First Time Home Buyer In Irvine

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re_fan_IHB

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<p>Hello all... I am new to this forum. Just wanted to get everyone's take on where a first-time home buyer should buy if he/she is looking to live in Irvine? Budget is say in the $600,000 to $700,000 range. </p>

<p>It appears most of the folks on this forum believe the entire market to be headed south and that at the present renting would seem wiser. I tend to be more bullish on RE in general... and I still believe there are good finds in Irvine. </p>

<p>So if you are going to buy... where and why?</p>
 
you're not telling us much, re_fan...how old are you? married/single? got kids? what's most important - space, view, convenience to highway? minimum square footage required?





check out the neighborhood profiles done by irvine renter, they're priceless if you're new to the area.
 
Can I start calling myself a move up buyer, instead of a first time buyer? The way I figure it, every month I write that rent check I am moving up to bigger house...so that makes me a move up buyer, right?
 
I'm sorry, this just seems like TIC/Realtor trolling to me. Big general "aw shucks" question from "re_fan" looking for where everyone would put their dollars right now. . . Look over the original post and ask yourself if it sounds legit.





I don't know about everyone else, but my view is that this forum and blog is being watched very carefully by TIC and other higher-ups in the industry. Indulge them all you want.





Re_fan, I'm calling you out. Good luck with your "search."
 
<p>Bob Toll said "Excess supply exists in most markets and there is concern that additional inventory will emerge due to mortgage defaults. Although some markets have remained strong and some appear to be stabilizing, albeit at much lower activity levels, most markets remain weak." </p>

<p>With another 470 foreclosures this month I would say it is weak and continuing to get weaker. </p>

<p>I second ISB's notion of a troll.</p>
 
<em>"I tend to be more bullish on RE in general..."</em>





Go read the posts from the <a href="http://www.irvinehousingblog.com/analysis/">analysis </a>section on the main blog. If you are still bullish after that, God help you...
 
<p>IrvineRenter: </p>

<p>God help us all if the worst case scenario of housing price drops 40% or more happens. The worst case scenario of houseing drop will not be an real estate / mortage islated event, the impact will be widely felt. I know most on this blog is cheering for a steep drop in housing prices here. ( I don't, since I own a home). We have seen the result of global impact as a result of our subprime problems this week. If we enter into a recession, some of us might not have a job to pay for thatlower priced house. </p>

<p> </p>
 
Irvine123,





I don't believe that most people on this board cheer for a steep drop in housing prices (at least I don't). . . it's simply an economic reality. Just like any another bubble , it has to go sometime. I believe that most of the people on this site were trying to warn people about the impending doom but no one wanted to hear it until it's too late. Any efforts to delay the deflating of the bubble will simply make it worse when the inevitable comes. See Japan in the 1990s.





On the side: A brief description of my "favorite" bubble in history: The tulip bulb bubble in 17th century Holland (it's even fun to say). Although seemingly silly, all of the elements of a classic bubble are demonstrated.





<a href="http://www.investopedia.com/features/crashes/crashes2.asp">www.investopedia.com/features/crashes/crashes2.asp</a>



 
<p>Is it just me, or is it hard to keep track of who's who among the "Irvine" posters? </p>

<p>At least I can recognize who "Irvine Soul Brother" is! </p>

<p>Too funny!</p>

<p> </p>
 
<p>Irvine Soul Brother... I am in the RE business... and yes I did bait you a bit... But not so much along the lines as you were thinking. I merely wanted to get people's opinions... i dont really have any agenda and i'm not really searching.. just wanted to create dialouge. </p>

<p>I am a young, single, private equity analyst... our group only invests in commercial RE... therefore the bullish... its part of my job. Also, I recently purchased a place in Irvine. </p>

<p>I agree that, overall, residential is inflated and that most markets will see a correction. I DO NOT believe there will be a so-called crash, certainly not in Irvine. The fundamentals for the city are all still here... </p>

<p>Job growth - minus the mortgage/finance sector, irvine is experiencing tremendous growth in tech, medical, and light manufacturing. Irvine is still seeing moderate population growth. Vacancy in the market for every product type is tight... this is strong indicator that people WANT to be in Irvine... for both businesses and people that want to make this city their home. </p>

<p>I won't kid myself though, we are definitely in a buyer's market now... and I agree it would be foolish for anyone to try to play the flipping game in this type of environment. However, long term, I believe Irvine to be one of OC's premier cities... and that housing prices will continue to reflect this. </p>

<p>I see no evidence of a so-called bubble... people def are sobering up from a housing market frenzy... but median home prices in the $700,000s... come on... really? bubble? impending doom? I guess the next year or so will tell...</p>

<p> </p>

<p> </p>
 
<p>"I DO NOT believe there will be a so-called crash, certainly not in Irvine. The fundamentals for the city are all still here... "</p>

<p>As are the foreclosures and REOs.</p>

<p>Potato, potahto, I guess.</p>
 
foreclosures and reos... clearly mechanisms for a correction... people that shouldn't be owning will eventually have to move out.. a more important question to be asking... how quickly and what discounts are these foreclosures moving at? to be honest i have no idea..
 
<p>Then I would invite you to spend more time on the blog and have a gander through the second thread from the top in the Forums about foreclosure and distressed properties. Due diligence, anyone?</p>
 
<p>2 basic fundementals that have fueled this market for a long time have changed. This includes Irvine </p>

<p>The nonstop apreciation of housing since 1992. It has stopped. And prices are falling. Its a depreciating asset for the present.</p>

<p>Loans. That problem is just coming to the market now. What its effect will be in the months to come is unknown. But it is not </p>

<p>good. Maybe not a crash. But a major step back. I think worst case is prices as seen in about year 2000. For gods sake rent.</p>

<p>Cash is KING. </p>
 
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