Hidden Canyon in Irvine
- Thread starter lcms2002
- Start date
NEW -> Contingent Buyer Assistance Program
You kind of answered your own question: your friends are in their mid 30's. Given their age, they've had that level of income for at most ~10 years. The average Hidden Canyon buyer with that income is likely a few years older and had more time to build wealth. Older folks also had the benefit of getting into a nice home before the crazy runup of the mid 2000's and have a ton of equity in their current homes. I know an engineer couple looking at HC and they are making even below the low end of the range you gave. The only way they are able to even consider HC is because they bought new in Newport Coast in 2002 at 1MM. They were house-poor for a while, but it turned out to be the best decision they made - the house is currently worth $2.2-2.5MM.
I also find it hard to believe physician couples in their 30's are buying 2.5MM homes. They've barely started earning a real income and have huge amounts of student loans.
It isn't until the 5000+sqft range that you start to get nice size secondary bedrooms with Toll. I'm currently living in one of their smaller models (~4000sqft) and the secondary bedrooms are 150-170sqft. I really wish they had brought some of the Positano models from Yorba Linda over to HC, but the footprint of those were way too big to be viable in HC.
A general surgeon doesn't make as much as you think. An orthopod/plastic/neurosurgeon would be 32-35 after residency/fellowship, if they had zero downtime from high school on. Even at $1MM/yr it would be tough to get into a $2.5MM home in that short of a time. I was thinking derm/rad/opth, but realistically, if someone is buying in HC in their 30's, they probably work/worked in finance. Or these days developed an iPhone app.
Where did the mid 30's number come from anyway? Are there really that many in that age bracket buying in HC?
They definitely did not make this kind of money right after college. Incoming generally ramps up quick the first 10-15 years out of college and then plateaus a bit (again with the non-doctor/SBO/partner track attorney/etc profession).
If you're in your mid 40s, then I can definitely understand how you can afford 2.2-2.5MM now if you bought real estate in the early 2000s. Unfortunately, I was a bit too late and lost on this opportunity.
Well I can't argue that. But we do take the Paris approach and live significantly below our means. Which is why we'll pay off our mortgage much much sooner than most. My wife and I came from low income households in our young years. While her situation got much better into her teen years mine never did. I can never save enough, my wife is now more of a we can't take it with us mentality now. My mentality is that it can all go away tomorrow.
Besides, why pay a premium to live by Asians in HC when I can pay a discount price to live by Asians here
The premium is reserved for living amongst the white folks
And like socal said, Mexicans don't take education as seriously as Asians which is why I dont need to be in IUSD.
Also, while most of you may think columbus square is some sort of second class neighborhood because of the school district, there is a lot of money here. One of farmies friends house is like a bmw 7 series/tesla dealership, another garage I've seen has like 3 Porsches and and a bmw, theres a couple of ferraris and a Bentley.
With the decline in healthcare reimbursement, it's harder and harder for anyone making more than 1/2 a mil unless you are in Orthopedics, Neurosurgery, Ophthalmology, plastic surgery. Chances are slim that the couple are both in one of these specialties.
I think most HC buyers are more like in their 40s and 50s. Now, if they are young and rich, chances are the money most likely coming from the family and not because they earn or save from working.
Agree. It's hard for drs to make that kind of $ unless you are in a few select specialties. But in my circle, I know several pairings that you described. There's a reason drs marry drs. You have 4 years of med school to meet. If not, there's another x years in residency to meet. If still not, there's fellowship.
Marbella - easily, Capri - likely.
The first Marbella resales will for sure be over $3MM, considering many of the early phase buyers will be in for nearly that much, maybe even more, after its all said and done. Toll is also known for ridiculous, over the top models, and I could see those listing at $4MM+ which would boost the price of the neighborhood. In their nearly completed Amalfi Hills development in Yorba Linda, the Positano models sold for $3.2MM and $3.5MM, and new homes there sold mostly in the $1.8 - $2.1MM range.
woodburyowner said:
You kind of answered your own question: your friends are in their mid 30's. Given their age, they've had that level of income for at most ~10 years. The average Hidden Canyon buyer with that income is likely a few years older and had more time to build wealth. Older folks also had the benefit of getting into a nice home before the crazy runup of the mid 2000's and have a ton of equity in their current homes. I know an engineer couple looking at HC and they are making even below the low end of the range you gave. The only way they are able to even consider HC is because they bought new in Newport Coast in 2002 at 1MM. They were house-poor for a while, but it turned out to be the best decision they made - the house is currently worth $2.2-2.5MM.
I also find it hard to believe physician couples in their 30's are buying 2.5MM homes. They've barely started earning a real income and have huge amounts of student loans.
CondoTRAP said:
It isn't until the 5000+sqft range that you start to get nice size secondary bedrooms with Toll. I'm currently living in one of their smaller models (~4000sqft) and the secondary bedrooms are 150-170sqft. I really wish they had brought some of the Positano models from Yorba Linda over to HC, but the footprint of those were way too big to be viable in HC.
bones said:
A general surgeon doesn't make as much as you think. An orthopod/plastic/neurosurgeon would be 32-35 after residency/fellowship, if they had zero downtime from high school on. Even at $1MM/yr it would be tough to get into a $2.5MM home in that short of a time. I was thinking derm/rad/opth, but realistically, if someone is buying in HC in their 30's, they probably work/worked in finance. Or these days developed an iPhone app.
Where did the mid 30's number come from anyway? Are there really that many in that age bracket buying in HC?
woodburyowner
Well-known member
stephen said:
They definitely did not make this kind of money right after college. Incoming generally ramps up quick the first 10-15 years out of college and then plateaus a bit (again with the non-doctor/SBO/partner track attorney/etc profession).
If you're in your mid 40s, then I can definitely understand how you can afford 2.2-2.5MM now if you bought real estate in the early 2000s. Unfortunately, I was a bit too late and lost on this opportunity.
The other challenge with buying in HC is that you have to be a "non contingent" buyer-- which means that you cannot rely on the equity in your home to qualify. You have to qualify based on cash you have saved separately, along with your net after tax income (after assuming your current house is rented out).
HC is selling well because (1) initial releases of most new developments tend to sell well and (2) there really aren't that many choices in this price range. If you like new construction, HC and Trevi are your only choices. Trevi also had this opening pop last year.
qwerty
Well-known member
bones said:qwerty said:bones said:
Let's not forget the accounting/accounting combo
Last I checked, that combo lives in the least desireable 3 car garage scenario zoned to "bad" schools in an "effed up" school district
Well I can't argue that. But we do take the Paris approach and live significantly below our means. Which is why we'll pay off our mortgage much much sooner than most. My wife and I came from low income households in our young years. While her situation got much better into her teen years mine never did. I can never save enough, my wife is now more of a we can't take it with us mentality now. My mentality is that it can all go away tomorrow.
Besides, why pay a premium to live by Asians in HC when I can pay a discount price to live by Asians here
The premium is reserved for living amongst the white folks
And like socal said, Mexicans don't take education as seriously as Asians which is why I dont need to be in IUSD.
Also, while most of you may think columbus square is some sort of second class neighborhood because of the school district, there is a lot of money here. One of farmies friends house is like a bmw 7 series/tesla dealership, another garage I've seen has like 3 Porsches and and a bmw, theres a couple of ferraris and a Bentley.
bones said:
With the decline in healthcare reimbursement, it's harder and harder for anyone making more than 1/2 a mil unless you are in Orthopedics, Neurosurgery, Ophthalmology, plastic surgery. Chances are slim that the couple are both in one of these specialties.
I think most HC buyers are more like in their 40s and 50s. Now, if they are young and rich, chances are the money most likely coming from the family and not because they earn or save from working.
Movingup said:
Agree. It's hard for drs to make that kind of $ unless you are in a few select specialties. But in my circle, I know several pairings that you described. There's a reason drs marry drs. You have 4 years of med school to meet. If not, there's another x years in residency to meet. If still not, there's fellowship.
Laniakea said:
Marbella - easily, Capri - likely.
The first Marbella resales will for sure be over $3MM, considering many of the early phase buyers will be in for nearly that much, maybe even more, after its all said and done. Toll is also known for ridiculous, over the top models, and I could see those listing at $4MM+ which would boost the price of the neighborhood. In their nearly completed Amalfi Hills development in Yorba Linda, the Positano models sold for $3.2MM and $3.5MM, and new homes there sold mostly in the $1.8 - $2.1MM range.