Irvine, CA Real Estate – Why buy a home – Part 1

by Robert Mack on August 2, 2008

in Irvine Real Estate

Although there may be a handful of reasons to buy a piece of real estate in Irvine or Orange County in general, I would like to tell you about one that may fall into a rather rare circumstance. I know this couple—in their mid fifties back in 2003—who were interested in a home in the newly-built Northpark Square in Irvine. The wife’s sister had already purchased a home in the area. The two sisters are so close that the other one also wanted to buy a close by home so that they could be near each other.

The couple already had a home in central California—they still do. The house that they wanted to buy in Irvine was exactly the same model as her sister’s and in fact next door to it. That house was already in escrow. So the couple assumed it would go through and won’t be available for purchase. The contracts, however fell through and the new potential buyers were disqualified. But literally within hours of escrow failure another couple purchased the house. Later on when they heard about disqualification and repurchase of it by another couple, they were totally disappointed. At that time the house prices began rising, the economy and the real estate market was good.

The $345,000 property was now $550,000 in mid-2005. The couple in question then decided to purchase a smaller townhouse in Glendale, California, and they did. The house in Irvine was sold again, this time for $650,000. The market was still good and between 2004 and 2006 house prices soared by about 23%, and it was not possible for them to buy that Irvine house any longer. During this good economic times they kept the Glendale townhouse which appreciated considerably. The Irvine house, again, for the third time, became available and was put on market for $750,000. I knew it was too much for the couple in central California but I thought I’d let them know anyway. Sure enough they showed interest. Now this is mid-June of 2006. They travelled down to check out the very house in Irvine. They agreed to give an offer pending on the sale of the Glendale townhouse. The couple was easily pre-qualified for $800,000 due to their outstanding credit history and I immediately began working on the sale of their Glendale property. People were buying left and right those days in southern California and within fifteen days I was able to sell it for a good chuck of profit for this central California couple. We bargained on the Irvine house a little and it was agreed for $739,000. With money that they had in their savings plus most of the profit that they recently made, they put over 30% down and the house was theirs by July 1st.

The central California couple are non other than my parents. Now the two sisters have their houses facing each other and my aunt and my mother are now happy campers. They were just this close to buying it for $390,000 less in 2003, and being close to each other was worth the wait and the huge expense. This, of course may not apply in many cases but it eventually worked out to be the kismet in this particular situation. As though my parents’ names had already been etched on the foundations.

Of course this is an extreme case and a bit close to my heart. But in my next blog I will give more reasons as to why people want to buy certain houses, and why we, The Mack Team, as real estate professionals, must be flexible enough to respect our clients’ reasons and wishes with utmost care.

Views, comments, responses and constructive criticism are welcome.

Make it a great day.

The Mack Team
Robert & Tania Mack

Century21 Professionals
Irvine, Orange County, California.

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