Example of current housing demand outside of Irvine

sgip

Well-known member
Had a buyer contact me about this home:

https://www.redfin.com/CA/Long-Beach/5151-E-Willow-St-90815/home/7579002

and in all candor it's a nice property, well priced, plenty of features to consider. They planned to offer $650k - well above the list.

Beyond the home itself, consider the location. Directly next to the 405. Directly under Long Beach Airport's landing strip. You can waive to all of the JetBlue passengers while lounging in the pool! The noise has to be earth shaking and the fumes a toxic mess.

Selling Agent has 8 offers in 4 days. YOW!
 
I am all for Long Beach, but this is a terrible location. I have to think the attraction is a 10k lot size and to build another unit for rental income.
 
There is a new joint development in Whittier built by Brookfield and Lennar.
https://thegroveswhittier.com/

They are selling by appointment only currently due to COVID-19 restrictions. I represented two buyers that locked in Phase 1 pricing. From what Lennar and Brookfield have told me, they're selling homes quickly and more people are joining the pre-qual list by the day. Definitely an Irvine Village type feel with apartments, condos, townhomes, SFH and 55+. Lots of retail and community common areas within walking distance too.
 
HMart said:
I am all for Long Beach, but this is a terrible location. I have to think the attraction is a 10k lot size and to build another unit for rental income.

Yup, that location is about as bad as you can get. The inside and lot are nice but it's always about location, location, location. This such reinforces what I said that the lower end of the market is doing just fine mainly due to the lack of inventory with good buyer demand.
 
Soylent Green Is People said:
Directly next to the 405. Directly under Long Beach Airport's landing strip.
Wow!  You ain't kidding!  I'm not sure the Jet Blue passengers could even see you, since you can't look straight down on an airplane. 
Reminds me of a little trash strip next to the 405 that some developers put some houses on at the height of the bubble.  I used to drive by there every day and I laughed out loud when I saw the builders start doing the foundation work.  I think 1 sold for over a million, and they were all worth 40% less a couple years later.  They've come back, though 1 has been listed off and on several times since 2008 and has not sold once.  Big, austentacious houses on tiny lots sitting in a constant toxic dust cloud.

I recall bkshopr years ago on the old IHB site discussing the eventual decay of every neighborhood in the landing path of major airports. 
 
but they do sit on spacious lots ranging from 4,500 to 5,000 square feet
This right here is why the rest of the country laughs at us, and rightfully so.  Having 5000 square foot lots makes sense around here, but calling them "spacious" is next level bullshitting.
 
The area is considered "low to moderate income" based on the census tract. The builders could have gotten special dispensation to develop the property.

This project seems familiar to me. When you drive up Bristol, past MacArthur and on into Santa Ana there are "border strips" of City owned land that are likely going to be developed in the same manner, although not for $900k.

My .02c
 
I don't see the problem from a city perspective. I think we need more infill housing approved, not less.

Like you said, demand at the lower end of the market is insatiable right now. It's crazy that supply is so constrained that this is what the lower end of the market in that area looks like right now.

BTW that Long Beach property's listing asking price went way up today, to almost the price of that Torrance development
 
A family member put in an offer on a home in another state. It got 20 offers in 5 days.

My family sold another home in that are years ago that sat on the market for years.

Crazy times.
 
paperboyNC said:
A family member put in an offer on a home in another state. It got 20 offers in 5 days.

My family sold another home in that are years ago that sat on the market for years.

Crazy times.

Could be a little panic FOMO buying with the low interest rates and low inventory.
 
I happened to have a July 4th event that took me up northbound on Normandie past the Bougainvillea properties.  I didn't realize that's where I was, but when I saw the homes I recognized them immediately thanks to this thread.  They're as ridiculous as you can imagine.  I was driving but my wife read the sign and I think she said "Starting in the 900s".  We simply can't believe that people would accept living there, let alone pay upwards of $1M to do so.  I would just rent in a better place instead.
 
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