the irvine real estate market is a very weird animal right now... i just don't know what to make of it. i really do feel like i'm waiting in line for one of the last two ipads... or like i was back in high school waiting in line for the newest pair of jordans... its just crazy...
are newer build true SFRs in Irvine nothing more than shiny new ipads? mass produced shiny little boxes that people are trying to scramble to get? only... if you wait a year, you can have access to a huge supply of the same at a discount? this is the big question. will low inventory maintain current pricing? I'm sure TIC knows this as well, so with they feed buyers a slow, steady stream of supply to maintain pricing? Currently, there are somewhere under 15 total houses in Irvine built after 1995, over 2000 sq ft, and under $950K in price. there is a bit of a disconnect between buyers and sellers. buyers don't want to pay what the sellers want, and sellers dont want to sell at the price the buyers demand. what happens with equity sellers? do they just hold and wait? or does it depend on new home pricing... for example if TIC releases and continues to release product below current asking prices, won't their inventory clear the market first? maybe this is their strategy. anyways, lets say this effect does in fact exist. low inventory is causing higher prices. i mean haven't you noticed? my condo goes for $305 per foot, but a detached SFR is $350? what gives? sooooo.. what catalyst needs to happen that causes prices to drop? what will cause a dramatic influx of inventory to the marketplace?
i've yet to decide what to do. part of me thinks long term and says, "just buy the house now... in the long run you'll be fine".... the other part of me is screaming that i can buy the same house for 10% cheaper next year... 10%? that's $83K... prices were there at the previous bottom, i wont say we cant be there again...
are newer build true SFRs in Irvine nothing more than shiny new ipads? mass produced shiny little boxes that people are trying to scramble to get? only... if you wait a year, you can have access to a huge supply of the same at a discount? this is the big question. will low inventory maintain current pricing? I'm sure TIC knows this as well, so with they feed buyers a slow, steady stream of supply to maintain pricing? Currently, there are somewhere under 15 total houses in Irvine built after 1995, over 2000 sq ft, and under $950K in price. there is a bit of a disconnect between buyers and sellers. buyers don't want to pay what the sellers want, and sellers dont want to sell at the price the buyers demand. what happens with equity sellers? do they just hold and wait? or does it depend on new home pricing... for example if TIC releases and continues to release product below current asking prices, won't their inventory clear the market first? maybe this is their strategy. anyways, lets say this effect does in fact exist. low inventory is causing higher prices. i mean haven't you noticed? my condo goes for $305 per foot, but a detached SFR is $350? what gives? sooooo.. what catalyst needs to happen that causes prices to drop? what will cause a dramatic influx of inventory to the marketplace?
i've yet to decide what to do. part of me thinks long term and says, "just buy the house now... in the long run you'll be fine".... the other part of me is screaming that i can buy the same house for 10% cheaper next year... 10%? that's $83K... prices were there at the previous bottom, i wont say we cant be there again...
