Newer Irvine listings with crazy WTF asking prices from equity sellers

CalBears96 said:
Obvious, real estate is not "free trade" like bonds and securities. It's not an "investment". If China has restrictions, why shouldn't US have the same restrictions? Some of the restrictions in China?

1. The main one is length of stay in the country. You’ll need to have lived in China for at least 12 months, working or studying on a valid permit.
2. You can only buy one property in China as a foreigner - second homes aren’t allowed.
3. The property you buy must be for living in.
4. You’re not allowed to rent out the property or act as a landlord.
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I think it's pretty dumb to be modeling US laws on Chinese restrictions.
 
Hugo Township said:
I think it's pretty dumb to be modeling US laws on Chinese restrictions.
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In normal circumstances, sure, but don't you agree that foreign investments in property shouldn't be allowed? The purpose of a home is to live in. So in this case, I would say that it's EXTREMELY dumb to NOT model after the Chinese restrictions.
 
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CalBears96 said:
In normal circumstances, sure, but don't you agree that foreign investments in property shouldn't be allowed? The purpose of a home is to live in. So in this case, I would say that it's EXTREMELY dumb to not NOT model after the Chinese restrictions.
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I think there can be a market for foreign buyers but the minimum price would need to be 5m+ and that number gets adjusted for inflation.

That would be something that would give foreigners the opportunity to buy RE in the US and not have it impact local housing for local citizens.

FYI Thailand is doing something similar as they banned foreign investors from buying RE there at one point. But they are now allowing foreigners to invest but it’s only on properties above 1m+
 
CalBears96 said:
In normal circumstances, sure, but don't you agree that foreign investments in property shouldn't be allowed? The purpose of a home is to live in. So in this case, I would say that it's EXTREMELY dumb to NOT model after the Chinese restrictions.
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No, I believe in a free market and free trade. I think that government regulation often leads to unintended consequences. The power to tax is the power to destroy. We can agree to disagree.
 
I’m sure we all have stories like this but I remember looking at Laguna Altura back in 2012 and thinking it was overpriced. That was a bad decision not buying there. We bought in 2012 and we have had good appreciation but not like some of these Irvine tracts. That’s what I get for having fundamentalist views - with that said $5M for this, it 1500 sq ft seems crazy. I’m sure some rich FCB will buy at over asking while just bidding against themselves :)
 
Oh yeah... I panned Laguna Woktura big time (pun intended).

I'll bike through there occasionally and I still would not like to live there... but the insanity being paid for even the motorcourt drivewayless detached condos makes me want to go LL.

Fundamentals is an illusion.
 
qwerty said:
I’m sure we all have stories like this but I remember looking at Laguna Altura back in 2012 and thinking it was overpriced. That was a bad decision not buying there. We bought in 2012 and we have had good appreciation but not like some of these Irvine tracts. That’s what I get for having fundamentalist views - with that said $5M for this, it 1500 sq ft seems crazy. I’m sure some rich FCB will buy at over asking while just bidding against themselves :)
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I remember when the orchard hills started selling Vita for around 1.5m and it seemed crazy someone would pay that to live in what seemed like a motorcourt...
 
irviniteeee said:
Irvine Pacific is selling some of the model homes in OH. My jaw dropped at this Ravello price:

www.redfin.com

135 Prestigo #8, Irvine, CA 92602 - 4 beds/4.5 baths

(CRMLS) For Sale: 4 beds, 4.5 baths ∙ 3348 sq. ft. ∙ 135 Prestigo #8, Irvine, CA 92602 ∙ $5,059,854 ∙ MLS# NP23195231 ∙ BEAUTIFULLY FURNISHED AND LANDSCAPED PLAN 2 MODEL! Welcome to Ravello, an exceptional...
www.redfin.com www.redfin.com
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Supposedly, the Ravello model homes have great view, so this pricing is expected. The view lot premium is $2M. 😂
 
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irviniteeee said:
Irvine Pacific is selling some of the model homes in OH. My jaw dropped at this Ravello price:

www.redfin.com

135 Prestigo #8, Irvine, CA 92602 - 4 beds/4.5 baths

(CRMLS) For Sale: 4 beds, 4.5 baths ∙ 3348 sq. ft. ∙ 135 Prestigo #8, Irvine, CA 92602 ∙ $5,059,854 ∙ MLS# NP23195231 ∙ BEAUTIFULLY FURNISHED AND LANDSCAPED PLAN 2 MODEL! Welcome to Ravello, an exceptional...
www.redfin.com www.redfin.com
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Whoever pays that price can be confident they top ticked the housing market
 
CalBears96 said:
Supposedly, the Ravello model homes have great view, so this pricing is expected. The view lot premium is $2M. 😂
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I laughed at the backyard. It has one of those pools that's squeezed into an already small yard space...basically a pool to sit and rest your feet in.
 
qwerty said:
I’m sure we all have stories like this but I remember looking at Laguna Altura back in 2012 and thinking it was overpriced. That was a bad decision not buying there. We bought in 2012 and we have had good appreciation but not like some of these Irvine tracts. That’s what I get for having fundamentalist views - with that said $5M for this, it 1500 sq ft seems crazy. I’m sure some rich FCB will buy at over asking while just bidding against themselves :)
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dont kick yourself. once you go 3 car wide garage you cannot go back.
 
Base on my past observations of model homes purchases in Irvine, the group that stand out are “true”Fabulous Chinese Buyers. Why? Because, pretty much everything is done, including hard scrapes, landscaping, interiors decorated and completed and new never lived in. And are often used as vacation home. Therefore, will never ever subject to lease out as a rental on the market.

The Oppenheimer Group in Newport Beach are selling some crazy beautiful homes, cater to some of the FCB, Foreign Cash Buyers. They started a new office in Cabo San Lucas, for some of their clientele to buy beach homes in Mexico. When they are tired of Newport and Laguna, they go down to South. Damn, I can’t imagine.
 
irvinebullhousing said:
Base on my past observations of model homes purchases in Irvine, the group that stand out are “true”Fabulous Chinese Buyers. Why? Because, pretty much everything is done, including hard scrapes, landscaping, interiors decorated and completed and new never lived in. And are often used as vacation home. Therefore, will never ever subject to lease out as a rental on the market.

The Oppenheimer Group in Newport Beach are selling some crazy beautiful homes, cater to some of the FCB, Foreign Cash Buyers. They started a new office in Cabo San Lucas, for some of their clientele to buy beach homes in Mexico. When they are tired of Newport and Laguna, they go down to South. Damn, I can’t imagine.
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There is a term for it.
拎包入住

Means all you need to move in is to bring your bag/purse. Attractive for people with multiple properties or doesn't have the time to furnish a house.
 
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