Dr. CA Real Estate
New member
People need to stay as far away from Harcourts as they can.
Newer Irvine listings with crazy WTF asking prices from equity sellers
- Thread starter usctrojancpa
- Start date
NEW -> Contingent Buyer Assistance Program
Those drapes and carpet are hideous.
Carpet, tile and new countertop. Initial look through I felt it looked very dated even though it was built in 2016. Realized even with the white mission cabinets, it was the early 2000s standard flip beige, beige, brown granite responsible.
Well there is a serious lack of inventory in the lower and middle part of the market (where this home falls into) so some buyers are "reaching" a bit. It's a great time to be a seller nowadays.
About 200k household income assuming $280k (20%) in cash down payment and an aggressive (imo) spend of ~1/3 of your income on mortgage costs alone.
$200k household income is higher than the average of the City of Irvine, and higher than 80%+ of Irvine households.https://statisticalatlas.com/place/California/Irvine/Household-Income
I think it goes without saying that income has not kept pace with housing costs here.
80% is based on available tax return/w2 info.
Probably excludes own C-Corp, S-Corp, partnerships and self employed who all know how to shield income. I bet if you include that population of Irvine, $200K is more like the median.
Don't forget rich foreign families who send their kids here for an education and report 0 income.
Likely.
If a median home price in Irvine is $912k (zillow), which is a believable number, then the average household income should be a third or 1/4th of it. Not 1/9th. In aggregate data, outliers woun't affect it much such as a family of school-teacher living in a turtle rock home for 30 years, FCB kids living in GPN home with zero income, or high earners living in a down sized home etc...
someguy
Active member
Here's a highly ordinary 6,000 sqft home in CCP hills, bought for $3.3m in 2016, asking $4.6m in 2020.
https://www.redfin.com/CA/Irvine/121-Crosswinds-92602/home/103690159
http://oct.estreamone.com/Show.aspx?parcel=527-301-11.0300&year=2016
https://www.redfin.com/CA/Irvine/121-Crosswinds-92602/home/103690159
http://oct.estreamone.com/Show.aspx?parcel=527-301-11.0300&year=2016
usctrojancpa
Well-known member
someguy said:
Those drapes and carpet are hideous.
marmott
Active member
This one felt a WTF to me: $604/sqft for a 2300sqft condo with no particular amazing features or upgrades.
https://www.redfin.com/CA/Irvine/115-Hargrove-92620/home/143910276
https://www.redfin.com/CA/Irvine/115-Hargrove-92620/home/143910276
sgip
Well-known member
Can anyone clearly define for me what differentiates a "standard tract build kitchen" to a "gourmet kitchen"? Seems like every single kitchen description out there must contain either "gourmet" or "chef's" in the descriptor.
92618 currently (12/26/2020) has 240 listed homes. When sorting by the keyword "gourmet" - 76 qualify.
My .02c
92618 currently (12/26/2020) has 240 listed homes. When sorting by the keyword "gourmet" - 76 qualify.
My .02c
nosuchreality
Well-known member
aquabliss said:
Carpet, tile and new countertop. Initial look through I felt it looked very dated even though it was built in 2016. Realized even with the white mission cabinets, it was the early 2000s standard flip beige, beige, brown granite responsible.
usctrojancpa
Well-known member
That seller basically selected no upgrades and everything is builder grade (aka FCB home). Seller bought it for a little over $1m and rented it out for a few years before flipping it.
usctrojancpa
Well-known member
misme said:
Well there is a serious lack of inventory in the lower and middle part of the market (where this home falls into) so some buyers are "reaching" a bit. It's a great time to be a seller nowadays.
Hugo Township
Active member
kpatnps said:
About 200k household income assuming $280k (20%) in cash down payment and an aggressive (imo) spend of ~1/3 of your income on mortgage costs alone.
$200k household income is higher than the average of the City of Irvine, and higher than 80%+ of Irvine households.https://statisticalatlas.com/place/California/Irvine/Household-Income
I think it goes without saying that income has not kept pace with housing costs here.
Sidehussle
Member
HMart said:
80% is based on available tax return/w2 info.
Probably excludes own C-Corp, S-Corp, partnerships and self employed who all know how to shield income. I bet if you include that population of Irvine, $200K is more like the median.
irvinehomeowner
Well-known member
Average Irvine income is drastically underreported/stated.
irvinehomeowner
Well-known member
Sidehussle said:
Don't forget rich foreign families who send their kids here for an education and report 0 income.
Cornflakes
Active member
irvinehomeowner said:
Likely.
If a median home price in Irvine is $912k (zillow), which is a believable number, then the average household income should be a third or 1/4th of it. Not 1/9th. In aggregate data, outliers woun't affect it much such as a family of school-teacher living in a turtle rock home for 30 years, FCB kids living in GPN home with zero income, or high earners living in a down sized home etc...