Author Topic: [IHB] The Village and the Budget  (Read 3120 times)

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Offline zovall

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[IHB] The Village and the Budget
« on: September 10, 2012, 08:17:34 AM »
Blog post by CZ:
http://www.irvinehousingblog.com/blog/comments/the-village-and-the-budget

Quote
Do HOA Dues and Mello Roos influence your decision?
Absolutely.  With interest rates as low are they are, every $100 in HOA or Mello Roos is equivalent to $20k financed. 

Quick example using $0 down:
$500k home at 4% 30yr fixed with $500 in combined Mello Roos/HOA
- Mortgage payment $2387
- Mello Roos/HOA $500
- Total $2887

$605k home at 4% 30yr fixed with $0 combined Mello Roos/HOA
- Mortgage pagement $2888
- Mello Roos/HOA $0
- Total $2888

« Last Edit: September 10, 2012, 08:28:32 AM by zovall »

Offline bella

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Re: [IHB] The Village and the Budget
« Reply #1 on: September 10, 2012, 04:07:12 PM »
Blog post by CZ:
http://www.irvinehousingblog.com/blog/comments/the-village-and-the-budget

Quote
Do HOA Dues and Mello Roos influence your decision?
Absolutely.  With interest rates as low are they are, every $100 in HOA or Mello Roos is equivalent to $20k financed. 

Quick example using $0 down:
$500k home at 4% 30yr fixed with $500 in combined Mello Roos/HOA
- Mortgage payment $2387
- Mello Roos/HOA $500
- Total $2887

$605k home at 4% 30yr fixed with $0 combined Mello Roos/HOA
- Mortgage pagement $2888
- Mello Roos/HOA $0
- Total $2888

Yes, both of those factors are influencing our decision.  If we see a high HOA with few amenities, we scratch that one off the list. (Lagura Altura was the latest casualty). 

We have actually decided to look in a lower price range due to mello roos and HOA...we decided that it is better to buy a house in a lower bracket (600-700s vs 800s) so we can absorb the hefty monthly costs of MR & HOA without feeling the pinch.

Offline Irvinecommuter

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Re: [IHB] The Village and the Budget
« Reply #2 on: September 10, 2012, 04:11:02 PM »
Agree with Zovall...Mello Roos are somewhat unavoidable in Irvine but HOA fees are outrageous.

Stonegate is great on both.  1.6% total tax and $110 on the HOA.  Compare with Woodbury at 1.8% and $400+ for a condo.

Offline USCTrojanCPA

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Re: [IHB] The Village and the Budget
« Reply #3 on: September 10, 2012, 04:18:22 PM »
Agree with Zovall...Mello Roos are somewhat unavoidable in Irvine but HOA fees are outrageous.

Stonegate is great on both.  1.6% total tax and $110 on the HOA.  Compare with Woodbury at 1.8% and $400+ for a condo.
You are comparing apples and oranges....the $300+ HOAs in Woodbury are for attached condos not detached condo.  Only the detached condos and homes in Stonegate have an HOA of $110.   I believe the HOA for detached homes in Woodbury is close to $110 as well.  For detached Woodbury condos the HOA is higher.
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Offline Irvinecommuter

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Re: [IHB] The Village and the Budget
« Reply #4 on: September 10, 2012, 04:24:55 PM »
Agree with Zovall...Mello Roos are somewhat unavoidable in Irvine but HOA fees are outrageous.

Stonegate is great on both.  1.6% total tax and $110 on the HOA.  Compare with Woodbury at 1.8% and $400+ for a condo.
You are comparing apples and oranges....the $300+ HOAs in Woodbury are for attached condos not detached condo.  Only the detached condos and homes in Stonegate have an HOA of $110.   I believe the HOA for detached homes in Woodbury is close to $110 as well.  For detached Woodbury condos the HOA is higher.

Fair enough...but StoneTree Manor still assesses an extra condo fee for despite being a detached Condo.  Mello Roos was also lower than I thought (1.68%)

Offline cowlemon

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Re: [IHB] The Village and the Budget
« Reply #5 on: September 10, 2012, 05:57:45 PM »
This is the property tax & MR breakdown for Woodbury property I am purchasing.

Offline Thermofoil

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Re: [IHB] The Village and the Budget
« Reply #6 on: September 11, 2012, 06:15:11 PM »
Does anybody know where to find the annual costs of Mello Roos and 1915 Bond as well as their expiration date for each neighborhood including resale homes?

It would be interesting to add into the equation the expiration of the bonds when assessing monthly payments for the next 15-20 years.
Actually I am personally more interesting into resale 10-20 yrs old homes and hopefully these bonds will soon expire.


Offline irvinehomeowner

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Re: [IHB] The Village and the Budget
« Reply #7 on: September 11, 2012, 06:22:58 PM »
Does anybody know where to find the annual costs of Mello Roos and 1915 Bond as well as their expiration date for each neighborhood including resale homes?

It would be interesting to add into the equation the expiration of the bonds when assessing monthly payments for the next 15-20 years.
Actually I am personally more interesting into resale 10-20 yrs old homes and hopefully these bonds will soon expire.


The Orange County Tax Assessor site can give you that information for a specific property address:

http://tax.ocgov.com/tcweb/search_page.asp

As for the expiration dates, you have to call the number listed next to the tax assessment.
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Offline cowlemon

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Re: [IHB] The Village and the Budget
« Reply #8 on: September 11, 2012, 09:09:25 PM »
Enjoy

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