Who's buying?

NEW -> Contingent Buyer Assistance Program
Nvm. Just read the "in irvine" caveat. Then yea probably doesn't exist. Irvine is such a shithole for a 20-something without kids. Why would anyone with those qualifications choose to live here?
 
bones said:
Nvm. Just read the "in irvine" caveat. Then yea probably doesn't exist. Irvine is such a shithole for a 20-something without kids. Why would anyone with those qualifications choose to live here?
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Paging IHO
 
qwerty said:
bones said:
Nvm. Just read the "in irvine" caveat. Then yea probably doesn't exist. Irvine is such a shithole for a 20-something without kids. Why would anyone with those qualifications choose to live here?
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Paging IHO
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For the pick-up basketball of course.

#ballerreasons
 
We are one of those young families that just purchased those $800+ homes. And no, we didn't get help from families and our salaries are modest (both working).

We moved from LA. We were living in South Bay were $1mil would not get your anything decent. Maybe a crappy 2B1B in Manhattan Beach that requires $100k in renovation or 3B2B in a sketchy neighborhood with horrible schools. So we sold in LA and moved to Irvine where at that time, $800+ felt like a bargain.

I know several other people doing the same. Selling in LA and moving to Irvine.

Believe it or not, Irvine is still a bargain compared to some parts of LA.
 
tata said:
We are one of those young families that just purchased those $800+ homes. And no, we didn't get help from families and our salaries are modest (both working).

We moved from LA. We were living in South Bay were $1mil would not get your anything decent. Maybe a crappy 2B1B in Manhattan Beach that requires $100k in renovation or 3B2B in a sketchy neighborhood with horrible schools. So we sold in LA and moved to Irvine where at that time, $800+ felt like a bargain.

I know several other people doing the same. Selling in LA and moving to Irvine.

Believe it or not, Irvine is still a bargain compared to some parts of LA.
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A modest salary, but heir to the family fortune?

#TataIndia
https://en.wikipedia.org/wiki/Tata_Group
 
tata said:
We are one of those young families that just purchased those $800+ homes. And no, we didn't get help from families and our salaries are modest (both working).

We moved from LA. We were living in South Bay were $1mil would not get your anything decent. Maybe a crappy 2B1B in Manhattan Beach that requires $100k in renovation or 3B2B in a sketchy neighborhood with horrible schools. So we sold in LA and moved to Irvine where at that time, $800+ felt like a bargain.

I know several other people doing the same. Selling in LA and moving to Irvine.

Believe it or not, Irvine is still a bargain compared to some parts of LA.
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The only way a modest household income affords an $800K+ house, is if a large amount of equity from a prior house is coming along for the ride. Are you telling us you lived below your means for several years and saved ~$200K to move to Irvine on a modest income?
 
"Modest" to me, suggested their household income wasn't too far from the median household income in LA/OC, which is probably approaching $70K. So I read "modest income" as "not much more than $100K."
 
Perspective said:
tata said:
We are one of those young families that just purchased those $800+ homes. And no, we didn't get help from families and our salaries are modest (both working).

We moved from LA. We were living in South Bay were $1mil would not get your anything decent. Maybe a crappy 2B1B in Manhattan Beach that requires $100k in renovation or 3B2B in a sketchy neighborhood with horrible schools. So we sold in LA and moved to Irvine where at that time, $800+ felt like a bargain.

I know several other people doing the same. Selling in LA and moving to Irvine.

Believe it or not, Irvine is still a bargain compared to some parts of LA.
Click to expand...

The only way a modest household income affords an $800K+ house, is if a large amount of equity from a prior house is coming along for the ride. Are you telling us you lived below your means for several years and saved ~$200K to move to Irvine on a modest income?
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Lots of people in Irvine have family wealth and $80,000/year jobs.  So large down payments with a mortgage for deduction purposes are doable.
 
Almost everyone I know - personal friends - who live in Irvine, are making a min of 80K a year, and probably more like $120K per year, saved up the down for their own home, and some are even supporting or helping their parents financially. This is not an uncommon thing.

Only catch is that most are in their mid to late 30's, I don't know many late 20's folk doing the same, so can't report on that data.
 
Sorry, by "modest" I meant $100-$150K... Am I off?? My husband and I are in our early 30s and it seemed like that's the average for our age bracket???

And yes, we saved a lot but just as someone mentioned... what helped the most was the equity from our prior home that appreciated $150k in just two years. I know several other families doing the same thing... selling their crappy home in LA and moving down to this beautiful irvine!!
 
The more new homes built with 2 master bedrooms, the more  you know parents/grandparents are fronting the money.
 
tata said:
Sorry, by "modest" I meant $100-$150K... Am I off?? My husband and I are in our early 30s and it seemed like that's the average for our age bracket???

And yes, we saved a lot but just as someone mentioned... what helped the most was the equity from our prior home that appreciated $150k in just two years. I know several other families doing the same thing... selling their crappy home in LA and moving down to this beautiful irvine!!
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It sounds like you and SoCal should get together and compare your definitions for "modest" vs. "rampant".  ;)
 
$150k for early to mid 30 is def not the norm, even with bonuses and stock options.  But kudos to those in that bracket
 
tata said:
Sorry, by "modest" I meant $100-$150K... Am I off?? My husband and I are in our early 30s and it seemed like that's the average for our age bracket???

And yes, we saved a lot but just as someone mentioned... what helped the most was the equity from our prior home that appreciated $150k in just two years. I know several other families doing the same thing... selling their crappy home in LA and moving down to this beautiful irvine!!
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Here's data from the U.S census for Irvine in 2007 - things have probably changed, and moved up higher now.

$98,923
According to 2007 Census Bureau estimates, the median income for a household in the city is $98,923, and the median income for a family is $111,455; these numbers make Irvine the seventh richest city in the USA, among cities with population 65,000 or higher.
 
FCBs, students...


JBean72 said:
tata said:
Sorry, by "modest" I meant $100-$150K... Am I off?? My husband and I are in our early 30s and it seemed like that's the average for our age bracket???

And yes, we saved a lot but just as someone mentioned... what helped the most was the equity from our prior home that appreciated $150k in just two years. I know several other families doing the same thing... selling their crappy home in LA and moving down to this beautiful irvine!!
Click to expand...

Here's data from the U.S census for Irvine in 2007 - things have probably changed, and moved up higher now.

$98,923
According to 2007 Census Bureau estimates, the median income for a household in the city is $98,923, and the median income for a family is $111,455; these numbers make Irvine the seventh richest city in the USA, among cities with population 65,000 or higher.
Click to expand...
 
JBean72 said:
tata said:
Sorry, by "modest" I meant $100-$150K... Am I off?? My husband and I are in our early 30s and it seemed like that's the average for our age bracket???

And yes, we saved a lot but just as someone mentioned... what helped the most was the equity from our prior home that appreciated $150k in just two years. I know several other families doing the same thing... selling their crappy home in LA and moving down to this beautiful irvine!!
Click to expand...

Here's data from the U.S census for Irvine in 2007 - things have probably changed, and moved up higher now.

$98,923
According to 2007 Census Bureau estimates, the median income for a household in the city is $98,923, and the median income for a family is $111,455; these numbers make Irvine the seventh richest city in the USA, among cities with population 65,000 or higher.
Click to expand...

As mentioned above, by woodbury owner. This means income for all family members combined, not income per full-time worker.
 
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