Irvine outlook

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OC_relocation

Member
Irvine seems to be expanding like crazy. What u folks think how Irvine would be in next 5 years, would this turn out to be mini Hong Kong , LA.
I visited several housing projects in last few days, majority of them r either sold out or have a long wait list,priced under 800k.
We r new in the area, wondering have prices always been like this? Any chances they will go down again lol

BTW we r priced out, so we r sitting and gathering more cash LOL
 
Well. We don't really like old ones specialy made in 70s.
Resales r not any cheaper. And with all new constructions going on, I'm feeling come next few years new constructions will hold much better than old ones.
I could b wrong lol
 
OC_relocation said:
Well. We don't really like old ones specialy made in 70s.
Resales r not any cheaper. And with all new constructions going on, I'm feeling come next few years new constructions will hold much better than old ones.
I could b wrong lol
Click to expand...
Resale homes are a bit cheaper when you factor in upgrades and landscape into the new homes.  Remember, you never pay the sticker price for a new homes...gotta remember that there are additional costs (not only higher mello roos).  If you exclude Beacon Park at the Great Park, there's probably about another 5-6 years worth of new homes left for sale in Irvine.  After that, the price of resale homes will see a bump in prices as there aren't going to be any more new homes for sale in Irvine.
 
USCTrojanCPA said:
OC_relocation said:
Well. We don't really like old ones specialy made in 70s.
Resales r not any cheaper. And with all new constructions going on, I'm feeling come next few years new constructions will hold much better than old ones.
I could b wrong lol
Click to expand...
Resale homes are a bit cheaper when you factor in upgrades and landscape into the new homes.  Remember, you never pay the sticker price for a new homes...gotta remember that there are additional costs (not only higher mello roos).  If you exclude Beacon Park at the Great Park, there's probably about another 5-6 years worth of new homes left for sale in Irvine.  After that, the price of resale homes will see a bump in prices as there aren't going to be any more new homes for sale in Irvine.
Click to expand...

When everything is built out and no one gets to pick their design options they'll look at the total cost to buy/remodel/redecorate and live. I'm betting homes in Northwood Pointe hold up well with one of the mello being paid off in less than three years. Even 4000+ sq foot houses on 7-10K lots with 3 and 4 car garages are going to have only one bond left (around $1700 per year and doesn't rise 2% every year like the newer developments do) and resale buyers are going to think long and hard whether they want to spend whatever mello gets attached to the newer houses. That alone is probably at least $4-$6K a year. The longer time passes, the bigger difference that makes as well because the newer homes mello rises 2% per year, while the old homes stay fixed.

And sometime in the future, when rates are higher, that $4-$6K per year in extra payments is going to loom large when it comes time to qualify for a mortgage...... unless FCB just continue to buy whatever is up for sale.
 
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