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"I guess when you're around people who own homes, you become envious at times. Most of my friends own a property of some type whether it's a small condo or a single-family house."

Do they really own a home or do they actually just owe alot of money on a mortgage? I would say they are borrowing a home until they have it paid off.
 
iceeman,

Trust me, there is a train coming for Irvine. In fact, the train might just hit the station. There is a reason why all of the new homes have been delayed for at least a year.
 
I was a lot more envious of homeowners back when I believed you were only allowed to own a home once you demonstrated hard work, sacrifice, a history of steady income and a track record of fulfilling your obligations.
 
What makes Irvine so special that it won't suffer from a deflating bubble? If you can answer that question correctly by all means buy this year. Having trouble figuring out? You might want to hold off a couple of years before becoming a homedebtor. Other things to wonder ... what is the median income? how about the median debt for home purchases in the last few years? Which way is the net flow of Irvine population?
 
iceeman - please dont buy the hype about irvine actually being different, look at all of the inventory in irvine, tighter lending standards that will probably get tighter. all signs point to the market contining to go down. the time will come grasshopper.
 
iceeman,

We know you are itching to pull the trigger, and as a fellow wannebee first time buyer I feel you. But there has never been a time where it was so damn profitable to wait a little. Median asking prices in OC fell about $100K last year, and all the leading indicators say it's likely to keep going down rapidly in 2008 and 2009.

But if you are willing to pay the very, very high price of not waiting then definitely buy new or bank owned. That's where almost all the realistic sellers are right now.
 
didn't somebody say on this blog before that the Irvine Company won't ever let the new home prices go down? if that is correct, then used homes prices should fall no differently than the rest of the OC, but new home prices might fall around 5% (or else the builders will hold off on building, right?)
 
"didn't somebody say on this blog before that the Irvine Company won't ever let the new home prices go down?"

Really? Let's all just stop and think about that one for a minute.
 
"didn't somebody say on this blog before that the Irvine Company won't ever let the new home prices go down? "

The Irvine Company could stop selling homes by keeping their asking prices at bubble peak levels; however, they do not control the bids of potential buyers, nor do they control the resale market. Basically, if they are unwilling to build and sell until they can get peak bubble prices, they may not build any housing for 20 years. Of course, they will come under intense political pressure to deliver housing units long before then.
 
Irvine company is like debeer.

anyone watch blood diamond? they should make a movie about blood real estate. hahahaaa

diamond is not that rare or valuable.... debeer makes it valuable, with their marketing and excellent market control. example.... back when russia collapse the russian government dumped alot of high end diamond onto the the market. Debeer stop selling diamond during those years and held out thus effectively kept the value of their diamond stock pile up.

i don't know if irvine company can do that but i am sure they are trying real hard cause they want their land stock pile to hold it's value.
 
everyone...i think u have convinced me enough to be abit more patient. My fiance and i have been debating of when and where to buy. It's been an ongoing debate for last 8-10 months. We have decided to stay in Irvine and its neighboring area...due to our job and the fact we're comfortable here. So the biggest question is..when should we buy. Although we're not wealthy by all means, i believe we can afford a sub $400k home.

I understand that irvine and its neighbors has lowered the prices of the homes much as $100k during the past year and I have seen the pricesheets. I'm just not convinced that a 3 bedroom townhouse in irvine will actually drop another $100k in 2008 and even into 2009. I can't imagine a New 3 bedroom townhouse in Irvine going for $350k or even lower? Or am I totally out of line?

If that's the case...i will more than be patient and wait for the train.
 
You won't miss the train. It will loiter at the station for years. After a crash, RE prices are always flat for a few years. Move in when either prices go flat for 6 months or so or the full cash cost of owning (including the principal payments) are close enough to rent that you'd rather own on a cashflow basis.

In the meantime, save your money. Best asset in life is substantial liquid assets. It makes you free of worry about money, jobs, housing, and sundry disasters.

> i believe we can afford a sub $400k home.

Don't stretch too far. Mortgages can be burdensome and hard to escape.
 
If you do not think Irvine is affected, check out the numbers on this website.

www.trulia.com/real_estate/Irvine-California/

Assuming that these are legit (I have no way to know), the average sales price for 3 and 4 bedroom homes have dropped about 8.5 percent betwen Sept-Nov 2007 and Sept-Nov. 2007.

Interestingly enough, the asking prices have gone up in Irvine about 2 percent between end of 12/07 and beginning of 12/07. Ignorance?
 
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