2010 Irvine New Home Collection

So far I have not seen major academic differences between Tustin and Irvine schools but a huge difference in home value and property size. Both are centralized locations. If I have to paid 20% more in home prices in Irvine for 35% less in property size then I would expect to see Irvine schools (20%+35%) 55% better than Tustin schools.

From my logic the high premium does not equate to the school benefit so don't tell me the schools are the reason. So far I have not seen the huge success differences among the Irvine graduates vs Tustin graduates in convincing me to commit to the double negative premiums of buying in irvine.
 
[quote author="graceomalley"]So far I have not seen major academic differences between Tustin and Irvine schools but a huge difference in home value and property size. Both are centralized locations. If I have to paid 20% more in home prices in Irvine for 35% less in property size then I would expect to see Irvine schools (20%+35%) 55% better than Tustin schools.

From my logic the high premium does not equate to the school benefit so don't tell me the schools are the reason. So far I have not seen the huge success differences among the Irvine graduates vs Tustin graduates in convincing me to commit to the double negative premiums of buying in irvine. [/quote]
I'll be the first one to say that the schools in Irvine are not significantly better than in Tustin, Laguna Niguel, or Yorba Linda but when I ask my Irvine buyers why they are only looking to buy in Irvine the first response is almost always because of the schools. The decision to buy in Irvine for those buyers is one that is based upon the values that they place on the benefits of living in Irvine. And there seem to be a lot of buyers wanting to buy homes in Irvine at the moment...some are frustrated with the high prices while others are frustrated with the low level of inventory to select from or both.
 
[quote author="graceomalley"]Stop fooling yourself there is no MBZ housing in Irvine. You paid MBZ price and got a Camry house without a trunk. All your neighbors have to go to a public pocket trunk for storage.[/quote]
Swing and a miss again.

The "Irvine" part is the MBZ... "Santa Ana" is Toyota.

First 3 rules in real estate are?

Another example:

Do you own an LV bag or a Coach one?

Do you live in Irvine or Tustin?

Both are nice... but one has a little more "je ne sais quoi" to it.

BTW: Tustin is farther from the 405 than Irvine is... so not as centrally localized to southern areas. And... Tustin Ranch does command a premium over other parts of Tustin... so you need to go a little farther out.

P.S. So nice to have you back here... it was a bit dead the last month or so.
 
[quote author="irvinehomeowner"]
[quote author="graceomalley"]Stop fooling yourself there is no MBZ housing in Irvine. You paid MBZ price and got a Camry house without a trunk. All your neighbors have to go to a public pocket trunk for storage.[/quote]
First 3 rules in real estate are?
[/quote]
Could it be Location x3? It's nice to see that this thread has turned to be a very lively discussion. Trying to convince IHO to not buy in Irvine is like trying to convince one of those OC Housewives that they don't need Botox or front end modifications....point is, quit while you are behind. haha
 
[quote author="irvinehomeowner"]
Another example:

Do you own an LV bag or a Coach one?

Do you live in Irvine or Tustin?

Both are nice... but one has a little more "je ne sais quoi" to it.
[/quote]

Ok, Mr. IHO --- riddle me this one:

Let's say one were to own 5 LV purses, not to mention a LV man-wallet and keychain? And further, what if that same person were to live in IRVINE, but assigned to TUSTIN schools and the 714 area code?

What social status have they achieved? Does LV goodness cancel the 714 badness? This Irvine pecking order is all so confusing.
 
CK: I know. Perception is reality. We both know how good those specific Tustin schools that service your area are... but many don't. The problem here is the other Tustin schools don't do so well and while your area of the TUSD is just as good as (if not better than) IUSD... the reputation for ALL IUSD schools trumps.

In fact, TIC is relying on your area of TUSD to have a good rep since West Irvine and NorthPark (et al) and eventually Orchard Hills will be serviced by such.

It's like if LV made a Coach bag... you know the quality is there... but it still says Coach... so people buy LV instead.

TroCPA: I'd live outside of Irvine... it's just the prices aren't low enough in surrounding areas to give up location, location, location! But seriously, had I not bought before the bubble, I would probably have to settle for one of those 2010 New Home Collections... so I can understand why people would do so.

And the other thing people will think is that since Irvine has pretty much kept its value (no matter how falsely it's been propped up by gov, low interest rates, FCBs and perceptions of school systems) that it's a safe bet. Because think about, say these new Woodbury homes do drop 20% in the next 3-5 years... wouldn't you think the surrounding cities would have to also? Who would buy a $640k 4/3 house in Lake Forest when they can get one in Irvine for that much? I don't write the economic/psychological rules... I just watch them in awe.
 
Hey IHO,
Can I ask how much you paid for your new construction SFR in 2000? Were people waiting in line to buy them or could anyone just walk in and put down a 3% deposit? It really does amaze me that we in the middle of the worst recession in our lifetime and Irvine still feels like 2005. It is also funny to see how owning in Irvine suddenly has become some type of status symbol like owning a LV bag or a MBZ.

CK, please tell me you don't own a LV "Man" wallet... haha.
 
[quote author="irvinehomeowner"]
[quote author="graceomalley"]Stop fooling yourself there is no MBZ housing in Irvine. You paid MBZ price and got a Camry house without a trunk. All your neighbors have to go to a public pocket trunk for storage.[/quote]
Swing and a miss again.

The "Irvine" part is the MBZ... "Santa Ana" is Toyota.

First 3 rules in real estate are?

Another example:

Do you own an LV bag or a Coach one?

Do you live in Irvine or Tustin?

Both are nice... but one has a little more "je ne sais quoi" to it.

BTW: Tustin is farther from the 405 than Irvine is... so not as centrally localized to southern areas. And... Tustin Ranch does command a premium over other parts of Tustin... so you need to go a little farther out.

P.S. So nice to have you back here... it was a bit dead the last month or so.[/quote]

No. Irvine is Toyota with MBZ prices and Santa Ana is Hyundai with trade in your clunker with government susidized and stimulus financing.
 
Best quality wallet I've ever owned, Panda. Those leather Coach wallets I used to buy at the outlet mall in Carlsbad looked like crap after 6 months. This one is probably two years old, and looks like new. And yes, BKShopr has actually seen the LV wallet. He just shook his head in amazement.
 
4/3 SFRs ~2000sft in the 1999/2000 time frame were $300k+ depending on what you got.

Three areas were new builds back then... Harvard Square, Oak Creek and I think some areas of West Irvine. Northpark and NP Square opened up shortly after that.

Think about that... some people say we should get back to 1999 pricing but can any of you imagine 4/3 SFRs in Irvine getting back down to that? Let's say inflation was 30% from 1999 (that's actually high), that means you should be able to buy a 4/3 SFR in Irvine for $390k.

Does anyone want to bet we'll see that... even in 2014?

I wish it could get that low, because that would mean my 3CWG should be floating around $520k (assuming they ran $400k in 1999).

EDIT: "Everyone" is too strong.
 
billfold-with-6-credit-card-slots_1.jpg


Nicest wallet you've ever owned huh? Well i own a "CK" Wallet (Calvin Klein) that had for two years and it looks like crap. I'm sold, how do i go about getting one? <!-- s:) -->:)<!-- s:) -->

My old man once told me, "Panda, there are two things you don't go cheap on. 1st is your wallet, 2nd is your watch. haha."
 
Wow! 3 more minutes of driving places Tustin Ranch into the fringes away from the ideal centralized location. I see that could be a huge problem for Asian drivers.

Irvine afterall is about the brand. The school reason is really secondary. Many are after the brand and that is why so many insist on owning a home in Irvine regardless of price. Asians worship brands and this is the main reason for Irvine's demographic.

The psychology of brand association is primarily driven by acquiring status at a cost. What is important about the product is the label display must come first and value second.

The responding posts are very obvious that buyers are obsessed with brand and status. It is an addiction and no possible logic can sway their mind.
 
[quote author="graceomalley"]Wow! 3 more minutes of driving places Tustin Ranch into the fringes away from the ideal centralized location. I see that could be a huge problem for Asian drivers.

Irvine afterall is about the brand. The school reason is really secondary. Many are after the brand and that is why so many insist on owning a home in Irvine regardless of price. Asians worship brands and this is the main reason for Irvine's demographic.

The psychology of brand association is primarily driven by acquiring status at a cost. What is important about the product is the label display must come first and value second.

The responding posts are very obvious that buyers are obsessed with brand and status. It is an addiction and no possible logic can sway their mind.[/quote]

I sort of agree with you Grace. Personally, I don't mind at all owning a Toyota/Honda or shopping for my clothes in Costco, Target or Kohls? I'm not your Saks Fifth Avenue type of guy, but when it comes to the "City" brand or "Zip code" brand, I think I'm pretty obsessed.
 
Well I guess when TIC said demand was high, they meant it! Even though I submitted by Priority Registration at 10:04 AM on the 3rd, I guess it didn't matter - I am still in the high 30's on the priority list at my community. Too bad, plus, the lot I want is gone.

I didn't think demand was THAT high, where about 9 people submitted PER MINUTE before me! Wow....this sucks.
 
[quote author="ck"]
[quote author="graceomalley"]

Developers have been robbing your yard. TalkIrvine party deserves a better setting like a private backyard instead of a public park with challenging parking logistic. [/quote]

I think the difficulty finding space in Woodbury to host just 10 or so people from TI underlines some of the issues here. As I understand it, we are not even able to secure a public park or clubhouse --- we ended up with a plan of just basically taking over a small common area at an IAC complex? With chairs that are bolted to the ground? I'm not trying to be unappreciative --- many thanks to roundcorners to setting this up --- but the great lengths he had to go to find any space at all is telling of what you will deal with trying to entertain friends or family when you have no real yard and/or worse, no parking.

I would have offered my backyard (even though graph makes fun it for only being 5,000 sq ft). But since my area code is 714, I think that might be a problem.
<!-- s:eek: -->:eek:<!-- s:eek: -->[/quote]

Like most things in Irvine; TIC just want you to look but not touch...
 
[quote author="ajw522"]Well I guess when TIC said demand was high, they meant it! Even though I submitted by Priority Registration at 10:04 AM on the 3rd, I guess it didn't matter - I am still in the high 30's on the priority list at my community. Too bad, plus, the lot I want is gone.

I didn't think demand was THAT high, where about 9 people submitted PER MINUTE before me! Wow....this sucks.[/quote]

Alex, how does the prority list work? Can you select multiple homes (Montecito, Sonoma, etc.) or does TIC force you to select just one?
 
[quote author="Panda "]
[quote author="ajw522"]Well I guess when TIC said demand was high, they meant it! Even though I submitted by Priority Registration at 10:04 AM on the 3rd, I guess it didn't matter - I am still in the high 30's on the priority list at my community. Too bad, plus, the lot I want is gone.

I didn't think demand was THAT high, where about 9 people submitted PER MINUTE before me! Wow....this sucks.[/quote]

Alex, how does the prority list work? Can you select multiple homes (Montecito, Sonoma, etc.) or does TIC force you to select just one?[/quote]

When signing up, you have to option to choose UP TO 2 neighborhoods, so you could do Montecito and Sonoma. Still, Montecito is really the only new neighborhood in my price range, although my second choice was Sonoma (too expensive now that I know the prices).

I still can't believe that I am in the high 30's! I mean, only after 4 minutes of the priority list going live, I submitted. I really thought that I would get this house. I am really bummed.
 
[quote author="ajw522"]
[quote author="Panda "]

Alex, how does the prority list work? Can you select multiple homes (Montecito, Sonoma, etc.) or does TIC force you to select just one?[/quote]

When signing up, you have to option to choose UP TO 2 neighborhoods, so you could do Montecito and Sonoma. Still, Montecito is really the only new neighborhood in my price range, although my second choice was Sonoma (too expensive now that I know the prices).

I still can't believe that I am in the high 30's! I mean, only after 4 minutes of the priority list going live, I submitted. I really thought that I would get this house. I am really bummed.[/quote]

Alex, don't sweat it! When inventory is less than 500 and mortgage rates are at 5%, it is not a good time to buy in Irvine. Just wait and you'll see the Irvine inventory numbers flood over a 1000 and mortgage rates rise. The deal will only get sweeter as you wait. You really don't this think it is going to be like this forever do you?
 
[quote author="Panda "]
[quote author="ajw522"]

When signing up, you have to option to choose UP TO 2 neighborhoods, so you could do Montecito and Sonoma. Still, Montecito is really the only new neighborhood in my price range, although my second choice was Sonoma (too expensive now that I know the prices).

I still can't believe that I am in the high 30's! I mean, only after 4 minutes of the priority list going live, I submitted. I really thought that I would get this house. I am really bummed.[/quote]

Alex, don't sweat it! When inventory is less than 500 and mortgage rates are at 5%, it is not a good time to buy in Irvine. Just wait and you'll see the Irvine inventory numbers flood over a 1000 and mortgage rates rise. The deal will only get sweeter as you wait. You really don't this think it is going to be like this forever do you?[/quote]

No, I don't think so, or hope so - I just hope I find something soon.
 
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