There is a correlation between incomes and house prices, but not strong enough to make accurate predictions from. We can track median and average incomes all we want, but what good is that data if the people buying homes do not have median or average incomes? Also, as we've seen recently, foreign money can be a fairly large part of total demand, and is not covered by income data. While I also don't believe in 7% long term growth, we've seen that basing home buying purely on "fundamentals" can leave you disappointed for a very long time.
Newer Irvine listings with crazy WTF asking prices from equity sellers
- Thread starter usctrojancpa
- Start date
NEW -> Contingent Buyer Assistance Program
Home price to income ratio in major eastern asian cities are a lot higher than major US cities.
Property price here is still considered cheap to FCB's.
DTIs in families living in major eastern asian cities are also high.
So don't under-estimate the amount of debt potential asian buyers are willing to take on (as long as banks approve it).
But yeah, I think there are FCBs in other areas too.
$1M+ and no driveway. Ouch.
Boggles my mind that this Princeton Court condo near UCI sold for $415/sqft when the same floor plan, with a much nicer view, sold for $420/sqft two months ago:https://www.redfin.com/CA/Irvine/181-Stanford-Ct-92612/unit-17/home/5679992
Agree with daedalus.daedalus said:
Home price to income ratio in major eastern asian cities are a lot higher than major US cities.
Property price here is still considered cheap to FCB's.
DTIs in families living in major eastern asian cities are also high.
So don't under-estimate the amount of debt potential asian buyers are willing to take on (as long as banks approve it).
irvinehomeowner
Well-known member
hello? TalkIRVINE?hello said:
But yeah, I think there are FCBs in other areas too.
usctrojancpa
Well-known member
A Saratoga DETACHED CONDO (even though it's classified as single home detached home) listed for $500/sf?
https://www.redfin.com/CA/Irvine/203-Cedarwood-92620/home/51685720
Doh, the seller/listing agent didn't realize that the same floor plan would be listed for $100k less...
https://www.redfin.com/CA/Irvine/216-Bancroft-92620/home/59050756
That's gotta suck.
https://www.redfin.com/CA/Irvine/203-Cedarwood-92620/home/51685720
Doh, the seller/listing agent didn't realize that the same floor plan would be listed for $100k less...
https://www.redfin.com/CA/Irvine/216-Bancroft-92620/home/59050756
That's gotta suck.
ChasingRainbows
Member
USCTrojanCPA said:
$1M+ and no driveway. Ouch.
Hugo Township
Active member
https://www.redfin.com/CA/Irvine/16-Stanford-Ct-92612/unit-8/home/5679394AW said:
Boggles my mind that this Princeton Court condo near UCI sold for $415/sqft when the same floor plan, with a much nicer view, sold for $420/sqft two months ago:https://www.redfin.com/CA/Irvine/181-Stanford-Ct-92612/unit-17/home/5679992
aquabliss
Well-known member
Do you think they really sold this for $155k under the ask price?https://www.redfin.com/CA/Irvine/55-Gray-Dove-92618/home/7203683
Shoot I woulda bought it.
Shoot I woulda bought it.
usctrojancpa
Well-known member
Did someone say overpriced attached condo in Irvine?
https://www.redfin.com/CA/Irvine/143-Islington-92620/home/5794011
$434/sf is definitely steep even for Northwood Pointe. My client bought the same floor plan last year for 10% less.
https://www.redfin.com/CA/Irvine/143-Islington-92620/home/5794011
$434/sf is definitely steep even for Northwood Pointe. My client bought the same floor plan last year for 10% less.
usctrojancpa
Well-known member
There was one that closed earlier this year above $650k. I think it's because it has a downstairs bedroom and bath plus a yard with only one common wall.AW said:
ps99472
New member
https://www.redfin.com/CA/Irvine/27-Statuary-92620/home/40101216
San Marino I believe, that's some nice equity if they can sell for almost $500/sq ft!
San Marino I believe, that's some nice equity if they can sell for almost $500/sq ft!