biscuitninja_IHB
New member
If those bozos didn't make me laugh so hard, I don't know what i'd do.... :lol:
-bix
-bix
Obnoxious Realtor
- Thread starter CapitalismWorks_IHB
- Start date
NEW -> Contingent Buyer Assistance Program
Wow, this reminds me of the time that I went shopping with my wife for a new purse. As seldom as my wife shops, I can support her on her few visits to the store
. Anyhow, the lady at the counter asked me if I wanted to open a new credit card and save an additional $40 on the new purchase - I kindly declined. She then looked dumbfounded and turned to my wife and asked the same. To say the least, I was not amused. My wife knew what I was thinking and said likewise. After all, we share the same long term goals.
Nothing like racking up department store credit cards to hammer away at your credit score! Sheesh... save $40 today to pay hundreds of dollars a month on the next home purchase.
Okay... enough of my venting... just CW's experience reminded me of my own.
Are you saying that Asian buyers are taken more seriously? (Haven't read up on the FCB Theory.)
1. He/she said their SO was Asian, not him/her.
2. He/she never said they were a cash buyer.
3. He didn't buy a home, therefore he is not a buyer. Just a lurker. And if he is smart, and reads IHB, he ain't buying any time soon, unless he is dumb enough to not understand the mythical FCB, is just that, a myth.
4. If there were so many Asian cash buyers why haven't you found one to buy your home?
Keep holding your theory/breath and maybe one day a FCB will buy your home, seeing as how many are gallivanting about just scooping up homes only in Irvine, because they have all these dollars stuffed in a brief case. I'm sure yourfantasy theory will come true some year.
Look... I know you disagree with my theory but I'm only partially serious about it because it is an unquantifiable factor. As to your points:
1. He/she said their SO was Asian, not him/her.
That was the joke... he/she got no attention from the Realtor but his/her SO did because he/she was Asian.
2. He/she never said they were a cash buyer.
I know... again... just going for the "foreign" angle here... but I think the Realtor was hoping the SO was cash-heavy.
3. He didn't buy a home, therefore he is not a buyer. Just a lurker. And if he is smart, and reads IHB, he ain't buying any time soon, unless he is dumb enough to not understand the mythical FCB, is just that, a myth.
I think you misunderstood the joke again... the assumption was the Realtor knows about FCBs and therefore paid the SO more attention.
4. If there were so many Asian cash buyers why haven't you found one to buy your home?
I wanted to tell this story later as not to jinx myself but I am in escrow. My house was only listed for 2 weeks and I received multiple offers... the majority of which were FCBs. The majority of the parties who looked at my house were also FCBs because they all shared these same traits:
a. They were foreign
b. They asked my Realtor what type of deal could they get with a 50% or more cash down
I realize this isn't scientific but I also know of 2 other homes that sold in my neighborhood were bought by FCBs. Even while my home is listed as 'Backup Offers'... it got more visits from FCBs. This is mainly the reason why I asked about this "theory" because I actually experienced it. Even reading IPO and usc's thread you can see the number of FCBs who made offers. When I go to open houses and new home sales in Irvine... all I see are FCBs. Maybe they are more like FBs... but in this credit climate... I think you need the 'C' in order to even qualify for the 'B'.
I'm hoping the tone of your post isn't as demeaning as it reads but I am experiencing this firsthand. I've replied to your other posts on other threads in a polite manner and then you don't respond anymore so I don't know if it means you see where I'm coming from or you think I'm an idiot (which you seem to imply by your last post).
Whatever the case may be... if I'm offending you... I apologize... I know you have a wealth of experience and knowledge in this field but this is a discussion forum and I do think there are few other people who see some merit in my half-jokingly made FCB Theory.
I sold my house in September after only being listed for one week (closed in October) to a 50% down buyer from mainland China. I understand that my next door neighbors here in Portola Springs are an older Korean couple who live in Korea and only plan on spending a few months a year in Irvine. I haven't met them in person yet, but their decorator (who I originally mistook for my neighbor) says they will move in in January after the furnishings and landscaping are installed. I often peeked into the their house while our tract was under construction and judging by the Wolf/Subzero applicances, the expensive stonework in the kitchen, the carved carpets, stained glass, wide plank flooring, and other expensive furnishings, these people are not poor. Laugh if you will about the FCB, but they are out there and they are buying.
Your jokes were funny, but they have gotten a bit old. I may be the only one who thinks that, but I don't hold back how I feel. I wasn't offended, but I no longer am seeing the humor in it. I stop responding to your posts because you fail to see my point. I am not trying to be demeaning, but I am honestly losing patience when I have to repeat myself. So this will be the last time I will explain what I am trying to help you understand. I don't want it to be demeaning, but what I am trying to convey is rather simple, and I am trying to make a point about facts. If it comes across as demeaning to you, then we have something in common, our lighter side doesn't come across well on the intarwebs. Just because you never noticed the FCBs in Irvine in 1996, 2001, 2006 doesn't mean they didn't exist, and just because you are starting to see this now in 2008 doesn't mean they were not there before. You are seeing it now because you want to see it, before you didn't care, so it didn't matter if you saw it or not.
So to break it down in an extremely simple matter, lets say 1000 homes sell in Irvine in a quarter in 2001, and 700 of those homes are sold to FCBs. Now lets say 100 homes sell in Irvine in a quarter in 2008, and 70 are sold to FCBs. What do they both have in common? Yup, 70% of the buyers are FCBs. If FCBs stopped buying in 1996, 2001, 2006, or today, sales in Irvine would fall off a cliff. I never said they didn't exist, I merely said that there are less of them because sales are down. 70% of sales this month are a lot less than 70% of the sales from October 2006. Hell, sales are probably lower than October 2001. The only difference between 2008 and any other year is less sales, less sales means there are less FCBs buying, therefore there are less FCBs than previous years, but still a high percentage of FCBs.
Good for you in selling your home, and I hope your escrow goes smoothly. I don't doubt that you had plenty of FCBs interested in your home, and if you had sold in 2005 you probably would have received twice as many offers from FCBs, but you also would have had twice as many offers as a whole too.
I even compiled IR2's data like IPOP did and came up with the same conclusion that 2008 sales are above the average when it comes to DPs for Irvine. Why has Irvine not dropped as fast as the rest of OC? Why are there still houses going into escrow and being sold at an average of only about 10% off peak compared to 30-40% in other areas. I think the "Legend of the FCB" has something to do with it and although the numbers can't actually be proven... I just feel there is something to it even if I joke about it.
But regardless of the number of offers compared to 2005... there's one thing that remains... I only need one qualified buyer to close. An FCB raises those chances.... so 3 FCB offers in Irvine is worth 10 non-FCB buyers elsewhere.
And that's really the point... it's not that there's more FCBs buying now than before... it's that the percentage of FCBs buying in Irvine now makes the number of qualified buyers HIGHER than other cities which results in a slowdown of price drops. Of course, like IR says, there will be a critical point where the number of houses for sale outnumber of FCBs, but until that time... you won't see the current rapid drops you are seeing elsewhere.
I hope you see where I'm coming from because you keep repeating the percentage of FCBs now compared to prior years which I have already explained wasn't part of my "theory".
While it was under construction, no one lived in it.
reason_IHB
New member
I suppose that's the norm with RE agents. I, also, have walked into open houses where they just sit in the corner of the room with a laptop. Then as you walk in, the agents just glance at you without a greeting. Mike and Mary guy did that to me last year.
I shared this once before. But my wife and I caught a realtor taking a nap on the front porch during the warm summer of 2007. Hahaha!
I shared this once before. But my wife and I caught a realtor taking a nap on the front porch during the warm summer of 2007. Hahaha!
roundcorners_IHB
New member
Fred of "Fred and Ester" usually in the West Park area seemed pretty discourteous, only meet him once though. We try to avoid his open houses when ever possible.
redline122_IHB
New member
CapitalismWorks said:
Wow, this reminds me of the time that I went shopping with my wife for a new purse. As seldom as my wife shops, I can support her on her few visits to the store
. Anyhow, the lady at the counter asked me if I wanted to open a new credit card and save an additional $40 on the new purchase - I kindly declined. She then looked dumbfounded and turned to my wife and asked the same. To say the least, I was not amused. My wife knew what I was thinking and said likewise. After all, we share the same long term goals.Nothing like racking up department store credit cards to hammer away at your credit score! Sheesh... save $40 today to pay hundreds of dollars a month on the next home purchase.
Okay... enough of my venting... just CW's experience reminded me of my own.
mikal1_IHB
New member
I actually prefer that they just keep on surfing the web or whatever it is they're doing to pass the time. No need to prolong what usually takes only a few minutes. I do wish that more agents were better at figuring out WHO they need to be selling to. In visiting open houses, in most areas, the agent tends to put a laser beam like focus on me. Meanwhile I'm walking away from them, keeping my focus on texting someone about a football game in progress or similar, they're chasing after me while they leave my SO, the REAL decision maker wandering about with her questions unanswered.
But Irvine has been a bit different, I've actually had a good laugh more than once because of a difference that I've noticed. I lead the way, walk into an open house first with the significant other following. The agent is sitting at a table focused on their laptop, they look up and give me a nice "hello, let me know if you have any questions", and then back to the laptop. All is good. Then my SO walks in behind me, they look up, jump up from the table and come rushing over to greet us! So sure, a couple is generally a more promising proposition, but we haven't seen the same reaction in other nearby areas. Now since most of you know Irvine far better than I do, you've probably already figured out that my SO is Asian. I just think it's pretty comical.
But Irvine has been a bit different, I've actually had a good laugh more than once because of a difference that I've noticed. I lead the way, walk into an open house first with the significant other following. The agent is sitting at a table focused on their laptop, they look up and give me a nice "hello, let me know if you have any questions", and then back to the laptop. All is good. Then my SO walks in behind me, they look up, jump up from the table and come rushing over to greet us! So sure, a couple is generally a more promising proposition, but we haven't seen the same reaction in other nearby areas. Now since most of you know Irvine far better than I do, you've probably already figured out that my SO is Asian. I just think it's pretty comical.
AllisonC_IHB
New member
I went to Taylor Woodrow's Los Colinas (??) in Portola Springs with my friend. The sales rep. did not even acknowledge us. She didn't give us a brochure/flyer, and we found one on the counter ourselves. After looking at the models, we had a few questions. But the sales rep was busy talking to a woman,so we waited for our turn. All this time she did not even so much as to glance at us. But she was very aware that we were waiting, we stood right behind that woman. Listening into the conversation, guess what. This woman was not a customer, she's the sales rep's friend! They went on to share their diaper stories about their kids, how Johnny hated preschool, how Janey hated broccoli. I was soooo majorly p*ssed!!!
I ended up calling their corporate office and spoke to her supervisor. I highly doubt there were any consequences to her unprofessionalism, but I vented. I felt so good afterwards. :smirk: (thanks for reading)
I ended up calling their corporate office and spoke to her supervisor. I highly doubt there were any consequences to her unprofessionalism, but I vented. I felt so good afterwards. :smirk: (thanks for reading)
irvine_home_owner_IHB
New member
YAUS! One more point for my "FCB Theory".mikal1 said:
SoCal78_IHB
New member
irvine_home_owner said:
Are you saying that Asian buyers are taken more seriously? (Haven't read up on the FCB Theory.)
irvine_home_owner_IHB
New member
Nah... I'm just saying that Foreign Cash Buyers have an unquantifiable effect on the Irvine real estate market.
I've been told it's been debunked repeatedly on IHB but I'm sticking to my conspiracy theory.
I've been told it's been debunked repeatedly on IHB but I'm sticking to my conspiracy theory.
graphrix_IHB
New member
irvine_home_owner said:
1. He/she said their SO was Asian, not him/her.
2. He/she never said they were a cash buyer.
3. He didn't buy a home, therefore he is not a buyer. Just a lurker. And if he is smart, and reads IHB, he ain't buying any time soon, unless he is dumb enough to not understand the mythical FCB, is just that, a myth.
4. If there were so many Asian cash buyers why haven't you found one to buy your home?
Keep holding your theory/breath and maybe one day a FCB will buy your home, seeing as how many are gallivanting about just scooping up homes only in Irvine, because they have all these dollars stuffed in a brief case. I'm sure your
irvine_home_owner_IHB
New member
Whoah... the InterWebs isn't made for expressing humor very well is it? Next time I'll use one of those smiley face thingies.graphrix said:
Look... I know you disagree with my theory but I'm only partially serious about it because it is an unquantifiable factor. As to your points:
1. He/she said their SO was Asian, not him/her.
That was the joke... he/she got no attention from the Realtor but his/her SO did because he/she was Asian.
2. He/she never said they were a cash buyer.
I know... again... just going for the "foreign" angle here... but I think the Realtor was hoping the SO was cash-heavy.
3. He didn't buy a home, therefore he is not a buyer. Just a lurker. And if he is smart, and reads IHB, he ain't buying any time soon, unless he is dumb enough to not understand the mythical FCB, is just that, a myth.
I think you misunderstood the joke again... the assumption was the Realtor knows about FCBs and therefore paid the SO more attention.
4. If there were so many Asian cash buyers why haven't you found one to buy your home?
I wanted to tell this story later as not to jinx myself but I am in escrow. My house was only listed for 2 weeks and I received multiple offers... the majority of which were FCBs. The majority of the parties who looked at my house were also FCBs because they all shared these same traits:
a. They were foreign
b. They asked my Realtor what type of deal could they get with a 50% or more cash down
I realize this isn't scientific but I also know of 2 other homes that sold in my neighborhood were bought by FCBs. Even while my home is listed as 'Backup Offers'... it got more visits from FCBs. This is mainly the reason why I asked about this "theory" because I actually experienced it. Even reading IPO and usc's thread you can see the number of FCBs who made offers. When I go to open houses and new home sales in Irvine... all I see are FCBs. Maybe they are more like FBs... but in this credit climate... I think you need the 'C' in order to even qualify for the 'B'.
I'm hoping the tone of your post isn't as demeaning as it reads but I am experiencing this firsthand. I've replied to your other posts on other threads in a polite manner and then you don't respond anymore so I don't know if it means you see where I'm coming from or you think I'm an idiot (which you seem to imply by your last post).
Whatever the case may be... if I'm offending you... I apologize... I know you have a wealth of experience and knowledge in this field but this is a discussion forum and I do think there are few other people who see some merit in my half-jokingly made FCB Theory.
High Gravity_IHB
New member
irvine_home_owner said:
I sold my house in September after only being listed for one week (closed in October) to a 50% down buyer from mainland China. I understand that my next door neighbors here in Portola Springs are an older Korean couple who live in Korea and only plan on spending a few months a year in Irvine. I haven't met them in person yet, but their decorator (who I originally mistook for my neighbor) says they will move in in January after the furnishings and landscaping are installed. I often peeked into the their house while our tract was under construction and judging by the Wolf/Subzero applicances, the expensive stonework in the kitchen, the carved carpets, stained glass, wide plank flooring, and other expensive furnishings, these people are not poor. Laugh if you will about the FCB, but they are out there and they are buying.
graphrix_IHB
New member
irvine_home_owner said:
Your jokes were funny, but they have gotten a bit old. I may be the only one who thinks that, but I don't hold back how I feel. I wasn't offended, but I no longer am seeing the humor in it. I stop responding to your posts because you fail to see my point. I am not trying to be demeaning, but I am honestly losing patience when I have to repeat myself. So this will be the last time I will explain what I am trying to help you understand. I don't want it to be demeaning, but what I am trying to convey is rather simple, and I am trying to make a point about facts. If it comes across as demeaning to you, then we have something in common, our lighter side doesn't come across well on the intarwebs. Just because you never noticed the FCBs in Irvine in 1996, 2001, 2006 doesn't mean they didn't exist, and just because you are starting to see this now in 2008 doesn't mean they were not there before. You are seeing it now because you want to see it, before you didn't care, so it didn't matter if you saw it or not.
So to break it down in an extremely simple matter, lets say 1000 homes sell in Irvine in a quarter in 2001, and 700 of those homes are sold to FCBs. Now lets say 100 homes sell in Irvine in a quarter in 2008, and 70 are sold to FCBs. What do they both have in common? Yup, 70% of the buyers are FCBs. If FCBs stopped buying in 1996, 2001, 2006, or today, sales in Irvine would fall off a cliff. I never said they didn't exist, I merely said that there are less of them because sales are down. 70% of sales this month are a lot less than 70% of the sales from October 2006. Hell, sales are probably lower than October 2001. The only difference between 2008 and any other year is less sales, less sales means there are less FCBs buying, therefore there are less FCBs than previous years, but still a high percentage of FCBs.
Good for you in selling your home, and I hope your escrow goes smoothly. I don't doubt that you had plenty of FCBs interested in your home, and if you had sold in 2005 you probably would have received twice as many offers from FCBs, but you also would have had twice as many offers as a whole too.
SoCal78_IHB
New member
"I often peeked into the their house ..."
You know, that sounds kind of creepy. Wait, you live in Portola Springs too? I suddenly need to go check that my blinds are closed...
You know, that sounds kind of creepy. Wait, you live in Portola Springs too? I suddenly need to go check that my blinds are closed...
ipoplaya_IHB
New member
For the C in FCB, you only need to look at Deuce's downs spreadsheet. Approximately 25% of the sales in Irvine are 50%+ down payment... Average down payment is 37% with median down at 28%. I suspect those numbers are high relative to a great many other cities but we'll never know for sure.
You don't have to be foreign to bring a big down payment though. My 50% white, 25% chinese, and 25% hispanic family unit is going to bring 40-45% probably.
And BTW, 92603 leads the way with big cash buyers. They got 26% of the 50%+ down sales. 92620 comes in 2nd with 19% with 602 and 604 trailing at 14% and 13% respectively. Looks like big money buyers buy newer, i.e. Quail Hill, Woodbury, etc.
You don't have to be foreign to bring a big down payment though. My 50% white, 25% chinese, and 25% hispanic family unit is going to bring 40-45% probably.
And BTW, 92603 leads the way with big cash buyers. They got 26% of the 50%+ down sales. 92620 comes in 2nd with 19% with 602 and 604 trailing at 14% and 13% respectively. Looks like big money buyers buy newer, i.e. Quail Hill, Woodbury, etc.
mikal1_IHB
New member
Interesting, but my take was simply that my SO was being taken more seriously because of Irvine's (perceived or real) desirability amongst Asians. She is Foreign born, she does control the Cash, but we're not knife catchers - we're FCR(enters) for now (out here, we still own back east). We did take a look at the for sale market first (since the SO still spends most of her time back east she wasn't as in touch with the SoCal market as I've been), but she finally agreed that renting made sense at this point.
BTW, the "Community Profiles" page was very helpful. Shame that it isn't complete, but I'm sure that what's there took a good deal of time and effort and it is appreciated.
BTW, the "Community Profiles" page was very helpful. Shame that it isn't complete, but I'm sure that what's there took a good deal of time and effort and it is appreciated.
irvine_home_owner_IHB
New member
I've responded to this already. I NEVER said there were less FCBs buying in any of those years... what I've contended is the percentage of FCBs in Irvine is higher than surrounding cities. You admit this yourself by saying something like 80% or more are FCBs in Irvine while Santa Ana is probably 10% (although that's probably generous). I've been in Irvine since the late 1980s... I know the demographic.graphrix said:
You're looking at the wrong math. Again... I'm not arguing about same number of buyers this year compared to years ago in Irvine, I'm arguing about 2008 sales of Irvine vs 2008 sales of surrounding areas. The whole theory was that Irvine drops are going to lag behind other OC cities due to the FCB. And again... I didn't say Irvine prices WON'T drop... they just won't drop AS fast. Another component is that there are less houses for sale than during the boom times... maybe because people are trying to hold on for an upslope... owners are getting bailed out or whatever... but that figures into the whole total number of buyers vs. sellers.
I even compiled IR2's data like IPOP did and came up with the same conclusion that 2008 sales are above the average when it comes to DPs for Irvine. Why has Irvine not dropped as fast as the rest of OC? Why are there still houses going into escrow and being sold at an average of only about 10% off peak compared to 30-40% in other areas. I think the "Legend of the FCB" has something to do with it and although the numbers can't actually be proven... I just feel there is something to it even if I joke about it.
It's not out of the woods yet. I'm not sure about the level of sincerity here because I think you brought it up to make a point in hopes that my house wasn't under contract (hence the whole strikethrough fantasy comment).
But regardless of the number of offers compared to 2005... there's one thing that remains... I only need one qualified buyer to close. An FCB raises those chances.... so 3 FCB offers in Irvine is worth 10 non-FCB buyers elsewhere.
And that's really the point... it's not that there's more FCBs buying now than before... it's that the percentage of FCBs buying in Irvine now makes the number of qualified buyers HIGHER than other cities which results in a slowdown of price drops. Of course, like IR says, there will be a critical point where the number of houses for sale outnumber of FCBs, but until that time... you won't see the current rapid drops you are seeing elsewhere.
I hope you see where I'm coming from because you keep repeating the percentage of FCBs now compared to prior years which I have already explained wasn't part of my "theory".
Mckenzie_IHB
New member
Maxine Larson.
usctrojanman29_IHB
New member
My buyer had over 50% in liquid investments (cash, money market, and CDs) of my purchase price but decided only to put 20% down.ipoplaya said:
High Gravity_IHB
New member
SoCal78 said:
While it was under construction, no one lived in it.