Housing Bottom?

[dfarmer002]

CaboLisa

having made a similar move ourselves from missin viejo to austin two years ago, I am very familiar with the area of round rock etc. We ended up near lake travis (steiner ranch) and in fact have considered relocating BACK to oc. Anyways, during the meetings with realtors, one a fairly good friend out near round rock, we were told repeatedly what a disaster the round rock area was re real esate prices. Essentially same old story, too many houses, none of them really unique, losts of new development etc etc.

So If you are set on round rock, Id really look hard at what your purschase price is and more importantly dont assume any equity build. Also, round rock is nice, but it is slow and very suburban with limited attractions (espeically by an oc standard).

So take it from someone who as been down the road.. id urge you not to let the price alone dictate.... there is a reason in these areas the homes are so reasonably priced as compared to other areas like lakeway, central austin, westlake, etc etc

[Soccersupporter]

Originally Posted by sheri257

C'mon .... the equivalent of a million dollar house in OC? Ridiculous ...

The OC homes that are selling for a million plus right now are typically in Laguna Beach or Newport Coast. In other words ... ocean front property or very close to the ocean.

Sorry but Keller, Texas is no where near the equivalent of that ... nor will it ever be.

Maybe you misunderstood me. If you took my house, lot size, house size, quality, etc.. and put it in the heart of Irvine, CA, specifically The Village of Woodbridge it would be worth 1,000,000. I lived there 25+ years and sold my house for $800,000. Prices are holding up okay there but still much less than 2007 when I sold.

As an example here are few houses in Woodbridge near where I lived. I think that one recently sold. They don't compare equally, apples to apples with my house in TX but they are close. My house is new, these are 25+ years old. My house is on a much larger lot, brick etc.. although finishes seem similar.

22 Whispering Wind, Irvine, CA 92614 - Zillow

http://www.zillow.com/homedetails/4-...25490388_zpid/

16 Whispering Wind, Irvine, CA 92614 - Zillow

9 Laurelglen, Irvine, CA 92614 - Zillow

[sheri257]

Originally Posted by Soccersupporter

Maybe you misunderstood me. If you took my house, lot size, house size, quality, etc.. and put it in the heart of Irvine, CA, specifically The Village of Woodbridge it would be worth 1,000,000. I lived there 25+ years and sold my house for $800,000. Prices are holding up okay there but still much less than 2007 when I sold.

As an example here are few houses in Woodbridge near where I lived. I think that one recently sold. They don't compare equally, apples to apples with my house in TX but they are close. My house is new, these are 25+ years old. My house is on a much larger lot, brick etc.. although finishes seem similar.

22 Whispering Wind, Irvine, CA 92614 - Zillow

4 Earlymorn, Irvine, CA 92614 - Zillow

16 Whispering Wind, Irvine, CA 92614 - Zillow

9 Laurelglen, Irvine, CA 92614 - Zillow

I guess it's the same house if you want to measure size but ... it's pretty ridiculous. Why is Texas so cheap? Because not as many people want to live there ...

And why do fewer people want to live there? Weather is a major reason. I'm sorry but being near the ocean in Newport Beach is a hellava lot better than sweating your buns off in Texas.

That's why people pay more to live here ... it's not the same house when the location, weather, amenities, etc. is completely different.

I can buy a mansion in the desert but, who the hell wants to live in desert? I don't so ... in that case, size doesn't matter.

[flo2900]

Originally Posted by sheri257

I guess it's the same house if you want to measure size but ... it's pretty ridiculous. Why is Texas so cheap? Because not as many people want to live there ...

And why do fewer people want to live there? Weather is a major reason. I'm sorry but being near the ocean in Newport Beach is a hellava lot better than sweating your buns off in Texas.

That's why people pay more to live here ... it's not the same house when the location, weather, amenities, etc. is completely different.

I can buy a mansion in the desert but, who the hell wants to live in desert? I don't so ... in that case, size doesn't matter.

i agree

[Soccersupporter]

Originally Posted by sheri257

I guess it's the same house if you want to measure size but ... it's pretty ridiculous. Why is Texas so cheap? Because not as many people want to live there ...

And why do fewer people want to live there? Weather is a major reason. I'm sorry but being near the ocean in Newport Beach is a hellava lot better than sweating your buns off in Texas.

That's why people pay more to live here ... it's not the same house when the location, weather, amenities, etc. is completely different.

I can buy a mansion in the desert but, who the hell wants to live in desert? I don't so ... in that case, size doesn't matter.

I won't argue with you because there is no argument. My house/lot would sell for 1,000,000 in Irvine CA. I paid $250,000. That is all I stated. There is no argument because facts back me up.

My house is actually bigger than any of those but it is not just size. It is everything. My master suite with bathroom and walk-in closets is 600 sq. ft. My bath alone has jetted tub for 2, 10'x4' shower for 2. It is bigger than most master bedrooms. Granite throughout, ceilings 9'-10' in all but the living room, family room where they are 22'. It is a real nice house for those like me that happen to really like TX, it is great.

I agree that TX is not for everyone but quite a few Californians are like me and know they made the right choice at the right time.

I actually like the desert, my in-laws always had vacation homes out there and we stayed there quite often. I actually like where they live now, Temecula, CA. It has similar weather to TX. To each his own.

[Charles]

Originally Posted by gobruins

I am wondering what people out there think... When will OC housing bottom out? I personally don't think this will happen until AT LEAST 2010, more likely later than that, but what do I know? Thoughts?

Just for fun, I pulled some recent (past three months) sales for OC using Redfin. There's a 500 record limit so I filtered: $600K to $850 list price, SFR, min 4 BR, 1990 or newer.

Out of 292 recent sales, 99 were sold at list price or higher.

(There were actually 303 records but 11 had incomplete data so I deleted them.)

Redfin

[CAVA1990]

It's a mistake to try to square the median income of an area with home prices. The median income is based on existing homeowners, many who moved there a long time ago when home prices were much lower. What matters is the median income of home buyers. That's presumably a lot higher number.

[Charles]

Originally Posted by CAVA1990

It's a mistake to try to square the median income of an area with home prices. The median income is based on existing homeowners, many who moved there a long time ago when home prices were much lower. What matters is the median income of home buyers. That's presumably a lot higher number.

Did the recent buyers, the buyers buying homes which sold for double or triple the price of ten years ago, have double or triple the income of the buyers of ten years ago?

OR

Did the recent buyers take advantage of whacked out loan programs?

A family with a $80K income might have purchased a $350K home in 1997. That same family with a $100K income now may have purchased a $700K home in 2006.

[CAVA1990]

Originally Posted by Charles

Did the recent buyers, the buyers buying homes which sold for double or triple the price of ten years ago, have double or triple the income of the buyers of ten years ago?

OR

Did the recent buyers take advantage of whacked out loan programs?

Different loan programs for sure, but that doesn't contradict my argument.