Blip or bubble? Irvine, Tustin home sales tumbles 13%

[meccos12]

You know why this downturn isn't going to get real bad?
Cause this time around the property lords are wealthier.

I don't think anyone is expecting this downturn to be bad.  I think the question is will it be 5% slide, 10% slide everywhere, or just for bad properties that are undesirable?

Exactly.  Not sure why people are trying to compare today to the great recession.  Are people trying to compare the stock market to the great depression?  The fact is there is a downturn.  The only question is how much. 

 

[zubs]

How much and how long for this downturn?

my current prediction is less than 10%
prices go above 2018 prices around 2023.

Strangely enough, some prices are already above 2018 prices if you are to believe the stats.

Give me your prediction.

 

[irvinebullhousing]

Don't worry about prices. I don't. But if you do worry about prices, it meant that you should not buy because longer term is not in your future holding.

 

[ThirtySomethingWEquity]

How much and how long for this downturn?

my current prediction is less than 10%

Alright.  I predict a 15% drop or greater on properties 1.8 or higher.  I predict we'll see some properties drop a full 20% or more for the shitty floorplan cash grabs some of the great park builders threw out along with less desirable neighborhoods (foothill ranch, RSM, San Clemente).

For everything else  i'm predicting around a 10% drop  from peak 2018 in desirable areas such as Irvine and Newport.  And just remember, I stand over the corpses of past posters from days gone by (graphix, irvinerenter) who told me I was wrong about price predictions last time.  I bought *pretty* much at the bottom in 2009, so in my real estate lifetime I'm 1 for 1 haha.

 

[Cares]

:-X

Another one
5 beds 5.5 baths 3,286 sqft single family home. Probably around 1.5 mil.
Rent asking went from $6000 to $5800 to $5500 to $5000 to $4500 and still no takers.
On the market since May 2018.
https://www.zillow.com/homedetails/127-Yellow-Daisy-Irvine-CA-92618/137136211_zpid/

Rogue listing. I attempted those listing that is as old as 300+ days and attempt the vulture approach with either a dead numbers or no call back. Listing agent don?t even bother with taking it down. Some of them I actually drove to and occupied. Not knowing if they are renters or owners. There a lot of listing that not tell the entire story. The listing here is an example of that. Good for those to be able to rent at that price. Let me know if you can sign the lease and I will pay you a whole year rent free with that price.

So the price on this rental listing was changed on 1/11... did a ghost from the veterans cemetery do it?

This is what I call newbies agent. Doing  disservices. I think you can walk over since you in that hood and find out if ghost really do exist.

That property in particular has had 3 listing agents on record in MLS since May 2018. Probably owner getting fed up not being able to lease it out and firing agents.