Where are we headed?Irvine home prices?
- Thread starter OCLuvr
- Start date
NEW -> Contingent Buyer Assistance Program
From 2017 and up to couple months ago, you were able to sell any home at any price and even asked buyers to pay for your closing cost.
From around May to now, I see lotta properties just sitting and not selling. But those that are priced right are still selling well.
From now to end of 2018, the buyers might ask for the price reduction on even the homes that are priced right. And there might be more and more homes listed. - This portion is speculation. And I sincerely do hope it does not turn this way.
Jury is still out on if you are the baby mama or the burner account.
You posted evidence that we may have hit a plateau in prices, not that a 'turn' is in front of us. The reason is simple, salaries. If we have YoY growth that outpaces incomes in the area, eventually we'll hit a price point where people can't afford houses or where the house prices aren't at rental parity.
Hey, just because you didn't buy Delano at phase1 which you could've enjoyed MAX ROI, and also I speculated you right on B_T_B account, it doesn't mean you get to call me someone's mama. Just bring your check next time for MAX ROI, aiight?
What if I'm that Graphix burner account?
I'm kidding man. Don't get too serious on jokes.
Okay Mrs. BTB.
if you look at the current inventory of sub-$500k properties, most of them are old, outdated, or just plain too small. if i'm a fthb in the market, i'm seeing properties that offer a standard of living much lower than renting from an irvine company apartment (for example). there's so much new (or relatively new) product in the $500-$600k range that i believe it makes sense for sub-$500k buyers to wait it out at their resort-like apartment complexes until they can afford something built after they graduated from high school.
So beside vent here, how did you addressed the situation while it was going on? Or did you just accept those behaviors and go on about your business?
I am curious as to what actions are "inconsiderate, crass, and completely self-centered" and how Irvine is different than Foothill Ranch, Lake Forest, Anaheim, Orange, or anywhere else in Orange County?
So you're saying since there are too many Chinese people in Irvine now, the price will drop?
Well, you said it correctly here so I will quote it,
"Once our kids move on to college, we will likely move out of Irvine as well."
Yes, exactly. People will still come to Irvine for their kids and schools and they will live here until then.
Chinese, Indian, Persian, or even born-and-raised American will come to Irvine for their kids and schools no matter what ethnicity becomes the majority.
Your point makes a valid point on moral issues but not much on the market value.
What moral issues?
I agree. For several years now, Arcadia has been the epicenter of bad behavior by people from a certain large country in Asia who have flooded into Arcadia on an epic Biblical scale. Their awful uncivilized behavior has had no effect on Arcadia RE values.
irvine buyer wrote,
"I'm convinced these people see nothing wrong with being inconsiderate, crass, and completely self-centered."
If this is true, then I guess we can say there is a moral issue.
Please note I did not say I agree with his/her statement.
Picking up moved because of people behaviors does not help you. Irvinecommuter is right, Irvine is no difference than other cities, when it comes to human behaviors.
sgip
Well-known member
Back on subject, I was at our local broker preview meeting out in the RSM area. Steven Thomas was giving his usual spiel about numbers and markets. His data showed a balanced market (his words), but what I found interesting - 28 percent of homes under $500k have been on the market for more than 60 days. That's prime FTHB stuff and for it to not move is telling.
The "non-numbers indicative" were Agents talking about the following (all tied to $1m and above properties)
Agent A: "We listed today, but the seller is considering a price reduction already"
Agent B: "To make it interesting the Seller said that all furniture is included in the price"
Agent C: "The owner will offer seller financing..."
Agent D: "I'm not afraid of an FHA financed offer. Send them to me"
Agent E, F, G, H and I: "Well, my beautiful and unique home came back on the market because the buyer couldn't perform...."
There's definitely a turn in front of us, but is it 3%, 5%, or ?? in terms of where we'll be in 6-12 months?
My .02c
SGIP
The "non-numbers indicative" were Agents talking about the following (all tied to $1m and above properties)
Agent A: "We listed today, but the seller is considering a price reduction already"
Agent B: "To make it interesting the Seller said that all furniture is included in the price"
Agent C: "The owner will offer seller financing..."
Agent D: "I'm not afraid of an FHA financed offer. Send them to me"
Agent E, F, G, H and I: "Well, my beautiful and unique home came back on the market because the buyer couldn't perform...."
There's definitely a turn in front of us, but is it 3%, 5%, or ?? in terms of where we'll be in 6-12 months?
My .02c
SGIP
Soylent Green Is People said:
From 2017 and up to couple months ago, you were able to sell any home at any price and even asked buyers to pay for your closing cost.
From around May to now, I see lotta properties just sitting and not selling. But those that are priced right are still selling well.
From now to end of 2018, the buyers might ask for the price reduction on even the homes that are priced right. And there might be more and more homes listed. - This portion is speculation. And I sincerely do hope it does not turn this way.
irvinehomeowner
Well-known member
Mety said:
Jury is still out on if you are the baby mama or the burner account.
ThirtySomethingWEquity
Active member
Soylent Green Is People said:
You posted evidence that we may have hit a plateau in prices, not that a 'turn' is in front of us. The reason is simple, salaries. If we have YoY growth that outpaces incomes in the area, eventually we'll hit a price point where people can't afford houses or where the house prices aren't at rental parity.
irvinehomeowner said:
Hey, just because you didn't buy Delano at phase1 which you could've enjoyed MAX ROI, and also I speculated you right on B_T_B account, it doesn't mean you get to call me someone's mama. Just bring your check next time for MAX ROI, aiight?
What if I'm that Graphix burner account?
I'm kidding man. Don't get too serious on jokes.
irvinehomeowner
Well-known member
Mety said:
Okay Mrs. BTB.
Soylent Green Is People said:
if you look at the current inventory of sub-$500k properties, most of them are old, outdated, or just plain too small. if i'm a fthb in the market, i'm seeing properties that offer a standard of living much lower than renting from an irvine company apartment (for example). there's so much new (or relatively new) product in the $500-$600k range that i believe it makes sense for sub-$500k buyers to wait it out at their resort-like apartment complexes until they can afford something built after they graduated from high school.
irvineband
Member
Not saying USA today is the source of all source but the point being made is using the data during previous recessions. Most people don?t know of any other recession besides the one from 2008-9 which was more of a ?is our financial system going to exist tomorrow? recession.
https://www.google.com/amp/s/amp.usatoday.com/amp/530470002
https://www.google.com/amp/s/amp.usatoday.com/amp/530470002
irvine buyer
Active member
IMO, Irvine is losing its lustre due to the evolving demographics of the city. I've had friends move out of Irvine, despite it's good school district, due to the growing population of certain ethnic groups in the city. I belong to one of them and it embarrasses me to see how some of my own ethnicity conduct themselves in public. Once our kids move on to college, we will likely move out of Irvine as well.
My best guess is that the people that we've been unfortunate enough to interact with are first generation in the US. I'm convinced these people see nothing wrong with being inconsiderate, crass, and completely self-centered. It really brings down my desire to go to the local supermarket or anywhere where I might come across this kind of behavior. I've lived within 10 miles of my current home for the past 20 years and it seems like this only gets worse with every passing year. Let me say that there are people of every ethnicity that are kind and considerate; it just seems that more and more of the people we come across in Irvine are not.
Irvine already has the reputation of highly competitive schools. A friend bypassed Irvine when home shopping because of that reputation. Wait till Irvine gets a reputation for being the home of inconsiderate people who don't care how their actions impact those around them. How will that affect home prices?
My best guess is that the people that we've been unfortunate enough to interact with are first generation in the US. I'm convinced these people see nothing wrong with being inconsiderate, crass, and completely self-centered. It really brings down my desire to go to the local supermarket or anywhere where I might come across this kind of behavior. I've lived within 10 miles of my current home for the past 20 years and it seems like this only gets worse with every passing year. Let me say that there are people of every ethnicity that are kind and considerate; it just seems that more and more of the people we come across in Irvine are not.
Irvine already has the reputation of highly competitive schools. A friend bypassed Irvine when home shopping because of that reputation. Wait till Irvine gets a reputation for being the home of inconsiderate people who don't care how their actions impact those around them. How will that affect home prices?
irvinebullhousing
Well-known member
irvine buyer said:
So beside vent here, how did you addressed the situation while it was going on? Or did you just accept those behaviors and go on about your business?
Irvinecommuter
New member
irvine buyer said:
I am curious as to what actions are "inconsiderate, crass, and completely self-centered" and how Irvine is different than Foothill Ranch, Lake Forest, Anaheim, Orange, or anywhere else in Orange County?
irvine buyer said:
So you're saying since there are too many Chinese people in Irvine now, the price will drop?
Well, you said it correctly here so I will quote it,
"Once our kids move on to college, we will likely move out of Irvine as well."
Yes, exactly. People will still come to Irvine for their kids and schools and they will live here until then.
Chinese, Indian, Persian, or even born-and-raised American will come to Irvine for their kids and schools no matter what ethnicity becomes the majority.
Your point makes a valid point on moral issues but not much on the market value.
Irvinecommuter
New member
Mety said:
What moral issues?
Mety said:
I agree. For several years now, Arcadia has been the epicenter of bad behavior by people from a certain large country in Asia who have flooded into Arcadia on an epic Biblical scale. Their awful uncivilized behavior has had no effect on Arcadia RE values.
Irvinecommuter said:
irvine buyer wrote,
"I'm convinced these people see nothing wrong with being inconsiderate, crass, and completely self-centered."
If this is true, then I guess we can say there is a moral issue.
Please note I did not say I agree with his/her statement.
irvinebullhousing
Well-known member
Happiness said:
Picking up moved because of people behaviors does not help you. Irvinecommuter is right, Irvine is no difference than other cities, when it comes to human behaviors.