Could Irvine turn into the Beverly Hills of Orange County?

NEW -> Contingent Buyer Assistance Program
[quote author="PANDA" date=1242817725]You can PM me if any of the questions i am asking are too personal.</blockquote>
PANDA is back.



Full Force get bizzy one time!
 
[quote author="irvine_home_owner" date=1242816450][quote author="bkshopr" date=1242815162][quote author="nefron" date=1242814884]How many of you are actually shopping for a house in Irvine and have seen the prospective buyers at the open houses?</blockquote>


There is one guy who attends all the open houses but never walk into the houses but he is always drooling in the garages.</blockquote>
There is another guy who's in the backyard trying to figure out where to park his Camry.</blockquote>


Sorry, IHO. No Irvine yard is big enough for a craned in Camry. I have to remove the bumper of my Smart car to make it fit into the yard.
 
[quote author="bkshopr" date=1242811830]

Mr Delroy is not Asian at all. His handle in a dead give away. The Simpsons has the least Asian market audience. Mr. Delroy is Caucasian and more than likely will display a flag in the front of his home Memorial Day. Another clue is that Chinese children rarely wreck the interior of the home because parents only allowed passive activities such as piano practice, reading, video games, and doing home works and never to be allowed to throw a ball or other sport activities inside the house.



.

.

.



</blockquote>


BK, you are starting to sound like Hannibal Lecter ... :P
 
[quote author="PANDA" date=1242817725][quote author="awgee" date=1242733932][quote author="bkshopr" date=1242725127]During this recession LV bags have not come down in price but Asian buyers are still flocking to the stores at SCP to validate their status. In fact LV expanded to 3 separate stores inside the same mall. Unless Irvine has no novelty of status then prices should drop.



The psychological power of status is sustaining Irvine from plummeting prices.</blockquote>


My wife has no LV bags, what ever that is. She drives a 2000 Volvo station wagon. I drive a 2005 Honda minivan. She shops for our daughter's clothes at TJ Maxx or Ross or even the thrift store, yeah seriously. Etc, etc. And my guess is that she will end up with twice the home, with five times the lot size, ten times the view, twice the kitchen, etc. than most of the folks you speak of who need to live in Irvine.</blockquote>


Awgee, I have to say that I really admire you and your wife's values. Did she always have those values when you first married her or did this value grow over time? How do you not get jaded with those values when your OC neighbors and friends are constantly flashing nice cars and shopping at high-end stores? My wife also has similar values as your wife, but she doesn't care too much for Irvine homes or real estate in general. I'm mainly the one who wants the <strong>big lot</strong>, big kitchen, and whole package. Even from an investment standpoint, I've probably connected with you more than anyone else in IHB (Sorry Graphrix :) ). Do you have a heart for certain charity organizations. You can PM me if any of the questions i am asking are too personal.</blockquote>


Dude, this is the closest <strong>Big Lot</strong> you'll find near Irvine.



<img src="http://www.biglots.com/Images/WebElements/Global/global_logo.gif" alt="" />
 
[quote author="green_cactus" date=1242818856][quote author="bkshopr" date=1242811830]

Mr Delroy is not Asian at all. His handle in a dead give away. The Simpsons has the least Asian market audience. Mr. Delroy is Caucasian and more than likely will display a flag in the front of his home Memorial Day. Another clue is that Chinese children rarely wreck the interior of the home because parents only allowed passive activities such as piano practice, reading, video games, and doing home works and never to be allowed to throw a ball or other sport activities inside the house.



.

.

.



</blockquote>


BK, you are starting to sound like Hannibal Lecter ... :P</blockquote>


Another sign that Delroy is not Asian is his current brick floor. He wears shoes in the house and that is another reason why the house has no carpet and Mrs. Delroy desires carpet.



Asians do not wear shoes in the house and no bricks inside the house to hurt sensitive feet.
 
[quote author="PANDA" date=1242817725][quote author="awgee" date=1242733932][quote author="bkshopr" date=1242725127]During this recession LV bags have not come down in price but Asian buyers are still flocking to the stores at SCP to validate their status. In fact LV expanded to 3 separate stores inside the same mall. Unless Irvine has no novelty of status then prices should drop.



The psychological power of status is sustaining Irvine from plummeting prices.</blockquote>


My wife has no LV bags, what ever that is. She drives a 2000 Volvo station wagon. I drive a 2005 Honda minivan. She shops for our daughter's clothes at TJ Maxx or Ross or even the thrift store, yeah seriously. Etc, etc. And my guess is that she will end up with twice the home, with five times the lot size, ten times the view, twice the kitchen, etc. than most of the folks you speak of who need to live in Irvine.</blockquote>


Awgee, I have to say that I really admire you and your wife's values. Did she always have those values when you first married her or did this value grow over time? How do you not get jaded with those values when your OC neighbors and friends are constantly flashing nice cars and shopping at high-end stores? My wife also has similar values as your wife, but she doesn't care too much for Irvine homes or real estate in general. I'm mainly the one who wants the big lot, big kitchen, and whole package. Even from an investment standpoint, I've probably connected with you more than anyone else in IHB (Sorry Graphrix :) ). Do you and your wife have a heart for certain charity organizations you guys plan to serve together? You can PM me if any of the questions i am asking are too personal.</blockquote>


First, no offense taken. I like to keep it that way, okay?



The reason why awgee doesn't get caught up in it is because he knows that most are really just broke.
 
The world thinks that Orange County is a good place to live. The most populous cities in Orange County are Santa Ana, Anaheim, Irvine, Huntington Beach, Garden Grove, Fullerton, Orange, and Costa Mesa.



Santa Ana has a bad reputation and is known to be "ghetto". Anaheim is great for tourists, but is called "Anaslime" by locals. Garden Grove is often referred to as "Garbage Grove".

Fullerton and Orange are simply old and outdated, while Costa Mesa is just a renters' town.



That leaves only Irvine and Huntington Beach as desirable large cities to live in. Although Irvine is not perfect, it's getting a reputation as being clean, safe, nice, and multi-cultural. I don't think it will ever attract celebrities or athletes, but it's a great place for a decent upper middle class family. I work with a lot of wealthy families in Huntington and Newport, and even they are aware of Irvine's great reputation as a good place for businesses and schools. As for HB, although it doesn't have the business districts or school districts, it will always have the appeal of the Southern California beach lifestyle.



Thus, as long as Orange County is considered a good place to live, Irvine and Huntington Beach will continue to be desirable cities to live in. They may not be perfect, but they are considerably better than Santa Ana, Anaheim, Garden Grove, Costa Mesa, Orange, and Fullerton.



As for demographics, there are three major groups in Orange County - Whites, Hispanics, and Asians. For whatever reasons, White areas are considered good whereas Hispanic areas are considered bad - I think it's mainly because of money. Asians are still a minority and do not affect the reputation of the communities as much as Whites and Hispanics. Just think of the reputation of Santa Ana or Anaheim versus the reputation of Newport Beach or Laguna Beach.
 
[quote author="bkshopr" date=1242811830]Mr Delroy is not Asian at all. His handle in a dead give away. The Simpsons has the least Asian market audience. Mr. Delroy is Caucasian and more than likely will display a flag in the front of his home Memorial Day. Another clue is that Chinese children rarely wreck the interior of the home because parents only allowed passive activities such as piano practice, reading, video games, and doing home works and never to be allowed to throw a ball or other sport activities inside the house.</blockquote>


Correct, Mr. Delroy is not Asian. (Although as your stats should have shown, being an older guy I'm not a simpsons fan... my son is the Simpsons fan. I got the name because when I created my account, he had a Cletus toy on my desk next to my monitor)



[quote author="bkshopr" date=1242811830]Ms. Delroy has been a homemaker for a long time and possibly since both older son and daughter were born. Her role was to nurture them while Mr. Delroy was the bread winner the last several decades. Ms Delroy has complained about her kitchen for years such as lacking an island, linoleum floor, ceramic tile countertop with stained grout that is hard to clean. Mr. Delroy has always used the kids as an excuse for not doing the remodel. </blockquote>


The reason my wife wasn't "working" was because she was doing work for a non profit on a volunteer basis once my job allowed me to not require us both to work for pay. My wife has not complained about her kitchen, because quite honestly, its not been a priority for us (more below)... when our kids went off to college my wife had more free time and started watching Food Network and became interested in cooking as a hobby. I'm an amateur gardener (something I shared with my daughter growing up, and was a way for us to spend time together) so she decided she needed to start coming up with some recipes for what I grew, and it kind of blossomed from there.



[quote author="bkshopr" date=1242811830]Their home is likely not in Irvine but in Santiago Hills. Mrs. Delroy at this point of her life is looking forward to their grown children getting married and her home would be the gathering place for the future son and daughter in-laws. Her goal of starting the kitchen remodel first is the reason why Mr. Delroy needs a large sum of cash because it is the most expensive remodel for the home. She wanted the kitchen island where she can finally adequately prepares and displays her food and family could gather around the future island transformed from her isolated peninsula servant like kitchen. She also has a goal of transforming her home into the grand-ma?s house where children and grand children want to be during the holidays. She wanted her kitchen and the entertaining area to be warm and inviting. She is also concerned her existing brick floor would not be good for her future grand children due to the bricks sharp edges. </blockquote>


Actually, we're assuming our grand kids will never see this home. If you reread my post, our plan is to move in maybe 5 years. Right now our kids are planning on getting settled professionally, they will probably both be 5 years before they marry, and maybe another 2-3 before they have kids. The reason we want the kitchen redone is because my wife has gotten into cooking and wants room to experiment. She wants a more open workspace rather than the cramped quarters of a 30 year old house, and some countertops which are easier to clean and more sanitary. The floors... well, it would look wrong to have linoleum and brick in a house with a modern kitchen.



[quote author="bkshopr" date=1242811830]She could not let go her sentimental memories of this home where the children were raised and this was the reason why Mr. Delroy could not have sold it and made money during the frenzy RE era. They also knew that as empty nesters they would not need the current footage size but they want to set aside the extra bedrooms for the future expanded families when they come and visit and it would be a good hospitality.



Certainly they do not want the future married couples to sleep in the same room where the kids grew up so the remodel includes a makeover of the kids? room into a more sophisticated resort like room with a nice sense of hospitality

</blockquote>


Actually, we like our neighbors, and our local church. That's why we haven't moved, although we are still considering that. The reason we didn't sell in the past few years was our kids were still in college and came home alot, and had friends in the neighborhood. There was no reason for us to sell, we liked our home, and moving never crossed our mind until recently when we discussed some remodeling. Ya, we don't "need" the extra square footage, but do plan to convert one bedroom into an office for my wife as she heads back to work, the other we will keep as a guest bedroom.



[quote author="bkshopr" date=1242811830]Mr. Delroy sent his son to UCLA for an engineering degree and also sent his daughter to USC. Their decision of USC for their daughter is a better opportunities to meet a future husband that come from a wealthy and good family background. USC is known as a school for wealthy kids.</blockquote>


Hah hah... some day I'll have to buy you a beer and introduce you to my daughter and remind you of that comment.



[quote author="bkshopr" date=1242811830]Their home built in the early 80?s has many dated design, texture, and windows. They are hoping to update the plan and promote a better flow of the kitchen to the rest of the family spaces. They are however somewhat stuck the formal living dining room that seldom get used and the idea of entertaining with future in-laws and grandchildren revitalized the seldomly use space. </blockquote>


Correct on the kitchen, wrong on the dining room. I actually currently use our dining room as my office. Prior to that, our kids used it as their study room (back when computers were expensive and we could only afford a single computer for our house and the kids had to timeshare it) Never felt a need for a dining room, if we have guests over, we typically go out back and grill. With the weather out here, no need to eat indoors.



[quote author="bkshopr" date=1242811830]After assessing the need of moving their current home is still the best fit for their future entertaining needs and Mr. Delroy is really nervous to embark on the nightmare of remodeling so he came to IHB to seek suggestions and validation. </blockquote>


Actually, I'm cool with people coming in and tearing apart our house and dealing with contractors, my wife will be the one who can't stand the intrusion. I came to IHB because as I mentioned we plan to move in 5 years, so curious to read up on the market in general. When I realized there were some finance guys on here and alot of talk on HELOCs, I thought I would post about that... since I don't have much experience on how people finance construction. Growing up, it was always "you took out a home equity loan", but that was before people became sophisitcated and used HELOCs for other stuff :) So I figured I would post to hear what others had done, to get ideas on where to start looking. I'm not looking for someone to answer my questions, I'm looking for opinions echod by numerous people, and ideas I might not have thought on my own.



[quote author="bkshopr" date=1242811830]Mrs. Delroy does not really care about the financial logistic she just wanted her home makeovers now the kids are grown and out of the house. She spent her entire marriage life as a stay home mom taking care of her family this is her reward. Mr. Delroy is cornered.</blockquote>


Mr. Delroy handles the long term investments, Mrs. Delroy keeps the monthly budget.



[quote author="bkshopr" date=1242811830]Mr. Delroy is not familiar with the Irvine Asian crowd and has no close Asian friends. His knowledge of Asian culture is through the TV news and driving up to USC passing by the black ghettos with Korean immigrant shop owners. He also is familiar with the Korea town in Garden Grove and Little Saigon after living in OC all these years but he really has no idea of the real Asian hub in OC such as Diamond and Culver Plaza. </blockquote>


Mr. Delroy's wife is first generation Korean American. Mr. Delroy makes a mean kimchee (which he learned from his mother in law) and one of the reasons he started gardening was to provide fresh vegetables for his wife back when there wasn't an Asian market on every street corner in Irvine. Mr. Delroy is aware of numerous Asian markets... we typically hit Fresia or Zion (both Korean markets), but will hit up 99 Ranch to get some durian when its in season (Mr. Delroy loves durian). As you are probably aware most Koreans don't use ovens very often, which is why our kitchen hasn't been a priority. We do alot of table top grilling, sashimi, tempura and soups. Before kids, my wife made our banchan, now we buy them at the market. The Delroys also enjoy grilling out. There is a good pastry store we hit on Culver all the time. There's a mochi place on Culver Mr. Delroy enjoys. Diamond Center, the market makes Mrs. Delroy claustrophobic so we avoid it. The Korean place is mediocre.



His friends are all over the place... Caucasian, Japanese, Indian, Phillipino, Korean, Taiwanese, Hispanic... you name it, we've grilled a burger together. (Well except my Indian buddies, who typically aren't into burgers ;) )



[quote author="bkshopr" date=1242811830]Mr. Delroy is an older guy and he is not aware of the Asian generation 40 and younger. He is from the old school with some acquaintances of the first generation Asian immigrants from 1970?s.</blockquote>


Given our kids are hapas, we definitely have alot of contact with younger Asians. Given I'm over 50, obviously I'm a generation removed from the younger crowd... most parents "dont get" their kids



Delro
 
C delroy,



Durian is a fruit, right? Oops, I just Yahoo'd it. Yes, it is. Wow! I am impress that you like that. I, also, like that fruit. There's a chef on cable. I think his name is Zimmerman. He could eat anything from bugs to rodents. Yet, when it comes to this fruit. He threw up. Odd.
 
[quote author="reason" date=1242828539]C delroy,



Durian is a fruit, right? Oops, I just Yahoo'd it. Yes, it is. Wow! I am impress that you like that. I, also, like that fruit. There's a chef on cable. I think his name is Zimmerman. He could eat anything from bugs to rodents. Yet, when it comes to this fruit. He threw up. Odd.</blockquote>




Durian is the KING OF FRUITS!!!
 
Delroy rocks! Thick skin, and willing to come back and make his points. A true quality poster, that adds value to forums. Even if he has his lunch money taken from him by no_vas. Eventually he will have no_vas buying him lunch.
 
<IMG SRC="http://www.hot-screensaver.com/wp-myimages/malaysia-durian.jpg">



[quote author="reason" date=1242828539]C delroy,



Durian is a fruit, right? Oops, I just Yahoo'd it. Yes, it is. Wow! I am impress that you like that. I, also, like that fruit. There's a chef on cable. I think his name is Zimmerman. He could eat anything from bugs to rodents. Yet, when it comes to this fruit. He threw up. Odd.</blockquote>


Yup, for people who don't know, durian is a fruit. The inside has numerous chambers which have this "dry" pudding-like substance in it, along with some very large seeds. I'm not sure which cultures eat it... I was introduced to it by a Vietnamese friend. My wife and her family had never heard of it, and we've never seen it at a Korean market.



The quality most people will know about durian is it smells very bad... especially when you buy it fresh (versus the frozen stuff most people carry). But it has a very sweet taste that betrays the smell. If you can get past the smell, the taste is excellent.



Its pretty darned expensive... frozen ones run $20, and fresh ones can run $50-75 depending on the size. Typically I've seen it sold in a yellow plastic net bag at some 99 Ranch stores (Culver typically has it, but Jeffrey doesn't) and Vietnamese markets. If you pick one up to buy it, the cashiers their know what it is and will typically make a "mmm... yummy" comment. Buy the fresh one, and they will know you are serious ;)



It goes good in cookies, and I've made a homemade ice cream with it. Its also fun to crack it open and just eat it out of the shell. For the less adventurous, hit up the Lee's Sandwiches near UCI, they sell durian ice cream and durian smoothies. Both are excellent and do a good job capturing the taste of it. (Not sure if other Lee's carry this)



I tried growing a durian tree without much success. My neighbors would have either killed me or hugged me if I ever pulled this off.



Delroy
 
[quote author="graphrix" date=1242833884]Delroy rocks! Thick skin, and willing to come back and make his points. A true quality poster, that adds value to forums. Even if he has his lunch money taken from him by no_vas. Eventually he will have no_vas buying him lunch.</blockquote>


I'd buy the man lunch right now.
 
[quote author="hs_teacher" date=1242826100]The world thinks that Orange County is a good place to live. The most populous cities in Orange County are Santa Ana, Anaheim, Irvine, Huntington Beach, Garden Grove, Fullerton, Orange, and Costa Mesa.



Santa Ana has a bad reputation and is known to be "ghetto". Anaheim is great for tourists, but is called "Anaslime" by locals. Garden Grove is often referred to as "Garbage Grove".

Fullerton and Orange are simply old and outdated, while Costa Mesa is just a renters' town.



That leaves only Irvine and Huntington Beach as desirable large cities to live in. Although Irvine is not perfect, it's getting a reputation as being clean, safe, nice, and multi-cultural. I don't think it will ever attract celebrities or athletes, but it's a great place for a decent upper middle class family. I work with a lot of wealthy families in Huntington and Newport, and even they are aware of Irvine's great reputation as a good place for businesses and schools. As for HB, although it doesn't have the business districts or school districts, it will always have the appeal of the Southern California beach lifestyle.



Thus, as long as Orange County is considered a good place to live, Irvine and Huntington Beach will continue to be desirable cities to live in. They may not be perfect, but they are considerably better than Santa Ana, Anaheim, Garden Grove, Costa Mesa, Orange, and Fullerton.



As for demographics, there are three major groups in Orange County - Whites, Hispanics, and Asians. For whatever reasons, White areas are considered good whereas Hispanic areas are considered bad - I think it's mainly because of money. Asians are still a minority and do not affect the reputation of the communities as much as Whites and Hispanics. Just think of the reputation of Santa Ana or Anaheim versus the reputation of Newport Beach or Laguna Beach.</blockquote>


I think this doesn't totally work because most people do not think of Orange County as a distinct place. Most people may have heard of it recently because of TV shows but for the most part it is still thought of as an LA suburb. When people move to or want to live in socal they think what part of LA (including OC) is closest to my job.
 
[quote author="PANDA" date=1242817725][quote author="awgee" date=1242733932][quote author="bkshopr" date=1242725127]During this recession LV bags have not come down in price but Asian buyers are still flocking to the stores at SCP to validate their status. In fact LV expanded to 3 separate stores inside the same mall. Unless Irvine has no novelty of status then prices should drop.



The psychological power of status is sustaining Irvine from plummeting prices.</blockquote>


My wife has no LV bags, what ever that is. She drives a 2000 Volvo station wagon. I drive a 2005 Honda minivan. She shops for our daughter's clothes at TJ Maxx or Ross or even the thrift store, yeah seriously. Etc, etc. And my guess is that she will end up with twice the home, with five times the lot size, ten times the view, twice the kitchen, etc. than most of the folks you speak of who need to live in Irvine.</blockquote>


Awgee, I have to say that I really admire you and your wife's values. Did she always have those values when you first married her or did this value grow over time? How do you not get jaded with those values when your OC neighbors and friends are constantly flashing nice cars and shopping at high-end stores? My wife also has similar values as your wife, but she doesn't care too much for Irvine homes or real estate in general. I'm mainly the one who wants the big lot, big kitchen, and whole package. Even from an investment standpoint, I've probably connected with you more than anyone else in IHB (Sorry Graphrix :) ). Do you and your wife have a heart for certain charity organizations you guys plan to serve together? You can PM me if any of the questions i am asking are too personal.</blockquote>


Too personal.
 
[quote author="awgee" date=1242800613][quote author="gypsyuma" date=1242795214]



Wait a minute... hold the phone. This is the IRVINE Housing Forum.... so if you think Irvine real estate is such crap,

</blockquote>
Where did I say I thought Irvine real estate was such crap?



[quote author="gypsyuma" date=1242795214]

then why do you spend so much time keeping track of it?

</blockquote>
So much time? How much time are we talking about? Keeping track of it? You mean writing on this blog? I am not so sure I keep track of any Irvine real estate, although I do read about it here and other places.

[quote author="gypsyuma" date=1242795214] I am honestly confused.

</blockquote>
Maybe it is because you are making unfounded assumptions.

I blog at the Irvine Housing Blog because I like real estate and the IHB has some of the most interesting bloggers; ditto Calculated Risk.

[quote author="gypsyuma" date=1242795214]

I admit that I am usually the last person to know what is going on....

</blockquote>
I am right behind you in line.

[quote author="gypsyuma" date=1242795214]

so are you telling me the purpose of creating an Irvine Housing Forum is so that we can all come together and trash on it?

</blockquote>
Who is trashing the Irvine Housing Forum? And who was talking about creating the IHF? Or the purpose of it? I did not create it, so I could not deign to propound on the purpose of it's creation.

I think BK and some others were speaking of some folks overwhelming desire to purchase in Irvine because of the status they perceive their choice of residence will bring to them, and I was snarking about said perception. Seems fair to me. Status hunger seems like a good target to me. You disagree?

[quote author="gypsyuma" date=1242795214]

I also have no clue what an LV bag is - like I said, last to know...

</blockquote>
I asked my wife. It means Louis Vitton, (sp?).

[quote author="gypsyuma" date=1242795214]

I am just shit surprised to see a bunch of men sitting around typing about ladies hand bags. LOL Who woulda thought?</blockquote>
Well, why do you not tell us more about yourself, and we will type about you?</blockquote>


After reading this forum for the last month or two, I think I will pass on sharing my life story for your fodder. You guys are too good at snark - and I would likely end up curled in a fetal position crying for my momma.
 
Mr. Delroy,



Nice quality post regarding your family. Most first time posters rarely post in great details. As you can see we are post quality oriented and enjoy you sharing with us a facet of your family and the anticipated remodeling venture. There is a diversity of posters here who can shed light on the various topics you are interested in in both financial and construction. You survived the IHB initiation regiment.
 
[quote author="Mcdonna1980" date=1242813346][quote author="CK" date=1242797578]Geez, I go away for a couple of days and you go and start a thread like this. Since everyone seems to be numbering their thoughts in this thread, I'll join the party:



1) In appears in this (and most threads on IHB) the people calling for future carange of Irvine are also those most likely to A) not live in Irvine, and B) have no desire to ever live in Irvine. They see no value in the place, and therefore why should it hold any premium to them over whichever place it is they value. Naturually us Irvine residents (even those who don't own) tend to think Irvine is a little more special, and worth a little more than surrounding communities. I'm not making a judgement on which faction is likely right or wrong, I'm just sayin that's the general trend on IHB.



2) I think BKShopr and Graph are the smartest guys in the room. But they seem to have a differing opinion on what the future prices of Irvine holds. Who's right? It's almost like saying which child do you love more. But since I only have one child and don't have to make that call, I'll pick BK and his $375 sq ft theory. And I'll tell you why...



3) Irvine has nailed its brand identity in certain circles, much like LV or BMW has. A white dude like myself does not entirely get it --- while I really like Irivne, I could easily subsitute it for Aliso Viejo or Ladera Ranch, etc if I thought I was getting more bang for my buck there. But my 1.5 generation Taiwanese wife...no way. It's Irvine or bust for her, and for her LV-lovin' friends. I'm telling you folks, we go to a parties up in SGV, they gush about Irvine like its the promised land. "Oh, you guys live in IRVINE, its so nice there"; "Oh your daughter is so lucky to grow up in IRVINE"; "Oh you should buy down there now, prices will never drop that much in IRVINE". I'm not lying. If they have young kids or are planning kids, this is the place to be, hands down. And for the most part, these folks are the same ones we see putting 50% - 100% down payments in IPO and IR2's tracking sheets.



So as much as I would love to see $250 sq ft in the more desireable parts of Irvine, I fear its not going to happen. Something has changed with the branding of Irvine in the last decade, increasing its desireabilty with the school and safety crowd. I dunno, maybe its not Irvine that changed, but the rest of So Cal that has gotten crappier over time. I asked my wife about the Irvine of 1990-94 when she went to UCI: "It was ok, but nothing special and kind of in the boonies, and no good food". Hmm. But how about her feelings on 21st century Irvine? "It's got everything NOW, and so much more diverse --- it's like its not the same place". Sounds like Mr. Bren has done a good job of rebranding this place, at least for the smartest girl I know.



And oh, for those who say that Irvine can't compete with NB....I call BS on that. Irvine is not trying to compete with NB. It's going for another affluent group with a different set of values. Many people targeting Irvine probably would not even consider NB, even if they could afford it. That's another market there.</blockquote>


How many times does Irvine Renter have to point out that desire does not equal demand. This is the fatal flaw in all these Asians-are-going-to-prop-up-Irvine-home-prices theories. We are just coming off a decade long credit binge. Funny, I don't remember Asians ,or anyone for that matter, being LV/status obsessed in the OC prior to the credit bubble(with the exception of people that were truly wealthy). Judging from the high percentage of Irvine homes in some stage of foreclosure, Asians certainly are not immune from the credit squeeze. What I want to see is some evidence that there is large enough pool of Asians with $200k plus incomes to keep up Irvine sales over a extended period. Until then I'm calling further declines in Irvine home prices.</blockquote>


When I was in Irvine last month, I toured a short sale owned by a Korean. The listing agent (also Korean) was 30 minutes late for our appointment. He made us take off our shoes outside the door, which quickly became laughable once we got inside and saw how despicably filthy the place was. Our disgust quickly became horror when we got upstairs and found the carpet littered with landmines of dogshit, which one of my kids stepped in, of course. Which made me feel like taking the shit off the bottom of her foot, and slapping it in the face of the listing agent. [Why the hell make us take our shoes off?]



So yes, the asians are not immune. As for the poopy details - I just felt the need to get it off my chest.
 
[quote author="nefron" date=1242814884]How many of you are actually shopping for a house in Irvine and have seen the prospective buyers at the open houses?</blockquote>


I looked around last month, and except for one house I looked at up on the hill in Turtle Rock, it was ALL asians. Especially at the model homes in Woodbury and Portola - I was the only white chick.
 
Back
Top