New vs Resale Prices

NEW -> Contingent Buyer Assistance Program
irvinehomeowner

irvinehomeowner

Well-known member
We've talked about this many times but the recent YellowFever threads had me shocked at the pricing of new homes that don't even have a driveway and could be attached (and are next to environmental hazards).

So I wanted to see what resales are priced at. I had an old Redfin search for newer (1995+) 3BR homes and most of them are over $800k. When you up the room count to 4BR, it's starts at around mid $800s.

This is insane. I haven't really been pricing homes for a few years because we really aren't looking but I really feel bad for anyone looking to buy a home in Irvine today. Looking at these prices, we could have made a $100k more on the SFR we sold a few years ago (although the one we are in now is probably worth more too, percentage wise not as much as our old one).

I always preferred resale over new because I like the older floorplans, the larger (subjective) lots, the driveway, the 3CWG, the multiple living spaces, the hoods, no MRs, ... but if I were to buy now, new just seems like a better choice (toxicity aside) mainly due to availability.

I don't even know, but how much is the least expensive new Irvine home with a driveway? $1m?

Everyone should just buy in Lake Forest. :)
 
The issues with resales, particularly the entry price level homes, are that it takes a long time to find the right home and at the right price.  And when you finally find the one and the one with the right price, most likely you'll be outbid by swarm of other buyers. 

Right now in Irvine, we have a pretty good selection of new builds at a no haggle, no bidding pricing which make it appealing for a lot of buyers. 
 
irvinehomeowner said:
We've talked about this many times but the recent YellowFever threads had me shocked at the pricing of new homes that don't even have a driveway and could be attached (and are next to environmental hazards).

This is insane. I haven't really been pricing homes for a few years because we really aren't looking but I really feel bad for anyone looking to buy a home in Irvine today.

I always preferred resale over new because I like the older floorplans, the larger (subjective) lots, the driveway, the 3CWG, the multiple living spaces, the hoods, no MRs, ...

I don't even know, but how much is the least expensive new Irvine home with a driveway? $1m?

Everyone should just buy in Lake Forest. :)
Click to expand...

Yeah, I agree with you about resale. The good locations were already taken by the older neighborhoods. Nowadays, the new developments have to squeeze out space next to freeways, repurposed military bases, less desirable locations near  landfill, power station, etc. etc. 

In 20 years, the new house that people are paying premium prices for now, will lose that shiny newness, and then what's left are location, neighborhood design, proximity to amenities/jobs/cultural attractions, and distance from eyesores and other hazards, that will help maintain home value and motivate people to put money into revitalizing the neighborhood.


Some people in California have a strange obsession with brand new homes, in my opinion. Yet, all the really nice neighborhoods are actually the older ones with refurbished/rebuilt houses, with classic architecture and design--Pasadena, San Marino, Hancock Park, Los Feliz, Pacific Palisades, Brentwood, Rancho Palos Verdes, etc etc.

I'd have to say probably my favorite neighborhood in Irvine (from a purely aesthetic standpoint) is Turtle Rock (certain sections).





 
I think if I were in the market now, I'd try to find any place with a driveway. Petaluma and Marin had a few spots with driveways that were under 1 mil. Any spot like that I would snatch up. There may be a few out there still.
 
YellowFever said:
Humans like to lowball to get the best deal they can. That's just human nature.
Click to expand...

LOL. This is not necessarily a problem with resale. Good luck with that on new builds.
 
Another good point Jizz. Maybe look else where for the driveway.

Not all new homes have driveways. (It's not just Irvine)
 
Pretty soon there won't be any new homes left in Irvine.  And if you guys think that resale prices are too high now, wait till that happens in about 5-7 years.  I've said it many times...if not for the new home inventory, resale home prices in Irvine would have been up another 5-10%.  The new homes are the new shadow inventory today.  The biggest issue is the lack of supply of resale homes on the market given the demand.  There is a lot of demand in the sub $1m market right now.
 
peppy said:
YellowFever said:
Humans like to lowball to get the best deal they can. That's just human nature.
Click to expand...

LOL. This is not necessarily a problem with resale. Good luck with that on new builds.
Click to expand...

Yeah, good luck negotiating anything with a builder like Irvine Pacific.  haha
 
nyc to oc said:
irvinehomeowner said:
We've talked about this many times but the recent YellowFever threads had me shocked at the pricing of new homes that don't even have a driveway and could be attached (and are next to environmental hazards).

This is insane. I haven't really been pricing homes for a few years because we really aren't looking but I really feel bad for anyone looking to buy a home in Irvine today.

I always preferred resale over new because I like the older floorplans, the larger (subjective) lots, the driveway, the 3CWG, the multiple living spaces, the hoods, no MRs, ...

I don't even know, but how much is the least expensive new Irvine home with a driveway? $1m?

Everyone should just buy in Lake Forest. :)
Click to expand...

Yeah, I agree with you about resale. The good locations were already taken by the older neighborhoods. Nowadays, the new developments have to squeeze out space next to freeways, repurposed military bases, less desirable locations near  landfill, power station, etc. etc. 

In 20 years, the new house that people are paying premium prices for now, will lose that shiny newness, and then what's left are location, neighborhood design, proximity to amenities/jobs/cultural attractions, and distance from eyesores and other hazards, that will help maintain home value and motivate people to put money into revitalizing the neighborhood.


Some people in California have a strange obsession with brand new homes, in my opinion. Yet, all the really nice neighborhoods are actually the older ones with refurbished/rebuilt houses, with classic architecture and design--Pasadena, San Marino, Hancock Park, Los Feliz, Pacific Palisades, Brentwood, Rancho Palos Verdes, etc etc.

I'd have to say probably my favorite neighborhood in Irvine (from a purely aesthetic standpoint) is Turtle Rock (certain sections).
Click to expand...

I agree with you 100%.  At some point the new home smell wears off.
 
USCTrojanCPA said:
nyc to oc said:
irvinehomeowner said:
We've talked about this many times but the recent YellowFever threads had me shocked at the pricing of new homes that don't even have a driveway and could be attached (and are next to environmental hazards).

This is insane. I haven't really been pricing homes for a few years because we really aren't looking but I really feel bad for anyone looking to buy a home in Irvine today.

I always preferred resale over new because I like the older floorplans, the larger (subjective) lots, the driveway, the 3CWG, the multiple living spaces, the hoods, no MRs, ...

I don't even know, but how much is the least expensive new Irvine home with a driveway? $1m?

Everyone should just buy in Lake Forest. :)
Click to expand...

Yeah, I agree with you about resale. The good locations were already taken by the older neighborhoods. Nowadays, the new developments have to squeeze out space next to freeways, repurposed military bases, less desirable locations near  landfill, power station, etc. etc. 

In 20 years, the new house that people are paying premium prices for now, will lose that shiny newness, and then what's left are location, neighborhood design, proximity to amenities/jobs/cultural attractions, and distance from eyesores and other hazards, that will help maintain home value and motivate people to put money into revitalizing the neighborhood.


Some people in California have a strange obsession with brand new homes, in my opinion. Yet, all the really nice neighborhoods are actually the older ones with refurbished/rebuilt houses, with classic architecture and design--Pasadena, San Marino, Hancock Park, Los Feliz, Pacific Palisades, Brentwood, Rancho Palos Verdes, etc etc.

I'd have to say probably my favorite neighborhood in Irvine (from a purely aesthetic standpoint) is Turtle Rock (certain sections).
Click to expand...

I agree with you 100%.  At some point the new home smell wears off.
Click to expand...

Then all you need to do is get a few gallons paint bucket and rollers and get to work to get that new smell all over again 😀😀😀
 
At Yellow:

But... no driveway, no foam wash.

Although I guess you can do it in the motorcourt and thumb your nose at your neighbors.

#FoamMotorCourt
 
eyephone said:
peppy said:
YellowFever said:
Humans like to lowball to get the best deal they can. That's just human nature.
Click to expand...

LOL. This is not necessarily a problem with resale. Good luck with that on new builds.
Click to expand...

How about Quick Move Ins?
Click to expand...

Very few and far between on those new homes under $1m unless you are backing up to a big street or it's a T-intersection. 
 
YellowFever said:
irvinehomeowner said:
At Yellow:

But... no driveway, no foam wash.

Although I guess you can do it in the motorcourt and thumb your nose at your neighbors.

#FoamMotorCourt
Click to expand...

First of all, FU** my neighbors! Secondly, my first home was attached and straight up motorcourt heaven. I foam washed away for about a year. My current home isn't technically a motorcourt but sort of an alleyway where garages face each other and it's a thru street. I still foam wash.

When I get to Petaluma, I'll still foam wash! In fact, if my neighbors rat me out, I'll rat them out to INS/FBI with their birth tourism and prostitution enterprises. (Nah, Chinese people don't rat people out. They ain't no narcs. That's one thing honorable about Chinese, they keep their mouth shut.)

Some of you may not believe it, but I BET anyone that Eastwood will have at least a few Chinese birth tourist hotel homes set-up and probably ONE prostitution ring/house living there. Sex is in such high demand now in Irvine it's unbelievable.

$150 a bang times 10 men a day times 20 weekdays a month x 12 months a year is $360,000 (TAX FREE). There are THOUSANDS of Korean and Mainland Chinese woman who will FLOCK to this kind of business. What these woman can make in one year, they could barely make a lifetime back in their country.
Click to expand...

Wow, if I were a prospective Eastwood buyer, comments like this would totally scare me off from Eastwood or any other new build neighborhood that had a lot of overseas Chinese buyers. Yellow fever are you trying to scare away all buyers except other FOBs who would maybe look forward to living in an environment such as this? Like I said, I chose Tustin school district side of Irvine hoping to decrease the prevalence of some of these issues. Actually, I would rather move to south county, but its unfortunately too far from work. I would take costa mesa, villa park, north tustin, old tustin, etc,  and rather pay for private schools rather than this kind of Eastwood neighborhood with its crappy little stucco boxes with no yard space, overly competitive schools, prostitution rings, illegal AirBnBs, maternity hotels, and inconsiderate chain smoking neighbors. 





 
You must log in or register to reply here.
Back
Top