How much does the Irvine Company hate this site?

4

4walls4me_IHB

New member
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<p>Anyone know? </p>

<p>I can't imagine they love it the way we do. </p>

<p>IR: Do you see black vans parked outside your house at night, watching you? LOL. </p>
 
I would have thought that the Irvine Company is in denial of the current market conditions and therefore in denial of this website
 
<p>Lets see. Bren is worth about 8.5 Billion and owns 1/5 of all Orange County.</p>

<p>We are but a gnat in his trash can in the grand scheme of things to the Irvine Company.</p>

<p>They could care less. They will just wait this market change out. It may take 10 years but time is of no matter to them.</p>

<p>I think they would be more pissed at Lennar. Looks like Lennar is going to be the fall guy for the Great Park and Central Park West in the near future.</p>

<p> </p>

<p> </p>
 
bltserv, I get what you're saying, but just b/c they can wait it out doesn't mean they are happy about waiting it out.



I want the TIC to feel some pain. Even if it's a paper cut :)
 
Nah, I'm sure IR is safe from the Irvine Company hit squad. Instead one day we'll try to log on and the site will redirect to the irvine ranch website, while IR sips maragitas in his turtle ridge mcmansion that he somehow fell into. ;-)
 
<p>I would <em>hope</em> they appreciate that they can get a very realistic perspective on the marketplace that isn't subject to the same boundaries of their usual market research.</p>

<p>I'm not <em>confident</em> they appreciate it, but it would be in the mutual interest of TIC and potential buyers if they did. I agree that they are doing everything they can to be patient and wait for the recovery. It is kind of a question of how far below their price projections and how much farther off will the turnaround need to be to get them to admit they need to significantly re-adjust their strategy with dramatically lower prices.</p>

<p>SCHB</p>
 
<p>Did they buy mtg backed securities with their 8 Billion? Where does this come from?</p>

<p>Land values which are now much less?</p>
 
Why would the Irvine Company hate this site? They don't even sell homes, and the small percentage of their business that's tied to home building, is the sale of lots to merchant builders. And, when that slows down, it's no skin off their teeth, they have very little carry cost on the land as they own it outright. The Irvine Company is focused on apartments, retail and office space, all for lease and all have proven to be much more stable markets than for sale housing. Bren has loose ties to California Pacific Housing, I think it's his boy's company, but those guys seem to have been doing okay as they are much lower priced than everyone else selling in Irvine.



If anything, the Irvine Co should be paying IR as he is clearly advocating that its nice to live in Irvine, but, rightly so, its much more intelligent to rent, even from the irvine co.



The people that should really spend the money on a hit squad are Remax, Centruy 21, NAR, and Irvine homeowners (thats a lot of enemies IR, who have already proven themselves emotional and irrational decision makers, hope you can handle the fallout). I would even say that Lennar, John Laing, Stan pac, should be paying IR as well for sending them business as IR's website showcases the irrationality of the re-sale market. Why hasn't IR featured any new construction on the web site? Because builders adjust their prices to within "reason", or at least current market trends reasonable, maybe not cost of living, and affordability reality.



No one post on this thread unless its to agree with me.
 
The Irvine Company is wholly owned by Mr. Don Bren, whos personal fortune was estimated at $8.7 billion in 2006:


http://marketing.irvinecompany.com/public_affairs/bren/ocbj-once-more-bren-tops-list-08-07-06.html





In 2007, Forbes estimated his fortune at in excess of $13 billion:


http://www.forbes.com/lists/2007/54/richlist07_Donald-Bren_31KV.html





<em>"Son of Hollywood producer attended U. of Washington on skiing scholarship; halted Olympics bid after injury 1956. Built first house with $10,000 loan 1958. Developed 10,000-acre Rancho Mission Viejo in California, sold to Philip Morris 1967. With partners bought real estate developer Irvine Co. for $337 million 1977. Became sole owner 1996. Today portfolio includes 25,000 undeveloped acres in Orange County (13,000 can be developed), 400 office buildings, 40 retail centers, 90 apartment communities, hotels, marinas, golf courses. Gave $20 million to UC, Irvine's law school in August."</em>





These are just estimates based on his OC real estate holdings. He's likely to be worth more than that.





He's been a RE developer in OC long enough to have ride out the ups and downs. To think that he'd be pressured to sell land to build homes in a depressed market is wishful thinking. The Irvine Company owns almost all the apartment buildings and shopping plazas around here and generates a healthy profit from rental income.
 
I have heard rumor from some friends of mine in the industry that the Irvine Company is well aware of this website and would really like to see it shut down. I am told if they could find out who I am, they would approach my employer and see if I could be silenced. Unfortunately for them, my employer is going to benefit from the housing downturn, so their pleas would fall on deaf ears.
 
I could tell you guys more about the lengths they have gone to find out who I am, but I don't want to compromise my sources. Suffice it to say, they have spent more time and resources than I would have imagined.
 
<p>IR,</p>

<p>Kevin Drum, the Washington Monthly blogger and OC resident, posted a few days back that he went to a party hosted by you(?). I am sure they can find him and beat your whereabouts out of him. </p>
 
<p>Sounds like time for a new T-shirt. Big bold blue letters on front: "I am IrvineRenter" </p>

<p>We could then take polaroids around Irvine and it's many obvious landmarks and mail them to Mr. B.</p>
 
<p>"<strong><em>Hmmm, that may be true, but lets not pretend that this website was not built around self-satisfaction, ego and schadenfreude.</em></strong> "</p>

<p>Buddy, I used to clean up these sorts of messes in the early 1990's.</p>

<p>I don't feel good or bad about very much anymore. I just want to build a garage for my race car and don't want to blow off two hundred dimes (200K) in equity to do it.</p>

<p>I have a buddy who lived in Waterford, CA in the early 1990s. The bank foreclosed on his whole neighborhood - <em>the whole thing</em> - because the developer couldn't sell them. The negative equity on all the units?</p>

<p>About $500K total. For 20 SFR's on 10,000 SF lots. In 1994.</p>

<p>Some folks are going to be upside down that much or more on a single SFR. To say I'm scared of negative equity is an understatement. And I decided that I should sit out in 2003!</p>
 
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