Author Topic: Advice for Family Moving to Irvine with <$1.3M Budget  (Read 1238 times)

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Offline 2ndServeAce

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Advice for Family Moving to Irvine with <$1.3M Budget
« on: July 27, 2020, 02:47:20 PM »
We are currently looking for properties in Irvine with 4 bedrooms & >2500+ sqft within a $1.3M budget and wanted to get advice on which options may be best for a family who may be looking to stay at least 10+ years in the property.  We currently live in a condo and this would be our first home purchase.

1. Look for a lower priced property in GP neighborhood to account for the MR costs, possibly $1.1M.  We've come across places at Cadence Park that are offering discounts up to $80K at the moment on their price sheets, but hoping a little bit more to get down <$1.1M. Would it be a better option to find ones that are 2-3 years old on the market now?
 
2. Find a property within Irvine without MR (or small amount) for $1.0M and invest $200K - $300K in renovations to get it looking similar to new construction.  We have absolutely no experience in renovating besides watching a lot of HGTV.  We are also located in SD at the moment, and unlikely to be able to visit the site more than 2x a week to monitor progress.  Would be great to hear if this is a feasible option and from anyone's experiences if we can do this successfully remote.  Are there contractors that could manage this process end to end within this budget?

3. Find a newly renovated property within Irvine with no MR for $1.3M.  From monitoring the listings for the last few months, we have yet to find one that totally fits the bill in terms of being exactly turnkey yet for $1.3M.  Generally, would we be able to find fully renovated houses at this price point?

Appreciate any advice on which options make the most sense and if my expectations may not fit my budget at the moment.  We're hoping to get moved in by early 2021.

Offline Compressed-Village

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Re: Advice for Family Moving to Irvine with <$1.3M Budget
« Reply #1 on: July 27, 2020, 03:50:39 PM »
Right off the bats, you strike a home run.

What I mean by that is that you stated that you will stay 10 + years, which make you a long term buyer, which is a double plus. You  have intention of holding on and ride out the down.

My view is when you have the FED flood the system with this much money, your money will / is, dilute even more so next couple of years. The hedge against this is to acquire and retain hard assets. Whether, it’s land, commodities, oil, precious metals, a home where you will live in. A home not only provide permanency, it’s a shelter. The ways to win is borrow cheap and long. History shown over the long run buy and love where you live and not worry about the noise about extra little extra tax MR comes out ahead. Most new home / developments will have MR. When you buy into a Master plan developments prices will be sticky and less likely to drop. The reason you get 80k in reduction in price is because the builder willing to take a less profit in the crazy upgrade price that was
put in. This is by all mean not loosing money for them, it’s market price, they still make money. Right there you already win. If you purchased a super upgraded older home in an older neighborhood, your high price have a smaller chance of price moving upward against newer neighborhoods. Everybody loves new smells.

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Offline nosuchreality

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Re: Advice for Family Moving to Irvine with <$1.3M Budget
« Reply #2 on: July 27, 2020, 04:06:48 PM »
I see plenty of listings you should have no problem.  It depends on you, your family, what's important?

Take a look at this one and tell us what's wrong from your viewpoint.

https://www.redfin.com/CA/Irvine/131-Follyhatch-92618/home/143915071

Or this one.

https://www.redfin.com/CA/Irvine/131-Carmine-92618/home/167413742

Or this one.

https://www.redfin.com/CA/Irvine/14941-Dusk-St-92604/home/4667363

Offline zubs

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Re: Advice for Family Moving to Irvine with <$1.3M Budget
« Reply #3 on: July 28, 2020, 09:06:44 AM »
That last one...bad juju....stairs lead out the door.  Need to bend that stairway @ an angle or asians won't buy it. 


& why limit your customer base?
It also has a 4 in the address...but who notices these things?


You will notice the newer houses ...(the top 2) take into account all this voodoo magic.

Offline irvinehomeowner

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Re: Advice for Family Moving to Irvine with <$1.3M Budget
« Reply #4 on: July 28, 2020, 09:43:51 AM »
Plus #3 is next to railroad tracks.

For the OP's question, it also depends which area of Irvine you want to live in, what kind of floorplan do you like, and lot size.

I'll start with Woodbridge since I used to live there and it's central Irvine (and also no MRs):

New small tract built in 2014, no MRs and newer style floorplan (ie Great Room 1st floor), 1.38m (so a little above your range... but turnkey):

https://www.redfin.com/CA/Irvine/96-Shadowbrook-92604/home/51682422

Older, okay to live in without having to update and a little dated but... it's a 3CGW!! $1.3M but it's 5br/3ba:

https://www.redfin.com/CA/Irvine/6-Rockwren-92604/home/4690127

This one needs work, but only $1.06m and also a 3CWG:

https://www.redfin.com/CA/Irvine/21-Sparrowhawk-92604/home/4686947

This one is interesting, in University Park (also no MRs) just behind the shopping center but it's got a deck on top of the garage, $1.17m:

https://www.redfin.com/CA/Irvine/11-Norton-St-92612/home/4698935

If you want to live further north, Northwood 3CWG... renovated but some time ago, $1.3m:

https://www.redfin.com/CA/Irvine/27-Lee-92620/home/4783244
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Offline paperboyNC

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Re: Advice for Family Moving to Irvine with <$1.3M Budget
« Reply #5 on: July 29, 2020, 11:13:09 AM »
Real estate prices are quite depressing as a buyer. If I were to "move up" I'd have a similar budget to you and nothing in Irvine excites me for that price - nothing that is significantly better than what I have now.

If you are willing to consider areas outside Irvine. Here are some that caught my eye due to low / no mello-roos, large lots and views.

New construction
https://www.redfin.com/CA/Lake-Forest/1554-Viejo-Ridge-DR-S-92610/home/170211958


Coto de Caza, great schools, but built in 1990
https://www.redfin.com/CA/Coto-De-Caza/31831-Via-Perdiz-92679/home/5056158

 

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