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11
Irvine Real Estate / Re: New Development: PS-5
« Last post by WTTCHMN on Yesterday at 03:53:02 PM »
I have seen both Reserve and PS5. PS5 views are lot better.

Nah, the view from Como is much better than Highland.

And I didn't notice any view from Hillside other than the side of a hill.  But the ice cream sandwiches were pretty good.  Ronnie missed out.
12
Irvine Real Estate / Re: First Time Home Buyer
« Last post by USCTrojanCPA on Yesterday at 03:35:10 PM »
USC thank you so much for your recommendations. I would ideally want a 2 bedroom based on resale value as you mentioned. I also don't want a trilevel too many stairs lol. I definitely prefer single level living but am ok if I have one set of stairs.
What's your opinion with HOA dues on older resale condos? My only concern that while they might be lower or similar to say a new development but they could increase based on the older buildings needing more maintenance.

I liked CPW for the amenities, new and proximity to my job, restaurants etc. Wasn't a fan of the $507 HOA (they have a master and community specific like most of Irvine) or being zoned to Santa Ana school districts while still paying Mello Roos ($1700-$2000) I think is ridiculous especially when the site is more of an infill.

I looked at William Lyons Novel Park homes and honestly the ones in my budget weren't impressive at all, I didn't like the layout of the flat product it was like an apartment complex minus any elevators. Do you know of any other new or newer communities around $500ks or around $3,000/month mortgage/taxes/insurance payment

I only really started looking so I'll have to visit those communities you mentioned!

Thank you


Welcome to TI HapaJ.  First of all, I would advise you against buying a 1-bedroom condo or a 3-level condo.  They really limit both your buyer and rental pool.  Keep your focus on a single-level or 2-level 2+ bedroom condo with a 2-car garage (parking is very important in condo complexes). Secondly, I would suggest that you focus your search on other areas besides CPW.  CPW has really high HOA and there aren't any parks near by plus the school zoning is Santa Ana which will adversely effect your future appreciation. Keep in mind that appliances are included in resale properties as well.

I would consider looking at Oak Creek, Woodbridge, Westpark, Columbus Grove, Tustin Ranch, and/or Tustin Fields.  What budget do you want to stay within?  Feel free to reach out to me directly if you have any other questions or would like to bounce ideas off of me.

None of the older Irvine/Tustin Ranch attached condo community HOAs really increase a lot.  It's been something like $3-5 per month every 2-4 years.  So you don't have to fear any large HOA increases and/or special assessments since the Irvine/Tustin Ranch HOAs are very strong financially with very low delinquencies.  Some of the older Irvine/Tustin Ranch condo communities have HOAs in the mid-to-high $200/mo range like this which is $239/mo

https://www.redfin.com/CA/Irvine/3-Bradford-92602/home/5844923

You might have to look at condos in build in the 1990s and 2000s to find something in the $500s and around $3k/mo payments since those will have lower Mello Roos amounts.  Also take a look at Tustin Fields, Columbus Grove, and Columbus Square.  Feel free to ping me with any other questions that you have since I know Irvine/Tustin like the back of my hand.
13
Irvine Real Estate / Re: New Development: PS-5
« Last post by OCLuvr on Yesterday at 02:49:53 PM »
I have seen both Reserve and PS5. PS5 views are lot better.
14
Irvine Real Estate / Re: New Development: PS-5
« Last post by aquabliss on Yesterday at 02:20:54 PM »
I went, man the lines for the trucks were too long and I was too lazy to wait.  Views are some of the best in the city, no reason buying here unless you get a view lot.  Worth the premium.
15
Irvine Real Estate / Re: New Development: PS-5
« Last post by DrTravel on Yesterday at 02:12:30 PM »
Some pricing info from today's grand opening - over $300K premium for view lots at Highland.
16
Irvine Real Estate / Re: La Vita at Orchard Hills
« Last post by iacrenter on Yesterday at 01:21:26 PM »
I love the plan 4 but pricing is getting ridiculous. But the market wants what the market wants.

$3.8M for La Vita?   I’ll take this any day of the week.  Privacy and serenity is 10x more than La Vita.
https://www.redfin.com/CA/Irvine/20-Praire-Grass-92603/home/5899769

Seriously, but for some reason, these La Vita resales are selling well.  Selling better than any other resales at the Groves.  Maybe once the Groves sell out, La Vita and the Vistas will help bring up the prices of the area. 
17
Irvine Real Estate / Re: La Vita at Orchard Hills
« Last post by shadyoc on Yesterday at 11:51:33 AM »
$3.8M for La Vita?   I’ll take this any day of the week.  Privacy and serenity is 10x more than La Vita.
https://www.redfin.com/CA/Irvine/20-Praire-Grass-92603/home/5899769

Seriously, but for some reason, these La Vita resales are selling well.  Selling better than any other resales at the Groves.  Maybe once the Groves sell out, La Vita and the Vistas will help bring up the prices of the area. 
18
Irvine Real Estate / Re: When would be next housing Bottom?
« Last post by irvinehomeowner on Yesterday at 07:33:02 AM »
Irvine, Tustin home sales tumble 16% in O.C. worst slump since 2012

But according to IHO, it's just seasonal

https://www.ocregister.com/2019/06/14/irvine-tustin-home-sales-tumble-16-in-o-c-worst-slump-since-2012/

Sales volume is down but prices are still high. Must be that lag that’s coming in December.

Let's see what the article and data actually says:

Quote
CoreLogic found these 17 trends in 11 ZIP codes covered by the Orange County Register’s Irvine World News weekly …

1. Purchases: Home sales in these nine months totaled 3,767 vs. 4,503 a year earlier, a decline of 16% in a year.

2. Who’s up: Prices increased in seven of the 11 ZIPs as sales rose in just two ZIPs.

3. Countywide: $720,000 median selling price, flat in the period. Orange County sales totaled 22,872 residences, existing and new, vs. 27,289 a year earlier, a decline of 16% in a year. Prices rose in 43 out of 83 Orange County ZIPs and sales were up in 9 out of 83 ZIPs.

Here is how prices and sales moved in Irvine and Tustin …

4. Irvine 92602: $1,325,500 median, down 7.3% in a year. Price rank? 8th of 83. Sales of 426 vs. 299 a year earlier, a gain of 42.5% in 12 months.

5. Irvine 92603: $1,092,500 median, down 18.5% in a year. Price rank? No. 10 of 83. Sales of 167 vs. 207 a year earlier, a decline of 19.3% in 12 months.

6. Irvine 92604: $790,250 median, up 14.5% in a year. Price rank? No. 29 of 83. Sales of 164 vs. 187 a year earlier, a decline of 12.3% in 12 months.

7. Irvine 92606: $725,000 median, down 11.4% in a year. Price rank? No. 36 of 83. Sales of 92 vs. 120 a year earlier, a decline of 23.3% in 12 months.

8. Irvine 92612: $675,000 median, up 1.5% in a year.] Price rank? No. 51 of 83. Sales of 299 vs. 301 a year earlier, a decline of 0.7% in 12 months.

9. Irvine 92614: $716,000 median, up 8.5% in a year. Price rank? No. 40 of 83. Sales of 165 vs. 181 a year earlier, a decline of 8.8% in 12 months.

10. Irvine 92618: $977,000 median, up 21.1% in a year. Price rank? No. 13 of 83. Sales of 1084 vs. 1,327 a year earlier, a decline of 18.3% in 12 months.

11. Irvine 92620: $1,002,250 median, up 0.4% in a year. Price rank? No. 12 of 83. Sales of 607 vs. 973 a year earlier, a decline of 37.6% in 12 months.

So for Irvine's 8 zip codes, 3 were down and 5 were up price-wise. Doing the math, is that a net price increase of 8.8%?

Quote
12. Tustin 92780: $650,000 median, up 17.1% in a year. Price rank? No. 55 of 83. Sales of 255 vs. 320 a year earlier, a decline of 20.3% in 12 months.

13. Tustin 92782: $693,500 median, down 13.7% in a year. Price rank? No. 46 of 83. Sales of 206 vs. 288 a year earlier, a decline of 28.5% in 12 months.

14. Santa Ana/North Tustin 92705: $935,000 median, up 5.1% in a year. Price rank? No. 16 of 83. Sales of 302 vs. 300 a year earlier, a gain of 0.7% in 12 months.

Looks like Tustin prices are more up than down too.

Quote
Plus, three more countywide trends found in nine months ended in April vs. the same period one year earlier …

15. Single-family-home resales: 13,720 Orange County sales vs. 16,058 a year earlier, a decline of 14.6% in the period. Median: $767,000 — a dip of 1.0% in the period.

16. Condo resales: 6,038 sales vs. 7,218 a year earlier, a decline of 16.3% in 12 months. Median: $500,000 — unchanged in the timeframe.

17. New homes: Builders sold 3,114 residences vs. 4,013 a year earlier, a decline of 22.4% in 12 months. Median: $981,500 — a rise of 7.3% in a year.

So even county-wide, despite lower volume, prices are slightly up.

Do we re-check this in July? December? Next year? Next "season"?
19
Irvine Real Estate / Re: When would be next housing Bottom?
« Last post by Kings on Yesterday at 06:03:47 AM »
Irvine, Tustin home sales tumble 16% in O.C. worst slump since 2012

But according to IHO, it's just seasonal

https://www.ocregister.com/2019/06/14/irvine-tustin-home-sales-tumble-16-in-o-c-worst-slump-since-2012/

why did they use a rolling 9 month period of sales ending in april?  what's wrong with 12 months?  almost feels like cherry picked data?
20
 It was a twin.

The architecture and exteriors are awesome. Plumbing, electrical, closets, etc... Not so much

Did you live in a row house? Gotta love that Philly architecture.

Philadelphia. I think the newest house we lived in was built in the 1920s. The house I lived in most of my childhood was built in the 1860s.

No I totally hear you. It's not that hard to do some cosmetic upgrades. It's all just factors in the decision calculation.

I'm not from California. I grew up in houses built in the 1800s. I like newer homes because they are built for modern life. Closets, garages, laundry near your bedroom, enough outlets. I grew up with none of those things but it's so much better having them. But by my standards almost everything in Irvine is newer :) I definitely did not plan on new construction when we started looking, it was just the best fit for us based on our criteria.

where did you grow up? (Living in houses built in 1800s)
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