Did Irvine prices get "destroyed"?

[IndieDev]

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]

I think kalbi is female. If kalbi is a guy, he displays a lot of feminine traits (emotionally tense, typical nester, etc).

 

[irvinehomeowner]

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.

As I stated in my first post... I created a thread for that:
http://www.talkirvine.com/index.php?topic=1958.msg25839#msg25839

Since I've been house hunting for the last few years... I've seen closes near their bubble prices. But remember, I'm not arguing that prices haven't dropped, I'm just saying that there is still product and areas in Irvine that haven't dropped as much as others have said. And while you are mentioning generalities... I specifically argued that some areas would be drop slower than others but the response was that ALL would drop... and none were immune. Currently, that doesn't seem to be the case.

Additionally, Irvine's drops are slower than surrounding cities and prices are still higher for similar product... yet the anti-Irvinites say there is nothing an Irvine they should account for that difference... so then why does it exist?

 

[irvinehomeshopper]

Why are we keep beating a dead horse. When the fire is about to go out TIC add more firewood to the fire to keep the flame burning. Homesellers use new homes prices to gauge their asking price. Without the new homes prices comps would have slipped into the 30%. This is plain and simple. There is no magic in Irvine. It is not a special place. The only unicorn is inside the zipper of the banker running the monopoly.

 

[kalbi]

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.

I think kalbi is female. If kalbi is a guy, he displays a lot of feminine traits (emotionally tense, typical nester, etc).
[/quote]

Wow! Aren't you perceptive!

 

[irvinehomeshopper]

Panda does have a nose for aunt flo.

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.

I think kalbi is female. If kalbi is a guy, he displays a lot of feminine traits (emotionally tense, typical nester, etc).

Wow! Aren't you perceptive!
[/quote]

 

[IndieDev]

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.

I think kalbi is female. If kalbi is a guy, he displays a lot of feminine traits (emotionally tense, typical nester, etc).

Wow! Aren't you perceptive!
[/quote]

Definitely female (or feminine).

 

[rkp]

Why are we keep beating a dead horse. When the fire is about to go out TIC add more firewood to the fire to keep the flame burning. Homesellers use new homes prices to gauge their asking price. Without the new homes prices comps would have slipped into the 30%. This is plain and simple. There is no magic in Irvine. It is not a special place. The only unicorn is inside the zipper of the banker running the monopoly.

i think the point is that TIC has plenty of firewood to keep that fire going.  you are spot on that their pricing of new product dictates the resale market and as long as they keep slowly adding product at high prices, the relatively new irvine product will hold better.

 

[irvinehomeshopper]

This is not a mystical science just plain old simple logic. Irvine has TIC. Porter Ranch has Shapell. Rancho Cucamonga has Lewis and Gale Ranch has Shapell. All these unicorn lands have one common trait. All lost about 20% to their home prices and faired much better in price recovery.

 

[irvinehomeowner]

This is not a mystical science just plain old simple logic. Irvine has TIC. Porter Ranch has Shapell. Rancho Cucamonga has Lewis and Gale Ranch has Shapell. All these unicorn lands have one common trait. All lost about 20% to their home prices and faired much better in price recovery.

So the unicorn is a builder and available land to keeps prices up?

I partly believe in that... but Aliso Viejo has Shea and Laguna Niguel has Shapell. Carlsbad has tons of new construction... and Ladera Ranch is still building but prices there have tanked.

 

[IndieDev]

This is not a mystical science just plain old simple logic. Irvine has TIC. Porter Ranch has Shapell. Rancho Cucamonga has Lewis and Gale Ranch has Shapell. All these unicorn lands have one common trait. All lost about 20% to their home prices and faired much better in price recovery.

That being said, even prime neighborhoods in Irvine are suffering. Quail Hill has lost about 70$ sqft at the median since it peaked in late 2010.

 

[irvinehomeshopper]

The  Laguna Niguel and Yorba Linda locations Shapell owns just a few parcels in a big city. Shea is not a land developer elther in Aliso Viejo.

Shapell has no vested interest to pump resources in Laguna Niguel for the same reason Shea for AV.

I am talking about a monopolized city. TIC owns everything in Irvine and has a control over the local government, retails, business complexes and retails. Similarly Shapell owns everything in Porter Ranch. Lewis own everything in Rancho Cucamonga. Shapell owns the entire Gale Ranch. They all have to protect the area where they have the largest land holdings. I am not talking about a few lots but hundreds of thousands acres.

This is not a mystical science just plain old simple logic. Irvine has TIC. Porter Ranch has Shapell. Rancho Cucamonga has Lewis and Gale Ranch has Shapell. All these unicorn lands have one common trait. All lost about 20% to their home prices and faired much better in price recovery.

So the unicorn is a builder and available land to keeps prices up?

I partly believe in that... but Aliso Viejo has Shea and Laguna Niguel has Shapell. Carlsbad has tons of new construction... and Ladera Ranch is still building but prices there have tanked.

 

[irvinehomeshopper]

Without the Irvine Company coming to the rescue Irvine prices would have tanked further. If that happened the land value depreciates. Just like manufacturing if the product retail price is kept high then the raw materials used to make the product is expensive. Take that same logic for rents and home selling prices of products. The higher the rent and higher the home prices the higher value for land.  Irvine Company, Shapell and Lewis are interested in selling land. To make land valuable is to enhance it with development that appeal to the consumers. This is why developers master plan them to raise the price bar otherwise it is worth very little like agricultural farmland based on a strawberry crop $1/basket/sf.

This is not a mystical science just plain old simple logic. Irvine has TIC. Porter Ranch has Shapell. Rancho Cucamonga has Lewis and Gale Ranch has Shapell. All these unicorn lands have one common trait. All lost about 20% to their home prices and faired much better in price recovery.

That being said, even prime neighborhoods in Irvine are suffering. Quail Hill has lost about 70$ sqft at the median since it peaked in late 2010.

 

[IndieDev]

Without the Irvine Company coming to the rescue Irvine prices would have tanked further. If that happened the land value depreciates. Just like manufacturing if the product retail price is kept high then the raw materials used to make the product is expensive. Take that same logic for rents and home selling prices of products. The higher the rent and higher the home prices the higher value for land.  Irvine Company, Shapell and Lewis are interested in selling land. To make land valuable is to enhance it with development that appeal to the consumers. This is why developers master plan them to raise the price bar otherwise it is worth very little like agricultural farmland based on a strawberry crop $1/basket/sf.

This is not a mystical science just plain old simple logic. Irvine has TIC. Porter Ranch has Shapell. Rancho Cucamonga has Lewis and Gale Ranch has Shapell. All these unicorn lands have one common trait. All lost about 20% to their home prices and faired much better in price recovery.

That being said, even prime neighborhoods in Irvine are suffering. Quail Hill has lost about 70$ sqft at the median since it peaked in late 2010.

IHS, if it wasn't for you and a few others, this would be cheerleader land, and people would be talking about unicorns, and how everyone who goes to Uni gets into Harvard.

 

[irvinehomeowner]

The  Laguna Niguel and Yorba Linda locations Shapell owns just a few parcels in a big city. Shea is not a land developer elther in Aliso Viejo.

Shapell has no vested interest to pump resources in Laguna Niguel for the same reason Shea for AV.

I am talking about a monopolized city. TIC owns everything in Irvine and has a control over the local government, retails, business complexes and retails. Similarly Shapell owns everything in Porter Ranch. Lewis own everything in Rancho Cucamonga. Shapell owns the entire Gale Ranch. They all have to protect the area where they have the largest land holdings. I am not talking about a few lots but hundreds of thousands acres.

Ahh... so it's not just new construction but a master developer who controls most of the land in the area/city.

A few people, including a fundamentalist, said that TIC had no control over Irvine prices.

 

[IndieDev]

Troll thread, now with more lies.

 

[irvinehomeshopper]

Indie, Pat Star and me of course are rubbing you all the wrong way and we just popped IHO's bubble of his Unicornland. Irvine is not special. There are way more better cities out there like Porter Ranch without the political corruptions and shady practices. Your narrow vision is limiting your broaden future. You just have to go outside of your comfort zone to see. Take this weekend drive to Porter Ranch and check out the mall out there where Louis Vuitton is next to Target or to Rancho Cucamonga's Victoria Garden and the Bass Pro shop.

The others may think we are pessimists and incorrect. We are not miserable home searchers like many. We all are happy homeowners that made smart choices. Indie with his private beach, PatStar with his infinity view and 3CWG and me ofcourse my 4 car garage and my retired wife.


We all have one thing in common and that is not under the hypnotized spell of the unicorn.

 

[kalbi]

Indie, Pat Star and me of course are rubbing you all the wrong way and we just popped IHO's bubble of his Unicornland. Irvine is not special. There are way more better cities out there like Porter Ranch without the political corruptions and shady practices. Your narrow vision is limiting your broaden future. You just have to go outside of your comfort zone to see. Take this weekend drive to Porter Ranch and check out the mall out there where Louis Vuitton is next to Target or to Rancho Cucamonga's Victoria Garden and the Bass Pro shop.

The others may think we are pessimists and incorrect. We are not miserable home searchers like many. We all are happy homeowners that made smart choices. Indie with his private beach, PatStar with his infinity view and 3CWG and me ofcourse my 4 car garage and my retired wife.


We all have one thing in common and that is not under the hypnotized spell of the unicorn.

If Irvine is not special, why such interest in it? Why are you on TI daily? Just saying. 

 

[IndieDev]

Uh, maybe because he actually lives here and has an opinion on Irvine's price resiliency relevant to the topic at hand?

Why are you here? To flirt with Panda about being delicious to "eat"? Does your over bearing Korean husband know about this?

 

[irvinehomeowner]

Oh I see... when I say that the Irvine Company has influence on Irvine real estate prices, that's called water cooler logic... but when irvinehomeshopper says it... it's gospel.

Or is that a lie?

... we just popped IHO's bubble of his Unicornland. Irvine is not special.

How isn't Irvine special? All those places you named are miles and miles away from Orange County. By your own admission, because Irvine is under the influence of a master developer... that makes it different, or special, compared to surrounding cities in Orange County.

I don't think Irvine is any better than many surrounding cities... my own personal reasons (work, family, friends) puts it at the top of the list... but had I a situation like PatStar (which is very unique when you think about it)... Irvine would also be in the rear-view mirror.

I think your answer comes closest to partly explaining the "premium" Irvine has over surrounding cities... but there is more to that equation. The "pessimists" don't want to answer because that would be admitting there is some difference, which is obvious just by looking at prices of homes, apartment rental rates and even retail rental rates.

 

[irvinehomeshopper]

I have too much time on my hand. I have nothing to do. No mortgage slavery. No HOA and No MR. I take my work leisurely. I don't have to worry about losing my job eventhough I spent my entire day surfing the net. Life is great not having to worry about making ends meet.