Have Irvine real estate values peaked?

Have Irvine real estate values peaked?

  • Total voters
    23
  • Poll closed .
bones said:
Peaked forever?  Prob not.
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When we speak of prices, it should ALWAYS be relative to a time period.  For the time being, I think we have definitely peaked and I do not see prices going higher for a while...
 
Sheesh tough crowd.  OP didn't specify so I answered the way I wanted to answer.  Didn't know we're getting graded....
But then again, this forum loves telling people they're wrong so maybe I should have known better :) :) :) :)
 
bones said:
Sheesh tough crowd.  OP didn't specify so I answered the way I wanted to answer.  Didn't know we're getting graded....
But then again, this forum loves telling people they're wrong so maybe I should have known better :) :) :) :)
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sorry bones.  please do not take my response as a criticism.  I think tone and meaning are often times lost in blogs and text messages.  I agree with you that in general prices always go up, like any asset class whether its real estate or stocks.  However, I just wanted to clarify from those who think Irvine is special and prices magically always goes up at all times.  Sorry, I apologize if I offended you. 

 
hello said:
bones said:
Sheesh tough crowd.  OP didn't specify so I answered the way I wanted to answer.  Didn't know we're getting graded....
But then again, this forum loves telling people they're wrong so maybe I should have known better :) :) :) :)
Click to expand...

sorry bones.  please do not take my response as a criticism.  I think tone and meaning are often times lost in blogs and text messages.  I agree with you that in general prices always go up, like any asset class whether its real estate or stocks.  However, I just wanted to clarify from those who think Irvine is special and prices magically always goes up at all times.  Sorry, I apologize if I offended you. 
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Naaaa, no apologies necessary.  I would hope no one thinks Irvine is that magical but I guess you never know :)
 
Depends on the location within Irvine.  I see downward pressure continuing in ps and the great park areas . . . possibly oh as well with all of the new product out there.  I see the built-out areas such as Woodbridge, Westpark and all of the areas south/west of the 405 remaining level if not appreciating moderately over the next few years (the frothy pockets south such as laguna altura have already backed off their peaks, and I don't see much more of a correction there)  The local economy/job market seems to be doing well, demand is still strong for IUSD, and I actually don't see interest rate increases impacting home appreciation much in the near term.
 
USCTrojanCPA said:
qwerty said:
WTTCHMN said:
qwerty said:
Bones - for the record I was correcting you. USC > Harvard :)
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Notre Dame > USC :)
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Yeah the game was a disaster. Another ruined season :-(
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Thankfully I bet ND this week and I'll be betting Utah next week.  At least I can make some money off this disaster.
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Betting against your own school?  Qwerty will have your Porsche tarred and feathered at your next open house.
 
WTTCHMN said:
USCTrojanCPA said:
qwerty said:
WTTCHMN said:
qwerty said:
Bones - for the record I was correcting you. USC > Harvard :)
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Notre Dame > USC :)
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Yeah the game was a disaster. Another ruined season :-(
Click to expand...

Thankfully I bet ND this week and I'll be betting Utah next week.  At least I can make some money off this disaster.
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Betting against your own school?  Qwerty will have your Porsche tarred and feathered at your next open house.
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Just business when it comes to sports betting.  ;)
 
Back on topic...yes, the market does feel like it has peaked in this cycle.  The $1m+ market has definitely slowed down with overpriced lingering on the market for months and months.  Once properties are priced around comps, they do go into escrow fairly quickly.  I'm also getting more "spam" emails from the various builders that have my contact information about standing inventory and/or an increase to their broker co-op.  Besides that, you are seeing these $1m+ new homes hitting MLS which is never a good sign for the builders.  I really do believe that BP home builder for those larger homes will need to cut prices to start moving sales.  I think they were greedy by pricing as high as they did instead of starting a bit lower to generate sales and build momentum like Pavilion Park did.  That being said, the detached market from $600k to $900k is still doing well...Ellwood and Citrine are great examples of that as well as my listings.  Just because we may have peaked for the near term, doesn't mean we hit the highs for a while...the market may pause and then proceed to begin appreciating again in a few years. 
 
Question is hard to answer unless we specify a specific time frame...I think Irvine prices have peaked for the next 3-5 years but I suspect prices will continue to raise in Irvine for many years to come.
 
Irvinecommuter said:
Question is hard to answer unless we specify a specific time frame...I think Irvine prices have peaked for the next 3-5 years but I suspect prices will continue to raise in Irvine for many years to come.
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Agreed, especially once there is no more new homes to be had.  There isn't much land left to build...OH, Eastwood, Portola Springs, BP, etc...as irvinehomeshopper had mentioned.  Can we get a dip in prices?  Sure, but we aren't going to see the prices drops that we saw in 2008/2009 because the mortgages that have been written in the past 5-6 years have been solid with non more liar loans.  As evidenced, if you hold on to your home long enough even buying at the peak you will come out ahead.
 
Over long periods of time, RE prices should correlate with incomes.  Coastal markets do better given land scarcity and NIMBY/permitting issues.  OC wage gains are fairly good and appears more balanced than 2005 (mortgage etc). Agree with USC, would add that what would worry me is Irvine lost Allergen and appears Broadcom will move jobs over time (time will tell), CA policies are "challenging" and we appear to be hell bent on using more renewable energy without regard to cost (which I'm not fundamentally against but it's a little disingenuous for me to say given that a 25% rise in energy cost doesn't mean I cut back on energy consumption).
 
If this topic is going to remain popular and at the top of the stream, can someone PLEASE edit the title?

"HAVE Irvine real estate values peaked?"
 
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