Author Topic: Cadence Park - Great Park  (Read 50819 times)

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Offline irvinehomeowner

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Re: Cadence Park - Great Park
« Reply #270 on: March 28, 2019, 12:18:49 PM »
@moc: I would strongly look at resale, while it's doesn't have the new home smell, I think you'll get more value and won't have to pay MRs.

You can always buy new later when you move up.
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Offline B2FiNiTY

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Re: Cadence Park - Great Park
« Reply #271 on: March 28, 2019, 05:57:59 PM »
@moc We were in your shoes a few years ago when we bought our first home. We ended up finding a good "deal" on a new home in a new village and everything worked out better than we imagined. If you want to share experiences, feel free to PM.

Offline mads

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Re: Cadence Park - Great Park
« Reply #272 on: March 29, 2019, 02:35:24 PM »
@moc, we were in the same place last year and went the resale route, just checked Redfin, and the sub-700k has about 19 3-bed condo/townhomes, including a short sale, https://www.redfin.com/CA/Irvine/107-Sapphire-92602/unit-34/home/5885076. Also, saw this under contract listing- https://www.redfin.com/CA/Irvine/21-Racing-Wind-92614/home/4695413. All the best, you'll get there.

What we learnt as first-timers last year will seem naive to many but here goes-
-avoid overbid situations. when we went into escrow on our final choice, a similar one sold for a 100k more in the same time period. better off to keep renting.
-act quickly, sometimes first movers advantage can really happen.
- Realtors pointed us to other OC cities for more affordable homes, but we looked at South/Central Irvine for commute reasons, and Woodbridge, TRock, Quail Hill, the University neighborhoods had some decent 700k or less options. Westpark had some fine SFRs but again had bidding wars. The only not so great option was the Corte Bella tract in Westpark, as the multi-story layout felt too much. There are better places out there like Northwood etc.
- lastly, i remember someone asking in a diff thread about the home you afford vs the home you get pre-approved/qualified for. We went for a price lower than our approved number, so we needn't stretch to the limits for monthly payments, esp as resale homes often need repairs. Get a good home inspector, we went with our realtor's and that was not a good choice. Hope this helps.
« Last Edit: March 29, 2019, 02:44:11 PM by mads »

Offline Mety

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Re: Cadence Park - Great Park
« Reply #273 on: March 29, 2019, 03:50:26 PM »
@moc, we were in the same place last year and went the resale route, just checked Redfin, and the sub-700k has about 19 3-bed condo/townhomes, including a short sale, https://www.redfin.com/CA/Irvine/107-Sapphire-92602/unit-34/home/5885076. Also, saw this under contract listing- https://www.redfin.com/CA/Irvine/21-Racing-Wind-92614/home/4695413. All the best, you'll get there.

What we learnt as first-timers last year will seem naive to many but here goes-
-avoid overbid situations. when we went into escrow on our final choice, a similar one sold for a 100k more in the same time period. better off to keep renting.
-act quickly, sometimes first movers advantage can really happen.
- Realtors pointed us to other OC cities for more affordable homes, but we looked at South/Central Irvine for commute reasons, and Woodbridge, TRock, Quail Hill, the University neighborhoods had some decent 700k or less options. Westpark had some fine SFRs but again had bidding wars. The only not so great option was the Corte Bella tract in Westpark, as the multi-story layout felt too much. There are better places out there like Northwood etc.
- lastly, i remember someone asking in a diff thread about the home you afford vs the home you get pre-approved/qualified for. We went for a price lower than our approved number, so we needn't stretch to the limits for monthly payments, esp as resale homes often need repairs. Get a good home inspector, we went with our realtor's and that was not a good choice. Hope this helps.

So you bought one almost $100k less than the one nearby? Did you buy after that one closed $100k more than yours?

Offline mads

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Re: Cadence Park - Great Park
« Reply #274 on: March 29, 2019, 03:56:24 PM »
they were in pending when we went into escrow, so didn't know the sale price

Offline Mety

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Re: Cadence Park - Great Park
« Reply #275 on: March 29, 2019, 04:31:07 PM »
they were in pending when we went into escrow, so didn't know the sale price

You saved $100k in matter of days! Talking about how much savings took place!
Congrats BTW. Hope you like your new home.


Offline eyephone

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Re: Cadence Park - Great Park
« Reply #276 on: March 29, 2019, 04:35:51 PM »
they were in pending when we went into escrow, so didn't know the sale price

You saved $100k in matter of days! Talking about how much savings took place!
Congrats BTW. Hope you like your new home.

The story is not totally clear with me. So I don’t know if it’s $100k instant equity or something else.

Offline mads

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Re: Cadence Park - Great Park
« Reply #277 on: March 29, 2019, 04:42:48 PM »
You saved $100k in matter of days! Talking about how much savings took place!
Congrats BTW. Hope you like your new home.
lol, thanks. it was probably an FCB who overbid, as it got listed as a rental later. late 2017-mid 2018 seemed like a crazy time for real estate.

Offline mads

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Re: Cadence Park - Great Park
« Reply #278 on: March 29, 2019, 04:45:35 PM »
The story is not totally clear with me. So I don’t know if it’s $100k instant equity or something else.
No, not 100k instant equity. it was an outlier.

Offline Mety

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Re: Cadence Park - Great Park
« Reply #279 on: March 29, 2019, 04:53:58 PM »
they were in pending when we went into escrow, so didn't know the sale price

You saved $100k in matter of days! Talking about how much savings took place!
Congrats BTW. Hope you like your new home.

The story is not totally clear with me. So I don’t know if it’s $100k instant equity or something else.

mads was buying a home where a similar home was already in escrow pending mode.
That home ended up sold at $100k more than what mads ended up buying.




Offline Compressed-Village

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Re: Cadence Park - Great Park
« Reply #280 on: May 29, 2019, 06:01:17 PM »
A year passed since the grand opening and at 50% sold, I say it fairly successful for the scopes and size of this project.

Offline USCTrojanCPA

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Re: Cadence Park - Great Park
« Reply #281 on: June 01, 2019, 02:05:08 PM »
A year passed since the grand opening and at 50% sold, I say it fairly successful for the scopes and size of this project.

The smaller/less expensive homes are selling much better than their more expensive later counter parts.
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