Talk Irvine

General => Real Estate => Irvine Real Estate => Topic started by: zovall on February 28, 2012, 06:55:41 AM

Title: [IHB] Buy or rent at Kelsey Lane in Oak Creek
Post by: zovall on February 28, 2012, 06:55:41 AM
http://www.irvinehousingblog.com/blog/comments/buy-or-rent-at-kelsey-lane-in-oak-creek
Title: Re: [IHB] Buy or rent at Kelsey Lane in Oak Creek
Post by: Soylent Green Is People on February 28, 2012, 09:36:13 AM
Terrific review of buying vs renting. Cost of gardeners, maintainance, HOA dues, and other expenses pushes the decision to rent closer to the top. I couldn't imagine being locked in that close to a superfreeway with it's noise and pollution at $3,600 per month.

My .02c
Title: Re: [IHB] Buy or rent at Kelsey Lane in Oak Creek
Post by: freedomcm on February 28, 2012, 12:15:57 PM
It really is a  crappy location.
Title: Re: [IHB] Buy or rent at Kelsey Lane in Oak Creek
Post by: rkp on February 28, 2012, 01:02:33 PM
good analysis.  it amazes me what people will pay to rent some of these houses.  with rents that high, there have to be more cash flow positive properties out there. 

we skipped oak creek completely due to proximity to 405 but if we had to choose, i would rent this vs buying.
Title: Re: [IHB] Buy or rent at Kelsey Lane in Oak Creek
Post by: momopi on February 28, 2012, 02:54:31 PM
Oak Creek HOA has East-West side divided by Alton Parkway, and North-South side divided by Valley Oak.  The West Side is bigger but borders the 405 FWY.  The East side by Gelsons is pretty nice.  The South side bumps up against high power lines that runs along Sand Canyon.

Before you buy, drive around at night and note the parking situation.  Some parts of Oak Creek are pretty congested and difficult to find nearby parking afterhours.
Title: Re: [IHB] Buy or rent at Kelsey Lane in Oak Creek
Post by: waitin4ever on February 28, 2012, 03:46:20 PM
I completely agree about rents that are prevalent in Irvine.  not just for these SFR's but even for townhomes/condo.
IF you check for 2 bedroom townhouse style apartments from IAC, it costs about 2400-2800/- per month.
these are just 1100 to 1200 sq ft townhomes with mostly 1 car garage. one can easily get a 1500 sq ft
condo/townhome with 20% down (+HOA/mello) to be rental parity. (agreed owning has maintenance headache)

either rents are too high  OR  lower interest rates are causing rental parity at inflated prices OR little of both.

Zovall,
Very nice comparision/ article.  thanks.

good analysis.  it amazes me what people will pay to rent some of these houses.  with rents that high, there have to be more cash flow positive properties out there. 

we skipped oak creek completely due to proximity to 405 but if we had to choose, i would rent this vs buying.
Title: Re: [IHB] Buy or rent at Kelsey Lane in Oak Creek
Post by: zovall on May 06, 2012, 09:06:35 PM
Looks like 31 Kelsey ended up closing at $690k on 4/30/2012. 
Title: Re: [IHB] Buy or rent at Kelsey Lane in Oak Creek
Post by: rkp on May 07, 2012, 09:43:56 AM
i am surprised it closed so high with the freeway so close...i think lack of inventory is helping keeping prices higher.  there is so little available right now
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