[Poll] Spending $1mil in Irvine

KPop time!

Since this is currently being debated in a few threads... if you had about $1million to spend and you weren't an Asian businessman looking to invest into some area like John's Creek... where in Irvine would you buy?

New construction in Lambert Ranch? New construction in one of the TIC 'hoods? Or a resale in one of the more premium areas in Irvine?

And don't be shy if I didn't put your favorite 'hood on the poll... that's what the 'Other' option is for... I pulled from current new construction and Global Decision's chart for "premium" neighborhoods.

http://www.irvinehousingblog.com/bl...e-village-premiums-by-global-decision-and-ihb(chart not showing in article for some reason)

Portola Springs and Columbus Grove?

I forgot Portola Springs... Columbus is negative on the GD chart so that was purposely excluded.

paging test, paging test...

irvinehomeowner said:

Columbus is negative on the GD chart so that was purposely excluded.

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If it weren't for the ridiculous HOAs, I would buy something like this
http://www.redfin.com/CA/Irvine/5154-Scholarship-92612/home/12253043

Enduring value is not the tricks one could put in the floor plan but rather the preservation of nature for generations to come to enjoy. Floor plan fads and features come and go but nature and open space will never change. I chose Turtle Rock for the community timelessness. Turtle Rock represents Irvine's true legacy where a community was design driven whereas the communities of today are financially driven.

I thank IHO for this poll.

problem here is that $1M doesnt buy you much in TR.  the house IHO pointed me to yesterday was well outside of my budget:
http://www.redfin.com/CA/Irvine/19502-Sierra-Lago-Rd-92603/home/4739945

while it offers a much better layout, it needs some serious updating inside, some improvement to the facade as it looks so boxy, and landscaping in backyard.  basically this house would be $1.3 easily so we arent exactly in the the about $1M price point

lets make this easier - you have $1M total to spend on house, remodel, landscape - what would you buy?

rkp said:

problem here is that $1M doesnt buy you much in TR.  the house IHO pointed me to yesterday was well outside of my budget:
http://www.redfin.com/CA/Irvine/19502-Sierra-Lago-Rd-92603/home/4739945

while it offers a much better layout, it needs some serious updating inside, some improvement to the facade as it looks so boxy, and landscaping in backyard.  basically this house would be $1.3 easily so we arent exactly in the the about $1M price point

lets make this easier - you have $1M total to spend on house, remodel, landscape - what would you buy?

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I used to think that newer and updated is better but my thoughts have turned a while back.  My Brother and Sister in law have an older home in CDM they bought several years ago.  It is a bit outdated but the bones of the house are very nice.  The yard is large (home built in the 70's) and the views are nice (hills and peek a boo ocean).  Knowing what they paid, at first I wondered why they did not buy a very nicely appointed newish home in Irvine or somewhere similar and have all the nice surfaces, materials and appliances at their fingertips. 
Now several years later, the home has has some upgrades but basically is the same as it was when they bought it except the paint and landscaping.  When I go to their house, I always feel at ease at the breathe able open yard and flow of the home.  I don't mind that the tile counter tops are not current or the appliances are black faced.  The house just feels so cozy and comfortable and the backyard is wonderful for a lazy Sunday sitting by the pool.  The location also is a big plus with the peek a view ocean view.  Now I 'get it' and would much rather buy a house like that in the same area than spend a similar amount of money for a beautiful new home in a new part of Irvine.  Although I don't have the type of coin they have, that is one of the (many) reasons we bought down in south county close to the ocean and is not a new home (built in early '90's).  I do have to admit the home we bought was heavily upgraded by the previous homeowner and that was a big plus but not the main reason we bought it.   

Sometimes I take a peek at houses just for fun and the allure of NEW still tingles inside. 

rkp said:

problem here is that $1M doesnt buy you much in TR.

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But that's the point. People would rather spend $1mil on a smaller, older house in TR than $1mil brand new elsewhere (at least that's what the poll numbers look like).

lets make this easier - you have $1M total to spend on house, remodel, landscape - what would you buy?

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That would even be more in favor for TR.

There is an interesting data point... people would rather buy in Woodbury with the "purported" lower quality Elem than Stonegate?

Is it even possible to find a SFR in Turtle Ridge for $1M?  Is it possible to find a Turtle Rock SFR that's at least 2500 sq ft under $1M all in after renovating the inside and landscaping?  Same question with Quail Hill.  If so, I would buy in those areas.  It's hard to stay under $1M in a new build in one of the newer developments if you want a SFR with at least 2500 sq ft all in and i mean a new SFR with its own driveway.  Are we talking just SFR or condos?  Irvine is very overpriced.  What exactly does $1M get you in any of these areas all in, not just sale price?

OCgasman said:

Is it even possible to find a SFR in Turtle Ridge for $1M?

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Yes... some even 3CWG:
http://www.redfin.com/CA/Irvine/5412-Sierra-Roja-Rd-92603/home/4739915
http://www.redfin.com/CA/Irvine/5342-Blinn-Ln-92603/home/4739536http://www.redfin.com/CA/Irvine/19271-Sierra-Inez-Rd-92603/home/4741215

Is it possible to find a Turtle Rock SFR that's at least 2500 sq ft under $1M all in after renovating the inside and landscaping?

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Depends on how much renos you want to do. As for landscaping... last I checked... new homes aren't landscaped either. And other than LR, you have to factor in Mello Roos for new too.

Same question with Quail Hill.

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There have been a few that have closed at $1mil (even some Tapestry models)... and they don't need renos.

The problem with resale is unlike new... there's not a lot of inventory. But if you are patient... there are $1mil homes to be had in the nicer areas.

For maintenance issues... that's what home warranties are for (not sure what the cost is on older homes although I think they price by size not age).

You are giving up things at the $1mil price point in TR vs. a new home... but cosmetic, landscape, maintenance (even making the home bigger)... can all be done over time... changing your location can not.

I guess for me... I made a bad $1mil decision choosing home over location... so I'm just hoping some people learn from my mistake.

iho - howd you make a bad decision?  dont know your story....

Northwood II. Wouldn't even look at properties elsewhere.
Seriously thinking of crossing Culver this summer.

I really don't get this.  People hated the furniture, cabinetry and decor from the 1960s and then when Madmen and Magic City became big hits then all of a sudden the people who hated the Eames plastic chairs and other Jetson like decor all of a sudden think the 60 's decor is awesome. The vendors at the Rose bowl flea market are asking a lot for 60's vintage when just several years ago were worth nothing.

This reminds me of RKP. Rule of RE is never to follow trend or what is fashionable. Saving is when buying a property with outdated unattractive decor by using bargaining power.

bones said:

Are people just clicking TR and QH because those are the "coveted" areas without really understanding what $1M buys?  I think the better poll question would be - would you rather buy ~2200 sf, older, needs updating in TR/QH versus ~3000 sf, new elsewhere.

For us, neither option is perfect. 

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This.

I know there are outliers, but this is generally true.  Also, women think of homes differently than men.  I'm gonna guess that most active members here are men.  Men think analytically, think about resale, think about cost analysis, think about where to put the built-in BBQ.  Women think about home as a place to raise a family, there's more emotion to their decision to buy.  They care about having other kids the same age in the neighborhood.  Partake in PTA.  Women want a place that feel right.  Sometimes a decision isn't based on $/sq foot, but on other intangibles. 

Irvine is just a horrifically overpriced city.  We post and live here cuz we're passionate about this city.  Sometimes we plant roots in a neighborhood that feels right to us, but seems insane to others.  There's no right or wrong decision.  Yes, there can be a costly "mistake" on resale, but is it really a "mistake" if you've raised a family there happily and in good health, but didn't make money on your investment?  I say no...

rkp said:

iho - howd you make a bad decision?  dont know your story....

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Really short version... we got lured in by the 3CWG, large lot and lower price, thinking we could deal with the busy street noise. We sold a few years later at a loss.

What you think you can deal with... sometimes ends up being the thing that ruins everything else for you. But... we've saved a ton of money living in our smaller home since then (probably equivalent to our loss). The only problem is this home also suffers from a poor location (noise wise... not neighborhood wise).

A pair of 25 cents ear plugs could have saved you thousands just like a $25 tree can do miracle in hiding the landfill.

People here are officially obsessed with making the "right" financial decision.  The perfect house in the perfect location at the perfect price.  I've got news for you.  You have to be either extremely lucky, or you are not living in reality.  My experience is that you can get 2 of the 3, but not all 3.  Perfect house at perfect price...  but you've sacrificed where that location is (i.e. Lambert Ranch???)  Or the perfect house in the perfect location (remodeled home in East Bluff) but the price is out of reach.  Or the perfect location at the perfect price (fixer upper in Turtle rock) that will take $200K in reno to get it to your liking.   

Irvine is terribly priced?  It depends on what you compare it to.  If you compared Irvine to, for example, South Pasadena, its bargain.  To West LA?  Bargain.  I'm not saying that Irvine is nicer or in a better than any of those locations, but pricing is a relative measure.