Author Topic: New Listing - Ellwood Nash detached condo in Beacon Park (132 Mongoose)  (Read 3127 times)

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Offline USCTrojanCPA

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I listed an Ellwood Nash detached condo in Beacon Park on MLS earlier this afternoon.  This floor plan features an open floor plan downstairs along with a downstairs bedroom and full bath.  The home features 2,287sf of living space and 4 bedrooms and 3 full bathrooms built in 2016. The home is listed at $1,088,000

PM me or email (mmania001@yahoo.com) if you are interested in seeing it.

First showings will start Friday at 4pm.

Here is the Redfin link:

https://www.redfin.com/CA/Irvine/132-Mongoose-92618/home/143914812

Pictures and the virtual tour are in the link below:

www.132Mongoose.com
Martin Mania, CPA
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Offline AccidentalAnalytics

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Hi there, been reading your posts as I have just moved to the Great Park. (Left Irvine in 2007 for work)

Curious as to why most properties in GP you refer to as detached condos?  Is it due to zero lots, or, are all properties in GP technically condos? I.e. come with a condo rider.

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Offline Cares

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Detached condos are a "newer" house category. Basically it's in between a SFR and a condo. It has smaller setbacks in the yard and sometimes 0 lot line like you mentioned where your yard "wall" is actually your neighbor's house.

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Offline AccidentalAnalytics

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Thanks.  I was just confused and the Lennar Covello project just took condo attached/detached confusion to a new level: One is fully detached, one is garage only attached, and another pair is effectively attached (but lacks sub association).  Talk about trying to confuse people.

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Offline USCTrojanCPA

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As Cares stated, typically detached condos have smaller setbacks than SFR homes (a zero lot line does not determine whether a home is a detached condo or an SFR as there are plenty of older SFRs that have zero lot lines in Irvine).  The other thing with most detached condos is that there is no assigned lot size and the owner of the home owners an equal % of the common land area.  It's sorta like the difference between art and porn when determining whether a home is a detached condo or a home, you'll know when you see it.
Martin Mania, CPA
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Offline sleepy5136

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As Cares stated, typically detached condos have smaller setbacks than SFR homes (a zero lot line does not determine whether a home is a detached condo or an SFR as there are plenty of older SFRs that have zero lot lines in Irvine).  The other thing with most detached condos is that there is no assigned lot size and the owner of the home owners an equal % of the common land area.  It's sorta like the difference between art and porn when determining whether a home is a detached condo or a home, you'll know when you see it.
In that case, what makes one want a detached home instead of SFR? Is it mainly a cost issue? I'm starting to see a lot of "condos" that are in the 1m+ range in Irvine.

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Offline USCTrojanCPA

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As Cares stated, typically detached condos have smaller setbacks than SFR homes (a zero lot line does not determine whether a home is a detached condo or an SFR as there are plenty of older SFRs that have zero lot lines in Irvine).  The other thing with most detached condos is that there is no assigned lot size and the owner of the home owners an equal % of the common land area.  It's sorta like the difference between art and porn when determining whether a home is a detached condo or a home, you'll know when you see it.
In that case, what makes one want a detached home instead of SFR? Is it mainly a cost issue? I'm starting to see a lot of "condos" that are in the 1m+ range in Irvine.

Yes, it's a cost issue and it's also a desire for the newer open floor plans (the pricing for newer SFRs in Irvine is very high now) so the next best option is a detached condo.
Martin Mania, CPA
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mmania001@yahoo.com
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Offline sleepy5136

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As Cares stated, typically detached condos have smaller setbacks than SFR homes (a zero lot line does not determine whether a home is a detached condo or an SFR as there are plenty of older SFRs that have zero lot lines in Irvine).  The other thing with most detached condos is that there is no assigned lot size and the owner of the home owners an equal % of the common land area.  It's sorta like the difference between art and porn when determining whether a home is a detached condo or a home, you'll know when you see it.
In that case, what makes one want a detached home instead of SFR? Is it mainly a cost issue? I'm starting to see a lot of "condos" that are in the 1m+ range in Irvine.

Yes, it's a cost issue and it's also a desire for the newer open floor plans (the pricing for newer SFRs in Irvine is very high now) so the next best option is a detached condo.
The thing about Irvine is the SFR here are all maintained well unlike LA. Even homes here labeled as fixer uppers are not that bad. I would rather find a fixer upper in Irvine instead of buying a new floor plan.

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Offline USCTrojanCPA

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First 2 offers in on Mongoose.
Martin Mania, CPA
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mmania001@yahoo.com
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Offline akula1488

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I checked the Mongoose floorplan using the brochure from the builder Richmond American and it says the square footage is 2050 sqft? Close to 10% difference is normal?
Edit : link added
https://www.richmondamerican.com/content/plans/nash/55943_nash-s638-ellwoodatbeaconpark_2_5_16.pdf

Offline USCTrojanCPA

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I checked the Mongoose floorplan using the brochure from the builder Richmond American and it says the square footage is 2050 sqft? Close to 10% difference is normal?
Edit : link added
https://www.richmondamerican.com/content/plans/nash/55943_nash-s638-ellwoodatbeaconpark_2_5_16.pdf

Builder floor plans are always estimates and can vary up to 10% from what the County's measurement is.  The 2,287sf is based upon the county title records.
« Last Edit: May 31, 2021, 08:22:36 PM by USCTrojanCPA »
Martin Mania, CPA
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Offline USCTrojanCPA

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Third offer in.
Martin Mania, CPA
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mmania001@yahoo.com
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Offline LiefinIrvine

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Hi Martin

 I'm hearing 800k - 1 Mil is the sweet spot(Irvine) for first-time home buyers and inventory is very thin in this budget range. How's the response and bank approval rate for condos above 1 Mil and less than 1.1 Mil, like this home?

Offline USCTrojanCPA

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Hi Martin

 I'm hearing 800k - 1 Mil is the sweet spot(Irvine) for first-time home buyers and inventory is very thin in this budget range. How's the response and bank approval rate for condos above 1 Mil and less than 1.1 Mil, like this home?

So long as you have good credit, the down payment, and within the DTI parameters then you will get approved.  Jumbo loans (above $822,375) have lower rates than conforming loans so putting down 20% at $1.1m will get you that better rate for this detached condo.
Martin Mania, CPA
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mmania001@yahoo.com
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Offline Cares

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Hi Martin

 I'm hearing 800k - 1 Mil is the sweet spot(Irvine) for first-time home buyers and inventory is very thin in this budget range. How's the response and bank approval rate for condos above 1 Mil and less than 1.1 Mil, like this home?

You know what's really funny? There are VERY few homes between $1-1.1M in Irvine for some reason compared to all other price brackets. I have a buyer looking in this range and at some points there are literally only 1 or 2 homes on the market.

 

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