Irvine built nearly half of the new homes, condos, and apartments in Orange County over the last six years. Certain sections of the city being bought by 80 percent international buyers.
ByIt was no surprise that for the fourth consecutive year, building of multi-family units outnumbered single family construction in California. This is part of the renting trend that has gone on for nearly a decade now and builders are merely catching up. One interesting finding in the data is that for Orange County. In Orange County one city accounted for nearly half of all new homes, condos, and apartments over the last six years. That city is Irvine. What is interesting with Irvine is that parts of the city are being built to cater to a foreign audience. Certain subsections are seeing 80 percent of properties sold to international buyers; we are talking about new homes that are selling for $1 million or more mostly in all cash offers. It is an interesting trend. But what is even more telling is that most of the construction in Irvine was for apartments and condos. Even in an affluent market the renting revolution is occurring…
