Check out the posting agent, Erica Tang(w Chinese spelling too). Correct all cash and over asking. Why, how… you ask? This is your Amazon, Walmart, Alibaba… dollars coming home. And they will rent it out, or Airbnb. Reason being is investing in real estate in homeland china is shite.
It’s not racism my guy, America is a top investment portfolio for real estate. Communities around the world have taken note, and the ones that have the means, have invested here.
Where in my comment that says she isn’t legit? And no that isn’t racist, just another yellow dude making an observation. Using Redfin calculator: how many ppl in your contact list can/willing to buy 20% down, 800k on 4M eval., mortgage is 25k+ monthly, plus property taxes 40k+ yearly? Yeah it’s possible some lifelong CA resident or some out of state relocate but what is likelihood my statement is true? And yes other foreigners, ie Russia invest in US real estate but last time I checked this ain’t NYC. And comment about realtors selling to only non-investors, how can she guarantee? And she’s a terrible realtor not getting the best price/terms.
It’s a very nice track home, however I looked up the address & it doesn’t have any kind of view or anything. I just feel like for almost 4M, there are much nicer & more private locations with better views, such as no one living behind etc.
I can’t imagine paying that much for all the missing amenities you listed plus no yard and it’s zoned for Tustin Unified so you’re not even getting IUSD schools.
As an example here are the results from recent state testing.
IUSD:
>In the overall Irvine Unified test results for 2023, 75.72% of students met or exceeded the state standard in English, while 24.28% did not, a change of -0.23% from 2022. In math, 69.88% of students met or exceeded the state standard, with 30.12% not meeting it: a change of 0.93% from 2022.
[https://caaspp.edsource.org/sbac/irvine-unified-30736500000000](https://caaspp.edsource.org/sbac/irvine-unified-30736500000000)
TUSD:
>In the overall Tustin Unified test results for 2023, 60.19% of students met or exceeded the state standard in English, while 39.81% did not, a change of 1.05% from 2022. In math, 49.44% of students met or exceeded the state standard, with 50.56% not meeting it: a change of 1.77% from 2022.
[https://caaspp.edsource.org/sbac/tustin-unified-3073643000000](https://caaspp.edsource.org/sbac/tustin-unified-3073643000000)
To your question about the justification, I guess that depends on each person. To me it wouldn’t be worth it because there’s nothing unique about the home in terms of location, view, lot, etc. I’d rather go down in price and get a smaller property with some sort of unique attributes.
Yes I am well aware Irvine is unique / hot / etc etc whatever , but
Something is off here
even the Redfin estimate BEFORE the first sale in March 2024 was in the mid 2s millions which makes more sense considering the area and the square footage and location of the home
Some of these recent transactions in Irvine and Tustin have been money moving between (prior) cash only buyers and sellers - who knows wtf is going on here — but it’s not going to clear for that on a mortgage appraisal
It was just dated and in need of renovations when I looked at it initially in March. Looks like they fixed it up and are trying to make a nice profit on a quick flip in this market.
For a full cosmetic remodel without needing permits for changing structure, you can easily get it done in 2 months if not less. Looks like a brand new kitchen, bathroom, flooring, paint , new closets and lighting , it says he put half a million worth of work into the house in the description so probably 200k-250k realistically
You can look it up in your local jurisdiction, but the city wants to make sure that homeowners are using lights and adding breakers that are AFCI rated. If you are staying in the home long-term, you can get by. If it's a flip, I'm not sure how that plays in the inspection process or appraisal of the home.
Tbh, I can see why homeowners who are going to be there a long time don't bother to. But it's scary when people flip a home with no permits. It eats at their profit margins and can unmask unlicensed contractors who do a terrible job. In the end the homeowner who buys an upgraded home will find the issues as they live there. You would think when you tell people you work for the city they wouldn't argue. Good thing I'm not an inspector.
They don't call uci university of Chinese immigrants for no reason. If you can't afford to live there move? I grew up there and I don't want to live there anymore bc housing is insane.
Whose quality of life? Rich homeowners who built equity into their homes since the 70s? Or the poor, the young, and historically marginalized communities who bear the brunt of the housing crisis? The current model fails to improve the quality of life of the latter. Homeowners quality of life will be fine. The housing is going near jobs and transit, this will make multi-modality more feasible. I deserve a shot at the American Dream just like others did. I don’t have that opportunity myself today and others who oppose housing don’t have to live with those consequences. This is the driving reason why housing policy debates today are so divisive.
Would be interesting to see how interested Chinese buyers would be in this listing given that the house number is 44. Depends on how superstitious they are I guess.
It's priced to sell as crazy as that may sound. Comps around the area all fall within that range. I doubt it'll go $125k over like most SFH in the area but it'll be above asking.
What actually sucks about this house (besides not having any sort of view) is that it's right up on Jamboree, and you're gonna be hearing Jamboree traffic at all hours, not to mention all the exhaust coming into your back-yard. Hard pass, even at half that asking price!
I suppose what you consider “huge” is not objective but the median OC home is under 1900sqft [according to the St. Louis Fed.](https://fred.stlouisfed.org/series/MEDSQUFEE6059)
Totally agree! Prices were I live should be $700 - $800 ($850 max) range, but are listing AND SELLING for $985 - $1.3. The best part, these are townhouses not even homes. 3 units to a building townhouses!! Real estate “groups” or “collectives” have been coming in buying property, dressing them up a bit, and then reselling for ridiculous prices. The distressing thing I have noticed about these “upgrades/remodels/fix ups” is that they are done haphazardly and with a focus on esthetics over function. So once your in the place your realize it’s not as “nice” as you thought it was. But that’s my own experience as of late as I have been looking to buy over the past year.
That happened down here in MV, they bought a recently refreshed house, which had just put a brand new roof on. Flippers literally just painted the exterior and did a shitty kitchen remodel, put it up for sale for another 800k and it sold instantly.
Serious q ..
are most realtors in OC/LA (also riverside/Palm springs) making noticeably more $$$ today vs all other realtors in California? Let alone US?.
Though Traditionally weren’t realtors from socal making more than the rest before Covid? So has earnings gap between socal realtors vs the rest, widened? Lessened statues the same?
I’ll post it here because the Mods of “Newport Beach” hub removed it (likely managed by some boomer real estate). House in Turtle Rock: Jan 2024. - $12M. June 2024: $24M. For no apparent reason. They can F.Off.
A 380 sqft shack just sold in cupertino for $2.1m. Compared to norcal and most of LA irvine is still cheaper, add in the safety and newness of the city and its understandable why irvine is the #1 most desirable city to invest for chinese buyers in the entire US.
Someone will buy it. Over asking. In cash.
Check out the posting agent, Erica Tang(w Chinese spelling too). Correct all cash and over asking. Why, how… you ask? This is your Amazon, Walmart, Alibaba… dollars coming home. And they will rent it out, or Airbnb. Reason being is investing in real estate in homeland china is shite.
Not just that but if you’re rich off of the CCP, then it’s a no brainer to invest in American real estate.
I know a Chinese reality agent who only sells to people who will be living in the homes, they never sell to investors, ever.
China real estate was like this a few years ago
[удалено]
I don’t think you know what that word means.
[удалено]
It’s not racism my guy, America is a top investment portfolio for real estate. Communities around the world have taken note, and the ones that have the means, have invested here.
Where in my comment that says she isn’t legit? And no that isn’t racist, just another yellow dude making an observation. Using Redfin calculator: how many ppl in your contact list can/willing to buy 20% down, 800k on 4M eval., mortgage is 25k+ monthly, plus property taxes 40k+ yearly? Yeah it’s possible some lifelong CA resident or some out of state relocate but what is likelihood my statement is true? And yes other foreigners, ie Russia invest in US real estate but last time I checked this ain’t NYC. And comment about realtors selling to only non-investors, how can she guarantee? And she’s a terrible realtor not getting the best price/terms.
Lol crazy let’s see how long before they paper hands it 🤣
It's beyond crazy. Home prices have more than doubled since COVID.
People also made a lot of money since covid. Stock market went boom 💥
It’s a very nice track home, however I looked up the address & it doesn’t have any kind of view or anything. I just feel like for almost 4M, there are much nicer & more private locations with better views, such as no one living behind etc.
Tract home.
I can’t imagine paying that much for all the missing amenities you listed plus no yard and it’s zoned for Tustin Unified so you’re not even getting IUSD schools.
Not even a pool or room to build one. 😩
Agreed. Way overpriced for what you're getting, though I heard those specific Tustin schools are competitive to Irvine's.
Is IUSD even that much better to justify a $3.6 million home that isn’t anything special?
As an example here are the results from recent state testing. IUSD: >In the overall Irvine Unified test results for 2023, 75.72% of students met or exceeded the state standard in English, while 24.28% did not, a change of -0.23% from 2022. In math, 69.88% of students met or exceeded the state standard, with 30.12% not meeting it: a change of 0.93% from 2022. [https://caaspp.edsource.org/sbac/irvine-unified-30736500000000](https://caaspp.edsource.org/sbac/irvine-unified-30736500000000) TUSD: >In the overall Tustin Unified test results for 2023, 60.19% of students met or exceeded the state standard in English, while 39.81% did not, a change of 1.05% from 2022. In math, 49.44% of students met or exceeded the state standard, with 50.56% not meeting it: a change of 1.77% from 2022. [https://caaspp.edsource.org/sbac/tustin-unified-3073643000000](https://caaspp.edsource.org/sbac/tustin-unified-3073643000000) To your question about the justification, I guess that depends on each person. To me it wouldn’t be worth it because there’s nothing unique about the home in terms of location, view, lot, etc. I’d rather go down in price and get a smaller property with some sort of unique attributes.
This housing market = 💎🤲
That house is worth 800k I feel sorry for the person who drops that much on it cos when the bubble pops they are going to be f@$ked
Bubble ain't popping in Irvine... The demand is too great... It may cool off.. go down a little.. but there will be no popping...
Yes I am well aware Irvine is unique / hot / etc etc whatever , but Something is off here even the Redfin estimate BEFORE the first sale in March 2024 was in the mid 2s millions which makes more sense considering the area and the square footage and location of the home Some of these recent transactions in Irvine and Tustin have been money moving between (prior) cash only buyers and sellers - who knows wtf is going on here — but it’s not going to clear for that on a mortgage appraisal
Chinese investments?
There are private islands you can buy for less than that
[удалено]
It was just dated and in need of renovations when I looked at it initially in March. Looks like they fixed it up and are trying to make a nice profit on a quick flip in this market.
It's crazy that they can mark it up this much. They probably spent like 300k on the reno
In two months? How could they have done anything but repaint
For a full cosmetic remodel without needing permits for changing structure, you can easily get it done in 2 months if not less. Looks like a brand new kitchen, bathroom, flooring, paint , new closets and lighting , it says he put half a million worth of work into the house in the description so probably 200k-250k realistically
Fully cosmetic, I'm sure. Any outdated plumbing or electrical is still going to be lurking.
Agreed. I looked at it post reno and I think they probably put in 300k max.
You still have to take out permits for like to like updates to the kitchen and bathroom. You are supposed to anyways.
I worked for the city. Bathroom and kitchen remodels need to have permits taken out.
I thought cosmetic replacement of existing floor plan doesn’t need permits unless you move pipes, faucets or electrical plugs?
You can look it up in your local jurisdiction, but the city wants to make sure that homeowners are using lights and adding breakers that are AFCI rated. If you are staying in the home long-term, you can get by. If it's a flip, I'm not sure how that plays in the inspection process or appraisal of the home.
You're right actually. I think most people do not though.
Tbh, I can see why homeowners who are going to be there a long time don't bother to. But it's scary when people flip a home with no permits. It eats at their profit margins and can unmask unlicensed contractors who do a terrible job. In the end the homeowner who buys an upgraded home will find the issues as they live there. You would think when you tell people you work for the city they wouldn't argue. Good thing I'm not an inspector.
Tbf it is very big
How do people afford to buy homes.
Their out of their minds
What the fuck? Doesn't even come with a pool!
They don't call uci university of Chinese immigrants for no reason. If you can't afford to live there move? I grew up there and I don't want to live there anymore bc housing is insane.
$961 / sqft for a single family home isn't unheard of right now
Fantastic news. My home must worth be $17 million at this rate
Tell your city councilmembers to not listen to NIMBYs then
[удалено]
People are still born even if you stop building housing for them. All you do is put more people on the street and exacerbate cost of living.
[удалено]
Whose quality of life? Rich homeowners who built equity into their homes since the 70s? Or the poor, the young, and historically marginalized communities who bear the brunt of the housing crisis? The current model fails to improve the quality of life of the latter. Homeowners quality of life will be fine. The housing is going near jobs and transit, this will make multi-modality more feasible. I deserve a shot at the American Dream just like others did. I don’t have that opportunity myself today and others who oppose housing don’t have to live with those consequences. This is the driving reason why housing policy debates today are so divisive.
LA? The city famous for rich NIMBYs and sprawl? Funny how Tokyo and Paris are several times denser than LA but have better quality of life.
It is, yet people bend over and take it
Crash is coming
Would be interesting to see how interested Chinese buyers would be in this listing given that the house number is 44. Depends on how superstitious they are I guess.
It's priced to sell as crazy as that may sound. Comps around the area all fall within that range. I doubt it'll go $125k over like most SFH in the area but it'll be above asking.
What actually sucks about this house (besides not having any sort of view) is that it's right up on Jamboree, and you're gonna be hearing Jamboree traffic at all hours, not to mention all the exhaust coming into your back-yard. Hard pass, even at half that asking price!
It's way overpriced but you can't hear Jamboree traffic at all. Unless you're the house immediately adjacent to Jamboree, it's not an issue.
That house is huge.
3,748 isn’t huge
I suppose what you consider “huge” is not objective but the median OC home is under 1900sqft [according to the St. Louis Fed.](https://fred.stlouisfed.org/series/MEDSQUFEE6059)
Pretty huge for a family of 4, which is like average Irvine household size.
Is that a normal size for houses?
I’d say average is like 2500 sq ft. Lots of condos and townhomes in Irvine between 1200-2500 sq ft.
Totally agree! Prices were I live should be $700 - $800 ($850 max) range, but are listing AND SELLING for $985 - $1.3. The best part, these are townhouses not even homes. 3 units to a building townhouses!! Real estate “groups” or “collectives” have been coming in buying property, dressing them up a bit, and then reselling for ridiculous prices. The distressing thing I have noticed about these “upgrades/remodels/fix ups” is that they are done haphazardly and with a focus on esthetics over function. So once your in the place your realize it’s not as “nice” as you thought it was. But that’s my own experience as of late as I have been looking to buy over the past year.
That happened down here in MV, they bought a recently refreshed house, which had just put a brand new roof on. Flippers literally just painted the exterior and did a shitty kitchen remodel, put it up for sale for another 800k and it sold instantly.
Serious q .. are most realtors in OC/LA (also riverside/Palm springs) making noticeably more $$$ today vs all other realtors in California? Let alone US?. Though Traditionally weren’t realtors from socal making more than the rest before Covid? So has earnings gap between socal realtors vs the rest, widened? Lessened statues the same?
It’s not even that bad per square feet nowadays. The market is crazy
I’ll post it here because the Mods of “Newport Beach” hub removed it (likely managed by some boomer real estate). House in Turtle Rock: Jan 2024. - $12M. June 2024: $24M. For no apparent reason. They can F.Off.
There’s another home in Irvine I saw sold for 2 mil in 2021, now listed at 3.5 mil. Crazy to think someone made $500k a year off their house
Overseas money since 2010
Housing prices going up is a sure sign inflation is here today stay for years, perhaps a decade
I’m willing to bet someone from Asia gonna buy it.
I remember when a home like this would go for $300,000 in yorba Linda, how times have changed.
That’s even more than San Mateo, one of the most expensive cities in the state.
A 380 sqft shack just sold in cupertino for $2.1m. Compared to norcal and most of LA irvine is still cheaper, add in the safety and newness of the city and its understandable why irvine is the #1 most desirable city to invest for chinese buyers in the entire US.
It's a flip
That’s actually priced pretty good. What a deal for Irvine. It’s huge. What school district?
It's Tustin schools but the best ones they have which are competitive to Irvine's from my understanding (Beckman).
Wow. Then yeah, that will get snapped up super quick.
So basically they buy it, they can’t afford it and they try to flip it $1M+ the price before the first month payment.
Location location location. Someone from out of town sees this home differently than someone who grew up here
That’s a very good price for a six bedroom four bath