usctrojanman29_IHB
New member
I call dibs on Lindsay. hahaABC123 said:I am hoping that Irvine turns into the next Beverly Hills. I can't wait for Paris Hilton or Lindsay Lohan to move next door to me.
I call dibs on Lindsay. hahaABC123 said:I am hoping that Irvine turns into the next Beverly Hills. I can't wait for Paris Hilton or Lindsay Lohan to move next door to me.
ABC123 said:oh how I miss those days when threads would go ten pages long accusing BK of being racist against Asians.
usctrojanman29 said:I call dibs on Lindsay. hahaABC123 said:I am hoping that Irvine turns into the next Beverly Hills. I can't wait for Paris Hilton or Lindsay Lohan to move next door to me.
no_vaseline said:ABC123 said:oh how I miss those days when threads would go ten pages long accusing BK of being racist against Asians.
Looks like we've got another newb to bite, so this one has potential.
The search for BK Racist is interesting........
................but this thread is even better.
I can't believe BK talks about this stuff with us for free. He charges his clients a buttload of money to share the same info.
IrvineRenter said:financeguy said:IrvineRenter said:You need to keep in mind when considering the price declines that REOs only determine the rate of decline, the price point to which properties will fall is determined by financing terms. People are now being required to really afford houses out of their real incomes. Prices will fall to these levels because that is all the more people can pay. Demand is measured in dollars not in desirability.
But I’m not talking about the people that can’t afford to buy a home in Irvine, as you say, that is not the relevant demand. I am referring to an increase in demand from those individuals that can afford to pay.
Most individuals in this blog seem to value homes in Irvine at the pre-bubble price and then assume that things will come down to an inflation adjusted pre-bubble price eventually. Right or wrong, my point is that what if the perceived value of Irvine for a large group of individuals has risen since the pre-bubble era and will continue to rise due to this MIRAGE phenomenon referred to earlier.
Therefore the individual who can afford to pay +600K (20% down or all cash) for SFR and might have bought in Turtle Rock in 2000 now pays for the same SFR in Westpark because they now view Westpark as being worth +600K.
I doubt too many of the posters on this blog or forum accept peak prices as a properties value. In fact, most never did which is why they came to the blog. There will be a complete realignment of thinking toward value. Go ask someone in Riverside County what houses are worth there. Once priced cut in half, people realize they are not coming back soon. Right now, there is so much denial in Irvine, particularly at the high end, that some people do not even accept that their houses have dropped in value. Riverside county has already capitulated, and they accept that houses cost less than $200,000 again. Irvine is still in denial at the high end, in fear at the middle, and the low end is capitulating now.
Have faith my friend...here's an example for...the 3bed/3bath condo I sold for $620k last Sept can now be had for $575k-$580k. Sure it may not be as fast as some people want, but patience will be rewarded. I'm giddy just thinking about getting 6-8 weeks of free rent when my lease come up in Oct along with a lower rent.Superwrat said:IrvineRenter said:financeguy said:IrvineRenter said:You need to keep in mind when considering the price declines that REOs only determine the rate of decline, the price point to which properties will fall is determined by financing terms. People are now being required to really afford houses out of their real incomes. Prices will fall to these levels because that is all the more people can pay. Demand is measured in dollars not in desirability.
But I’m not talking about the people that can’t afford to buy a home in Irvine, as you say, that is not the relevant demand. I am referring to an increase in demand from those individuals that can afford to pay.
Most individuals in this blog seem to value homes in Irvine at the pre-bubble price and then assume that things will come down to an inflation adjusted pre-bubble price eventually. Right or wrong, my point is that what if the perceived value of Irvine for a large group of individuals has risen since the pre-bubble era and will continue to rise due to this MIRAGE phenomenon referred to earlier.
Therefore the individual who can afford to pay +600K (20% down or all cash) for SFR and might have bought in Turtle Rock in 2000 now pays for the same SFR in Westpark because they now view Westpark as being worth +600K.
I doubt too many of the posters on this blog or forum accept peak prices as a properties value. In fact, most never did which is why they came to the blog. There will be a complete realignment of thinking toward value. Go ask someone in Riverside County what houses are worth there. Once priced cut in half, people realize they are not coming back soon. Right now, there is so much denial in Irvine, particularly at the high end, that some people do not even accept that their houses have dropped in value. Riverside county has already capitulated, and they accept that houses cost less than $200,000 again. Irvine is still in denial at the high end, in fear at the middle, and the low end is capitulating now.
Do you consider a 2bd Quail Hill/Turtle Ridge condo as "middle?" I have been waiting for the capitulation phase for 2.5 years now... and am still waiting...
graphrix said:Here is what I have gained from this thread so far:
1. BK is a racist bastard, but we know this. Even if it is what he does for a living, you know... demographic research, and gets paid for it.
C Delroy Spuckler said:graphrix said:Here is what I have gained from this thread so far:
1. BK is a racist bastard, but we know this. Even if it is what he does for a living, you know... demographic research, and gets paid for it.
So can someone please enlighten me, rather than laughing at me.
Is BK what is referred to on many internet circles as a troll?
financeguy said:not a realtor said:If there is a more bland place than Irvine I don't know it. no part of inland oc especially south oc will ever be "beverly hills" because there is nothing unique about it. boring stucco boxes that all look alike and equally as important boring shopping centers that all look alike and are filled witth chain stores. you need some culture and variety to appreciate like a beverly hills
I remember when my parents first moved from LA to Irvine in the 80s their friends thought they were moving to the middle of nowhere. Now some of those friends have moved to Irvine, recognizing the great schools, safe community, and clean streets. Irvine has definitely grown in popularity of the past two decades and it continues to grow (Great Park, etc.). Likewise UCI has definitely gain more recognition academically over the years.
Like I said in my original post, I do not mean that Irvine is like Beverly Hills or will ever turn into Beverly Hills, but perhaps the Irvine of 2010 will be inherently more popular and valued than the Irvine of 2000, and therefore cannot be compared apples to apples in terms of what the values of homes should be.
Again, I’m not saying that I think this way, I just proposing the possibility.
C Delroy Spuckler said:tmare said:Look4house said:bkshopr said:Mcdonna1980 said:Why is it that Asians are characterised as being smart but these discussions all suggest they are too dump to figure out that buying Irvine real estate is a dumb-ass financial move. Something isn't adding up.
Asians are extremely textbook smart. Mostly engineer smart but not business smart.
This is a generalized statement that is very unscientific. Sorry bk, I respectfully disagree.
Martin Li Ka-shing, Forbes 16th richest in the world. Not textbook smart at all, super business smart. A complete opposite of what you described.
Once again, none of us are talking in absolutes or trying to stereotype a certain ethnic group. Bk uses overall trends and observation to his benefit and has been able to successful surmise the likes and dislikes of certain groups in order to design things that appeal to them. No one is saying that there aren't exceptions.
Uh... excuse me... explain to me how the quote "Asians are extremely textbook smart. Mostly engineer smart but not business smart" is anything BUT a naive racial stereotype. I would guess it is a very small percentage of Asians in southern california which are engineers. Have you ever been to Garden Grove, Westminster, Koreatown, etc... there are alot of very hard working Asians. There are many successful Asian business owners... or need I remind you about the whole Koreatown riots, and how the African Americans looted and burned down primarily Korean owned businesses? Those business owners might not be Donald Trump, but many of them came over here with very little, if anything, to their name... and they have successful family run businesses to show for it. I call that business smart and success... MUCH more so than some white guy who goes to Harvard, gets a degree and some high paying job because of who his daddy is, what school he want to, or the fact that he plays LaCrosse.
Even in Irvine, the engineering population is probably not a majority... quite simply there aren't enough engineering jobs in Orange County compared to the population. Yes, if you look at engineering schools, they might be dominated by Asians in some cases... but that doesn't mean all Asians are engineers, nor that they are "textbook smart". If there is anything textbook about that comment, its that it is textbook stereotyping and racist.
I also disagree with your comment "no on is saying there aren't exceptions". His comment was "Asians are extremely textbook smart. Mostly engineer smart but not business smart". That is very open and shut to me.
Delroy