Moving to OC. Lake Forest vs Irvine vs Tustin

sleepy5136

Well-known member
Hi guys,

I am planning to move to the OC from LA. I am a first time home buyer looking at finding a place for ~900k. I'm leaning towards buying new at the moment because there are not many inventory for homes around the price range I have. It seems like the ones that are available will require me to pay 700k+ and I would still have to do some remodeling to make it look a bit more modern. Its definitely a task finding something more modern that doesn't have crazy mello roos involved in Irvine/Tustin. I feel like Tustin may be do-able but I also want to have a decent school district. Question for you guys is the following:

1. Is buying new in lake forest a good idea? I'm intrigued by this because there isn't mello roos.
2. How is the rental and resale market in Lake Forest and Tustin?
3. Do you guys feel its better to buy in Irvine instead of Lake Forest if I plan to stay in the home for 5-10 years? I've been told many times owning a home in Irvine will have no issues with rental or resale.
4. I see some new homes for a cheaper price new John Wayne Airport and it seems like its due to the poor school district (Santa Ana) there. Would you say that reselling/renting would be difficult in that area?

Any insight would be greatly appreciated.
 
Tustin legacy is pretty central and newer. There is some stuff in your price range that is new by the District. The schools are all new and are magnet schools.

Lennar - Levity
Icon
Price: Low $900,000s | Size: 1,938 to 2,787 | Approximate HOA Fees: $170 | Approximate Tax Rate: 1.50%

Velocity
Price: Mid $800,000s | Size: 1,553 to 2,989 | Approximate HOA Fees: $425 | Approximate Tax Rate: 1.50%

Fleet
Price: Mid $700,000s | Size: 1,382 to 2,214 | Approximate HOA Fees: $332 | Approximate Tax Rate: 1.50%

 
These will be ready in spring of 2022 in Tustin legacy

The new Brookfield Residential homes offer three design styles: attached stacked flats and row townhomes, as well as luxury single-family homes:

154 stacked flats: Three-story buildings with elevators and homes 1,000 to over 2,200 square feet with up to three bedrooms.
129 row townhomes: Three-story row towns from 1,900 to over 2,200 square feet with up to four bedrooms.
117 single-family homes: Two- and three-story residences from 2,400 to over 3,300 square feet with up to five bedrooms.
The 400 new homes will be constructed in phases under a revised timeline. Site preparation and grading is anticipated to begin in Fall 2020, followed by construction of major infrastructure. Model home completion is expected in Spring 2022.
 
sleepy5136 said:
Hi guys,

I am planning to move to the OC from LA. I am a first time home buyer looking at finding a place for ~900k. I'm leaning towards buying new at the moment because there are not many inventory for homes around the price range I have. It seems like the ones that are available will require me to pay 700k+ and I would still have to do some remodeling to make it look a bit more modern. Its definitely a task finding something more modern that doesn't have crazy mello roos involved in Irvine/Tustin. I feel like Tustin may be do-able but I also want to have a decent school district. Question for you guys is the following:

1. Is buying new in lake forest a good idea? I'm intrigued by this because there isn't mello roos.
2. How is the rental and resale market in Lake Forest and Tustin?
3. Do you guys feel its better to buy in Irvine instead of Lake Forest if I plan to stay in the home for 5-10 years? I've been told many times owning a home in Irvine will have no issues with rental or resale.
4. I see some new homes for a cheaper price new John Wayne Airport and it seems like its due to the poor school district (Santa Ana) there. Would you say that reselling/renting would be difficult in that area?

Any insight would be greatly appreciated.

Welcome to the forum sleepy.  There's only a two newer home developments in Lake Forest at the moment so not a lot to pick from but could be a good option.  What are your thoughts about buying a resale condo in Baker Ranch or a smaller single family home in Foothill Ranch?  Remember that we are in the seasonal low point of inventory and you'll begin seeing more and more homes listed on the market as we get to the end of the month.  Both resale and rental prices are lower in Tustin and Lake Forest (both cities have more desirable areas like Tustin Ranch and Baker Ranch/Foothill Ranch so it can be location specific).  Historically Irvine home prices have outperformed neighboring cities like Tustin and Lake Forest in general.  It's also important to purchase a good floor plan in a good location.  Irvine rents tend to be stronger financiallly from what I've seen renting out my clients' properties.  Those newer homes by the Airport are 3-level condos and have high HOAs (plus being zoned to Santa Ana schools) will limit the potential upside in pricing due to a smaller buyer pool.  Remember there is no free lunch...if you buy something for less today, it'll sell for less in the future and don't be afraid to bid more aggressively on desirable properties.  With your budget, you should focus in on 3+ bedroom detached properties.  Let me know if you have any other questions.
 
irvinehomeowner said:
@qwerty: Are all those Levity homes the boxy/modern style? Not sure I'd want to pay $1m+ for a Lego house.

Most are attached condos. The detached ones I guess kind of have the lego style you are talking about.  Some of those have pretty cool decks that are pretty large and nice. Levity does kind of remind me a little of the great park architecture (I think)
 
USCTrojanCPA said:
sleepy5136 said:
Hi guys,

I am planning to move to the OC from LA. I am a first time home buyer looking at finding a place for ~900k. I'm leaning towards buying new at the moment because there are not many inventory for homes around the price range I have. It seems like the ones that are available will require me to pay 700k+ and I would still have to do some remodeling to make it look a bit more modern. Its definitely a task finding something more modern that doesn't have crazy mello roos involved in Irvine/Tustin. I feel like Tustin may be do-able but I also want to have a decent school district. Question for you guys is the following:

1. Is buying new in lake forest a good idea? I'm intrigued by this because there isn't mello roos.
2. How is the rental and resale market in Lake Forest and Tustin?
3. Do you guys feel its better to buy in Irvine instead of Lake Forest if I plan to stay in the home for 5-10 years? I've been told many times owning a home in Irvine will have no issues with rental or resale.
4. I see some new homes for a cheaper price new John Wayne Airport and it seems like its due to the poor school district (Santa Ana) there. Would you say that reselling/renting would be difficult in that area?

Any insight would be greatly appreciated.

Welcome to the forum sleepy.  There's only a two newer home developments in Lake Forest at the moment so not a lot to pick from but could be a good option.  What are your thoughts about buying a resale condo in Baker Ranch or a smaller single family home in Foothill Ranch?  Remember that we are in the seasonal low point of inventory and you'll begin seeing more and more homes listed on the market as we get to the end of the month.  Both resale and rental prices are lower in Tustin and Lake Forest (both cities have more desirable areas like Tustin Ranch and Baker Ranch/Foothill Ranch so it can be location specific).  Historically Irvine home prices have outperformed neighboring cities like Tustin and Lake Forest in general.  It's also important to purchase a good floor plan in a good location.  Irvine rents tend to be stronger financiallly from what I've seen renting out my clients' properties.  Those newer homes by the Airport are 3-level condos and have high HOAs (plus being zoned to Santa Ana schools) will limit the potential upside in pricing due to a smaller buyer pool.  Remember there is no free lunch...if you buy something for less today, it'll sell for less in the future and don't be afraid to bid more aggressively on desirable properties.  With your budget, you should focus in on 3+ bedroom detached properties.  Let me know if you have any other questions.

Thanks! Wanted to get your thoughts on Levity Tustin vs Serrano Summit? I'm specifically looking at homes in the high 700s which currently exist in both communities. Wondering the pros/cons of each. I feel like the main selling point in Levity would be the modern look + location. Lake Forest is a great value for the buck, but would require at least 10-20 minutes of driving every time I need to go out. Good thing is no mello roos and low property tax.
 
If you don?t have that much cash. Look around the good school district areas, and see how far your money can go.
 
I was searching online and the Baker Ranch area is not all that cheaper compared to Irvine.  Irvine still wins in my book from appreciation and location perspective.
 
I would suggest taking a walk in every neighborhood you are interested in buying a home to get a sense of it. It helped us narrow down which neighborhood we wanted to go shopping in. (Literally a 30 minute walk on foot through residential streets)
 
irvineboy said:
I was searching online and the Baker Ranch area is not all that cheaper compared to Irvine.  Irvine still wins in my book from appreciation and location perspective.

I've been quiet here and I'm going to write a big post when I have the time, but USCTrojanCPA recently helped me buy a place and I ended up in Baker Ranch. (Also highly recommend him, no doubt he helped me get a good deal with some really good negotiating on his part!) 

This is what I got for ~1.2 in Baker Ranch: 

1. 2600+ sq ft
2. fully upgraded kitchen (granite, full backsplash, built in fridge, double oven etc)
3. Decent sized yard (20 ft setback for the *small* part, ~40ish for the larger part)
4. Built after 2015
5. Full driveway

I don't think you could find a house for less than 1.5 in Irvine that meets that.  *Plus* no mello roos for Baker Ranch. 
 
ThirtySomethingWEquity said:
irvineboy said:
I was searching online and the Baker Ranch area is not all that cheaper compared to Irvine.  Irvine still wins in my book from appreciation and location perspective.

I've been quiet here and I'm going to write a big post when I have the time, but USCTrojanCPA recently helped me buy a place and I ended up in Baker Ranch. (Also highly recommend him, no doubt he helped me get a good deal with some really good negotiating on his part!) 

This is what I got for ~1.2 in Baker Ranch: 

1. 2600+ sq ft
2. fully upgraded kitchen (granite, full backsplash, built in fridge, double oven etc)
3. Decent sized yard (20 ft setback for the *small* part, ~40ish for the larger part)
4. Built after 2015
5. Full driveway

I don't think you could find a house for less than 1.5 in Irvine that meets that.  *Plus* no mello roos for Baker Ranch.

But that guy has only $700k not $1.2.
 
You can buy an older home on a good sized lot in the Racquet Club area of Irvine which zones into Northwood HS (used to be Irvine HS) for ~$1M or slightly under.
 
sleepy5136 said:
USCTrojanCPA said:
sleepy5136 said:
Hi guys,

I am planning to move to the OC from LA. I am a first time home buyer looking at finding a place for ~900k. I'm leaning towards buying new at the moment because there are not many inventory for homes around the price range I have. It seems like the ones that are available will require me to pay 700k+ and I would still have to do some remodeling to make it look a bit more modern. Its definitely a task finding something more modern that doesn't have crazy mello roos involved in Irvine/Tustin. I feel like Tustin may be do-able but I also want to have a decent school district. Question for you guys is the following:

1. Is buying new in lake forest a good idea? I'm intrigued by this because there isn't mello roos.
2. How is the rental and resale market in Lake Forest and Tustin?
3. Do you guys feel its better to buy in Irvine instead of Lake Forest if I plan to stay in the home for 5-10 years? I've been told many times owning a home in Irvine will have no issues with rental or resale.
4. I see some new homes for a cheaper price new John Wayne Airport and it seems like its due to the poor school district (Santa Ana) there. Would you say that reselling/renting would be difficult in that area?

Any insight would be greatly appreciated.

Welcome to the forum sleepy.  There's only a two newer home developments in Lake Forest at the moment so not a lot to pick from but could be a good option.  What are your thoughts about buying a resale condo in Baker Ranch or a smaller single family home in Foothill Ranch?  Remember that we are in the seasonal low point of inventory and you'll begin seeing more and more homes listed on the market as we get to the end of the month.  Both resale and rental prices are lower in Tustin and Lake Forest (both cities have more desirable areas like Tustin Ranch and Baker Ranch/Foothill Ranch so it can be location specific).  Historically Irvine home prices have outperformed neighboring cities like Tustin and Lake Forest in general.  It's also important to purchase a good floor plan in a good location.  Irvine rents tend to be stronger financiallly from what I've seen renting out my clients' properties.  Those newer homes by the Airport are 3-level condos and have high HOAs (plus being zoned to Santa Ana schools) will limit the potential upside in pricing due to a smaller buyer pool.  Remember there is no free lunch...if you buy something for less today, it'll sell for less in the future and don't be afraid to bid more aggressively on desirable properties.  With your budget, you should focus in on 3+ bedroom detached properties.  Let me know if you have any other questions.

Thanks! Wanted to get your thoughts on Levity Tustin vs Serrano Summit? I'm specifically looking at homes in the high 700s which currently exist in both communities. Wondering the pros/cons of each. I feel like the main selling point in Levity would be the modern look + location. Lake Forest is a great value for the buck, but would require at least 10-20 minutes of driving every time I need to go out. Good thing is no mello roos and low property tax.

The biggest pro with Levity is the central location while the big negatives are the high HOA, significant Mello Roos, and they are 3 levels.  Serrano Summit has the benefit of no Mello Roos but the negatives are also the high HOA, not as good of a location as Levity, and they are also 3 levels.  I would recommend that you avoid 3 level condos (where the living area is on the 2nd floor and bedrooms on the 3rd floor).  Is there a reason why you are only considering a new home?  You can easily find an attached 2-bedroom condo below $700k in Irvine/Tustin Ranch and you can even buy a 3-bedroom condo below $700k in Baker Ranch and Foothill Ranch.  Yes, resale inventory is low right now but part of that is because of the time of the year that we are in right now...more inventory is coming.
 
Kangen.Irvine said:
I agree with Eyephone and would even suggest looking at the school district attendance boundary maps for a specific high school, etc.

I just browsed. I think I saw SFH that are available in his budget. (In the good school district not in Irvine)
 
sleepy5136 said:
Hi guys,

I am planning to move to the OC from LA. I am a first time home buyer looking at finding a place for ~900k. I'm leaning towards buying new at the moment because there are not many inventory for homes around the price range I have. It seems like the ones that are available will require me to pay 700k+ and I would still have to do some remodeling to make it look a bit more modern. Its definitely a task finding something more modern that doesn't have crazy mello roos involved in Irvine/Tustin. I feel like Tustin may be do-able but I also want to have a decent school district. Question for you guys is the following:

1. Is buying new in lake forest a good idea? I'm intrigued by this because there isn't mello roos.
2. How is the rental and resale market in Lake Forest and Tustin?
3. Do you guys feel its better to buy in Irvine instead of Lake Forest if I plan to stay in the home for 5-10 years? I've been told many times owning a home in Irvine will have no issues with rental or resale.
4. I see some new homes for a cheaper price new John Wayne Airport and it seems like its due to the poor school district (Santa Ana) there. Would you say that reselling/renting would be difficult in that area?

Any insight would be greatly appreciated.

Buy in Irvine. There are many newish homes in your budget.  They may not be SFH, but you?ll be glad long term. Baker Ranch would be my next choice. Although I don?t know how their schools are.
 
Mety said:
sleepy5136 said:
Hi guys,

I am planning to move to the OC from LA. I am a first time home buyer looking at finding a place for ~900k. I'm leaning towards buying new at the moment because there are not many inventory for homes around the price range I have. It seems like the ones that are available will require me to pay 700k+ and I would still have to do some remodeling to make it look a bit more modern. Its definitely a task finding something more modern that doesn't have crazy mello roos involved in Irvine/Tustin. I feel like Tustin may be do-able but I also want to have a decent school district. Question for you guys is the following:

1. Is buying new in lake forest a good idea? I'm intrigued by this because there isn't mello roos.
2. How is the rental and resale market in Lake Forest and Tustin?
3. Do you guys feel its better to buy in Irvine instead of Lake Forest if I plan to stay in the home for 5-10 years? I've been told many times owning a home in Irvine will have no issues with rental or resale.
4. I see some new homes for a cheaper price new John Wayne Airport and it seems like its due to the poor school district (Santa Ana) there. Would you say that reselling/renting would be difficult in that area?

Any insight would be greatly appreciated.

Buy in Irvine. There are many newish homes in your budget.  They may not be SFH, but you%u2019ll be glad long term. Baker Ranch would be my next choice. Although I don%u2019t know how their schools are.

But SFH > detached, or attached
*Especially due to the new CA law. (Not new, but new to TI) That cuts the red tape, time, and costs for fees to the city to add another unit on property.
Due to the housing crisis. You

Therefore, you can add value to the property and rental income.
 
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