Putting the new home collection aside, how much should one expect to pay per sq foot in Woodbury (resale SFH)? The ones that have recently closed seemed to have closed in the $330's per sq foot but everyone is still listing $389 and above. The homes are being listed at 2005 pricing. Is this what they should be going for or are these people that are just trying to break even and ignore the current state? What should one be paying in Woodbury?
Is it just me or are the Woodbury resales overpriced?
- Thread starter OCMommy
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usctrojancpa
Well-known member
You are correct, closed comps range from around $330/sf to $350/sf. The properties that are listed above $370/sf are just collecting dust, I think there's even one home with a $400/sf+ asking price. haha There are a few Rosemoor listings that one of my buyers has an eye on but we are waiting for a price drop before we submit an offer. I think part of the reason why you see those WTF prices is that the sellers paid close to the listing price (it's a psychological thing to sell your home for less than you paid for it) and/or the owners have total debt that's about $100k less than the list price (i.e. they don't want to come out of pocket to close). Depending upon the floor plan, location, upgrades, size of the home, and lot size...you shouldn't be paying more than $350/sf-$360/sf for a single family residence in Woodbury.OCMommy said:
usctrojancpa
Well-known member
Btw, here are all the closed comps of 4+ bedroom SFRs in Woodbury since 5/1/10.
We have our eye on a Rosemoor plan as well. The issue is that we currently have our home on the market and want to move and not rent in between and before we accept an offer on our house, we find ourselves wondering if we bid based on the comps would these people accept or will we be stuck selling our house and then buying at WTF prices. There is so much risk in buying a house now, it is stressful.
iacrenter
Well-known member
Someone please look up the debt on this one?
http://www.redfin.com/CA/Irvine/27-Shepard-92620/home/5958395
WTF...$400 per sqft? They think they live up in Quail Hill or Turtle Rock.
http://www.redfin.com/CA/Irvine/27-Shepard-92620/home/5958395
WTF...$400 per sqft? They think they live up in Quail Hill or Turtle Rock.
irvinerealtor
Well-known member
iacrenter said:
Caveat: you can't be sure how much of the loans got used, or how much has been paid off without knowing the seller's situation.
Good luck, and hope this helps.
-IR2
irvinehomeowner
Well-known member
It's probably what helped push the NHC sales and now with only 2 SFR projects left (with a possible a 3rd in the future)... prices may still remain high.
Irvine2Irvine
New member
iacrenter said:
They paid $1,487,500 back in 2006 and listed now for $1.5M.
Give them some time, they are in a denial phase.
usctrojancpa
Well-known member
Don't worry, it'll be sitting on the market for a while at that price.iacrenter said:
irvinehomeowner
Well-known member
Great post PStar (although I shudder at what posts are getting offed for 88 since many of them are great).
I just think it's because Woodbury is really the only new home community to compare to. Once new areas build out, focus will move.
And you have to admit... you have to be surprised and how fast Woodbury sold through their SFR products. I had honestly thought they would still have at least a third of their inventory left by end of year, especially since they kept raising prices every phase... so it was a bit surreal for me to walk through Sonoma's models for probably the last time since they're done. When I first walked through them, it didn't feel very long ago.
I just think it's because Woodbury is really the only new home community to compare to. Once new areas build out, focus will move.
And you have to admit... you have to be surprised and how fast Woodbury sold through their SFR products. I had honestly thought they would still have at least a third of their inventory left by end of year, especially since they kept raising prices every phase... so it was a bit surreal for me to walk through Sonoma's models for probably the last time since they're done. When I first walked through them, it didn't feel very long ago.
Ok I will respond even though I might be flamed for this as I have seen Pat Star get very testy when anyone brings up the TUSD schools.
We never liked Woodbury that much - location, crowds, etc. We recently toured Northpark and hands down thought that was one of the nicest neighborhoods in Irvine. We know many people living in Northpark who like it as well. We like NorthwoodPointe as well. If we are buying and paying close to a million in an uncertain market ... here are our current thoughts:
1.) We like newer type of homes. In a few years a Northwood Point home will be 15 years old and we will likely have to do some upgrading if we are already paying close to a million ....this will be tough. If this is our forever home, why not buy newer based on our likes.
2.) Northpark is new and beautiful. If the market plummets or we ever have to sell, there are buyers who perceive IUSD schools as better and this may be an issue for resale. We are currently living in what we feel is a fantastic home, but feel location location location are number 1.
3.) Portola Springs is too far for us.
4.) That leaves Woodbury and we do not like the new Open Floor Plans.
We never liked Woodbury that much - location, crowds, etc. We recently toured Northpark and hands down thought that was one of the nicest neighborhoods in Irvine. We know many people living in Northpark who like it as well. We like NorthwoodPointe as well. If we are buying and paying close to a million in an uncertain market ... here are our current thoughts:
1.) We like newer type of homes. In a few years a Northwood Point home will be 15 years old and we will likely have to do some upgrading if we are already paying close to a million ....this will be tough. If this is our forever home, why not buy newer based on our likes.
2.) Northpark is new and beautiful. If the market plummets or we ever have to sell, there are buyers who perceive IUSD schools as better and this may be an issue for resale. We are currently living in what we feel is a fantastic home, but feel location location location are number 1.
3.) Portola Springs is too far for us.
4.) That leaves Woodbury and we do not like the new Open Floor Plans.
irvinehomeowner
Well-known member
It's Friday so I will challenge my inner BK (apologies to those who may not understand my humor):
And that doesn't stop people from wanting to live in Tustin Ranch and West Irvine.
And don't get me wrong, I like Open Floor Plans... just give me some other living spaces too without having to charge me $1mil for it.
Honestly, I don't think you have to worry too much about #2 and Northpark. Even though they may be TUSD, so will Orchard Hills... I think the cachet is more about the "Irvine" address. Columbus Grove and Tustin Fields are "Tustin" address but IUSD... yet I think people favor Northpark more.OCMommy said:
And that doesn't stop people from wanting to live in Tustin Ranch and West Irvine.
And don't get me wrong, I like Open Floor Plans... just give me some other living spaces too without having to charge me $1mil for it.
PatStar -
Yep I have done the research and do not think the IUSD schools are better at all. I am also a firm believer that scores are just scores and it really boils down to the teacher and the individual experience for each child. It is more the perception of other people. Again, not because I care about what people think, but more for resale. What you said resonated with me though about chosing what is right for our family now. I think sometimes I worry too much about making the "perfect choice". When there really is no perfect choice. We have said, when our house sells, we will look and buy what feels right at that time based on what is available.
I actually do not like the super competitive environment and this is a concern I have about IUSD. I want my kids to enjoy life and not just be all about books, etc. I feel my kids have way too much homework already and kind of feel bad for them. I guess when we actually have to buy, we will just buy what feels right.
Actually, the LA times just had a few part series that evaluated LAUSD schools and showed that some of the schools with the best ratings showed the worst improvement over time and sometimes had some really bad individual teachers. It was really interesting and just reinforces that everyone's experience is different. In fact, one of my favorite teachers that my son had was in 1st grade and it was a teacher that had the reputation at the school for being strict and not warm and fuzzy. She has been one of my favorite teachers so far and my experience with her was totally different than what everyone describes.
IHO - I agree with you, I like the open floor plans, but need more rooms!
Yep I have done the research and do not think the IUSD schools are better at all. I am also a firm believer that scores are just scores and it really boils down to the teacher and the individual experience for each child. It is more the perception of other people. Again, not because I care about what people think, but more for resale. What you said resonated with me though about chosing what is right for our family now. I think sometimes I worry too much about making the "perfect choice". When there really is no perfect choice. We have said, when our house sells, we will look and buy what feels right at that time based on what is available.
I actually do not like the super competitive environment and this is a concern I have about IUSD. I want my kids to enjoy life and not just be all about books, etc. I feel my kids have way too much homework already and kind of feel bad for them. I guess when we actually have to buy, we will just buy what feels right.
Actually, the LA times just had a few part series that evaluated LAUSD schools and showed that some of the schools with the best ratings showed the worst improvement over time and sometimes had some really bad individual teachers. It was really interesting and just reinforces that everyone's experience is different. In fact, one of my favorite teachers that my son had was in 1st grade and it was a teacher that had the reputation at the school for being strict and not warm and fuzzy. She has been one of my favorite teachers so far and my experience with her was totally different than what everyone describes.
IHO - I agree with you, I like the open floor plans, but need more rooms!
See I am at home today and wasting way too much time on the Boards.
Many of the people I know living in Woodbury have their kids in private schools and the ones that have their kids in Public have them at Stonegate.
Another thought that I had about IUSD versus TUSD is that with the budget state crisis and Public school going downhill in general. Does IUSD have more "other funding from other groups" and over time will that make a difference. I have not researched this. Again, this goes back to wanting to make the perfect decision and no decision is perfect!
Many of the people I know living in Woodbury have their kids in private schools and the ones that have their kids in Public have them at Stonegate.
Another thought that I had about IUSD versus TUSD is that with the budget state crisis and Public school going downhill in general. Does IUSD have more "other funding from other groups" and over time will that make a difference. I have not researched this. Again, this goes back to wanting to make the perfect decision and no decision is perfect!
irvinehomeowner
Well-known member
About the IUSD vs TUSD funding... while it probably makes sense that TIC will invest in IUSD when there are shortfalls (as they have in the past), I would think they would also do the same for TUSD because they service many 'hoods in Irvine.
And I do like that Woodbury Elementary is year-round... I just don't like the pressure to excel by schools in Irvine (my kids are not in IUSD but the 2nd grader is doing fractions math, multiplication and weekly book reports).
And I do like that Woodbury Elementary is year-round... I just don't like the pressure to excel by schools in Irvine (my kids are not in IUSD but the 2nd grader is doing fractions math, multiplication and weekly book reports).
Irvine2Irvine
New member
OCMommy said:
Woodbury is an year-round school, so some parents may want to send them to Stonegate, which is on a standard schedule.
For those who are not familiar, Woodbury elementary used to be called El Camino Real and was located near Walnut and Yale. They close down the school and move all the teachers to Woodbury Elementary. El Camino Real elementary has been a lower performing school (API score wise) in Irvine for a long time. It's still good, but lower than most Elementary schools in Irvine. I never understood what the reason was, but it just has been. Even after the move to Woodbury and the "new" building, the school still lags others, which is not surprising that the teachers are mostly the same.
As for the "other funding from other groups", it seems like TIC donates money to IUSD every year. It is self-serving, since better schools will mean higher prices for the TIC homes. I don't have info on TUSD.
IrvinePilot
New member
Patrick Star said:
The fashionable won't live in Orchard Hills or Northpark because when they call their friends and their friends see a "714" number on their caller ID, their friends will think it is their maid or gardener calling.
irvinehomeowner
Well-known member
I posted a thread with my theory about that:Irvine2Irvine said:
http://www.talkirvine.com/index.php?topic=959.0
For Woodbury... it may be the combination of what you are saying and with the fact that it is year-round. I take it that it still services the El Camino area kids so that might be another factor.
Hmm... maybe we'll get the Education and Parenting sections of this board going after all.