Caserta II at Cypress Village (Phase 2) July 2015

Phase 1 is far enough from Sand Canyon to not be effected by traffic noise, although some of the following phases will be closer to it.  It is overall a much better location than Caserta 1 was.  This also means that the prices have gone up for Caserta II.  Model 3XBs are starting around $705,500. 
 
But for about the same square footage (1,800), aren't Jasmine homes in the low $800s?  Seems like a big jump to qualify for the difference.
 
Even if that's true, a detached home is much easier to sell than a townhouse.  In the pool of folks who can afford $700K, they are more likely than not to throw down an extra $100K to get the detached home.  That's just my two cents. 
 
I agree detached > attached but conforming loan limit for Irvine is $625500. Making a down payment of 75k vs 175k is a big difference at the entry level market.
 
LP said:
I agree detached > attached but conforming loan limit for Irvine is $625500. Making a down payment of 75k vs 175k is a big difference at the entry level market.
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This is only for FHA loans right?
 
No not just fha. Anything beyond the conforming loan limit becomes a jumbo loan to all lenders.
 
But the interest rates for jumbo is almost the same (and many times, lower) than the conforming loan.  Many jumbo loans right now are at 3.875% whereas the conforming loan is at 4.00%.  But I take your point, you shouldn't go house-poor and get you a house you can't afford.  But honestly, if the person can only afford $75K down payment, I'm not sure that a $700K house is a wise financial choice but to each their own.
 
Angels_Baseball_2015 said:
Even if that's true, a detached home is much easier to sell than a townhouse.  In the pool of folks who can afford $700K, they are more likely than not to throw down an extra $100K to get the detached home.  That's just my two cents.
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Of course a detached will sell faster than attached, but only IF THEY ARE SIMILAR IN PRICE! 

And, I disagree with your theory that if you can afford $700k then you can afford $800k. 
 
Ellwood at Beacon Park is about 2000 sq. ft, detached, with rooftop decks, starting at the high 700s.  Seems like Caserta II is a bit overpriced, but to each their own.  Again, it's not only about today's price but the possibility of appreciation, and a detached home will likely appreciate faster. 
 
TRNeighbor.com said:
Angels_Baseball_2015 said:
Even if that's true, a detached home is much easier to sell than a townhouse.  In the pool of folks who can afford $700K, they are more likely than not to throw down an extra $100K to get the detached home.  That's just my two cents.
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Of course a detached will sell faster than attached, but only IF THEY ARE SIMILAR IN PRICE! 

And, I disagree with your theory that if you can afford $700k then you can afford $800k.
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Agreed. I bought a detached in Portola Springs for less than an attached in Stonegate East.
 
I feel PS gets a better deal and will most likely appreciate faster but Caserta is around $390/sqft which isn't too bad though purchasing earlier would have been quite a bit cheaper.  I know a while back I read price per sqft in Irvine based on zip does anyone have an updated version of that?
 
I definitely agree with you.  Using $/sqft should be used as a starting point. Each community gas different costs associated with it.  Are you sure about the $195 difference I thought jasmine is around $295 while caserta is $346? Might be wrong but a quick search showed those hoa fees. Is there something I missed maybe? I am actually highly considering purchasing caserta so any advice both opposed or for would be appreciated.  I was originally looking at Cariz but Caserta has the 2 story which is a lot more appealing that 3 story.
 
I'm not sure that PS's appreciation value will appreciate faster because of the landfill and the new power plant that will be open in early spring 2016.  The average homebuyer will take the landfill and power plant into consideration and may err on the side of caution.  The science of this new power plant may be perfectly solid (the science of converting methane gas to electricity) but I'm just putting my shoes in the psychology of the average homebuyer who may not want to risk it.  To each their own.  With Caserta, at least you have 2 schools with walking distance because the schools are located within Cypress Village, easy access to the 5, and is a bit farther away from the landfill and the power plant.
 
ducks08 said:
I definitely agree with you.  Using $/sqft should be used as a starting point. Each community gas different costs associated with it.  Are you sure about the $195 difference I thought jasmine is around $295 while caserta is $346? Might be wrong but a quick search showed those hoa fees. Is there something I missed maybe? I am actually highly considering purchasing caserta so any advice both opposed or for would be appreciated.  I was originally looking at Cariz but Caserta has the 2 story which is a lot more appealing that 3 story.
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Yes, there's an extra HOA.  The Irvine Pacific homes (i.e. Jasmine) does not have the extra HOA.  The other problem with the new Caserta homes is that they're too close to Sand Canyon, which has a lot of garbage trucks driving back and forth from the landfill, and there's a bus depot across from Sand Canyon.  The Jasmine homes are farther away from Sand Canyon.



 
With the HOA's, property taxes and Special Assessments added in, the value isn't there for me.  I love the design of the model 3X, but not at these prices.

Cypress Village Community Association Dues:
Caserta II
$150/Month at Close of Escrow*
$125/Month at Build Out*

Special Assessments:
CFD?s 86-1 and 09-1 $ 1,700/Annually**
Assessment District AD 11-24 $1,220/annually**

1.05% Property Taxes


 
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