cherry14_IHB
New member
<strong>irvine_home_owner</strong>, the most recent properties I've seen this happen to are 4042 Old Mill and 23 Golden Star.
Frustration with Irvine inventory!
- Thread starter cherry14_IHB
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tkaratz_IHB
New member
Well, even if home prices stop dropping, I think everyone universally agrees that home prices will not appreciate at a pace that would outrun inflation. This view is certainly not limited to the members of this blog.
There's always new real estate on the market for sale, even in Irvine. Home buying is based on emotion (some of which are good), and you can never assume that you are taking an objective look at home that you would like to purchase for your primary residence. I've often heard people justify buying that home right now or that home that's just beyond their means by telling themselves, "even if prices drop, we are in it for the long term" Ask them what long term means to them and it's 4-5 years.
There's always new real estate on the market for sale, even in Irvine. Home buying is based on emotion (some of which are good), and you can never assume that you are taking an objective look at home that you would like to purchase for your primary residence. I've often heard people justify buying that home right now or that home that's just beyond their means by telling themselves, "even if prices drop, we are in it for the long term" Ask them what long term means to them and it's 4-5 years.
usctrojanman29_IHB
New member
[quote author="cherry14" date=1243381586][quote author="IrvineRenter" date=1243377174][quote author="cherry14" date=1243376634][quote author="awgee" date=1243365972][quote author="cherry14" date=1243337157]I've been looking for 6 months. During almost that entire time, I have heard people say not to buy because prices are going to drop, and that inventory is going to increase once all the foreclosures hit the market. But here I am 6 months later, and that has still not happened (at least from my layperson's perspective). Seriously, show me the money already! Some houses do sit on the market for a while, but those seem to be the crappy or overpriced ones. The good ones are going fast. <strong>Look4house</strong>, I wonder if I went to the same open house as you.
I'm not drinking Kool-Aid, and I'm not being pressured by realtors...these are just my observations as a regular person looking for a nice house at a decent price.</blockquote>
There are no guarantees. Maybe you should buy. Or if you think prices will go down, maybe you should stop going to open houses if it upsets you.
What do you think Irvine home prices will do in the next year? Two years? And why?</blockquote>
I'm looking to buy now. I don't know what prices will do, so I'm just going to buy when it's the right time for my family.</blockquote>
Would it upset you if the bears are correct and prices drop 30% after you buy? If so, you should consider this a very real possibility and wait. If this does not bother you, then go ahead and buy. Be careful, because many people who bought in 2007 thought that falling prices would not bother them, and it does.</blockquote>
Yes, it would bother me, even though I'm thinking of the house just as a place to live and not as an investment. Nobody likes to feel like they got a lousy deal. But the problem is I feel like I could be waiting forever! Over the past 6 months, I've been reading various things that say prices will drop, and to wait. But they haven't! Or maybe they're dropping based on data and graphs or whatever, but it just hasn't translated into the real world yet, at least in my experience. (My price range is $650-$750k, if that makes a difference.) I'm just frustrated. I'm not only looking in Irvine (looking in Laguna Niguel as well), but it seems like the properties in Irvine are the ones being snatched up so quickly.</blockquote>
Not true. The condo that I sold back in Oct. for $620k can now be had for $580k...that's about 7% in about 8 months.
I'm not drinking Kool-Aid, and I'm not being pressured by realtors...these are just my observations as a regular person looking for a nice house at a decent price.</blockquote>
There are no guarantees. Maybe you should buy. Or if you think prices will go down, maybe you should stop going to open houses if it upsets you.
What do you think Irvine home prices will do in the next year? Two years? And why?</blockquote>
I'm looking to buy now. I don't know what prices will do, so I'm just going to buy when it's the right time for my family.</blockquote>
Would it upset you if the bears are correct and prices drop 30% after you buy? If so, you should consider this a very real possibility and wait. If this does not bother you, then go ahead and buy. Be careful, because many people who bought in 2007 thought that falling prices would not bother them, and it does.</blockquote>
Yes, it would bother me, even though I'm thinking of the house just as a place to live and not as an investment. Nobody likes to feel like they got a lousy deal. But the problem is I feel like I could be waiting forever! Over the past 6 months, I've been reading various things that say prices will drop, and to wait. But they haven't! Or maybe they're dropping based on data and graphs or whatever, but it just hasn't translated into the real world yet, at least in my experience. (My price range is $650-$750k, if that makes a difference.) I'm just frustrated. I'm not only looking in Irvine (looking in Laguna Niguel as well), but it seems like the properties in Irvine are the ones being snatched up so quickly.</blockquote>
Not true. The condo that I sold back in Oct. for $620k can now be had for $580k...that's about 7% in about 8 months.
irvine_home_owner_IHB
New member
[quote author="cherry14" date=1243381927]<strong>irvine_home_owner</strong>, the most recent properties I've seen this happen to are 4042 Old Mill and 23 Golden Star.</blockquote>
Those are 2 different properties... Old Mill is a 2/1 and Golden Star is a 4/2.5. Since they are off-market, I can't really tell what they look like but the Old Mill house is in one of the more affordable SFR areas of Irvine. Those houses are okay, but 2/1s are strange (I believe they are actually 1.25 bathrooms... one is a full the other just has a sink) for an SFR. They usually have decent sized lots but no association makes the neighborhood very dated.
Do you know how much it was listed for? Because if Redfin history is accurate, whoever bought that for $810k in 2006 got robbed... even $480k in 2002 was steep. I was looking at these houses in 1996 and they were $160k tops.
As for Golden Star, I'm not very familiar with that area of Deerfield but it is nicer than the Old Mill area. What was that one listed for?
Those are 2 different properties... Old Mill is a 2/1 and Golden Star is a 4/2.5. Since they are off-market, I can't really tell what they look like but the Old Mill house is in one of the more affordable SFR areas of Irvine. Those houses are okay, but 2/1s are strange (I believe they are actually 1.25 bathrooms... one is a full the other just has a sink) for an SFR. They usually have decent sized lots but no association makes the neighborhood very dated.
Do you know how much it was listed for? Because if Redfin history is accurate, whoever bought that for $810k in 2006 got robbed... even $480k in 2002 was steep. I was looking at these houses in 1996 and they were $160k tops.
As for Golden Star, I'm not very familiar with that area of Deerfield but it is nicer than the Old Mill area. What was that one listed for?
cherry14_IHB
New member
[quote author="irvine_home_owner" date=1243384270][quote author="cherry14" date=1243381927]<strong>irvine_home_owner</strong>, the most recent properties I've seen this happen to are 4042 Old Mill and 23 Golden Star.</blockquote>
Those are 2 different properties... Old Mill is a 2/1 and Golden Star is a 4/2.5. Since they are off-market, I can't really tell what they look like but the Old Mill house is in one of the more affordable SFR areas of Irvine. Those houses are okay, but 2/1s are strange (I believe they are actually 1.25 bathrooms... one is a full the other just has a sink) for an SFR. They usually have decent sized lots but no association makes the neighborhood very dated.
Do you know how much it was listed for? Because if Redfin history is accurate, whoever bought that for $810k in 2006 got robbed... even $480k in 2002 was steep. I was looking at these houses in 1996 and they were $160k tops.
As for Golden Star, I'm not very familiar with that area of Deerfield but it is nicer than the Old Mill area. What was that one listed for?</blockquote>
I don't think that 2/1 note is accurate for Old Mill. I see that it says 2/1 on Redfin now (weird), but it's a 4/3. It was listed around $719k, I think. Golden Star was listed at about $650k.
Those are 2 different properties... Old Mill is a 2/1 and Golden Star is a 4/2.5. Since they are off-market, I can't really tell what they look like but the Old Mill house is in one of the more affordable SFR areas of Irvine. Those houses are okay, but 2/1s are strange (I believe they are actually 1.25 bathrooms... one is a full the other just has a sink) for an SFR. They usually have decent sized lots but no association makes the neighborhood very dated.
Do you know how much it was listed for? Because if Redfin history is accurate, whoever bought that for $810k in 2006 got robbed... even $480k in 2002 was steep. I was looking at these houses in 1996 and they were $160k tops.
As for Golden Star, I'm not very familiar with that area of Deerfield but it is nicer than the Old Mill area. What was that one listed for?</blockquote>
I don't think that 2/1 note is accurate for Old Mill. I see that it says 2/1 on Redfin now (weird), but it's a 4/3. It was listed around $719k, I think. Golden Star was listed at about $650k.
Geotpf_IHB
New member
[quote author="cherry14" date=1243384756][quote author="irvine_home_owner" date=1243384270][quote author="cherry14" date=1243381927]<strong>irvine_home_owner</strong>, the most recent properties I've seen this happen to are 4042 Old Mill and 23 Golden Star.</blockquote>
Those are 2 different properties... Old Mill is a 2/1 and Golden Star is a 4/2.5. Since they are off-market, I can't really tell what they look like but the Old Mill house is in one of the more affordable SFR areas of Irvine. Those houses are okay, but 2/1s are strange (I believe they are actually 1.25 bathrooms... one is a full the other just has a sink) for an SFR. They usually have decent sized lots but no association makes the neighborhood very dated.
Do you know how much it was listed for? Because if Redfin history is accurate, whoever bought that for $810k in 2006 got robbed... even $480k in 2002 was steep. I was looking at these houses in 1996 and they were $160k tops.
As for Golden Star, I'm not very familiar with that area of Deerfield but it is nicer than the Old Mill area. What was that one listed for?</blockquote>
I don't think that 2/1 note is accurate for Old Mill. I see that it says 2/1 on Redfin now (weird), but it's a 4/3. It was listed around $719k, I think. Golden Star was listed at about $650k.</blockquote>
It probably was originally a 2/1 and was added on, and the additions never made it to the tax records. Now, that could be due to an error, but it also could be due to the additions not having permits. (My house in Riverside was expanded similarily and has a similar problem, but there are permits on file for the additions, so in my case it was just an error on the tax assessor side.)
Those are 2 different properties... Old Mill is a 2/1 and Golden Star is a 4/2.5. Since they are off-market, I can't really tell what they look like but the Old Mill house is in one of the more affordable SFR areas of Irvine. Those houses are okay, but 2/1s are strange (I believe they are actually 1.25 bathrooms... one is a full the other just has a sink) for an SFR. They usually have decent sized lots but no association makes the neighborhood very dated.
Do you know how much it was listed for? Because if Redfin history is accurate, whoever bought that for $810k in 2006 got robbed... even $480k in 2002 was steep. I was looking at these houses in 1996 and they were $160k tops.
As for Golden Star, I'm not very familiar with that area of Deerfield but it is nicer than the Old Mill area. What was that one listed for?</blockquote>
I don't think that 2/1 note is accurate for Old Mill. I see that it says 2/1 on Redfin now (weird), but it's a 4/3. It was listed around $719k, I think. Golden Star was listed at about $650k.</blockquote>
It probably was originally a 2/1 and was added on, and the additions never made it to the tax records. Now, that could be due to an error, but it also could be due to the additions not having permits. (My house in Riverside was expanded similarily and has a similar problem, but there are permits on file for the additions, so in my case it was just an error on the tax assessor side.)
irvine_home_owner_IHB
New member
[quote author="cherry14" date=1243384756]I don't think that 2/1 note is accurate for Old Mill. I see that it says 2/1 on Redfin now (weird), but it's a 4/3. It was listed around $719k, I think. Golden Star was listed at about $650k.</blockquote>
That makes more sense... even $719k for that part of Irvine is high for a 4/3. What was the square footage and was it upgraded at all?
Not knowing the upgrades/style of houses, Golden Star at $650k vs Old Mill is better based on location.
But those prices still seem high to me for homes that old. It seems there are newer homes in that same price range... is there a particular type of home you're looking for because just a quick Redfin seach shows me at least 10 homes in that price range.
And I'm not sure ifyou answere this... but do you NEED to buy at this time?
That makes more sense... even $719k for that part of Irvine is high for a 4/3. What was the square footage and was it upgraded at all?
Not knowing the upgrades/style of houses, Golden Star at $650k vs Old Mill is better based on location.
But those prices still seem high to me for homes that old. It seems there are newer homes in that same price range... is there a particular type of home you're looking for because just a quick Redfin seach shows me at least 10 homes in that price range.
And I'm not sure ifyou answere this... but do you NEED to buy at this time?
usctrojanman29_IHB
New member
[quote author="irvine_home_owner" date=1243385757][quote author="cherry14" date=1243384756]I don't think that 2/1 note is accurate for Old Mill. I see that it says 2/1 on Redfin now (weird), but it's a 4/3. It was listed around $719k, I think. Golden Star was listed at about $650k.</blockquote>
That makes more sense... even $719k for that part of Irvine is high for a 4/3. What was the square footage and was it upgraded at all?
Not knowing the upgrades/style of houses, Golden Star at $650k vs Old Mill is better based on location.
But those prices still seem high to me for homes that old. It seems there are newer homes in that same price range... is there a particular type of home you're looking for because just a quick Redfin seach shows me at least 10 homes in that price range.
And I'm not sure ifyou answere this... <strong>but do you NEED to buy at this time</strong>?</blockquote>
Or is it that you can't wait any longer?
That makes more sense... even $719k for that part of Irvine is high for a 4/3. What was the square footage and was it upgraded at all?
Not knowing the upgrades/style of houses, Golden Star at $650k vs Old Mill is better based on location.
But those prices still seem high to me for homes that old. It seems there are newer homes in that same price range... is there a particular type of home you're looking for because just a quick Redfin seach shows me at least 10 homes in that price range.
And I'm not sure ifyou answere this... <strong>but do you NEED to buy at this time</strong>?</blockquote>
Or is it that you can't wait any longer?
cherry14_IHB
New member
I don't remember the square footage for the houses, but it was probably somewhere around 2000 for each one. I don't think either either one was very upgraded, though.
We don't NEED to buy now, we just want to. We do need to move, so theoretically we could rent a house or bigger apt, but I'm ready for my very own house where I can do what I want...paint! Make holes in the walls! Rip out appliances! All that stuff.
I've been a renter for 14 years and I'm ready to not have a landlord anymore!
I think our problem really is that we're too picky:
- Want at least 3 beds/2.5 baths
- Prefer newer or upgraded
- No Woodbridge due to the toxic plume (thanks to you guys here on the forums)
- No Westpark (don't like the area)
- No Northpark or West Irvine b/c of Tustin schools (yes, I know they are good, but I want Irvine schools if I'm gonna pay $$$, dammit)
- Prefer no pool
- SFR only, no condos pretending to be houses
- Doesn't back to a big street
- Prefer no slanty door or stairs facing the front door due to Chinese in-laws
I think it just might not be possible to find what we want in Irvine in our price range. Which is fine. I probably should just focus my search elsewhere instead of just whining about it.
We don't NEED to buy now, we just want to. We do need to move, so theoretically we could rent a house or bigger apt, but I'm ready for my very own house where I can do what I want...paint! Make holes in the walls! Rip out appliances! All that stuff.
I've been a renter for 14 years and I'm ready to not have a landlord anymore!I think our problem really is that we're too picky:
- Want at least 3 beds/2.5 baths
- Prefer newer or upgraded
- No Woodbridge due to the toxic plume (thanks to you guys here on the forums)
- No Westpark (don't like the area)
- No Northpark or West Irvine b/c of Tustin schools (yes, I know they are good, but I want Irvine schools if I'm gonna pay $$$, dammit)
- Prefer no pool
- SFR only, no condos pretending to be houses
- Doesn't back to a big street
- Prefer no slanty door or stairs facing the front door due to Chinese in-laws
I think it just might not be possible to find what we want in Irvine in our price range. Which is fine. I probably should just focus my search elsewhere instead of just whining about it.
irvine_home_owner_IHB
New member
[quote author="cherry14" date=1243386804]- Prefer no slanty door or stairs facing the front door due to Chinese in-laws
</blockquote>
Hehe... funny how much culture affects a home choice.
</blockquote>
Hehe... funny how much culture affects a home choice.
bkshopr_IHB
New member
I just wish that it is very bad feng shui to have a 3 car garage at the front of the house but it is not.
SoCal78_IHB
New member
[quote author="irvine_home_owner" date=1243384270][quote author="cherry14" date=1243381927]<strong>irvine_home_owner</strong>, the most recent properties I've seen this happen to are 4042 Old Mill and 23 Golden Star.</blockquote>
Those are 2 different properties... Old Mill is a 2/1 and Golden Star is a 4/2.5. Since they are off-market, I can't really tell what they look like but the Old Mill house is in one of the more affordable SFR areas of Irvine. Those houses are okay, but 2/1s are strange (I believe they are actually 1.25 bathrooms... one is a full the other just has a sink) for an SFR. They usually have decent sized lots but no association makes the neighborhood very dated.
Do you know how much it was listed for? Because if Redfin history is accurate, whoever bought that for $810k in 2006 got robbed... even $480k in 2002 was steep. I was looking at these houses in 1996 and they were $160k tops.
As for Golden Star, I'm not very familiar with that area of Deerfield but it is nicer than the Old Mill area. What was that one listed for?</blockquote>
Old Mill is a 4/3, 2300 sqft. It was listed at $719,900. <a href="http://74.125.95.132/search?q=cache:iyzHJt60HJ4J:www.redfin.com/CA/Irvine/4042-Old-Mill-St-92604/home/4667861+4042+Old+Mill&cd=1&hl=en&ct=clnk&gl=us">Try this link</a> to see the Google cached page of the listing. (If a box pops up when the page loads, click "ok".) If the link does not work, just type the address into Google and it will be one of your first results. Click the link to the cache. This link will show you photos of the interior and exterior of the property.
I was unable to find a similar link for the Golden Star property.
Those are 2 different properties... Old Mill is a 2/1 and Golden Star is a 4/2.5. Since they are off-market, I can't really tell what they look like but the Old Mill house is in one of the more affordable SFR areas of Irvine. Those houses are okay, but 2/1s are strange (I believe they are actually 1.25 bathrooms... one is a full the other just has a sink) for an SFR. They usually have decent sized lots but no association makes the neighborhood very dated.
Do you know how much it was listed for? Because if Redfin history is accurate, whoever bought that for $810k in 2006 got robbed... even $480k in 2002 was steep. I was looking at these houses in 1996 and they were $160k tops.
As for Golden Star, I'm not very familiar with that area of Deerfield but it is nicer than the Old Mill area. What was that one listed for?</blockquote>
Old Mill is a 4/3, 2300 sqft. It was listed at $719,900. <a href="http://74.125.95.132/search?q=cache:iyzHJt60HJ4J:www.redfin.com/CA/Irvine/4042-Old-Mill-St-92604/home/4667861+4042+Old+Mill&cd=1&hl=en&ct=clnk&gl=us">Try this link</a> to see the Google cached page of the listing. (If a box pops up when the page loads, click "ok".) If the link does not work, just type the address into Google and it will be one of your first results. Click the link to the cache. This link will show you photos of the interior and exterior of the property.
I was unable to find a similar link for the Golden Star property.
ecchan_IHB
New member
With the low inventory now, it is hard to get a "bargain" price on houses in Irvine. I still think if you can wait till the end of the year, things will open up. There are really buyers out there that can afford and willing to buy now even though they know the prices has a couple of years to drop. Well, if everyone follow the advice on this board, I guess there won't be much buying on the market. Buying a house is a multifactorial decision and if you really like the house, paying above the competition is necessary.
Daedalus_IHB
New member
[quote author="cherry14" date=1243386804]I'm ready for my very own house where I can do what I want...paint! Make holes in the walls! Rip out appliances! All that stuff. </blockquote>Funny, I never hear that kind of thing from people who have owned their own homes for a while. Be careful what you wish for.
SoCal78_IHB
New member
[quote author="Daedalus" date=1243392969][quote author="cherry14" date=1243386804]I'm ready for my very own house where I can do what I want...paint! Make holes in the walls! Rip out appliances! All that stuff. </blockquote>Funny, I never hear that kind of thing from people who have owned their own homes for a while. Be careful what you wish for.</blockquote>
No kidding. After spending five years of our life and thousands of dollars doing repairs, maintenance, upgrades, and getting on a first-name basis with the employees at Lowe's, renting comes as a huge relief. Not to mention you can still change the wall color, hang pictures, and what not.
No kidding. After spending five years of our life and thousands of dollars doing repairs, maintenance, upgrades, and getting on a first-name basis with the employees at Lowe's, renting comes as a huge relief. Not to mention you can still change the wall color, hang pictures, and what not.
awgee_IHB
New member
Cherry14 - You are absolutely correct in your assessment. Prices in Irvine have not dropped as much as most other areas, especially lately. But, I do not see that as lasting. I have been wrong about Irvine for the last two years, but I do not think I am wrong now. If you have your heart set on Irvine, you just have to deal with what is. No one can tell you for sure which area will be price sticky and which area will not. There is no formula, just as there is no crystal ball. IR has been right about 90%, which is phenomenal. You seem to be whining about the 10%. I know that sounds a bit harsh, but that is my read.
You roll the dice, you take your chances.
You roll the dice, you take your chances.
NewToOC_IHB
New member
We are in a private rental and while I'm not positive I'm pretty sure if we painted we'd have to paint it back to the ugly white our landlord prefers.
As for the putting holes in walls if you use good hardware (I like <a href="http://www.ooks.com/c-4-classic-professional-picture-hangers.aspx">OOK hooks</a> - I hang things with abandon now in my rental home and work office) it shouldn't be a major concern.
As for the putting holes in walls if you use good hardware (I like <a href="http://www.ooks.com/c-4-classic-professional-picture-hangers.aspx">OOK hooks</a> - I hang things with abandon now in my rental home and work office) it shouldn't be a major concern.
cherry14_IHB
New member
<strong>awgee</strong> - I hope he IS right! I just want him to be right sooner rather than later...
Like I said, I'm no expert and I don't pretend to be. I'm just remarking on what's going on in the trenches right now. Lots of nutty buyers out there, and not a lot of inventory. I definitely do hope it changes in the near future. But I'm not willing to wait years; I'll either have to suck it up and do what it takes to buy in Irvine, or look elsewhere.
Like I said, I'm no expert and I don't pretend to be. I'm just remarking on what's going on in the trenches right now. Lots of nutty buyers out there, and not a lot of inventory. I definitely do hope it changes in the near future. But I'm not willing to wait years; I'll either have to suck it up and do what it takes to buy in Irvine, or look elsewhere.
rickradian_IHB
New member
I think IAC is buying up all the inventory in Irvine to keep the prices up and maintain there precious $375/sq ft quota.
They have cronies that go to all the open houses and buy on their behalf. IAC is the evil empire, us rebels must group together and fight back. I will be Luke, who who is up for playing Han Solo?
They have cronies that go to all the open houses and buy on their behalf. IAC is the evil empire, us rebels must group together and fight back. I will be Luke, who who is up for playing Han Solo?