Author Topic: Irvine Market  (Read 2271 times)

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Offline affluent

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Irvine Market
« on: August 29, 2021, 04:30:28 PM »
So here is my story:
I used to live in Irvine and own a 3bd/3bth condo in Stonegate. Moved to Washington for a job and rented the condo. COVID allowed me to work from home for good and now I am back in Irvine living in my condo. Work from home means I need a bigger place (4bed SFR or Condo). Should I
1) Stay put in my 3-bed condo and wait for better inventory of 4-bed homes.
2) Enter the market and look for 4-bed home. The challenge is I can go up to 1.3M home price by keeping my current home.
3) Sell my 3-bed home and upgrade.

I am willing to pursue option#2 but feel it will be the most challenging.
All RE agents and gurus: what you recommend?

Offline Ready2Downsize

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Re: Irvine Market
« Reply #1 on: August 29, 2021, 04:53:03 PM »
Can you capture some of that $500K tax free cap gains if you sell the condo?

Offline affluent

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Re: Irvine Market
« Reply #2 on: August 29, 2021, 05:45:33 PM »
Can you capture some of that $500K tax free cap gains if you sell the condo?

Yes, luckily the house was rented for last 2-years only.

Offline sleepy5136

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Re: Irvine Market
« Reply #3 on: August 29, 2021, 09:09:22 PM »
Can you even find 4bed for 1.3m? Maybe if it's an older property?

Offline USCTrojanCPA

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Re: Irvine Market
« Reply #4 on: August 29, 2021, 09:23:45 PM »
I've helped several clients by making them non-contingent by buying their existing property for all cash with no contingencies when making offers for their move up properties.  I would only enter escrow once we get a property on the buy side and then I would sell the exit property once my client moves into the purchased home and then I flip the exit property with a profit share agreement (along with a short rent back if required).  Prices are in the $1.3m for smaller 2,000-2,200sf newer detached condos.  A true 4bd SFR that's newer is now $1.5m+.  Feel free to PM or email me and we can fill you in on more details. 
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Offline socal007

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Re: Irvine Market
« Reply #5 on: August 29, 2021, 10:18:13 PM »
Having a rental property in a desirable city like Irvine is great. There are detached 4bed 4 bath condos in portola springs. Look at sales past 6 months for detached condos in that area to get an idea of the floor plans to see if they work for you. I would say keep the rental if you can.

Offline affluent

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Re: Irvine Market
« Reply #6 on: August 30, 2021, 01:23:19 PM »
Having a rental property in a desirable city like Irvine is great. There are detached 4bed 4 bath condos in portola springs. Look at sales past 6 months for detached condos in that area to get an idea of the floor plans to see if they work for you. I would say keep the rental if you can.

Yes, I also want to keep the rental. But I am not sure if I can find livable 4bd house within 1.3M budget.

Offline The California Court Company

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Re: Irvine Market
« Reply #7 on: August 30, 2021, 02:54:50 PM »
How you can be affluent when you can only afford 1.3M house?


Having a rental property in a desirable city like Irvine is great. There are detached 4bed 4 bath condos in portola springs. Look at sales past 6 months for detached condos in that area to get an idea of the floor plans to see if they work for you. I would say keep the rental if you can.

Yes, I also want to keep the rental. But I am not sure if I can find livable 4bd house within 1.3M budget.
"Should any Person come into contact with such fruit, soil or groundwater, such Person is advised to wash thoroughly with soap and water and seek immediate medical attention"-Augusta Disclosure, Tustin Legacy

"You'll probably be able to buy a 4BR detached home in Quail Hill for $150,000."-IndieDev

Offline HMart

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Re: Irvine Market
« Reply #8 on: August 30, 2021, 03:04:20 PM »
How you can be affluent when you can only afford 1.3M house?

::)

Offline Cares

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Re: Irvine Market
« Reply #9 on: August 30, 2021, 03:35:58 PM »
Having a rental property in a desirable city like Irvine is great. There are detached 4bed 4 bath condos in portola springs. Look at sales past 6 months for detached condos in that area to get an idea of the floor plans to see if they work for you. I would say keep the rental if you can.

Yes, I also want to keep the rental. But I am not sure if I can find livable 4bd house within 1.3M budget.

I don't know what you consider as livable but there are 4 bedroom detached homes under $1.3M that are built after 2016. You don't have to go for an old home.

Offline iacrenter

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Re: Irvine Market
« Reply #10 on: August 30, 2021, 03:46:27 PM »
How you can be affluent when you can only afford 1.3M house?
Having a rental property in a desirable city like Irvine is great. There are detached 4bed 4 bath condos in portola springs. Look at sales past 6 months for detached condos in that area to get an idea of the floor plans to see if they work for you. I would say keep the rental if you can.

Yes, I also want to keep the rental. But I am not sure if I can find livable 4bd house within 1.3M budget.

It's pretty screwed up when we can't call someone affluent when purchasing a $1.3M home. The national median price is ~$374K and the OC median ~$900K. You would need some serious savings and relatively high income to make this purchase.

Offline USCTrojanCPA

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Re: Irvine Market
« Reply #11 on: August 30, 2021, 04:39:53 PM »
Having a rental property in a desirable city like Irvine is great. There are detached 4bed 4 bath condos in portola springs. Look at sales past 6 months for detached condos in that area to get an idea of the floor plans to see if they work for you. I would say keep the rental if you can.

Yes, I also want to keep the rental. But I am not sure if I can find livable 4bd house within 1.3M budget.

I don't know what you consider as livable but there are 4 bedroom detached homes under $1.3M that are built after 2016. You don't have to go for an old home.

There's only 1 active listing for under $1.3m built after 2010 and it's a 3-level detached condo at the Great Park.  I've been tracking Irvine real estate for about 15 years, I've never seen as little inventory on the market as we have right now. 
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Often imitated....Never duplicated!
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Online Irvinehomeseeker

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Re: Irvine Market
« Reply #12 on: August 30, 2021, 05:13:33 PM »

Offline USCTrojanCPA

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Re: Irvine Market
« Reply #13 on: August 30, 2021, 05:17:51 PM »
Martin Mania, CPA
AgencyOne
CA BRE License # 01799007
CA CPA License # 107675
mmania001@yahoo.com
714-747-3884 cell

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

Offline Compressed-Village

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Re: Irvine Market
« Reply #14 on: August 30, 2021, 06:08:27 PM »
So is this a good, healty thing that is happenning?

 

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