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11
As much as I would like to see 20%+ drops for Irvine... based on history... doesn't seem like that can happen in 1 year.

Most of the votes are flat... so maybe I need a poll for 5 years from now since that seems like the magic timeframe for LL.
12
Irvine Real Estate / Re: Poll: Irvine Housing Prediction June 2022
« Last post by Liar Loan on Today at 04:42:29 PM »
Keep in mind 50% houses in Irvine are rentals.

This seems awfully high. Does anyone have actual numbers on this?

We could back into the number.

Irvine by type of home:
SFR & Townhome ~ 55%
Apts & Mobile Home ~ 45%

Irvine by ownership rate:
Owner ~ 44%
Renter ~ 56%

https://www.neighborhoodscout.com/ca/irvine/real-estate

So by using crude math, maybe 11% of SFR/Townhomes are rentals. 

It's not precise because we don't know the percentage of vacancies in each property type.  If apartment vacancies are higher than SFR/Townhomes, which seems likely, then maybe 14-15% of Irvine SFR/Townhomes are rentals.



13
Doesn't sound like market value if it hasn't sold, tbh

Right. Market value is what buyers are willing to pay for, not what Zillow or Redfin says.

Cash offer means a real person with real money put in a real offer.   Which requires a real agent to close the deal.  You must have missed that part.  I think i still remember the name of this agent.

Like you said, the agent botched the cash offer. That was then, but this is now. How long ago was the cash offer? You know very well, since LL has kept reminding us, that the housing market has softened, so the market value has gone down.
14
Owner's Issues / Re: Whole House Fan
« Last post by irvinehomeowner on Today at 04:24:57 PM »
Wow almost 5 years later and I have not done either.

Going to start looking at whole house fans again... would do solar... esp with mutliple EVs but that money is earmarked for other stuff right now.
15
California renters could save $112,000 vs. owning over 5 years

https://www.ocregister.com/2022/06/29/california-renters-could-save-112000-vs-owning-over-5-years/

It's laughable that the author of the article just assumes 1.5% property tax across the board for owners.

Why is that laughable?  I think the more egregious assumption is that owners can save 20% of interest and taxes as a deduction on their income tax.  With the higher standard deduction, SALT cap, and 750k cap on mortgage interest, most buyers aren't saving 20% as a deduction.

Because property tax is ~1%. Most areas don't have MR, so assuming 1.5% is laughable.

But I do agree that 20% tax deduction is also not right.
16
California renters could save $112,000 vs. owning over 5 years

https://www.ocregister.com/2022/06/29/california-renters-could-save-112000-vs-owning-over-5-years/

I know some won't agree with me but the principal repayment portion of the loan should be excluded from this calculation as it's paying yourself in the form of building equity but then add a repair/capital improvement budget per month (amount depends on the age of the home).

Something rarely considered in these rental parity comparisons.
17
Irvine Real Estate / Re: Poll: Irvine Housing Prediction June 2022
« Last post by zovall on Today at 03:59:24 PM »
Keep in mind 50% houses in Irvine are rentals.

This seems awfully high. Does anyone have actual numbers on this?
18
Irvine Real Estate / Re: Great Park vs Turtle Rock
« Last post by irvinehomeowner on Today at 03:59:09 PM »
So where we targeted when looking for 3CWG (not just 3CG):

Northwood (and surrounding areas)
Westpark II (although Westpark I has some older Standard Pacific floorplans)
Woodbridge
University Park
Turtle Rock
Quail Hill (had some 3CWG alley homes)

Anything newer is just 3CG (tandem or L)
19
Food and Dining / Re: Junk fooding
« Last post by irvinehomeowner on Today at 03:56:04 PM »
They have a note on their door explaining they are out... and their website also has a FAQ:

https://www.tacobell.com/faq/mexican-pizza

Quote
TACO BELL MEXICAN PIZZA
WHY ARE THERE NO MORE MEXICAN PIZZAS?
Our fans’ love is all consuming, and they’re consuming all the Mexican Pizzas. Demand for the Mexican Pizza was seven times higher than when it was last on menus, and replenishing the beloved menu item is taking longer than we’d like.


WHEN DID THE MEXICAN PIZZA RUN OUT?
Shortages of the Mexican Pizza were unexpected, and have occurred on a rolling basis. We communicated the news to our team members first to ensure they had all of the information and support they’d need to continue serving our guests in our restaurants.


WHEN WILL IT BE BACK?
You can check back here for the latest details and information, including when we plan for the Mexican Pizza to come back to its permanent residency on the Taco Bell menu, expected this fall.


WHAT IF I WASN’T ABLE TO REDEEM MY TACO BELL REWARDS DIGITAL OFFER JUST YET?
Fans who didn’t have the chance to take advantage of the offer just yet will be eligible to redeem the offer after the Mexican Pizza returns to menus.


SO WAS THIS WHOLE THING PLANNED? WAS THIS A LIMITED TIME OFFER?
No. As soon as we’re able to get the Mexican Pizza back in the hands and stomachs of our biggest fans, it’ll be for good.


IS IT GOING AWAY SO IT CAN COME BACK WITH ITS ORIGINAL INGREDIENTS?
The Mexican Pizza was returned to our menu in all its previous glory, complete with the same ingredients of seasoned beef and refried beans between two fried flour tortillas, topped with pizza sauce, our 3 cheese blend and fresh diced tomatoes. When it returns this fall, it’ll be with these same ingredients.


WHAT ABOUT THE MUSICAL?
At this time, we are postponing Mexican Pizza: the Musical. We hope to reschedule to a later date, complete with the joy and celebratory spirit in which it was originally created.


WHAT CAN I HAVE IN THE MEANTIME?
If the last two years have taught us anything, it’s that literally nothing can emotionally take the place of the Mexican Pizza for some of our fans. Until its return, Taco Bell Rewards members will be able to score double the points for their first eligible purchases on each day during May 31-June 6 from participating US locations via the web, app, or in-store orders if the receipt with the purchase contains a bar code at the bottom. We hope our Taco Bell fans enjoy many old favorites and discover new ones, including the Toasted Cheddar Chalupa that recently returned to menus for a limited time starting on 5/19.
20
See what the federal reserve said.  Don’t fight the Fed!!
https://fortune.com/2022/06/16/housing-market-reset-federal-reserve-could-see-home-prices-fall/

Keep in mind 50% houses in Irvine are rentals. It makes no sense for landlords to keep the rentals if home prices are falling.  Many China FCBs landlords are selling now as rates on their 3/5 years mortgages are about to reset to 6-7% this year.

But what about the ones who locked in at lower fixed rates?
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