Author Topic: Where the market is - Buyer Offers  (Read 61224 times)

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Online zubs

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Re: Where the market is - Buyer Offers
« Reply #405 on: September 28, 2021, 09:11:20 AM »
My previous post is an attempt to show anecdotally how the feds policies have affected me.
I'm now $1100/month richer just through refinancing and no real work.
Also my properties have gone up 25% in value.
Plus I can raise my rents while my mortgage goes down?...dafuq.

Quite inflationary.


Costco king crab legs last year $27.99
Today it's $39.99.


Probably going higher when holidays hit.


Offline USCTrojanCPA

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Re: Where the market is - Buyer Offers
« Reply #407 on: September 28, 2021, 03:15:58 PM »
https://www.redfin.com/CA/Irvine/108-Locanda-92620/home/167378932?1280460695=variant&600390594=copy_variant&231528114=control&1077477207=variant&utm_source=ios_share&utm_medium=share&utm_nooverride=1&utm_content=link&utm_campaign=share_sheet

Are we at $700/soft now?

Wait till you see my upcoming Crescendo Plan 1 Cadence Park listing. It'll also be around $700/sf but it sits on a corner lot of almost 10,000sf and has almost $1m in upgrades including $500k in landscaping with a kick ass pool and mature trees. It'll give the model home a run for it's money.
Martin Mania, CPA
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Offline Compressed-Village

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Re: Where the market is - Buyer Offers
« Reply #408 on: September 28, 2021, 03:33:03 PM »
My previous post is an attempt to show anecdotally how the feds policies have affected me.
I'm now $1100/month richer just through refinancing and no real work.
Also my properties have gone up 25% in value.
Plus I can raise my rents while my mortgage goes down?...dafuq.

Quite inflationary.


Costco king crab legs last year $27.99
Today it's $39.99.


Probably going higher when holidays hit.


Income producing assets such as a rental properties are doing extremely well in this environment. Lands and commodities, tangible assets is as good as gold.

Is it safe to say that we don't have speculators exist anymore in the realestate market? It's hard to say no, when you have homes appreciate 20-25 % annually, since last year. This will bring alot of speculation to the housing market and any speculation exist in an asset class will not end well. It is different though when someone buy to their root down. Whether the market goes up or down, we need a place to live, rent or buy. The heartache now is both rent and buy is coming into an extreme measures.

Offline Compressed-Village

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Re: Where the market is - Buyer Offers
« Reply #409 on: September 28, 2021, 03:46:51 PM »
https://www.redfin.com/CA/Irvine/108-Locanda-92620/home/167378932?1280460695=variant&600390594=copy_variant&231528114=control&1077477207=variant&utm_source=ios_share&utm_medium=share&utm_nooverride=1&utm_content=link&utm_campaign=share_sheet

Are we at $700/soft now?

Wait till you see my upcoming Crescendo Plan 1 Cadence Park listing. It'll also be around $700/sf but it sits on a corner lot of almost 10,000sf and has almost $1m in upgrades including $500k in landscaping with a kick ass pool and mature trees. It'll give the model home a run for it's money.

Sounds like a kick ass pad.

Offline USCTrojanCPA

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Re: Where the market is - Buyer Offers
« Reply #410 on: September 28, 2021, 04:12:52 PM »
https://www.redfin.com/CA/Irvine/108-Locanda-92620/home/167378932?1280460695=variant&600390594=copy_variant&231528114=control&1077477207=variant&utm_source=ios_share&utm_medium=share&utm_nooverride=1&utm_content=link&utm_campaign=share_sheet

Are we at $700/soft now?

Wait till you see my upcoming Crescendo Plan 1 Cadence Park listing. It'll also be around $700/sf but it sits on a corner lot of almost 10,000sf and has almost $1m in upgrades including $500k in landscaping with a kick ass pool and mature trees. It'll give the model home a run for it's money.

Sounds like a kick ass pad.

Yeah, the house is awesome and the interior upgrades were done with the consultation of an interior designer so very tastefully done.  I think he even upgraded the electrical panel to 400 amps because of the electronics in the home.  Seller will be moving up to his LA home at the end of next month so I should have it ready to list in Nov/Dec.
Martin Mania, CPA
AgencyOne
CA DRE License # 01799007
CA CPA License # 107675
mmania001@yahoo.com
714-747-3884 cell

Often imitated....Never duplicated!
Have license, will travel!

Offline TestingIrvine

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Re: Where the market is - Buyer Offers
« Reply #411 on: September 28, 2021, 04:16:57 PM »
$700 is the new normal in newer communities in Irvine.

Too much demand with Bay Area people putting down cash offers. A Redfin agent says 70% of his client are Bay Area

Offline zovall

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Re: Where the market is - Buyer Offers
« Reply #412 on: September 28, 2021, 04:50:13 PM »
$700 is the new normal in newer communities in Irvine.

Too much demand with Bay Area people putting down cash offers. A Redfin agent says 70% of his client are Bay Area

With many Bay Area tech jobs being more accepting for remote work now, it doesn't surprise me that many would move to Irvine/OC/Southern California to get more bang for their buck.

Offline eyephone

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Re: Where the market is - Buyer Offers
« Reply #413 on: September 28, 2021, 04:58:11 PM »
But if they did not announce remote only forever. Then the person is taking a risk in a way.

Offline zovall

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Re: Where the market is - Buyer Offers
« Reply #414 on: September 28, 2021, 06:37:49 PM »
Is it safe to say that we don't have speculators exist anymore in the realestate market? It's hard to say no, when you have homes appreciate 20-25 % annually, since last year. This will bring alot of speculation to the housing market and any speculation exist in an asset class will not end well. It is different though when someone buy to their root down. Whether the market goes up or down, we need a place to live, rent or buy. The heartache now is both rent and buy is coming into an extreme measures.

I think there are tons of speculators and "investors" buying now.. A lot of people have a lot of money and real estate is just one asset that has inflated. But since lending standards are high, we won't see a crash like we did last time. What could cause something like that?

I do believe that society benefits from people buying homes for themselves to live in.

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Offline sleepy5136

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Re: Where the market is - Buyer Offers
« Reply #415 on: September 28, 2021, 06:48:02 PM »
Is it safe to say that we don't have speculators exist anymore in the realestate market? It's hard to say no, when you have homes appreciate 20-25 % annually, since last year. This will bring alot of speculation to the housing market and any speculation exist in an asset class will not end well. It is different though when someone buy to their root down. Whether the market goes up or down, we need a place to live, rent or buy. The heartache now is both rent and buy is coming into an extreme measures.

I think there are tons of speculators and "investors" buying now.. A lot of people have a lot of money and real estate is just one asset that has inflated. But since lending standards are high, we won't see a crash like we did last time. What could cause something like that?

I do believe that society benefits from people buying homes for themselves to live in.
once interest rates lift off, I think we will see a slow down. keyword, slowdown. Not a crash.

Offline Compressed-Village

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Re: Where the market is - Buyer Offers
« Reply #416 on: September 28, 2021, 07:18:14 PM »
https://www.redfin.com/CA/Irvine/108-Locanda-92620/home/167378932?1280460695=variant&600390594=copy_variant&231528114=control&1077477207=variant&utm_source=ios_share&utm_medium=share&utm_nooverride=1&utm_content=link&utm_campaign=share_sheet

Are we at $700/soft now?

Wait till you see my upcoming Crescendo Plan 1 Cadence Park listing. It'll also be around $700/sf but it sits on a corner lot of almost 10,000sf and has almost $1m in upgrades including $500k in landscaping with a kick ass pool and mature trees. It'll give the model home a run for it's money.

Sounds like a kick ass pad.

Yeah, the house is awesome and the interior upgrades were done with the consultation of an interior designer so very tastefully done.  I think he even upgraded the electrical panel to 400 amps because of the electronics in the home.  Seller will be moving up to his LA home at the end of next month so I should have it ready to list in Nov/Dec.

As a realtor, do you have access to homes that when it hit the MLS listing that you can tell if the homes are in forebearance status? Or only the bank's own the notes has this info?

Offline USCTrojanCPA

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Re: Where the market is - Buyer Offers
« Reply #417 on: September 28, 2021, 08:11:42 PM »
Is it safe to say that we don't have speculators exist anymore in the realestate market? It's hard to say no, when you have homes appreciate 20-25 % annually, since last year. This will bring alot of speculation to the housing market and any speculation exist in an asset class will not end well. It is different though when someone buy to their root down. Whether the market goes up or down, we need a place to live, rent or buy. The heartache now is both rent and buy is coming into an extreme measures.

I think there are tons of speculators and "investors" buying now.. A lot of people have a lot of money and real estate is just one asset that has inflated. But since lending standards are high, we won't see a crash like we did last time. What could cause something like that?

I do believe that society benefits from people buying homes for themselves to live in.

Totally agree on what you said.  All but one of my buyers in the past year were folks who were buying to occupy the home to live in (one was a client of mine who wanted to buy their first rental property).  However, I've had 3-4 of my previous clients ping me about buying a rental property in the few months but I told them to be ready to go to war because it's a brutally market in the sub $1m price range with dozens of offers on each listing.
Martin Mania, CPA
AgencyOne
CA DRE License # 01799007
CA CPA License # 107675
mmania001@yahoo.com
714-747-3884 cell

Often imitated....Never duplicated!
Have license, will travel!

Offline USCTrojanCPA

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Re: Where the market is - Buyer Offers
« Reply #418 on: September 28, 2021, 08:17:25 PM »
https://www.redfin.com/CA/Irvine/108-Locanda-92620/home/167378932?1280460695=variant&600390594=copy_variant&231528114=control&1077477207=variant&utm_source=ios_share&utm_medium=share&utm_nooverride=1&utm_content=link&utm_campaign=share_sheet

Are we at $700/soft now?

Wait till you see my upcoming Crescendo Plan 1 Cadence Park listing. It'll also be around $700/sf but it sits on a corner lot of almost 10,000sf and has almost $1m in upgrades including $500k in landscaping with a kick ass pool and mature trees. It'll give the model home a run for it's money.

Sounds like a kick ass pad.

Yeah, the house is awesome and the interior upgrades were done with the consultation of an interior designer so very tastefully done.  I think he even upgraded the electrical panel to 400 amps because of the electronics in the home.  Seller will be moving up to his LA home at the end of next month so I should have it ready to list in Nov/Dec.

As a realtor, do you have access to homes that when it hit the MLS listing that you can tell if the homes are in forebearance status? Or only the bank's own the notes has this info?

I don't see whether they are in forbearance or not through my MLS title records, I only see the the latest loans taken out.  It's doubtful that there are many sellers in Irvine are in forbearance on their mortgage, but I wouldn't be surprised that there's more sellers outside of Irvine who are.  Personally, I didn't want to do forbearance even thought I could have because I didn't want to have any potential issues when it was time to buy the next home.
Martin Mania, CPA
AgencyOne
CA DRE License # 01799007
CA CPA License # 107675
mmania001@yahoo.com
714-747-3884 cell

Often imitated....Never duplicated!
Have license, will travel!

Offline Cares

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Re: Where the market is - Buyer Offers
« Reply #419 on: September 28, 2021, 10:51:57 PM »
You cannot see it in any public records unless it goes into some sort of foreclosure.

Either way forbearance is a trap. They say it doesn't affect your credit and they don't report it to the credit bureaus which is true. But what do your credit report looks like? You'll have many months of unreported payments. Put 2 and 2 together and it's obvious that you're on a forbearance plan.

 

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