Who's buying?

[Bullsback]

I think we've been through this on another thread. Some doctors and some lawyers make a lot. Def enough to afford a $1.5m house but like jbean says, I'm sure there are many that just choose not to. I can't think of any reason to live in large house. Too many rooms that serve no or singular purposes.

I'm the same way...once you get to about 3500 sq ft, anything bigger then that just loses a lot of functionality and becomes wasted space in my eyes. To me the sweet spot for a 4 or 5 person home) (if you can afford it...especially in the newer more modern builds) is 2700 - 3200 sq ft. A little more is great, but a lot more, way more then I need. I don't need a home where half the rooms are never used or are used once a year. 

Yup. 4 bed plus loft with a small space for a small office/desk area around 2800-3200sf is ideal. Less than 3000 is better. I know the great IHS can achieve all that in around 2000sf but feels too cramped for me.

That is perfect. Add in a 20-30 foot setback and I'm a happy camper.  Put it at the end of a cul de sac and even better

 

[JackTamkin]

Without revealing too much about my friends, most/if not all, have made over six figures for over a decade. However, we're mostly living in pretty modest places (in nice towns).

So, what happens at the LA/OC border?! Do expectations/spending habits just change?? Of course, an irvinehomeshopper design is far superior to a 1950s ranch - open wallet...

Maybe I'm a little older than most, but I remember Irvine as a nice, but slightly boring, place with a lot of educated folks, but it was also more affordable compared to places like Claremont.

 

[eyephone]

Another to consider: gains in Real estate, stock market

 

[bones]

Without revealing too much about my friends, most/if not all, have made over six figures for over a decade. However, we're mostly living in pretty modest places (in nice towns).

So, what happens at the LA/OC border?! Do expectations/spending habits just change?? Of course, an irvinehomeshopper design is far superior to a 1950s ranch - open wallet...

Maybe I'm a little older than most, but I remember Irvine as a nice, but slightly boring, place with a lot of educated folks, but it was also more affordable compared to places like Claremont.

Not sure what you are trying to get at here. Are you trying to compare irvine to certain LA county cities in terms of real estate prices?  It sounds like you think people are stretching themselves to buy these overpriced $1.5m irvine homes but someone/somewhere on this forum did a poll about DTI recently and the results were pretty conservative. Of course, all the voters could just be lying. This is the internet after all.

 

[JackTamkin]

If I could refine my question a little, I think that Irvine is attracting a lot of 2nd generation Asian Americans who are looking for a nice home (not needing too much maintenance), good schools, safety, and access to culture (after school language classes, etc). Also, space for the extended family (parents, in-laws, etc).

So, who's buying in Orchard Hills versus La Canada? I'd guess the demographics of the AA buyer in both communities are very similar. Yet, in my experience, people are spending less in La Canada, albeit for smaller homes, and then spending less to upgrade as well.

 

[yaliu07]

i dont think you CAN use TI DTI poll.  people on TI most likely live in Irvine, OC, or LA county.  There are buyers from other state or other countries.  Those people most likely have NOT joined TI.  I suggest you guys walk around Beacon Park and you can see WHO is buying.

 

[bones]

If I could refine my question a little, I think that Irvine is attracting a lot of 2nd generation Asian Americans who are looking for a nice home (not needing too much maintenance), good schools, safety, and access to culture (after school language classes, etc). Also, space for the extended family (parents, in-laws, etc).

So, who's buying in Orchard Hills versus La Canada? I'd guess the demographics of the AA buyer in both communities are very similar. Yet, in my experience, people are spending less in La Canada, albeit for smaller homes, and then spending less to upgrade as well.

I don't know LA very well since I'm not from around here but funny you mention la Canada.  A friend of mine (non Asian) recently moved up there from the OC. They bought a house >3000 SF for >$550psf.  So my one personal experience says otherwise

 

[JackTamkin]

I really like Irvine, it's a nice community, and the new homes feel more "upscale" compared to homes built 10-15 years ago. But I feel setbacks are smaller than ever.

I hope your friend has more "breathing" space than the typical Irvine lot. La Canada is really nice, but a little remote for us, so we didn't buy there.

 

[aquabliss]

Sorry but I have to disagree here.  I prefer a 4000-5000 sq ft home with a huge 12ft ceiling great room, enormous loft, master bedroom with retreat, large walk in closet, casita, the list goes on and on.

And don't get me started on the back yard.

So why are you slumming it in PP.  Funds tied up in China? 

Just living in that shack until my custom Newport Coast home is built... Having an issue with the 24kt gold shower grout being a bit off color, and I refuse to move  in until this has been resolved.

 

[The Motor Court Company]

doesn't bones work in East coast hours? you should now know her profession.

I made 6 figures my first year out of college.  And so did every single one of my colleagues.

What are you???  A longshoreman???

 

[JBean72]

If I could refine my question a little, I think that Irvine is attracting a lot of 2nd generation Asian Americans who are looking for a nice home (not needing too much maintenance), good schools, safety, and access to culture (after school language classes, etc). Also, space for the extended family (parents, in-laws, etc).

So, who's buying in Orchard Hills versus La Canada? I'd guess the demographics of the AA buyer in both communities are very similar. Yet, in my experience, people are spending less in La Canada, albeit for smaller homes, and then spending less to upgrade as well.

SO funny that you compared OH to La Canada - we almost pulled the trigger there, but the homes were getting snapped up the minute they were on the market (the good ones that were renovated) - Overall, we found that it was just easier & cheaper to purchase a home here, than deal with an older La Canada home, where most needed a lot of work, issues with septics, and no sewer lines on some homes, and much more expensive after we accounted for renovation costs.

We tried SO hard to buy there, but it just wasn't in the cards at the time. But I would LOVE to live there one day, it's a really beautiful community with great schools!

And I'm sorry, but you just can't compare the cookie cutter feel of Irvine to La Canada - granted there are some homes in La Canada that seem very neglected, but overall, it's a really gorgeous neighborhood.

 

[Bullsback]

i dont think you CAN use TI DTI poll.  people on TI most likely live in Irvine, OC, or LA county.  There are buyers from other state or other countries.  Those people most likely have NOT joined TI.  I suggest you guys walk around Beacon Park and you can see WHO is buying.

If I walk around BP, I'll be walking for a while. No one is buying the homes (or at least they aren't based upon the varying reports in here). The only stuff that is selling is IHS's product.  Seems like none of the other stuff is selling?

TayMo has pretty much its entire release on MLS, Juniper isn't selling, Ryland has sold a few (but not all).  Really really bad start for a phase 1 if you ask me.  You literally can't justify the prices they have on these bigger homes.  I realize a few PP properties sold really high, but that is one property which might have been unique / super upgraded...doesn't mean you can sell a whole track (let alone a whole project) based upon those absurd multiples. 

Price cuts in woodbury seem consistent as of late (on SFR), same thing in the Columbus Groves area. CV and Stonegate still don't have a lot their as they are still pumping out new product, but if you look at the post 2005 era stuff, you are seeing resell price cuts...SFR sales are stagnant. Bright side for builders is this economy will prevent a rate hike, but they are going to have to do something. 

 

[jmoney74]

i dont think you CAN use TI DTI poll.  people on TI most likely live in Irvine, OC, or LA county.  There are buyers from other state or other countries.  Those people most likely have NOT joined TI.  I suggest you guys walk around Beacon Park and you can see WHO is buying.

If I walk around BP, I'll be walking for a while. No one is buying the homes (or at least they aren't based upon the varying reports in here). The only stuff that is selling is IHS's product.  Seems like none of the other stuff is selling?

TayMo has pretty much its entire release on MLS, Juniper isn't selling, Ryland has sold a few (but not all).  Really really bad start for a phase 1 if you ask me.  You literally can't justify the prices they have on these bigger homes.  I realize a few PP properties sold really high, but that is one property which might have been unique / super upgraded...doesn't mean you can sell a whole track (let alone a whole project) based upon those absurd multiples. 

Price cuts in woodbury seem consistent as of late (on SFR), same thing in the Columbus Groves area. CV and Stonegate still don't have a lot their as they are still pumping out new product, but if you look at the post 2005 era stuff, you are seeing resell price cuts...SFR sales are stagnant. Bright side for builders is this economy will prevent a rate hike, but they are going to have to do something.

I'd like to see what the sales numbers are.  Just FYI.. I saw a lot of PP product on MLS when we bought our home and sales were still going well.  However, outside of Ellwood, don't see much traction on the bigger homes. 

 

[Bullsback]

i dont think you CAN use TI DTI poll.  people on TI most likely live in Irvine, OC, or LA county.  There are buyers from other state or other countries.  Those people most likely have NOT joined TI.  I suggest you guys walk around Beacon Park and you can see WHO is buying.

If I walk around BP, I'll be walking for a while. No one is buying the homes (or at least they aren't based upon the varying reports in here). The only stuff that is selling is IHS's product.  Seems like none of the other stuff is selling?

TayMo has pretty much its entire release on MLS, Juniper isn't selling, Ryland has sold a few (but not all).  Really really bad start for a phase 1 if you ask me.  You literally can't justify the prices they have on these bigger homes.  I realize a few PP properties sold really high, but that is one property which might have been unique / super upgraded...doesn't mean you can sell a whole track (let alone a whole project) based upon those absurd multiples. 

Price cuts in woodbury seem consistent as of late (on SFR), same thing in the Columbus Groves area. CV and Stonegate still don't have a lot their as they are still pumping out new product, but if you look at the post 2005 era stuff, you are seeing resell price cuts...SFR sales are stagnant. Bright side for builders is this economy will prevent a rate hike, but they are going to have to do something.

I'd like to see what the sales numbers are.  Just FYI.. I saw a lot of PP product on MLS when we bought our home and sales were still going well.  However, outside of Ellwood, don't see much traction on the bigger homes.

I thought most of the PP MLS listing were either TayMo or homes that were on T-intersections or had odd lots, but that might just be me having selective memory. 

 

[AW]

la canada is nice, i really really like that place, i thought that one day i'd buy there but ended up in irvine instead....
the only negative that i can even recall is that during the northridge quake, some of the homes got utterly demolished, some worse than even the northridge homes

 

[jmoney74]

i dont think you CAN use TI DTI poll.  people on TI most likely live in Irvine, OC, or LA county.  There are buyers from other state or other countries.  Those people most likely have NOT joined TI.  I suggest you guys walk around Beacon Park and you can see WHO is buying.

If I walk around BP, I'll be walking for a while. No one is buying the homes (or at least they aren't based upon the varying reports in here). The only stuff that is selling is IHS's product.  Seems like none of the other stuff is selling?

TayMo has pretty much its entire release on MLS, Juniper isn't selling, Ryland has sold a few (but not all).  Really really bad start for a phase 1 if you ask me.  You literally can't justify the prices they have on these bigger homes.  I realize a few PP properties sold really high, but that is one property which might have been unique / super upgraded...doesn't mean you can sell a whole track (let alone a whole project) based upon those absurd multiples. 

Price cuts in woodbury seem consistent as of late (on SFR), same thing in the Columbus Groves area. CV and Stonegate still don't have a lot their as they are still pumping out new product, but if you look at the post 2005 era stuff, you are seeing resell price cuts...SFR sales are stagnant. Bright side for builders is this economy will prevent a rate hike, but they are going to have to do something.

I'd like to see what the sales numbers are.  Just FYI.. I saw a lot of PP product on MLS when we bought our home and sales were still going well.  However, outside of Ellwood, don't see much traction on the bigger homes.

I thought most of the PP MLS listing were either TayMo or homes that were on T-intersections or had odd lots, but that might just be me having selective memory.

I recall seeing a lot of Richmond and Taymo stuff on there. 

 

[AW]

there's also 1 lambert ranch currently on mls... if you go there, don't walk into the kitchen pantry (if that thing is still there... haha)

 

[Irvinecommuter]

la canada is nice, i really really like that place, i thought that one day i'd buy there but ended up in irvine instead....
the only negative that i can even recall is that during the northridge quake, some of the homes got utterly demolished, some worse than even the northridge homes

I like La Canada but I like Irvine more.  The plus factor about La Canada over Irvine for me is if you work in LA.

 

[usctrojancpa]

i dont think you CAN use TI DTI poll.  people on TI most likely live in Irvine, OC, or LA county.  There are buyers from other state or other countries.  Those people most likely have NOT joined TI.  I suggest you guys walk around Beacon Park and you can see WHO is buying.

If I walk around BP, I'll be walking for a while. No one is buying the homes (or at least they aren't based upon the varying reports in here). The only stuff that is selling is IHS's product.  Seems like none of the other stuff is selling?

TayMo has pretty much its entire release on MLS, Juniper isn't selling, Ryland has sold a few (but not all).  Really really bad start for a phase 1 if you ask me.  You literally can't justify the prices they have on these bigger homes.  I realize a few PP properties sold really high, but that is one property which might have been unique / super upgraded...doesn't mean you can sell a whole track (let alone a whole project) based upon those absurd multiples. 

Price cuts in woodbury seem consistent as of late (on SFR), same thing in the Columbus Groves area. CV and Stonegate still don't have a lot their as they are still pumping out new product, but if you look at the post 2005 era stuff, you are seeing resell price cuts...SFR sales are stagnant. Bright side for builders is this economy will prevent a rate hike, but they are going to have to do something. 

The problem is that BP started their prices too high.  What helped PP sell fast was their started their prices low and got a lot of momentum.  Same goes for a resale, if you list your home too high you don't get many showings which means you won't get many or any offers.  Then is a death spiral down chasing the market.  I've noticed that the $1m+ home market has slowed down a bit over the month or so hence why you see homes just sitting on the market. 

 

[JBean72]

la canada is nice, i really really like that place, i thought that one day i'd buy there but ended up in irvine instead....
the only negative that i can even recall is that during the northridge quake, some of the homes got utterly demolished, some worse than even the northridge homes

yikes, wasn't aware of that with la canada homes.

There are pluses and minuses to both areas. L.A overall is way more progressive, except I think La Canada is one of the more conservative pockets. Minuses to La Canada are the homes are really old and need a lot of work. Half the homes there, and even the really expensive ones are not sewer connected, so you have to deal with septics. No thanks.

Irvine is fantastic, and you get a turn key home without the hassle of having to gut and renovate a La Canada home.

We would have bought in La Canada if it were easier, but again, all the remodeled homes were getting snapped up day 1 of listing, so there was no room for hesitation in making an offer. And multiple offers were coming in.

I still check listings there from time to time, and you see pending on most of the good listings.

Also love Pasadena, but the schools are terrible. (except South Pas which is too expensive for us)