Woodbury East Opening July 11, 2009

NEW -> Contingent Buyer Assistance Program
[quote author="High Gravity" date=1247527395]I visited the Ivy models at around 9 am on Saturday, an hour before the advertised opening but the office and models were already open for business. I spoke to several prequalified buyers who were lined up to buy that morning, including two Chinese families who were paying all cash. Note that TIC advertised the WE opening heavily in the local Chinese press including World Journal/Chinese Daily News that I read. One of the Chinese couples, the husband was hesitant about the mello roos but the wife demanded that they buy immediately. The other Chinese couple were a bit concerned about the taxes/assessments and the noise from the 133 and SC but wanted to buy anyways as they had a kid they wanted in IUSD and Ivy was the only new construction in Irvine they could afford to pay cash for.



While it is to be expected from the participants on this board to have a condescending attitude towards current buyers, based on my discussions, many of the Ivy buyers over the weekend had considered the taxes, assessments, dues, proximity to 133 and Sand Canyon, the direction of the real estate market, and the overall economy in making their decision, hardly stupid, uninformed, or sheeple. Also, prices are so low that financing is not much of an issue for most buyers. There is simply no new home available in Irvine for $350,000 and with the large number of young families who want to live here, that in and of itself will sell this place.</blockquote>


But then again, I have saved a considerable cash downpayment, have a demanding Chinese wife, hate road noise, and choose to rent in Irvine and still have great community amenities and access to good schools. Renting in this market is a much lower risk proposition and you can deploy your cash in much safer ways.
 
[quote author="roundcorners" date=1247530932]Gotta love those demanding chinese wives... one more reason to avoid them!</blockquote>


Mock the demanding Chinese wives if you wish, but as a Taiwanese male, you are statistically predisposed to harboring a demanding 2nd wife in Shanghai if you ever become financially successful.
 
[quote author="High Gravity" date=1247545839][quote author="roundcorners" date=1247530932]Gotta love those demanding chinese wives... one more reason to avoid them!</blockquote>


Mock the demanding Chinese wives if you wish, but as a Taiwanese male, you are statistically predisposed to harboring a demanding 2nd wife in Shanghai if you ever become financially successful.</blockquote>


Gotta love those patient Korean wives... one more reason to marry them!
 
HiGrav... just curious... would you say those Chinese families are 1st Gen or 2nd Gen; did they spoke more Chinese than English? I wonder what overseas media and publication are saying about the economy versus English...
 
[quote author="roundcorners" date=1247555314]HiGrav... just curious... would you say those Chinese families are 1st Gen or 2nd Gen; did they spoke more Chinese than English? I wonder what overseas media and publication are saying about the economy versus English...</blockquote>


I think both were first gen based on: one couple had Beijing accent, other couple spoke Taiwanese. I would expect 2nd gen to be speaking English. I didn't speak to them in English so I don't know if they speak it well but I doubt it. I watch Taiwanese cable news every day and I read World Journal, the American arm of Taipei's largest newspaper United Dailly News and they really don't say much about the US real estate market. However, I have several friends and relatives in Taiwan who are constantly asking me to look for properties in So Cal for them to buy, in cash. According to Lanser's blog, half of the 13 buyers were cash buyers.
 
[quote author="High Gravity" date=1247561084][quote author="roundcorners" date=1247555314]HiGrav... just curious... would you say those Chinese families are 1st Gen or 2nd Gen; did they spoke more Chinese than English? I wonder what overseas media and publication are saying about the economy versus English...</blockquote>


I think both were first gen based on: one couple had Beijing accent, other couple spoke Taiwanese. I would expect 2nd gen to be speaking English. I didn't speak to them in English so I don't know if they speak it well but I doubt it. I watch Taiwanese cable news every day and I read World Journal, the American arm of Taipei's largest newspaper United Dailly News and they really don't say much about the US real estate market. However, I have several friends and relatives in Taiwan who are constantly asking me to look for properties in So Cal for them to buy, in cash. According to Lanser's blog, half of the 13 buyers were cash buyers.</blockquote>
The other 6.5 buyers must have bought the feck shui plans with stairs lined up with front door or toilet directly over the front door.

Nothing could be worse than wealth going out the front door then severe health issues from sh-t over the head.
 
Not back yet. There is no signal in the widerness. My reward for climbing to the top of Nevada Fall is getting the full signal bar so I can access IHB from my I phone. I was shock to see many Chinese hikers with LV backpacks and Chanel welder shields at the lower valley.
 
[quote author="bkshopr" date=1247570068]Not back yet. There is no signal in the widerness. My reward for climbing to the top of Nevada Fall is getting the full signal bar so I can access IHB from my I phone. I was shock to see many Chinese hikers with LV backpacks and Chanel welder shields at the lower valley.</blockquote>


I wish I was in Yosemite. Lucky you.
 
[quote author="diulei" date=1247529449]What I don't understand is if really - you have the cash to plunk down two, three hundred grand for a starter home in Irvine - why go through this hassle of fighting for a townhome? Why not explore your options with that kind of money? Obviously if you have a couple hundred grand liquid in the bank, you're in a great position your options are much more than the rest of the general population.</blockquote>
Great point, why get stuck on an attached condo if you are paying all cash when you can had a $200k-$300k loan and get a detached home?
 
[quote author="roundcorners" date=1247530932][quote author="High Gravity" date=1247527395]I visited the Ivy models at around 9 am on Saturday, an hour before the advertised opening but the office and models were already open for business. I spoke to several prequalified buyers who were lined up to buy that morning, including two Chinese families who were paying all cash. Note that TIC advertised the WE opening heavily in the local Chinese press including World Journal/Chinese Daily News that I read. One of the Chinese couples, the husband was hesitant about the mello roos but the wife demanded that they buy immediately. The other Chinese couple were a bit concerned about the taxes/assessments and the noise from the 133 and SC but wanted to buy anyways as they had a kid they wanted in IUSD and Ivy was the only new construction in Irvine they could afford to pay cash for.



While it is to be expected from the participants on this board to have a condescending attitude towards current buyers, based on my discussions, many of the Ivy buyers over the weekend had considered the taxes, assessments, dues, proximity to 133 and Sand Canyon, the direction of the real estate market, and the overall economy in making their decision, hardly stupid, uninformed, or sheeple. Also, prices are so low that financing is not much of an issue for most buyers. There is simply no new home available in Irvine for $350,000 and with the large number of young families who want to live here, that in and of itself will sell this place.</blockquote>


Gotta love those demanding chinese wives... one more reason to avoid them!</blockquote>
I thought Korean wives were more demanding??? :P I know two of my korean ex gfs were pretty demanding and why I got tired of them.
 
[quote author="usctrojanman29" date=1247570944][quote author="diulei" date=1247529449]What I don't understand is if really - you have the cash to plunk down two, three hundred grand for a starter home in Irvine - why go through this hassle of fighting for a townhome? Why not explore your options with that kind of money? Obviously if you have a couple hundred grand liquid in the bank, you're in a great position your options are much more than the rest of the general population.</blockquote>
Great point, why get stuck on an attached condo if you are paying all cash when you can had a $200k-$300k loan and get a detached home?</blockquote>


Maybe the cash belongs to their parents and all they really can really afford is the HOA, Mella Roos, and taxes.
 
[quote author="Mcdonna1980" date=1247571604][quote author="usctrojanman29" date=1247570944][quote author="diulei" date=1247529449]What I don't understand is if really - you have the cash to plunk down two, three hundred grand for a starter home in Irvine - why go through this hassle of fighting for a townhome? Why not explore your options with that kind of money? Obviously if you have a couple hundred grand liquid in the bank, you're in a great position your options are much more than the rest of the general population.</blockquote>
Great point, why get stuck on an attached condo if you are paying all cash when you can had a $200k-$300k loan and get a detached home?</blockquote>


Maybe the cash belongs to their parents and all they really can really afford is the HOA, Mella Roos, and taxes.</blockquote>
Either that or they don't have stable, verifiable income. But honestly, if I were lending my own money I'd be willing to lend to someone who put down over 50% down in Irvine with a no doc liar loan on one of these entry level new condos.
 
As a lender I'd be willing to lend to someone who showed me they had a 50% + down, and as a seller of course. I just can't see why anyone with that much money in hand would go for a community that's bound to be a little cramped, with limited parking, and shared walls if you could easily afford a little bit more. If I had, oh, say $200K to put down, I'd be looking for something detached if I was set on a suburb like Irvine. I guess to each his own. Maybe some of them just want to get the payments done with and not be in debt for more than a few years - I guess I can't say anything bad about that.
 
[quote author="diulei" date=1247579077]I just can't see why anyone with that much money in hand would go for a community that's bound to be a little cramped, with limited parking, and shared walls if you could easily afford a little bit more.</blockquote>
There is no price tag on that new home smell.



Well... I guess you can just repaint and put in new carpet (isn't that the ingredients of "new home smell"?).
 
The main reason Asians are buying is because Irvine became the hub and center for "sexy" successful asians.



So if I am Asian, it would be no brainer for me to buy at these prices, as I am buying in a community that I can relate to and make many friends, and when my parents visit from asia, they can also have fun and relate to the community, instead of getting ignored by the white community.



Also my kids can grow up relating to their culture and not feeling different.



Also, I can rub it in the face of other asians who want to enjoy all this but cannot afford it.



G
 
[quote author="Gemini" date=1247614600]The main reason Asians are buying is because Irvine became the hub and center for "sexy" successful asians.



So if I am Asian, it would be no brainer for me to buy at these prices, as I am buying in a community that I can relate to and make many friends, and when my parents visit from asia, they can also have fun and relate to the community, instead of getting ignored by the white community.



Also my kids can grow up relating to their culture and not feeling different.



Also, I can rub it in the face of other asians who want to enjoy all this but cannot afford it.



G</blockquote>


I think if you are Asian you should not wait to buy in Irvine. Just look at all the people posting on this forum, most of whom are Asian renters waiting to buy in Irvine. (we could take a poll to confirm this). All this pent up demand!



Even if prices bottom in 2012, so what. "Bottom" means afterward it will go up again. What's the point in waiting if you can buy and enjoy now, and in 10 years prices will be equal or higher than today. You might pay a little more in taxes but avoid the "frenzi" at the bottom. Imagine the bidding wars that could develop when it is 2012 and everyone think it is the bottom! You don't want to be in one believe me.
 
[quote author="cl1" date=1247618635][quote author="Gemini" date=1247614600]The main reason Asians are buying is because Irvine became the hub and center for "sexy" successful asians.



So if I am Asian, it would be no brainer for me to buy at these prices, as I am buying in a community that I can relate to and make many friends, and when my parents visit from asia, they can also have fun and relate to the community, instead of getting ignored by the white community.



Also my kids can grow up relating to their culture and not feeling different.



Also, I can rub it in the face of other asians who want to enjoy all this but cannot afford it.



G</blockquote>


I think if you are Asian you should not wait to buy in Irvine. Just look at all the people posting on this forum, most of whom are Asian renters waiting to buy in Irvine. (we could take a poll to confirm this). All this pent up demand!



Even if prices bottom in 2012, so what. "Bottom" means afterward it will go up again. What's the point in waiting if you can buy and enjoy now, and in 10 years prices will be equal or higher than today. You might pay a little more in taxes but avoid the "frenzi" at the bottom. Imagine the bidding wars that could develop when it is 2012 and everyone think it is the bottom! You don't want to be in one believe me.</blockquote>


Finally someone is talking some sense on this blog/forum!
 
[quote author="cl1" date=1247618635][quote author="Gemini" date=1247614600]The main reason Asians are buying is because Irvine became the hub and center for "sexy" successful asians.



So if I am Asian, it would be no brainer for me to buy at these prices, as I am buying in a community that I can relate to and make many friends, and when my parents visit from asia, they can also have fun and relate to the community, instead of getting ignored by the white community.



Also my kids can grow up relating to their culture and not feeling different.



Also, I can rub it in the face of other asians who want to enjoy all this but cannot afford it.



G



I think if you are Asian you should not wait to buy in Irvine. Just look at all the people posting on this forum, most of whom are Asian renters waiting to buy in Irvine. (we could take a poll to confirm this).



</blockquote>


Funny that you say that.. When i first joined IHB, I thought that the IHB demographics would be just like that of Irvine 50% white 38% Asian. I mean for my first six months, I thought that Irvine Renter was Asian, until someone posted up a picture of a white cat to answer Panda's curiousity about Irvine Renter's nationality. Those were the days when BK gave Panda the quota of asking only 2 questions a week. but seriously... i have not met one fellow Korean dude here, but couple of cool Taiwanese and Chinese. I think the ethnic make up of IHB is more like 80% white and 10% asian.
 
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