What's my best bet for a home in Irvine under $600k?

Hello everyone!

After renting in Irvine for the past 5 years or so, my wife and I are finally at a place where we are ready to purchase a townhouse/condo. We've looked around other parts of O.C. but no other city quite works for us - we want to stay in Irvine. Are we completely out of our league by trying to find something decent under $600k in Irvine right now? I noticed there's a couple of townhomes in Willow @ Portola springs in that range ($557k-599k) - would those be recommended? They seem to be a decent value for the price. We don't have any kids so a 2 bedroom / 2 bathroom is all we would really need.

Thanks for your help!
 
eddieuclabruin said:
Hello everyone!

After renting in Irvine for the past 5 years or so, my wife and I are finally at a place where we are ready to purchase a townhouse/condo. We've looked around other parts of O.C. but no other city quite works for us - we want to stay in Irvine. Are we completely out of our league by trying to find something decent under $600k in Irvine right now? I noticed there's a couple of townhomes in Willow @ Portola springs in that range ($557k-599k) - would those be recommended? They seem to be a decent value for the price. We don't have any kids so a 2 bedroom / 2 bathroom is all we would really need.

Thanks for your help!

a quick search on zillow or ziprealty brings up lot of 2bedroom condos in irvine, for under 600k. If you expand into Aliso, I saw some nice condos there in that price range too.
 
I would keep an eye on future listings in Corte Bella and Columbus Village. There's a $599k listing in Columbus Grove atm but I would guess that it eventually sells for significantly higher than list.
 
under 600K you are looking at 3 stories under 1200 sq feet with MR.

Good luck. Honestly - Lake Forest. right next door and much better value at your price point.
 
eyephone said:
or wait for the drop, if the tax plan goes through

Just my personal opinion, but I don't think the tax plan will affect local homes in this price range.  I think local homes under $1MM will suffer little to no impact to their value with the tax plan (which looks like it's going to pass), because the demand at this price point is still so huge.  Forget about the tax deductions, half the buyers are FCBs paying all cash, and tax deductions probably play no part in their decision making.  The other buyers are also probably mindful of the benefits of locking down your housing costs.  A fixed 30 year mortgage locks in your housing payment.  Rent in this area 30 years ago averaged $600/$700 a month.  Now it's closer to $2,500/$3,500.  To me, that benefit far outweighs tax deductions at this price point.

I do think it will have an impact on homes above $1MM, or maybe $1.2MM.  I don't know what the magic price is, but there will definitely be an impact at that level when a portion of your mortgage interest is no longer deductible, and a portion of your property taxes is no longer deductible.
 
I guess it depends on if you are attached to the Irvine area or an Irvine address.  Tustin, Lake Forest, Baker's Ranch, and Foothill Ranch are all close to Irvine but not Irvine prices. 
 
Thank you for your input everyone. I think my wife and I are going to try and stretch our budget a bit and try to get one of the new 3 bedroom townhomes at Brisa in Portola Springs. Their grand opening is next week so hopefully we can get in on one of the early phases.
 
eddieuclabruin said:
Thank you for your input everyone. I think my wife and I are going to try and stretch our budget a bit and try to get one of the new 3 bedroom townhomes at Brisa in Portola Springs. Their grand opening is next week so hopefully we can get in on one of the early phases.

If you're serious about it, don't wait until the grand opening, take an agent (would suggest USC) and go now to the sales office and put your deposit in.
 
aquabliss said:
eddieuclabruin said:
Thank you for your input everyone. I think my wife and I are going to try and stretch our budget a bit and try to get one of the new 3 bedroom townhomes at Brisa in Portola Springs. Their grand opening is next week so hopefully we can get in on one of the early phases.

If you're serious about it, don't wait until the grand opening, take an agent (would suggest USC) and go now to the sales office and put your deposit in.

Don't know about this community but there were usually incentives being offered to agents that bring in clients. 
 
For those interested in Brisa, CalPac is also building another project with the same Brisa's floor plan at Portola Springs Neighborhood 3.

 

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eddieuclabruin said:
Thank you for your input everyone. I think my wife and I are going to try and stretch our budget a bit and try to get one of the new 3 bedroom townhomes at Brisa in Portola Springs. Their grand opening is next week so hopefully we can get in on one of the early phases.

Portola Springs community has a Holiday Social in one of the main clubhouses (91 Scarlet Bloom) on Dec 20th during the late afternoon. Come check it out.
 
lnc said:
For those interested in Brisa, CalPac is also building another project with the same Brisa's floor plan at Portola Springs Neighborhood 3.

Hard for me to buy in PS unless they connect portola parkway to Foothill Ranch or they add some sort of retail space there.
 
Irvinecommuter said:
aquabliss said:
eddieuclabruin said:
Thank you for your input everyone. I think my wife and I are going to try and stretch our budget a bit and try to get one of the new 3 bedroom townhomes at Brisa in Portola Springs. Their grand opening is next week so hopefully we can get in on one of the early phases.

If you're serious about it, don't wait until the grand opening, take an agent (would suggest USC) and go now to the sales office and put your deposit in.

Don't know about this community but there were usually incentives being offered to agents that bring in clients. 

Uhhhh, ya that's why I mentioned it.
 
I am interested in Brisa and am tempted by this new development in PS3, but it looks like it is in the area right across from the low income apartments/Anton Portola.  But then again it is also right next to one of the newer phases of Indigo.

I believe the area is already being worked on; I wonder when the grand opening will be?
 
eyephone said:
Undecided - you should educate yourself regarding the new proposed tax plan.

Like I said, it's my personal opinion.  You may be right about a price drop.  But hear me out before you write me off.

As far as the tax plan, I've actually read through quite a bit of it.  Both the House and Senate versions.  No state income tax deduction is bad for CA residents.  Property tax deduction is either eliminated or capped at $10k.  Mortgage interest could be limited to loan balances of $500k, so the excess may not be deductible.  The $500k personal residence gain exemption may require a longer holding period (5 out of 8 years instead of 2 out of 5).  We're losing personal exemptions.  Medical expense deductions and student loan deductions are going away.  I know my personal taxes are going up.

But this thread is about homes under $600k.  How many homes in Irvine are selling for under $600k?  For that matter, how many homes under $1MM?  The demand far outpaces the supply for this price target.  Yes the tax plan sucks for the middle class, and many will get hammered.  But the draw of homeownership is more than a tax write-off.  It's a watershed moment for some people, a big piece of the American Dream.  And to be able to afford to buy in Irvine?  It's not an easy accomplishment.  There are more reasons to buy a home than simply for the tax write-off.

Even without the tax breaks, I'd still buy my current home, just for the fact that I am looking for stability.  I want to stabilize my housing costs.  I don't want to see my rent payment go up 5% every year for the next 30 years.  I agree that house prices above a certain price point may suffer, but I just don't see it in the sub $1MM market here, and definitely not the sub $600k market.  Especially because a good portion of buyers here are FCBs with cash for whom tax deductions do not come into play when deciding on buying a home.

If I'm wrong and prices do drop for homes in this price range, investors should take a good look, because prices will bounce back.  But I'm skeptical.  Maybe homes over 1.2MM or 1.5MM will be somewhat impacted, but I think there will be a healthy appetite for starter homes in Irvine for the foreseeable future.
 
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