I couldn't fathom how someone just paid $4.5m for lot 146 (this will likely be $5m+ all in). Then I visited the lot. You really have to see this in person to appreciate it. It must be half an acre and it's got panoramic views everywhere you look. It's pretty unique. The equivalent lot size in newport coast with a view would have to be $10m+.
Hidden Canyon in Irvine
- Thread starter lcms2002
- Start date
aquabliss
Well-known member
After they finish the yard they'll probably be in for $5.4M.
You could get this 8k sq ft house with 21k sq ft lot in Newport coast:https://www.redfin.com/CA/Newport-Beach/1-Barrington-Ct-92657/home/4749212
Could use some updating and no view but it's pretty baller status when your friends come over.
You could get this 8k sq ft house with 21k sq ft lot in Newport coast:https://www.redfin.com/CA/Newport-Beach/1-Barrington-Ct-92657/home/4749212
Could use some updating and no view but it's pretty baller status when your friends come over.
usctrojancpa
Well-known member
Wow, that pool is beyond awesome. If I'm spending $5m+, I'm living in Shady Canyon, Newport Beach, Corona Del Mar, or Turtle Ridge and not HC.
OC-Broker said:
I agree w OC Broker that it is a bit steep at 4.5m and i personally wouldn't shell out that much but someone else did and thats their choice .
and lots of other have done the same in that 2.5 - 3 m range , so people are voting with their feet / money and proving the price point , thats all what matters
but this comparison made by others to " why pay xxx in (insert a neighborhood here) " when you can buy in newport coast / newport beach / cdm is getting a bit tiring to be frank
that listing in newport coast looks straight out from the 80s / gaudy -- and decor something like maybe you would see in saddam's palace (this might be considered troll-esque so apologize in advance) .
now ask yourself how much would it cost to tear that 80s look down and make it more modern ? do you have the time and patience and money for it .
also would you want to be the lowest end type / non view home in newport coast just so you can boast a newport coast address ? I used to live in west LA in mid 2000s and have heard the same arguments for beverly hills (where the older money was) compared to some up and coming areas in west LA that were rising rapidly in prices and have held that level and gone higher
why ? simply because it is the influx of young families people paying full fare that drives the price points in a neighborhood , or investors with deep pockets (not debt ridden) that do need to distress sell again . How many people with college age kids or nearing retirement are willing to buy a 4.5m home with their hard earned savings ?
the point is Irvine , for all the shade it takes for being too competitive (code language for people who don't like it being too Asian) still has the best public schools in the area. and once you add the cost of private tuition , and the constant struggle to keep with those 10m+ neighbors in newport coast / shady wherever , 4.5m in a 2.5 - 3.5 m neighborhood might not seem too bad .
do i think HC is ideal ? hell no -- all that free way noise , lack of any public parks and tennis etc options for this price point is atrocious . but that doesn't make it a bad option compared to everything else out there , just because it is in Irvine and not newport coast .
One just has to look at the sales data in HC and compare them to other listings in more " desirable neighborhoods " that have been sitting there stale for months to get the answer
fortune11 said:
+1. Just because you don't like a particular house, it doesn't mean it's not a popular house.
fortune11 said:
I think one of the main selling point for TB is these are luxury homes that will be customized to your liking. Seriously, Shady, TR homes are already outdated in style. If you like contemporary, it's hard to find an existing home that you don't need to do major demolition and spend upgrades. And you have to find the right contractor to do the work. Not something everyone is eager to do.
fortune11 said:
One size doesn't fit all. An ideal home for you may be a poor choice for me.
fortune11 said:
Absolutely agree. A 4.5 million shell house gone off the market right away indicates the high end market is not stalling.
Even if this was true, can we really say the high end is not stalling based on one house or even one tract of homes?
I get it, we all have our opinions on how houses are selling and Im sure we all have our personal biases (probably based on our personal financial obligations/situations). However I think almost everyone believes or knows that the high end homes are slowing down. Starter homes on the hand other seem like another story...
I get it, we all have our opinions on how houses are selling and Im sure we all have our personal biases (probably based on our personal financial obligations/situations). However I think almost everyone believes or knows that the high end homes are slowing down. Starter homes on the hand other seem like another story...
usctrojancpa
Well-known member
zubs said:Dam! RHOC putting in the real work....
The interweb is serious business yo.
usctrojancpa
Well-known member
hello said:
It has slowed down and it hasn't dropped off a cliff. I have a non-Asian client who is using financing who'll closing on home around $2.5m next week. It's one thing to say that the luxury market has slowed down and another to say that prices are going down.
Yes. Luxury market is slowing, but like USCTrojan mentioned, it has not completely stalled and not bad for that level of high price.
There are currently 111 luxury homes >=$1.5 million in Irvine (Excluding some new builds that are pending) that are either Pending or Sold in the past 3 months. That is still a lot of multi-million dollar homes that are recently sold and currently pending. If you include some new construction that are reserved upon phase releases, it's probably 150+ sold and pending. For homes that are $2 million +, there are 44 homes that are sold in the past 3 months and are pending.
There are 137 homes active luxury homes ($1.5 million+ and excluding 2016 built homes) and if you include model homes and new construction, there are 210 homes $1.5 million+ that are active. For $2 million+ homes, there are about 100 homes (total including model homes) or 64 homes available (excluding 2016 built).
Not too bad. Plenty of buyers out there ready to snatch a good looking luxury houses that are priced right.
Overall, it is slowing down and prices has stalled, but we are going into a off-peak housing season now. I think this is a good thing in the long-term for the prices to stall or correct a little before having a another upper cycle and increase pent up demand. Time to take a breather for things to catch-up a little (income, etc.).
There are currently 111 luxury homes >=$1.5 million in Irvine (Excluding some new builds that are pending) that are either Pending or Sold in the past 3 months. That is still a lot of multi-million dollar homes that are recently sold and currently pending. If you include some new construction that are reserved upon phase releases, it's probably 150+ sold and pending. For homes that are $2 million +, there are 44 homes that are sold in the past 3 months and are pending.
There are 137 homes active luxury homes ($1.5 million+ and excluding 2016 built homes) and if you include model homes and new construction, there are 210 homes $1.5 million+ that are active. For $2 million+ homes, there are about 100 homes (total including model homes) or 64 homes available (excluding 2016 built).
Not too bad. Plenty of buyers out there ready to snatch a good looking luxury houses that are priced right.
Overall, it is slowing down and prices has stalled, but we are going into a off-peak housing season now. I think this is a good thing in the long-term for the prices to stall or correct a little before having a another upper cycle and increase pent up demand. Time to take a breather for things to catch-up a little (income, etc.).
agree w the other posters here - there is a difference between a healthy slowdown - that actually helps non FCB local folks get back in the game on a house they want as opposed to a real downdraft that freezes all activity . I firmly think we are in the former . why ? look at the stock market and tightening labor mkt , that's a very good indicator . if you told me s&p 500would be down 10-15% (for any number of reasons including maybe a freak trump victory) , then i would say we are moving to the latter .
Irvine Dream
New member
USCTrojanCPA said:
Then again you come across price drops like these, $340K price drop and house looks nice (may be at T though)
https://www.redfin.com/CA/Irvine/102-Fieldwood-92618/home/51682529