[IHB] Be Priced Out Forever!

[zovall]

Blog post by CZ:http://www.irvinehousingblog.com/blog/comments/be-priced-out-forever

 

[Irvinecommuter]

I don't know if one will be priced out forever but I think there has to be an acceptance that there is a floor for Irvine homes.  Short of a great depression level crisis, there will always be buyers for homes in Irvine.  Looking at the Cypress Village plans, a 2000 sq. ft house is just going to cost near $1 million...not that far from what it was in 2005.

 

[irvinehomeowner]

Looking at the Cypress Village plans, a 2000 sq. ft house is just going to cost near $1 million...not that far from what it was in 2005.

Eh... in 2005, $1mil could buy your 2500+sft  3CWG homes (or brand new tandem garage homes).

 

[Irvinecommuter]

Looking at the Cypress Village plans, a 2000 sq. ft house is just going to cost near $1 million...not that far from what it was in 2005.

Eh... in 2005, $1mil could buy your 2500+sft  3CWG homes (or brand new tandem garage homes).

Portisols started at high $700K for a 1700 sq. ft SFR in 2004/2005.  The largest models (2100+ sq. ft) were going around $900K.
http://www.irvinehousingblog.com/forums/viewthread/2035/

 

[sgip]

I like the BLS site that calculates what a 2007 dollar could buy in 2013 (or any year they kept this data)

http://data.bls.gov/cgi-bin/cpicalc.pl

Punch in a few 2007 Irvine housing prices using 2013 dollars and see what comes up.

 

[irvinehomeowner]

Looking at the Cypress Village plans, a 2000 sq. ft house is just going to cost near $1 million...not that far from what it was in 2005.

Eh... in 2005, $1mil could buy your 2500+sft  3CWG homes (or brand new tandem garage homes).

Portisols started at high $700K for a 1700 sq. ft SFR in 2004/2005.  The largest models (2100+ sq. ft) were going around $900K.
http://www.irvinehousingblog.com/forums/viewthread/2035/

Those Portisol models were overpriced in '05. You can get more for your money in resale back then (which there was quite a bit of) or a tandem at Rosemoor for a little more (if I remember correctly).

 

[usctrojancpa]

One of the problems for traditional home buyers is that they are currently competing against investors with deeper pockets (aka all cash buyers).  If a seller has two similar offers (both in price and terms), they will almost always go with the all cash buyer.  I've had several situations where my financied buyers (some putting down 50%+) who had higher offer amounts and even waiving the appraisal contingency still could not win against lower all cash offers.  This is happening a lot in the sub $500k/$600k price range but you'll still see investors go up to the $1m homes.

 

[usctrojancpa]

Looking at the Cypress Village plans, a 2000 sq. ft house is just going to cost near $1 million...not that far from what it was in 2005.

Eh... in 2005, $1mil could buy your 2500+sft  3CWG homes (or brand new tandem garage homes).

Portisols started at high $700K for a 1700 sq. ft SFR in 2004/2005.  The largest models (2100+ sq. ft) were going around $900K.
http://www.irvinehousingblog.com/forums/viewthread/2035/

Looks like we might be back into the high $700k for that 1,700sf Portisol SFR model....84 Loganberry went into escrow within 7 days listed at $780k.
http://www.redfin.com/CA/Irvine/84-Loganberry-92620/home/5958930

 

[Irvinecommuter]

Looking at the Cypress Village plans, a 2000 sq. ft house is just going to cost near $1 million...not that far from what it was in 2005.

Eh... in 2005, $1mil could buy your 2500+sft  3CWG homes (or brand new tandem garage homes).

Portisols started at high $700K for a 1700 sq. ft SFR in 2004/2005.  The largest models (2100+ sq. ft) were going around $900K.
http://www.irvinehousingblog.com/forums/viewthread/2035/

Those Portisol models were overpriced in '05. You can get more for your money in resale back then (which there was quite a bit of) or a tandem at Rosemoor for a little more (if I remember correctly).

They may have been overpriced but they certain went fast and at an ever increasing price.  Also, tandem garages are completely useless.  Tandem garages and a three-story plan were immediate nos for us.