Newer Irvine listings with crazy WTF asking prices from equity sellers

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CalBears96 said:
Other than the view, which is really nice, there's nothing good about this home. It's the smallest plan. Also, the lot size on Redfin is wrong. It's not 3800 sq ft, but 3600 sq ft tiny lot, just like 125 Oakstone. The lot information is from City of Irvine Online Parcel Search, so I trust it more. Basically, it's 5 ft from the house to the back wall.
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That lot is a joke.
 
usctrojancpa said:
That yard is so small, can you even put a patio outside? What good is a view lot if you can't even enjoy it being outside because of the tiny yard.
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To be fair, since IP homes are built in a L shape, you could still put a small patio outside of Great Room. That space is probably around 12'x15' or so, I would think.
 
DrTravel said:
I chatted with him. Exact words were “F**k!!! I deserve the loss profit for listening to that M**********r LL”
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That owner was a mediocre investor to begin with, so this was inevitable. They purchased in late 2017 right before Irvine went into a 3-year slump from 2018-20. They rented the property out for $4,800/mo according to the Redfin property records, which means they were negative cashflowing at least $40k per year. According to the listing, the property was fully renovated, so maybe another $100-200k was spent on that. The Covid boom helped bail them out, but in the end they could have made twice (2x) as much money in a SPY etf with far less hassle.
 
Liar Loan said:
That owner was a mediocre investor to begin with, so this was inevitable. They purchased in late 2017 right before Irvine went into a 3-year slump from 2018-20. They rented the property out for $4,800/mo according to the Redfin property records, which means they were negative cashflowing at least $40k per year. According to the listing, the property was fully renovated, so maybe another $100-200k was spent on that. The Covid boom helped bail them out, but in the end they could have made twice (2x) as much money in a SPY etf with far less hassle.
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Where do you live LL?
The answer to this will tell us if you’re right or wrong.
 
No one cares about your exact address... just a general area since you keep crapping on Irvine and know most of us live here.

But I think you're embarrassed because this revelation might belie your advice. Just like when you told people not to buy and then ended up buying yourself. :)
 
Liar Loan said:
I told people not to buy in Irvine once it had peaked in 2018. The few that listened like Kenkoko saved six-figure sums. And no, I did not go against that advice by buying in Irvine myself.
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Uh... your memory is like a fisherman's, fish gets bigger and bigger.

The discussion of not to buy was in General Real Estate thread... not just Irvine. You sided with others on not buying in any city.

Did kenkoko say he saved six figures? You keep pointing to that one and maybe one other story... where many more others lost out because they didn't buy in 2018 vs now.
 
irvinehomeowner said:
Uh... your memory is like a fisherman's, fish gets bigger and bigger.

The discussion of not to buy was in General Real Estate thread... not just Irvine. You sided with others on not buying in any city.

Did kenkoko say he saved six figures? You keep pointing to that one and maybe one other story... where many more others lost out because they didn't buy in 2018 vs now.
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There is no hard and fast rule that says we can't discuss Irvine in the General Real Estate thread.

I can point to multiple people that testified they saved money by waiting. You can point to zero people that said they lost money by waiting, but in your mind that counts as "many more others".
 
CalBears96 said:
Anyone who bought and locked in rates before April 2022 saved a lot of money. Facts. Rates started climbing fast after that.
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What’s surprising is that price doesn’t stagnate while rates shot up, in Irvine. While national average fell down since then.
 
vsfan said:
What’s surprising is that price doesn’t stagnate while rates shot up, in Irvine. While national average fell down since then.
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Foreign Cash/Chinese Buyers at work, right? rendering the local housing market unaffordable for folks who actually live, and work here.
 
vsfan said:
What’s surprising is that price doesn’t stagnate while rates shot up, in Irvine. While national average fell down since then.
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Actually, price did stagnate for some time right after rates shot up, pretty much from Sep 2022 to March 2023. Reason? No cash flow from FCBs. However, right around March 2023, two things happened: (1) 11 states planned legislations to ban foreign buyers and (2) China opened up again. As a result, FCBs are flooding the California (specifically Irvine) housing market again.
 
vsfan said:
What’s surprising is that price doesn’t stagnate while rates shot up, in Irvine. While national average fell down since then.
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That's not true. Some markets are down, but most are up and Orange County is the #1 market for appreciation right now.

Case-Shiller: National House Price Index Up 6.3% year-over-year in April​


1719364910379.png​


Orange County rises to No. 1 home-price gains in US on high-end rush​


Overall, Orange County prices rose 10.5% in the past 12 months, the No. 1 gain of the 30. That was driven by a 12.3% jump for luxury homes – also No. 1 among the 30 markets.

The county also had a 10.9% increase for its mid-section market (No. 2) but “only” a 8.3% rise for the starter segment (No. 6).

www.sbsun.com

Orange County rises to No. 1 home-price gains in US on high-end rush

Overall Orange County prices rose 10.5% in the past 12 months, the No. 1 gain of the 30. That was driven by a 12.3% jump for luxury homes.
www.sbsun.com www.sbsun.com
 

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Liar Loan said:
That's not true. Some markets are down, but most are up and Orange County is the #1 market for appreciation right now.

Case-Shiller: National House Price Index Up 6.3% year-over-year in April​


View attachment 9865

Orange County rises to No. 1 home-price gains in US on high-end rush​


Overall, Orange County prices rose 10.5% in the past 12 months, the No. 1 gain of the 30. That was driven by a 12.3% jump for luxury homes – also No. 1 among the 30 markets.

The county also had a 10.9% increase for its mid-section market (No. 2) but “only” a 8.3% rise for the starter segment (No. 6).

www.sbsun.com

Orange County rises to No. 1 home-price gains in US on high-end rush

Overall Orange County prices rose 10.5% in the past 12 months, the No. 1 gain of the 30. That was driven by a 12.3% jump for luxury homes.
www.sbsun.com www.sbsun.com
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What city do you live in Liar Loan?
Stop avoiding the question 😂
 
Liar Loan said:
I've already answered this question for you. You just don't remember.

I live in Irvine, in the home your parents bought for you, rent free, inside your head.
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Using this logic, does Irvine live rent free in your mind? 😂

I see this legitimate question triggers you, which is interesting. Brings our a visceral reaction. I see I’ve hit a sensitive spot.

So what city do you live in?
 
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