Why hasn’t this sold
- Thread starter Danadu
- Start date
NEW -> Contingent Buyer Assistance Program
Market has slowed down so not surprising.
Supply (inventory) has definitely gone up (but might still be considered low historically)
Has Demand gone down? Non-FCB Demand or FCB Demand or both?
Some prime areas in other parts of California are still hot.. For example, this 3/2 in Cupertino recently sold for $3.55M ($562K over asking)
https://www.redfin.com/CA/Cupertino/11235-Monterey-Ct-95014/home/781889
$1.4 mil for a tri-level condo? No thanks.
This one is $1.5 mil single story SFR on 6,000 sq ft lot, across the street from Irvine high:
You could grow old in the single story SFR as a “forever home”, but probably not the tri level condo.
Hope it has good sound proofing and dual paned windows! But the $77/month HOA and (likely) no mello roose is nice.
I'm still trying to understand the various villages. But to me an old sfr is much more desirable than a new condo/townhome at the same price.
The location is probably better (less road noise), but it's on a smaller lot and (I think) all bedrooms are upstairs.
From a "forever home" perspective, you'd want at least 1 bedroom and 1 full bath downstairs. As you get older you will struggle to go up and down the stairs.
As I mentioned in another thread, Irvine is very suitable for well to do retiree's looking for location with good weather, access to medical care, flat terrain and accessibility. But all bedrooms upstairs is not suitable for old folks (see homes in Palm Springs for comparison). For the Irvine company, if FCB buyers dry up and they want to pivot toward higher income retiree's, these multi story condos might not work.
Seeing things in Cupertino selling for 18+% over asking shows that demand is still insane in other prime parts of the state. Irvine is prime for Orange County (excluding the beach cities) and has many of the same demand drivers (strong jobs hub, excellent schools, high on the FCB radar).
This Cupertino home (https://www.redfin.com/CA/Cupertino/11235-Monterey-Ct-95014/home/781889) is roughly comparable to a starter 3/2 in Turtle Rock (https://www.redfin.com/CA/Irvine/6192-Sierra-Siena-Rd-92603/home/4741247)
So why have demand and closings in Irvine decreased significantly over the past couple months (only 4 closings in the past month in all of Turtle Rock)? As SGIP said, any recent rate changes have had negligible impact. Seasonal? Expected cooling after a hot first half in 2023? Something else?
1.42 seems like everything in great park for sale now sitting 50 plus days
usctrojancpa
Well-known member
Market has slowed down so not surprising.
sleepy5136
Well-known member
But why? FCB demand is no longer there? Rates are at its lowest in some time as well.
irvinehomeowner
Well-known member
August/September back to school slowdown.
May slightly go back up around year end but will jump again during spring.
LL likes to call it Irvine Pain.
May slightly go back up around year end but will jump again during spring.
LL likes to call it Irvine Pain.
CalBears96
Well-known member
Market actually slowed down June/July because people went on vacation.
Yes, why have things slowed in Irvine in the last couple months?
Supply (inventory) has definitely gone up (but might still be considered low historically)
Has Demand gone down? Non-FCB Demand or FCB Demand or both?
Some prime areas in other parts of California are still hot.. For example, this 3/2 in Cupertino recently sold for $3.55M ($562K over asking)
https://www.redfin.com/CA/Cupertino/11235-Monterey-Ct-95014/home/781889
It's ridiculous to compare Cupertino to Irvine. Along with FCBs the Cupertino and Saratoga markets are driven by super high incomes with lots of RSU $$ from all the companies in the Bay area, especially that little spaceship campus down the street from this pad.
momopi
Well-known member
$1.4 mil for a tri-level condo? No thanks.
This one is $1.5 mil single story SFR on 6,000 sq ft lot, across the street from Irvine high:
You could grow old in the single story SFR as a “forever home”, but probably not the tri level condo.
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irviniteeee
Active member
They might have trouble selling at that price point given the location in Greentree...the back of the house is right at the bus stop on Walnut at the main Irvine High intersection.
momopi
Well-known member
Hope it has good sound proofing and dual paned windows! But the $77/month HOA and (likely) no mello roose is nice.
usctrojancpa
Well-known member
Does this one look better?
I'm still trying to understand the various villages. But to me an old sfr is much more desirable than a new condo/townhome at the same price.
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momopi
Well-known member
The location is probably better (less road noise), but it's on a smaller lot and (I think) all bedrooms are upstairs.
From a "forever home" perspective, you'd want at least 1 bedroom and 1 full bath downstairs. As you get older you will struggle to go up and down the stairs.
As I mentioned in another thread, Irvine is very suitable for well to do retiree's looking for location with good weather, access to medical care, flat terrain and accessibility. But all bedrooms upstairs is not suitable for old folks (see homes in Palm Springs for comparison). For the Irvine company, if FCB buyers dry up and they want to pivot toward higher income retiree's, these multi story condos might not work.
Thank you for the perspective. Makes sense.
I'm not suggesting the price per square foot should be equal.. but the cities are quite comparable in terms of demographics, schools, jobs, housing stock, etc.
Seeing things in Cupertino selling for 18+% over asking shows that demand is still insane in other prime parts of the state. Irvine is prime for Orange County (excluding the beach cities) and has many of the same demand drivers (strong jobs hub, excellent schools, high on the FCB radar).
This Cupertino home (https://www.redfin.com/CA/Cupertino/11235-Monterey-Ct-95014/home/781889) is roughly comparable to a starter 3/2 in Turtle Rock (https://www.redfin.com/CA/Irvine/6192-Sierra-Siena-Rd-92603/home/4741247)
So why have demand and closings in Irvine decreased significantly over the past couple months (only 4 closings in the past month in all of Turtle Rock)? As SGIP said, any recent rate changes have had negligible impact. Seasonal? Expected cooling after a hot first half in 2023? Something else?
Night and day - how many F500 tech company HQs are withon a 20 mi radius of Cupertino compared to Irvine? Plus Cupertino is an old city with old housing stock whereas Irvine has oodles of inventory comparatively. Schools are great in both though Cupertino reputation is beyond even Irvine. This really shows how reliant the Irvine median has been on FCBs.