Author Topic: Observations from the front lines of the Irvine housing market…  (Read 302353 times)

0 Members and 2 Guests are viewing this topic.

Offline Portolaresident

  • Newbie
  • Thanks
  • -Given: 2
  • -Received: 1
  • Posts: 5
Re: Observations from the front lines of the Irvine housing market…
« Reply #1035 on: May 25, 2022, 11:14:22 AM »
I've been getting emails from Toll Brothers for their Meadows community in Lake Forest lately, first email saying there are spots available now and another one saying "now offering limited -time incentives".  I already own a condo in Portola sprigs so i'm in no rush to buy (and Meadows location sucks anyway), but up until few weeks ago they wouldn't even consider you if you didn't have cash.  I'm a bit surprised for receiving these emails. I've been also getting emails for another community called Lexington on Jamboree. 

Offline qwerty

  • Certified Irvine Addict
  • ****
  • Thanks
  • -Given: 2781
  • -Received: 1858
  • Posts: 8077
Re: Observations from the front lines of the Irvine housing market…
« Reply #1036 on: May 25, 2022, 12:05:44 PM »
I got the same Meadows email.

- up to $3k in design studio credits
- up to $3,500 in lender credits
- one year paid HOA

Not much, but the cracks always start small

Offline sleepy5136

  • O.C. Resident
  • ***
  • Thanks
  • -Given: 7
  • -Received: 56
  • Posts: 818
Re: Observations from the front lines of the Irvine housing market…
« Reply #1037 on: May 25, 2022, 12:43:40 PM »
I got the same Meadows email.

- up to $3k in design studio credits
- up to $3,500 in lender credits
- one year paid HOA

Not much, but the cracks always start small
These aren’t entry level homes. So buyers can gamble and hope they have inventory sitting there. Then negotiate the heck out of it and get them to do landscaping for you too.

Offline The California Court Company

  • What's this?
  • Certified Irvine Addict
  • ****
  • Thanks
  • -Given: 404
  • -Received: 381
  • Posts: 2095
Re: Observations from the front lines of the Irvine housing market…
« Reply #1038 on: May 25, 2022, 03:14:36 PM »
lol limited time only. these are paltry compared to the total price tag. I like the risk reward for prospective buyers. Just wait to see if the incentives will get better over time.

I got the same Meadows email.

- up to $3k in design studio credits
- up to $3,500 in lender credits
- one year paid HOA

Not much, but the cracks always start small
"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 CalBears96

  • Certified Irvine Addict
  • ****
  • Thanks
  • -Given: 37
  • -Received: 137
  • Posts: 1218
Re: Observations from the front lines of the Irvine housing market…
« Reply #1039 on: May 25, 2022, 03:31:17 PM »
lol limited time only. these are paltry compared to the total price tag. I like the risk reward for prospective buyers. Just wait to see if the incentives will get better over time.

I got the same Meadows email.

- up to $3k in design studio credits
- up to $3,500 in lender credits
- one year paid HOA

Not much, but the cracks always start small

Another risk to consider is the rising mortgage rate. It will just go higher and higher the longer you wait. So buyers would have to weigh that against incentives also.

Offline jomama229

  • Tourist
  • *
  • Thanks
  • -Given: 4
  • -Received: 2
  • Posts: 11
Re: Observations from the front lines of the Irvine housing market…
« Reply #1040 on: May 25, 2022, 05:05:41 PM »
I got the same Meadows email.

- up to $3k in design studio credits
- up to $3,500 in lender credits
- one year paid HOA

Not much, but the cracks always start small
weren't they having buyers bid against each other on these homes just a month or 2 ago? pretty amazing they sold as many units as they did before even putting up model homes.

Offline CalBears96

  • Certified Irvine Addict
  • ****
  • Thanks
  • -Given: 37
  • -Received: 137
  • Posts: 1218
Re: Observations from the front lines of the Irvine housing market…
« Reply #1041 on: May 25, 2022, 06:27:32 PM »
I got the same Meadows email.

- up to $3k in design studio credits
- up to $3,500 in lender credits
- one year paid HOA

Not much, but the cracks always start small
weren't they having buyers bid against each other on these homes just a month or 2 ago? pretty amazing they sold as many units as they did before even putting up model homes.

They were still doing that on selected homes on the last phase release.

Offline Soylent Green Is People

  • Abiding Dude. Housing focused NMLS Licensed
  • Certified Irvine Addict
  • ****
  • Thanks
  • -Given: 1123
  • -Received: 1290
  • Posts: 2791
  • Gender: Male
  • Isaiah 58: 6-11
Re: Observations from the front lines of the Irvine housing market…
« Reply #1042 on: May 25, 2022, 07:35:00 PM »
Don't expect price cuts as that will anger the earlier phases and cause in contract buyers to chatter among themselves about how "I got this" and "Really, because I didn't" - a recipe for disaster.

Once the dam breaks - and yes, it's going to - expect bigger design center credits, significant rate buy downs or "free" long term rate extensions with other hard to spot concessions. This is, as it's been said by others, the same "tale as old as time....." as these things repeat during every RE cycle.

My .02c
My .02c

SGIP

Offline USCTrojanCPA

  • Your CPA Realtor
  • Certified Irvine Addict
  • ****
  • Thanks
  • -Given: 2907
  • -Received: 2267
  • Posts: 11173
  • Gender: Male
Re: Observations from the front lines of the Irvine housing market…
« Reply #1043 on: May 25, 2022, 07:39:37 PM »
Don't expect price cuts as that will anger the earlier phases and cause in contract buyers to chatter among themselves about how "I got this" and "Really, because I didn't" - a recipe for disaster.

Once the dam breaks - and yes, it's going to - expect bigger design center credits, significant rate buy downs or "free" long term rate extensions with other hard to spot concessions. This is, as it's been said by others, the same "tale as old as time....." as these things repeat during every RE cycle.

My .02c

And then the higher broker coop.
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!

The following member(s) thanked this post:


Offline The California Court Company

  • What's this?
  • Certified Irvine Addict
  • ****
  • Thanks
  • -Given: 404
  • -Received: 381
  • Posts: 2095
Re: Observations from the front lines of the Irvine housing market…
« Reply #1044 on: May 25, 2022, 07:57:36 PM »
it won't surprise me we see 20% national average of RE price correction..S&P is 22% off from ATH...Irvine may be a little less. If I am a cash buyer I will definitely wait it out.
"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

The following member(s) thanked this post:


Offline USCTrojanCPA

  • Your CPA Realtor
  • Certified Irvine Addict
  • ****
  • Thanks
  • -Given: 2907
  • -Received: 2267
  • Posts: 11173
  • Gender: Male
Re: Observations from the front lines of the Irvine housing market…
« Reply #1045 on: May 25, 2022, 08:06:32 PM »
it won't surprise me we see 20% national average of RE price correction..S&P is 22% off from ATH...Irvine may be a little less. If I am a cash buyer I will definitely wait it out.

I think we might get more modest price declines like we got back in late 2018 and we'll probably flat line.  The recession that we'll most likely get will be more recession we got in the early 2000s after dot.com bubble burst.  Rates are already starting to roll over with the 10 and 30 year bond rates down 30-40bps from the highs. Watch inventory levels carefully.
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 Irvinehomeseeker

  • O.C. Resident
  • ***
  • Thanks
  • -Given: 117
  • -Received: 63
  • Posts: 706
Re: Observations from the front lines of the Irvine housing market…
« Reply #1046 on: May 25, 2022, 08:29:46 PM »
I I am now seeing highest number of homes for sale in Eastwood in the last 6 months. Prices are all high...will be interesting to see if there will be any price cuts. Smallest Delano still at 1.15M.

Offline USCTrojanCPA

  • Your CPA Realtor
  • Certified Irvine Addict
  • ****
  • Thanks
  • -Given: 2907
  • -Received: 2267
  • Posts: 11173
  • Gender: Male
Re: Observations from the front lines of the Irvine housing market…
« Reply #1047 on: May 25, 2022, 08:31:34 PM »
I I am now seeing highest number of homes for sale in Eastwood in the last 6 months. Prices are all high...will be interesting to see if there will be any price cuts. Smallest Delano still at 1.15M.

Of the 9 listings, 7 of them got listed within the past 7 days.
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

  • Tourist
  • *
  • Thanks
  • -Given: 2
  • -Received: 16
  • Posts: 97
Re: Observations from the front lines of the Irvine housing market…
« Reply #1048 on: May 25, 2022, 11:29:20 PM »
Don't expect price cuts as that will anger the earlier phases and cause in contract buyers to chatter among themselves about how "I got this" and "Really, because I didn't" - a recipe for disaster.

Once the dam breaks - and yes, it's going to - expect bigger design center credits, significant rate buy downs or "free" long term rate extensions with other hard to spot concessions. This is, as it's been said by others, the same "tale as old as time....." as these things repeat during every RE cycle.

My .02c

Don’t underestimate the power of The Irvine Company in times like this.

Private, cash rich, has no stockholders to report to except for one person, Bren.  TIC will just not approve any new home releases for any builder (Irvine Pacific, KB, TaylorMo, etc) and just pull inventory creating demand.

Anyone with a TIC village home should be really happy TIC is private.  Anyone looking for a home should hate TIC is private.

TIC will just pull inventory and ride any recession.

The following member(s) thanked this post:


Offline sleepy5136

  • O.C. Resident
  • ***
  • Thanks
  • -Given: 7
  • -Received: 56
  • Posts: 818
Re: Observations from the front lines of the Irvine housing market…
« Reply #1049 on: May 26, 2022, 02:41:22 AM »
Don't expect price cuts as that will anger the earlier phases and cause in contract buyers to chatter among themselves about how "I got this" and "Really, because I didn't" - a recipe for disaster.

Once the dam breaks - and yes, it's going to - expect bigger design center credits, significant rate buy downs or "free" long term rate extensions with other hard to spot concessions. This is, as it's been said by others, the same "tale as old as time....." as these things repeat during every RE cycle.

My .02c

Don’t underestimate the power of The Irvine Company in times like this.

Private, cash rich, has no stockholders to report to except for one person, Bren.  TIC will just not approve any new home releases for any builder (Irvine Pacific, KB, TaylorMo, etc) and just pull inventory creating demand.

Anyone with a TIC village home should be really happy TIC is private.  Anyone looking for a home should hate TIC is private.

TIC will just pull inventory and ride any recession.
In 2008, builders were going to leave the dirt lots and give it back to Donald Bren. Guess what happened? He gave in and prices went down in Irvine. Don’t think it can’t happen again. I don’t think things will crash, but pricing adjustments is inevitable especially when you have attached condos selling for $700+ a sqft with no lot or driveway.

 

Talk Irvine Links

[Recent Posts]
[FAQ / Rules]

Site Supporters


SimplePortal 2.3.7 © 2008-2022, SimplePortal