Sunnyirvine
Member
Is 28feet deep backyard is decent? It is hard to visualize until homes are built. Thoughts?? There are few lots with premium in PS.
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Palo Alto, Plan 3 at SG
- Thread starter Sunnyirvine
- Start date
NEW -> Contingent Buyer Assistance Program
Then I guess I will wait 'FOREVER'. I was poised to buy in Alaska, when prices were on par with SoCal in 2010, but high oil prices created high housing prices, but both bubbles have since popped. I have no idea what the catalyst for Irvine / SoCal will be, it could be Sino-US relations, Global Economy, US Economy, Stock Market crash, interest rates, Mortgage Deduction being rendered moot by doubling the standard deduction, etc.. But this madness will subside, from what I can tell we already hit the peak of this market cycle last summer. One of the only reasons why people are accepting some of these ludicrous prices is based on the expectation of continued appreciation. We are nowhere near rental parity. For those that doubt we are in the middle of another housing bubble, this article from 2005 pretty much summarizes where I think we are today, with 2 years of another correction,
http://www.nytimes.com/2005/05/27/opinion/running-out-of-bubbles.html
Agreed, and while I haven't seen a MASS exodus, I have seen TIC building a lot more apartments than homes, presumably for a reason.
At the pace things were going over the past few years I would agree, but homes are staying in the market konger, and builders are having to through in custom options.... And if China imposition of capital controls is even moderately effective, or their local housing bubble bursts;
https://www.bloomberg.com/news/arti...real-estate-buyers-are-suddenly-short-on-cash
http://fortune.com/2016/11/02/china-housing-bubble/
Don't think for a minute we aren't going to go through another real estate cycle. Irvine is now the most Asian city per capita in the US, and I maintain I would rather wait for higher rates, lower prices (and less FCB's) before handing over my life savings for a stucco box with a few feet of land around it.
Compressed-Village said:jbot747 said:Funkie said:jbot747 said:I just biked up the Jeffrey Open Space Trail, through Portola, and around the Great Park to Irvine Blvd / Alton on Monday. Does everyone see how much land the Irvine Company still has to develop on?
Don't be fooled into thinking that they are going to run out any time soon, we are at the top of a market cycle, and historical precedent would have a correction within the next 2 years. There is a reason why all the FCB's stopped buying at these prices. That being said, I feel like any correction will quickly bring back the institutional investors / FCB's...
Only a 35% of land circled actually belong to the Irvine Company. The rest belong to Five Point.
With that said, TIC expects to finish everything within the the 5 years.
There may be no more 'new" homes available 10 years from now.
This is the "last chance" to buy anything brand new in Irvine.
It is an unique opportunity for the buyers.
You think if the market corrects they will just continue building? They would have built out by now if they didn't more or less completely stop building in 2008, and slowly start again in 2011. I just hate the way people create a false sense of urgency, it clouds normally reasonable ppl's judgement, and makes it more of an emotional / impulsive purchase. For those that don't think housing is going to correct, just look at the last 30 years of SoCal real-estate. Personally, I am waiting for prices to get down to around $300/sqft, $350 if no HOA/MelloRoos.
You might have to wait FOREVER at the price range you looking for. On another thought, move to TRUMP LAND, FLYOVER COUNTRY will do it.
Then I guess I will wait 'FOREVER'. I was poised to buy in Alaska, when prices were on par with SoCal in 2010, but high oil prices created high housing prices, but both bubbles have since popped. I have no idea what the catalyst for Irvine / SoCal will be, it could be Sino-US relations, Global Economy, US Economy, Stock Market crash, interest rates, Mortgage Deduction being rendered moot by doubling the standard deduction, etc.. But this madness will subside, from what I can tell we already hit the peak of this market cycle last summer. One of the only reasons why people are accepting some of these ludicrous prices is based on the expectation of continued appreciation. We are nowhere near rental parity. For those that doubt we are in the middle of another housing bubble, this article from 2005 pretty much summarizes where I think we are today, with 2 years of another correction,
http://www.nytimes.com/2005/05/27/opinion/running-out-of-bubbles.html
irvinebullhousing
Well-known member
You gotta put a roof over your head. Whether it rent or buy. Renting is suitable for many people. Give you the freedom of move about when ones need to. The job market is good here. Otherwise there would be exodus to mid-west for cheap housing and great jobs. I haven't seen that, have you?
28 feet setback from house to wall, that'd make you a 1%er for new builds!Sunnyirvine said:Is 28feet deep backyard is decent? It is hard to visualize until homes are built. Thoughts?? There are few lots with premium in PS.
28 foot is a nice set back. I'd call that a good size yard in new home standard (and a nice premium lot). Normal size yard in older builds.Sunnyirvine said:Is 28feet deep backyard is decent? It is hard to visualize until homes are built. Thoughts?? There are few lots with premium in PS.
Compressed-Village said:You gotta put a roof over your head. Whether it rent or buy. Renting is suitable for many people. Give you the freedom of move about when ones need to. The job market is good here. Otherwise there would be exodus to mid-west for cheap housing and great jobs. I haven't seen that, have you?
Agreed, and while I haven't seen a MASS exodus, I have seen TIC building a lot more apartments than homes, presumably for a reason.
Sunnyirvine
Member
OC Register news, southern CA current in employment rate 3.7% lowest in 9 years.
Everything has an apex, especially an economic cycle. #BoomBust
https://vimeo.com/155878775
https://vimeo.com/155878775
lnc said:I do believe majority of TIC development will sell out in approximately 5 years, especially the products that are under $1.3m.
I post this a few months ago that there are approximately 11,000 more home to be built in Irvine.
http://www.talkirvine.com/index.php/topic,14947.msg300330.html#msg300330
However, out of 11,000 homes, less than 40% are TIC products and rest are GP's. Base on what we're are seeing, TIC neighborhoods are selling way faster than GP's and I can totally see TIC home are near sell out in 5 years. Probably the only home remains in TIC villages 5 years from now are some over $2m homes, anything at lower price point are all gone.
At the pace things were going over the past few years I would agree, but homes are staying in the market konger, and builders are having to through in custom options.... And if China imposition of capital controls is even moderately effective, or their local housing bubble bursts;
https://www.bloomberg.com/news/arti...real-estate-buyers-are-suddenly-short-on-cash
http://fortune.com/2016/11/02/china-housing-bubble/
Don't think for a minute we aren't going to go through another real estate cycle. Irvine is now the most Asian city per capita in the US, and I maintain I would rather wait for higher rates, lower prices (and less FCB's) before handing over my life savings for a stucco box with a few feet of land around it.