GrowthStateofMind
Member
Probably an event not even covered by insurance.
Poll: Irvine Housing Prediction June 2024 to 2025
- Thread starter irvinehomeowner
- Start date
NEW -> Contingent Buyer Assistance Program
For what they're asking ($1.6 mil), you could get this:
I was shopping newer 3CWG homes from 2008 to 2012 and the range was 10%-20% with the nice ones at the lower end. I probably found a handful at 20% off but there was always something that stopped us (1 didn't have a driveway, the other did not have a downstairs bedroom, and yet another was too old and had a weird floor plan).
If memory serves, in the last down cycle the price on attached condos dropped up to ~40%, versus the smaller SFR's (detached condos?) in my area dropped up to ~30%. But I lived in Oak Park/Oak Creek and does not represent Irvine as a whole. I wouldn't classify 2 bed detached condos to be "highly desirable homes" either.
My 1 bed condo in Oak Park (plan 1) dropped from peak of $400k's to I think $240k ish at bottom. But that is a tri-level condo, and again, would not call it "highly desirable" to buyers looking for fewer stairs to climb.
And now detach condo sells 1000 per sqft.
It'll go a lot lower, it's only a 3-bedroom home and the market has slowed a lot for homes in OC outside of Irvine and the coastal areas.
Irvine prices dropped about 20-25% from the pre-Great Recession bubble levels to the double bottom in 2009 and 2011. Attached condos were down 25-30% while SFR homes were down 15-20%.
momopi
Well-known member
For what they're asking ($1.6 mil), you could get this:
It’s national.
Attachments
vsfan
Active member
So someone here thru 2008-2010 told me Irvine only dipped 10-15% most.
luckybuxtonhomeloans
New member
The current trends in home construction are indeed telling. With more homes under construction but a lower percentage being completed, it’s clear that the market is experiencing some challenges. The rise in new months' supply and the drop in units under construction, similar to past recessions, could impact various aspects of the housing market. For those managing construction projects or needing related services, partnering with a reliable asphalt company can be crucial. Quality asphalt work can help ensure that the infrastructure of new homes meets long-term standards and remains resilient despite market fluctuations.
irvinehomeowner
Well-known member
Depends on the segment you were looking at. Low end condos and high end homes had greater dips, but middle tier highly sought after SFRs were lower.
I was shopping newer 3CWG homes from 2008 to 2012 and the range was 10%-20% with the nice ones at the lower end. I probably found a handful at 20% off but there was always something that stopped us (1 didn't have a driveway, the other did not have a downstairs bedroom, and yet another was too old and had a weird floor plan).
momopi
Well-known member
If memory serves, in the last down cycle the price on attached condos dropped up to ~40%, versus the smaller SFR's (detached condos?) in my area dropped up to ~30%. But I lived in Oak Park/Oak Creek and does not represent Irvine as a whole. I wouldn't classify 2 bed detached condos to be "highly desirable homes" either.
My 1 bed condo in Oak Park (plan 1) dropped from peak of $400k's to I think $240k ish at bottom. But that is a tri-level condo, and again, would not call it "highly desirable" to buyers looking for fewer stairs to climb.
vsfan
Active member
And now detach condo sells 1000 per sqft.
NewtoIrvine1
New member
Definitely rent it out. We kept our first property and every time it takes less than 1 month to rent the place out. Rents have also doubled since we bought it
usctrojancpa
Well-known member
It'll go a lot lower, it's only a 3-bedroom home and the market has slowed a lot for homes in OC outside of Irvine and the coastal areas.
usctrojancpa
Well-known member
Irvine prices dropped about 20-25% from the pre-Great Recession bubble levels to the double bottom in 2009 and 2011. Attached condos were down 25-30% while SFR homes were down 15-20%.
Best time to buy a home is when no one wants to buy one. My 2009 Irvine purchase was one of the best decisions I’ve ever made.
irvinehomeowner
Well-known member
Thus my opinion of "If you can afford it and can stay for a while, anytime is a good time..." 
If i were to buy in 2006-2007, it wouldve been good decision but not the better decision compared to 2009-2010Thanks to how California home prices have trended over the long term, every home purchase I've made was one of the best decisions I've ever made.