FCBers and Irvine

From what I know, FCBs know Orange County as a whole and that there are nicer areas of OC to invest in. Those that have ties in So Cal will know about Irvine but not all. I have contacts that have been involved in the overseas FCB buying excursions. They do exist.
 
ucla bruin said:
From what I know, FCBs know Orange County as a whole and that there are nicer areas of OC to invest in. Those that have ties in So Cal will know about Irvine but not all. I have contacts that have been involved in the overseas FCB buying excursions. They do exist.
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The FCBers are no lie!  :p 
 
NoSoup4U said:
http://www.bloomberg.com/news/2011-...ree-as-governments-squeeze-local-markets.html

I saw this article about Chinese buyers but they do not mention Irvine.  I wonder where Irvine ranks among the Chinese FCBers?  Are there stats on this?
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I have no stats but having lived in some of the cities mentioned in the article, I fear that Irvine will become yet another hot spot for the FCBers. The city has great potentials to become their new favourite - Good schools and the perfect climate here are huge factors. And once the first wave of FCBers comes in, they will attract more of their own kind.

We are new to the OC but are no strangers to being stuck with these crazy home prices. :(

On that note, I must say the discussions on Talk Irvine have been extremely helpful, especially for coping with the Irvine psychology.

I can smell the FCBers coming from far, far away...  :eek:

 
yellowplum said:
I have no stats but having lived in some of the cities mentioned in the article, I fear that Irvine will become yet another hot spot for the FCBers. The city has great potentials to become their new favourite - Good schools and the perfect climate here are huge factors. And once the first wave of FCBers comes in, they will attract more of their own kind.

We are new to the OC but are no strangers to being stuck with these crazy home prices. :(

On that note, I must say the discussions on Talk Irvine have been extremely helpful, especially for coping with the Irvine psychology.

I can smell the FCBers coming from far, far away...  :eek:
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I have no stats either but I know Irvine has been one of the favorite cities among FCBers for a long time. And the recent Dollar depreciation added fuel to the fire. I heard from my insurance agent friend that last year his new clients on home insurance in Irvine are all from China or Korea. They are all so-called FCBers. What they did is buying the houses in cash then getting home-equity loans from bank afterwards... 
 
MonsterMom said:
What they did is buying the houses in cash then getting home-equity loans from bank afterwards...
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Is this a cheaper option than just getting a mortgage in the first place rather than paying cash up front?  I would imagine that the rates would be much higher on an equity loan.  I guess if they get a huge cash discount up front than maybe this is a smart move?
 
Often times, they don't qualify since they don't live here.  In general though, Asians are buying in irvine because it's safe, has great schools and has some cache.

Last time I checked, Korean currency wasn't so strong against the dollar.  The Japanese yen is at it's strongest against the dollar but they don't seem to care to buy in Irvine, let alone the US.

The Chinese may indeed be buying real estate in the us though, as an investment.  Hopefully it'll continue.  I'm not Chinese but I own in Irvine and would welcome anyone who holds up property values with buying.
 
NoSoup4U said:
MonsterMom said:
What they did is buying the houses in cash then getting home-equity loans from bank afterwards...
Click to expand...

Is this a cheaper option than just getting a mortgage in the first place rather than paying cash up front?  I would imagine that the rates would be much higher on an equity loan.  I guess if they get a huge cash discount up front than maybe this is a smart move?
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They may be getting HELOCs (home equity lines of credit).  With most of them there are no lender/origination fees and most interest rates range from Prime to Prime + 1.50% (3.25% to 4.75%) which isn't all that expensive.  Cash buyers mostly get discounts on REOs and short sales, that discount is much smaller on regular equity sales.
 
What percentage of Irvine sales would be needed for FCBers to be considered "supporting" these inflated prices?
 
You guys should stop making fun of FCBers. Would you rather have your home prices here stay up with the FCBers. Or have a bunch of Mexican gang-bangers move in and lower your home prices, education standards and have trash in the streets?
 
NoSoup4U said:
What percentage of Irvine sales would be needed for FCBers to be considered "supporting" these inflated prices?
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This would be interesting to know but I don't think anyone has an answer.
 
yellowplum said:
NoSoup4U said:
http://www.bloomberg.com/news/2011-...ree-as-governments-squeeze-local-markets.html

I saw this article about Chinese buyers but they do not mention Irvine.  I wonder where Irvine ranks among the Chinese FCBers?  Are there stats on this?
Click to expand...

I have no stats but having lived in some of the cities mentioned in the article, I fear that Irvine will become yet another hot spot for the FCBers. The city has great potentials to become their new favourite - Good schools and the perfect climate here are huge factors. And once the first wave of FCBers comes in, they will attract more of their own kind.

We are new to the OC but are no strangers to being stuck with these crazy home prices. :(

On that note, I must say the discussions on Talk Irvine have been extremely helpful, especially for coping with the Irvine psychology.

I can smell the FCBers coming from far, far away...  :eek:
Click to expand...

ed02a898-8aee-4a7c-9bc3-f4d41f292e57.jpg
 
frank69m said:
You guys should stop making fun of FCBers. Would you rather have your home prices here stay up with the FCBers. Or have a bunch of Mexican gang-bangers move in and lower your home prices, education standards and have trash in the streets?
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I just don't like FCBers when they outbid my buyers.  :p
 
Do they publish the numbers of sales that are from foreign buyers or is this private info?  If it is private info, how do they get the numbers in that article?  Does anyone here have enough pull to get the numbers for Irvine?
 
NoSoup4U said:
Do they publish the numbers of sales that are from foreign buyers or is this private info?  If it is private info, how do they get the numbers in that article?  Does anyone here have enough pull to get the numbers for Irvine?
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That information is private (or at the very leasst you need to go to the County Recorder's Office to pull the information).  Maybe what they do is classify all cash buyers were asian/foreign sur names as being FCBers?  I know you definitely can't do that because it's almost impossible to tell whether someone who is paying cash is a FCBer or just a regular american cash buyer with an asian/foreign sur name. 
 
NoSoup4U said:
Do they publish the numbers of sales that are from foreign buyers or is this private info?  If it is private info, how do they get the numbers in that article?  Does anyone here have enough pull to get the numbers for Irvine?
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I think for your purpose, you'd be interested in CBs (cash buyers) not necessarily foreigners, right? That info should be private but I think I've seen a spreadsheet somewhere that had % down pay for each of the transaction each month. Not sure.....
 
Either you get my weekly email to my Realtor base - as I used that article in last Friday's message, or perhaps you read FARK.com - where I stole the article.  ;)

Who knows where all that $$$ went. You sure these FCB's planted it all down on a few Shady Canyon or Stonegate homes?

My .02c
 
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