Orchard Hills 4 - "The Summit" Updates

[test]

Many available Toll Brothers homes at the Summit as well.

Impossible. @CalBears96 said there are over 300 buyers on the wait list.

There are over 300 buyers on the waitlist for Toll Brothers at Summit.

 

[Goriot]

I heard Chinese buyers all disappeared or holding off purchasing due to the latest disputes between the two countries.

 

[The Motor Court Company]

I read it somewhere Irvine is where Chinese exporters (merchants from Zhejiang for example) park their US dollars but there is some re-balancing of assets going on now so the demand is not as much as before.

 

[test]

Tariff war scared the crap out of FCBs but that opened up opportunity for everyone else to buy.

 

[someguy]

Ya'll are such teases. FCBs aren't going anywhere. Just a matter of time until we have a Mao shrine in Irvine city hall.

 

[Imnotmoving]

The way FCB’s buy homes, like how the money gets here, is that even legal? I have heard of some pretty shady deals, having to wait through very long escrows due to money coming from mysterious places…. Why is there no crack down on that?

 

[zubs]

Is it true that countries generally like people bringing money in?
Less crack down on bringing in
More crackdown on taking out.

Doesn't it make the country wealthier?

 

[GrowthStateofMind]

The way FCB’s buy homes, like how the money gets here, is that even legal? I have heard of some pretty shady deals, having to wait through very long escrows due to money coming from mysterious places…. Why is there no crack down on that?

Governments get more taxes out of inflated/appreciated home and land values, not surprised to see them turn the other way.

 

[The Motor Court Company]

if you are a buyer, you don't like the FCBs as they help make the price high. but once you own, you appreciate them because they help your equity appreciate and if they are your neighbor and their houses sit empty, you would also appreciate that extra peace and quietness since the new houses are packed like sardines.

 

[sgip]

The way FCB’s buy homes, like how the money gets here, is that even legal? I have heard of some pretty shady deals, having to wait through very long escrows due to money coming from mysterious places…. Why is there no crack down on that?

Why no crack down?

Who would profit on it? Buyers? There are already more buyers who don't need any help to buy or sellers having any issues getting their property sold.

Morally, yes, there should be an effort to stamp out money laundering, redlining, fair housing issues, birth tourism, and all the things that follow bubble markets blown by either foreign cash OR massive corporate home buying.

The thing is that $$$ is an irresistible force and unfortunately morality is a moveable object

 

[test]

Is it true that countries generally like people bringing money in?
Less crack down on bringing in
More crackdown on taking out.

Doesn't it make the country wealthier?

 

[sleepy5136]

The way FCB’s buy homes, like how the money gets here, is that even legal? I have heard of some pretty shady deals, having to wait through very long escrows due to money coming from mysterious places…. Why is there no crack down on that?

Money talks.

 

[vsfan]

I think I read it from twitter that about 150m USD are parked in Irvine and Newport real estates by Zhejiang businessman alone, and some of them are moving money around this year so the houses for sale are increasing right now.

 

[test]

Inventory is increasing nationwide, it's not limited to Irvine.

 

[The Motor Court Company]

I think I read it from twitter that about 150m USD are parked in Irvine and Newport real estates by Zhejiang businessman alone, and some of them are moving money around this year so the houses for sale are increasing right now.

I read there are about 1000 to 2000 houses by Zhejiang businessmen alone. so 150 millions seems way too low.

 

[test]

 

[Liar Loan]

Inventory is increasing nationwide, it's not limited to Irvine.

Remember the theory that nobody was ever going to sell due to 2% mortgage rates? It would be fun to go back and read comments from the past 2-3 years predicting how prices couldn't go down due to the mortgage lock in effect.

 

[zovall]

Cheaper than Cielo

https://www.redfin.com/CA/Ontario/139-Drumbeat-91764/home/193261237

Just marked as sold

 

[sgip]

Just marked as sold
View attachment 10420

Interesting price history. $5M list to $4.3 sale.

 

[test]

Interesting price history. $5M list to $4.3 sale.

I wonder what these builders are thinking. Azul has come to a complete construction stop. Olivewood is still full steam ahead. Cielo seems to be half steam ahead. The Summit can't even get Phase 1 homes sold, will they halt construction?