Average Income in Irvine

[irvinehomeshopper]

Thank you for validating my post. That was the one, Oak Park. The plans were terrible. the plans were so bad I remembered them well. I still have the price sheet! Picking houses in Irvine is like picking stocks. This Oak Park is clearly a loser. Learn the good plans then buy them. The chance of depreciation will be minimized.

What your friends got for $300k now is an attached project. In 1995 an attached project in Oakcreek was $120,000.

Oak Park condo in Oak Creek (on Gelson's side), plan 1 (1 bed) in early phase was $110,000.  By 1999 it was $165,000.  In 2005-2006 the value peaked at $430,000-ish.  Current selling price is $280k'ish.

 

[irvinehomeowner]

Thank you for validating my post. That was the one, Oak Park. The plans were terrible. the plans were so bad I remembered them well. I still have the price sheet! Picking houses in Irvine is like picking stocks. This Oak Park is clearly a loser. Learn the good plans then buy them. The chance of depreciation will be minimized.

What your friends got for $300k now is an attached project. In 1995 an attached project in Oakcreek was $120,000.

Oak Park condo in Oak Creek (on Gelson's side), plan 1 (1 bed) in early phase was $110,000.  By 1999 it was $165,000.  In 2005-2006 the value peaked at $430,000-ish.  Current selling price is $280k'ish.

I'm not sure if that's validating your post.

Was Oak Creek even started in 1995? From what I remember... Oak Creek was 1999 (maybe 98).

What the *facts* do tell you is in 1999 this one sold for $139k and 12+ years later, it's listed for $250k.

Adjusted for inflation, that $139k should be about $189k... if you adjust for the drop in interest rates and the rise of incomes... is $250k affordable?

 

[irvinehomeshopper]

Oakcreek started in 1992. Catellus Cypress 2 pack, Greystone's 3 story Acacia and John Laing Homes Cricket Club and Cobblestone were among the first.

Oak Park is inferior, terrible plan, one car garage and 1 bedroom. If you think $280k for this junker is affordable then you are truly in Unicornland. For $280k there are much nicer homes outside of Irvine. This was a loser even FCBs will shy away from. The price just could not go any higher for this piece of crap!

Affordable does not mean buying a piece of poop.   

Thank you for validating my post. That was the one, Oak Park. The plans were terrible. the plans were so bad I remembered them well. I still have the price sheet! Picking houses in Irvine is like picking stocks. This Oak Park is clearly a loser. Learn the good plans then buy them. The chance of depreciation will be minimized.

What your friends got for $300k now is an attached project. In 1995 an attached project in Oakcreek was $120,000.

Oak Park condo in Oak Creek (on Gelson's side), plan 1 (1 bed) in early phase was $110,000.  By 1999 it was $165,000.  In 2005-2006 the value peaked at $430,000-ish.  Current selling price is $280k'ish.

I'm not sure if that's validating your post.

Was Oak Creek even started in 1995? From what I remember... Oak Creek was 1999 (maybe 98).

What the *facts* do tell you is in 1999 this one sold for $139k and 12+ years later, it's listed for $250k.

Adjusted for inflation, that $139k should be about $189k... if you adjust for the drop in interest rates and the rise of incomes... is $250k affordable?

 

[usctrojancpa]

Buying a 1-bedroom condo is just a bad idea period.  On top of that you add in a 1-car garage and 3 stories.  Let's do the math....1-bedroom condo + 1-car garage + 3 stories = THE ULTIMATE FAIL!  There's a reason why the prices for the better floor plans in Irvine are holding up better than the prices for iffy or crappy floor plans.

Oakcreek started in 1992. Catellus Cypress 2 pack, Greystone's 3 story Acacia and John Laing Homes Cricket Club and Cobblestone were among the first.

Oak Park is inferior, terrible plan, one car garage and 1 bedroom. If you think $280k for this junker is affordable then you are truly in Unicornland. For $280k there are much nicer homes outside of Irvine. This was a loser even FCBs will shy away from. The price just could not go any higher for this piece of crap!

Affordable does not mean buying a piece of poop.   

Thank you for validating my post. That was the one, Oak Park. The plans were terrible. the plans were so bad I remembered them well. I still have the price sheet! Picking houses in Irvine is like picking stocks. This Oak Park is clearly a loser. Learn the good plans then buy them. The chance of depreciation will be minimized.

What your friends got for $300k now is an attached project. In 1995 an attached project in Oakcreek was $120,000.

Oak Park condo in Oak Creek (on Gelson's side), plan 1 (1 bed) in early phase was $110,000.  By 1999 it was $165,000.  In 2005-2006 the value peaked at $430,000-ish.  Current selling price is $280k'ish.

I'm not sure if that's validating your post.

Was Oak Creek even started in 1995? From what I remember... Oak Creek was 1999 (maybe 98).

What the *facts* do tell you is in 1999 this one sold for $139k and 12+ years later, it's listed for $250k.

Adjusted for inflation, that $139k should be about $189k... if you adjust for the drop in interest rates and the rise of incomes... is $250k affordable?

 

[irvinehomeshopper]

Let me Indie you. $280k for 850sf is $330/sf. Do you think this is a good price and affordable?

Thank you for validating my post. That was the one, Oak Park. The plans were terrible. the plans were so bad I remembered them well. I still have the price sheet! Picking houses in Irvine is like picking stocks. This Oak Park is clearly a loser. Learn the good plans then buy them. The chance of depreciation will be minimized.

What your friends got for $300k now is an attached project. In 1995 an attached project in Oakcreek was $120,000.

Oak Park condo in Oak Creek (on Gelson's side), plan 1 (1 bed) in early phase was $110,000.  By 1999 it was $165,000.  In 2005-2006 the value peaked at $430,000-ish.  Current selling price is $280k'ish.

I'm not sure if that's validating your post.

Was Oak Creek even started in 1995? From what I remember... Oak Creek was 1999 (maybe 98).

What the *facts* do tell you is in 1999 this one sold for $139k and 12+ years later, it's listed for $250k.

Adjusted for inflation, that $139k should be about $189k... if you adjust for the drop in interest rates and the rise of incomes... is $250k affordable?

 

[usctrojancpa]

Where 200+sf of that space are stairs?  Not quite "affordable" in my eyes.

Let me Indie you. $280k for 850sf is $330/sf. Do you think this is a good price and affordable?

Thank you for validating my post. That was the one, Oak Park. The plans were terrible. the plans were so bad I remembered them well. I still have the price sheet! Picking houses in Irvine is like picking stocks. This Oak Park is clearly a loser. Learn the good plans then buy them. The chance of depreciation will be minimized.

What your friends got for $300k now is an attached project. In 1995 an attached project in Oakcreek was $120,000.

Oak Park condo in Oak Creek (on Gelson's side), plan 1 (1 bed) in early phase was $110,000.  By 1999 it was $165,000.  In 2005-2006 the value peaked at $430,000-ish.  Current selling price is $280k'ish.

I'm not sure if that's validating your post.

Was Oak Creek even started in 1995? From what I remember... Oak Creek was 1999 (maybe 98).

What the *facts* do tell you is in 1999 this one sold for $139k and 12+ years later, it's listed for $250k.

Adjusted for inflation, that $139k should be about $189k... if you adjust for the drop in interest rates and the rise of incomes... is $250k affordable?

 

[irvinehomeowner]

Let me Indie you. $280k for 850sf is $330/sf. Do you think this is a good price and affordable?

Affordability is not just measured by $/sf.

If that's your only metric, then no one would live in a beach city or New York City... ever.

 

[irvinehomeowner]

Buying a 1-bedroom condo is just a bad idea period.

So are you going on the record that you never have or will sell a 1-bedroom condo to a client?

The point is that each type of home suits someone or else no one would have built or bought it. That also translates to what can be defined as "affordable" for each person.

Affordable doesn't necessarily mean "most cost efficient" or "best choice for your money". A $50k european sports sedan may be affordable to you... but to me I don't think it's a wise use of your money.

 

[traceimage]

Where does irvinehomeshopper want his kid to go to college?

I think it will be an up-and-coming, prestigious college, yet somehow will still be a secret and none of us will have heard of it yet...and it will also somehow offer free tuition and room and board for Santa Ana residents.

LOL. You were right.

Haha...but the Claremont Colleges aren't secret. They've been well-known and prestigious for a while, at least since I was applying to college. One of the top students at my high school went to Harvey Mudd, and I think I may have even applied to Pitzer. I was hoping for something really exotic!

But if they really do offer free tuition to Santa Ana residents...then I'll be very impressed.

 

[IndieDev]

Asian people. 

After reading this thread, I'm glad I'm not Asian.  It sounds like an awful lot of pressure.  Well in truth, it's not from reading this thread, but from seeing what some of my Asian friends in high school went through.  I remember sitting in a Denny's late one night my senior year, while a friend of mine was practically crying because he didn't get into Harvard and was attending lowly Stanford instead.  This was hard for me to relate to.  I had just spent 4 years having the time of my life, going to parties, being crazy, and making memories that I still look back on fondly.  He missed out on all that and still felt like a failure.  I really felt bad for him.

In Irvine Asian culture, success and fulfillment in life is derived primarily from being better than other people, and by better, its inferred to mean "more stuff". Better cars, nicer homes, more degrees, titles, and of course trophy spouse.

You won't get any of that stuff going to a "second rate" school in Saddleback Unified with any old 900+ API. You need to go to Uni High so you could maybe go to Harvard (but most likely to CSU Fullerton).

That's why it's worth the premium to live in a 50 year old house backing to a freeway. It's all about what's more important in life. Like Kalbi said, why would anyone want to live in Corona Del Mar? Their High School sucks in comparison.

 

[homer_simpson]

Buying a 1-bedroom condo is just a bad idea period.

Depending on location.  In Irvine it may be a bad idea but in NY or SF it may be a great one 

 

[usctrojancpa]

Buying a 1-bedroom condo is just a bad idea period.

So are you going on the record that you never have or will sell a 1-bedroom condo to a client?

The point is that each type of home suits someone or else no one would have built or bought it. That also translates to what can be defined as "affordable" for each person.

Affordable doesn't necessarily mean "most cost efficient" or "best choice for your money". A $50k european sports sedan may be affordable to you... but to me I don't think it's a wise use of your money.

For the record, one of my buyers did buy a 1-bedroom loft in Santa Ana last month.  I cautioned him about the potential risks/pitfalls of buying that type of unit and asked if he had considered buying a 2-bedroom.  He took my opinions to heart and decided to move forward with the purchase while I could sleep at night knowing that I layed everything out for him to consider before he made his decision.  Obviously, if a buyer wants to continue down that path of buying a 1-bedroom unit I won't stop them but at least I will know they'll be doing so "eyes wide open" after I have shared my thoughts.  I will say, a 1-bedroom loft (a true loft) is a completely different creature than a 1-bedroom condo.  At the end of the day, the client always knows what's best for them and I will proceed with my client's wishes.  That being said, my opinions against buying a 1-bedroom unit have nothing to do with affordability but more so with the risk of outgrowing the space quickly (and having to sell sooner than anticipated) and the limited buyer pool for those units.

 

[usctrojancpa]

Buying a 1-bedroom condo is just a bad idea period.

Depending on location.  In Irvine it may be a bad idea but in NY or SF it may be a great one 

Agreed, I'm talking more about Irvine and Orange County in general (the suburbs). 

 

[IndieDev]

Buying a 1-bedroom condo is just a bad idea period.

Depending on location.  In Irvine it may be a bad idea but in NY or SF it may be a great one 

It's still a shitty idea in those areas. You can find better rental alternatives than buying a $280,000 1 bedroom condo even in S.F.

 

[irvinehomeshopper]

Now I know what "affordable" means: low price, high value ratio and totally impractical. Only Irvine offers such a trap.

 

[irvinehomeshopper]

Where does irvinehomeshopper want his kid to go to college?

I think it will be an up-and-coming, prestigious college, yet somehow will still be a secret and none of us will have heard of it yet...and it will also somehow offer free tuition and room and board for Santa Ana residents.

LOL. You were right.

Haha...but the Claremont Colleges aren't secret. They've been well-known and prestigious for a while, at least since I was applying to college. One of the top students at my high school went to Harvey Mudd, and I think I may have even applied to Pitzer. I was hoping for something really exotic!

But if they really do offer free tuition to Santa Ana residents...then I'll be very impressed.

I graduated from HMC tuition free. The chancellor of Pomona is my client. The major donor to CMC is also my client. It does not matter where I live really. I am after tuition free period.

 

[irvinehomeshopper]

Woodbury University because just the name alone screams prestige.

I think it will be an up-and-coming, prestigious college, yet somehow will still be a secret and none of us will have heard of it yet...and it will also somehow offer free tuition and room and board for Santa Ana residents.

 

[traceimage]

Woodbury University because just the name alone screams prestige.

I think it will be an up-and-coming, prestigious college, yet somehow will still be a secret and none of us will have heard of it yet...and it will also somehow offer free tuition and room and board for Santa Ana residents.

Santa Ana residents have to pay extra to attend the prestigious Woodbury University.

 

[kalbi]

Asian people. 

After reading this thread, I'm glad I'm not Asian.  It sounds like an awful lot of pressure.  Well in truth, it's not from reading this thread, but from seeing what some of my Asian friends in high school went through.  I remember sitting in a Denny's late one night my senior year, while a friend of mine was practically crying because he didn't get into Harvard and was attending lowly Stanford instead.  This was hard for me to relate to.  I had just spent 4 years having the time of my life, going to parties, being crazy, and making memories that I still look back on fondly.  He missed out on all that and still felt like a failure.  I really felt bad for him.

In Irvine Asian culture, success and fulfillment in life is derived primarily from being better than other people, and by better, its inferred to mean "more stuff". Better cars, nicer homes, more degrees, titles, and of course trophy spouse.

You won't get any of that stuff going to a "second rate" school in Saddleback Unified with any old 900+ API. You need to go to Uni High so you could maybe go to Harvard (but most likely to CSU Fullerton).

That's why it's worth the premium to live in a 50 year old house backing to a freeway. It's all about what's more important in life. Like Kalbi said, why would anyone want to live in Corona Del Mar? Their High School sucks in comparison.

Please do NOT misquote me again. I did not say why would anyone want to live in CDM.  I said CDM's stats do not match those of Uni's.

Also, I find it quite entertaining to read such stereotypes and broad generalizations of Asians.  It's amazing to me that you non-Asians purport to know SOOOOO much about us Asians.

 

[IndieDev]

Please do NOT misquote me again. I did not say why would anyone want to live in CDM.  I said CDM's stats do not match those of Uni's.

Ah, but you misunderstand me my fiesty Korean mommy. The fact that you made the comparison is what makes my point.