how much more would you pay for a detached vs attached...

[villiagepeople]

this is a poll off of the other thread about a "detached" los altos project...  if they do come out with a detached los altos product, it will probably fall in the "low" 500k range.  the current prices of the attached los altos is 455k?  so i would be paying between 10-15% more for the detached product which i would be fine with.  how much more (if any) would you pay for a detached vs an attached?

 

[irvinehomeowner]

Just to clarify, we are comparing detached condo vs. attached condo for this particular poll?

A detached SFR will carry a much higher premium than a detached condo (at least perception-wise).

 

[test]

Keep in mind detached products generally have more square footage then attached products which adds significantly to the price.

 

[usctrojancpa]

Just to clarify, we are comparing detached condo vs. attached condo for this particular poll?

A detached SFR will carry a much higher premium than a detached condo (at least perception-wise).

You sure about that?  Last time I checked detached condos and detached homes were selling for a similar price per square foot in many villages including Woodbury and Northpark.  I would argue that most people are indifferent between a detached condo and a detached home because there such a minor difference between the two in their eyes.  Obviously if detached condos have a higher HOA cost than the home that might create some pricing difference. 

 

[usctrojancpa]

Keep in mind detached products generally have more square footage then attached products which adds significantly to the price.

Maybe from a total aggregate price but the rule of thumb is that a smaller property will tend to trade at a higher per square foot price than a larger property.  Think of it as the buying in bunk discount. 

The price per square foot difference from an attached condo to a detached condo of similar size in Irvine is approximately 20% to 25%.  One aspect that may account for part of the difference is that attached condo more often then not have higher monthly HOA dues than a detached condo. 

 

[irvinehomeowner]

Just to clarify, we are comparing detached condo vs. attached condo for this particular poll?

A detached SFR will carry a much higher premium than a detached condo (at least perception-wise).

You sure about that?  Last time I checked detached condos and detached homes were selling for a similar price per square foot in many villages including Woodbury and Northpark.  I would argue that most people are indifferent between a detached condo and a detached home because there such a minor difference between the two in their eyes.  Obviously if detached condos have a higher HOA cost than the home that might create some pricing difference. 

Yeah... I'm sure.

In Woodbury, a detached Portisol at 1950sf sells at $750k to $800k easily... detached condo Cachettes at about 2000sf sell less than $700k (some in the low $600s).

Santa Cruz at WBE, they are all priced below $720k (not sure what the last price was), while Montecito starts at $765k.

In Quail Hill, Olivos (similar to Portisol/Campanile/etc) start at $1mil (you can find a comp killer at $900ishk) but the detached condos are selling for less than $900k (like Linden) or even less than $800k and $700k (Laurel and Soltice).

You might be right in raw $/sf but total price you are paying more for SFRs.

The higher HOA is a difference as it's usually an extra $100+ per month vs. the SFR and unless you are paying your gardener $125 a month, it's not worth it.

Find new SFRs for $600k in Irvine... you can't... but you can find new detached condos all over WBE and Portola Springs for that price.

(which is why Las Ventanas is going to hurt those detached condos is they start at the mid $600ks)

 

[test]

The higher HOA is a difference as it's usually an extra $100+ per month vs. the SFR and unless you are paying your gardener $125 a month, it's not worth it.

That HOA also includes insurance and other common area amenities like lighting.  It also includes the reserves for repairs.  I don't think replacing the roof on your own will be cheaper.

 

[iphb]

My concern with detached condos is that there is the risk that they could fall into "no man's land" in terms of housing inventory. Look, there are roughly two classes of homebuyers, those looking for attached homes, and those looking for true SFRs. It seems that high demand in Irvine may have prompted many would-be SFR buyers to settle for the detached condo product because of the high price points. If available inventory for SFR is limited, the detached condo should do pretty well given that families are probably willing to trade off just to live in Irvine.

My vibe from what developers have been saying about Great Park is that there will be a lot a SFRs coming online in a few years with "real" front/back yards and driveways. Unless they price these well north of $1 million, detached condo owners could find themselves in no man's land if they want to sell by then.

 

[irvinehomeowner]

The higher HOA is a difference as it's usually an extra $100+ per month vs. the SFR and unless you are paying your gardener $125 a month, it's not worth it.

That HOA also includes insurance and other common area amenities like lighting.  It also includes the reserves for repairs.  I don't think replacing the roof on your own will be cheaper.

Again... it depends on the ownership and HOA structure.

I do believe there are some detached condos in Irvine where the externals are not covered (I think someone posted that about a home in WBE).

Santa Cruz, for example, does not have a sub-HOA. They just have the master WBE HOA. Are they detached SFRs or condos?

In addition, why would detached condos require the same type of insurance as a detached SFR if the HOA insurance should cover external issues?

Too many questions... not enough answers.

 

[test]

If you are paying an extra $100+ in HOA and not getting all of the above then I agree it's a rip off.

 

[villiagepeople]

yes, let's assume the cost of HOA + mello roos and what the HOA covers are the same...  to give a specific example, if you look at los altos, and a possible "detached" los altos, is it worth the additional 50k to make it detached.. assuming hoa, mello roos, sq ft. is the same. 

thank you for your thoughts.

 

[villiagepeople]

I would argue that most people are indifferent between a detached condo and a detached home because there such a minor difference between the two in their eyes.

i think usc is right here or at least he is describing how i see it... i don't care if it's zoned a detached condo vs a sfr... to me what matters is "detached"...  and if the other aspects are similar... "total monthly", sq footage, and layout.

 

[villiagepeople]

My concern with detached condos is that there is the risk that they could fall into "no man's land" ...

good point, you're probably right about "the general buyer"... the thing with my wife and I is that we don't care to do "yard work" and we would rather take our daughter (3yrs old) to the tot lots and meet people there. so for us, a detached "condo" with the smaller patio work out better for us.  but the reason we want detached is that we used to live at the village, and that was too loud, so we moved to a townhouse, no one above or below... but now we have a neighbor who does't take care of their bathrooms or never reported problems and there was a leak which somehow came over to our side and now there's mold so they have to rip out the wall... what a pain... point is we want detached because we can't assume people who will live next to use will take care of their dwelling therefore it may affect us and we perfer the smaller yard/patio.

 

[diulei]

Assuming everything else is equal - I'd pay around $50K extra to not have to share walls, but for Irvine and the suburbs in general it would only be a consideration up to the $550K mark.  Any more than that and sharing a wall is just absurd; it would be an instant pass to share walls on something approaching the $600s+.

 

[usctrojancpa]

My concern with detached condos is that there is the risk that they could fall into "no man's land" in terms of housing inventory. Look, there are roughly two classes of homebuyers, those looking for attached homes, and those looking for true SFRs. It seems that high demand in Irvine may have prompted many would-be SFR buyers to settle for the detached condo product because of the high price points. If available inventory for SFR is limited, the detached condo should do pretty well given that families are probably willing to trade off just to live in Irvine.

My vibe from what developers have been saying about Great Park is that there will be a lot a SFRs coming online in a few years with "real" front/back yards and driveways. Unless they price these well north of $1 million, detached condo owners could find themselves in no man's land if they want to sell by then.

Buyers are having to settle for detached condos, motorcourt homes, etc because they aren't standing up to TIC and demanding that they get more "value" for their money.  It's kinda sad that you have to spend $1m+ to buy a new traditional home in Irvine with a decent yard and lot size.  Unfortunately buyers are taking what is being offered so TIC is keeping on keepin on in terms of squeezing as much profit off the land that they own as they can.

 

[The I-R-V]

Well, I'm going to hold up a sign in protest in front of TIC HQ that reads "Hey Donald, it's driveway or the highway!"

Do you think Las Ventanas' driveways are a sign of softness in the Irvine RE market?  God forbid the housing mkt keeps crashing, we might even get a wrap around yard.

 

[usctrojancpa]

God forbid the housing mkt keeps crashing, we might even get a wrap around yard.

That would only happen if everything else crashes back down to mid-90s prices.

 

[iacrenter]

Well, I'm going to hold up a sign in protest in front of TIC HQ that reads "Hey Donald, it's driveway or the highway!"

Do you think Las Ventanas' driveways are a sign of softness in the Irvine RE market?  God forbid the housing mkt keeps crashing, we might even get a wrap around yard.

Don't worry, TIC will find some way to make you pay. They might shorten your driveway  a couple feet or maybe cut the curb height to save on concrete 

 

[irvinehomeowner]

Maybe they include the driveway but the door from the garage to inside the house is a $20k upgrade.

 

[akim997]

There is a difference in price on attached vs. detached.  Our attached condo (on one side only) will only sell for about $320 per foot while the detached homes in the surrounding area seem to be going for $340-350ish