Ready2Downsize
Well-known member
Maybe they have multiple houses. Our buyer didn't even show up till they owned the house for 3+ months and then only to stay a week.
nyc to oc said:RHOC said:I was hoping for a more UNBIASED answer..However, as most people commenting on this post are Irvine residence, all the "fluff" and mirage is to be expected! True, the Irvine homes are not likely to crash like other parts of OC have historically, however the 2+mil market is hurting bad and it is ONLY due to the fact that there has been a serious FCB missing case!! If you guys want to be delusional go head but we all know why the Hidden Canyon homes are not selling like last years madness!!!! Let's be real people the luxury market is hurting due the missing Chinese $$$$!!!!
I agree about the luxury market. Luxury housing isn't a need. That's different than what most people here are talking about--that there will be persistent demand for middle/upper middle class workforce housing in Irvine from people that were formerly priced out.
I feel >$2M market in Hidden Canyon and Orchard Hills will stagnate, taking a LONG time to sell with little to no price increases, or come down in price until it meets the demand and ability to pay of homegrown buyers. I just don't think there's enough domestic buyers who can afford >2 million and actually want to live in Irvine, to absorb all the inventory at that segment of the market. (I mean, there's >$2 million dollar listings in places like Woodbury! Don't get me wrong, I like Woodbury very much, but its not a "trophy" property kind of neighborhood, and neither are Northwood Pointe, old Turtle Rock, or Portola Springs/Lambert Ranch, yet we have delusional sellers think their upper middle class tract housing should command that kind of $$$.
Paris said:nyc to oc said:RHOC said:I was hoping for a more UNBIASED answer..However, as most people commenting on this post are Irvine residence, all the "fluff" and mirage is to be expected! True, the Irvine homes are not likely to crash like other parts of OC have historically, however the 2+mil market is hurting bad and it is ONLY due to the fact that there has been a serious FCB missing case!! If you guys want to be delusional go head but we all know why the Hidden Canyon homes are not selling like last years madness!!!! Let's be real people the luxury market is hurting due the missing Chinese $$$$!!!!
I agree about the luxury market. Luxury housing isn't a need. That's different than what most people here are talking about--that there will be persistent demand for middle/upper middle class workforce housing in Irvine from people that were formerly priced out.
I feel >$2M market in Hidden Canyon and Orchard Hills will stagnate, taking a LONG time to sell with little to no price increases, or come down in price until it meets the demand and ability to pay of homegrown buyers. I just don't think there's enough domestic buyers who can afford >2 million and actually want to live in Irvine, to absorb all the inventory at that segment of the market. (I mean, there's >$2 million dollar listings in places like Woodbury! Don't get me wrong, I like Woodbury very much, but its not a "trophy" property kind of neighborhood, and neither are Northwood Pointe, old Turtle Rock, or Portola Springs/Lambert Ranch, yet we have delusional sellers think their upper middle class tract housing should command that kind of $$$.
So what happened with 113 Sunset Cv? On the market only 1 week for $2.59 with full price offer, multiple offer situation as well. Property already closed escrow. I think if the property is upgraded to a standard that justifies price and is priced right for the market, despite being in a >$2mil range, there will be demand for it. Problem is people with terrible interior design choices, no upgrades or older homes/floor plans trying to overprice properties and hope they get "lucky" with a FCB.
RHOC said:nyc to oc said:Has anyone ever seen a neighborhood that once it becomes heavily one ethnicity reverse course and become more integrated in Southern California suburbs? I'm not talking about gentrification of center city downtowns here. I would like to think fewer foreign investors would mean more local families being able to afford Irvine and bring back more diversity to the community.
A diversified community= Finally I can actually have a conversation with a neighbor and have a sense of community!!
USCTrojanCPA said:Bullsback said:A big factor for Irvine is the jobs. Schools and everything else are great, but most everyone in Irvine still works and there are a ton of good jobs in the general vicinity. FCB or not, the demand for Irvine is ultimately there because of the total package of quality jobs (in multiple sectors) along with the safe city, good schools, etc.
Irvine's challenge is more in the sense that it is just so pricey that a lot of people that would usually live in Irvine have moved south and you are starting to attract less of the white collar work force (as it is getting so pricey). But then again, everything is and somewhere you need that balance to where companies can actually still attract and hire the right labor force to fit within the area (i.e., young people who are more entry level...cause every company needs entry level, can still afford to live in the area and ultimately grow up and be able to start families, etc. in the area).
Best post in this thread. Jobs are going to the #1 driver for Irvine real estate. As I tell my clients, Irvine is the center and job hub of Orange County. I last counted 6 new office buildings going up (including the 2 large glass towers by the Spectrum). Those office buildings don't get build if there isn't demand for Irvine office space. FCBers will continue to buy in Irvine, many of them look at Irvine homes as putting their money into a bank account. Unless something crazy happens, I wouldn't expect a 10%+ price decline any time soon. There are many positive factors for Irvine real estate right now....low resale inventory levels, strong employment growth, increasing rental prices, increasing incomes, low interest rates, etc.
renter1 said:Really? Look how many beacon park homes are already for rent and on air bnb
I just read there is a 22% vacancy rate in these buildings which is one of the very highest in the nation...AW said:FCB's don't just buy and rent it out. I'd say most do live in them. Some have it as parked asset, second home, and few basically never lived in.
Also about new office buildings, are they TIC, they don't necessarily mean companies are lining up to move in. I've been told they have a pretty high vacancy in their portfolio because they can.
Cornflakes said:renter1 said:Really? Look how many beacon park homes are already for rent and on air bnb
Is it over 400?
That would make 80% of may be 500 some homes sold so far.
lnc said:I can see 80% of new home buyer are Asian. But calling 80% of these new home buyer are Chinese or suggesting 80% of these buyer are FCB is just grossly over exaggerated.
All cash purchases are around 30 to 35% of all purchase and I'm pretty sure not all of them are FCB purchase. Also base on my community, absentee owner purchase of new home are around 20% and not all of them are purchase by Chinese investors.
Of course there will be impact on housing by the fall out of Chinese investors, but not all cities nor the price level of the home will feel the impact equally. I believe the impact on Irvine and on all price ranges in Irvine will be very small compared to other high Chinese concentrate cities.
RHOC said:lnc said:I can see 80% of new home buyer are Asian. But calling 80% of these new home buyer are Chinese or suggesting 80% of these buyer are FCB is just grossly over exaggerated.
All cash purchases are around 30 to 35% of all purchase and I'm pretty sure not all of them are FCB purchase. Also base on my community, absentee owner purchase of new home are around 20% and not all of them are purchase by Chinese investors.
Of course there will be impact on housing by the fall out of Chinese investors, but not all cities nor the price level of the home will feel the impact equally. I believe the impact on Irvine and on all price ranges in Irvine will be very small compared to other high Chinese concentrate cities.
If you were at the HC sales office last year, you would know that their initial sales were mostly asian cash buyers(I was personally told by both project agents). I was personally told most/ almost all large lots were sold to all cash buyers(FCB). Also, I know those "All cash buyers" have minimize to very few and hence they now have the highest inventory they ever have had since their inception. The bottom line is the fewer FCB will finally allow Irvine market to have a more realistic value on their properties and I realize that this is a hard reality for Irvine peeps!
Flashy, materialistic, with more money than they can spend - these are the privileged children of China's top one percent.
From crashing sports cars to setting bank notes alight, their antics are notorious.
As they splurge on multimillion-dollar properties, luxury yachts and endless shopping sprees, in cities such as Vancouver, Canada, one group of girls is playing out their exploits on a reality TV show.
101 East is invited into the girls' inner circle and finds out what goes on in a world where money is no object.
Irvine Dream said:my take is that FCBs or not a price correction is coming to Irvine, possibly as early as 2017 Spring and more than likely by 2018 spring. The no.of Irvine listings have been steadily increasing from last (2015) Fall. Currently there are close to 900 listings of which 402 listings show a price reduction (226 within the past 30 days and 176 with price reduction that occurred more than 30 days prior)