irvinehomeshopper
Well-known member
I just want all of you to know I missed my 200 roses appointment in irvine because of this thread.
Average Income in Irvine
- Thread starter irvinehomeowner
- Start date
NEW -> Contingent Buyer Assistance Program
Like I said I'll admit it when I'm wrong...Assuming 1.9% prop tax + mello, which i missed that would mean you need a $126,833 salary...
Actually, looking at the floorplans, I remember these now... these were the first motorcourt SFRs I saw in Irvine and I didn't like them as much because of the lack of driveway (yes even back then). My friend's family bought a Plan 4 and I liked the Plan 3. It's coming back to me because these same floorplans were at a tract in Tustin Ranch near Costco and they were cheaper and we were thinking about it because it was closer to my price range (CalPac was the master of recycling floorplans... and still is as IrvinePac).
I don't understand how you can be this wrong over and over again. Are you using some sort of online calculator? How are you getting your numbers? Does SGIP still post here? Can he chime in so villagepeople knows how wrong he is. I feel like I'm babysitting a kindergarten here.
I think you have your facts mixed up. Irvine Pacific is located in Newport Beach while California Pacific Homes is in the Irvine Spectrum. They are 2 different companies. BBB lists them as two active and separate companies.
690,000*.8=552000@4.25 360 pmts = 2715
2715+(690k*.019/12)=3807
(3 807 / .36) * 12 = 126 900
Where am I wrong?
IHO is right. I don't know about what corps are set up for what and where they are headquartered...but my cousin bought a cal pac... I bought an Irvine pacific... The service people are the same... Some of the fixtures and stuff are exactly the same.
hoa is 110 for all detached stonegate... my home owners insurance is less than $50 a month.. but you are right, i missed that too, thanks.
You may not be comfortable with that loan but i think 36% is also a very conservative DTI, how many, or what percentage of your clients gets approved based on >36% dti?
Anyone but indie can correct me if I'm wrong here but they don't care about front end anymore.. I don't have any debt and was approved based on a single dti.
There are a few left willing to underwrite up to 48-50% DTI using FHA. These are extreme exceptions though. Maybe the borrowers are independently wealthy, but have a low income on paper. It's not the type of deal that a middle class wageslave is typically going to get.
Orange County as a whole is less affordable than it was in the mid-90's. Irvine is even less affordable. It's surprising that this is even up for debate. The demand to live here has only increased while the supply of developable land is getting more scarce.
villiagepeople
New member
IndieDev said:
Like I said I'll admit it when I'm wrong...Assuming 1.9% prop tax + mello, which i missed that would mean you need a $126,833 salary...
irvinehomeshopper
Well-known member
He is still young. There is no substitute for experience.
IndieDev said:
IndieDev said:
irvinehomeowner
Well-known member
Which is probably why it don't remember that price back then, $150k was the top of my price range (I was just single income)... plus it did have Mello Roos and that was hurting my buy amount.irvinehomeshopper said:
Actually, looking at the floorplans, I remember these now... these were the first motorcourt SFRs I saw in Irvine and I didn't like them as much because of the lack of driveway (yes even back then). My friend's family bought a Plan 4 and I liked the Plan 3. It's coming back to me because these same floorplans were at a tract in Tustin Ranch near Costco and they were cheaper and we were thinking about it because it was closer to my price range (CalPac was the master of recycling floorplans... and still is as IrvinePac).
IndieDev
New member
villagepeople said:
I don't understand how you can be this wrong over and over again. Are you using some sort of online calculator? How are you getting your numbers? Does SGIP still post here? Can he chime in so villagepeople knows how wrong he is. I feel like I'm babysitting a kindergarten here.
irvinehomeshopper
Well-known member
irvinehomeowner said:
I think you have your facts mixed up. Irvine Pacific is located in Newport Beach while California Pacific Homes is in the Irvine Spectrum. They are 2 different companies. BBB lists them as two active and separate companies.
villiagepeople
New member
IndieDev said:
690,000*.8=552000@4.25 360 pmts = 2715
2715+(690k*.019/12)=3807
(3 807 / .36) * 12 = 126 900
Where am I wrong?
villiagepeople
New member
irvinehomeshopper said:
IHO is right. I don't know about what corps are set up for what and where they are headquartered...but my cousin bought a cal pac... I bought an Irvine pacific... The service people are the same... Some of the fixtures and stuff are exactly the same.
what happened to this discussiom? i felt like i was watching cinci vs. xavier...
why are we here arguing over 1995 this and 1995 that? it was in the past... ive been in irvine since 92 but didnt buy till 2001 oh well...
regardless, i hope all understand that historical pricing for developing areas is never linear. you will not buy certain companies based on their 95 stock price, adjusted for inflation. dynamics and underlying factors have changed that alter the pricing paradigm. why is that so hard for people to understand?
why are we here arguing over 1995 this and 1995 that? it was in the past... ive been in irvine since 92 but didnt buy till 2001 oh well...
regardless, i hope all understand that historical pricing for developing areas is never linear. you will not buy certain companies based on their 95 stock price, adjusted for inflation. dynamics and underlying factors have changed that alter the pricing paradigm. why is that so hard for people to understand?
irvinehomeshopper
Well-known member
The last few years I recalled seeing the Cal Pac construction trailers at the Irvine Pacific jobsite as I walked my dog and leaving poops all over. Irvine Pacific has been responsible for coming up with the design and CalPac was the fee contractor. The vendors for bath and light fixture have a universal account for all the projects so different projects featured the same items by buying in bulk discount. Customer service is also being subcontracted out as well to a single servers so seeing the same service rep is likely. Pretty soon your calls will be routed to India.
villagepeople said:
usctrojancpa
Well-known member
You also have to include homeowners insurance and HOA which may increase the cost by an additional $200-$300 per month. As an example, I wouldn't be comfortable having that high of mortgage payment unless I made over $150k a year.villagepeople said:
villiagepeople
New member
USCTrojanCPA said:
hoa is 110 for all detached stonegate... my home owners insurance is less than $50 a month.. but you are right, i missed that too, thanks.
You may not be comfortable with that loan but i think 36% is also a very conservative DTI, how many, or what percentage of your clients gets approved based on >36% dti?
villiagepeople
New member
IndieDev said:
Anyone but indie can correct me if I'm wrong here but they don't care about front end anymore.. I don't have any debt and was approved based on a single dti.
usctrojancpa
Well-known member
Wasn't 94/95 the previous bottom for housing after the whole RTC mess? Wouldn't it make more sense using 98/99 prices as that's right before the start of the bubble?
Liar Loan
Well-known member
IndieDev said:
There are a few left willing to underwrite up to 48-50% DTI using FHA. These are extreme exceptions though. Maybe the borrowers are independently wealthy, but have a low income on paper. It's not the type of deal that a middle class wageslave is typically going to get.
Orange County as a whole is less affordable than it was in the mid-90's. Irvine is even less affordable. It's surprising that this is even up for debate. The demand to live here has only increased while the supply of developable land is getting more scarce.