Irvine and OC luxury home market stalls

U

Ucla business

New member
Home sales in the high end 4mm+ have stalled and are not expected to pick up momentum any time soon.  As foreign buyers re think investment options and Brexit worries loom, we are seeing sellers begin to panic with long time listings and fewer and fewer buyers looking.

The residual foreign investment buyers are opting for less expensive options in the US and abroad.





 
Nobody cares about Brexit.  Brexit has a very small impact on corporate profits here.  S&P 500 has already been hitting new all time highs. 

I doubt home sales above 4mm have stalled.  There's simply not enough data to conclude that.  If we look at Laguna Beach and Newport Beach I don't see anything indicating that people can't sell their homes.  Median list and sale price per sqft doesn't look like something is happening.

http://www.zillow.com/laguna-beach-ca/home-values/
http://www.zillow.com/newport-beach-ca/home-values/
 
What are you basing this on?

Ucla business said:
Home sales in the high end 4mm+ have stalled and are not expected to pick up momentum any time soon.  As foreign buyers re think investment options and Brexit worries loom, we are seeing sellers begin to panic with long time listings and fewer and fewer buyers looking.

The residual foreign investment buyers are opting for less expensive options in the US and abroad.
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collected said:
Nobody cares about Brexit.  Brexit has a very small impact on corporate profits here.  S&P 500 has already been hitting new all time highs. 

I doubt home sales above 4mm have stalled.  There's simply not enough data to conclude that.  If we look at Laguna Beach and Newport Beach I don't see anything indicating that people can't sell their homes.  Median list and sale price per sqft doesn't look like something is happening.

http://www.zillow.com/laguna-beach-ca/home-values/
http://www.zillow.com/newport-beach-ca/home-values/
Click to expand...

Nothing on zillow is quiet accurate, hence they are getting sued all the time! I have to agree with the first commentator as well. It has not only slowed down but I'm seeing homes on shady with under $700/sqft selling and my in laws are trying to sell their home in Turtle Rock (guard gated) for 2.5m. The same home two years ago would have gone like hot cakes and now they had to lower their price 3 time and it has been in the market for over 6 months, actually close to a year now. The bubble is already starting to burst people and although I own two homes in OC, frankly I'm quiet ok with that. Tired of the over inflated unjustified prices for some high school!!!!! Winter is coming!! :)
 
RHOC, you married well.  Better hope Hillary doesn't get elected or you'll have 45% estate tax on anything worth over $3.5M.
 
aquabliss said:
RHOC, you married well.  Better hope Hillary doesn't get elected or you'll have 45% estate tax on anything worth over $3.5M.
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HAHA... Let's not go there Aquabliss!!! At this point either way is scary. With the 35% increase in the luxury housing in Canada I wish I had bought something there to be ready for the move!!!  ;D
 
35% in the last year... don't add up the last 5-10 years!


RHOC said:
aquabliss said:
RHOC, you married well.  Better hope Hillary doesn't get elected or you'll have 45% estate tax on anything worth over $3.5M.
Click to expand...

HAHA... Let's not go there Aquabliss!!! At this point either way is scary. With the 35% increase in the luxury housing in Canada I wish I had bought something there to be ready for the move!!!  ;D
Click to expand...
 
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