Did Irvine prices get "destroyed"?

[IndieDev]

"You are just a whining loser here hoping that Irvine house price can be 50% off so that you can afford a house here."

 

[kalbi]

i don't feel like i'm sacrificing on my home in order to live in irvine.  you might feel that way, but not all feel that way. to each their own, right?

That's pretty much what I said.  I'm speaking strictly from a home perspective (structure, lot).

So lets say you worked at the Irvine Spectrum area as this scenario is near and dear to myself. And you have $xxx,xxx to spend on a home. Homes in Irvine are $330 psf, and homes in Ladera Ranch are $260 psf (I'm just pulling numbers out of the air, I don't know what they actually are nowadays).  Assuming you agree that your child would be no worse off at the combination of Chaparrel/Ladera Ranch MS/Tesoro HS (all 10's) than you would be at say Woodbury Elem/Sierra Vista/Irvine HS?  Then it comes down to trading maybe 15 min on the toll road for a whole lotta sq ft and maybe a yard and view.  It's a trade off, no doubt --- but assuming you don't (as you shouldn't) increase your budget just to live in Irvine --- you are going to sacrifice some *house* to live in Irvine. 

And by all means, if for you or anyone else what Irvine offers is worth the compromise on the home --- that's great.  That was my whole point.  Many people are willing to compromise on the *home* to live in Irvine.  I'm not saying they are right or wrong --- all priorities.  And that is the answer as to why IHO can't find the *home* he wants in the *location* he wants.

again, don't feel any compromise by living where i live.  although i most likely will be able to buy a home with more sq ft in ladera ranch for the same price, to me, living in ladera ranch is a compromise for me in it of itself.  hence, to each his own.

 

[irvinehomeowner]

I would have to agree... it's about perspective. We are compromising right now... and we know we will have to compromise on our next home.

But... my question to those who don't feel compromise or sacrifice living in Irvine... does that mean they think that Irvine prices are NOT high?

 

[traceimage]

Is Pat Star purposefully misspelling sacrifice? Is there some inside joke I am missing?

Patrick Star is not using the spell check effectively.  Will go fix that.

If you were a product of Irvine schools...you'd be able to spell "sacrifice" without spell check.

Kidding!

But seriously, with the exception of Panda, we are *all* sacrificing on our house in order to live in California. Houses and land are much cheaper in most other states.

 

[irvinehomeshopper]

The primary reason for Irvine avoiding a steep price crash is the Irvine Company protecting its RE assets. The  20% correction we are seeing in the resale is because of the TIC's new home benchmark prices. Irvine resales have a direct correlation to new home prices.

Even TIC has to take a 20% price hit due to lack luster absorption. The desperation of oversea branding is a sign of looking for foreign knife catchers not familiar with Irvine's negative impact on geography.

Without mothers ship coming to save the Chindian colony Irvine price should behaved textbook like.
This is not a unique phenomenon. Take Rancho Cucamonga for instance Lewis Communities is the TIC of the region. Lewis similarly to TIC has to protect its land asset for the future developments. Neither home prices nor rent experienced a crash. It behaved just like Irvine. If you are not familiar the region you should go visit Victoria Garden a place that rival the Groves or the Americana.

Think of it like Friday the 13Th sequels. The Irvine Company will continue to revive the show and continue to haunt a new generation of audience willing to be terrified by paying for full price admission.

 

[panda]

lol. Emerging markets in Southern California ? I don't think there is such a thing anymore. The only emerging land available i see is the IE with polluted air and potential fire.

Why is Irvine still priced higher relatively (as PStar says) when it has no beaches?

  I wish that BK guy would come back here and talk about where the next emerging markets in Southern California will be.  Like Brea.  Maybe Chino Hills.

 

[Liar Loan]

Also it's closer to a 12-14% drop since 2010, after a 20% to 25% drop from the peak in 2006, and that's in the face of much better rates for lending in 2012 compared to 2009-2010.

So it's been a 40% drop for most of Irvine? That's were "median" is like fuzzy math. For homes I'm looking at... it's probably not even 10%. There are few homes which are only 5% off from 2005/6 (I recall a thread I posted about that).

Are you talking list prices or actual closings?  If list prices, it only makes sense that Irvinites are still going through the Denial stage of the market crash.  Many in Irvine believe their city is special just as many in OC at large believed our county was special back in '05.  ("Everybody wants to live here!  And we're running out of land!!  And.. and.. the weather!!!") 

Just because people want to believe their homes are worth what they were in '06, doesn't mean it's true.  This type of thinking is mostly relegated to the beach cities these days, but I'm sure it's prevalant in Irvine as well.

If by chance you are talking closings, please post the Redfin closed listings for 2-3 homes so we can examine what's going on and provide better explanations.  Bashing the median while talking in generalities yourself isn't the best way to convince the jury.

 

[panda]

Word up BABY!

i had an appraisal done on my home recently on a re-fi. Honestly i was a little worried if my home wouldn't appraise and I would need to bring more money to closing. Home appraised for $57k higher than my June 30th purchase price   I must thank all the asians.

To have your mortgage payments only be 15 - 25% of your monthly after tax income easily doable in Johns Creek. You don't even have to ask your wife to work

Johns Creek is your best bet.

Why is Irvine still priced higher relatively (as PStar says) when it has no beaches?

I'd rather go somewhere more up and coming, that had more upside potential, not already maxed out on affordability.  Somewhere that a family making double the median salary can have a home consistent with their hard work and success. Somewhere that resembles Irvine in 1990-95.

 

[panda]

Kalbi, you are making me hungry. i want to eat you.

[quote authoarer=kalbi link=topic=2429.msg34855#msg34855 date=1330557388]

i don't feel like i'm sacrificing on my home in order to live in irvine.  you might feel that way, but not all feel that way. to each their own, right?

That's pretty much what I said.  I'm speaking strictly from a home perspective (structure, lot).

So lets say you worked at the Irvine Spectrum area as this scenario is near and dear to myself. And you have $xxx,xxx to spend on a home. Homes in Irvine are $330 psf, and homes in Ladera Ranch are $260 psf (I'm just pulling numbers out of the air, I don't know what they actually are nowadays).  Assuming you agree that your child would be no worse off at the combination of Chaparrel/Ladera Ranch MS/Tesoro HS (all 10's) than you would be at say Woodbury Elem/Sierra Vista/Irvine HS?  Then it comes down to trading maybe 15 min on the toll road for a whole lotta sq ft and maybe a yard and view.  It's a trade off, no doubt --- but assuming you don't (as you shouldn't) increase your budget just to live in Irvine --- you are going to sacrifice some *house* to live in Irvine. 

And by all means, if for you or anyone else what Irvine offers is worth the compromise on the home --- that's great.  That was my whole point.  Many people are willing to compromise on the *home* to live in Irvine.  I'm not saying they are right or wrong --- all priorities.  And that is the answer as to why IHO can't find the *home* he wants in the *location* he wants.

again, don't feel any compromise by living where i live.  although i most likely will be able to buy a home with more sq ft in ladera ranch for the same price, to me, living in ladera ranch is a compromise for me in it of itself.  hence, to each his own.


[/quote]

 

[irvinehomeshopper]

It is a contrast here in Irvine. Husbands and wives have to work and still took money from inlaws and parents to buy a one room house.

 

[Liar Loan]

Word up BABY!

i had an appraisal done on my home recently on a re-fi. Honestly i was a little worried if my home wouldn't appraise and I would need to bring more money to closing. Home appraised for $57k higher than my June 30th purchase price   I must thank all the asians.

To have your mortgage payments only be 15 - 25% of your monthly after tax income easily doable in Johns Creek. You don't even have to ask your wife to work

Johns Creek is your best bet.

Why is Irvine still priced higher relatively (as PStar says) when it has no beaches?

I'd rather go somewhere more up and coming, that had more upside potential, not already maxed out on affordability.  Somewhere that a family making double the median salary can have a home consistent with their hard work and success. Somewhere that resembles Irvine in 1990-95.

That is a nice area of Georgia.  My best friend lives in Gainesville and that's a little too far into the sticks for my liking.  If he wants to do anything... go to a bar, see a concert, a Braves game, Falcons game... it's a 1 hour drive into Atlanta and a 1 hour drive home.  You're situated perfectly to take advantage of the big city when you like, but to enjoy the peaceful serenity of the country the rest of the time.  How many acres?

 

[irvinehomeshopper]

Baby Irvine, You wife does not work too? How many rooms at the ground floor ? Do you have a basement too? My wife has not worked for years. She deserves to enjoy life and I refuse to have her work so that we can live in a one room house.

I gave her 2 choices :

1) Live in a high API score neighborhood in a one room house on a 3000 sf lot but she has to work and must cook at home. She can have one Coach bag and shops at Payless Shoes

2) Live somewhere else on an estate lot and she does not have to work for the rest of her life. We rarely eat at home. She spends her days at her leisure enjoying life doing shopping and blogging. She can more than one Hermes bag per year and must shops at Christian Louboutin and YSL.

That was a really easy choice for her.

 

[The Motor Court Company]

any good engineering jobs near the Atlanta area? I am sold to Johns Creek and want to get out of Irvine.

Word up BABY!

i had an appraisal done on my home recently on a re-fi. Honestly i was a little worried if my home wouldn't appraise and I would need to bring more money to closing. Home appraised for $57k higher than my June 30th purchase price   I must thank all the asians.

To have your mortgage payments only be 15 - 25% of your monthly after tax income easily doable in Johns Creek. You don't even have to ask your wife to work

Johns Creek is your best bet.

Why is Irvine still priced higher relatively (as PStar says) when it has no beaches?

I'd rather go somewhere more up and coming, that had more upside potential, not already maxed out on affordability.  Somewhere that a family making double the median salary can have a home consistent with their hard work and success. Somewhere that resembles Irvine in 1990-95.

 

[panda]

IHS,

My wife doesn't work and stays home with our two boys. We live in a 5 bedroom / 4 bath SFR on a .36 lot. With a finished basement, our home would be a 4400 sq/ft, but ours is not finished, so the liveable space is about 3500 sq/ft. My home is definitely one of the cheapest homes within our private golf course gated subdivision which feeds into the best school district in Georgia. With 20% down on my home, my new refinanced mortgage is now $1815/month fixed for 30 years.

I am not going to lie what Johns Creek is and what it isn't. It is definitely not for everyone. Most of the people I met in Irvine are high salaried employees. I think that Johns Creek is ideal for someone operating a small home based business or someone who is an entreprenuer at heart, and funding the business from his own savings. Jobs are definitely starting to pick up around here. The area is also ideal for a buy and hold real estate investor.

Baby Irvine, You wife does not work too? How many rooms at the ground floor ? Do you have a basement too? My wife has not worked for years. She deserves to enjoy life and I refuse to have her work so that we can live in a one room house.

I gave her 2 choices :

1) Live in a high API score neighborhood in a one room house on a 3000 sf lot but she has to work and must cook at home. She can have one Coach bag and shops at Payless Shoes

2) Live somewhere else on an estate lot and she does not have to work for the rest of her life. We rarely eat at home. She spends her days at her leisure enjoying life doing shopping and blogging. She can more than one Hermes bag per year and must shops at Christian Louboutin and YSL.

That was a really easy choice for her.

IHS,

My wife does not work stays home with our two boys. We h

Baby Irvine, You wife does not work too? How many rooms at the ground floor ? Do you have a basement too? My wife has not worked for years. She deserves to enjoy life and I refuse to have her work so that we can live in a one room house.

I gave her 2 choices :

1) Live in a high API score neighborhood in a one room house on a 3000 sf lot but she has to work and must cook at home. She can have one Coach bag and shops at Payless Shoes

2) Live somewhere else on an estate lot and she does not have to work for the rest of her life. We rarely eat at home. She spends her days at her leisure enjoying life doing shopping and blogging. She can more than one Hermes bag per year and must shops at Christian Louboutin and YSL.

That was a really easy choice for her.

 

[panda]

I am not an engineer but I think the engineering jobs are booming here. I think this is one of the reasons why Johns Creek is attracting so many indians to the Johns Creek Technology Park area. There also seems to be a lot of engineering jobs are in Alpharetta. Again, this is not my vocational area, but what I have observed.

any good engineering jobs near the Atlanta area? I am sold to Johns Creek and want to get out of Irvine.

Word up BABY!

i had an appraisal done on my home recently on a re-fi. Honestly i was a little worried if my home wouldn't appraise and I would need to bring more money to closing. Home appraised for $57k higher than my June 30th purchase price   I must thank all the asians.

To have your mortgage payments only be 15 - 25% of your monthly after tax income easily doable in Johns Creek. You don't even have to ask your wife to work

Johns Creek is your best bet.

Why is Irvine still priced higher relatively (as PStar says) when it has no beaches?

I'd rather go somewhere more up and coming, that had more upside potential, not already maxed out on affordability.  Somewhere that a family making double the median salary can have a home consistent with their hard work and success. Somewhere that resembles Irvine in 1990-95.

 

[usctrojancpa]

Panda, I understand that there may be a great opportunity in John's Creek but there are some of us who are stuck in Southern California.  Take me for example, my family either lives in Southern California is is within close driving distance, same goes for my rental properties, and then make my livelihood here in Southern California.  Hard for someone like me to pack up and move all the way across the country even if I could buy 2x as large of a home for half the price.  I'm sure there are other people in the same situation as I am.  You are fortunate that you have a business that allows you live in a lot of different locations.

 

[panda]

Trojan, your profile is probably the majority here in TalkIrvine. A highly paid salary man, family and friends nearby, with deep roots to the area. Unfortunately for me, it seems that all my family and friends wanted to get out of Chicago. Also I am not promoting "Invest in Johns Creek real estate" to the TalkIrvine crowd. I am firm believer of investing in my back yard. Had I thought this strategy was viable, I would have bought a condo in san carlos court in portola and invested in Johns Creek myself. I would never promote something I would not do myself.

That being said, there are the entrepeneurial types who run home based businesses who are tired of living the ratt race, higher taxes, higher costs of living, unable to afford a home in Irvine. There may be some newly weds who may feel hopeless to ever purchase a home in Irvine with their dual income. These people  may not have deep roots or family & friends living in SoCal.  With two wild boys running around breaking things all the time, even 3500 sq/ft sometimes feel like it is not enough space. I just don't understand how a family of 4 can comfortably live in a 1700 sq/ft living space in Irvine. It just seems crazy to me.

All I am saying is this Trojan, I think that Johns Creek is a great alternative to Irvine, for someone who is not the typical Irvine profile like you.

 

[kalbi]

Kalbi, you are making me hungry. i want to eat you. 

[quote authoarer=kalbi link=topic=2429.msg34855#msg34855 date=1330557388]

i don't feel like i'm sacrificing on my home in order to live in irvine.  you might feel that way, but not all feel that way. to each their own, right?

That's pretty much what I said.  I'm speaking strictly from a home perspective (structure, lot).

So lets say you worked at the Irvine Spectrum area as this scenario is near and dear to myself. And you have $xxx,xxx to spend on a home. Homes in Irvine are $330 psf, and homes in Ladera Ranch are $260 psf (I'm just pulling numbers out of the air, I don't know what they actually are nowadays).  Assuming you agree that your child would be no worse off at the combination of Chaparrel/Ladera Ranch MS/Tesoro HS (all 10's) than you would be at say Woodbury Elem/Sierra Vista/Irvine HS?  Then it comes down to trading maybe 15 min on the toll road for a whole lotta sq ft and maybe a yard and view.  It's a trade off, no doubt --- but assuming you don't (as you shouldn't) increase your budget just to live in Irvine --- you are going to sacrifice some *house* to live in Irvine. 

And by all means, if for you or anyone else what Irvine offers is worth the compromise on the home --- that's great.  That was my whole point.  Many people are willing to compromise on the *home* to live in Irvine.  I'm not saying they are right or wrong --- all priorities.  And that is the answer as to why IHO can't find the *home* he wants in the *location* he wants.

again, don't feel any compromise by living where i live.  although i most likely will be able to buy a home with more sq ft in ladera ranch for the same price, to me, living in ladera ranch is a compromise for me in it of itself.  hence, to each his own.

[/quote]

anytime panda... i'm rather yummy.

 

[irvinehomeshopper]

So can I join in this yummy bromance orgy?

Kalbi, you are making me hungry. i want to eat you. 

[quote authoarer=kalbi link=topic=2429.msg34855#msg34855 date=1330557388]

i don't feel like i'm sacrificing on my home in order to live in irvine.  you might feel that way, but not all feel that way. to each their own, right?

That's pretty much what I said.  I'm speaking strictly from a home perspective (structure, lot).

So lets say you worked at the Irvine Spectrum area as this scenario is near and dear to myself. And you have $xxx,xxx to spend on a home. Homes in Irvine are $330 psf, and homes in Ladera Ranch are $260 psf (I'm just pulling numbers out of the air, I don't know what they actually are nowadays).  Assuming you agree that your child would be no worse off at the combination of Chaparrel/Ladera Ranch MS/Tesoro HS (all 10's) than you would be at say Woodbury Elem/Sierra Vista/Irvine HS?  Then it comes down to trading maybe 15 min on the toll road for a whole lotta sq ft and maybe a yard and view.  It's a trade off, no doubt --- but assuming you don't (as you shouldn't) increase your budget just to live in Irvine --- you are going to sacrifice some *house* to live in Irvine. 

And by all means, if for you or anyone else what Irvine offers is worth the compromise on the home --- that's great.  That was my whole point.  Many people are willing to compromise on the *home* to live in Irvine.  I'm not saying they are right or wrong --- all priorities.  And that is the answer as to why IHO can't find the *home* he wants in the *location* he wants.

again, don't feel any compromise by living where i live.  although i most likely will be able to buy a home with more sq ft in ladera ranch for the same price, to me, living in ladera ranch is a compromise for me in it of itself.  hence, to each his own.

anytime panda... i'm rather yummy.
[/quote]

 

[rkp]

Baby Irvine, You wife does not work too? How many rooms at the ground floor ? Do you have a basement too? My wife has not worked for years. She deserves to enjoy life and I refuse to have her work so that we can live in a one room house.

I gave her 2 choices :

1) Live in a high API score neighborhood in a one room house on a 3000 sf lot but she has to work and must cook at home. She can have one Coach bag and shops at Payless Shoes

2) Live somewhere else on an estate lot and she does not have to work for the rest of her life. We rarely eat at home. She spends her days at her leisure enjoying life doing shopping and blogging. She can more than one Hermes bag per year and must shops at Christian Louboutin and YSL.

That was a really easy choice for her.

What neighborhood did you buy in? 

We continue to look in Irvine as most of our activities and friends are here, not to mention my in-laws who we see regularly.  It feels more central to OC, is closer to my wifes HQ and most of the customers I used to have when I was doing SoCal sales, and its easy to get to LA.  We can get more for our money in Serrano Heights or Ladera Ranch, two areas we really looked into but both had their own downsides and meant more time in the car, esp if we have to ever go into an office again. 

Also, I like to be in a walking city and while Irvine is far from it, its getting closer with Woodbury and the shops integrated with the community.  I dont imagine lugging groceries daily but its nice to know that I can stroll to get a coffee or work out.  And I know this an entirely other can of worms but I also like VoC and TF for that reason.