Author Topic: Azalea: New Low Cost or Investment Homes for Cypress Village  (Read 6083 times)

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Offline Dr. CA Real Estate

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Azalea: New Low Cost or Investment Homes for Cypress Village
« on: November 16, 2020, 09:43:31 AM »
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Offline USCTrojanCPA

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Re: Azalea: New Low Cost or Investment Homes for Cypress Village
« Reply #1 on: November 16, 2020, 09:48:11 AM »
Mostly 3-level condos and the most interesting one is the Plan 1 single level condo.
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Re: Azalea: New Low Cost or Investment Homes for Cypress Village
« Reply #2 on: November 16, 2020, 10:20:15 AM »
Where is this at? The corner lot on Ridge Valley and Great Park Blvd? Or is this Sand Canyon and Great Park Blvd?

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Re: Azalea: New Low Cost or Investment Homes for Cypress Village
« Reply #3 on: November 16, 2020, 01:19:22 PM »
Where is this at? The corner lot on Ridge Valley and Great Park Blvd? Or is this Sand Canyon and Great Park Blvd?

I believe it'll be near the corner of Ridge Valley/Great Park Blvd where the lower income housing was supposed to go.
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Offline momopi

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Re: Azalea: New Low Cost or Investment Homes for Cypress Village
« Reply #4 on: November 16, 2020, 03:56:54 PM »
I owned/lived in a 3 level condo (Oak Park).  It was fine for myself or rental to UCI students.

It's a pain in the butt for older tenants and when you try to sell.

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Re: Azalea: New Low Cost or Investment Homes for Cypress Village
« Reply #5 on: November 16, 2020, 04:34:21 PM »
I owned/lived in a 3 level condo (Oak Park).  It was fine for myself or rental to UCI students.

It's a pain in the butt for older tenants and when you try to sell.


3-level properties, excluding where the living area is on the ground floor and the 3rd floor has a loft/bonus room, do not appreciate as well as their 2-level counter parts...never have and never will. Buyers just need to go into buying one of those 3-level properties with eyes wide open to that fact.
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Re: Azalea: New Low Cost or Investment Homes for Cypress Village
« Reply #6 on: November 16, 2020, 05:57:53 PM »
I owned/lived in a 3 level condo (Oak Park).  It was fine for myself or rental to UCI students.

It's a pain in the butt for older tenants and when you try to sell.


3-level properties, excluding where the living area is on the ground floor and the 3rd floor has a loft/bonus room, do not appreciate as well as their 2-level counter parts...never have and never will. Buyers just need to go into buying one of those 3-level properties with eyes wide open to that fact.

I had a buyer that I kept insisting this to them and letting them know this. I let them know that they are severely limiting their resale value because you are vastly shrinking your potential buyer market size. They eventually settled on a tri-level home and justified it by saying it was $100k cheaper than their alternative choice.

I think it is okay for younger couples but once you have elderly or even toddlers this becomes a huge pain in the butt.

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Re: Azalea: New Low Cost or Investment Homes for Cypress Village
« Reply #7 on: November 16, 2020, 06:10:20 PM »
I owned/lived in a 3 level condo (Oak Park).  It was fine for myself or rental to UCI students.

It's a pain in the butt for older tenants and when you try to sell.


3-level properties, excluding where the living area is on the ground floor and the 3rd floor has a loft/bonus room, do not appreciate as well as their 2-level counter parts...never have and never will. Buyers just need to go into buying one of those 3-level properties with eyes wide open to that fact.

I had a buyer that I kept insisting this to them and letting them know this. I let them know that they are severely limiting their resale value because you are vastly shrinking your potential buyer market size. They eventually settled on a tri-level home and justified it by saying it was $100k cheaper than their alternative choice.

I think it is okay for younger couples but once you have elderly or even toddlers this becomes a huge pain in the butt.

Yup and there is no free lunch...if it's cheaper to buy it'll be worth less when it's time to sell.  As long as they understand that when they are purchasing the home that's all we can do as agents.
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Re: Azalea: New Low Cost or Investment Homes for Cypress Village
« Reply #8 on: November 16, 2020, 07:32:31 PM »
Slightly off topic... Shea Homes is building 3 story Condo's and 3 story SFR's at a former grocery store site in Mission Viejo. On their website they are calling a Roof Deck a "4th Story". Is that the case - a roof deck is considered a 4th story or is that simply marketing? What does a 4th story do to your insurance (for anyone who has a roof deck)?

As noted earlier, all those stairs in a 3 story home are great for anyone younger than 25. Over that age? Fugggedaboutit. Add an infant or multiple kids into the mix and these homes turn out to be terrible investments in the long run (IMHO). My first Condo was essentially on the 3rd floor. Schleping groceries and a 2 year old up all those stairs is a memory I'd rather forget.

My .02c
My .02c

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Offline John

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Re: Azalea: New Low Cost or Investment Homes for Cypress Village
« Reply #9 on: November 16, 2020, 07:55:12 PM »
That side of CVE is really going to need an entrance/exit on to Great Park Blvd or Ridge Valley.

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Re: Azalea: New Low Cost or Investment Homes for Cypress Village
« Reply #10 on: November 16, 2020, 08:36:23 PM »
Slightly off topic... Shea Homes is building 3 story Condo's and 3 story SFR's at a former grocery store site in Mission Viejo. On their website they are calling a Roof Deck a "4th Story". Is that the case - a roof deck is considered a 4th story or is that simply marketing? What does a 4th story do to your insurance (for anyone who has a roof deck)?

As noted earlier, all those stairs in a 3 story home are great for anyone younger than 25. Over that age? Fugggedaboutit. Add an infant or multiple kids into the mix and these homes turn out to be terrible investments in the long run (IMHO). My first Condo was essentially on the 3rd floor. Schleping groceries and a 2 year old up all those stairs is a memory I'd rather forget.

My .02c

4-level homes in Mission Viejo?  Oh man, I get that dirt isn't cheap but come on this isn't manhattan or even the westside. Those newer "creative" homes will probably sell because they'll be bright, shiny, new, and staged to the tee but there will be regret after the new home smell wears off.
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Re: Azalea: New Low Cost or Investment Homes for Cypress Village
« Reply #11 on: November 17, 2020, 04:54:43 PM »
No news on HOA or prices, but no MR which takes some of the sting out of the pain....

My guess is mid $700k for the SFR's. Anything more and we're looking at standing inventory for the foreseeable future. 
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Re: Azalea: New Low Cost or Investment Homes for Cypress Village
« Reply #12 on: November 17, 2020, 05:20:53 PM »
That side of CVE is really going to need an entrance/exit on to Great Park Blvd or Ridge Valley.

There really should be a pedestrian / bicycle bridge from CV to CVE. This way it will link up access to the Great Park and also kids from CVE can safely ride their bikes to CV Elementary and also Jeffrey Trail Middle.

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Re: Azalea: New Low Cost or Investment Homes for Cypress Village
« Reply #13 on: November 17, 2020, 05:39:59 PM »
That side of CVE is really going to need an entrance/exit on to Great Park Blvd or Ridge Valley.

There really should be a pedestrian / bicycle bridge from CV to CVE. This way it will link up access to the Great Park and also kids from CVE can safely ride their bikes to CV Elementary and also Jeffrey Trail Middle.

They'll need 2 bridges...one crossing Sand Canyon and the other one crossing the 133 Toll Road but not sure if either one will happen anytime soon.
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Re: Azalea: New Low Cost or Investment Homes for Cypress Village
« Reply #14 on: November 17, 2020, 06:13:13 PM »
That side of CVE is really going to need an entrance/exit on to Great Park Blvd or Ridge Valley.

There really should be a pedestrian / bicycle bridge from CV to CVE. This way it will link up access to the Great Park and also kids from CVE can safely ride their bikes to CV Elementary and also Jeffrey Trail Middle.

They'll need 2 bridges...one crossing Sand Canyon and the other one crossing the 133 Toll Road but not sure if either one will happen anytime soon.

They've been talking about building a pedestrian bridge for more than a decade and it still hasn't happened. The original plan was for a bridge from Woodbury East to Great Park. The city was also supposed to build another bridge crossing Sand Canyon and linking it to JOST. They mention it in this 2007 document for the Venta Spur Trail extension to JOST (another bridge that never happened!):

https://legacy.cityofirvine.org/civica/inc/displayblobpdf2.asp?BlobID=9787

 

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