Please don’t compare a Rolex to a home. The market for a Rolex is internationally recognized. No offense, but Irvine is not. Please don’t make an argument that it’s internationally recognized because a couple of countries in Asia know about it.
I’m completely fine agreeing to disagree here. Irvine was always crazy expensive compared to the rest of the OC area regardless of supply being high (pre-covid) vs supply being low (after covid). The majority of the reason is FCBs. Give credit to Irvine company. They know their target customers and they executed. New homes with actual land at the fraction of the cost compared to the customers home country? That’s a recipe for instant cash. You do know bubbles exist and don't pop for some time right? Look at the housing bubble, dot com bubble, etc. So yes, Irvines bubble has not popped yet, but it doesn't mean it will not pop one day for who knows what reason.
Irvine also doesn’t folllow the normal housing market as it’s been filled with FCBs buying up homes and inflating the actual value of it. No way are you going to tell me that cookie cutter homes should be selling $800+ sq/ft and it being nowhere near the ocean and instead near the fire proned areas. I will say it once and will say it again, the amount of money investors are paying in Irvine, you can get way better returns elsewhere.
