Irvine Market

affluent

New member
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?
 
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. 
 
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.
 
socal007 said:
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.
 
How you can be affluent when you can only afford 1.3M house?


affluent said:
socal007 said:
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.
 
affluent said:
socal007 said:
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.
 
The California Court Company said:
How you can be affluent when you can only afford 1.3M house?
affluent said:
socal007 said:
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.
 
Cares said:
affluent said:
socal007 said:
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. 
 
Compressed-Village said:
So is this a good, healty thing that is happenning?

Nope, sure isn't but that's how the market is...huge demand with very strong motivated buyers. Prices will continue to head higher as we move into the end of the year.
 
USCTrojanCPA said:
Compressed-Village said:
So is this a good, healty thing that is happenning?

Nope, sure isn't but that's how the market is...huge demand with very strong motivated buyers. Prices will continue to head higher as we move into the end of the year.

I can always count on you to be a straight shooter. Saying it like the way it is.


Kinda make me think for a second now about putting up a rental for sale?.😀 but then I worked so hard to get it, so I probably will never sell it. Why get rid of a good thing, right?

 
Compressed-Village said:
USCTrojanCPA said:
Compressed-Village said:
So is this a good, healty thing that is happenning?

Nope, sure isn't but that's how the market is...huge demand with very strong motivated buyers. Prices will continue to head higher as we move into the end of the year.

I can always count on you to be a straight shooter. Saying it like the way it is.


Kinda make me think for a second now about putting up a rental for sale?.😀 but then I worked so hard to get it, so I probably will never sell it. Why get rid of a good thing, right?

No BS or fluff here, I call it as I see it. The last 4 buyers that I got into escrow were with no limit escalation clauses so what does that tell you about the market. If you are cash flow positive and don't need the money for other things/investment opportunities then keep it because I see prices grinding higher into year end.  After the run up is over, we'll be "flattish" on prices for a bit to digest the big gains and then probably continue more normal appreciation. 
 
USCTrojanCPA said:
Compressed-Village said:
USCTrojanCPA said:
Compressed-Village said:
So is this a good, healty thing that is happenning?

Nope, sure isn't but that's how the market is...huge demand with very strong motivated buyers. Prices will continue to head higher as we move into the end of the year.

I can always count on you to be a straight shooter. Saying it like the way it is.


Kinda make me think for a second now about putting up a rental for sale?.😀 but then I worked so hard to get it, so I probably will never sell it. Why get rid of a good thing, right?

No BS or fluff here, I call it as I see it. The last 4 buyers that I got into escrow were with no limit escalation clauses so what does that tell you about the market. If you are cash flow positive and don't need the money for other things/investment opportunities then keep it because I see prices grinding higher into year end.  After the run up is over, we'll be "flattish" on prices for a bit to digest the big gains and then probably continue more normal appreciation.


I believe, when you operate with integrity and honesty, the customers will always seek guys like you. Even in down turn, you will be more than fine.
 
Are we seeing buyers who are moving in from other parts of the country or FCBs, as Irvine is one of the top California city to see negative migration?
 
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