Where the market is - Buyer Offers

[usctrojancpa]

I made an offer above the list price for this Tustin Ranch home earlier tonight for another buyer....
https://www.redfin.com/CA/Tustin/10650-Costello-Dr-92782/home/4774377

They are reviewing offers on Tuesday and we'll probably get a best and final counter unless some motivated cash buyer came in with a high bid.

Update....

My buyer offered $1.25m initially and then went up to $1.28m on best & final counters but we didn't get the home.  The listing agent said they got an offer over $1.3m that they accepted.  They had 11 offers and countered 8 buyers who had initial offers of $1.25m or higher.

 

[crownedking]

I'm curious to know what type of jobs does everyone here have where you can afford a multi-million dollar home.

 

[akkord]

I'm curious to know what type of jobs does everyone here have where you can afford a multi-million dollar home.

It's family $ and overseas China FCB $ ...  I'm sure there are families where both earners are doctors, lawyers, small business owners, in finance (PMs, senior mgmt), engineers/programmers, or a combination of any of those.  I'm sure there are niche jobs that make a lot of $ too.  I'm poor thinking about it now.

I remember someone who submitted their app on our rental, they made ~$170k as mid lvl mgmt at the Taco Bell, that's just one of them. 

 

[sleepy5136]

I'm curious to know what type of jobs does everyone here have where you can afford a multi-million dollar home.

It's family $ and overseas China FCB $ ...  I'm sure there are families where both earners are doctors, lawyers, small business owners, in finance (PMs, senior mgmt), engineers/programmers, or a combination of any of those.  I'm sure there are niche jobs that make a lot of $ too.  I'm poor thinking about it now.

I remember someone who submitted their app on our rental, they made ~$170k as mid lvl mgmt at the Taco Bell, that's just one of them.

The majority of buyers are age 22-40. I would love to see metrics of income for OC. The nationwide metrics specify that households are earning 100-113k. But that doesn't seem realistic with California prices.

 

[Cornflakes]

I'm curious to know what type of jobs does everyone here have where you can afford a multi-million dollar home.

It's family $ and overseas China FCB $ ...  I'm sure there are families where both earners are doctors, lawyers, small business owners, in finance (PMs, senior mgmt), engineers/programmers, or a combination of any of those.  I'm sure there are niche jobs that make a lot of $ too.  I'm poor thinking about it now.

I remember someone who submitted their app on our rental, they made ~$170k as mid lvl mgmt at the Taco Bell, that's just one of them.

That's lotta cheese..

 

[akkord]

The majority of buyers are age 22-40. I would love to see metrics of income for OC. The nationwide metrics specify that households are earning 100-113k. But that doesn't seem realistic with California prices.

Even if the stats say people aren't earning as much in the OC, if family/parents/overseas $ help with huge down payments, they don't need to make as much to cover the monthly payments.

 

[Liar Loan]

I'm curious to know what type of jobs does everyone here have where you can afford a multi-million dollar home.

My wife is a teacher that makes $110k for 9 months of work.  (Thank you teacher's unions.)
I am in finance.
We bought our prior home near the bottom in 2010 and had 10 years of equity gains through appreciation/amortization that we parlayed into a dp for a bigger house last year. 
Ultra low rates increase buying power by magnitudes.
No family money needed.

Oh, and the #1 thing... Don't buy in Irvine!

 

[usctrojancpa]

Most of my clients are professionally employed with dual income households....legal, medical, dental, finance, engineering, etc.  I'd venture to guess that 80% of them have household incomes from $200k to $500k.

 

[Cornflakes]

The majority of buyers are age 22-40. I would love to see metrics of income for OC. The nationwide metrics specify that households are earning 100-113k. But that doesn't seem realistic with California prices.

Even if the stats say people aren't earning as much in the OC, if family/parents/overseas $ help with huge down payments, they don't need to make as much to cover the monthly payments.

It is futile to go with those average numbers. I am sure you all know/have seen a desk receptionist (or equivalent) driving off in a shiny BMW, and a high earner pinching every $ and dime he/she can, even if it is embarrasing at times..

Buying home has a lot to do with risk tolerance, spending habits etc. Income level is just a loose barrier.

 

[usctrojancpa]

I'm curious to know what type of jobs does everyone here have where you can afford a multi-million dollar home.

My wife is a teacher that makes $110k for 9 months of work.  (Thank you teacher's unions.)
I am in finance.
We bought our prior home near the bottom in 2010 and had 10 years of equity gains through appreciation/amortization that we parlayed into a dp for a bigger house last year. 
Ultra low rates increase buying power by magnitudes.
No family money needed.

Oh, and the #1 thing... Don't buy in Irvine!

Buy in Tustin Ranch, right? 

 

[usctrojancpa]

The majority of buyers are age 22-40. I would love to see metrics of income for OC. The nationwide metrics specify that households are earning 100-113k. But that doesn't seem realistic with California prices.

Even if the stats say people aren't earning as much in the OC, if family/parents/overseas $ help with huge down payments, they don't need to make as much to cover the monthly payments.

It is futile to go with those average numbers. I am sure you all know/have seen a desk receptionist (or equivalent) driving off in a shiny BMW, and a high earner pinching every $ and dime he/she can, even if it is embarrasing at times..

Buying home has a lot to do with risk tolerance, spending habits etc. Income level is just a loose barrier.

Irvine is a bit different that most buyers there tend to be conservative and underbuy...when they can afford a $1.5m+ home they are looking around $1m.  I see people streching a bit more outside of Irvine.

 

[akkord]

The majority of buyers are age 22-40. I would love to see metrics of income for OC. The nationwide metrics specify that households are earning 100-113k. But that doesn't seem realistic with California prices.

Even if the stats say people aren't earning as much in the OC, if family/parents/overseas $ help with huge down payments, they don't need to make as much to cover the monthly payments.

It is futile to go with those average numbers. I am sure you all know/have seen a desk receptionist (or equivalent) driving off in a shiny BMW, and a high earner pinching every $ and dime he/she can, even if it is embarrasing at times..

Buying home has a lot to do with risk tolerance, spending habits etc. Income level is just a loose barrier.

Irvine is a bit different that most buyers there tend to be conservative and underbuy...when they can afford a $1.5m+ home they are looking around $1m.  I see people streching a bit more outside of Irvine.

That's b/c the stretch in Irvine is a lot more than elsewhere.  Bids of 100k+ over ask isn't chump change for the majority of people.  Whereas stretching 20-30k is fine elsewhere.  Must be nice to be a seller now. 

 

[sleepy5136]

The majority of buyers are age 22-40. I would love to see metrics of income for OC. The nationwide metrics specify that households are earning 100-113k. But that doesn't seem realistic with California prices.

Even if the stats say people aren't earning as much in the OC, if family/parents/overseas $ help with huge down payments, they don't need to make as much to cover the monthly payments.

It is futile to go with those average numbers. I am sure you all know/have seen a desk receptionist (or equivalent) driving off in a shiny BMW, and a high earner pinching every $ and dime he/she can, even if it is embarrasing at times..

Buying home has a lot to do with risk tolerance, spending habits etc. Income level is just a loose barrier.

Irvine is a bit different that most buyers there tend to be conservative and underbuy...when they can afford a $1.5m+ home they are looking around $1m.  I see people streching a bit more outside of Irvine.

I bought in Lake Forest and qualified for 1m. Bought a 730k home instead

 

[crownedking]

I'm curious to know what type of jobs does everyone here have where you can afford a multi-million dollar home.

It's family $ and overseas China FCB $ ...  I'm sure there are families where both earners are doctors, lawyers, small business owners, in finance (PMs, senior mgmt), engineers/programmers, or a combination of any of those.  I'm sure there are niche jobs that make a lot of $ too.  I'm poor thinking about it now.

I remember someone who submitted their app on our rental, they made ~$170k as mid lvl mgmt at the Taco Bell, that's just one of them.

The majority of buyers are age 22-40. I would love to see metrics of income for OC. The nationwide metrics specify that households are earning 100-113k. But that doesn't seem realistic with California prices.

Im 25 and just hit 6 figures at work, but still finding it impossible to find a property. Im single (so not dual income), maybe thats why? It feels like I'm going in circles; can't find a partner while living with my parents, but can't afford a reasonable house without a dual income  :-\

 

[Cares]

I'm curious to know what type of jobs does everyone here have where you can afford a multi-million dollar home.

It's family $ and overseas China FCB $ ...  I'm sure there are families where both earners are doctors, lawyers, small business owners, in finance (PMs, senior mgmt), engineers/programmers, or a combination of any of those.  I'm sure there are niche jobs that make a lot of $ too.  I'm poor thinking about it now.

I remember someone who submitted their app on our rental, they made ~$170k as mid lvl mgmt at the Taco Bell, that's just one of them.

The majority of buyers are age 22-40. I would love to see metrics of income for OC. The nationwide metrics specify that households are earning 100-113k. But that doesn't seem realistic with California prices.

Im 25 and just hit 6 figures at work, but still finding it impossible to find a property. Im single (so not dual income), maybe thats why? It feels like I'm going in circles; can't find a partner while living with my parents, but can't afford a reasonable house without a dual income  :-\

If your future partner looks down on you for being financially sensible then they wouldn't be a good partner in my opinion. Why would living with parents while saving to purchase a home be a negative thing? It shouldn't.

 

[sleepy5136]

I'm curious to know what type of jobs does everyone here have where you can afford a multi-million dollar home.

It's family $ and overseas China FCB $ ...  I'm sure there are families where both earners are doctors, lawyers, small business owners, in finance (PMs, senior mgmt), engineers/programmers, or a combination of any of those.  I'm sure there are niche jobs that make a lot of $ too.  I'm poor thinking about it now.

I remember someone who submitted their app on our rental, they made ~$170k as mid lvl mgmt at the Taco Bell, that's just one of them.

The majority of buyers are age 22-40. I would love to see metrics of income for OC. The nationwide metrics specify that households are earning 100-113k. But that doesn't seem realistic with California prices.

Im 25 and just hit 6 figures at work, but still finding it impossible to find a property. Im single (so not dual income), maybe thats why? It feels like I'm going in circles; can't find a partner while living with my parents, but can't afford a reasonable house without a dual income  :-\

You could probably get a place for 500k-600k I would think. But it wouldn't be the prettiest place. May need some renovations too. Do you put your money to work or do you let it sit in the bank? It makes a huge difference.

 

[talkirvine]

Salary increases dramatically in the past 5 years. The 9 month salary for a fresh finance/accounting assistant professor in the UC system has increased from 200k to 300k.

 

[Cornflakes]

Salary increases dramatically in the past 5 years. The 9 month salary for a fresh finance/accounting assistant professor in the UC system has increased from 200k to 300k.

I highly doubt it.

There could be a miniscule % of tentured professors making tha kind of salary, but fresh guy? nO way.

UC salaries are public. should be fairly easy to search.

 

[qwerty]

Salary increases dramatically in the past 5 years. The 9 month salary for a fresh finance/accounting assistant professor in the UC system has increased from 200k to 300k.

I highly doubt it.

There could be a miniscule % of tentured professors making tha kind of salary, but fresh guy? nO way.

UC salaries are public. should be fairly easy to search.

Yeah that seems way off

 

[potsticker]

I'm curious to know what type of jobs does everyone here have where you can afford a multi-million dollar home.

It's family $ and overseas China FCB $ ...  I'm sure there are families where both earners are doctors, lawyers, small business owners, in finance (PMs, senior mgmt), engineers/programmers, or a combination of any of those.  I'm sure there are niche jobs that make a lot of $ too.  I'm poor thinking about it now.

I remember someone who submitted their app on our rental, they made ~$170k as mid lvl mgmt at the Taco Bell, that's just one of them.

The majority of buyers are age 22-40. I would love to see metrics of income for OC. The nationwide metrics specify that households are earning 100-113k. But that doesn't seem realistic with California prices.

Im 25 and just hit 6 figures at work, but still finding it impossible to find a property. Im single (so not dual income), maybe thats why? It feels like I'm going in circles; can't find a partner while living with my parents, but can't afford a reasonable house without a dual income  :-\

I was there before. Timing is everything and your time will come.

I happened to buy my first property at 25. It was a Bay Area condo that was built in 2010 - they were unable to sell the units so they rented them out. When the market got healthier, they started to sell the condos as leases expired. I was able to buy a 2-bd unit for $495,000. Lived there for a few years - unable to find a compatible partner and just living the ups/downs of single life. I eventually sold the unit and flipped a nice profit. Moved down to Irvine and bought a brand new condo in Eastwood. Dated a bit and was married within 2 years and had a kid a year later. With our dual income, we were able to buy a nice place here in Irvine that we both love.

My suggestions:

1. Save your money and don't be afraid to take safe risks. If you've saved up 20% - I say go for it and buy a place. If you haven't hit that threshold, save a little more. Get a cheaper condo here in OC and build some equity. Maybe something like this:https://www.redfin.com/CA/Tustin/1722-Mitchell-Ave-92780/unit-179/home/4617570
2. Invest in yourself - whether it's educational courses, self-improvement books, living a healthier lifestyle...whatever it is, utilize this time to groom healthy habits that will help you sustain yourself once you do find a partner and settle down.
3. Set short and long-term goals and milestones in your career and personal life and work towards those. Keep a journal - it's often the journey that's more enjoyable than the actual reward.