Average Income in Irvine

[irvinehomeshopper]

I just want all of you to know I missed my 200 roses appointment in irvine because of this thread.

 

[villiagepeople]

Sorry VP, Indie is dead on with the lenders' cautious approach today. They are all afraid of over leveraged homeowners going into default.

The thing is, he thinks I'm trying to trash him when I say someone who makes $90,000 can't get a loan for a $700,000 home. It's a simple fact, I'm not injecting my personal bias, or opinion into the matter. It's simply not possible unless you find a suicidal banking institution.

Like I said I'll admit it when I'm wrong...Assuming 1.9% prop tax + mello, which i missed that would mean you need a $126,833 salary...

 

[irvinehomeshopper]

He is still young. There is no substitute for experience.

Sorry VP, Indie is dead on with the lenders' cautious approach today. They are all afraid of over leveraged homeowners going into default.

The thing is, he thinks I'm trying to trash him when I say someone who makes $90,000 can't get a loan for a $700,000 home. It's a simple fact, I'm not injecting my personal bias, or opinion into the matter. It's simply not possible unless you find a suicidal banking institution.

Sorry VP, Indie is dead on with the lenders' cautious approach today. They are all afraid of over leveraged homeowners going into default.

The thing is, he thinks I'm trying to trash him when I say someone who makes $90,000 can't get a loan for a $700,000 home. It's a simple fact, I'm not injecting my personal bias, or opinion into the matter. It's simply not possible unless you find a suicidal banking institution.

 

[irvinehomeowner]

Don't forget upgrades and other items like landscaped yard raised the final price of the home at closing. Seriously the basic back in 1995 had a steering wheel and the basic today is like the Civic elevated on 4 piles of bricks in Santa Ana.

Which is probably why it don't remember that price back then, $150k was the top of my price range (I was just single income)... plus it did have Mello Roos and that was hurting my buy amount.

Actually, looking at the floorplans, I remember these now... these were the first motorcourt SFRs I saw in Irvine and I didn't like them as much because of the lack of driveway (yes even back then). My friend's family bought a Plan 4 and I liked the Plan 3. It's coming back to me because these same floorplans were at a tract in Tustin Ranch near Costco and they were cheaper and we were thinking about it because it was closer to my price range (CalPac was the master of recycling floorplans... and still is as IrvinePac).

 

[IndieDev]

Sorry VP, Indie is dead on with the lenders' cautious approach today. They are all afraid of over leveraged homeowners going into default.

The thing is, he thinks I'm trying to trash him when I say someone who makes $90,000 can't get a loan for a $700,000 home. It's a simple fact, I'm not injecting my personal bias, or opinion into the matter. It's simply not possible unless you find a suicidal banking institution.

Like I said I'll admit it when I'm wrong...Assuming 1.9% prop tax + mello, which i missed that would mean you need a $126,833 salary...

I don't understand how you can be this wrong over and over again. Are you using some sort of online calculator? How are you getting your numbers? Does SGIP still post here? Can he chime in so villagepeople knows how wrong he is. I feel like I'm babysitting a kindergarten here.

 

[irvinehomeshopper]

(CalPac was the master of recycling floorplans... and still is as IrvinePac).

I think you have your facts mixed up. Irvine Pacific is located in Newport Beach while California Pacific Homes is in the Irvine Spectrum. They are 2 different companies. BBB lists them as two active and separate companies.

 

[villiagepeople]

Sorry VP, Indie is dead on with the lenders' cautious approach today. They are all afraid of over leveraged homeowners going into default.

The thing is, he thinks I'm trying to trash him when I say someone who makes $90,000 can't get a loan for a $700,000 home. It's a simple fact, I'm not injecting my personal bias, or opinion into the matter. It's simply not possible unless you find a suicidal banking institution.

Like I said I'll admit it when I'm wrong...Assuming 1.9% prop tax + mello, which i missed that would mean you need a $126,833 salary...

I don't understand how you can be this wrong over and over again. Are you using some sort of online calculator? How are you getting your numbers? Does SGIP still post here? Can he chime in so villagepeople knows how wrong he is. I feel like I'm babysitting a kindergarten here.

690,000*.8=552000@4.25 360 pmts = 2715

2715+(690k*.019/12)=3807

(3 807 / .36) * 12 = 126 900

Where am I wrong?

 

[akim997]

You weren't looking hard enough!

Here is the price sheet from 9/95 Phase 5

Brindisi at Westpark
49 La Ronda
Irvine, CA 92714
(714) 559-0404

California Pacific Homes

Cortese-Plan 1 (from $150,000)

2 Bedrooms/2 baths 2 car garage

Amafi-Plan 2 (from $174,000)
3 Bedrooms/2 baths 2 car garage

Venezia-Plan 3 (from $190,200)
3 Bedrooms/2-1/2 baths
2 car garage

Firenze-Plan 4 (from $204,000)
3 Bedrooms/3 baths
2 car garage

I can photograph the price sheet if you want to see it.

Actually my friend bought a detached condo.

I don't think Brindisi was $150k in mid-90s... I would have seen it.

@IndieDev: What product mix am I confusing?. I'm comparing apples to apples... resale 2/1+SFRs in the mid 90s to resale 2/1+ SFRs now... something I was intimate with in the mid 90s (including attached products).

lawyered!  (himym)

 

[villiagepeople]

(CalPac was the master of recycling floorplans... and still is as IrvinePac).

I think you have your facts mixed up. Irvine Pacific is located in Newport Beach while California Pacific Homes is in the Irvine Spectrum. They are 2 different companies. BBB lists them as two active and separate companies.

IHO is right.  I don't know about what corps are set up for what and where they are headquartered...but my cousin bought a cal pac... I bought an Irvine pacific... The service people are the same... Some of the fixtures and stuff are exactly the same.

 

[akim997]

what happened to this discussiom?  i felt like i was watching cinci vs. xavier...

why are we here arguing over 1995 this and 1995 that?  it was in the past...  ive been in irvine since 92 but didnt buy till 2001 oh well...

regardless, i hope all understand that historical pricing for developing areas is never linear.  you will not buy certain companies based on their 95 stock price, adjusted for inflation.  dynamics and underlying factors have changed that alter the pricing paradigm.  why is that so hard for people to understand? 

 

[irvinehomeshopper]

The last few years I recalled seeing the Cal Pac construction trailers at the Irvine Pacific jobsite as I walked my dog and leaving poops all over. Irvine Pacific has been responsible for coming up with the design and CalPac was the fee contractor. The vendors for bath and light fixture have a universal account for all the projects so different projects featured the same items by buying in bulk discount. Customer service is also being subcontracted out as well to a single servers so seeing the same service rep is likely. Pretty soon your calls will be routed to India.

(CalPac was the master of recycling floorplans... and still is as IrvinePac).

I think you have your facts mixed up. Irvine Pacific is located in Newport Beach while California Pacific Homes is in the Irvine Spectrum. They are 2 different companies. BBB lists them as two active and separate companies.

IHO is right.  I don't know about what corps are set up for what and where they are headquartered...but my cousin bought a cal pac... I bought an Irvine pacific... The service people are the same... Some of the fixtures and stuff are exactly the same.

 

[usctrojancpa]

Sorry VP, Indie is dead on with the lenders' cautious approach today. They are all afraid of over leveraged homeowners going into default.

The thing is, he thinks I'm trying to trash him when I say someone who makes $90,000 can't get a loan for a $700,000 home. It's a simple fact, I'm not injecting my personal bias, or opinion into the matter. It's simply not possible unless you find a suicidal banking institution.

Like I said I'll admit it when I'm wrong...Assuming 1.9% prop tax + mello, which i missed that would mean you need a $126,833 salary...

I don't understand how you can be this wrong over and over again. Are you using some sort of online calculator? How are you getting your numbers? Does SGIP still post here? Can he chime in so villagepeople knows how wrong he is. I feel like I'm babysitting a kindergarten here.

690,000*.8=552000@4.25 360 pmts = 2715

2715+(690k*.019/12)=3807

(3 807 / .36) * 12 = 126 900

Where am I wrong?

You also have to include homeowners insurance and HOA which may increase the cost by an additional $200-$300 per month.  As an example, I wouldn't be comfortable having that high of mortgage payment unless I made over $150k a year.

 

[IndieDev]

He's also using the back end ratio as his front end ratio.

 

[villiagepeople]

Sorry VP, Indie is dead on with the lenders' cautious approach today. They are all afraid of over leveraged homeowners going into default.

The thing is, he thinks I'm trying to trash him when I say someone who makes $90,000 can't get a loan for a $700,000 home. It's a simple fact, I'm not injecting my personal bias, or opinion into the matter. It's simply not possible unless you find a suicidal banking institution.

Like I said I'll admit it when I'm wrong...Assuming 1.9% prop tax + mello, which i missed that would mean you need a $126,833 salary...

I don't understand how you can be this wrong over and over again. Are you using some sort of online calculator? How are you getting your numbers? Does SGIP still post here? Can he chime in so villagepeople knows how wrong he is. I feel like I'm babysitting a kindergarten here.

690,000*.8=552000@4.25 360 pmts = 2715

2715+(690k*.019/12)=3807

(3 807 / .36) * 12 = 126 900

Where am I wrong?

You also have to include homeowners insurance and HOA which may increase the cost by an additional $200-$300 per month.  As an example, I wouldn't be comfortable having that high of mortgage payment unless I made over $150k a year.

hoa is 110 for all detached stonegate... my home owners insurance is less than $50 a month.. but you are right, i missed that too, thanks.

You may not be comfortable with that loan but i think 36% is also a very conservative DTI, how many,  or what percentage of your clients gets approved based on >36% dti?

 

[villiagepeople]

He's also using the back end ratio as his front end ratio.

Anyone but indie can correct me if I'm wrong here but they don't care about front end anymore.. I don't have any debt and was approved based on a single dti.

 

[usctrojancpa]

Wasn't 94/95 the previous bottom for housing after the whole RTC mess?  Wouldn't it make more sense using 98/99 prices as that's right before the start of the bubble?

 

[IndieDev]

Wasn't 94/95 the previous bottom for housing after the whole RTC mess?  Wouldn't it make more sense using 98/99 prices as that's right before the start of the bubble?

I think early 1970, sometime before the Energy Crisis. That would give you the biggest yield, especially if you bought $10,000 lots in Laguna Beach.

 

[Liar Loan]

Sorry VP, Indie is dead on with the lenders' cautious approach today. They are all afraid of over leveraged homeowners going into default.

The thing is, he thinks I'm trying to trash him when I say someone who makes $90,000 can't get a loan for a $700,000 home. It's a simple fact, I'm not injecting my personal bias, or opinion into the matter. It's simply not possible unless you find a suicidal banking institution.

There are a few left willing to underwrite up to 48-50% DTI using FHA.  These are extreme exceptions though.  Maybe the borrowers are independently wealthy, but have a low income on paper.  It's not the type of deal that a middle class wageslave is typically going to get.

Orange County as a whole is less affordable than it was in the mid-90's.  Irvine is even less affordable.  It's surprising that this is even up for debate.  The demand to live here has only increased while the supply of developable land is getting more scarce.

 

[Liar Loan]

Wasn't 94/95 the previous bottom for housing after the whole RTC mess?  Wouldn't it make more sense using 98/99 prices as that's right before the start of the bubble?

I think early 1970, sometime before the Energy Crisis. That would give you the biggest yield, especially if you bought $10,000 lots in Laguna Beach.

Completely agree with you.  1970's inflation allowed people to get a real mortgage rate that was negative while causing their property values to double every few years.  Property taxes were also doubling, but Prop 13 took care of that.

 

[so_scared]

Wasn't 94/95 the previous bottom for housing after the whole RTC mess?  Wouldn't it make more sense using 98/99 prices as that's right before the start of the bubble?

I think early 1970, sometime before the Energy Crisis. That would give you the biggest yield, especially if you bought $10,000 lots in Laguna Beach.

Completely agree with you.  1970's inflation allowed people to get a real mortgage rate that was negative while causing their property values to double every few years.  Property taxes were also doubling, but Prop 13 took care of that.

How about early 80's with high teens prime rate? In real terms, prices were possibly lower than then in the 70s.