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O.C. Real Estate / Re: Baker Ranch in Lake Forest / Foothill Ranch
« Last post by aquabliss on Today at 06:22:16 PM »
I'm wondering why this isn't selling:
https://www.redfin.com/CA/Lake-Forest/24-Windflower-92610/home/58554188

2,950 sq ft under $1.2

House is well done, looks nice, good neutral upgrades, nothing crazy.  On the market almost 5 months and price has been lowered twice, now almost under $400 sq/ft. 

Seems like high end homes in BR ($1.2M+) don't have a lot of takers on the resale market.
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Irvine Real Estate / Re: Strongest seller's market ever!!
« Last post by USCTrojanCPA on Today at 06:12:28 PM »
meanwhile, it seems that the market for 1.5+M, or anything around  4000 sq ft  or bigger is quite slow. Seems like there's a lot of supply over 2M price that just sits and sits.

I see some ~4000 sq ft resales going about 400-425/sq ft in the Irvine area.

High end is definitely stalling. Although I think even here if the product is unique, it will still move.  True bargains are an oxymoron given how flush the market is - late cycle economy, full employment , stocks at new highs.  But few ppl are over reaching (unlike 2006) .   this is precisely why this cycle has longer legs and while prices may stall here for a bit , those hoping for a decent sized correction in the desirable homes may be disappointed.  You can always find WTF homes that end up selling 10-15% off initial list , but thats not what I am referring to here. 

The day you see a general consensus building that now is the best opportunity to buy , it will be time to cut and run.  but we are some ways away from that. 

Bingo, I have friends who are waiting for that 10%+ correction in the market and almost every buyer that I talk to asks me if it's a good time to buy because they think we are at a top.  People are not buying garbage like they were in 2005-2007, many buyers are being patient and picky and not willing to big much over previous comps.  Heck, look at the properties that I sold with multiple offers this year (especially sub-$800k)....none of them went way over recent comps, more like 2-3% over.  Story still remains being one of a lack of resale inventory in the sub $800k market along with a tailwind from the economy and low mortgage rates.  Wait till Irvine is done building new homes, then you'll start seeing price moving up as those new home buyers will have nowhere to go other than looking at the resale market.
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Irvine Real Estate / Re: Strongest seller's market ever!!
« Last post by USCTrojanCPA on Today at 06:06:23 PM »
Is it an indication of slow down or Chinese govt's action?

Trust me when I say this....the money is still coming over from China (I've seen enough FCB bank transaction detail from their 2017 statements to know it for a fact).  It's just not coming in huge chunks, more like multiple amounts just under $50k each week or so. 
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Irvine Real Estate / Re: Strongest seller's market ever!!
« Last post by fortune11 on Today at 05:39:04 PM »
meanwhile, it seems that the market for 1.5+M, or anything around  4000 sq ft  or bigger is quite slow. Seems like there's a lot of supply over 2M price that just sits and sits.

I see some ~4000 sq ft resales going about 400-425/sq ft in the Irvine area.

High end is definitely stalling. Although I think even here if the product is unique, it will still move.  True bargains are an oxymoron given how flush the market is - late cycle economy, full employment , stocks at new highs.  But few ppl are over reaching (unlike 2006) .   this is precisely why this cycle has longer legs and while prices may stall here for a bit , those hoping for a decent sized correction in the desirable homes may be disappointed.  You can always find WTF homes that end up selling 10-15% off initial list , but thats not what I am referring to here. 

The day you see a general consensus building that now is the best opportunity to buy , it will be time to cut and run.  but we are some ways away from that. 
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Irvine Real Estate / Re: Hidden Canyon in Irvine
« Last post by fortune11 on Today at 05:29:36 PM »
I have a couple theories on why Toll has been so successful in Hidden Canyon and why buyers seem to be favoring it over the older premium neighborhoods like Shady, NC, NB, etc.

First, buyers in this price range are very picky. Much more so than the people buying starter homes in Irvine. They are older and have bought a few homes before. They know what they like design-wise and what they don't. They want to decorate and upgrade their home a certain way. This is a pain to do with older homes in similar price range. It's not surprising that many of these Toll buyers are actually people moving from these older premium neighborhoods. 

Two, even if you want to buy in one of these nicer neighborhoods, sellers are often asking way too much for their homes. So add in unrealistic prices and finding that perfect home that has the design features you like and most buyers say screw it - I'll just go with a new build.

Another factor is the floor plans from 2000-2010 have really not aged well at all. Low 9 ft ceilings, chopped up rooms, arched entries and few vaulted ceilings. They just don't show well in person - listing pictures look much better than actually walking through these homes. Prime examples are Vicara in Quail hill and many of the homes in Turtle Ridge.

I remember touring them when they opened and thinking, wow, these are my dream homes. One day, I hope to buy one of these. Now, compared to the new builds, they just don't do it for me.

Compare the the 2000s floor plan to the homes in Turtle Rock Summit. Homes are bright and airy because of the two story vaulted ceilings and windows everywhere. These homes have aged much better. See this example.

https://www.redfin.com/CA/Irvine/10-Hexham-92603/home/4745688

Remember this murder house? I would've chosen this over anything in quail hill or turtle ridge and the shady 3MM homes with no view. Sold in a week(it did sell for nice discount to comps though).

I have no idea how Hidden canyon will do in the future, but I think the most important factor will be how these floor plans and design styles age.

Yeah I thought the same when I looked at those quail hill homes last year.  Floor plans and pictures are no substitute for actual walk through .  I had made a similar point on this thread sometime ago that the 90s designs in parts of Irvine (west park, Northwood point, turtle rock summit)  have actually aged much better than the early mid 2000s in turtle ridge / quail hill. 

With young kids etc . a lot of your life happens around the kitchen and backyard area and having a bigger open floor plan that blends the interior w exterior makes it more livable than a bunch of walled off smaller rooms.  Maybe once we are older and kids are in college , our tastes will change again at that point.
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Water Cooler / Re: Would you...
« Last post by irvinehomeowner on Today at 05:09:32 PM »
You should set her up with your butcher.   >:D

#postoftheday
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Water Cooler / Re: Would you...
« Last post by Paris on Today at 04:47:55 PM »
Omg SoCal! Your coworker experiences are the reason why I'm so glad I don't work in an office setting. That would drive me crazy! I'm so thankful my work surroundings involve intubated and sedated people I don't spend much time around  :) don't you wish you had some of my meds to administer to your coworkers? Oh sorry, you must be temporarily paralyzed.  ;)
Btw tell your boss to check out "Our Time" the match program for older folks
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Water Cooler / Re: Would you...
« Last post by paydawg on Today at 04:26:40 PM »
You should set her up with your butcher.   >:D
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Irvine Real Estate / Re: Delano at Eastwood
« Last post by jmoney74 on Today at 04:25:29 PM »


Picture of YF, TLONL, and Yaliu

I wonder how Yaliu is doing. Have you bumped into Yaliu, Jmoney?

I moved out of PP.  Always comes down to a few threats and people start running.  No use getting your real life id exposed on a message board like TI.  I think TI should let us mute some threads if we choose. 
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Irvine Real Estate / Re: Delano at Eastwood
« Last post by eyephone on Today at 04:17:41 PM »


Picture of YF, TLONL, and Yaliu

I wonder how Yaliu is doing. Have you bumped into Yaliu, Jmoney?

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