Newer Irvine listings with crazy WTF asking prices from equity sellers

[The Motor Court Company]

Thinking about it more, perhaps single story is not high priority for Chinese FCBs?compared to high rise apartment style they are used to, two story or even 3 story detached with own yard is already an huge improvement.

$1.5k is a big drop?

IP finally drops the price on this home and it?s a big drop  ;D
https://redf.in/2Mv4HC

Still $40k above the 5/26 listing price, which was the housing peak. Perhaps they added more options to the home since then.

 

[CalBears96]

Thinking about it more, perhaps single story is not high priority for Chinese FCBs?compared to high rise apartment style they are used to, two story or even 3 story detached with own yard is already an huge improvement.

$1.5k is a big drop?

IP finally drops the price on this home and it?s a big drop  ;D
https://redf.in/2Mv4HC

Still $40k above the 5/26 listing price, which was the housing peak. Perhaps they added more options to the home since then.

Well, my wife and I actually prefer two story over single story. We like having the bedrooms upstairs. And for the same lot size, you get a bigger back yard as well.

 

[Hugo Township]

Thinking about it more, perhaps single story is not high priority for Chinese FCBs?compared to high rise apartment style they are used to, two story or even 3 story detached with own yard is already an huge improvement.

$1.5k is a big drop?

IP finally drops the price on this home and it?s a big drop  ;D
https://redf.in/2Mv4HC

Still $40k above the 5/26 listing price, which was the housing peak. Perhaps they added more options to the home since then.

Aren't Asians are more likely to have multigenerational households than white people? Old people and stairs can be a problem. With a high rise you just take the elevator and pray for no power outages.

 

[CalBears96]

Thinking about it more, perhaps single story is not high priority for Chinese FCBs?compared to high rise apartment style they are used to, two story or even 3 story detached with own yard is already an huge improvement.

$1.5k is a big drop?

IP finally drops the price on this home and it?s a big drop  ;D
https://redf.in/2Mv4HC

Still $40k above the 5/26 listing price, which was the housing peak. Perhaps they added more options to the home since then.

Aren't Asians are more likely to have multigenerational households than white people? Old people and stairs can be a problem. With a high rise you just take the elevator and pray for no power outages.

That's what the 4th (and/or 5th) bedroom downstairs is for.  ;D

 

[irvinehomeowner]

So I seriously started looking at Redfin for the first time in years.

Huge sticker shock.

Has prices really gone up that much in Irvine?  Homes similar to the one we sold about 10 years ago are in the $1.3m range. That is crazy.

I searched for a 2/2 condo and it starts at $750k!!

I remember back in 2012/13... prices started jumping and certain people were saying the same thing they always say "Prices have shot up, you shouldn't buy because they will come down"... good thing we didn't listen because prices kept going up. And in 2018 when certain people were predicting a "slowdown"... good thing people bought then (despite claims that prices "significantly" dropped up to 2020). And then during the pandemic, people also cautioned against buying and we know what happened then.

The only reason I wouldn't buy now is if I couldn't afford it (which at these prices, many people can't). But does this mean in 5 to 10 more years... 2/2s are going to start in $1m range and that starter detached homes are going to be like $2m+?

In my head, that doesn't makes sense... because current prices are already too high for me to understand.

Look at this thread, every WTF price prior to 2020 are bargains now... that's insane.

 

[TestingIrvine]

So I seriously started looking at Redfin for the first time in years.

Huge sticker shock.

Has prices really gone up that much in Irvine?  Homes similar to the one we sold about 10 years ago are in the $1.3m range. That is crazy.

I searched for a 2/2 condo and it starts at $750k!!

I remember back in 2012/13... prices started jumping and certain people were saying the same thing they always say "Prices have shot up, you shouldn't buy because they will come down"... good thing we didn't listen because prices kept going up. And in 2018 when certain people were predicting a "slowdown"... good thing people bought then (despite claims that prices "significantly" dropped up to 2020). And then during the pandemic, people also cautioned against buying and we know what happened then.

The only reason I wouldn't buy now is if I couldn't afford it (which at these prices, many people can't). But does this mean in 5 to 10 more years... 2/2s are going to start in $1m range and that started detached homes are going to be like $2m+?

In my head, that doesn't makes sense... because current prices are already too high for me to understand.

Look at this thread, every WTF price prior to 2020 are bargains now... that's insane.

You?re not looking at the data properly. According to LL, Irvine owners are losing money since 2019.

 

[The Motor Court Company]

good location 3CWG SFR in Irvine must cost $2 million or higher now? have you found your unicorn yet?

So I seriously started looking at Redfin for the first time in years.

Huge sticker shock.

Has prices really gone up that much in Irvine?  Homes similar to the one we sold about 10 years ago are in the $1.3m range. That is crazy.

I searched for a 2/2 condo and it starts at $750k!!

I remember back in 2012/13... prices started jumping and certain people were saying the same thing they always say "Prices have shot up, you shouldn't buy because they will come down"... good thing we didn't listen because prices kept going up. And in 2018 when certain people were predicting a "slowdown"... good thing people bought then (despite claims that prices "significantly" dropped up to 2020). And then during the pandemic, people also cautioned against buying and we know what happened then.

The only reason I wouldn't buy now is if I couldn't afford it (which at these prices, many people can't). But does this mean in 5 to 10 more years... 2/2s are going to start in $1m range and that started detached homes are going to be like $2m+?

In my head, that doesn't makes sense... because current prices are already too high for me to understand.

Look at this thread, every WTF price prior to 2020 are bargains now... that's insane.

 

[Hugo Township]

So I seriously started looking at Redfin for the first time in years.

Huge sticker shock.

Has prices really gone up that much in Irvine?  Homes similar to the one we sold about 10 years ago are in the $1.3m range. That is crazy.

I searched for a 2/2 condo and it starts at $750k!!

I remember back in 2012/13... prices started jumping and certain people were saying the same thing they always say "Prices have shot up, you shouldn't buy because they will come down"... good thing we didn't listen because prices kept going up. And in 2018 when certain people were predicting a "slowdown"... good thing people bought then (despite claims that prices "significantly" dropped up to 2020). And then during the pandemic, people also cautioned against buying and we know what happened then.

The only reason I wouldn't buy now is if I couldn't afford it (which at these prices, many people can't). But does this mean in 5 to 10 more years... 2/2s are going to start in $1m range and that started detached homes are going to be like $2m+?

In my head, that doesn't makes sense... because current prices are already too high for me to understand.

Look at this thread, every WTF price prior to 2020 are bargains now... that's insane.

Doesn't make sense in terms of wage growth for single early-to-mid career people. It's a real problem. Consider this starter home, a 531 sq ft 1bd condo in Tustin Ranch, built 32 years ago:https://www.redfin.com/CA/Tustin/2800-Keller-Dr-92782/unit-177/home/5624267

First, find $100k of down payment. Then your monthly payment with a 30 year fixed @ 5.187% is approx $3,130. Even if you commit to spending a third of your income on PITI+HOA you've gotta make $112k/year.

When I was in my mid to late twenties, I had few peers (outside of tech) that were making that much.

 

[irvinehomeowner]

@HMart: Yes... it doesn't make sense.

@CCC: Yes, good 3CWGs are trading for over $2M!

I expanded the search to surrounding cities... and it gets a little better if you include Costa Mesa, Tustin and Lake Forest but still pretty expensive. 2/2s are still above $500k which doesn't math out if you look at @HMart's post.

What prompted my search is either downsizing... or property for our kids. Even if prices drop 10%, that's not significant enough to be affordable for most people... prices need to drop like 25% or more and I don't think you'll see that in the lower end or in any category of desirable product (like when I was hunting for 3CWGs during the 06 drop).

 

[Ready2Downsize]

So I seriously started looking at Redfin for the first time in years.

Huge sticker shock.

Has prices really gone up that much in Irvine?  Homes similar to the one we sold about 10 years ago are in the $1.3m range. That is crazy.

I searched for a 2/2 condo and it starts at $750k!!

I remember back in 2012/13... prices started jumping and certain people were saying the same thing they always say "Prices have shot up, you shouldn't buy because they will come down"... good thing we didn't listen because prices kept going up. And in 2018 when certain people were predicting a "slowdown"... good thing people bought then (despite claims that prices "significantly" dropped up to 2020). And then during the pandemic, people also cautioned against buying and we know what happened then.

The only reason I wouldn't buy now is if I couldn't afford it (which at these prices, many people can't). But does this mean in 5 to 10 more years... 2/2s are going to start in $1m range and that started detached homes are going to be like $2m+?

In my head, that doesn't makes sense... because current prices are already too high for me to understand.

Look at this thread, every WTF price prior to 2020 are bargains now... that's insane.

Doesn't make sense in terms of wage growth for single early-to-mid career people. It's a real problem. Consider this starter home, a 531 sq ft 1bd condo in Tustin Ranch, built 32 years ago:https://www.redfin.com/CA/Tustin/2800-Keller-Dr-92782/unit-177/home/5624267

First, find $100k of down payment. Then your monthly payment with a 30 year fixed @ 5.187% is approx $3,130. Even if you commit to spending a third of your income on PITI+HOA you've gotta make $112k/year.

When I was in my mid to late twenties, I had few peers (outside of tech) that were making that much.

If I was younger and worked hard to get that $100K saved up, I would take a good long look. Should I spend 1/3 of my money on a one bedroom 32 year old condo in not Irvine along with all the other taxes I owe and maybe student loan payments and car payments or should I hold my nose and move elsewhere which means give up the weather. Somewhere else would buy a brand new 4 bedroom 3 car garage house on a lot big enough for a pool where there are good jobs and safe neighborhoods but the weather is not as nice. Because property taxes, HOA and insurance are all lower, that 4 bedroom house means I only need earn 90K. Imagine what I could buy if I only wanted a 1 bedroom condo?

TayMo sells in several states. Only CA and WA have high prices and CA new homes have mello on them and all the other high taxes in the state.
https://www.taylormorrison.com

I'm just saying the price to live here has literally gotten nuts and years from now you're going to see people like newly trained nurses forgo living here because of it. Some of my friends left in the early 90's because they felt they could never buy in the OC. It's only gotten worse.

 

[irvinehomeowner]

Buying a starter home in Irvine after college is like going to graduate school... cost-wise

 

[Ready2Downsize]

Buying a starter home in Irvine after college is like going to graduate school... cost-wise

It wasn't always like that. In fact now it's hard to buy ANY starter home in the OC after college. The link was to a 1 bedroom 500 sq foot condo in Tustin Ranch, not a house in Irvine.

Wait a decade when u find out young professionals moved to other states and u say wait....... we need them.

 

[Hugo Township]

Buying a starter home in Irvine after college is like going to graduate school... cost-wise

It wasn't always like that. In fact now it's hard to buy ANY starter home in the OC after college. The link was to a 1 bedroom 500 sq foot condo in Tustin Ranch, not a house in Irvine.

Wait a decade when u find out young professionals moved to other states and u say wait....... we need them.

I totally agree, that's why I am in favor of way more development (building more, densifying, etc) here even if it devalues my own house. It is gonna suck in terms of infrastructure and traffic, but it sucks more for my low-to-mid-level employees (current and future) that can't afford housing.

 

[daedalus]

So salaries will have to go up to keep them here, their jobs will leave too, or prices will drop, or some combination of the 3 will happen.  Actually, that is already happening.

 

[Hugo Township]

So salaries will have to go up to keep them here, their jobs will leave too, or prices will drop, or some combination of the 3 will happen.  Actually, that is already happening.

It makes businesses less viable. Yes, we have senior people making six figures, but you always have to have entry level or support staff in normal businesses..

 

[sleepy5136]

So salaries will have to go up to keep them here, their jobs will leave too, or prices will drop, or some combination of the 3 will happen.  Actually, that is already happening.

It makes businesses less viable. Yes, we have senior people making six figures, but you always have to have entry level or support staff in normal businesses..

This is exactly why businesses should embrace WFH if the job allows for it to happen. Some jobs will have to be in person, but not all. I'm literally working with people in Atlanta, New York, Ohio, Utah, Arizona, CA each day. It works well and time zone isn't that much different.

 

[Hugo Township]

So salaries will have to go up to keep them here, their jobs will leave too, or prices will drop, or some combination of the 3 will happen.  Actually, that is already happening.

It makes businesses less viable. Yes, we have senior people making six figures, but you always have to have entry level or support staff in normal businesses..

This is exactly why businesses should embrace WFH if the job allows for it to happen. Some jobs will have to be in person, but not all. I'm literally working with people in Atlanta, New York, Ohio, Utah, Arizona, CA each day. It works well and time zone isn't that much different.

Unfortunately, I work in an industry (medical) where revenue is a lot lower if we do remote services. We also aren't great at training new college grads how to do things remotely for in entry and mid level roles. Lots of the learning/training happens in an apprentice style method.

 

[OCtoSV]

$50K reduction for Woodbury detached condo down to $655/sq ft. There was a closing at $521/sq ft for a Park Lane atatched at the garage. Irvine holding up better than South OC but starting to show some cracks.

https://www.redfin.com/CA/Irvine/108-Spanish-Lace-92620/home/7216799

 

[irvinebullhousing]

Remember, homeowners are NOT stock trader.

Flippers on the other hand is toast.

We all need a roof over our head, even the homeless seek shelters.

 

[bones]

https://www.redfin.com/CA/Irvine/109-Soaring-Eagle-92618/home/173437761

Saw this one and I don't know if it's overpriced or not because it's apparently in contract, so I guess the market says it's not WTF asking price. But they made the 3rd bedroom into a closet - closed off the jack and jill entrance from it and incorporated the master closet into that 3rd bedroom so the master bedroom has no closet. Odd choices. Not great workmanship either in all the upgrades.

I went to a bunch of open houses this wknd and I was the only one there for each one. One had a signup sheet - they had a total of 4 visits on Saturday and I was the first one today 2 hours into the open house. But Irvine will always Irvine right?