Some quick observations as a buyer in Irvine

socaltech

New member
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.
 
Any specific village you're focusing or looking? Are you considering only SFRs or detached homes?
 
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.

socaltech said:
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.
 
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.
 
USCTrojanCPA said:
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?
 
peregrine said:
USCTrojanCPA said:
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. 
 
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?
 
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).
 
Mety said:
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
 
zotzot said:
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.
 
USCTrojanCPA said:
zotzot said:
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.
 
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.
 
irvinehomeowner said:
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.
 
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.
 
irvinehomeowner said:
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.

Having experiences of living in similar homes/layouts of both, Hillside is a much better floor plan at least for me and our family. I also have visited both models and Montara seemed smaller than the actual space while Hillside looked bigger. Hillside is closer to a true SFR feel while Montara is closer to a condo style, considering with having other homes around. But again, everyone is different and what works for me might not work for you.

This could be a good time/season that you might be able to stay at $895k and ask for many upgrades.
 
Again, does that $895k exist? You said December, it's now almost March. The website says low $900k.

And weren't there people saying that a $50k difference is huge so Montara at mid $800s may be more affordable.

Edit: Typo
 
irvinehomeowner said:
Again, does that $895k exist? You said December, it's now almost March. The website says lost $900k.

And weren't there people saying that a $50k difference is huge so Montara at mid $800s may be more affordable.

I guess this is the time to use that phrase. ;D

Dude, you're not my boss. I don't have to do the job of figuring out and telling you what the current price is. You can call the office and ask yourself. It'll take 2 minutes.

In all seriousness, from my experience Zillow was more accurate and up to date than those CalPac or IP websites for the price updates. Who knows? maybe the price went up again? But I've stated my sources correctly. Now, if you're interested, give them a call or visit onsite.

 
Mety said:
irvinehomeowner said:
Again, does that $895k exist? You said December, it's now almost March. The website says lost $900k.

And weren't there people saying that a $50k difference is huge so Montara at mid $800s may be more affordable.

I guess this is the time to use that phrase. ;D

Dude, you're not my boss. I don't have to do the job of figuring out and telling you what the current price is. You can call the office and ask yourself. It'll take 2 minutes.

In all seriousness, from my experience Zillow was more accurate and up to date than those CalPac or IP websites for the price updates. Who knows? maybe the price went up again? But I've stated my sources correctly. Now, if you're interested, give them a call or visit onsite.

Whoa now bossman. The current publicly online available information says low $900k. You are citing data from December so the onus is on you to prove your $895k number, not me.

In the end, I don't care, but if someone is looking for a starter home, I would caution them towards affordability over space. If this were their second home or if their finances would increase, I would go for a higher priced home but maybe something other than Hillside because that floorplan is just bleh to me.
 
irvinehomeowner said:
Mety said:
irvinehomeowner said:
Again, does that $895k exist? You said December, it's now almost March. The website says lost $900k.

And weren't there people saying that a $50k difference is huge so Montara at mid $800s may be more affordable.

I guess this is the time to use that phrase. ;D

Dude, you're not my boss. I don't have to do the job of figuring out and telling you what the current price is. You can call the office and ask yourself. It'll take 2 minutes.

In all seriousness, from my experience Zillow was more accurate and up to date than those CalPac or IP websites for the price updates. Who knows? maybe the price went up again? But I've stated my sources correctly. Now, if you're interested, give them a call or visit onsite.

Whoa now bossman. The current publicly online available information says low $900k. You are citing data from December so the onus is on you to prove your $895k number, not me.

In the end, I don't care, but if someone is looking for a starter home, I would caution them towards affordability over space. If this were their second home or if their finances would increase, I would go for a higher priced home but maybe something other than Hillside because that floorplan is just bleh to me.

Ahh. I see. So it's that you don't like that particular floorplan aka. IP cookie cutter plan.  Yeah, I can see why you wouldn't like it, but I'm also speaking from personal experiences of living in both styles, but you haven't lived in either so I guess I can be more "credible?"  :)

Yes, I have provided the price from last December, as I've previously stated. If anyone's interested, they can call. But I guess since IHO kind of hates that floorplan, it wouldn't really matter for him even if it still was $895k.
 
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