irvinehomeowner
Well-known member
I don't think I can hold down the Irvine thug life without CK.
I'm getting sad.
I'm getting sad.
Montecito / Sonoma / Carmel Pricing
- Thread starter irvinehomeowner
- Start date
NEW -> Contingent Buyer Assistance Program
panda
Well-known member
[quote author="ck"]
[quote author="Panda "]CK, I can see you living in Valencia or Thousand Oaks and being just as happy.
[/quote]
Those are both fine places, Panda --- but each are very bland, with little diversity. And no good food in a reasonable distance. Porter Ranch is much better....and a much better commute to the two offices my Firm has up there (downtown LA and Woodland Hills).[/quote]
CK. I never knew it would come to this. When I see a die hard Irvine fan like yourself looking at alternatives, it get Panda worried.
I know you would never leave SoCal but, Duluth, GA has always been my main back up to Irvine if prices don't move down at all by 2012. Though you've never been there, home prices are third the cost with the same median income as Irvine. Though you don't have the 70 degree weather and beaches all year round, The community is newer with a 87% job and population growth in the past 5 years, diverse, and the schools are excellent.
http://www.sugarloafcc.com
"Sugar Loaf" is the "Shady Canyon" of Gwinnett County. The median home price of the 880 homes in this golf course community is around $1.5M and the entry level home in Sugarloaf back in 2006 was around $700K. If i can pick up a $1M dollar home in 2006 for $550,000 - $650,000 in Sugarloaf, I would not mind buying here over WB East KB Homes (Coranado) for the same price. This whole area reminds me so much of where Irvine was back in the early 90s. There is so much upside potential.
It is good that i have time until 2012 to decide where to move. It is going to be either Irvine, CA or Duluth, GA. Though Irvine is a great place to raise a family, in my opinion, the housing situation seems to be a bit stressful for a typical family making above the Irvine median household income.
[quote author="Panda "]CK, I can see you living in Valencia or Thousand Oaks and being just as happy.
[/quote]
Those are both fine places, Panda --- but each are very bland, with little diversity. And no good food in a reasonable distance. Porter Ranch is much better....and a much better commute to the two offices my Firm has up there (downtown LA and Woodland Hills).[/quote]
CK. I never knew it would come to this. When I see a die hard Irvine fan like yourself looking at alternatives, it get Panda worried.
I know you would never leave SoCal but, Duluth, GA has always been my main back up to Irvine if prices don't move down at all by 2012. Though you've never been there, home prices are third the cost with the same median income as Irvine. Though you don't have the 70 degree weather and beaches all year round, The community is newer with a 87% job and population growth in the past 5 years, diverse, and the schools are excellent.
http://www.sugarloafcc.com
"Sugar Loaf" is the "Shady Canyon" of Gwinnett County. The median home price of the 880 homes in this golf course community is around $1.5M and the entry level home in Sugarloaf back in 2006 was around $700K. If i can pick up a $1M dollar home in 2006 for $550,000 - $650,000 in Sugarloaf, I would not mind buying here over WB East KB Homes (Coranado) for the same price. This whole area reminds me so much of where Irvine was back in the early 90s. There is so much upside potential.
It is good that i have time until 2012 to decide where to move. It is going to be either Irvine, CA or Duluth, GA. Though Irvine is a great place to raise a family, in my opinion, the housing situation seems to be a bit stressful for a typical family making above the Irvine median household income.
A
Anonymous
Guest
[quote author="USCTrojanCPA"]
I'm sorry to hear that your dreams of home ownership in Irvine may not come to pass, but take the opportunity to look at the other great places to live in Orange County where your home will cost 60-100/sf less than in Irvine. Mission Viejo, Fullerton, Laguna Hills, Laguna Niguel, Serrano Heights, Anaheim Hills, Yorba Linda may all be good options for you guys as they have been for some of my buyers. <!-- s
--><!-- s -->[/quote]
Dream is a strong word...and not sure that it applies for us. We really do like Irvine and believe it is one of the best places to live in all of Southern California, and would have been happy to call it home forever --- but it has to be on our terms. We are not willing to sacrafice financial freedom and a real home just to live here. As far as the other cities you mention....yes we have looked into them all, but they are not equal to Irvine in our opinion. And if not Irvine, we are going to go back to family.
I'm sorry to hear that your dreams of home ownership in Irvine may not come to pass, but take the opportunity to look at the other great places to live in Orange County where your home will cost 60-100/sf less than in Irvine. Mission Viejo, Fullerton, Laguna Hills, Laguna Niguel, Serrano Heights, Anaheim Hills, Yorba Linda may all be good options for you guys as they have been for some of my buyers. <!-- s
--><!-- s -->[/quote]Dream is a strong word...and not sure that it applies for us. We really do like Irvine and believe it is one of the best places to live in all of Southern California, and would have been happy to call it home forever --- but it has to be on our terms. We are not willing to sacrafice financial freedom and a real home just to live here. As far as the other cities you mention....yes we have looked into them all, but they are not equal to Irvine in our opinion. And if not Irvine, we are going to go back to family.
A
Anonymous
Guest
[quote author="SoCal78"]
Would you consider renewing the lease (or is the landlord not open to it?)[/quote]
Let me clarify, I'm not saying we are gonzo just yet --- but what we are willing to pay for the home we live in now does not appear to be consistent with comps in 2010. Maybe everything will fall off a cliff this summer like some think and it will all come back to our number. In which case we will happily stay here. But we are firm on what we think our current home (and Irvine) is worth --- and we are not going any higher or settling for less home than we think we should get for that $$ just to have an Irvine address.
We would consider renewing the lease for 6 months max to get through the end of the school year....but that's it. Kid is growing up = nesting instinct getting stronger. CK getting older, wants his own home. Key word there is home, not condo.
To CK: $655,000/2,655 + 5,000 sq ft yard = right price:
http://www.redfin.com/CA/Porter-Ranch/11520-Venezia-Way-91326/home/8176103
(and that's a CLOSED sale)
Would you consider renewing the lease (or is the landlord not open to it?)[/quote]
Let me clarify, I'm not saying we are gonzo just yet --- but what we are willing to pay for the home we live in now does not appear to be consistent with comps in 2010. Maybe everything will fall off a cliff this summer like some think and it will all come back to our number. In which case we will happily stay here. But we are firm on what we think our current home (and Irvine) is worth --- and we are not going any higher or settling for less home than we think we should get for that $$ just to have an Irvine address.
We would consider renewing the lease for 6 months max to get through the end of the school year....but that's it. Kid is growing up = nesting instinct getting stronger. CK getting older, wants his own home. Key word there is home, not condo.
To CK: $655,000/2,655 + 5,000 sq ft yard = right price:
http://www.redfin.com/CA/Porter-Ranch/11520-Venezia-Way-91326/home/8176103
(and that's a CLOSED sale)
qwerty
Well-known member
[quote author="ck"] Kid is growing up = nesting instinct getting stronger.
[/quote]
Is this really true? I dont have kids but cant see myself thinking this way even when we do. Your whole life you are told you need to get married, have kids and buy a house. The nesting talk sounds like a perfect sales pitch from the NAR. Will your kid really care that she lives in a rental? When i was growing up we lived in rental homes up until i was about 10 (i think) before we bought a house. All the memories i have from the rental homes are just as good as the ones made in the purchased home - i didnt even think about that growing up.
If you really want to live in Irvine just continue to rent until prices come down - you seem like you really love living here; why settle for another city just to "buy" a house - you will just be renting from the bank.
If you are thinking of moving though, I would recommend Serrano Heights (newer neighborhoods, some great views and anaheim hills schools), Trojan has been helping us look for a place there. Serrano has replaced Irvine as my choice to buy a house (well at least at current Serrano prices (about $265) vs current Irvine prices). Although even that area seems to be picking up as well.
We put in an offer on this place, but it didnt work out.
http://www.redfin.com/CA/Orange/8075-E-Portico-Ter-92867/home/5853968
This place was listed last thursday (2/11) and it went into escrow the next day. It was still active on the MLS this past monday (2/15) so we submitted an offer, as it turns out, the MLS was not updated timely. They were listing the highest offer on website, the last offer i saw was 825K, the one before that was 801K in cash. It had a killer view from the master bedroom.
Anyways, people say you should love where you live and it seems like you love Irvine - why settle?
[/quote]
Is this really true? I dont have kids but cant see myself thinking this way even when we do. Your whole life you are told you need to get married, have kids and buy a house. The nesting talk sounds like a perfect sales pitch from the NAR. Will your kid really care that she lives in a rental? When i was growing up we lived in rental homes up until i was about 10 (i think) before we bought a house. All the memories i have from the rental homes are just as good as the ones made in the purchased home - i didnt even think about that growing up.
If you really want to live in Irvine just continue to rent until prices come down - you seem like you really love living here; why settle for another city just to "buy" a house - you will just be renting from the bank.
If you are thinking of moving though, I would recommend Serrano Heights (newer neighborhoods, some great views and anaheim hills schools), Trojan has been helping us look for a place there. Serrano has replaced Irvine as my choice to buy a house (well at least at current Serrano prices (about $265) vs current Irvine prices). Although even that area seems to be picking up as well.
We put in an offer on this place, but it didnt work out.
http://www.redfin.com/CA/Orange/8075-E-Portico-Ter-92867/home/5853968
This place was listed last thursday (2/11) and it went into escrow the next day. It was still active on the MLS this past monday (2/15) so we submitted an offer, as it turns out, the MLS was not updated timely. They were listing the highest offer on website, the last offer i saw was 825K, the one before that was 801K in cash. It had a killer view from the master bedroom.
Anyways, people say you should love where you live and it seems like you love Irvine - why settle?
irvinehomeowner
Well-known member
@qwerty: That Orange house is nice... wish they had something like that in Irvine.
About the renting thing... I used to think it was no big deal but I do feel that both parent and child have a need for stability. Although I'm guilty of moving my kids to 3 different houses in the span of 4 years... those moves did tell me that although they adjust easily... it's not very fun because they do get attached to "the other house". It's one of those YMMV things.
The other thing is many families prefer an SFR situation... and renting one of those in this economy can be a bit scary. Not only do you worry about your home getting foreclosed on unbeknownst to you... but there are other issues. Our landlord seemed nice... but when it came to move out and getting our deposit back... that put us in the "never rent again" group.
Moving from owner to renter and back to owner again just highlighted why I prefer owning over renting. Recently, my kids started drawing colored lines in the grout of our new tile downstairs... something that I would be stressing over if it was a rental... now it's "eh... I'll clean it whenever... maybe 4 years from now".
I think my problem is that I can't move out of this area... and we prefer newer so even places close to Irvine are still in bubble pricing mode. We'll see what happens in the next year or so but if prices of newer homes in Tustin Ranch, Aliso or Laguna Niguel drop considerably in the next year or so... I may have to change my screen name.
About the renting thing... I used to think it was no big deal but I do feel that both parent and child have a need for stability. Although I'm guilty of moving my kids to 3 different houses in the span of 4 years... those moves did tell me that although they adjust easily... it's not very fun because they do get attached to "the other house". It's one of those YMMV things.
The other thing is many families prefer an SFR situation... and renting one of those in this economy can be a bit scary. Not only do you worry about your home getting foreclosed on unbeknownst to you... but there are other issues. Our landlord seemed nice... but when it came to move out and getting our deposit back... that put us in the "never rent again" group.
Moving from owner to renter and back to owner again just highlighted why I prefer owning over renting. Recently, my kids started drawing colored lines in the grout of our new tile downstairs... something that I would be stressing over if it was a rental... now it's "eh... I'll clean it whenever... maybe 4 years from now".
I think my problem is that I can't move out of this area... and we prefer newer so even places close to Irvine are still in bubble pricing mode. We'll see what happens in the next year or so but if prices of newer homes in Tustin Ranch, Aliso or Laguna Niguel drop considerably in the next year or so... I may have to change my screen name.
A
Anonymous
Guest
[quote author="qwerty"]
[quote author="ck"] Kid is growing up = nesting instinct getting stronger.
[/quote]
Is this really true? I dont have kids but cant see myself thinking this way even when we do. Your whole life you are told you need to get married, have kids and buy a house. The nesting talk sounds like a perfect sales pitch from the NAR. Will your kid really care that she lives in a rental? When i was growing up we lived in rental homes up until i was about 10 (i think) before we bought a house.
If you really want to live in Irvine just continue to rent until prices come down - you seem like you really love living here; why settle for another city just to "buy" a house - you will just be renting from the bank.[/quote]
For us its true....we've been living for 5+ years in Irvine rental, and it is just starting to wear on us. We feel "settled" in every aspect of life except our homestead. We just want to be *done*. Both my wife and I are 38....and are just ready for the next step. And I'd probably be ok with renting this house we are in now for a couple of more years if I had a lot of confidence Irvine prices would become tolerable in those couple years. But I just don't have that confidence.
And I know Serrano Heights well....have a friend who moved there from Irvine 2 years ago. We have looked there, and like it. Good move. I'd consider it, but we are really not legacy OC folks. LA is our background. We moved down here 5 years ago for Irvine and only Irvine (my wife went to UCI way back). We do have a lot of friends here now, but pretty much all in Irvine. So for us, if not Irvine there is not much else to keep us here --- we would rather just move on back to LA to be near family than move somewhere else in OC and somewhat start over.
I think you know my wife and I work for one of those Big 4 Firms....so the transition to downtown or even Warner Center (Woodland Hills) is way easy, so no job concerns. I dunno, we have not decided fully to do it --- but are getting close. Our internal clock is ticking...and TIC is not cooperating with us on pricing. <!-- s
--><!-- s -->
[quote author="ck"] Kid is growing up = nesting instinct getting stronger.
[/quote]
Is this really true? I dont have kids but cant see myself thinking this way even when we do. Your whole life you are told you need to get married, have kids and buy a house. The nesting talk sounds like a perfect sales pitch from the NAR. Will your kid really care that she lives in a rental? When i was growing up we lived in rental homes up until i was about 10 (i think) before we bought a house.
If you really want to live in Irvine just continue to rent until prices come down - you seem like you really love living here; why settle for another city just to "buy" a house - you will just be renting from the bank.[/quote]
For us its true....we've been living for 5+ years in Irvine rental, and it is just starting to wear on us. We feel "settled" in every aspect of life except our homestead. We just want to be *done*. Both my wife and I are 38....and are just ready for the next step. And I'd probably be ok with renting this house we are in now for a couple of more years if I had a lot of confidence Irvine prices would become tolerable in those couple years. But I just don't have that confidence.
And I know Serrano Heights well....have a friend who moved there from Irvine 2 years ago. We have looked there, and like it. Good move. I'd consider it, but we are really not legacy OC folks. LA is our background. We moved down here 5 years ago for Irvine and only Irvine (my wife went to UCI way back). We do have a lot of friends here now, but pretty much all in Irvine. So for us, if not Irvine there is not much else to keep us here --- we would rather just move on back to LA to be near family than move somewhere else in OC and somewhat start over.
I think you know my wife and I work for one of those Big 4 Firms....so the transition to downtown or even Warner Center (Woodland Hills) is way easy, so no job concerns. I dunno, we have not decided fully to do it --- but are getting close. Our internal clock is ticking...and TIC is not cooperating with us on pricing. <!-- s
--><!-- s -->
usctrojancpa
Well-known member
[quote author="irvinehomeowner"]@qwerty: That Orange house is nice... wish they had something like that in Irvine.[/quote]
They do...without the view and the lot for over $1m. You can try Turtle Rock or Turtle Ridge but that'll cost you $1.3m+.
They do...without the view and the lot for over $1m. You can try Turtle Rock or Turtle Ridge but that'll cost you $1.3m+.
iacrenter
Well-known member
[quote author="ck"]
[quote author="qwerty"]
Is this really true? I dont have kids but cant see myself thinking this way even when we do. Your whole life you are told you need to get married, have kids and buy a house. The nesting talk sounds like a perfect sales pitch from the NAR. Will your kid really care that she lives in a rental? When i was growing up we lived in rental homes up until i was about 10 (i think) before we bought a house.
If you really want to live in Irvine just continue to rent until prices come down - you seem like you really love living here; why settle for another city just to "buy" a house - you will just be renting from the bank.[/quote]
For us its true....we've been living for 5+ years in Irvine rental, and it is just starting to wear on us. We feel "settled" in every aspect of life except our homestead. We just want to be *done*. Both my wife and I are 38....and are just ready for the next step. And I'd probably be ok with renting this house we are in now for a couple of more years if I had a lot of confidence Irvine prices would become tolerable in those couple years. But I just don't have that confidence.
[/quote]
I definitely know what IHO and CK feel. I've been looking at homes in OC for over 4 years now! I've moved several times and gained a couple kids in the process. My wife and I love Irvine but prices are still crazy. I am fortunate enough to have a secure good paying job and we have saved a large down payment but I shutter at the thought of dropping big $$$$ for an Irvine home I know should be fundamentally priced less.
I was able to kill the itch to buy a home by renting a SFR and it looks like my landlord will let us stay for several years (I think). My kids are still young so I am not attached to a particular school or district yet.
Even if Irvine RE has hit bottom (I personally don't think so), there is little downside for me to let the market play itself out over the next 1-2 years. At worst prices stay flat or minimal rise. At best, the economy stagnates or double dips and REOs pour into the market.
As much as I am tempted by the smell of new homes by TIC, BK is right--they are selling us an overpriced puffed up bag of chips. Lots of PR pizzaz in fancy packaging but little in terms of substance.
CK, I wish you and your family the best. Glad to hear you are living by your convictions. Don't let anyone tell you differently.
[quote author="qwerty"]
Is this really true? I dont have kids but cant see myself thinking this way even when we do. Your whole life you are told you need to get married, have kids and buy a house. The nesting talk sounds like a perfect sales pitch from the NAR. Will your kid really care that she lives in a rental? When i was growing up we lived in rental homes up until i was about 10 (i think) before we bought a house.
If you really want to live in Irvine just continue to rent until prices come down - you seem like you really love living here; why settle for another city just to "buy" a house - you will just be renting from the bank.[/quote]
For us its true....we've been living for 5+ years in Irvine rental, and it is just starting to wear on us. We feel "settled" in every aspect of life except our homestead. We just want to be *done*. Both my wife and I are 38....and are just ready for the next step. And I'd probably be ok with renting this house we are in now for a couple of more years if I had a lot of confidence Irvine prices would become tolerable in those couple years. But I just don't have that confidence.
[/quote]
I definitely know what IHO and CK feel. I've been looking at homes in OC for over 4 years now! I've moved several times and gained a couple kids in the process. My wife and I love Irvine but prices are still crazy. I am fortunate enough to have a secure good paying job and we have saved a large down payment but I shutter at the thought of dropping big $$$$ for an Irvine home I know should be fundamentally priced less.
I was able to kill the itch to buy a home by renting a SFR and it looks like my landlord will let us stay for several years (I think). My kids are still young so I am not attached to a particular school or district yet.
Even if Irvine RE has hit bottom (I personally don't think so), there is little downside for me to let the market play itself out over the next 1-2 years. At worst prices stay flat or minimal rise. At best, the economy stagnates or double dips and REOs pour into the market.
As much as I am tempted by the smell of new homes by TIC, BK is right--they are selling us an overpriced puffed up bag of chips. Lots of PR pizzaz in fancy packaging but little in terms of substance.
CK, I wish you and your family the best. Glad to hear you are living by your convictions. Don't let anyone tell you differently.
iacrenter
Well-known member
[quote author="irvinehomeowner"]
Moving from owner to renter and back to owner again just highlighted why I prefer owning over renting. Recently, my kids started drawing colored lines in the grout of our new tile downstairs... something that I would be stressing over if it was a rental... now it's "eh... I'll clean it whenever... maybe 4 years from now".
.[/quote]
I actually feel the opposite (I guess I am not the most conscientious renter)--if my kid starts drawing on the wall or banging the ball against the door, it does not bother me. Especially when it comes to bigger stuff like leaking pipes or electrical problems. Then it really doesn't bother me. I know that it ultimately falls on my landlord for these more expensive items.
Moving from owner to renter and back to owner again just highlighted why I prefer owning over renting. Recently, my kids started drawing colored lines in the grout of our new tile downstairs... something that I would be stressing over if it was a rental... now it's "eh... I'll clean it whenever... maybe 4 years from now".
.[/quote]
I actually feel the opposite (I guess I am not the most conscientious renter)--if my kid starts drawing on the wall or banging the ball against the door, it does not bother me. Especially when it comes to bigger stuff like leaking pipes or electrical problems. Then it really doesn't bother me. I know that it ultimately falls on my landlord for these more expensive items.
iacrenter
Well-known member
[quote author="ajw522"][quote author=graceomalley board=irvinere thread=566 post=6023 time=1266394749]AJ,
OK, here goes; I'm gonna respond to some of your downsides.
#12: Wrong. Trash cans go out to the end of the motorcourt to the main street on trash pick up days. They are not left on the motorcourt.
[/quote]
This sounds just as bad. Where are you going to place trash bins for all six homes? Assume at least 2 bins per home x 6 homes = 12 bins (some may opt for the Green bins too!). If everybody with a third car is parking along the curb near the motorcourt entry, where will the cans go?
OK, here goes; I'm gonna respond to some of your downsides.
#12: Wrong. Trash cans go out to the end of the motorcourt to the main street on trash pick up days. They are not left on the motorcourt.
[/quote]
This sounds just as bad. Where are you going to place trash bins for all six homes? Assume at least 2 bins per home x 6 homes = 12 bins (some may opt for the Green bins too!). If everybody with a third car is parking along the curb near the motorcourt entry, where will the cans go?
I think I am with CK on everything he's been saying in this thread. Some houses we are looking at are back up to 2007 and prices... isn't that crazy? we had a friend purchase a home in irvine - 2500 sq ft in 7/07 for $888k. while this person thought they would eat crap if they had to sell, they are being told they could sell this house for $900K currently. Another short sale we were looking at was put on hold because i am assuming they think they can get more money for the prop as prices are running up FAST.
It's to the point that I am seeing more equity sellers put their homes on the market to take advantage of the spike in demand. I've always loved the Camelia neighboord (plan w 2400 sq ft). 2 new listings came out. One equity seller at $875K (~$365/ft). The other is a short sale listed at $775K. Property has 4 offers after barely being on the market. Property is expected to sell at $850-900K. I believe both properties are located on Grape Arbor.
We are still looking, and are still making offers, but we're not having much luck. I'm really not willing to raise the ante at this point. Where I work, there is more discussion about downside vs. strong residential real estate pricing. It just seems counter-intuitive how real estate in irvine is acting right now...
It's to the point that I am seeing more equity sellers put their homes on the market to take advantage of the spike in demand. I've always loved the Camelia neighboord (plan w 2400 sq ft). 2 new listings came out. One equity seller at $875K (~$365/ft). The other is a short sale listed at $775K. Property has 4 offers after barely being on the market. Property is expected to sell at $850-900K. I believe both properties are located on Grape Arbor.
We are still looking, and are still making offers, but we're not having much luck. I'm really not willing to raise the ante at this point. Where I work, there is more discussion about downside vs. strong residential real estate pricing. It just seems counter-intuitive how real estate in irvine is acting right now...
irvinehomeowner
Well-known member
[quote author="akim997"]Where I work, there is more discussion about downside vs. strong residential real estate pricing. It just seems counter-intuitive how real estate in irvine is acting right now...[/quote]
This is something I've been trying to point out for quite a while now. While everyone else is pointing to high-end Shady Canyon and how prices are 50%, they are ignoring the mid $500k-$1m range where prices aren't really being discounted at all. Then they try to distract you with Ladera or Riverside... but this isn't any of those places.
So what is your thinking on why Irvine is so stubborn right now?
This is something I've been trying to point out for quite a while now. While everyone else is pointing to high-end Shady Canyon and how prices are 50%, they are ignoring the mid $500k-$1m range where prices aren't really being discounted at all. Then they try to distract you with Ladera or Riverside... but this isn't any of those places.
So what is your thinking on why Irvine is so stubborn right now?
A
Anonymous
Guest
[quote author="IACRenter"]
CK, I wish you and your family the best. Glad to hear you are living by your convictions. Don't let anyone tell you differently.[/quote]
Thanks, IAC. Appreciate that. The other thing I didn't mention as a contributing factor to is that my wife recently decided to go part time at work, to spend more time with our daugther. We knew this decision would limit our options in Irvine --- but it is the right decision for the family. We'll never get this time back, and it is our firm belief that more time with our child will trump any upside we get from having the word *Irvine* on our drivers license. We learned (from experience) that CDC afterschool care sucks just as much in Irvine as it probably does in Santa Ana.
It's funny --- having lived in Irvine for 5 years actually makes the decision easier. Don't get me wrong --- we LOVE it here in Irvine. But we also have realized in the 5 years living here that we are no happier here than we were living in LA. And if we end up in a situation where we are stretching too far to pay for it, we will be even less happy for living here. Trust me, I totally appreciate why anyone would buy here. If we didn't have all of our family sitting in a place we know first hand provides almost everything Irvine does (with the glaring exception of summer heat), we'd possibly decide to settle for less house here, too.
But, no. A backyard pool will cure a lot of those summer heat issues. <!-- s
--><!-- s -->
CK, I wish you and your family the best. Glad to hear you are living by your convictions. Don't let anyone tell you differently.[/quote]
Thanks, IAC. Appreciate that. The other thing I didn't mention as a contributing factor to is that my wife recently decided to go part time at work, to spend more time with our daugther. We knew this decision would limit our options in Irvine --- but it is the right decision for the family. We'll never get this time back, and it is our firm belief that more time with our child will trump any upside we get from having the word *Irvine* on our drivers license. We learned (from experience) that CDC afterschool care sucks just as much in Irvine as it probably does in Santa Ana.
It's funny --- having lived in Irvine for 5 years actually makes the decision easier. Don't get me wrong --- we LOVE it here in Irvine. But we also have realized in the 5 years living here that we are no happier here than we were living in LA. And if we end up in a situation where we are stretching too far to pay for it, we will be even less happy for living here. Trust me, I totally appreciate why anyone would buy here. If we didn't have all of our family sitting in a place we know first hand provides almost everything Irvine does (with the glaring exception of summer heat), we'd possibly decide to settle for less house here, too.
But, no. A backyard pool will cure a lot of those summer heat issues. <!-- s
--><!-- s -->[quote author="irvinehomeowner"]
[quote author="akim997"]Where I work, there is more discussion about downside vs. strong residential real estate pricing. It just seems counter-intuitive how real estate in irvine is acting right now...[/quote]
This is something I've been trying to point out for quite a while now. While everyone else is pointing to high-end Shady Canyon and how prices are 50%, they are ignoring the mid $500k-$1m range where prices aren't really being discounted at all. Then they try to distract you with Ladera or Riverside... but this isn't any of those places.
So what is your thinking on why Irvine is so stubborn right now?[/quote]
This is exactly why we were able to sell the property we bought in 2005 breaking even less commission. The pricing of the resell property is making the 2010 collection sound reasonable. Why this is happening? I am thinking just because there are still a lot people who wants to move into Irvine. They have been looking for a while during the down time, some got in but most didn't because we all thought it will keep going down and down. Myself included!!! I thought we will not be able to sell unless we lose our shirts. With break even listing price, we sold it in one week! Now all of a sudden, we are in the market to buy. Then people started to see inventory drying up, then a small bubble was forming to create something we are seeing today. You know what, this is starting to happen slowly in surrounding city such as Serrano Heights, Orange, and Labera Ranch etc.
[quote author="akim997"]Where I work, there is more discussion about downside vs. strong residential real estate pricing. It just seems counter-intuitive how real estate in irvine is acting right now...[/quote]
This is something I've been trying to point out for quite a while now. While everyone else is pointing to high-end Shady Canyon and how prices are 50%, they are ignoring the mid $500k-$1m range where prices aren't really being discounted at all. Then they try to distract you with Ladera or Riverside... but this isn't any of those places.
So what is your thinking on why Irvine is so stubborn right now?[/quote]
This is exactly why we were able to sell the property we bought in 2005 breaking even less commission. The pricing of the resell property is making the 2010 collection sound reasonable. Why this is happening? I am thinking just because there are still a lot people who wants to move into Irvine. They have been looking for a while during the down time, some got in but most didn't because we all thought it will keep going down and down. Myself included!!! I thought we will not be able to sell unless we lose our shirts. With break even listing price, we sold it in one week! Now all of a sudden, we are in the market to buy. Then people started to see inventory drying up, then a small bubble was forming to create something we are seeing today. You know what, this is starting to happen slowly in surrounding city such as Serrano Heights, Orange, and Labera Ranch etc.
panda
Well-known member
[quote author="irvinehomeowner"]
[quote author="akim997"]Where I work, there is more discussion about downside vs. strong residential real estate pricing. It just seems counter-intuitive how real estate in irvine is acting right now...[/quote]
This is something I've been trying to point out for quite a while now. While everyone else is pointing to high-end Shady Canyon and how prices are 50%, they are ignoring the mid $500k-$1m range where prices aren't really being discounted at all. Then they try to distract you with Ladera or Riverside... but this isn't any of those places.
So what is your thinking on why Irvine is so stubborn right now?[/quote]
I am convinced this is not the bottom in Irvine. There are two key economic indicators that i am waiting for that has not happened yet. I believe that unemployment will rise up to 15% in Irvine like I originally posted on IHB, and we will see Irvine inventory break over a 1,000 as the life support for the resdential real estate will be exhausted. 2010 - 2012 is going to be an interesting time where we will witness both the hyperinflation of 1980 and massive deflation of the 1930s all in one. Personally. I would not financially lock myself into any thing right now and keep yourself liquid and be patient.
I love Awgee's shark analogy on IHB of all the small sharks taking bites and the big sharks are making circles waiting for blood.
[quote author="akim997"]Where I work, there is more discussion about downside vs. strong residential real estate pricing. It just seems counter-intuitive how real estate in irvine is acting right now...[/quote]
This is something I've been trying to point out for quite a while now. While everyone else is pointing to high-end Shady Canyon and how prices are 50%, they are ignoring the mid $500k-$1m range where prices aren't really being discounted at all. Then they try to distract you with Ladera or Riverside... but this isn't any of those places.
So what is your thinking on why Irvine is so stubborn right now?[/quote]
I am convinced this is not the bottom in Irvine. There are two key economic indicators that i am waiting for that has not happened yet. I believe that unemployment will rise up to 15% in Irvine like I originally posted on IHB, and we will see Irvine inventory break over a 1,000 as the life support for the resdential real estate will be exhausted. 2010 - 2012 is going to be an interesting time where we will witness both the hyperinflation of 1980 and massive deflation of the 1930s all in one. Personally. I would not financially lock myself into any thing right now and keep yourself liquid and be patient.
I love Awgee's shark analogy on IHB of all the small sharks taking bites and the big sharks are making circles waiting for blood.
panda
Well-known member
[quote author="akim997"]even if current MBS purchase program doesn't end in Mar, the gov can't subsidize the mortgage markets forever... not with our current deficit. higher mortgage rates + high unemployment should create some downward pressure on housing. [/quote]
You are absolutely correct. There are two diciplines I live by when i am ready to make a home purchase in Irvine.
1) I will not buy an Irvine home when the inventory is at its lowest levels.
2) I will not buy an Irvine home when mortgage rates are at its lowest levels.
I know that this may sound like a broken record, but right now is not the time to be buying a home in Irvine.
You are absolutely correct. There are two diciplines I live by when i am ready to make a home purchase in Irvine.
1) I will not buy an Irvine home when the inventory is at its lowest levels.
2) I will not buy an Irvine home when mortgage rates are at its lowest levels.
I know that this may sound like a broken record, but right now is not the time to be buying a home in Irvine.
irvinehomeowner
Well-known member
[quote author="akim997"]even if current MBS purchase program doesn't end in Mar, the gov can't subsidize the mortgage markets forever... not with our current deficit. higher mortgage rates + high unemployment should create some downward pressure on housing. [/quote]
Fundamentally, that should... but Irvine has exhibited non-fundamental behavior.
And... I don't think there is as many stressed mortgages in Irvine as other places... 2009 sales data shows an average of 40%. So these people can hold to their WTH pricing longer than other areas and we won't see the lowering of prices proportional to that downward pressure.
Fundamentally, that should... but Irvine has exhibited non-fundamental behavior.
And... I don't think there is as many stressed mortgages in Irvine as other places... 2009 sales data shows an average of 40%. So these people can hold to their WTH pricing longer than other areas and we won't see the lowering of prices proportional to that downward pressure.