Author Topic: 68 homes priced from low-$400,000 coming to Irvine  (Read 1138 times)

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Offline WTTCHMN

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68 homes priced from low-$400,000 coming to Irvine
« on: February 15, 2021, 10:31:20 AM »

Offline eyephone

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Re: 68 homes priced from low-$400,000 coming to Irvine
« Reply #1 on: February 15, 2021, 10:35:34 AM »
Put in the title for “qualified buyers” based on income

Offline sleepy5136

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Re: 68 homes priced from low-$400,000 coming to Irvine
« Reply #2 on: February 15, 2021, 12:43:19 PM »
I wonder what the limitations are if they get it and decide to resale? Can they sell for market price and pocket out the difference? Also, what would their mello roos be?

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Re: 68 homes priced from low-$400,000 coming to Irvine
« Reply #3 on: February 15, 2021, 12:48:22 PM »
I wonder what the limitations are if they get it and decide to resale? Can they sell for market price and pocket out the difference? Also, what would their mello roos be?

There are income restrictions on the sell side and there needs to be an approval for the listing price and who the buyer is (I sold one of these many years ago in Huntington Beach).  There's a certain time limit like 10-20 years that the restricts are in place for.
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Offline Dr. CA Real Estate

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Re: 68 homes priced from low-$400,000 coming to Irvine
« Reply #4 on: February 15, 2021, 12:58:55 PM »
Also a time limit on when you can sell or rent out after buying for most of these types of housing. They do check to make sure you're using it as your primary residence.
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Re: 68 homes priced from low-$400,000 coming to Irvine
« Reply #5 on: February 15, 2021, 01:22:19 PM »
Also a time limit on when you can sell or rent out after buying for most of these types of housing. They do check to make sure you're using it as your primary residence.

Yeah, the City dictates the maximum listing price and requires the buyers to be approved by them before they can close on the purchase (at that was my experience with the City of Huntington Beach).  The closest community to Irvine that has those type of restrictions are the condos over in Tustin Fields (Northwest corner of Harvard/Edinger backing up to the railroad tracks). 
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Offline irvinehomeowner

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Re: 68 homes priced from low-$400,000 coming to Irvine
« Reply #6 on: February 15, 2021, 04:55:01 PM »
Also a time limit on when you can sell or rent out after buying for most of these types of housing. They do check to make sure you're using it as your primary residence.

Yeah, the City dictates the maximum listing price and requires the buyers to be approved by them before they can close on the purchase (at that was my experience with the City of Huntington Beach).  The closest community to Irvine that has those type of restrictions are the condos over in Tustin Fields (Northwest corner of Harvard/Edinger backing up to the railroad tracks). 

One cousin and a former co-worker both bought those HB restricted income homes. My cousin had since sold but said it was a pain to do so.
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Re: 68 homes priced from low-$400,000 coming to Irvine
« Reply #7 on: February 15, 2021, 05:25:14 PM »
Also a time limit on when you can sell or rent out after buying for most of these types of housing. They do check to make sure you're using it as your primary residence.

Yeah, the City dictates the maximum listing price and requires the buyers to be approved by them before they can close on the purchase (at that was my experience with the City of Huntington Beach).  The closest community to Irvine that has those type of restrictions are the condos over in Tustin Fields (Northwest corner of Harvard/Edinger backing up to the railroad tracks). 

One cousin and a former co-worker both bought those HB restricted income homes. My cousin had since sold but said it was a pain to do so.

Yeah it took about 50 days to close once we went into escrow because the City was making us wait for a few things, it was a pain in the booty because there was no sense of urgency with the city workers that I was dealing with.
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Offline Dr. CA Real Estate

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Re: 68 homes priced from low-$400,000 coming to Irvine
« Reply #8 on: February 15, 2021, 05:57:41 PM »
Also terrible headaches are some of the senior housing or worse affordable senior. Theres actually two other sections of restricted housing in Irvine; university hills, and another section near UCI I forget the name of right now.
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Offline sleepy5136

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Re: 68 homes priced from low-$400,000 coming to Irvine
« Reply #9 on: February 15, 2021, 06:43:39 PM »
I wonder what the limitations are if they get it and decide to resale? Can they sell for market price and pocket out the difference? Also, what would their mello roos be?

There are income restrictions on the sell side and there needs to be an approval for the listing price and who the buyer is (I sold one of these many years ago in Huntington Beach).  There's a certain time limit like 10-20 years that the restricts are in place for.

income restrictions after the homeowner got the discounted price and wants to do a resale once the time frame and other requirements are met? So the homeowner can only resale to certain buyers within a given AGI?

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Re: 68 homes priced from low-$400,000 coming to Irvine
« Reply #10 on: February 15, 2021, 11:00:51 PM »
I wonder what the limitations are if they get it and decide to resale? Can they sell for market price and pocket out the difference? Also, what would their mello roos be?

There are income restrictions on the sell side and there needs to be an approval for the listing price and who the buyer is (I sold one of these many years ago in Huntington Beach).  There's a certain time limit like 10-20 years that the restricts are in place for.

income restrictions after the homeowner got the discounted price and wants to do a resale once the time frame and other requirements are met? So the homeowner can only resale to certain buyers within a given AGI?

Yes, there are income restrictions based upon the number of people in a household.  The City will review tax returns and paystubs to verify that the buyers do not exceed the predetermined income thresholds. 
Martin Mania, CPA
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Offline sleepy5136

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Re: 68 homes priced from low-$400,000 coming to Irvine
« Reply #11 on: February 16, 2021, 10:15:40 AM »
I wonder what the limitations are if they get it and decide to resale? Can they sell for market price and pocket out the difference? Also, what would their mello roos be?

There are income restrictions on the sell side and there needs to be an approval for the listing price and who the buyer is (I sold one of these many years ago in Huntington Beach).  There's a certain time limit like 10-20 years that the restricts are in place for.

income restrictions after the homeowner got the discounted price and wants to do a resale once the time frame and other requirements are met? So the homeowner can only resale to certain buyers within a given AGI?

Yes, there are income restrictions based upon the number of people in a household.  The City will review tax returns and paystubs to verify that the buyers do not exceed the predetermined income thresholds.

oh wow. i didn't know there are buyer restrictions after the 1st buyer has bought the home. I can see why there are income restrictions for the first buyer, didn't know that future buyers would also need to meet the income requirements.

Offline Dr. CA Real Estate

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Re: 68 homes priced from low-$400,000 coming to Irvine
« Reply #12 on: February 16, 2021, 11:25:22 AM »
Affordable housing would very quickly not be affordable housing otherwise.
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Re: 68 homes priced from low-$400,000 coming to Irvine
« Reply #13 on: February 16, 2021, 01:25:43 PM »
I wonder what the limitations are if they get it and decide to resale? Can they sell for market price and pocket out the difference? Also, what would their mello roos be?

There are income restrictions on the sell side and there needs to be an approval for the listing price and who the buyer is (I sold one of these many years ago in Huntington Beach).  There's a certain time limit like 10-20 years that the restricts are in place for.

income restrictions after the homeowner got the discounted price and wants to do a resale once the time frame and other requirements are met? So the homeowner can only resale to certain buyers within a given AGI?

Yes, there are income restrictions based upon the number of people in a household.  The City will review tax returns and paystubs to verify that the buyers do not exceed the predetermined income thresholds.

oh wow. i didn't know there are buyer restrictions after the 1st buyer has bought the home. I can see why there are income restrictions for the first buyer, didn't know that future buyers would also need to meet the income requirements.

Well, the City wants to maintain the properties as affordable housing units for a longer period of time.  I believe there is also something that is recorded on title regarding these restrictions. 
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Offline irviniteeee

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Re: 68 homes priced from low-$400,000 coming to Irvine
« Reply #14 on: February 16, 2021, 01:31:24 PM »
Also terrible headaches are some of the senior housing or worse affordable senior. Theres actually two other sections of restricted housing in Irvine; university hills, and another section near UCI I forget the name of right now.

The folks who are able to get homes in University Hills have it really good. The location/views are great. They have the same floorplans seen in other parts of Irvine for half the price. I'm sure the selling process can be a pain there though.

 

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