Chinese mainland buyers have driven this ridiculous appreciation. Last 4 or 5 phrases of Fresco which have about 30 homes are 90% purchased by them. Every new resale homes popped up in my hood is immediately snatched by them.
What's defined as a "local buyer"? These FCBs can easily buy their green cards and obtain US citizenship if they wanted. Some probably already have US citizenship.Chinese mainland buyers have driven this ridiculous appreciation. Last 4 or 5 phrases of Fresco which have about 30 homes are 90% purchased by them. Every new resale homes popped up in my hood is immediately snatched by them.
Unfortunately there are a lot of these buyers. Just .01% of 1.5 billion of them are still way too many for irvine.
New laws are needed to stop the bleedings for local buyers here. It’s not right.
What do you think local mean?
US citizens? How are you going to discriminate against a US citizen?
Sleepy is right on this one. A lot of these FCBs are US citizens. The ones that bought across from my current home, for example, is such a case. They stay in China because their kids are young, but they are US citizens. It's just like that article was saying, they buy the homes and wait for their kids to reach school age before moving here. In fact, the one across from me is renting out their home to other Chinese citizens who come here to give birth. We already saw two different families doing that.
What about people who want to move here from other states? Can't do that either? Or the ones that graduate from UCI and want to stay here? They're not local either, right?
Anyone can live in Irvine for 2-3 years and then buy a home. I don't see how your proposal would fix the issue.
What are you talking about? LL says you are losing money according to his excel line graphs. You are all losing money!Irvine real estate is so crazy right now... I've seen some homes sell for almost double than what they were just 10 years ago... and this is in millions not hundreds of thousands.
I've looked back at previous homes I've owned and sold and the appreciation is ridiculous.
So much pain in Irvine.
Ironically Chinese cities have these rules such as using “Hukou” to decide who can buy and who cannot…
How do cities enforce no short term rentals?
Actually, I'm with you on that. I don't want the neighborhood to be full of renters either. I even brought up the idea of charging higher property taxes for out of state buyers who buy these homes as investment properties. In fact, just make it investment properties, period. The $7000 discount for residents is way too little.
STR are probably enforced from neighbor complaint. In the newer HOA communities, HOA tends to enforce it as it clearly states no STR.
Path to citizenship or simply anything about immigration reform is way bigger than Irvine housing price. We are living in a country where estimated 22m people are not documented.
The proposals that I have are not to fix Irvine housing prices. The point is to ban foreign investors from obtaining US real estate.
Foreign individual or any foreign entity? What if a U.S. investment firm is working on behalf of foreign owner? I understand where you are from and your good intention, just that any policy can have loophole plus unintended consequences, and I never believed in any silver bullets. From a long term view, if US is going down the trajectory of European countries 60%+ of the population eventually become renters - because housing will become out of reach for the majority.
So true! Your parents are losing money on their investment, and all they have to show for it is a sniveling kid that posts on TI to cry about it.
Very true. Without transactions, yearly assessment increase is 2%. Now these homes are increasing at 40% to 50% rates.