Author Topic: Some quick observations as a buyer in Irvine  (Read 5749 times)

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Offline socaltech

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Some quick observations as a buyer in Irvine
« on: February 24, 2020, 10:00:34 am »
First of all I want to thank all the members here who offer continual information and advice about real estate market in Irvine. USCTrojan stands out in my mind as well as Panda something or other and I am sure there are many others.

Just wanted to give some perspective as a buyer in the 750-900K range. I've been looking for a place with my wife for about the past two months. This is a true seller's market and every place where we have offered has had multiple offers at well above list. Some offers are so good that agents will accept the offer before their established deadlines. The last home we bid was 5% more than a comparable home that sold in October and there was a much, much stronger offer than ours. We bid at 3.5% above listing price and that was considered weak.

We've had to adjust our expectations as a buyer and are looking at homes that are substantially under our budget now to give us more room for making competitive bids.

In any case this is quite a frustrating experience. I know that buying picks up in spring and I can't imagine this getting any worse than it is. If we keep getting priced out of homes I am hoping our consolation would be to get some deals come fall / winter but even that seems like a longshot.

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Offline Mety

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Re: Some quick observations as a buyer in Irvine
« Reply #1 on: February 24, 2020, 10:57:31 am »
Any specific village you're focusing or looking? Are you considering only SFRs or detached homes?

Offline shahshah

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Re: Some quick observations as a buyer in Irvine
« Reply #2 on: February 24, 2020, 11:56:07 am »
There is nothing reasonable in this range forgetting the properties that back to the main road (which are fine but not for me). Maybe 3 years ago this would have been better but now this range for a SFR is out in Irvine. Even friends looking under 1.2 for a 4bd are really struggling to find any thing legit. The prices are going up. The record stock market money is coming.

First of all I want to thank all the members here who offer continual information and advice about real estate market in Irvine. USCTrojan stands out in my mind as well as Panda something or other and I am sure there are many others.

Just wanted to give some perspective as a buyer in the 750-900K range. I've been looking for a place with my wife for about the past two months. This is a true seller's market and every place where we have offered has had multiple offers at well above list. Some offers are so good that agents will accept the offer before their established deadlines. The last home we bid was 5% more than a comparable home that sold in October and there was a much, much stronger offer than ours. We bid at 3.5% above listing price and that was considered weak.

We've had to adjust our expectations as a buyer and are looking at homes that are substantially under our budget now to give us more room for making competitive bids.

In any case this is quite a frustrating experience. I know that buying picks up in spring and I can't imagine this getting any worse than it is. If we keep getting priced out of homes I am hoping our consolation would be to get some deals come fall / winter but even that seems like a longshot.

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Offline irvinehomeowner

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Re: Some quick observations as a buyer in Irvine
« Reply #3 on: February 24, 2020, 03:33:10 pm »
Wait. What about the slowdown?
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Offline USCTrojanCPA

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Re: Some quick observations as a buyer in Irvine
« Reply #4 on: February 24, 2020, 05:59:53 pm »
I've been saying it for a few months now, there is a serious lack of inventory in the lower end of the market and even in the lower part of the middle market.
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Offline peregrine

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Re: Some quick observations as a buyer in Irvine
« Reply #5 on: February 24, 2020, 08:12:45 pm »
I've been saying it for a few months now, there is a serious lack of inventory in the lower end of the market and even in the lower part of the middle market.

At what price point are you seeing the seller’s market start to transition to balance?

Offline USCTrojanCPA

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Re: Some quick observations as a buyer in Irvine
« Reply #6 on: February 24, 2020, 09:47:04 pm »
I've been saying it for a few months now, there is a serious lack of inventory in the lower end of the market and even in the lower part of the middle market.

At what price point are you seeing the seller’s market start to transition to balance?

For sure below $800k but I've seen it sorta extending up to the $1.1-$1.2m price range. 
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Offline zotzot

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Re: Some quick observations as a buyer in Irvine
« Reply #7 on: February 25, 2020, 10:41:50 am »
How about Montara? This is a neighborhood I've been considering, and is in the $700k range. Do they require more than their asking or is this not a desirable neighborhood?

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Offline Mety

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Re: Some quick observations as a buyer in Irvine
« Reply #8 on: February 25, 2020, 01:55:21 pm »
If the budget is $750k-900k, then I would buy a home of $900k range, assuming there's not going to be any drastic income drops happening soon for your family. There are plenty of detached homes and SFRs in that price range in Irvine (if I were to choose).

Offline eyephone

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Re: Some quick observations as a buyer in Irvine
« Reply #9 on: February 25, 2020, 02:09:32 pm »
If the budget is $750k-900k, then I would buy a home of $900k range, assuming there's not going to be any drastic income drops happening soon for your family. There are plenty of detached homes and SFRs in that price range in Irvine (if I were to choose).

Or da don’t buy don’t buy

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Re: Some quick observations as a buyer in Irvine
« Reply #10 on: February 25, 2020, 03:07:29 pm »
How about Montara? This is a neighborhood I've been considering, and is in the $700k range. Do they require more than their asking or is this not a desirable neighborhood?
Montara Plan 3s are selling very well considering it's a 4 bedroom in the low $800s. The Plan 1s and Plan 2s aren't selling as quickly even though they are in the mid-to-high $700s.  Builders do not charge more than the asking price and if lots from previous phase releases have not sold you can submit an offer below the asking price as well as design/closing cost credits.
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Offline Mety

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Re: Some quick observations as a buyer in Irvine
« Reply #11 on: February 26, 2020, 09:24:17 am »
How about Montara? This is a neighborhood I've been considering, and is in the $700k range. Do they require more than their asking or is this not a desirable neighborhood?
Montara Plan 3s are selling very well considering it's a 4 bedroom in the low $800s. The Plan 1s and Plan 2s aren't selling as quickly even though they are in the mid-to-high $700s.  Builders do not charge more than the asking price and if lots from previous phase releases have not sold you can submit an offer below the asking price as well as design/closing cost credits.

If you can buy up to $900k, I would rather buy Hillside from PS5. Is it PS6? Anyways, I think those are better options than Montara, but it depends on your needs I guess.

Offline irvinehomeowner

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Re: Some quick observations as a buyer in Irvine
« Reply #12 on: February 26, 2020, 09:51:20 am »
Haven't looked at new homes for quite a while but for a starter home below $900k, Montara Plan 2 looks pretty good. Downstairs is small but the layout of the upstairs is better for family (esp the 2nd bath that has a separator between shower and dual sinks).

Hillside is over $900k so I think that puts it out of the "up to $900k" category.
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Offline Mety

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Re: Some quick observations as a buyer in Irvine
« Reply #13 on: February 26, 2020, 09:54:41 am »
Haven't looked at new homes for quite a while but for a starter home below $900k, Montara Plan 2 looks pretty good. Downstairs is small but the layout of the upstairs is better for family (esp the 2nd bath that has a separator between shower and dual sinks).

Hillside is over $900k so I think that puts it out of the "up to $900k" category.

Hillside plan 1 price came down a bit to $895k last December according to Zillow price history. It's almost 1900sqft so I personally think it's a better option.

Offline irvinehomeowner

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Re: Some quick observations as a buyer in Irvine
« Reply #14 on: February 26, 2020, 10:00:05 am »
Are there any at $895k now? Doesn't look like it. And what about the other costs?

I'm all about stretching and more space but I also look at floorplan layout and space efficiency. Hillside Plan 1 doesn't have an upstairs living space (unless you lose a bedroom), the master only has 1 closet (if you ever owned a home with 2 master closets, your marriage will improve). Granted, Montara Plan 2 is smaller but it looks to have more "usable" space.

But... I haven't actually been inside either of these models so personal experience may differ.
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