Author Topic: Irvine Homes and Real Estate  (Read 1329 times)

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Offline USCTrojanCPA

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Re: Irvine Homes and Real Estate
« Reply #15 on: November 29, 2018, 02:02:01 PM »
Yes, it appears that the Irvine Condos/Townhomes in the $750ish are the ultimate recession hedge if things get really bad in the OC housing market. We need to watch the high end in SFR Irvine ( $1.5M +) going into 2019 as the leading indicator of a slowdown.

If you own either a townhome or a condo in Irvine, give yourself a high five and a pat yourself in the back!

Irvine Townhome/Condo Update:
Inventory levels stilll seem right at under 3 month which is a considered a seller's market on a national level. Interestingly, the median appreciation of the Townhomes / Condos in Irvine is 10% vs 7.6% for SFRs. Usually this number is reversed where the SFR appreciation exceeds the Townhome/Condo appreciation.
One possible reason is that most condos are priced within reach of a higher number of buyers, including first timers :) and investors

The $700-$800k price range is the sweet spot of the market for 3-bedroom attached condos.  There still isn't a whole lot of inventory in the price range and there are many qualified buyers who can purchase in that price range. 
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Offline Panda

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Re: Irvine Homes and Real Estate
« Reply #16 on: November 30, 2018, 08:06:36 AM »
Irvine SFR Update: Data pulled from 11/30/2017 - 11/30/2018. This should be a good estimate for 1/1/2018-12/31/2018 Data to compare to 2017 1/1/2017-12/31/2017.

1142 Irvine SFRs sold between 11/30/2017-11/30/2018. Inventory for SFRs are currently at 4.15 months and the average PPSF is $487.59. The Irvine SFR median home price is $1,200,000. The highest priced home sold in 2018 is 60 Golden Eagle at $17,000,000 and the lowest priced home sold is $497,000 at 107 Lake pines.

1238 Irvine SFRs sold in 2017. Inventory for SFRs are estimated to be 3.4 months and the average PPSF is $468.79. The Irvine SFR median home price is $1,120,000. The highest priced home sold in 2017 is 76 Golden Eagle at $12,500,000 and the lowest priced home sold is $376,000 at 157 Pine view.

The median discount from asking price is 1.73% which is pretty amazing. In 2018, it takes 23.5 for a median Irvine SFR to sell. The quickest sale in 2018 was listed and sold on the same day - 216 Bancroft, and the longest sale in 2018 took 320 days to sell (22 Jewel Flower). With this new data, the transaction volume has only dropped from 1238 to 1142 which is only a drop of 7.7%, significantly lower than the average transaction decrease in Orange County.

The oldest Irvine SFR sold in 2018 was built in 1965 and the median age is built in 1998, which is the same median age of home in Johns Creek.


I think the theory that Irvine home values will decrease less than the surrounding housing markets in OC during the downturn are true. If pulled this data in other housing markets like Santa Ana or La Habra, it will show me a very different picture.
« Last Edit: November 30, 2018, 08:24:35 AM by Panda »
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Offline irvinehomeowner

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Re: Irvine Homes and Real Estate
« Reply #17 on: November 30, 2018, 08:58:50 AM »
I think the theory that Irvine home values will decrease less than the surrounding housing markets in OC during the downturn are true. If pulled this data in other housing markets like Santa Ana or La Habra, it will show me a very different picture.

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Offline zubs

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Re: Irvine Homes and Real Estate
« Reply #18 on: November 30, 2018, 09:26:34 AM »
GIF your posts? 



Offline irvinehomeowner

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Re: Irvine Homes and Real Estate
« Reply #19 on: November 30, 2018, 02:23:41 PM »
GIF your posts? 

I want people to figure it out.

Prepare to die.
Once you go 3-car garage... your junk can never go back.
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Offline superbobbay

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Re: Irvine Homes and Real Estate
« Reply #20 on: November 30, 2018, 02:36:29 PM »
I have been watching this house for a while now.

https://www.redfin.com/CA/Irvine/33-Meadow-GN-92602/home/5815187

It started out at $895,000, then dropped to $849,000, finally at $839,000.

Offer accepted yesterday.

I thought it would drop to $799,000 with the lull in real estate, but things are not that bad afterall.

It did take 70 days on the market though.


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Re: Irvine Homes and Real Estate
« Reply #21 on: November 30, 2018, 02:50:21 PM »
I have been watching this house for a while now.

https://www.redfin.com/CA/Irvine/33-Meadow-GN-92602/home/5815187

It started out at $895,000, then dropped to $849,000, finally at $839,000.

Offer accepted yesterday.

I thought it would drop to $799,000 with the lull in real estate, but things are not that bad afterall.

It did take 70 days on the market though.

70 days is the new, previously listings used to have offers in like 7 days

(Post is for entertainment purpsoes) ;)

Offline Kings

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Re: Irvine Homes and Real Estate
« Reply #22 on: December 01, 2018, 07:19:48 AM »
I have been watching this house for a while now.

https://www.redfin.com/CA/Irvine/33-Meadow-GN-92602/home/5815187

It started out at $895,000, then dropped to $849,000, finally at $839,000.

Offer accepted yesterday.

I thought it would drop to $799,000 with the lull in real estate, but things are not that bad afterall.

It did take 70 days on the market though.

what if the home was priced correctly at $839,000 from the start? i think most people suffer from overinflated "ego" when it comes to the value of their home. 

i have a neighbor listing their home for rent and it's been empty for 3 months and i haven't noticed one showing.  why?  because they're priced about $400 over what the market should be for that home type.

Offline Kings

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Re: Irvine Homes and Real Estate
« Reply #23 on: December 01, 2018, 07:24:11 AM »
on another note, the drainage of the hardscape in the backyard of that home is atrocious


Offline USCTrojanCPA

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Re: Irvine Homes and Real Estate
« Reply #24 on: December 01, 2018, 02:22:29 PM »
I have been watching this house for a while now.

https://www.redfin.com/CA/Irvine/33-Meadow-GN-92602/home/5815187

It started out at $895,000, then dropped to $849,000, finally at $839,000.

Offer accepted yesterday.

I thought it would drop to $799,000 with the lull in real estate, but things are not that bad afterall.

It did take 70 days on the market though.



Crappy pictures + no staging + bad paint colors + overpriced = sitting on the market for a while with price drops.
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Offline meccos12

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Re: Irvine Homes and Real Estate
« Reply #25 on: December 03, 2018, 12:33:07 PM »
I have been watching this house for a while now.

https://www.redfin.com/CA/Irvine/33-Meadow-GN-92602/home/5815187

It started out at $895,000, then dropped to $849,000, finally at $839,000.

Offer accepted yesterday.

I thought it would drop to $799,000 with the lull in real estate, but things are not that bad afterall.

It did take 70 days on the market though.

So this is what I got from this post. 

"If prices are not lower by at least 11% in a just few months of housing slowing down, things are not that bad."

ok.  gotcha.

Offline Irvinecommuter

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Re: Irvine Homes and Real Estate
« Reply #26 on: December 03, 2018, 12:34:39 PM »
I have been watching this house for a while now.

https://www.redfin.com/CA/Irvine/33-Meadow-GN-92602/home/5815187

It started out at $895,000, then dropped to $849,000, finally at $839,000.

Offer accepted yesterday.

I thought it would drop to $799,000 with the lull in real estate, but things are not that bad afterall.

It did take 70 days on the market though.

So this is what I got from this post. 

"If prices are not lower by at least 11% in a just few months of housing slowing down, things are not that bad."

ok.  gotcha.

That depends on how reasonable the starting point was...

Offline meccos12

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Re: Irvine Homes and Real Estate
« Reply #27 on: December 03, 2018, 12:58:17 PM »
I have been watching this house for a while now.

https://www.redfin.com/CA/Irvine/33-Meadow-GN-92602/home/5815187

It started out at $895,000, then dropped to $849,000, finally at $839,000.

Offer accepted yesterday.

I thought it would drop to $799,000 with the lull in real estate, but things are not that bad afterall.

It did take 70 days on the market though.

So this is what I got from this post. 

"If prices are not lower by at least 11% in a just few months of housing slowing down, things are not that bad."

ok.  gotcha.

That depends on how reasonable the starting point was...

And was it reasonable?

Offline Irvinecommuter

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Re: Irvine Homes and Real Estate
« Reply #28 on: December 03, 2018, 02:14:18 PM »
I have been watching this house for a while now.

https://www.redfin.com/CA/Irvine/33-Meadow-GN-92602/home/5815187

It started out at $895,000, then dropped to $849,000, finally at $839,000.

Offer accepted yesterday.

I thought it would drop to $799,000 with the lull in real estate, but things are not that bad afterall.

It did take 70 days on the market though.

So this is what I got from this post. 

"If prices are not lower by at least 11% in a just few months of housing slowing down, things are not that bad."

ok.  gotcha.

That depends on how reasonable the starting point was...

And was it reasonable?

I don't know...but I do know there are always WTF asking prices.  You can't get what you don't ask for and many people rather ask too much and come down rather than start low and push high. 

 

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