IR2's Prior Post : Stats show average of 36% down payment on irvine homes sold in 2008 : Several Million Dollar+ homes are 100% Cash Buys!

NEW -> Contingent Buyer Assistance Program
<blockquote>At each house they were asking the realtor lots of questions like they were interested in actually purchasing (and not just looking out of curiosity). </blockquote>
Ah, we do this too - look at houses like we are going to buy. Although, we've been to so many open houses in our area that the realtors know us by name now. :red: Some of them have even become our friends and we've been socializing with them. :)
 
Dragging the family through model homes is free entertainment. Very few Asian families attend movies. Since very few Asian kids participate in sports and mom and dad do not hang around the soccer fields (sun ray is damaging to the skin ancient Chinese secret for the youthful look) or other sport venues they have plenty of time to kill between morning SAT and Math short cut drills and evening piano recitals by attending model homes. Asians window shop and shop and shop until the retailers or home builders give in with the price. Many will look and research endlessly and it is not an indication of actual sale activities.



Asians regardless of age are extremely focused and persistent on their tasks like studying or buying. Many are way too focused thinking about their goals and neglected the importance of multi tasking and potentially other facets of life. One example is Asian children are focused on academic success but may be clueless in dealing with social interactions. My recent research of Asian involved accidents concluded that it is not bad driving skill that caused the accidents but drivers were pre-occupied thinking about solutions their tasks that they did not pay attention to other drivers and roads.



Asian habit and thinking is extremely predictable. Product retailers valued them because of their consistency and persistent loyalty to products and brands. They also have a high tolerance of enduring hardship and stay focus in reaching their goals. One example is all Asian retail centers have the worse parking problem but they are dedicated patronage and do not mind the inconvenience. The same will not hold true for the Caucasian retails.





[quote author="acpme" date=1211238843]i find it odd that people point out the fact there's a lot of asia buyers. thank you, capt obvious. during the bubble years if you went to a phase release, the crowds must have been predominantly asia. now when i see people at the model homes, they're still predominantly asia, indian, or middle eastern. what does that tell us? there will always be more asia buyers in irvine compared to the next town. but there's very FEW OF THEM and that's what matters.



the fallacy is that the fortunes of this asias is somehow completely uncorrelated with everyone else's. the credit crunch was global. the bear stock market in the first quarter hit harder in europe and asia than it did in america. a lot of the recession rhetoric is going away and people are less nervous than before, but if things go sour, a lot of europeans and asias will bear the brunt. for every american that has their credit card taken away, i wonder how many chinese factory workers starve. (exaggeration, but maybe not...)</blockquote>
 
<strong>Why is it that so many Americans cannot locate America on a world map?</strong>



Ms. Teen South Carolina's <em>revised </em>answer:



"I personally believe that US americans are unable to do so because some people out there in our nation don't have maps

and I believe that our education like such as in [strike]South Africa[/strike] <strong>asian investors </strong>and [strike]the Iraq[/strike] <strong>asian investors </strong>everywhere like such as and I believe that they should our education over here and the US should help the US and should help [strike]South Africa[/strike] <strong>asian investors </strong>and should help [strike]the Iraq[/strike] <strong>asian investors </strong>and the asian [strike]countries[/strike] <strong>investors</strong> so we are able to build up our future."
 
Could just be the latte effect - the buyers just have so much money, the house price isn't all that important, it's like a $4 latte for the rest of us. So they need the house (ex. kids going into kindergarden or whatever) and just buy it. And then only bother to get a mortgage for tax write off purposes.
 
[quote author="awgee" date=1211239171]Anyone purchasing a home withing the next two years is a knife catcher; Asian or otherwise.</blockquote>


This is true. That said, the people buying million dollar homes outright with cash really don't have to worry about it.



Who cares if they lose value? As long as they plan on living there (I don't think you buy a million dollar home to rent/flip right now... no one is THAT stupid), you can ride it out indefinitely.... you're just paying taxes and insurance.



Hell, I guess if you buy it cash, you can rent it and probably turn a profit! The taxes will be high, as will the insurance/HOA, but with no mortgage it could still turn. Would be kinda a dumb investment, since you could make WAY more off almost ANY other investment you put a mil into right now... but it's doable.
 
[quote author="IrvineRealtor" date=1211240064]<strong>Why is it that so many Americans cannot locate America on a world map?</strong>



Ms. Teen South Carolina's <em>revised </em>answer:



"I personally believe that US americans are unable to do so because some people out there in our nation don't have maps

and I believe that our education like such as in [strike]South Africa[/strike] <strong>asian investors </strong>and [strike]the Iraq[/strike] <strong>asian investors </strong>everywhere like such as and I believe that they should our education over here and the US should help the US and should help [strike]South Africa[/strike] <strong>asian investors </strong>and should help [strike]the Iraq[/strike] <strong>asian investors </strong>and the asian [strike]countries[/strike] <strong>investors</strong> so we are able to build up our future."</blockquote>


Oh man, the youtube video of her response was painful. I wonder if she could place the US on a map. My 2 year old composes better sentences than her.
 
Once, on the great plains of Irvine, there were large herds of Caucasian home buyers, they were plenty like the buffalo...



Oh wait, wrong forum. ;p



I'll probably buy around 4Q 2009, then again in 1Q 2012. You guys will probably see me then at open houses and say, "d@mn, these orientals are like sheep chasing after Caucasian white-flight herds".



Just my $0.02. Don't follow my lead if you're afraid of falling sharp objects. Baaaaaaaaaaaaaaaaa~



<a href="http://www.backwoodshome.com/articles/evangelista32.html">How to buy your first sheep</a>



<img src="http://newscoma.files.wordpress.com/2008/04/sheep_racing.jpg" alt="" />
 
My wife attended junior high and high school in irvine during the early 90s and she told me that her high school was practically all white back then. So it seems like all the Chinos and Koreanos started to flood the area in the late 90s huh?
 
[quote author="Masterofdamoney" date=1211241672][quote author="awgee" date=1211239171]Anyone purchasing a home withing the next two years is a knife catcher; Asian or otherwise.</blockquote>


This is true. That said, the people buying million dollar homes outright with cash really don't have to worry about it.



Who cares if they lose value? As long as they plan on living there (I don't think you buy a million dollar home to rent/flip right now... no one is THAT stupid), you can ride it out indefinitely.... you're just paying taxes and insurance.



Hell, I guess if you buy it cash, you can rent it and probably turn a profit! The taxes will be high, as will the insurance/HOA, but with no mortgage it could still turn. Would be kinda a dumb investment, since you could make WAY more off almost ANY other investment you put a mil into right now... but it's doable.</blockquote>


I would consider paying 1 million in cash for a home retarded if you could buy the house for 800k in 2 years. Also if you are dropping 1 million cash on a house you better have 3 more million chillin' in the bank. In fact, why don't you just give me the million dollars so I can blow it on something fun!



Holy Canoli, a million dollars should generate nearly 60k a year in interest income. That can pay for your rent and then some.
 
[quote author="lendingmaestro" date=1211273227][quote author="Masterofdamoney" date=1211241672][quote author="awgee" date=1211239171]Anyone purchasing a home withing the next two years is a knife catcher; Asian or otherwise.</blockquote>


This is true. That said, the people buying million dollar homes outright with cash really don't have to worry about it.



Who cares if they lose value? As long as they plan on living there (I don't think you buy a million dollar home to rent/flip right now... no one is THAT stupid), you can ride it out indefinitely.... you're just paying taxes and insurance.



Hell, I guess if you buy it cash, you can rent it and probably turn a profit! The taxes will be high, as will the insurance/HOA, but with no mortgage it could still turn. Would be kinda a dumb investment, since you could make WAY more off almost ANY other investment you put a mil into right now... but it's doable.</blockquote>


I would consider paying 1 million in cash for a home retarded if you could buy the house for 800k in 2 years. Also if you are dropping 1 million cash on a house you better have 3 more million chillin' in the bank. In fact, why don't you just give me the million dollars so I can blow it on something fun!



Holy Canoli, a million dollars should generate nearly 60k a year in interest income. That can pay for your rent and then some.</blockquote>


wow, 60k interest for 1 million from bank saving account. that's 6%. can you give a name of the bank which pay interest that high?
 
If you have 1 million bucks to shell out you aren't putting it all in CD's. A million bucks in a well diversified portfolio should yield you 6% gross return very easily.
 
[quote author="irvinehousingblog date=1211287176





wow, 60k interest for 1 million from bank saving account. that's 6%. can you give a name of the bank which pay interest that high?</blockquote>
<p>

Suncor
 
put it in muni bonds. that way you also have no taxable income and can collect stimulus checks and all sorts of gub'ment cheese!
 
[quote author="acpme" date=1211324433]put it in muni bonds. that way you also have no taxable income and can collect stimulus checks and all sorts of gub'ment cheese!</blockquote>


Ixnay on the cheese. It's a five pound block of American that is salty as all get out.
 
[quote author="Astute Observer" date=1211328521]I have a different theory. Maybe Asian business are high-vol, low profit ones, and there need to have a lot of traffic relative to business that caters to Caucasian. Majority of Asian learn driving later in life (if they are immigrants), and this is one of the reason for their driving skill. Parking skill is even worse. Most metropolitian area where Asians came from have great pubic transportations.</blockquote>


AO - Time to get a new theory. Many/most of the business are <strong>extremely </strong>profitable. Low-cost and low-margin are not the same.
 
IR2,

I agree with you. Asian businesses in Irvine despite their severe parking issues are very profitable. They are not low profit high volume. They are highway robberies and desperate consumers. 99 Ranch Market is 20% higher in price than 99 Ranch in Monterey Park and other immigrant communities. Sam Woo and China Palace is 30% higher also. Hing Wah Lee Jeweler is also much higher here than Rowland Ht and Monterey Park. Pho (Vietmnamese noodle in beef broth) is $8 vs $4.5 in Little Saigon. Dim Sum averages $3 per plate vs $2 in Monterey Park. Prices in Irvine will continue to skyrocket because the price of gas and freeway traffic many Asians will not make unnecessary trips to Koreatown, Little Saigon, Monterey Park, and Rowland Height.



The Asian business owners in Irvine live in Shady, Newport Coast and, Crystal Cove even Pelican Crest.



One of the home owners living in Pelican Crest became very wealthy from making the Hoisin and Chili sauce in the clear plastic bottle with the green twisting cap. He has no education and no knowledge but he turn a simple product into an empire. Many Asian immigrants living in the most wealthy neighborhoods in OC were in blue collar occupation without english speaking skills and took risk in doing jobs that no one wanted to do. One by one the mom and pop shops became profitable corporations. Their children with educations working in professional jobs however will have less accumulated wealth than them is the biggest irony!!





These are the shoppers who does not research IHB nor read the local papers to better understand the local RE but relies heavily on information provided by their Asian RE agents. Being billigual or triligual has greater advantage in Irvine and surrounding areas.



I will refrain from talking about Asian drivers as all of you know my temperment about this subject.



[quote author="IrvineRealtor" date=1211329231][quote author="Astute Observer" date=1211328521]I have a different theory. Maybe Asian business are high-vol, low profit ones, and there need to have a lot of traffic relative to business that caters to Caucasian. Majority of Asian learn driving later in life (if they are immigrants), and this is one of the reason for their driving skill. Parking skill is even worse. Most metropolitian area where Asians came from have great pubic transportations.</blockquote>


AO - Time to get a new theory. Many/most of the business are <strong>extremely </strong>profitable. Low-cost and low-margin are not the same.</blockquote>
 
[quote author="awgee" date=1211316304][quote author="irvinehousingblog date=1211287176



wow, 60k interest for 1 million from bank saving account. that's 6%. can you give a name of the bank which pay interest that high?</blockquote>


Suncor</blockquote>


Hmm... I'm not aware of a Suncor Bank. Isn't Suncor an energy company?



I too would like to know where I can park $100k and get 6% "interest". No, "diversified investments" are not the same as FDIC-insured interest. :P
 
[quote author="awgee" date=1211239171]Anyone purchasing a home withing the next two years is a knife catcher; Asian or otherwise.</blockquote>


Thanks.

Jeez, what is up with some of the seemingly anti-Asian sentiment I feel here sometimes?
 
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