EvaLSeraphim_IHB
New member
You wouldn't happen to be the blonde on the website would you?
Aliso Viejo (Glenwood)
- Thread starter esq4_IHB
- Start date
CalGal_IHB
New member
LOL - It does seem too rehearsed, doesn't it?
ready2buy_IHB
New member
i guess i laid it on thick...just a renter who has been looking for over a year to buy and has finally found a place that meets our requirements. would be curious to hear more thoughts on pasadera. pros and cons.
PadreBrian_IHB
New member
pro: it's coming down in price and in a good neighborhood.
con: first few phases front (12' front door to road) Golf St. which is the only road that leads to AV's only community pool. Safety hazard. Land prices are still too high. Another year or so of adjustment still needed.
con: first few phases front (12' front door to road) Golf St. which is the only road that leads to AV's only community pool. Safety hazard. Land prices are still too high. Another year or so of adjustment still needed.
jsclarke_IHB
New member
PadreBrian said:
it looks to me like of the pasadera houses sold, half are on golf street- half aren't. So if cars going to and from the pool worries you, just get one that's not on golf. I didn't care about that- but- I wanted a golf course view so we're not on golf.
When all 149 are built- more than half *won't* be on golf street.
As of yesterday- they had only 1 left for sale (on golf)-- BUT-- on Saturday they may release 3 more for sale, 2 plan 2's and 1 plan 1. They didn't say where (on golf or not) though...
esq4_IHB
New member
Yes, Shea's releasing 3 more, 1 on Golf, two on the other side. If they sell, it's my understanding that they will be releasing 4 more - probably within a few weeks. The only question is how will the price these. My understanding is that the ones on Golf are about $15-20k less than the same model on the other side of the street.
what's the set back on Cabrillo Terrace from the street?
what's the set back on Cabrillo Terrace from the street?
jsclarke_IHB
New member
We did pay $20k more for ours on Cabrillo Terrace than the same model on Golf- and since Cabrillo Terrace sells fast and Golf not so much- this delta may increase. Who knows.
As for the setbacks- in the models there is a front area the same level as the first floor- then a set of 4-5 steps down to street level. On Golf- there is an additional 10-15 feet at street level where trees are planted and the sidewalk is.
On Cabrillo Terrace- the steps will end close to the street without that additional setback. I'd prefer the larger setback- BUT- the front yard on Cabrillo Terrace is 4-5 feet above street level which gives it a nice feel, and the street itself has parking turn ins for street parking (thus no long streets full of cars). Anyway I hope this helps.
BTW my cousin had a TR4 A - lots of fun.
As for the setbacks- in the models there is a front area the same level as the first floor- then a set of 4-5 steps down to street level. On Golf- there is an additional 10-15 feet at street level where trees are planted and the sidewalk is.
On Cabrillo Terrace- the steps will end close to the street without that additional setback. I'd prefer the larger setback- BUT- the front yard on Cabrillo Terrace is 4-5 feet above street level which gives it a nice feel, and the street itself has parking turn ins for street parking (thus no long streets full of cars). Anyway I hope this helps.
BTW my cousin had a TR4 A - lots of fun.
esq4_IHB
New member
Resident Bears (IR, Graphix, Ipo, Eva, among others)-
I need to know your opinion on whether you think buying a Plan 1 in Glenwood is a good play. Here are the factors/assumptions: $750K purchase price (2670 sq/ft); $22,500 cash from builder to pay down points/pay closing costs; $14K applied to upgrades (primarily for flooring - std upgrades pretty nice); social membership to AV Country Club; $180 HOA; ~1.6% prop tax or ~$12K/yr.
Here's some personal info: $200k/yr salary + annual bonus ~$40K; 5% down payment (FHA loan 95% financing - we could do 10% down, but I'd rather have the cash reserves); no kids (maybe start 2-3 years); $2100/month debt service (primarily law school loans (can consolidate lower) and car payments - very little credit card debt.)
If we rent, we'd get a house in CDM or NB probably around $2800-3300/month. I have no doubt the market will continue to fall - It's just hard for me to project out on Glenwood given that interest rates are low, incentives are good, new CC being built/founded and Shea dropped prices $150-200k already.
Given my income and the tax benefit of buying (don't really understand this too well), is it cheaper to rent, save and take the income tax hit or buy now and capitalize on the low interest rates and incentives?
It's getting pretty close to crunch time. we're m-t-m with IAC now, so we either need to you know what or get off the pot.
I would love your advice/conclusions. thanks!
I need to know your opinion on whether you think buying a Plan 1 in Glenwood is a good play. Here are the factors/assumptions: $750K purchase price (2670 sq/ft); $22,500 cash from builder to pay down points/pay closing costs; $14K applied to upgrades (primarily for flooring - std upgrades pretty nice); social membership to AV Country Club; $180 HOA; ~1.6% prop tax or ~$12K/yr.
Here's some personal info: $200k/yr salary + annual bonus ~$40K; 5% down payment (FHA loan 95% financing - we could do 10% down, but I'd rather have the cash reserves); no kids (maybe start 2-3 years); $2100/month debt service (primarily law school loans (can consolidate lower) and car payments - very little credit card debt.)
If we rent, we'd get a house in CDM or NB probably around $2800-3300/month. I have no doubt the market will continue to fall - It's just hard for me to project out on Glenwood given that interest rates are low, incentives are good, new CC being built/founded and Shea dropped prices $150-200k already.
Given my income and the tax benefit of buying (don't really understand this too well), is it cheaper to rent, save and take the income tax hit or buy now and capitalize on the low interest rates and incentives?
It's getting pretty close to crunch time. we're m-t-m with IAC now, so we either need to you know what or get off the pot.
I would love your advice/conclusions. thanks!
IrvineRealtor_IHB
New member
EvaLSeraphim_IHB
New member
TR4 said:
Oh gosh, you've got me. There are a lot of factors that go into making a decision regarding what will probably be the biggest expense of your life. I could sit here all day and tell you about how it's not a good time to buy and that the market will continue to go down, and how if you wait, you will likely be able to get more house for the money (or the same house for less money). And yet, not two months ago, I was chasing down a preforeclosure. So, if you are looking for a purely intellectual opinion, you probably don't want to ask me.
ipoplaya_IHB
New member
TR4 said:
I made a few assumptions to come up with my back of the napkin analysis of your situation. Results can be found here.
My guesses were as follows:
You and spouse are essentially maxing 401k contribution.
You are already itemizing as a result of CA state taxes OVER the standard deduction.
The buydown will get you a 6% jumbo at $750K total financed.
I used a fairly small monthly maintenance reserve based on my personal new home experiences.
Achievable rental equivalent is $3100.
Based on those assumptions you would be spending almost $500 more per month to own AND have equity loss of at least $100K sometime over the next few years. Not exactly a compelling buy now result...
Given that you have car payments, loan payments, etc. and some credit card debt, it would appear foolish to spend $500 per month more than you need to at this point. To take on a mortgage loan that large IMO, you should have a minimum of no credit card debt and no car payments. That interest isn't tax deductible so its much more costly than mortgage interest...
Or more simply, my wife and I make fairly close to what your household makes, but have no car payments or other debt to service and taking on a $700-750K mortgage would be a bit too risky for us personally.
PadreBrian_IHB
New member
I'll join ya. Here's a sheet I have been keeping on my shopping. BTW, I need things to come down to 200-225 ppsq before I can comfortably afford. Also saving up to 20% down.
The 10% down column is hidden...doesn't effect the amounts.
Code:
Area Starting sqfeet ppsf Tax Rate Tax Bill Tax Bill HOA HOA Tax Plus HOA Mortgage House Payment
Pasadera AV (including Mella Ro(Yearly) (Monthly) (Yearly) (Monthly) (Monthly) Estimate* (Monthly)
Plan 1 695000 2652 262 1.70% 11,815 985 2,172 181 $1,166 $4,000 $5,166
2 717000 2718 264 1.70% 12,189 1,016 2,172 181 $1,197 $4,100 $5,297
3 760000 3163 240 1.70% 12,920 1,077 2,172 181 $1,258 $4,300 $5,558
Los Arboles PS
1 729000 2003 364 1.90% 13,851 1,154 3,552 296 $1,450 $4,200 $5,650
2 751000 2020 372 1.90% 14,269 1,189 3,552 296 $1,485 $4,300 $5,785
3 803000 2383 337 1.90% 15,257 1,271 3,552 296 $1,567 $4,600 $6,167
Bougainvillea PS
1 642000 1670 384 1.90% 12,198 1,017 3,756 313 $1,330 $3,700 $5,030
2 665000 1845 360 1.90% 12,635 1,053 3,756 313 $1,366 $3,800 $5,166
3 731000 2042 358 1.90% 13,889 1,157 3,756 313 $1,470 $4,200 $5,670
Verandas Columbus Square
1 640000 1887 339 1.80% 11,520 960 1,320 110 $1,070 $3,700 $4,770
2 650000 2211 294 1.80% 11,700 975 1,320 110 $1,085 $3,700 $4,785
3 690000 2394 288 1.80% 12,420 1,035 1,320 110 $1,145 $4,000 $5,145
* 10% down, 5.5% fixed rate, pmi, and rounded up to nearest 100The 10% down column is hidden...doesn't effect the amounts.
jsclarke_IHB
New member
ipoplaya said:
ipoplaya_IHB
New member
waiting-2-move said:
esq4_IHB
New member
Stopped by Glenwood today. Shea released 3 more models. 8 couples showed up for the 3 homes - the first the names called identified the homes they wanted to purchase. Shea reps said they will likely release 5-6 more in the next 2-3 weeks. Prices were as follows: Model 1C (corner lot) $730,900; Model 2D 734,500 (Both off of main street); Model 2B $723,000 (on Golf - main street).
gwailo168_IHB
New member
My girlfriend and I went to look at some places in Glenwood and were pretty impressed with the layouts of the condos. However, the mello roos, tax rates, and HOAs ending up making them a bit much for us.
Anyone know more about why SHEA does not use copper? I thought it was interesting that they used cast iron instead of ABS pipe.
Glenwood is a pretty good location too as it is only about 8-10 minutes from Irvine Spectrum if you take moulton.
Anyone know more about why SHEA does not use copper? I thought it was interesting that they used cast iron instead of ABS pipe.
Glenwood is a pretty good location too as it is only about 8-10 minutes from Irvine Spectrum if you take moulton.