Irvine2023
New member
It just sold for $2.78m
Newer Irvine listings with crazy WTF asking prices from equity sellers
- Thread starter usctrojancpa
- Start date
NEW -> Contingent Buyer Assistance Program
That's my theory.
www.zillow.com
Listed after half a year for almost $1m more than purchase price!
July 2013 - Sold $899,000
Feb 2024 - Sold $1,750,000
Mar 2024 - Sold $2,050,000
Listed June 2024 - $2,860,000, with price reduction to $2,680,000
The biggest changes I see from the 2013 sale to 2024 listing is that terrible wall paper (photo 29 of 56 - Redfin) and swapping out the bath fixtures from pewter to brass/gold.
MAX ROI strikes again!
Sept 2006? Zovall can confirm. The forum came after.
Long before Mainland China FCB, Irvine was already attracting buyers from Taiwan in 1980s. My parent's agent took them to see homes in Irvine in 1989. Interestingly my in-law's agent took them to see homes in Diamond Bar. Both of our parents turned down the location(s) because it was "too rural". LOL.
In those days Irvine's Taiwanese residents had many well to do parachute families, the dad dropped off mom and kids in Irvine then returned to Taiwan for work. They had big satellite dishes in the backyard to get overseas TV programming and drove to Ranch 99 in Anaheim off Euclid for groceries, though I think there was a short lived Diho supermarket by 5 & Culver (?) run by ex-employees from Diho in Artesia. Jamboree was flanked by vegetable farms and, before they built Tustin marketplace you could see Disneyland fireworks at night from there.
By the 90's Irvine could support 2 Ranch 99's, catering to the demographic the Ranch 99 food court (Culver) sold popular Taiwanese dishes like Squid/Cuttlefish soup and chicken rolls.
By 2000s, I think Mainlanders followed Taiwanese to Irvine with its pre-established ethnic Chinese population. Slowly, the older Taiwanese restaurants were replaced, Ranch 99 removed the Taiwanese dishes from its food court, and by 2007-2008 when Ay-Chung noodle opened in Irvine, the demographics had changed and they didn't last long. 85C stood as an exception because they broadened their target customer base.
Now in the 2020's, we're getting a small flood of Taiwanese restaurants and beverage shops opening across LA/OC again. I went to Hechalou in Long Beach earlier this week. J&G Fried Chicken opened in Hacienda Heights this year too.
CalBears96
Well-known member
$100k below listing price, but $400k gain in 3 months.
lazychatbot
New member
I suspect this could be a scheme for foreign (almost always Chinese) cash laundering for multiple "clients", where client A bought the property with cash to be laundered then client B bought from client A so that A's cash becomes clean and then B waits for client C to buy. The ruthless (Chinese) agents would earn commissions on the same property repeatedly while helping multiple clients to launder money.
That's my theory.
CalBears96
Well-known member
I guess that's the only reason you see buyers will to pay ridiculous prices. But I think that, even if this theory is true, it's still only a small portion. I would say that the larger percentage is still FCBs just trying to move their money out of China. Since leaving the money in the bank would be traceable, parking it in a house is safer. And the house could appreciate in the future as well.
irvinehomeowner
Well-known member
Irvine is the Chinese Ozark?
Loco_local
Active member
vsfan
Member
Some of the housing transactions in Irvine is cleared if not full at least partially using CNY offshore. I don’t know how this is done but many Chinese agents told me so. There is a 3% fee for that tho.
GrowthStateofMind
Member
Add in the fact the county can tax more on these higher purchase prices. What incentive do they have to put a ceiling on a hot market?
The Motor Court Company
Well-known member
one of the most talked about in China now. A pretty looking investment banker killed herself and one suspected main reason is they bought their house at the peak and due to real estate price decline they have lost all of their downpayment and some (declined 30% from the peak), plus facing potential layoffs or reduction in pay pushed her over the edge. If this is true, you can get a glimpse on how bad the economy and housing market is currently in China. Contrast to near ATH US stock market driven by AI and real estate price in certain pockets of the US, people are desperate to get money out of China and park money in the US.
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irvinehomeowner
Well-known member
FCB talk has been way before 2010.
When was IHB founded?
When was IHB founded?
sgip
Well-known member
More on how offshore launderers keep the Spice flowing. Note in the graphic the purchase of real estate, boats, and cars being part of the wash, rinse, repeat cycle.
sleepy5136
Well-known member
#capitalism4thewin
81 Hallmark, Irvine, CA 92620 | Zillow
81 Hallmark, Irvine CA, is a Condo home that contains 2624 sq ft and was built in 2008.It contains 4 bedrooms and 4 bathrooms.This home last sold for $1,750,000 in February 2024. The Zestimate for this Condo is $2,527,000, which has decreased by $69,490 in the last 30 days.The Rent Zestimate...
www.zillow.com
Listed after half a year for almost $1m more than purchase price!
sgip
Well-known member
Sales History as per Redfin:81 Hallmark, Irvine, CA 92620 | Zillow
81 Hallmark, Irvine CA, is a Condo home that contains 2624 sq ft and was built in 2008.It contains 4 bedrooms and 4 bathrooms.This home last sold for $1,750,000 in February 2024. The Zestimate for this Condo is $2,527,000, which has decreased by $69,490 in the last 30 days.The Rent Zestimate...
Listed after half a year for almost $1m more than purchase p
July 2013 - Sold $899,000
Feb 2024 - Sold $1,750,000
Mar 2024 - Sold $2,050,000
Listed June 2024 - $2,860,000, with price reduction to $2,680,000
The biggest changes I see from the 2013 sale to 2024 listing is that terrible wall paper (photo 29 of 56 - Redfin) and swapping out the bath fixtures from pewter to brass/gold.
MAX ROI strikes again!
GrowthStateofMind
Member
Will FCB chase Altair for $6+ million?
momopi
Well-known member
Sept 2006? Zovall can confirm. The forum came after.
Long before Mainland China FCB, Irvine was already attracting buyers from Taiwan in 1980s. My parent's agent took them to see homes in Irvine in 1989. Interestingly my in-law's agent took them to see homes in Diamond Bar. Both of our parents turned down the location(s) because it was "too rural". LOL.
In those days Irvine's Taiwanese residents had many well to do parachute families, the dad dropped off mom and kids in Irvine then returned to Taiwan for work. They had big satellite dishes in the backyard to get overseas TV programming and drove to Ranch 99 in Anaheim off Euclid for groceries, though I think there was a short lived Diho supermarket by 5 & Culver (?) run by ex-employees from Diho in Artesia. Jamboree was flanked by vegetable farms and, before they built Tustin marketplace you could see Disneyland fireworks at night from there.
By the 90's Irvine could support 2 Ranch 99's, catering to the demographic the Ranch 99 food court (Culver) sold popular Taiwanese dishes like Squid/Cuttlefish soup and chicken rolls.
By 2000s, I think Mainlanders followed Taiwanese to Irvine with its pre-established ethnic Chinese population. Slowly, the older Taiwanese restaurants were replaced, Ranch 99 removed the Taiwanese dishes from its food court, and by 2007-2008 when Ay-Chung noodle opened in Irvine, the demographics had changed and they didn't last long. 85C stood as an exception because they broadened their target customer base.
Now in the 2020's, we're getting a small flood of Taiwanese restaurants and beverage shops opening across LA/OC again. I went to Hechalou in Long Beach earlier this week. J&G Fried Chicken opened in Hacienda Heights this year too.
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