

$1,500,000 X 1% = $15,000 property tax
$3,500,000 X 1% = $35,000 property tax

I'd just keep it and rent it forever.
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But the 35000 is for who bought it, so seller doesn’t lose there.
 
If you had a better investment minus capital gains...I guess it would be ok.
But I don't, so I just keep my property empire growing.
 
Hypothetically, if I had sold my Irvine condo 20 years ago and put $200k profit into S&P 500 index fund, using 9.88% annual returns (dividends reinvested) it will yield $1.3 million which is much more than what the condo is worth today.

But if the condo were to yield $1,000/month in positive cashflow and you invest it in S&P 500 index fund, over 20 years it would yield $678k and you still own the condo.
 
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