Who bought the 2010 home?

NEW -> Contingent Buyer Assistance Program
Mike,

I am going to ask on the behalf off all other curious readers here what is your profession that enables you to have $800,000 in saving while you are still in the youthful age in your career.
 
[quote author="mikeirvine"]Hi Grace

You are welcome to post any comments you want and I agreed a lot of stuffs you post ..... <!-- s:) -->:)<!-- s:) --> One should be responsible financially and well aware what they are buying and why.

I started this post to congrats new post for new home owners, including myself .... as I feel that there is no positive post here for new home owners.

I'm well aware of the housing prices is not cheap buying now... including others.

The home prices should be at least below $300 or $280 .... I think it will happen by end of the year or next year. and for the next 10 yrs it might be flat .....

For my case
I'm a single income family and my wife is a home maker.
I make good money and have enough money to put all cash.
I'm in my early 30s and have big dreams but family come first. ( something you call Asian mentality )

With upgrades the house will cost around 1 million.

I plan to put 80% down and my montage will be around $1700 for 30 yrs, taxes and others stuffs will be another $1700..... total is about $3500 .... after my taxs return my monthly is around $2500.

I have other investments, stocks and saving after the down payment and I spend at least 20k on travel outside US every year with my family and I have at least 3 expensive hobbies. Does it concern anyone, no, accept me and my family. Am I happy, Yes. I think every day is a bonus in my life. .... and my goal is to buy my home before 35.

Can I afford in WB, I think so and maybe not. But for sure I'm not a whiner and not my goal to be one.

Maybe more buyers should share why they bought to those that can't buy now. For my case, Money is not the problem to buy a home in WB Irvine and I want to be here with the rich FCB <!-- s:P -->:P<!-- s:P --> and happy home owners regardless of race, religion and sex :-[

Mike


[/quote]

Congratulations Mike. Assuming you didn't get any help from your rich Asian dad, I'm pretty impressed you can put that kind of money down at your age.

<!-- s:D -->:D<!-- s:D -->
 
[quote author="zubs"]Interest rates going up causes housing prices to crater.[/quote]
We hope.

1. I'm not sure how high interest rates will go up, especially with elections coming up and the economy still in the dumps.

2. At least in Irvine, the speed of falling prices is not proportionate to rising interest rates. Owners will not cut their price 15% to match a 15% reduction in buying power.
 
[quote author="mikeirvine"]
Can I afford in WB, I think so and maybe not. But for sure I'm not a whiner and not my goal to be one.

Maybe more buyers should share why they bought to those that can't buy now. For my case, Money is not the problem to buy a home in WB Irvine and I want to be here with the rich FCB :P and happy home owners regardless of race, religion and sex :-[

Mike

[/quote]

And here when I moved to Irvine thought it would be a nice upper middle class place for a couple of mid-level accounting manager like my wife and I, who make well over the median income for Irvine. But we don't have it like Big Mike --- because we don't think we can afford an $800k (much less $1M) house, not without $200-$400k down --- which we don't have. I suppose we could probably buy an $800k house, but we would be a slave to the payment. I'm a firm believer in 3-times income rule.

But I guess when I wasn't looking, Irvine turned into the big-balling Newport Coast for Asians. Oh well, I probably wouldn't like being neighbors with Big Mike anyway...and he probably wouldn't appreciate when I installed the BBQ island with beer tap. So I'll move along and leave WB to Mike and his friends.

Congratulations, Mike. Clearly you can afford it. Just curious, with that kind of money at your disposal, why not opt for something a little more upscale like Serra or Las Colinas? PS is not that far. What was the decision tree to end up back at Woodbury?

And I won't post on your backslapping thread anymore. You probably would prefer if it were only populated by those "buyers who can afford it" who can "share their experiences with those who can't".

Ugh. I just threw up a little in my mouth. BTW, I'm glad to have withdrawn from the moderating role. It's much more fun without that hanging over my head. <!-- s;) -->;)<!-- s;) -->
 
[quote author="mikeirvine"]
I plan to put 80% down...
[...]
For my case, Money is not the problem to buy a home in WB Irvine and I want to be here with the rich FCB <!-- s:P -->:P<!-- s:P -->
[/quote]
(someone tell Mike that he is one of those rich FCB)
 
CK,

The freedom to post and say what ever that is in your mind. Until I get banned like Haiku then I will use my BK IP address.

Panda,

How do you know Mike is Asian? So far all the posters who bought are Asians as expected and predictable just like the Asian line out the LV store.

Mike did not disclose his race with his "NT" note. So far my success rate of buyer profiling is 99% accurate. If he is Asian then all members in this thread who bought a home are all Asians.

What do you think? Do you think Mike is Asian? His $800K are from his parents so his salary can pay for the remainder ?

I have my answer already but I want hear your.
 
[quote author="graceomalley"]CK,

The freedom to post and say what ever that is in your mind. Until I get banned like Haiku then I will use my BK IP address.

Panda,

How do you know Mike is Asian? So far all the posters who bought are Asians as expected and predictable just like the Asian line out the LV store.

Mike did not disclose his race with his "NT" note. So far my success rate of buyer profiling is 99% accurate. If he is Asian then all members in this thread who bought a home are all Asians.

What do you think? Do you think Mike is Asian? His $800K are from his parents so his salary can pay for the remainder ?[/quote]

BK.. Let's just call it Panda's instincts.

Seriously.. CK and West Irvine is the last hope to save the city of Irvine. Once the CKs flee Irvine.. this city is going to turn into an Asian Louis Vuitton fest.
 
[quote author="graceomalley"]
[quote author="superwrat"]

What a great analogy. To take it further, a poor decision on a house and the effect on your finances is on par with the financial impact of divorce... or maybe even having kids <!-- s:D -->:D<!-- s:D -->

Btw, I think BK likes plan 2 Coronado, not plan 1[/quote]

Yes, first house off the street is the plan 2 not plan 1.

Plan 2 is acceptable but too voyueristic for me. Because the others are so bad that made this plan better by comparison.[/quote]

I will gladly take this comment as a positive (I'll just keep my bathroom blinds closed!)... Thanks BK!
 
[quote author="scubasteve"]
[quote author="graceomalley"]

Yes, first house off the street is the plan 2 not plan 1.

Plan 2 is acceptable but too voyueristic for me. Because the others are so bad that made this plan better by comparison.[/quote]

I will gladly take this comment as a positive (I'll just keep my bathroom blinds closed!)... Thanks BK![/quote]

No, your master bedroom door. Your pillow is visible from the kitchen sink and several dining chair positions.

Keep your front door closed so I don't see you in your pajama.

Keep your rear slider closed so wealth does not flush out to the rear of the home.

Since you are Vietnamese and don't know much about feng shui your front door lines up with your back door in a straight shot. It is not good.

Here are some remedies: hang a crystal ball above the foyer centered on front door 3'-8-1/8" away. Hang a permanent drapery panel at the rear slider to cover up a part of the exit leaf aligning with the front door.

because you have already bought an barely BK approved home you have to fix the feng shui problems.
 
@mike:

FCB = Foreign Cash Buyer

It doesn't have to mean you are rich or you are chinese (or asian).

It just means you are usually foreign (although what constitutes that is debatable) and have a large down payment.

The large cash down is the kicker here as it breaks the fundamentals and tends to make your home less prone to economic downturns since you won't be underwater any time in the near future (unless of course you HELOC).

Thank you for the additional information you provided (although it really wasn't required) and your wife/family is lucky to be able to not have to work in order to afford where they live (I wish we were in the same boat).

Personally, I would take that $800k down... and buy a 3WCG in Irvine somewhere or even a newer Quail Hill home.
 
[quote author="graceomalley"]
[quote author="scubasteve"]

I will gladly take this comment as a positive (I'll just keep my bathroom blinds closed!)... Thanks BK![/quote]

No, your master bedroom door. Your pillow is visible from the kitchen sink and several dining chair positions.[/quote]

Can i just close the master bedroom door when I have guests over and leave the door open and walk around naked when it's just the wifey and i at home?
 
Hi Mike, congratulations, we'll be neighbors, maybe we can get together someday, having a couple bottle of beers, and a little chat about upgrades and landscaping.
It's very impressive that you have accumulated such a big chunk of cash for down payment, but may I ask you why you want to put all of them (or maybe not) into your down payment when money is so cheap? Thanks for the Fed's massive buying program, why not borrow the maximum you can. As for me, I don't have that much saving as yours, but still well above 20% down for Sonoma, my dad was not rich at all, he actually passed away when I was in high school 20 years ago. But I'll put only 20% down for my house, and rest of my money either go to my kids' 529 or my rainy day savings.
 
With all the huge down payments in Irvine, interest rates don't really affect the demand of homes as much as other areas. I think the average down payment in Irvine is 30% isn't it? I think IR2 had that number somewhere.
 
[quote author="mikeirvine"]
[quote author="graceomalley"]Thanks Mike for the bio. Are you still related to the industry?[/quote]

yes I still work on some thing relate to the industry ..... :'(

Okay let move on this post is not, about me :-[[/quote]

you work in pr0n huh? jk
 
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