Author Topic: New Listing - Corte Bella Plan 2 detached condo @ Orchard Hills (101 Mustang)  (Read 2737 times)

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Offline OCtoSV

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there are multiple in Irvine right now

There are no newer true SFRs under $1.5m in Irvine, but there are several older homes under $1.5m

That was my point, and many of those carry extreme value in terms of no /low HOA, no MR and districted into NWHS. Why someone would choose a new(er) detached condo vs an older SFR will always mystify me.

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Offline USCTrojanCPA

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there are multiple in Irvine right now

There are no newer true SFRs under $1.5m in Irvine, but there are several older homes under $1.5m

That was my point, and many of those carry extreme value in terms of no /low HOA, no MR and districted into NWHS. Why someone would choose a new(er) detached condo vs an older SFR will always mystify me.

Why?  Because they don't want to live in an older home that has higher maintenance costs and/or old croppy floor plans.  Many of my buyers won't even consider a home that was built before 2010, let alone before 2000.
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Offline CalBears96

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there are multiple in Irvine right now

There are no newer true SFRs under $1.5m in Irvine, but there are several older homes under $1.5m

That was my point, and many of those carry extreme value in terms of no /low HOA, no MR and districted into NWHS. Why someone would choose a new(er) detached condo vs an older SFR will always mystify me.

Why?  Because they don't want to live in an older home that has higher maintenance costs and/or old croppy floor plans.  Many of my buyers won't even consider a home that was built before 2010, let alone before 2000.

Exactly. And then there are those like my wife who would ONLY consider NEW construction.

When we first bought our first home in San Jose, we could have bought an older home in North Valley, which would have been closer to my company, but we ended up buy a new townhouse in at Communications Hill in south San Jose. We couldn't have been happier. The view was pretty spectacular. I really loved jogging up and down the hill.

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Offline USCTrojanCPA

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there are multiple in Irvine right now

There are no newer true SFRs under $1.5m in Irvine, but there are several older homes under $1.5m

That was my point, and many of those carry extreme value in terms of no /low HOA, no MR and districted into NWHS. Why someone would choose a new(er) detached condo vs an older SFR will always mystify me.

Why?  Because they don't want to live in an older home that has higher maintenance costs and/or old croppy floor plans.  Many of my buyers won't even consider a home that was built before 2010, let alone before 2000.

Exactly. And then there are those like my wife who would ONLY consider NEW construction.

When we first bought our first home in San Jose, we could have bought an older home in North Valley, which would have been closer to my company, but we ended up buy a new townhouse in at Communications Hill in south San Jose. We couldn't have been happier. The view was pretty spectacular. I really loved jogging up and down the hill.

There's something to be said about buying a turnkey home that is ready to move in and that's what 101 Mustang is, a buyer can just pack their bags and move in (no rent back required either). 
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Offline OCtoSV

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Why? Land value, especially now with the ability to subdivide into up to 4 units which even Irvine won't be able to stop. Condos have ZERO land value - a sucker's game unless you acquire it as a cash flow positive rental from day 1. It's all about land in a prime location. My buddy back east and I talked  about this when he was weighing Princeton SFR and the commute into NYC vs Bronxville condo (upscale NYC suburb) and a much shorter commute - land ownership mattered to him as well. Maybe Gen Z/Millennials value bright and shiny vs fundamental value.

CalBruin - I live down in the depths of Almaden in a older pad. I would never live up on Comms Hill just to get a newer pad as that area is kind of sketchy compared  to Almaden with Leland HS, which is where Asians that can't afford Saratoga or Cupertino move to.

Offline USCTrojanCPA

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Why? Land value, especially now with the ability to subdivide into up to 4 units which even Irvine won't be able to stop. Condos have ZERO land value - a sucker's game unless you acquire it as a cash flow positive rental from day 1. It's all about land in a prime location. My buddy back east and I talked  about this when he was weighing Princeton SFR and the commute into NYC vs Bronxville condo (upscale NYC suburb) and a much shorter commute - land ownership mattered to him as well. Maybe Gen Z/Millennials value bright and shiny vs fundamental value.

CalBruin - I live down in the depths of Almaden in a older pad. I would never live up on Comms Hill just to get a newer pad as that area is kind of sketchy compared  to Almaden with Leland HS, which is where Asians that can't afford Saratoga or Cupertino move to.

Irvine is filled with both attached and detached condos which sell like hotcakes so the market has spoken.  The very last homes built in Portola Springs and Orchard Hills will be primo SFR locations and will cost a pretty penny.
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Offline TestingIrvine

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Offline TestingIrvine

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You can’t subdivide new Irvine homes SFR due to HOA rules. This is an invalid argument.

Communication Hill in SJ is not sketchy lol.

Martin is correct.  The hottest condos are Delano (attached) and Helena.  Market speaks for itself and people don’t care about the “land” argument.

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Offline The California Court Company

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It all else being equal, like school and convenient access to freeway and job center, I would never want to go back to new builds Irvine with that density. It is more about distance to neighbors and big enough yard for pool gazebo detached casita or tool shed or rv parking etc.
"Should any Person come into contact with such fruit, soil or groundwater, such Person is advised to wash thoroughly with soap and water and seek immediate medical attention"-Augusta Disclosure, Tustin Legacy

"You'll probably be able to buy a 4BR detached home in Quail Hill for $150,000."-IndieDev

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Offline irvinehomeowner

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At the rate prices are going in Irvine... if I want to retire in this city... I might end up living in a 1BR sandwiched on all 4 sides flat. :(
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Offline Kenkoko

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It all else being equal, like school and convenient access to freeway and job center, I would never want to go back to new builds Irvine with that density. It is more about distance to neighbors and big enough yard for pool gazebo detached casita or tool shed or rv parking etc.

Build density is definitely my top dislike.

The proximity to Landfill and All American Asphalt is a turnoff for me.

Also the weather is just better south of the 405.

Offline OCtoSV

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The market has definitely spoken, and I like what it says: much less competition for resales in Irvine as Gen Z and Millenial buyers will sacrifice real estate fundamentals for a shiny bauble, which must translate to even less competition for resales outside of Irvine in the South OC areas I would target. Matter of fact I am seeing numerous large price cuts in Mission Viejo this morning on resale homes in mature neighborhoods - excellent news.

Offline USCTrojanCPA

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The market has definitely spoken, and I like what it says: much less competition for resales in Irvine as Gen Z and Millenial buyers will sacrifice real estate fundamentals for a shiny bauble, which must translate to even less competition for resales outside of Irvine in the South OC areas I would target. Matter of fact I am seeing numerous large price cuts in Mission Viejo this morning on resale homes in mature neighborhoods - excellent news.

Cities outside of Irvine will slow first because those buyers are not as strong as Irvine buyers, I know what I've seen it first hand with my listings outside of Irvine (I also have my lender cross qual the top buyers for all my non-Irvine listings).
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Offline OCtoSV

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Makes perfect sense - IUSD attracts the families that value at least the perception of high performing schools which usually correlates with professionals with high W2 wages. As the buyer pool dries up in south county I see my single level MV/Laguna Niguel pad slowly coming into view of my $1M target.

Offline USCTrojanCPA

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We received a total of 5 offers.  Best & final counters have been sent out which are due back by Wednesday at 8pm.
Martin Mania, CPA
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