irvinehomeowner
Well-known member
eddieuclabruin said:
So what was on the land before at Baker Ranch?
Baker Ranch in Lake Forest / Foothill Ranch
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So what was on the land before at Baker Ranch?
A couple, no kids both six figure salaries and can't get a townhome in Irvine.
Sickening what has happened in Irvine.
Now I see why my kids moved out of state.
It seems I may be wrong, but we were under the impression that the land that Baker Ranch was built on was not part of the plot of land that potentially contained TCE remnants? Am I being overly paranoid?
I would say that this is more of a budgeting/saving issue than an actual narrative about Irvine or Socal real estate being unaffordable to non-FCB's as a whole. Case in point - Only one of us makes 6 figures (and it's low 6 in case you imagine that means 200k+), we have one child, definitely had ZERO down payment support to get here, and even had to financially support one set of our parents the whole time. Our down payment for our first house came from me taking one for the team and selling my car to drive her old 2003 Camry for 3 years. So if eddieuclabruin really wants Irvine/Baker Ranch at a higher price point that is less contested, I'd say just put your energy towards saving more of that dual 6 figure income and you will get there one way or another.
My oldest daughter just bought a house in AZ for $500K and in AZ that buys a pretty decent place.
My youngest daughter moved to AZ when she got out of college because no one was hiring teachers here. She had to move to Page to get a job, put in her time and moved down to Phoenix. She was the one with the learning disability. I was told she was worse than the worst ESL kid (Spanish in those days even in Irvine) and would have trouble making it out of high school, let alone get into or graduate from college. AZ is one of the worst paying states for teachers. Despite that she has held in there and is one of the most loved teachers. She COULD move into my house, have the entire upstairs to herself and her fianc? for no rent but she's working on getting her masters in speech therapy.
The only help they had from us was their four year degrees paid for and help in buying their first car (no loan, no freebie).
Maybe moving to AZ was a copout, but I'd say they both did ok thru their own hard work. And they don't have to whine about Trump's tax reform taking away all their mello roos deductions.
I'm counting on BTB disagreeing with me here.
FCBs are distorting Irvine housing prices upward. They don't seem to be as price sensitive as locals. Many locals rely on earning income within commute distance and borrowing at gradually increasing interest rates. As house prices rise faster than wages and borrowing becomes more expensive, it's continuing to push home ownership out of reach for people on the margin. And it's kind of a bummer to see hard working locals priced out of their own market.
FCBs on the other hand seem more than willing to buy an entire alley of houses with cash for whole extended family. This actually happens enough for it to be discussed as the "new economy" at a recent Orange County BIA meeting. Earning money within commute distance and the cost of borrowing doesn't seem to be a factor for FCBs.
I know there's homeowners out there who cheer-lead these rising prices as if it's the most important thing in their life. I don't really buy into that, but then again, Irvine isn't exactly the place to look for anything but 'masterfully planned' "elevated lifestyle" "resort style living" culture now is it?
Sorry gotta go buy more luxury goods at 11am on a Tuesday so everyone knows how comfortable my life is. /s
This is what I see......... Irvine Company, Five Points and some realtors travel to and market in China to sell new homes in Irvine (safe city, good schools, weather, etc). There is basically an unlimited supply of rich people who will buy anything in Irvine.
Other cities don't do this (of course because they don't have the same attributes) but the prices are going up in Irvine BECAUSE of the foreign influence, not locals who's salary cannot possibly keep up with how fast prices have risen.
Heaven forbid mortgages get back to 6% (how I don't know but just saying... it's under historic norms), a million dollar mortgage (along with mello, HOA, etc) is going to require someone to earn $250 - $350K per year. FCB of course could care less if they have no mortgage but for locals that is absolutely ridiculous.
When Irvine is built out, then no more need for Irvine Co and Five Points to market in China. Supply would still be tight since FCB probably aren't going to sell but don't count on the endless supply of FCB coming over to keep buying.
As the self proclaimed coiner of the term "FCB", I'd just like to say that people have been nay-saying the power of the FCB for decades.
There is still a ton of land to build out in Irvine... and places that have no more land to build new, still get the FCB boost, so why not Irvine.
It will just keep churning, and hopefully places like Baker Ranch and Tustin Legacy get some spillover effect.
Thanks for this. FYI - DTI is calculated before considering taxes.
Considering you can rent nicer homes for so much less than the $4,200/mo tells me that Real Estate is starting to get into bubble territory in Irvinehttps://hotpads.com/64-tallowood-irvine-ca-92620-1qmn48a/pad?beds=3-8plus
So what was on the land before at Baker Ranch?
Kangen.Irvine
Active member
I think the community of Baker Ranch is great, but they do have the elementary school issue and the lack of a true shopping center. If I were buying today, I would strongly consider Delano as well and I have no incentive involved.
Burn That Belly
New member
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Ready2Downsize
Well-known member
eddieuclabruin said:Burn That Belly said:
Recently married - both of us making six figures. We do not come from money though so we have no family/relative help for down payment etc. At all.We can't compete with FCB buyers - we put in an offer on a stonegate townhome a few days ago and ended up hearing back from the agent that they received 13 other offers.
A couple, no kids both six figure salaries and can't get a townhome in Irvine.
Sickening what has happened in Irvine.
Now I see why my kids moved out of state.
Burn That Belly
New member
x
eddieuclabruin
Member
irvinehomeowner said:
It seems I may be wrong, but we were under the impression that the land that Baker Ranch was built on was not part of the plot of land that potentially contained TCE remnants? Am I being overly paranoid?
Burn That Belly
New member
x
Ready2Downsize said:
I would say that this is more of a budgeting/saving issue than an actual narrative about Irvine or Socal real estate being unaffordable to non-FCB's as a whole. Case in point - Only one of us makes 6 figures (and it's low 6 in case you imagine that means 200k+), we have one child, definitely had ZERO down payment support to get here, and even had to financially support one set of our parents the whole time. Our down payment for our first house came from me taking one for the team and selling my car to drive her old 2003 Camry for 3 years. So if eddieuclabruin really wants Irvine/Baker Ranch at a higher price point that is less contested, I'd say just put your energy towards saving more of that dual 6 figure income and you will get there one way or another.
Ready2Downsize
Well-known member
Burn That Belly said:
My oldest daughter just bought a house in AZ for $500K and in AZ that buys a pretty decent place.
My youngest daughter moved to AZ when she got out of college because no one was hiring teachers here. She had to move to Page to get a job, put in her time and moved down to Phoenix. She was the one with the learning disability. I was told she was worse than the worst ESL kid (Spanish in those days even in Irvine) and would have trouble making it out of high school, let alone get into or graduate from college. AZ is one of the worst paying states for teachers. Despite that she has held in there and is one of the most loved teachers. She COULD move into my house, have the entire upstairs to herself and her fianc? for no rent but she's working on getting her masters in speech therapy.
The only help they had from us was their four year degrees paid for and help in buying their first car (no loan, no freebie).
Maybe moving to AZ was a copout, but I'd say they both did ok thru their own hard work. And they don't have to whine about Trump's tax reform taking away all their mello roos deductions.
Burn That Belly
New member
x
SoclosetoIrvine
New member
@Burn That belly, Sorry to step in but just curious what's the monthly payment look like for a plan 1 Delano right now with 20% down? Including insurance/property taxes?
Someone said $750k as a base cost, so assuming barebones around purchase price around $775k-$800k?
Eddie's financial situation looks a lot like mine (he actually sounds better off than me) but I'm surprised he's having that much trouble finding a home with both people making 6 figures. Is it just FCB hurting the market? People with more down payment?
Someone said $750k as a base cost, so assuming barebones around purchase price around $775k-$800k?
Eddie's financial situation looks a lot like mine (he actually sounds better off than me) but I'm surprised he's having that much trouble finding a home with both people making 6 figures. Is it just FCB hurting the market? People with more down payment?
someguy
Active member
SoclosetoIrvine said:
I'm counting on BTB disagreeing with me here.
FCBs are distorting Irvine housing prices upward. They don't seem to be as price sensitive as locals. Many locals rely on earning income within commute distance and borrowing at gradually increasing interest rates. As house prices rise faster than wages and borrowing becomes more expensive, it's continuing to push home ownership out of reach for people on the margin. And it's kind of a bummer to see hard working locals priced out of their own market.
FCBs on the other hand seem more than willing to buy an entire alley of houses with cash for whole extended family. This actually happens enough for it to be discussed as the "new economy" at a recent Orange County BIA meeting. Earning money within commute distance and the cost of borrowing doesn't seem to be a factor for FCBs.
I know there's homeowners out there who cheer-lead these rising prices as if it's the most important thing in their life. I don't really buy into that, but then again, Irvine isn't exactly the place to look for anything but 'masterfully planned' "elevated lifestyle" "resort style living" culture now is it?
Sorry gotta go buy more luxury goods at 11am on a Tuesday so everyone knows how comfortable my life is. /s
Burn That Belly
New member
x
Burn That Belly
New member
x
Ready2Downsize
Well-known member
Only one. He used to work for a tech company here in Irvine that also had an office in AZ. Same pay for both places so they moved.
They both have a six figure income.
The other one isn't married. Her fianc? is the superintendent for one of the school districts that serve mostly Native American students and given how poorly teachers in AZ are paid, I doubt he earns six figures. The reason they are renting rather than buying though isn't the money. They want to move to Whitefish, MT when my daughter is finished with school and don't want to hassle selling something in AZ when they are ready to move.
They both have a six figure income.
The other one isn't married. Her fianc? is the superintendent for one of the school districts that serve mostly Native American students and given how poorly teachers in AZ are paid, I doubt he earns six figures. The reason they are renting rather than buying though isn't the money. They want to move to Whitefish, MT when my daughter is finished with school and don't want to hassle selling something in AZ when they are ready to move.
Ready2Downsize
Well-known member
someguy said:
This is what I see......... Irvine Company, Five Points and some realtors travel to and market in China to sell new homes in Irvine (safe city, good schools, weather, etc). There is basically an unlimited supply of rich people who will buy anything in Irvine.
Other cities don't do this (of course because they don't have the same attributes) but the prices are going up in Irvine BECAUSE of the foreign influence, not locals who's salary cannot possibly keep up with how fast prices have risen.
Heaven forbid mortgages get back to 6% (how I don't know but just saying... it's under historic norms), a million dollar mortgage (along with mello, HOA, etc) is going to require someone to earn $250 - $350K per year. FCB of course could care less if they have no mortgage but for locals that is absolutely ridiculous.
When Irvine is built out, then no more need for Irvine Co and Five Points to market in China. Supply would still be tight since FCB probably aren't going to sell but don't count on the endless supply of FCB coming over to keep buying.
irvinehomeowner
Well-known member
Ready2Downsize said:
As the self proclaimed coiner of the term "FCB", I'd just like to say that people have been nay-saying the power of the FCB for decades.
There is still a ton of land to build out in Irvine... and places that have no more land to build new, still get the FCB boost, so why not Irvine.
It will just keep churning, and hopefully places like Baker Ranch and Tustin Legacy get some spillover effect.
Burn That Belly
New member
x
paperboyNC
New member
Burn That Belly said:
Thanks for this. FYI - DTI is calculated before considering taxes.
Considering you can rent nicer homes for so much less than the $4,200/mo tells me that Real Estate is starting to get into bubble territory in Irvinehttps://hotpads.com/64-tallowood-irvine-ca-92620-1qmn48a/pad?beds=3-8plus