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11
Irvine Real Estate / Re: Where the market is - Buyer Offers
« Last post by USCTrojanCPA on Yesterday at 05:48:36 PM »
These offer bid-ups seem exuberant for Irvine until you compare to Los Angeles pricing from 2019 through today.

We were shopping the SGV area (Arcadia, Temple City, and north San Gabriel (San Marino schools) and prices for run down, crappy, TLC homes averaged in the 650-700/ foot range back then.

Thankfully with telework, we bought in Irvine late 2019 for 460 per foot (and thought that was high).  We always thought Irvine is a great value compared for what you get in LA and the recent price increases is just closing the LA/OC gap.

Offers going out shortly on these 2 Irvine homes...

https://www.redfin.com/CA/Irvine/81-Navigator-92620/home/7215381

https://www.redfin.com/CA/Irvine/6-Grass-Vly-92602/home/5771347

Let's see what happens on these homes.

Updates...

Navigator got 5 offers and ended up at around $1.5m with my clients only willing to go up to $1.451m due to the questionable location. 

Grass Vly got 8 offers.  My clients went up to $1.351m on best & final counters and didn't get the house.  My guess is that it got bid up to the high $1.3s.

You make a great point.  I've had a few LA buyers who moved down to Irvine and all of them told me that Irvine was considerably less expensive and much nicer.  So at the end of the day it's all relative from a price/sf perspective.
12
Economy & Finance / Re: Pickup Trucks
« Last post by nosuchreality on Yesterday at 05:36:25 PM »
When you say "hauling needs" would this be dirt, rocks, etc, or camping and kid stuff? A big Sequoia is truck based and has an ocean of room for stuff.

Not much news here about Rivian who will be delivering trucks soon. I've heard that some of Amazon's delivery trucks are sourced from Rivian.


Towing, occasional runs to pick up a yard of mulch, firewood, work wood.  Basically a full-size SUV will do 90%.  The mulch and stuff I could do with a trailer rental, pita. 

Ironically, the crew cab trucks are great for towing but their cargo has really started to lack unless you get the long bed which then you have truck that doesn’t fit anywhere.
13
2007 ~ "There is no housing bubble." -Everybody
2021 ~ "There is no housing bubble." -Everybody

tic, tic, tic....

2007 ~ my gardener was flipping houses with income $20/hour that I and others were paying him
2021 ~ banks are still giving me runaround for 60+ days to fund a refi loan (not new debt) with my perfect credit, w2 income, the steady corporate job for years

2005ish - interest rates were 6-7% and people were still bidding up as there was speculation
2021 - Rates are sub 3s yet minimal speculative flips happening

The lessons LL learned from 2007 crash that burned him, is still alive and well.

I guess, its good to learned from past mistakes. However, conditions now is far different from his past crash and burn experiences.

Yeah, when my hair cut guy in 2007 said he just bought another house for no income documented, aka, LIAR LOANS, is that you Bob?

14
Irvine Real Estate / Re: Where the market is - Buyer Offers
« Last post by Sidehussle on Yesterday at 05:23:14 PM »
These offer bid-ups seem exuberant for Irvine until you compare to Los Angeles pricing from 2019 through today.

We were shopping the SGV area (Arcadia, Temple City, and north San Gabriel (San Marino schools) and prices for run down, crappy, TLC homes averaged in the 650-700/ foot range back then.

Thankfully with telework, we bought in Irvine late 2019 for 460 per foot (and thought that was high).  We always thought Irvine is a great value compared for what you get in LA and the recent price increases is just closing the LA/OC gap.

Offers going out shortly on these 2 Irvine homes...

https://www.redfin.com/CA/Irvine/81-Navigator-92620/home/7215381

https://www.redfin.com/CA/Irvine/6-Grass-Vly-92602/home/5771347

Let's see what happens on these homes.

Updates...

Navigator got 5 offers and ended up at around $1.5m with my clients only willing to go up to $1.451m due to the questionable location. 

Grass Vly got 8 offers.  My clients went up to $1.351m on best & final counters and didn't get the house.  My guess is that it got bid up to the high $1.3s.
15
General Real Estate and Mortgage Talk / Re: CR: Is there a new housing bubble?
« Last post by Mety on Yesterday at 04:16:29 PM »
2007 ~ "There is no housing bubble." -Everybody
2021 ~ "There is no housing bubble." -Everybody

tic, tic, tic....

No bubble and I've provided you reasons as to why there isn't.  If rates don't increase materially, if the virus comes back strong, if we don't get significantly more homes listed, and/or we get an economic setback where people lose their jobs prices will continue to increase for the rest of this year.

LL meant to say only the Irvine housing market is about to crash. ;D

I'm kidding, eyephone in case you take it seriously.
16
2007 ~ "There is no housing bubble." -Everybody
2021 ~ "There is no housing bubble." -Everybody

tic, tic, tic....

No bubble and I've provided you reasons as to why there isn't.  If rates don't increase materially, if the virus comes back strong, if we don't get significantly more homes listed, and/or we get an economic setback where people lose their jobs prices will continue to increase for the rest of this year.
17
This was bad when it happened in 2007...
;D :D

More Real Estate Agents Than Homes for Sale

Right now, there are more real estate agents in the U.S. than homes available for sale. The combination of consumer demand for single-family housing, limited supply, and folks being forced to find new work opportunities have all been contributing factors.

https://www.fool.com/millionacres/real-estate-market/articles/more-real-estate-agents-than-homes-for-sale-what-it-means-to-investors/
18
General Real Estate and Mortgage Talk / Re: CR: Is there a new housing bubble?
« Last post by Mety on Yesterday at 03:12:35 PM »
Home prices and offers are pretty crazy these days, but if what Kenkoko says is true of all other things he said above, shouldn’t we be more worried about the bubbles for those other things before speculating the housing one?
19
2007 ~ "There is no housing bubble." -Everybody
2021 ~ "There is no housing bubble." -Everybody

tic, tic, tic....

2007 ~ my gardener was flipping houses with income $20/hour that I and others were paying him
2021 ~ banks are still giving me runaround for 60+ days to fund a refi loan (not new debt) with my perfect credit, w2 income, the steady corporate job for years

2005ish - interest rates were 6-7% and people were still bidding up as there was speculation
2021 - Rates are sub 3s yet minimal speculative flips happening
20
Health & Fitness / Re: COVID-19 Vaccine Questions
« Last post by Kenkoko on Yesterday at 02:52:29 PM »
Someone on my Twitter suggested for the FDA to declare J+J the "Dudes Only" vaccine, since the clotting only affected women.

And then print t-shirts that say "It Takes a Real Man to Handle This Johnson"

Maybe this could get some macho anti-vaxxer men off the fence and get vaccinated.
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