Opinion on Portola Springs lower end homes, 700-850k

We just started looking at new homes in Irvine, we're planning to move to the Irvine area due to work. But until now we were focusing on resales and honestly have been underwhelmed by what's for sale in our price range, 700-825k. We had assumed that the newly built homes would be a bit too expensive due to the mello roos, but in Portola Springs the mello roos isn't horrible and most of the communities are offering pretty good deals.

We just saw all the lower priced areas, Brisa, Carissa, Montara, Celeste. We also went to Novel Park, but the homes we like there are a bit out of our price range due to the mello roos and really high HOA for the attached condos.

Out of them we like the Carissa/Brisa condos that were around 730k and the cheapest Montara detached condo at around 815k (I think plan 1). Both were offering the 10k loan buy down and pretty good rate. 3.5% even if we only go 10% down.

I'm not that familiar with portola springs since yesterday was the first time we saw the models, but I did find Silverleaf searching online which has the same home plans as Montara that were built in 2016. Some sold in the mid 600s which put us off a little bit since they are now asking 815k for the same homes in Montara, granted 2.5-3 years later. Also there are a few for sale right now around 785k that Montara is asking 825-840k for (plan 2).

What is you opinion of Carissa/Brisa and Montara vs other homes in Irvine (resale or new)? Do you think those communities are good buys?

I think the homes themselves are not bad, I just don't like how far PS is to freeways.

I don't like Montara Plan 1, layout is just funky on the 1st floor when you compare to Plan 2.

Cares said:

I think the homes themselves are not bad, I just don't like how far PS is to freeways.

I don't like Montara Plan 1, layout is just funky on the 1st floor when you compare to Plan 2.

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We like Plan one mainly since there are units available that are not in the back corner and are on the street.

It?s also cheaper and about the same size. We also like the loft/bonus room better than plan 2s setup. Plan 2 yard is nice though and we like the walk in pantry. With any upgrades plan 2 is stretching our budget.

We may be leaning toward going cheaper and giving up the loft/bonus and detached and get plan 3 at Brisa/Carissa. It fits our needs fine and end units available so it?s not that bad. Montara is a luxury for us, but feel it would resale better down the line as well.

I agree about how far from the freeways Portola is. Toll roads are a minor consolation for that issue. We just can?t fidn anything we like that isn?t super crowded/dense chore west. A few places we like in tustin Ranch, but they are from the 90s and require some work.

I'm out of it when it comes to newer homes... are these detached and do you have links to the specific floorplans you are looking at so we can analyze and dissect?

As for PS itself, the main knock has been the distance and no nearby 3rd place infrastructure (shopping/food/etc).

Carissa plan 3: 720-740k attached, end unit.http://calpacifichomes.com/neighborhoods/carissa/floorplans/3/

Carissa/Brisa plan 2: low 700s, but 3 floors. Attached interior unit.http://calpacifichomes.com/neighborhoods/carissa/floorplans/2/

Montara plan 1 detached condo: 815-830khttp://calpacifichomes.com/neighborhoods/montara/floorplans/1/

Montara plan 2 detached condo: 840-860khttp://calpacifichomes.com/neighborhoods/montara/floorplans/2/

All of the California pacific PS we?re offering 3.5% and 10k to buy down loan to 3.5/closing costs. HOA about $245 for detached, $330 for attached. Mello roos 3100-3700.

We also liked this condo at Novel Park, but the HOA and mello roos makes this more expensive than the Portola homes.

Verge plan 5: $444 HOA and 6k mello roos.https://novelpark.lyonhomes.com/collections/verge/#

We would like to avoid the 3 story homes since we have a kid and maybe another baby in future. Two flights of stairs with kids seems like a bad idea.

Okay.

First, I did not look at any of the attached plans because I will always recommend detached homes if you can afford it.

Second, I would stretch for the Montara Plan 2 over the 1 for a few reasons:

1. I prefer the downstairs kitchen layout better, more open, has an island with the sink facing the "action" and the pantry is huge.
2. The upstairs bedrooms are farther away from the master (some people prefer them to be closer)
3. The master closets look larger than Plan 1 (I like how both plans have 2 master closets)
4. The upstairs secondary bathroom has 2 sinks and a door between the shower/toilet and sinks so that one kid can still brush their teeth/get ready while the other has privacy.
5. The upstairs bonus is close to all rooms (again, a matter of preference)

Is the Plan 2 really detached? It looks like there is something next to the garage.

And yes, avoid 3 story if you can... but avoid attached more (which Novel Park's Verge is both I think).

Any resale you are considering?

We are apprehensive going to the upper most of our budget, the plan 1 would give us a tiny bit more breathing room and the Carissa/Brisa would basically leave us with zero worries financially.

That?s sort of why the attached Carissa/Brisa home is interesting to us. I get that it?s not the best for resale, but it fulfills our needs and saves us 500-700 a month. That?s a lot of diapers or school clothes.

If we are planning long term, i.e. 10-15, would the detached appreciate at a much higher rate compared to the attached and unit?

What if you consider that the plan 1s available for later this year are on the street, granted your garage wall is facing the sidewalk and the front door is around the corner of your house which looks sort of odd. Would that location get a premium over a plan 1 or 2 that has 2-3 adjacent homes?

TCT said:

We are apprehensive going to the upper most of our budget, the plan 1 would give us a tiny bit more breathing room and the Carissa/Brisa would basically leave us with zero worries financially.

That?s sort of why the attached Carissa/Brisa home is interesting to us. I get that it?s not the best for resale, but it fulfills our needs and saves us 500-700 a month. That?s a lot of diapers or school clothes.

If we are planning long term, i.e. 10-15, would the detached appreciate at a much higher rate compared to the attached and unit?

What if you consider that the plan 1s available for later this year are on the street, granted your garage wall is facing the sidewalk and the front door is around the corner of your house which looks sort of odd. Would that location get a premium over a plan 1 or 2 that has 2-3 adjacent homes?

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Consider renting if your looking short term.

For a attached product seems pricey. If that?s what you like might as look at resell.

eyephone said:

TCT said:

We are apprehensive going to the upper most of our budget, the plan 1 would give us a tiny bit more breathing room and the Carissa/Brisa would basically leave us with zero worries financially.

That?s sort of why the attached Carissa/Brisa home is interesting to us. I get that it?s not the best for resale, but it fulfills our needs and saves us 500-700 a month. That?s a lot of diapers or school clothes.

If we are planning long term, i.e. 10-15, would the detached appreciate at a much higher rate compared to the attached and unit?

What if you consider that the plan 1s available for later this year are on the street, granted your garage wall is facing the sidewalk and the front door is around the corner of your house which looks sort of odd. Would that location get a premium over a plan 1 or 2 that has 2-3 adjacent homes?

Click to expand...

Consider renting if your looking short term.

For a attached product seems pricey. If that?s what you like might as look at resell.

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We?re definitely looking long term. 10-15 years in this property. We want to avoid moving too often especially if our kid starts school there.

We?re honestly not investors or looking to make a ton on our home. We just want a nice, updated place to live in and so far the resales we?ve looked at in this price range have been very underwhelming. When we see the new homes we can see us living there a while. The resales it?s been ?Well it?s ok, maybe if we remodel the kitchen and replace the flooring it could work for us. But the savings isn?t that much on the Irvine resales. Nice 1500? detached homes are asking 750k+ and they?re 15 years old with no upgrades, used up AC and water heater. Add in updates and we?re already at or above the new home prices. Granted less or no mello roos.

Is there anything available similar to the PS homes that would be a better value? What would be a house you guys would try to purchase new or resale under 800k?

Nothing wrong with purchasing brand new - many of us can't shake the attraction of new home smell! 

As others have said here, I'd also recommend stretching for a detached product that you could potentially grow into. Many buyers are apprehensive at spending to the top of their budget - but few regret doing so when they look back. If you're really planning to be in the home 10-15 years, it's better to spend now up front.

I noticed that many of these developments have quick move-in options. Generally, builders are willing to do some generous concessions on these. Whether it's in the form of a lower sale price, design center credit (window shutters, solar, garage epoxy, water purifier, etc) and/or closing costs - I would definitely push for it to lower the net price even more.

best_potsticker_in_town said:

Nothing wrong with purchasing brand new - many of us can't shake the attraction of new home smell! 

As others have said here, I'd also recommend stretching for a detached product that you could potentially grow into. Many buyers are apprehensive at spending to the top of their budget - but few regret doing so when they look back. If you're really planning to be in the home 10-15 years, it's better to spend now up front.

I noticed that many of these developments have quick move-in options. Generally, builders are willing to do some generous concessions on these. Whether it's in the form of a lower sale price, design center credit (window shutters, solar, garage epoxy, water purifier, etc) and/or closing costs - I would definitely push for it to lower the net price even more.

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We are definitely going to consider the quick move in options, but for budget reasons we may need to get a December move. We can do 10% down now, but would rather save and possible either get to 20% or at least have some money saved for things like appliances, furniture. A quick move in at 800k may be a bit difficult.

Does anyone have opinions on detached condo placement? For example Montara has 6 homes per lot, two rows of three. Would having the middle home turn of buyers down the road? Would getting the more expensive back corner home be better for resale? There are several options on the site plan we could choose from for example.

There are the occasional detached condos in Tustin Ranch or West Irvine that are around your price range, they may need updating, but the very low MR and lower HOAs are a plus that won't eat into your monthly costs, and some are new enough where you don't need to do a full gut unless you want the brand new smell.  If you want more house for your money you can look in the Foothill Ranch area, I don't know that area enough though, but it's been what's recommended to me for lower priced properties.

This is a largest of the homes in this TR tract/neighborhood, I've seen the 1400-1700 sf homes between 700k and 800k
https://www.redfin.com/CA/Tustin/10828-Churchill-Pl-92782/home/4774654

West Irvine under your price range, fully detached with driveway:
https://www.redfin.com/CA/Irvine/17-Armory-Pl-92602/home/4792898

Here's another:
https://www.redfin.com/CA/Irvine/24-Halifax-Pl-92602/home/4792929

I'd pick detached over attached any day especially if you plan to stay long term. 

akkord said:

There are the occasional detached condos in Tustin Ranch or West Irvine that are around your price range, they may need updating, but the very low MR and lower HOAs are a plus that won't eat into your monthly costs, and some are new enough where you don't need to do a full gut unless you want the brand new smell.  If you want more house for your money you can look in the Foothill Ranch area, I don't know that area enough though, but it's been what's recommended to me for lower priced properties.

This is a largest of the homes in this TR tract/neighborhood, I've seen the 1400-1700 sf homes between 700k and 800k
https://www.redfin.com/CA/Tustin/10828-Churchill-Pl-92782/home/4774654

West Irvine under your price range, fully detached with driveway:
https://www.redfin.com/CA/Irvine/17-Armory-Pl-92602/home/4792898

Here's another:
https://www.redfin.com/CA/Irvine/24-Halifax-Pl-92602/home/4792929

I'd pick detached over attached any day especially if you plan to stay long term.

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We actually saw two of those and were planning on checking out the Armory one.

The Churchill one has a decent sized yard, but needed some updates for sure. I think the agent said we might be able to get it for 830. We just weren?t very excited about the layout and design. Maybe if a smaller plan goes for sale there at 800k we?d go that route.

Similar issue with the Halifax one. My wife didn?t like that the Kitchen felt closed off. We liked the side by side washer dryer since it was only 1500? didn?t expect that.

Comparing the Halifax/Armory one at say 780k that would save us about $350 a month vs the new PS house. PS is a bit bigger, but I think the Halifax/Armory has a driveway and back yard. If we could get past the design of the home it would be a good choice. My wife just didn?t really like it when we saw it.

Honestly, your budget is right near buying a detached condo...if you can buy a detached condo you should.  I have a West Irvine 3bed/2.5 bath 1,500sf detached condo listing on a corner lot coming at the end of the month.  HOA is $190ish and the Mello Roos is less than $1,000/yr.  The listing price will be around $750,000.  Let me know if you or you and your agent want to go see it.

akkord said:

West Irvine under your price range, fully detached with driveway:
https://www.redfin.com/CA/Irvine/17-Armory-Pl-92602/home/4792898

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Oooo... Armory just came on the market. Nice kitchen update... there are 2 cons:

1. Carpet in the master bath (but easily fixed)
2. Feng Shui on a T-intersection (that's probably why it's sub $800k, they should have listed for $788k instead of $790k )

If you don't mind the T, I would definitely consider Armory. Halifax has a better locale, but needs more updates (at least for the kitchen). Flooring is much cheaper to replace than a kitchen.

TCT said:

Is there anything available similar to the PS homes that would be a better value? What would be a house you guys would try to purchase new or resale under 800k?

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If you still want the Irvine address, still newish but lower MRs/HOA, West Irvine is a great location. Close to quite a bit of shopping, good schools and not so boonie.

irvinehomeowner said:

akkord said:

West Irvine under your price range, fully detached with driveway:
https://www.redfin.com/CA/Irvine/17-Armory-Pl-92602/home/4792898

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Oooo... Armory just came on the market. Nice kitchen update... there are 2 cons:

1. Carpet in the master bath (but easily fixed)
2. Feng Shui on a T-intersection (that's probably why it's sub $800k, they should have listed for $788k instead of $790k )

If you don't mind the T, I would definitely consider Armory. Halifax has a better locale, but needs more updates (at least for the kitchen). Flooring is much cheaper to replace than a kitchen.

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That's a nice sized lot on the home, despite the T I think it'll still go into escrow within a week or so.

So if you were deciding between a new detached condo in Portola vs the Armory house which one would be a better investment down the line? Which one is more desirable?

PS: 150? larger, loft/bonus, IUSD (Portola High)

Armory: SFR, driveway, back yard, larger lot, $350/month cheaper, TUSD (Beckman), some updates needed

Not considering our preference in layout, etc.

@TCT:

In the end, they will probably both be within the same "ROI".

What you should consider is what suits *you* more, location, proximity to job/family/friends, function etc... so your preferences are actually more important than investment potential.

Personally, I like homes with lofts and new is new... so those are advantages for Montara. But, you still have to pay for window coverings, landscaping (if there is any needed) etc. And, in older homes, there are maintenance concerns... however you don't have the higher MRs/HOA fees. You also get driveway which is pretty much extinct now at your price range.

I would visit both multiple times and get a feel for which one feels more like something you can live in for at least 5 years. I know you say 10-15 years but I find people tend to move between 5-10 even though "statistics" say it's less than 5 like everyone wants to tell me. So take that into consideration because you don't need the perfect house now, as that may change by 2025 and you may be able to afford better then.

One other thing, with resale you will have more competition, so that $790 Armory might be higher... you tend not to have competition on new homes other than lot location.

USCTrojanCPA said:

Honestly, your budget is right near buying a detached condo...if you can buy a detached condo you should.  I have a West Irvine 3bed/2.5 bath 1,500sf detached condo listing on a corner lot coming at the end of the month.  HOA is $190ish and the Mello Roos is less than $1,000/yr.  The listing price will be around $750,000.  Let me know if you or you and your agent want to go see it.

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If TCT uses you as their buyers agent, and you are also the sellers agent, can you lower the price even more?