slowing down market now.
asking 109,sold for 101https://www.redfin.com/CA/Irvine/34-Mt-Vernon-92620/home/4793180
asking 130,still selling for 119https://www.redfin.com/CA/Irvine/12-Silveroak-92620/home/4790484
I don't think the child(ren) of the cash buyers is going to stay in Irvine after 18 years old. Most of them will return China to take care of their family business since they are the only child of their parent. Thinking about this 1 million house may be the only 1% of their total assets.
That is...
Check around the house near the sale office, I estimate about 40% of them are cash buyers from Asia. Had to say what will happen if these guys decide to leave if they found themselves just move from China to another China.