Author Topic: Observations from the front lines of the Irvine housing market…  (Read 286083 times)

Offline USCTrojanCPA

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Page 8 of 35 of PDF shows Irvine increased less %-wise year over year (3-4% less), but the median home price in Irvine is much higher.

You’re taking one data set instead of combining multiple data sets. Stanton is mid $600K median home price.  Even if Stanton rose 3% more than Irvine it’s meaningless.

Huntington Beach and Fountain Valley are similarly priced and still exceed Irvine by 3-4%.  D'oh!

So you went from crashes hard in Irvine over 40% is what you wrote and suggesting owners to sell even as far back as a year ago, to now saying it lag other city in percentage increase? Nice comparison bro, try to buy a home now and see if you can afford it.

This shred any credibility you have. I don't rely on any charts, I see it, live it and breath it everyday. And look at over sea Chinese buyers are not pouring in money and hey its up more than eva....What do you say to that? Man, we don't hate where you live, why you hate where we live?

Even USC's chart shows you are wrong and he lives and breathes Irvine real estate more than you do.  Irvine was in a 3-year decline and funk until the Covid QE began.  Easy money is the only thing keeping you alive, and even with that injection of housing meth, Irvine is barely hanging on.  It still trails all the other cities listed AND none of them have Chinese buyers either!

There's no way he's touching my miss cleo crown.

Miss Cleo was a genius and I don't claim to be as smart as her.  Years ago I had a roommate that called Miss Cleo and ran our phone bill up by $240 (in early 2000's money).  It was pure stupidity of her to call, but once she was on the call, Miss Cleo found a way to keep her talking and not hanging up for as long as possible.  Now multiply that scam by tens of thousands of calls and Miss Cleo was making some serious bank!

I have the ability to entertaining opposing ideas, but I would not buy in Anaheim, Santa Ana, Stanton, Huntington Beach, Garden Grove, Orange, and Fountain Valley simply because the total percentage rate of increase is higher than Irvine.

If that is the only reason for you to buy any city vs Irvine, then by all mean there is hell lot of other cheaper more affordable places that you can buy beside those listed.

Irvine is losing to all those other cities you look down on.  How sad is that?

One thing that Irvine has against it is the law of large numbers.  Sure, some lower cost OC cities may show a higher % gain than Irvine but in absolute dollars Irvine is performing at the top of the list of cities in OC.  The competition in Irvine is brutal, pretty much every home that I make an offer on gets 5-20+ offers (I don't see as many offers on homes outside of Irvine). 

Yes, and Huntington Beach & Fountain Valley also have this same problem but have found a way to outperform Irvine by 3-4%. Haha... 

Number of offers is simply anecdotal and will highly depend on your listing strategy, as all sellers of real estate know.  What matters for determining the strength of a market is number of sales and purchase price.

One thing that I do tell my Irvine buyers is that if Irvine had no new home inventory (call it today's shadow inventory because those homes never hits the MLS for the most part), prices would be have been up another 5-10%.  Irvine builders are selling their homes as soon as they release them.  I've mentioned it before, Covid pushed up the demand for larger lot SFR homes more than any other type of property and you typically see those types of homes in areas outside of Irvine.  R2D also made a great point that these old OC communities have many more single story homes as a % than Irvine because no single story homes are being built in Irvine today which is also increasing in demand as the population continues to age. 
Martin Mania, CPA
CA DRE License # 01799007
CA CPA License # 107675
714-747-3884 cell

Often imitated....Never duplicated!
Have license, will travel!

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