1/3 are all-cash sales in Irvine

I was trying to find that article... it was in the Irvine World News a week ago but there wasn't an online version.

Where is Graphrix?

1. More asians in Irvine... check.
2. FCBs do exist... check.
3. Apple is killing Motorola... check.
 
jamboreedude said:
During the first six months of the year, 33 percent of homes sold in Irvine have been all-cash transactions. This is a substantial increase from the number of all-cash transactions in prior years.  from article:http://www.ocregister.com/news/cash-368741-transactions-irvine.html
Ummmm, I could have told you that years ago.  30-40% of all Irvine transactions have been cash in the past 3-4 years.  Nothing new here.
 
I guess since I'm new here I don't see the problem with someone buying a house without getting a mortgage.  We complain when people use creative financing and we complain when they pay cash?

And before you ask, no, I'm not a FCB.  I'm an AFCB.
 
Nothing wrong with buying all cash... the theory is that since FCBs use non-fundamental methods to valuate Irvine homes, they keep prices from falling to where they should be.

"Oooh... the address has 8 in it... we'll pay 888k for that house even if it's supposed to be $750k!" :)
 
SandVball said:
I guess since I'm new here I don't see the problem with someone buying a house without getting a mortgage.  We complain when people use creative financing and we complain when they pay cash?

And before you ask, no, I'm not a FCB.  I'm an AFCB.

I wonder what "AFCB" stands for?  ::)
 
Good for Irvine. Whatever wasn't bought all cash in in foreclosure?
A house in my neighborhood is for sale, and so far it's been only Koreans visiting (I hope they pay X88,888 and get this thing off the market soon!). Oh, I am getting a lot of calls asking if I want to sell the house :-( They all mention 'foreign' client willing to pay more than the market price.

 
Wealthy asian buyers taking LOC's out of their asia based home and by the time they land here, its basically a cash sale. And once the sale goes thru, pull a morgage out.

With average real estate price increasing by 100% in China and at least 50% elsewhere in first world Asia, the profit on that alone is chump change for the houses in Irvine.

Asia is a much better environment to take profits in real estate but ultimately, the purpose of Irvine home is to have a nice living atmosphere, profitability essentially comes second.
 
jamboreedude said:
SandVball said:
I guess since I'm new here I don't see the problem with someone buying a house without getting a mortgage.  We complain when people use creative financing and we complain when they pay cash?

And before you ask, no, I'm not a FCB.  I'm an AFCB.

I wonder what "AFCB" stands for?  ::)

Oops I got distracted and forgot to finish my lame joke...almost FCB  :'(

The sales lady at Laguna Altura actually asked if we are paying cash.  I though that was pretty bold of her.
 
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