Advice on current Irvine/Tustin Resale market (<$800k) First time buyer

[misme]

What is your guys? opinion on Tustin, specifically near Tustin Ranch or Old Town. We?ve seen a few houses there that fit our budget and my parents like the old town area. I know nothing about that area except they are building those new townhomes right against the 5 that we didn?t like.

Would you put up the extra money to get a slightly smaller, but newer construction house in Irvine?

Old Town Tustin is really cute. However, the schools in that part of Tustin do not perform well.  Are you planning to use public schools or private? Seems more like a place that would appeal to empty nesters and hip young childless couples due to single story homes, more "character" and good walkability to lots of restaurants, no need for good schools, etc.

Tustin ranch in your price range are most likely condos for a 3BR/2BA.

You could look at parts of flat parts of Tustin/North Tustin 92705 or 92780--look for Arroyo/Guin Foss/Red Hill as better performing elementaries and feed to Hewes Middle/Foothill high, which are pretty decent schools. You might be able to find a 3BR/2BA that fits in your budget, but probably need renovation. There's pretty good community/neighborhood feel there. Lots of long time owners.

 

[zubs]

Someone I met at a party told me she went to El Modena HS.  She graduated top 10 there and went to UCLA.
She said if she had gone to an Irvine High School she would have graduated top 25 and not gotten into UCLA.

We had a long discussion about this back in 2010 with bkshpr.  I think it's true....
being a big fish in a small pond > being a small fish in a big competitive pond.


You don't need to work as hard in Tustin HS to be in the top 10.


However, I do think Irvine high schools teach their kids to work harder than other high schools due to the competitiveness.  Learning to study and compete throughout high school is good, but if you just want your child to get into the best college, a crappier high school helps.

 

[JohnT]

The elementary school is the most important to us since in 15 years we may move or my parents may pass their house down to us if they want to retire up in Monterey or somewhere. They live in Tustin Ranch so Beckmann district.

Is school district as big of a factor in resale as we?ve been led to believe? Would a house sell easier and with possibly better appreciation in IUSD assuming they?re basically the same house otherwise?

What is your guys? opinion on Tustin, specifically near Tustin Ranch or Old Town. We?ve seen a few houses there that fit our budget and my parents like the old town area. I know nothing about that area except they are building those new townhomes right against the 5 that we didn?t like.

Would you put up the extra money to get a slightly smaller, but newer construction house in Irvine?

Old Town Tustin is really cute. However, the schools in that part of Tustin do not perform well.  Are you planning to use public schools or private? Seems more like a place that would appeal to empty nesters and hip young childless couples due to single story homes, more "character" and good walkability to lots of restaurants, no need for good schools, etc.

Tustin ranch in your price range are most likely condos for a 3BR/2BA.

You could look at parts of flat parts of Tustin/North Tustin 92705 or 92780--look for Arroyo/Guin Foss/Red Hill as better performing elementaries and feed to Hewes Middle/Foothill high, which are pretty decent schools. You might be able to find a 3BR/2BA that fits in your budget, but probably need renovation. There's pretty good community/neighborhood feel there. Lots of long time owners.

 

[Tl2019]

School district is a huge factor for me in looking for a house.  I have kids, but even if I didn?t, I know it?s a huge factor for others who have kids and I?d want to buy a house with the best resale value and/or best rental value.  My guess is the demand for 3br homes usually comes from families who have or are planning to have kids and education is one of the most if not the most important thing you can provide for your kids. If you invest up front in the best house you can afford, you?ll have better options later if you decide to sell or turn it into a rental because it?ll be more marketable and fetch a better price. 

The elementary school is the most important to us since in 15 years we may move or my parents may pass their house down to us if they want to retire up in Monterey or somewhere. They live in Tustin Ranch so Beckmann district.

Is school district as big of a factor in resale as we?ve been led to believe? Would a house sell easier and with possibly better appreciation in IUSD assuming they?re basically the same house otherwise?

What is your guys? opinion on Tustin, specifically near Tustin Ranch or Old Town. We?ve seen a few houses there that fit our budget and my parents like the old town area. I know nothing about that area except they are building those new townhomes right against the 5 that we didn?t like.

Would you put up the extra money to get a slightly smaller, but newer construction house in Irvine?

Old Town Tustin is really cute. However, the schools in that part of Tustin do not perform well.  Are you planning to use public schools or private? Seems more like a place that would appeal to empty nesters and hip young childless couples due to single story homes, more "character" and good walkability to lots of restaurants, no need for good schools, etc.

Tustin ranch in your price range are most likely condos for a 3BR/2BA.

You could look at parts of flat parts of Tustin/North Tustin 92705 or 92780--look for Arroyo/Guin Foss/Red Hill as better performing elementaries and feed to Hewes Middle/Foothill high, which are pretty decent schools. You might be able to find a 3BR/2BA that fits in your budget, but probably need renovation. There's pretty good community/neighborhood feel there. Lots of long time owners.

 

[irvinehomeowner]

Someone I met at a party told me she went to El Modena HS.  She graduated top 10 there and went to UCLA.
She said if she had gone to an Irvine High School she would have graduated top 25 and not gotten into UCLA.

We had a long discussion about this back in 2010 with bkshpr.  I think it's true....
being a big fish in a small pond > being a small fish in a big competitive pond.


You don't need to work as hard in Tustin HS to be in the top 10.


However, I do think Irvine high schools teach their kids to work harder than other high schools due to the competitiveness.  Learning to study and compete throughout high school is good, but if you just want your child to get into the best college, a crappier high school helps.

I'd rather live and have my kids go to an Irvine high school, than live in Orange.

Too inland, too hot, not close enough to the coast, etc etc etc.

Plus I'm not picky about where my kids go to college... I'm weird like that.

 

[JohnT]

This is our main concern with getting a house near old town or Northwest part of Tustin. The schools are just not as good, it?s hard to describe without just listing test scores and such. I attended Tustin High for a year and other than playing baseball I didn?t like the school. It ain?t an inner city school by any means, but there was at least a couple fights every week. The prices in Tustin aren?t dramatically less than the low end single family prices in Irvine.

We are going to go see some open houses for single family homes for the first time this weekend. We?re basically starting our house search from day one again as we were focused on townhouses.

We really like the Irvine area as well, possibly more than the ?cheaper? part of Tustin. We just wouldn?t get quite as much house there. I grew up in Tustin/Irvine, went to UCI as well so really anywhere we?d live in the area would be acceptable, but if you have a choice why not choose the ?best? location for you.

Unless rates start to turn on us we also have time to find the right place. Once our lease ends we can stay with my parents and save a bit more for remodel/down payment, etc anyways. So we?re in a good position to get what we want for a good price.

Someone I met at a party told me she went to El Modena HS.  She graduated top 10 there and went to UCLA.
She said if she had gone to an Irvine High School she would have graduated top 25 and not gotten into UCLA.

We had a long discussion about this back in 2010 with bkshpr.  I think it's true....
being a big fish in a small pond > being a small fish in a big competitive pond.


You don't need to work as hard in Tustin HS to be in the top 10.


However, I do think Irvine high schools teach their kids to work harder than other high schools due to the competitiveness.  Learning to study and compete throughout high school is good, but if you just want your child to get into the best college, a crappier high school helps.

I'd rather live and have my kids go to an Irvine high school, than live in Orange.

Too inland, too hot, not close enough to the coast, etc etc etc.

Plus I'm not picky about where my kids go to college... I'm weird like that.

 

[WTTCHMN]

This is our main concern with getting a house near old town or Northwest part of Tustin. The schools are just not as good, it?s hard to describe without just listing test scores and such. I attended Tustin High for a year and other than playing baseball I didn?t like the school. It ain?t an inner city school by any means, but there was at least a couple fights every week. The prices in Tustin aren?t dramatically less than the low end single family prices in Irvine.

We are going to go see some open houses for single family homes for the first time this weekend. We?re basically starting our house search from day one again as we were focused on townhouses.

We really like the Irvine area as well, possibly more than the ?cheaper? part of Tustin. We just wouldn?t get quite as much house there. I grew up in Tustin/Irvine, went to UCI as well so really anywhere we?d live in the area would be acceptable, but if you have a choice why not choose the ?best? location for you.

Unless rates start to turn on us we also have time to find the right place. Once our lease ends we can stay with my parents and save a bit more for remodel/down payment, etc anyways. So we?re in a good position to get what we want for a good price.

Maybe this article will change your mind about Tustin High:
https://www.talkirvine.com/index.php/topic,16156.msg326827.html#msg326827

 

[JohnT]

This is our main concern with getting a house near old town or Northwest part of Tustin. The schools are just not as good, it?s hard to describe without just listing test scores and such. I attended Tustin High for a year and other than playing baseball I didn?t like the school. It ain?t an inner city school by any means, but there was at least a couple fights every week. The prices in Tustin aren?t dramatically less than the low end single family prices in Irvine.

We are going to go see some open houses for single family homes for the first time this weekend. We?re basically starting our house search from day one again as we were focused on townhouses.

We really like the Irvine area as well, possibly more than the ?cheaper? part of Tustin. We just wouldn?t get quite as much house there. I grew up in Tustin/Irvine, went to UCI as well so really anywhere we?d live in the area would be acceptable, but if you have a choice why not choose the ?best? location for you.

Unless rates start to turn on us we also have time to find the right place. Once our lease ends we can stay with my parents and save a bit more for remodel/down payment, etc anyways. So we?re in a good position to get what we want for a good price.

Maybe this article will change your mind about Tustin High:
https://www.talkirvine.com/index.php/topic,16156.msg326827.html#msg326827

I?d be ok with Tustin High, especially in 15+ years I expect it to improve. It?s more the elementary and middle schools that don?t look all that great when compared to some just a few miles away. It doesn?t matter what your grades are in elementary/middle so I?d want them to go to the best possible school. High School we?d have to discuss later, but it will likely be Beckman as that is where my parents home is. They?ve already talked to us and want us to live there and not sell the house if we inherit it which I would respect.

In the end our kid may not even make it to high school since we may move before the 15 yr mark. So the whole school thing is mostly for resale and where our kid would go for elementary.

 

[usctrojancpa]

What is your guys? opinion on Tustin, specifically near Tustin Ranch or Old Town. We?ve seen a few houses there that fit our budget and my parents like the old town area. I know nothing about that area except they are building those new townhomes right against the 5 that we didn?t like.

Would you put up the extra money to get a slightly smaller, but newer construction house in Irvine?

Skip Old Tustin and focus on Tustin Ranch, Columbus Grove, Tustin Fields, and/or Columbus Square.

 

[eyephone]

I agree with you. Also, that area might not be Max ROI. Unless you get a way below market deal.  But still I wouldn?t live there.

This is our main concern with getting a house near old town or Northwest part of Tustin. The schools are just not as good, it?s hard to describe without just listing test scores and such. I attended Tustin High for a year and other than playing baseball I didn?t like the school. It ain?t an inner city school by any means, but there was at least a couple fights every week. The prices in Tustin aren?t dramatically less than the low end single family prices in Irvine.

We are going to go see some open houses for single family homes for the first time this weekend. We?re basically starting our house search from day one again as we were focused on townhouses.

We really like the Irvine area as well, possibly more than the ?cheaper? part of Tustin. We just wouldn?t get quite as much house there. I grew up in Tustin/Irvine, went to UCI as well so really anywhere we?d live in the area would be acceptable, but if you have a choice why not choose the ?best? location for you.

Unless rates start to turn on us we also have time to find the right place. Once our lease ends we can stay with my parents and save a bit more for remodel/down payment, etc anyways. So we?re in a good position to get what we want for a good price.

Someone I met at a party told me she went to El Modena HS.  She graduated top 10 there and went to UCLA.
She said if she had gone to an Irvine High School she would have graduated top 25 and not gotten into UCLA.

We had a long discussion about this back in 2010 with bkshpr.  I think it's true....
being a big fish in a small pond > being a small fish in a big competitive pond.


You don't need to work as hard in Tustin HS to be in the top 10.


However, I do think Irvine high schools teach their kids to work harder than other high schools due to the competitiveness.  Learning to study and compete throughout high school is good, but if you just want your child to get into the best college, a crappier high school helps.

I'd rather live and have my kids go to an Irvine high school, than live in Orange.

Too inland, too hot, not close enough to the coast, etc etc etc.

Plus I'm not picky about where my kids go to college... I'm weird like that.

 

[JohnT]

What is your guys? opinion on Tustin, specifically near Tustin Ranch or Old Town. We?ve seen a few houses there that fit our budget and my parents like the old town area. I know nothing about that area except they are building those new townhomes right against the 5 that we didn?t like.

Would you put up the extra money to get a slightly smaller, but newer construction house in Irvine?

Skip Old Tustin and focus on Tustin Ranch, Columbus Grove, Tustin Fields, and/or Columbus Square.

We?re mostly looking at single family now. Do Columbus grove, square and Tustin fields have single families under 800k? I only saw townhouses when we were looking in those areas.

 

[qwerty]

835k, however it backs to Edinger which is not ideal. But the elementary school is a STEAM curriculum and Tustin legacy magnet academy opens in August/September of 2020. It will serve grades 6 and 9, 7 and 8 depend on enrollment). The curriculum will be focused on tech, innovation, design, and entrepreneurship. The elementary is walkable from this house. The veterans sport park will open in early 2019 (currently under construction). If you can deal with backing to Edinger, it would make for a good starter home
https://www.redfin.com/CA/Tustin/1431-Madison-St-92782/home/12255443?from_mobile_app=true

 

[eyephone]

Sound like a real estate pro 
I guess due to Qwertys endorsement it?s a hot home on Redfin.

835k, however it backs to Edinger which is not ideal. But the elementary school is a STEAM curriculum and Tustin legacy magnet academy opens in August/September of 2020. It will serve grades 6 and 9, 7 and 8 depend on enrollment). The curriculum will be focused on tech, innovation, design, and entrepreneurship. The elementary is walkable from this house. The veterans sport park will open in early 2019 (currently under construction). If you can deal with backing to Edinger, it would make for a good starter home
https://www.redfin.com/CA/Tustin/1431-Madison-St-92782/home/12255443?from_mobile_app=true

 

[JohnT]

835k, however it backs to Edinger which is not ideal. But the elementary school is a STEAM curriculum and Tustin legacy magnet academy opens in August/September of 2020. It will serve grades 6 and 9, 7 and 8 depend on enrollment). The curriculum will be focused on tech, innovation, design, and entrepreneurship. The elementary is walkable from this house. The veterans sport park will open in early 2019 (currently under construction). If you can deal with backing to Edinger, it would make for a good starter home
https://www.redfin.com/CA/Tustin/1431-Madison-St-92782/home/12255443?from_mobile_app=true

If a home has mello roos we really can?t afford it. The reason we can afford up to maybe 800k single family is a combination of lower rates, lower HOA and no mello roos.

In that area we may as well go for a <600k condo or maybe consider Levity which opens soon.

 

[JohnT]

Update after a weekend of open houses.

So far we like the North Tustin area the best. The only area we can really afford is the area near Irvine Blvd that borders 92780. The Irvine homes we saw around 800k just didn?t have much work out into them. Some were really outdated and they wanted a competitive price. We were already adding up the thousands it would take to make it liveable for us. If 800k gets you that in Irvine we may be out of our league there.

We would also be ok with 92780 north of Irvine Blvd. we know this whole area gets Tustin High, but if we find the right house we could look past that although we know it can affect future home value.

We saw the home on Halifax and it is nice, basically a newer style townhouse, but no shared walls. Very tightly packed neighborhood though which we didn?t really like. Did have full driveway which is nice. Living area downstairs is small though, which makes it feel like a condo. We would be perfectly happy living here, but we?re in no rush so it would have to be a great deal for us to put in an offer now.

What would be your guys? opinion on a house like this.https://www.redfin.com/CA/Tustin/12547-Wedgwood-Cir-92780/home/4757205

We saw this open house maybe two weeks ago, one of the first we looked at. It needed some updating, but had potential. Only thing we weren?t sure about is the area in terms of appreciation and we had no idea if the price was reasonable or not. Since it was basically the first SFR we looked at we didn?t do a ton of digging on it. Biggest gripe would be laundry in garage.

 

[qwerty]

@JohnT - the discount for the Tustin high is being reflected in the lower price relative to Irvine and other Tustin areas zoned to better schools. That discount will always be there. However, if the overall real estate market goes up your house will also go up. Our house is up almost 50% (tustin Legacy) since we bought 6-7 years ago. The overall market will generally move together so I wouldn?t be too concerned about any appreciation/depreciation. Your area may not appreciate as much as Irvine or it may depreciate faster than Irvine, but overall your appreciation/depreciation will probably be in the same ballpark as Irvine.

 

[eyephone]

@JohnT - the discount for the Tustin high is being reflected in the lower price relative to Irvine and other Tustin areas zoned to better schools. That discount will always be there. However, if the overall real estate market goes up your house will also go up. Our house is up almost 50% (tustin Legacy) since we bought 6-7 years ago. The overall market will generally move together so I wouldn?t be too concerned about any appreciation/depreciation. Your area may not appreciate as much as Irvine or it may depreciate faster than Irvine, but overall your appreciation/depreciation will probably be in the same ballpark as Irvine.

Your in a good area with lots of retail. (let?s say desirable retail, like Grade A)

 

[qwerty]

@JohnT - the discount for the Tustin high is being reflected in the lower price relative to Irvine and other Tustin areas zoned to better schools. That discount will always be there. However, if the overall real estate market goes up your house will also go up. Our house is up almost 50% (tustin Legacy) since we bought 6-7 years ago. The overall market will generally move together so I wouldn?t be too concerned about any appreciation/depreciation. Your area may not appreciate as much as Irvine or it may depreciate faster than Irvine, but overall your appreciation/depreciation will probably be in the same ballpark as Irvine.

Your in a good area with lots of retail. (let?s say desirable retail, like Grade A)

We took a gamble on the area and it paid off. When we bought there were no schools, no shopping center. Only the district. It paid off.

 

[eyephone]

@JohnT - the discount for the Tustin high is being reflected in the lower price relative to Irvine and other Tustin areas zoned to better schools. That discount will always be there. However, if the overall real estate market goes up your house will also go up. Our house is up almost 50% (tustin Legacy) since we bought 6-7 years ago. The overall market will generally move together so I wouldn?t be too concerned about any appreciation/depreciation. Your area may not appreciate as much as Irvine or it may depreciate faster than Irvine, but overall your appreciation/depreciation will probably be in the same ballpark as Irvine.

Your in a good area with lots of retail. (let?s say desirable retail, like Grade A)

We took a gamble on the area and it paid off. When we bought there were no schools, no shopping center. Only the district. It paid off.

I don?t think we can compare your place to John.

 

[JohnT]

I have to agree. Tustin Legacy is a lot more desirable than 92780. Take that from someone looking for a house. We can afford the prices there, but not the prices PLUS mello roos.

We are on the Levity list just in case we really like those, but a condo is a backup for us at this point. We have almost decided entirely to avoid any significant mello roos.