Dodgerinoc
New member
USCTrojanCPA said:
First off thanks for the input. I appreciate it. And yes I?m a life long Dodgers fan.
Observations from the front lines of the Irvine housing market?
- Thread starter usctrojancpa
- Start date
First off thanks for the input. I appreciate it. And yes I?m a life long Dodgers fan.
Dodgerinoc
New member
Soylent Green Is People said:
Thanks I appreciate the help. I do have some neighborhoods that I prefer but am looking and open to just about anywhere in Irvine. I appreciate this forum for all the great information available here and will definitely read up and try to get as much information anywhere I can.
Dodgerinoc
New member
Mety said:
Thanks for the reply. I do have certain areas which I prefer. I personally am trying to stay away from the places with higher hoa?s and mella rooses. Also thanks to the forum I did read up on the landfill and the communities adjacent to it. I think my realtor is awesome. She?s very well informed and very patient with me. My realtor did tell me about the landfill when I was looking at places in portola springs. That?s actually what brought me to this forum, while searching for more information about it I stumbled across the forum and glad I did.
irvinehomeowner
Well-known member
Just look out for fake news and unexplained data.
Dodgerinoc said:
No problem. Just sharing my thoughts and opinions with some facts which others might disagree with.
For newer homes, anywhere from $100 to $350 are usual HOA fees. Detached homes will carry less fees but you'll have to maintain the exterior paint, roof, rain gutters, etc. by yourself whenever the HOAs enforces you to do so whereas the attached are all covered by them. Mello Roos taxes are usually from $1,700 to $4,500. The cheapest are Cypress Village East, Eastwood Village and Stonegate. Portola Springs has slightly higher, but home prices are usually a little bit lower there. As far as I know, older villages like some Northwood and El Camino homes don't have any HOA nor MR. Westpark SFRs have like $45 HOA with $900 MR which will expire soon. The Great Park villages have higher HOA and MR, but they do offer super nice amenities.
I personally wouldn't worry about the landfill. There are other hazardous stuff you should know about, but Irvine is a good place to buy overall.
irvinebullhousing
Well-known member
Checking Zillow Preforeclosure / Auction listing for all of Irvine is 66 totals units. This is about less than 1% of all the listing for Irvine. Getting one for a substantial discount required lots of patients and hard work. Banks still control the inventory very rigid.
Mety said:
I'm a bit reticent to ask because this seems like a sensitive topic around these parts but what hazardous stuff are you alluding to? We're moving from out of state and, while I've tried to research this from afar, it can be difficult separating fact from fiction. Any guidance from those on the ground would be much appreciated! Thanks in advance.
irvinehomeowner
Well-known member
Best place you can live is anywhere that has an "IHO view lot".
#throwbackwednesday
#throwbackwednesday
Probably referring to the areas with TCE contamination thats going to take a while to clean up-peregrine said:
https://www.irwd.com/construction/tce-el-toro-facts
https://www.irwd.com/images/pdf/construction/el_toro_remediation_map_2018.pdf
mads said:
Yes. The history with Marine Corps Air Station El Toro with toxic chemical waste which resulted Superfund NPL sites. Ground water contamination had to be remediated. I didn't know they now have provided the progress status image. Looks like it got a lot better by 2018. Also Portola High showed contaminated soil when they were building it. So anywhere that used to be Marine base are potential to be hazardous. However, they say those residential areas now are cleaned before they started building new constructions. Hope it helps.
usctrojancpa
Well-known member
February 2020 continued with strong sales and low levels of inventory (see the attached schedule below). There were 207 sales in the month or an increase of approx. 48% (140 homes) from February 2019 and the month ended up with 593 actively listed homes for sale or a 21% decline (749 homes) from the end of February 2019. The average sales prices essentially remained flat at around $477/sf from last month but up about 2% from February 2019. My theory is that the lower priced homes (sub $1m) are moving at a much faster rate which is most likely keeping the average price per SF flat to slightly down month over month. The market continues to have less 3-month average of inventory and remains a seller's market, especially in the lower and middle part of the market. New inventory is coming to market but not quite as much as last year at this time. Even Tustin Ranch has a serious lack of resale inventory up to $1.2m as I've been looking there with a few buyers over the past 2 months.
The lower end of the market (sub $800k) continues to sell very well with many properties going to escrow within 1-2 weeks with multiple offers. The middle of the market ($800k to $1.2m) is a bit slower but homes that are priced somewhat reasonably and that show well also go into escrow very fast. The middle part of the market also has a low level of resale inventory. To give a real world example, both Celeste and Montara had several unsold quicker move-in homes in January but when I visited the sales offices in the past few weeks I discovered that all of those homes were sold. My thought is that the declines in interest rates continue to inspire buyers to get off of the sidelines as rates approach 3% for a 30-year fixed loan. In the past 2-3 weeks, I'd had 5 new buyers contact me to begin the search for a home. I would think that the corona virus would slow things down a bit but I think that was more than countered by interest rates continuing to flat. My open house traffic continues to be strong and many open houses that I've seen with buyers also had many buyers come out. It'll be interesting to see how the next few months play out as there are some reported cases of people being infected with the corona virus in the US.
The lower end of the market (sub $800k) continues to sell very well with many properties going to escrow within 1-2 weeks with multiple offers. The middle of the market ($800k to $1.2m) is a bit slower but homes that are priced somewhat reasonably and that show well also go into escrow very fast. The middle part of the market also has a low level of resale inventory. To give a real world example, both Celeste and Montara had several unsold quicker move-in homes in January but when I visited the sales offices in the past few weeks I discovered that all of those homes were sold. My thought is that the declines in interest rates continue to inspire buyers to get off of the sidelines as rates approach 3% for a 30-year fixed loan. In the past 2-3 weeks, I'd had 5 new buyers contact me to begin the search for a home. I would think that the corona virus would slow things down a bit but I think that was more than countered by interest rates continuing to flat. My open house traffic continues to be strong and many open houses that I've seen with buyers also had many buyers come out. It'll be interesting to see how the next few months play out as there are some reported cases of people being infected with the corona virus in the US.
usctrojancpa
Well-known member
usctrojancpa
Well-known member
Liar Loan said:
On an average price per SF basis, the high was $507/sf in May 2018 vs. $477/sf in Feb 2020. On a median price per SF basis, the high was $496/sf in May 2018 vs. $469/sf in Feb 2020. I believe that the higher end homes ($1.5m+) have had the biggest impact on the price per SF declines.
panda
Well-known member
The leading indicator for the housing correction in the OC will be unemployment numbers. You have to watch this chart very carefully. The key unemployment bench mark from prior are 5,7, & 10%. The unemployment chart will first reverse before we enter into the gray zone. Oil dropped by 25% and 10 year dropped by 29%. This doesn't look like a temporary correction that MoreKaos seems to suggest this is. This sort of reminds me of giving a severe heroin addict more heroin to consume until the heroin addict drops to the floor from overdose.
irvinebullhousing
Well-known member
Does employers cut jobs right after a huge market correction? Likely not right away, it will be some months of excessive build up of inventories before employer shedding work force. The second part is once an employees looses his job, there will be severance and unemployment benefit kick in. Third assume that most recent purchases banks required reserve to be able to acquire homes then he have to burn through that before delinquent of mortgage take affect. Once preforeclosure files, how long will bank push this borrower until house is taken back.
From start to finish it could be a couple of years before a person giving up his house. Could be longer or could be shorter depends on reserve and how much he want he want to throw in the towel.
From start to finish it could be a couple of years before a person giving up his house. Could be longer or could be shorter depends on reserve and how much he want he want to throw in the towel.