Home sales prices of houses that actually sell in the great park area have been decreasing over the past four months. Houses in this zip are waaaaaaaaay overpriced. I think there will be a correction this year. Just curious all these houses that are 20 percent above value that flooded the market where people think they are going to make 20% in a year or two- are they going to become rentals? Just hold into for later??? People bought at 900 selling for 1.2. Not sustainable.
Home sales
- Thread starter renter1
- Start date
J
jmoney74
Guest
Irvine Fanatic said:
I would say yes but I still see a lot of Chinese over at Cressa.
J
jmoney74
Guest
renter1 said:
A whole thread on it.
Coucil voted land swap down so right now it's back near bp and high school. Questions remain if the money is going to be there to build.
irvinehomeowner
Well-known member
Just went to Torrey/Legend yesterday... still mostly Asian lookie-loos.
aquabliss
Well-known member
In terms of resales, I disagree. If you have a good neiborhood location with a large lot, and are in $1.1M - $1.3M price range, this seems to be the sweet spot right now. 2 homes fitting this discription sold in the past few weeks. One was $460 sq. ft, other is $490 sq. ft. These will both make for good comps,for future sales. There are others that have been sitting on the market awhile but there are unique reasons for each.
Keeping my eye on this one:https://www.redfin.com/CA/Irvine/141-Yellow-Daisy-92618/home/104498915
It fits the bill but I think it's overpriced so we'll see where it ends up closing.
Keeping my eye on this one:https://www.redfin.com/CA/Irvine/141-Yellow-Daisy-92618/home/104498915
It fits the bill but I think it's overpriced so we'll see where it ends up closing.
paperboyNC
New member
renter1 said:
Not sure I agree. Realtors agreeing to list homes for sellers that want WTF pricing apparently is sustainable because it's been happening my entire life. Generally the serious sellers lower the asking price and the not serious sellers take the homes off the market after no one bites.
A correction means that the prices that homes are actually closing at are way overpriced. You can't have a correction on asking prices - only closing prices.
homer_simpson
Well-known member
paragon30 said:
I am also Chinese/Vietnamese American and I find JMoney's post offensive. What's wrong with my people???
superbobbay
Member
Hmmm....should I hold off on buying a house then? My max is $650k and nothing really good except townhomes or small dumps. Just going $100k more, so much nicer homes. 
paperboyNC
New member
superbobbay said:Hmmm....should I hold off on buying a house then? My max is $650k and nothing really good except townhomes or small dumps. Just going $100k more, so much nicer homes.
Buy now or be priced out forever. Oh wait.. that was so late 2013
Etinchen said:
higher rates will cause home prices to go up? It will likely do just the opposite. Affordability is already quite bad and with increases in rates, affordability will only get worse. Supply and demand. Yes supply is low, but demand is even lower right now. With rising rates, that demand will get even softer. This will NOT drive up prices.