Author Topic: New Home versus Old Home  (Read 2233 times)

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Offline aquabliss

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Re: New Home versus Old Home
« Reply #15 on: May 18, 2020, 06:52:21 pm »
This thread is getting too much traction for being non Coronavirus related.  We should close it immediately.

Offline Compressed-Village

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Re: New Home versus Old Home
« Reply #16 on: May 18, 2020, 07:10:46 pm »
As long as we maintain 6 feet apart online and take hydroxychlroquin, we will be ok :)

Offline USCTrojanCPA

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Re: New Home versus Old Home
« Reply #17 on: May 18, 2020, 07:36:25 pm »
Focus on the home that meets your current and near feature needs as much as the numbers. Also, attached is a cost comparison schedule that I sent to a buyer recently so they can compare (apples to apples) a newer detached condo vs. an older single family home so you can play around with the numbers.
Martin Mania, CPA
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Offline andy

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Re: New Home versus Old Home
« Reply #18 on: May 18, 2020, 08:09:03 pm »
Someone mentioned that "old homes have less property taxes"..
I am wondering why is that the case.
Since older homes have prices comparable to newer homes, wouldn't you be paying the property taxes based the sale price?

Offline AW

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Re: New Home versus Old Home
« Reply #19 on: May 18, 2020, 08:21:25 pm »
Someone mentioned that "old homes have less property taxes"..
I am wondering why is that the case.
Since older homes have prices comparable to newer homes, wouldn't you be paying the property taxes based the sale price?

Mello Roos

Offline USCTrojanCPA

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Re: New Home versus Old Home
« Reply #20 on: May 18, 2020, 10:00:00 pm »
Someone mentioned that "old homes have less property taxes"..
I am wondering why is that the case.
Since older homes have prices comparable to newer homes, wouldn't you be paying the property taxes based the sale price?

Typically, the newer the property the higher the Mello Roos (supplemental property tax).
Martin Mania, CPA
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Online irvinehomeowner

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Re: New Home versus Old Home
« Reply #21 on: May 18, 2020, 10:27:07 pm »
aqua loses the thread for mentioning rona first. :)
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Offline Liar Loan

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Re: New Home versus Old Home
« Reply #22 on: May 18, 2020, 10:46:47 pm »
Someone keeps saying that Irvine prices have dropped since 2018 but not sure where.

Yes that someone is actually a crowd of people:

-USCTrojanCPA
-Panda
-Irvine Housing Expert and Celebrity Blogger... Larry Roberts
-Redfin's statisticians
-Zillow's statisticians
-And of course Liar Loan

Online irvinehomeowner

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Re: New Home versus Old Home
« Reply #23 on: May 18, 2020, 11:08:43 pm »
Someone keeps saying that Irvine prices have dropped since 2018 but not sure where.

Yes that someone is actually a crowd of people:

-USCTrojanCPA
-Panda
-Irvine Housing Expert and Celebrity Blogger... Larry Roberts
-Redfin's statisticians
-Zillow's statisticians
-And of course Liar Loan

Are you sure? Your own posted graph said otherwise.
Once you go 3-car garage... your junk can never go back.
3CWG: 3-Car Wide Garage
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I recommend:
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Offline USCTrojanCPA

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Re: New Home versus Old Home
« Reply #24 on: May 19, 2020, 07:54:12 am »
Someone keeps saying that Irvine prices have dropped since 2018 but not sure where.

Yes that someone is actually a crowd of people:

-USCTrojanCPA
-Panda
-Irvine Housing Expert and Celebrity Blogger... Larry Roberts
-Redfin's statisticians
-Zillow's statisticians
-And of course Liar Loan

Are you sure? Your own posted graph said otherwise.

IHO, it does depend on which month you look at in 2018...prices are down slightly from May 2018 when we hit the peak before the soft patch in the summer/fall of 2018. That being said, prices are up slightly since the end of 2018/early 2019. But we are not talking anything significant either way due to mix shift and you can say that prices are basically flattish for the entire market. Prices for higher end homes is definitely lower since any time in 2018 but prices for the lower end are up over the same period. It continues to be a tale of two markets and you can't just look at the median price per SF as there's more to it than that.
Martin Mania, CPA
AgencyOne
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CA CPA License # 107675
mmania001@yahoo.com
714-747-3884 cell

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Online irvinehomeowner

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Re: New Home versus Old Home
« Reply #25 on: May 19, 2020, 09:13:10 am »
@USC: I'm not using just price/sf... I was just using Redfin's p/sf and median price... and then to top it off, I used the Zillow graph that LL posted himself which shows a rise in median price since 2018 (was it March when certain people were claiming the slowdown started?).

My point is LL says that Irvine prices have been dropping since 2018 and I don't think that's true... it could be flattish or even slightly down... but not "dropping" or "in pain" as he likes to say.

Here is *his* graph again:



So maybe they did drop from the height in 2019 (seasonal?) but it generally looks like an upward slope from 2018.

Once you go 3-car garage... your junk can never go back.
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Offline Mety

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Re: New Home versus Old Home
« Reply #26 on: May 19, 2020, 09:14:23 am »
Unbelievable!

Online irvinehomeowner

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Re: New Home versus Old Home
« Reply #27 on: May 19, 2020, 09:18:34 am »
Once you go 3-car garage... your junk can never go back.
3CWG: 3-Car Wide Garage
FCB: Foreign Cash Buyer
I recommend:
www.irvinerealtorsite.com
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Offline USCTrojanCPA

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Re: New Home versus Old Home
« Reply #28 on: May 19, 2020, 09:40:15 am »
@USC: I'm not using just price/sf... I was just using Redfin's p/sf and median price... and then to top it off, I used the Zillow graph that LL posted himself which shows a rise in median price since 2018 (was it March when certain people were claiming the slowdown started?).

My point is LL says that Irvine prices have been dropping since 2018 and I don't think that's true... it could be flattish or even slightly down... but not "dropping" or "in pain" as he likes to say.

Here is *his* graph again:



So maybe they did drop from the height in 2019 (seasonal?) but it generally looks like an upward slope from 2018.



I take at the Zillow/Redfin home value graphs with a grain of salt just like their home guestimates as I rely on the data that I pull directly from MLS. If you compare prices from 2018 as a whole versus where we are today then I would say prices are flattish. Sometimes the data has quirks in it like you saw for March 2020 where it becomes an outlying month so you can definitely cherry pick specific months to support a position of higher or lower prices but it's best to look at wider time frame to find real trends. I've said it before and I'll say it again, without a significant increase in inventory level we won't see any material price declines in Irvine.
Martin Mania, CPA
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mmania001@yahoo.com
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Online irvinehomeowner

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Re: New Home versus Old Home
« Reply #29 on: May 19, 2020, 09:44:29 am »
I've said it before and I'll say it again, without a significant increase in inventory level we won't see any material price declines in Irvine.

There you go LL... USC is Team Irvine. :)
Once you go 3-car garage... your junk can never go back.
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