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General => Real Estate => Irvine Real Estate => Topic started by: ucoc on December 28, 2018, 11:56:56 AM

Title: Buying a House in OC
Post by: ucoc on December 28, 2018, 11:56:56 AM
We've currently sold our condo in Irvine and are now renting until we find a good 3 bed SFR house in OC. Any recommendations? Our budget is $700,000 to $800,000 depends on the tax and HOA amount. Irvine would be our first choice, but it's almost impossible to find a good SFR in that budget unless the price keeps going down upcoming years.

Our priority lists are
a) SFR
b) Yard
c) Good schools
d) Less tax with hopefully no HOA

We've looked into Yorba Linda, Aliso Viejo and Fullerton areas. Yorba Linda looked the best so far because of the bigger land space, a good community vibe overall and also it has a toll road access for my commute. The location seems good also since we go up north often for family gatherings. I also like Northwood and West Irvine areas for they meet our lists, but again the price is almost too high.
Any comments would be appreciated.
Title: Re: Buying a House in OC
Post by: akkord on December 28, 2018, 12:14:07 PM
At your price range, with no HOA/MR, and a yard, look in the El Camino tract, that's your best bet, it'll be older and most likely a fixer upper.  Anything bigger/nicer/newer will unfortunately be out of your price range.
Title: Re: Buying a House in OC
Post by: irvinehomeowner on December 28, 2018, 12:15:54 PM
Personally I don't like Yorba Linda... too hot and that 91 commute can be bad.

I do know people who live there and love it.

You say SFR which I agree is very hard if not impossible to find in Irvine at your price range... but that depends on size? 2BR too small? 3BR or 4BR?

Redfin says there are some 3BRs for around $800k.
Title: Re: Buying a House in OC
Post by: aquabliss on December 28, 2018, 01:47:09 PM
I lived the first half of my life in Yorba Linda and the second half of my life in Irvine.  Irvine is far superior but you get what you pay for.  I didn't know any better when I was living in Yorba Linda so ignorance was bliss and it was just fine growing up.  I lived on culdesac and would frequently play with neighborhood kids in that area on the street, not as likely in Irvine. 

It's funny, living in Yorba Linda, you think Anaheim Hills is the "rich area".  Now living in Irvine, Anaheim Hills is a significant step downwards and you strive for Turtle Rock, Hidden Canyon, Newport Beach... All a matter of perspective I suppose.
Title: Re: Buying a House in OC
Post by: Soylent Green Is People on December 28, 2018, 03:57:52 PM
If you can wait it out, perhaps the prices will come to your budget. There are a few 3/2/SFR Detached Irvine homes out there for example:

https://www.redfin.com/CA/Irvine/42-Appomattox-92620/home/4783413 (https://www.redfin.com/CA/Irvine/42-Appomattox-92620/home/4783413)

I wouldn't write off some of the areas with Mello Roos and or an HOA. I'm in Rancho and our Mello Roos is about a year or so away from being extinguished. The HOA helps keep up some of the appearances and landscaping. I find it well worth the $$$ we're paying for some of the amenities, but also realize everyone has different feelings about HOA's.

A great number of home owners took their properties off market in December to keep out the "lookie-loos" I'd expect many to return in January. Here's one that was pulled in my area - 200 yards from a good elementary school - expected to relist soon. The sign was never pulled out of their front yard. BTW Don't put too much faith in the crappy photo's. I believe they were from the prior listing in 2005.


https://www.redfin.com/CA/Rancho-Santa-Margarita/43-Colorido-92688/home/5115667 (https://www.redfin.com/CA/Rancho-Santa-Margarita/43-Colorido-92688/home/5115667)

Have your Agent cull for you all of the "hold, do not show's" and "delisted" during December. See if any of these fit the bill. Hopefully when they come back on the market, they will also be at a more realistic price.

My .02c

SGIP

Title: Re: Buying a House in OC
Post by: ucoc on December 28, 2018, 09:23:02 PM
At your price range, with no HOA/MR, and a yard, look in the El Camino tract, that's your best bet, it'll be older and most likely a fixer upper.  Anything bigger/nicer/newer will unfortunately be out of your price range.

I do love El Camino houses especially the single floor ones. The only concern from my wife was there was a train railroad in the middle of that area. It would be nice if anyone lives there lets us know the train sound is not much really an issue.
Title: Re: Buying a House in OC
Post by: ucoc on December 28, 2018, 09:56:59 PM
Personally I don't like Yorba Linda... too hot and that 91 commute can be bad.

I do know people who live there and love it.

You say SFR which I agree is very hard if not impossible to find in Irvine at your price range... but that depends on size? 2BR too small? 3BR or 4BR?

Redfin says there are some 3BRs for around $800k.

Thanks for the weather and the traffic information. I’ll keep an eye on those before we make a decision.

We prefer at least 3BR with a good size yard and unfortunately those are hard to come by in Irvine from what we’ve seen. We did see some in Northwood and West Irvine. That’s why I’ve mentioned in the post, but most of them had big streets behind. I guess there is no perfect house.
Title: Re: Buying a House in OC
Post by: ucoc on December 28, 2018, 10:04:16 PM
I lived the first half of my life in Yorba Linda and the second half of my life in Irvine.  Irvine is far superior but you get what you pay for.  I didn't know any better when I was living in Yorba Linda so ignorance was bliss and it was just fine growing up.  I lived on culdesac and would frequently play with neighborhood kids in that area on the street, not as likely in Irvine. 

It's funny, living in Yorba Linda, you think Anaheim Hills is the "rich area".  Now living in Irvine, Anaheim Hills is a significant step downwards and you strive for Turtle Rock, Hidden Canyon, Newport Beach... All a matter of perspective I suppose.

I appreciate for sharing your personal experience. In what sense Irvine is more superior? You said playing with neighborhood kids were frequent in Yorba Linda but not as likely in Irvine. Doesn’t that make Yorba Linda more a friendly place?
Title: Re: Buying a House in OC
Post by: eyephone on December 28, 2018, 10:10:54 PM
I lived the first half of my life in Yorba Linda and the second half of my life in Irvine.  Irvine is far superior but you get what you pay for.  I didn't know any better when I was living in Yorba Linda so ignorance was bliss and it was just fine growing up.  I lived on culdesac and would frequently play with neighborhood kids in that area on the street, not as likely in Irvine. 

It's funny, living in Yorba Linda, you think Anaheim Hills is the "rich area".  Now living in Irvine, Anaheim Hills is a significant step downwards and you strive for Turtle Rock, Hidden Canyon, Newport Beach... All a matter of perspective I suppose.

I appreciate for sharing your personal experience. In what sense Irvine is more superior? You said playing with neighborhood kids were frequent in Yorba Linda but not as likely in Irvine. Doesn’t that make Yorba Linda more a friendly place?

Just sit on the bench and wait it out.
Title: Re: Buying a House in OC
Post by: ucoc on December 28, 2018, 10:14:24 PM
If you can wait it out, perhaps the prices will come to your budget. There are a few 3/2/SFR Detached Irvine homes out there for example:

https://www.redfin.com/CA/Irvine/42-Appomattox-92620/home/4783413 (https://www.redfin.com/CA/Irvine/42-Appomattox-92620/home/4783413)

I wouldn't write off some of the areas with Mello Roos and or an HOA. I'm in Rancho and our Mello Roos is about a year or so away from being extinguished. The HOA helps keep up some of the appearances and landscaping. I find it well worth the $$$ we're paying for some of the amenities, but also realize everyone has different feelings about HOA's.

A great number of home owners took their properties off market in December to keep out the "lookie-loos" I'd expect many to return in January. Here's one that was pulled in my area - 200 yards from a good elementary school - expected to relist soon. The sign was never pulled out of their front yard. BTW Don't put too much faith in the crappy photo's. I believe they were from the prior listing in 2005.


https://www.redfin.com/CA/Rancho-Santa-Margarita/43-Colorido-92688/home/5115667 (https://www.redfin.com/CA/Rancho-Santa-Margarita/43-Colorido-92688/home/5115667)

Have your Agent cull for you all of the "hold, do not show's" and "delisted" during December. See if any of these fit the bill. Hopefully when they come back on the market, they will also be at a more realistic price.

My .02c

SGIP

Yes, we will have to wait a bit since our rent is up to late 2019. We should start looking more seriously soon though since it may take months to find and remodel and completely move in. Hopefully there will come more homes in our budget. We did see that Appomattax one. We liked everything except it was backing Trabuco. But it was nice that no home was behind. I thought it was sold already, but looks like it’s relisted.
Title: Re: Buying a House in OC
Post by: eyephone on December 28, 2018, 10:25:27 PM
I guess this is for conversational purposes since you are looking to buy late 2019.
Title: Re: Buying a House in OC
Post by: ucoc on December 28, 2018, 10:35:53 PM
I guess this is for conversational purposes since you are looking to buy late 2019.

We might need to buy ahead for various reasons. The escrow would take 1-2 months. If we need to remodel, that’s another month or two depends on the condition of the home. And if we buy a brand new home, we would have to buy about 6 months ahead. So I think it would make sense to start looking soon.
Title: Re: Buying a House in OC
Post by: eyephone on December 28, 2018, 10:55:01 PM
I guess this is for conversational purposes since you are looking to buy late 2019.

We might need to buy ahead for various reasons. The escrow would take 1-2 months. If we need to remodel, that’s another month or two depends on the condition of the home. And if we buy a brand new home, we would have to buy about 6 months ahead. So I think it would make sense to start looking soon.

The question is buy now or buy later or sit and wait.
Title: Re: Buying a House in OC
Post by: Rizdak on December 29, 2018, 10:34:18 AM
Yes, we will have to wait a bit since our rent is up to late 2019. We should start looking more seriously soon though since it may take months to find and remodel and completely move in. Hopefully there will come more homes in our budget. We did see that Appomattax one. We liked everything except it was backing Trabuco. But it was nice that no home was behind. I thought it was sold already, but looks like it’s relisted.

For what it’s worth as someone who’s lived next to a busy Irvine road... traffic and noise only get worse as the county expands. Just something I would reconsider if I could go back 10 years.
Title: Re: Buying a House in OC
Post by: superbobbay on December 29, 2018, 01:54:48 PM
This house has a nice yard, but right next to the 405.

https://www.redfin.com/CA/Irvine/17201-Chestnut-92612/home/4708590

The SFR homes in 700-800k range typically are next to the freeways or train tracks. That Appomattox house is pretty close to the freeway also. Some studies done living within 500 meters of a freeway and your health problems increase quite a bit. If you have small children playing outside a lot, I would worry about that.


Title: Re: Buying a House in OC
Post by: eyephone on December 29, 2018, 05:29:26 PM
This house has a nice yard, but right next to the 405.

https://www.redfin.com/CA/Irvine/17201-Chestnut-92612/home/4708590

The SFR homes in 700-800k range typically are next to the freeways or train tracks. That Appomattox house is pretty close to the freeway also. Some studies done living within 500 meters of a freeway and your health problems increase quite a bit. If you have small children playing outside a lot, I would worry about that.

Another negative health risk living close to the freeway.

https://news.usc.edu/21282/Children-Near-Roads-Face-Asthma-Risk/

Title: Re: Buying a House in OC
Post by: irvineband on December 29, 2018, 06:47:55 PM
If we do ultimately become a mostly electric car nation especially cali then backing to streets and traffic with cars releasing h2o and making no sound may actually reduce or eliminate discount for these properties that back to roads. The privacy is still there barely but nothing some landscaping can’t take care of.



This house has a nice yard, but right next to the 405.

https://www.redfin.com/CA/Irvine/17201-Chestnut-92612/home/4708590

The SFR homes in 700-800k range typically are next to the freeways or train tracks. That Appomattox house is pretty close to the freeway also. Some studies done living within 500 meters of a freeway and your health problems increase quite a bit. If you have small children playing outside a lot, I would worry about that.

Another negative effect is that it may cause birth defects living close to the freeway.

https://community.babycenter.com/post/a27251821/usc_study_living_near_freeways_doubles_infant_autism_risk_would_like_your_opinion
Title: Re: Buying a House in OC
Post by: eyephone on December 29, 2018, 11:51:49 PM
1. That will take a long time to go all electric.
2. The freeway is practically always busy. It’s the 405 fwy not the toll road.


If we do ultimately become a mostly electric car nation especially cali then backing to streets and traffic with cars releasing h2o and making no sound may actually reduce or eliminate discount for these properties that back to roads. The privacy is still there barely but nothing some landscaping can’t take care of.



This house has a nice yard, but right next to the 405.

https://www.redfin.com/CA/Irvine/17201-Chestnut-92612/home/4708590

The SFR homes in 700-800k range typically are next to the freeways or train tracks. That Appomattox house is pretty close to the freeway also. Some studies done living within 500 meters of a freeway and your health problems increase quite a bit. If you have small children playing outside a lot, I would worry about that.

Another negative effect is that it may cause birth defects living close to the freeway.

https://community.babycenter.com/post/a27251821/usc_study_living_near_freeways_doubles_infant_autism_risk_would_like_your_opinion
Title: Re: Buying a House in OC
Post by: Rizdak on December 30, 2018, 05:45:34 AM
Also big rigs, motorcycles gunning it at 100 decibels, emergency vehicles with sirens... lots of things I heard living next to a busy road. It wouldn’t just be personal electric cars anytime soon IMO.
Title: Re: Buying a House in OC
Post by: irvinehomeowner on December 30, 2018, 06:29:25 AM
Also big rigs, motorcycles gunning it at 100 decibels, emergency vehicles with sirens... lots of things I heard living next to a busy road. It wouldn’t just be personal electric cars anytime soon IMO.

Yep. And it’s not the engine noise that is actually a nuisance, it’s just the sound of thousands of pounds of vehicles rolling on the road.

That being said, if you are aware of the issue, and can deal with it or may just be something of a shorter term, many people will trade the discount for the poor location. When we were younger we lived close to a freeway/main road but looking back we probably should have stretched a bit more for a better location. Yet, we were able to sell at a good price because some people don’t mind that proximity.
Title: Re: Buying a House in OC
Post by: USCTrojanCPA on January 01, 2019, 04:44:00 PM
You may also want to consider Tustin Ranch and Foothill Ranch as a good alternative.
Title: Re: Buying a House in OC
Post by: ucoc on January 02, 2019, 11:56:14 AM
You may also want to consider Tustin Ranch and Foothill Ranch as a good alternative.

The location of Tustin Ranch is definitely a good alternative. We haven’t seen a good SFR there yet though. Hopefully will come more listings in 2019. Are there some single floor houses in that area still zoned to good schools? I may be wanting too much in our budget though.

Foothill Ranch or Lake Forest is a little bit far from everything for us.
Title: Re: Buying a House in OC
Post by: ucoc on January 02, 2019, 12:00:17 PM
Yes, we will have to wait a bit since our rent is up to late 2019. We should start looking more seriously soon though since it may take months to find and remodel and completely move in. Hopefully there will come more homes in our budget. We did see that Appomattax one. We liked everything except it was backing Trabuco. But it was nice that no home was behind. I thought it was sold already, but looks like it’s relisted.

For what it’s worth as someone who’s lived next to a busy Irvine road... traffic and noise only get worse as the county expands. Just something I would reconsider if I could go back 10 years.

Thanks for sharing your personal experience. We’ll take that into consideration.
Title: Re: Buying a House in OC
Post by: ucoc on January 02, 2019, 12:20:18 PM
Thank you everyone for your comments. It seems like we should try to avoid close proximity to big roads since we have a little one.
Title: Re: Buying a House in OC
Post by: irvineband on January 02, 2019, 07:09:09 PM
Just another note from el camino, the ranch. Ive heard from some friends that on the west side of norris that have no issues with the railroad. I would suspect then that Kron and Skinner are fine on the West side of the street. I’m sire the other side of the street is fine as well probably up to the last house but I don’t know anyone there sorry! I would be hu ting hard in these areas you can not replace good location but a house can be replaced. that el camino area may be the last really central area to stake a claim on some land, lime in the movie, far and away :)
Title: Re: Buying a House in OC
Post by: irvinehomeowner on January 03, 2019, 08:24:03 AM
So when I lived in Westpark II, I could always here the railroad and that was at least 2 hoods over from our location. Back in the day, I would spend some time with friends who lived in that El Camino area and would always hear (and feel) the train.

But maybe I'm noise sensitive... qwerdeaf couldn't hear the train even if he was riding in it. :)
Title: Re: Buying a House in OC
Post by: ucoc on January 03, 2019, 09:59:29 AM
So when I lived in Westpark II, I could always here the railroad and that was at least 2 hoods over from our location. Back in the day, I would spend some time with friends who lived in that El Camino area and would always hear (and feel) the train.

But maybe I'm noise sensitive... qwerdeaf couldn't hear the train even if he was riding in it. :)

I once lived in Westpark I and even from there I could hear the railroad. Usually at night time when everything was super quiet though. I also could hear the airplane noise, but it wasn’t too bad.
Title: Re: Buying a House in OC
Post by: superbobbay on January 04, 2019, 01:53:24 AM
So when I lived in Westpark II, I could always here the railroad and that was at least 2 hoods over from our location. Back in the day, I would spend some time with friends who lived in that El Camino area and would always hear (and feel) the train.

But maybe I'm noise sensitive... qwerdeaf couldn't hear the train even if he was riding in it. :)

I once lived in Westpark I and even from there I could hear the railroad. Usually at night time when everything was super quiet though. I also could hear the airplane noise, but it wasn’t too bad.

You could hear the airplanes and trains!??  :'( I've been focused on buying my first home in Westpark due to it's close location to the 405 and it's in the middle of everything. Hmm...was the noise a deal breaker?
Title: Re: Buying a House in OC
Post by: ucoc on January 04, 2019, 12:04:02 PM
So when I lived in Westpark II, I could always here the railroad and that was at least 2 hoods over from our location. Back in the day, I would spend some time with friends who lived in that El Camino area and would always hear (and feel) the train.

But maybe I'm noise sensitive... qwerdeaf couldn't hear the train even if he was riding in it. :)

I once lived in Westpark I and even from there I could hear the railroad. Usually at night time when everything was super quiet though. I also could hear the airplane noise, but it wasn’t too bad.

You could hear the airplanes and trains!??  :'( I've been focused on buying my first home in Westpark due to it's close location to the 405 and it's in the middle of everything. Hmm...was the noise a deal breaker?

I also loved the location of Westpark. The noise was not too bad. The airplane noise was usually in the morning, but some days I couldn’t hear it. Pretty minimum level though. I think you can hear the train sound when it makes the sound no matter where you are, but nothing like the shaking from the railroad or anything like that. I wouldn’t say the noise was a deal breaker for me.
Title: Re: Buying a House in OC
Post by: irvinehomeowner on January 08, 2019, 11:35:17 AM
@superbobbay:

As ucoc said, the airplane noise is minimal because it's usually during the day. The flight path is actually more over the Tustin side of Harvard (qwerplane!).

Westpark I is more south of the train, so you'll hear it less. Where I lived in Westpark II was closer to Irvine Center Drive so closer to the tracks. But in either WP location, the train noise is not loud enough to be a deal breaker.
Title: Re: Buying a House in OC
Post by: talkirvine on January 08, 2019, 01:33:29 PM
Any recommendation of neighbourhoods for a 2m budget? All the other criteria are the same as OP. Thanks.
Title: Re: Buying a House in OC
Post by: irvinehomeowner on January 08, 2019, 02:24:24 PM
Any recommendation of neighbourhoods for a 2m budget? All the other criteria are the same as OP. Thanks.

Quail Hill.

For less tax and low HOA, Turtle Rock.
Title: Re: Buying a House in OC
Post by: momopi on January 08, 2019, 02:39:34 PM
Any recommendation of neighbourhoods for a 2m budget? All the other criteria are the same as OP. Thanks.

What exactly are you looking for?

Your criteria only lists max budget of $2 million and location of Orange County.

For those criteria you can buy beach front condo in Laguna Beach or 1935 Colonial style home in Floral Park.

Title: Re: Buying a House in OC
Post by: talkirvine on January 08, 2019, 04:31:38 PM
I have been in Turtle rock several times. Nothing special to me. And houses over there take time to sell. But why did everyone mention it? What's so good about turtle rock? Just low tax and hoa? I am really curious.

Any recommendation of neighbourhoods for a 2m budget? All the other criteria are the same as OP. Thanks.

Quail Hill.

For less tax and low HOA, Turtle Rock.
Title: Re: Buying a House in OC
Post by: zubs on January 08, 2019, 04:35:13 PM
It was the original jewel of Irvine encompassing the highly sought after uni high.
Title: Re: Buying a House in OC
Post by: irvinehomeowner on January 08, 2019, 04:54:37 PM
TRock is the OG elevated hood of Irvine.

I think there are some spots with a view of the ocean.

It’s older but if you fix one up, the topography and space is great. Also, no trains, planes or automobiles. :)
Title: Re: Buying a House in OC
Post by: fortune11 on January 09, 2019, 07:05:32 AM
I liked TR in the beginning but then realized it is “neither here nor there”  . Difficult in getting in and out , all the new development in retail is happening far away from it , views are of local hills at best and maybe a sliver of the ocean from some parts but nothing great .  Not that close to Newport Beach either . But you are getting uni high and a prestigious neighborhood

And it needs to be torn down and rebuilt just like west LA but home values are still too high to allow for that .  And that’s the Crux of the matter — prices
Title: Re: Buying a House in OC
Post by: ThirtySomethingWEquity on January 09, 2019, 09:42:26 AM
I liked TR in the beginning but then realized it is “neither here nor there”  . Difficult in getting in and out , all the new development in retail is happening far away from it , views are of local hills at best and maybe a sliver of the ocean from some parts but nothing great .  Not that close to Newport Beach either . But you are getting uni high and a prestigious neighborhood

And it needs to be torn down and rebuilt just like west LA but home values are still too high to allow for that .  And that’s the Crux of the matter — prices

There are some gems in TR that have amazing views though:

https://www.redfin.com/CA/Irvine/19181-Woodford-Ter-92603/home/4740780
Title: Re: Buying a House in OC
Post by: fortune11 on January 09, 2019, 10:15:40 AM
I liked TR in the beginning but then realized it is “neither here nor there”  . Difficult in getting in and out , all the new development in retail is happening far away from it , views are of local hills at best and maybe a sliver of the ocean from some parts but nothing great .  Not that close to Newport Beach either . But you are getting uni high and a prestigious neighborhood

And it needs to be torn down and rebuilt just like west LA but home values are still too high to allow for that .  And that’s the Crux of the matter — prices

There are some gems in TR that have amazing views though:

https://www.redfin.com/CA/Irvine/19181-Woodford-Ter-92603/home/4740780

Thanks . Is this that much better than orchard hills or quail hill (better in my opinion ) .
Title: Re: Buying a House in OC
Post by: Mety on January 09, 2019, 10:19:22 AM
I like TRock. The homes there have views and more privacy than newer Irvine homes. The exterior though need some renovation/remodeling. They look straight outta 70s (bad ones).

Another hype I don't really get is, University High School. Anyone went there? What's so good about it? It's close to UCI, but what other advantages?


Title: Re: Buying a House in OC
Post by: zubs on January 09, 2019, 02:16:39 PM
It was a very highly ranked highschool in newsweek many years ago.  I think it was ranked #7.  This ranking was used to advertise in China causing inflated property prices.
Title: Re: Buying a House in OC
Post by: ThirtySomethingWEquity on January 09, 2019, 02:22:53 PM

Thanks . Is this that much better than orchard hills or quail hill (better in my opinion ) .

Well, a lot closer to the 405, better views of the ocean if you have a view, and a very peaceful neighborhood.  If I had 2 million to spend I'd look real hard at a view lot from Terra in OH3 though.  I really like the floorplans and the community pool is the nicest I've ever seen.   That's almost double my (comfort level) budget though so just wishful thinking.  I'll probably buy in PS.
Title: Re: Buying a House in OC
Post by: fortune11 on January 09, 2019, 07:06:34 PM

Thanks . Is this that much better than orchard hills or quail hill (better in my opinion ) .

Well, a lot closer to the 405, better views of the ocean if you have a view, and a very peaceful neighborhood.  If I had 2 million to spend I'd look real hard at a view lot from Terra in OH3 though.  I really like the floorplans and the community pool is the nicest I've ever seen.   That's almost double my (comfort level) budget though so just wishful thinking.  I'll probably buy in PS.

My point was specifically about the “views” . I get it that lots are bigger , peaceful neighborhood. But I still think many homes here need a tear down .
Title: Re: Buying a House in OC
Post by: Kenkoko on January 10, 2019, 10:55:01 AM
It's more than just the view. I know a lot of people like us who works near SNA would not consider anything east of the 5. OH/PS location is just too remote.
If you like to walk trails, TR is the best according to my parents.
The weather is also nicer in TR compared to OH/PS, much cooler in the summer time.
Title: Re: Buying a House in OC
Post by: Mety on January 10, 2019, 11:24:10 AM
What do you guys think about sending kids to a private school and live rather in Lake Forest or less expensive areas than Irvine? Would the private school tuition kinda even out with Irvine's MR or the higher price tag?


Title: Re: Buying a House in OC
Post by: USCTrojanCPA on January 10, 2019, 03:34:33 PM
talkirvine, I would recommend you look at Tustin Ranch, Northpark, Northwood Pointe, and Westpark.
Title: Re: Buying a House in OC
Post by: Kenkoko on January 11, 2019, 01:24:06 PM
What do you guys think about sending kids to a private school and live rather in Lake Forest or less expensive areas than Irvine? Would the private school tuition kinda even out with Irvine's MR or the higher price tag?

I have a friend that recently bought a house in Lake Forest near Serrano Creek Park. He got a huge lot (over quarter acre) and paid around $250/sqft. He kept his kids in Irvine school by paying someone for a fake lease. He told me that he would be closer to the Cultural Terrance Lake when it gets built than most people who actually live in Irvine and wont have to pay for it.
Title: Re: Buying a House in OC
Post by: irvinehomeowner on January 11, 2019, 02:25:40 PM
What do you guys think about sending kids to a private school and live rather in Lake Forest or less expensive areas than Irvine? Would the private school tuition kinda even out with Irvine's MR or the higher price tag?

That's been asked about many non-Irvine cities before.

It just all depends, do you want your kids to go school with the same kids who live around you? Is the private school of choice better than an IUSD school? Is the non-Irvine city you are living in close enough to work, friends and activities?

We even went through this exercise ourselves when looking at Tustin Ranch and Aliso Viejo (just not the private school part).
Title: Re: Buying a House in OC
Post by: shahshah on January 14, 2019, 01:49:57 PM
Is this really what is going on?

https://www.zillow.com/irvine-ca/home-values/
Title: Re: Buying a House in OC
Post by: Kenkoko on January 14, 2019, 06:09:24 PM
Is this really what is going on?

https://www.zillow.com/irvine-ca/home-values/

I wouldn't take any opinion from Zillow seriously.  A flat or declining market will have an impact on their revenue. A downturn would be disastrous for them.

Look at Zillow's stock price. Already down 50% in the past 6 months.
Title: Re: Buying a House in OC
Post by: irvinehomeowner on January 15, 2019, 06:23:06 AM
Is this really what is going on?

https://www.zillow.com/irvine-ca/home-values/

Haven't you heard?

However lets keep in mind the fact that one can buy 13.5% more house today compared to 6 months ago, even moreso if you consider inflation. 
Title: Re: Buying a House in OC
Post by: Kenkoko on January 15, 2019, 09:53:00 AM
In case anyone still doubt the slowdown, this Marigold plan 3 in CV just closed today for 930k.

https://www.redfin.com/CA/Irvine/60-Rockcress-92618/home/112722299

This very same plan 3 was closing at 1.05 mil and 1.06 mil just a few months before

This one sold for 1.05 mil
https://www.redfin.com/CA/Irvine/74-Scented-Violet-92620/home/58557049

This one sold for 1.068 mil
https://www.redfin.com/CA/Irvine/55-Hanging-Gdn-92618/home/112719945

Title: Re: Buying a House in OC
Post by: Mety on January 15, 2019, 11:25:59 AM
Is this really what is going on?

https://www.zillow.com/irvine-ca/home-values/

I wouldn't trust Zillow 100%, but while Irvine might be in Hot status, other cities are all either in Cool or Cold status. Good cities including Irvine could stay warmer longer than other cities, but it is showing that RE business is a bit slower nation wide. It could be seasonal, but we shall see in upcoming months pretty soon. The OP says he recently sold the home which means MAXROI made! Maybe waiting a bit might be a smart move?   



Title: Re: Buying a House in OC
Post by: Mety on January 15, 2019, 11:28:59 AM
In case anyone still doubt the slowdown, this Marigold plan 3 in CV just closed today for 930k.

https://www.redfin.com/CA/Irvine/60-Rockcress-92618/home/112722299

This very same plan 3 was closing at 1.05 mil and 1.06 mil just a few months before

This one sold for 1.05 mil
https://www.redfin.com/CA/Irvine/74-Scented-Violet-92620/home/58557049

This one sold for 1.068 mil
https://www.redfin.com/CA/Irvine/55-Hanging-Gdn-92618/home/112719945

Yes, there is a slowdown for sure. Many other homes in the same tract are being listed less and less than couple months ago. The price is still pretty high, but the trend seems to be going lower in order to sell fast.




Title: Re: Buying a House in OC
Post by: irvinehomeowner on January 15, 2019, 01:55:14 PM
Is it seasonal? :)
Title: Re: Buying a House in OC
Post by: meccos12 on January 15, 2019, 06:24:10 PM
Is this really what is going on?

https://www.zillow.com/irvine-ca/home-values/

This must be what IHO looks at when he questions if there is really a slowdown. 
Title: Re: Buying a House in OC
Post by: ucoc on January 16, 2019, 12:25:58 PM
So we checked couple open houses from Irvine, Lake Forest and Yorba Linda over the last couple weeks. We will still search more until our rent is almost over, but we found Irvine to be more a friendly place to grow our family or raise children. We’ve been living in Irvine already so that could be why we are feeling this way, but from visiting the open houses experience, we felt more comfortable from Irvine than other areas’. The houses from Yorba Linda and Lake Forest had bigger yards and most of them were single story which was great, but the room layouts felt outdated and the houses needed a lot of work since they were all pretty old. The community felt safer in Irvine to be walking around and go to parks and schools also. The only drawback is the price, but we’ll see where it takes and maybe we might have to sacrifice a little bit on the lot size.
Title: Re: Buying a House in OC
Post by: eyephone on January 16, 2019, 12:42:52 PM
So we checked couple open houses from Irvine, Lake Forest and Yorba Linda over the last couple weeks. We will still search more until our rent is almost over, but we found Irvine to be more a friendly place to grow our family or raise children. We’ve been living in Irvine already so that could be why we are feeling this way, but from visiting the open houses experience, we felt more comfortable from Irvine than other areas’. The houses from Yorba Linda and Lake Forest had bigger yards and most of them were single story which was great, but the room layouts felt outdated and the houses needed a lot of work since they were all pretty old. The community felt safer in Irvine to be walking around and go to parks and schools also. The only drawback is the price, but we’ll see where it takes and maybe we might have to sacrifice a little bit on the lot size.

Buy what you can afford.
Title: Re: Buying a House in OC
Post by: irvinehomeowner on January 16, 2019, 12:43:12 PM
Is this really what is going on?

https://www.zillow.com/irvine-ca/home-values/

This must be what IHO looks at when he questions if there is really a slowdown. 

Where does one look for that 13.5% discount?
Title: Re: Buying a House in OC
Post by: irvinehomeowner on January 16, 2019, 12:44:33 PM
So we checked couple open houses from Irvine, Lake Forest and Yorba Linda over the last couple weeks. We will still search more until our rent is almost over, but we found Irvine to be more a friendly place to grow our family or raise children. We’ve been living in Irvine already so that could be why we are feeling this way, but from visiting the open houses experience, we felt more comfortable from Irvine than other areas’. The houses from Yorba Linda and Lake Forest had bigger yards and most of them were single story which was great, but the room layouts felt outdated and the houses needed a lot of work since they were all pretty old. The community felt safer in Irvine to be walking around and go to parks and schools also. The only drawback is the price, but we’ll see where it takes and maybe we might have to sacrifice a little bit on the lot size.

Buy what you can afford.

Agreed.
Title: Re: Buying a House in OC
Post by: ucoc on January 16, 2019, 01:00:34 PM
So we checked couple open houses from Irvine, Lake Forest and Yorba Linda over the last couple weeks. We will still search more until our rent is almost over, but we found Irvine to be more a friendly place to grow our family or raise children. We’ve been living in Irvine already so that could be why we are feeling this way, but from visiting the open houses experience, we felt more comfortable from Irvine than other areas’. The houses from Yorba Linda and Lake Forest had bigger yards and most of them were single story which was great, but the room layouts felt outdated and the houses needed a lot of work since they were all pretty old. The community felt safer in Irvine to be walking around and go to parks and schools also. The only drawback is the price, but we’ll see where it takes and maybe we might have to sacrifice a little bit on the lot size.

Buy what you can afford.

Agreed.

Isn’t it the loan won’t get funded for homes we can’t buy anyways? 
Title: Re: Buying a House in OC
Post by: akkord on January 16, 2019, 01:07:10 PM
Isn’t it the loan won’t get funded for homes we can’t buy anyways?

Sellers won't accept an offer without a loan approval letter + bank statements for what you're willing to pay.  You won't get far enough in the process on any home you can't afford to worry about funding. 
Title: Re: Buying a House in OC
Post by: ucoc on January 16, 2019, 01:14:04 PM
Isn’t it the loan won’t get funded for homes we can’t buy anyways?

Sellers won't accept an offer without a loan approval letter + bank statements for what you're willing to pay.  You won't get far enough in the process on any home you can't afford to worry about funding.

That’s what I thought. So we wouldn't even have to worry about buying homes we can’t afford. I was asking the question if there are any people or any way you can get to buy homes you can’t afford from the people left comments on.
Title: Re: Buying a House in OC
Post by: Mety on January 16, 2019, 01:24:36 PM
So we checked couple open houses from Irvine, Lake Forest and Yorba Linda over the last couple weeks. We will still search more until our rent is almost over, but we found Irvine to be more a friendly place to grow our family or raise children. We’ve been living in Irvine already so that could be why we are feeling this way, but from visiting the open houses experience, we felt more comfortable from Irvine than other areas’. The houses from Yorba Linda and Lake Forest had bigger yards and most of them were single story which was great, but the room layouts felt outdated and the houses needed a lot of work since they were all pretty old. The community felt safer in Irvine to be walking around and go to parks and schools also. The only drawback is the price, but we’ll see where it takes and maybe we might have to sacrifice a little bit on the lot size.

According to many experts from TI, you should wait a bit to see where the market is going. The price is most likely going down and you will get at least 13.5% discounts from today's market price. And yes, stay in Irvine. You will thank me later.





Title: Re: Buying a House in OC
Post by: eyephone on January 16, 2019, 01:54:12 PM
Isn’t it the loan won’t get funded for homes we can’t buy anyways?

Sellers won't accept an offer without a loan approval letter + bank statements for what you're willing to pay.  You won't get far enough in the process on any home you can't afford to worry about funding.

That’s what I thought. So we wouldn't even have to worry about buying homes we can’t afford. I was asking the question if there are any people or any way you can get to buy homes you can’t afford from the people left comments on.

Let me rephrase my statement. I think you should buy what you comfortably can afford or get use to eating cup of noodles.
Title: Re: Buying a House in OC
Post by: Mety on January 16, 2019, 02:07:31 PM
What's wrong with eating cup of noodles?

Let me ask you, is living in Delano with fine cuisine better than living in a detached house with cup of noodles?





Title: Re: Buying a House in OC
Post by: eyephone on January 16, 2019, 02:20:25 PM
What's wrong with eating cup of noodles?

Let me ask you, is living in Delano with fine cuisine better than living in a detached house with cup of noodles?

There’s nothing wrong with cup of noodles, but not everyday. (Just lacking the following: veggies, fruits, meat, dairy...)
Title: Re: Buying a House in OC
Post by: Mety on January 16, 2019, 02:29:41 PM
What's wrong with eating cup of noodles?

Let me ask you, is living in Delano with fine cuisine better than living in a detached house with cup of noodles?

There’s nothing wrong with cup of noodles, but not everyday. (Just lacking the following: veggies, fruits, meat, dairy...)

There are different flavors and even seafood versions these days for noddles.  :D



Alright, all kidding aside, I wanted to ask if you should stretch the budget to get a better home or buy something just comfortably fit in your budget.

There are pros and cons for both options, although I would think getting a better home might get you MAXROI when you sell later on.

Any thoughts?





Title: Re: Buying a House in OC
Post by: eyephone on January 16, 2019, 02:54:33 PM
Also, beaware of falling prices and be okay with it.

If you stretch too much, you might get stretched.  ;) jk
Title: Re: Buying a House in OC
Post by: Kenkoko on January 16, 2019, 03:01:03 PM
That’s what I thought. So we wouldn't even have to worry about buying homes we can’t afford.

Perhaps letting a loan company decide your max affordability isn’t the best idea. You should know your own situation better than anyone. It would be best to come up with your own affordability number and not rely on a lender’s one size fit all math formula.

I think the big price uptick in the past few years pushed many people into borrowing too much. This seems fine now because the economy is doing well, unemployment is at all-time low. But it could change and could be the next market instability.
Title: Re: Buying a House in OC
Post by: irvinehomeowner on January 16, 2019, 03:30:16 PM
@Mety:

When buying a home I plan to live in, I stretch a little, esp when I was younger because I knew my earnings would increase and I was capable of finding work regardless of the economy (everyone needs someone to take out their garbage).

It was always through proper lending ratios (although an O-Arm in the 2000s was very lenient in those guidelines) and I never had a problem with affordability.

I was lucky as appreciation gave me enough leverage each move up.

But each person’s scenario is different.
Title: Re: Buying a House in OC
Post by: Irvinehomeseeker on January 17, 2019, 08:57:36 AM
Its interesting to see Marigold Plan 3 in CV closing at 930K down from its 1 million List price. I am currently looking to refinance a similar detached condo in Eastwood and wondering how much it will appraise for given the price trend today
Title: Re: Buying a House in OC
Post by: Mety on January 17, 2019, 10:24:59 AM
Both eyephone and IHO have good points. Irvinehomeseeker's refinance situation perfectly ties in what I wanted to get into. 

I think this time might be a falling knife time so there is a risk of the home being appraised less when you want to refinance later.

Also If you were to buy a home when the price is pretty good/low then I think it's smart to stretch a bit so that you can get more appreciated money when you sell later, MAXROI.




@Irvinehomeseeker:

For EW's detached home values, I think it would be pretty close to CV, but the appraiser might compare homes sold nearby so they might not even look at CV sold prices but more around NW, SG areas.




 


Title: Re: Buying a House in OC
Post by: ThirtySomethingWEquity on January 17, 2019, 12:44:42 PM
Talking about affordability, I try to look at what the median salary is for my profession/exp and base my comfort level at around that.  I've done much better than the median salary for the last five or so years, so this gives me enough 'cushion' that I wouldn't feel too stretched.  In addition, I like to have at least a year of living expenses liquid in case there are unfroseen circumstances.

I was qualified for about >250k more than what i'm looking to spend by the banks...