Just bought a house in Woodbury

[lendingmaestro_IHB]

Even if prices do NOT go down in 2 years. My previous calculation shows you saving 1,100 a month which would be $26,400 in 2 years. Add in your interest earned on 100k @4% and you get another 8k saved. This means you will have an additional $34,400 to put down on your home.

 

[ipoplaya_IHB]

Just give it up master. The dude's mind or heart is set. He won't buy bigger for less because it's within a quarter-mile of a lightly-traveled tollroad. Won't chase a bigger and potentially comparably priced model in the same tract due to Feng Shui concerns. It obvious catchme was looking for some rah-rah on the buy decision and anything other than that will be ignored. This isn't the condo of his dreams, it's a short-term first buy, so it makes zero sense to pay more to own vs. rent. In some cases, if you plan on buying a place to raise a family in for the next 20+ years, I can see jumping early. For a cookie-cutter starter condo you can rent so very easily, just plain crazy.

He'll be in my same situation in a few years, needing and wanting to upgrade, but being in a negative equity position and chained to a 1300sf condo. It's sad, but hey, on the bright side at least catch didn't buy in 2006!

 

[rickhunter_IHB]

master and lending - you make a lot of sense in providing hard numbers like that.

i would like to add that home prices dont just drop by themselves. you have to have buyers BUYING

to provide those price points leading down. kinda like buyers buying the price up.

so, catch is really doing himself (he wants it) and renters waiting to buy, A FAVOR!

 

[ipoplaya_IHB]

Even if prices do NOT go down in 2 years. My previous calculation shows you saving 1,100 a month which would be $26,400 in 2 years. Add in your interest earned on 100k @4% and you get another 8k saved. This means you will have an additional $34,400 to put down on your home.

While tempting and convenient LM, you shouldn't ignore the fact that interest at 4% would likely be taxed to produce a net rate more like 2.50-2.75% or so. Tax-free investment vehicles paying 4% are very difficult to come by...

 

[Masterofdamoney_IHB]

master and lending - you make a lot of sense in providing hard numbers like that.

i would like to add that home prices dont just drop by themselves. you have to have buyers BUYING

to provide those price points leading down. kinda like buyers buying the price up.

so, catch is really doing himself (he wants it) and renters waiting to buy, A FAVOR!

Actually, prices will drop until they hit a point at which people are WILLING to buy.

Also, foreclosures that go to auction ARE recorded sales. Either to the winner of the auction, or the bank who is buying it back.

Banks that are qualifying people for purchase loans or refi's look at these recorded sales, and take them all into account for purposes of appraisal review...

Which WILL directly affect the 'acutal LTV' (which can be much different than 'sales price'), and can blast a home sale or refi out of the water.

 

[catchmeifyoucan_IHB]

Just give it up master. The dude's mind or heart is set. He won't buy bigger for less because it's within a quarter-mile of a lightly-traveled tollroad. Won't chase a bigger and potentially comparably priced model in the same tract due to Feng Shui concerns. It obvious catchme was looking for some rah-rah on the buy decision and anything other than that will be ignored. This isn't the condo of his dreams, it's a short-term first buy, so it makes zero sense to pay more to own vs. rent. In some cases, if you plan on buying a place to raise a family in for the next 20+ years, I can see jumping early. For a cookie-cutter starter condo you can rent so very easily, just plain crazy.

He'll be in my same situation in a few years, needing and wanting to upgrade, but being in a negative equity position and chained to a 1300sf condo. It's sad, but hey, on the bright side at least catch didn't buy in 2006!

ipoplaya,

you showed me 2 houses that are within 200 feets of the freeway. I checked out one of these houses and the freeway noise is unbearable when the windows open.

Another house from you (The bigger cortile house) is in short sale and price range according to the bank between 549k to 627k and god knows how much the current owner still owes.

Thanks for heads up about being in your shoes a few year from now but are you really sure my feet will fit your shoes (not literally)?

 

[Masterofdamoney_IHB]

Just give it up master. The dude's mind or heart is set. He won't buy bigger for less because it's within a quarter-mile of a lightly-traveled tollroad. Won't chase a bigger and potentially comparably priced model in the same tract due to Feng Shui concerns. It obvious catchme was looking for some rah-rah on the buy decision and anything other than that will be ignored. This isn't the condo of his dreams, it's a short-term first buy, so it makes zero sense to pay more to own vs. rent. In some cases, if you plan on buying a place to raise a family in for the next 20+ years, I can see jumping early. For a cookie-cutter starter condo you can rent so very easily, just plain crazy.

He'll be in my same situation in a few years, needing and wanting to upgrade, but being in a negative equity position and chained to a 1300sf condo. It's sad, but hey, on the bright side at least catch didn't buy in 2006!

ipoplaya,

you showed me 2 houses that are within 200 feets of the freeway. I checked out one of these houses and the freeway noise is unbearable when the windows open.

Another house from you (The bigger cortile house) is in short sale and price range according to the bank between 549k to 627k and god knows how much the current owner still owes.

Thanks for heads up about being in your shoes a few year from now but are you really sure my feet will fit your shoes (not literally)?

I am beginning to smell the powerful stench of a Troll hereabouts...

 

[ipoplaya_IHB]

ipoplaya,

you showed me 2 houses that are within 200 feets of the freeway. I checked out one of these houses and the freeway noise is unbearable when the windows open.

Another house from you (The bigger cortile house) is in short sale and price range according to the bank between 549k to 627k and god knows how much the current owner still owes.

Thanks for heads up about being in your shoes a few year from now but are you really sure my feet will fit your shoes (not literally)?

I don't think they will catch. I bought in 2001, and still have $200K of equity left after a 20%+ drop and after having extracted $100K cash to enhance my down payment fund. I can afford to move up, but mostly so only because I bought back when I did. If I was like you, but had bought in 2005 instead, my 20% down would have disappeared by now and there is no way I could get comfortably from a condo to larger SFR...

When I purchased, it was still cheaper to own vs. rent. Not the case for you... I was able to save for my move-up house because my mortgage rate for the past 4.5 years has been 3.75% on a sub $300K loan. With your mortgage payment, the best you'd probably be able to put away is $500 maybe $1K per month toward your next house. As your down payment equity erodes and no substantial savings toward a future down occurs to replace it, you'll essentially be stuck in 1300sf for quite some time when you could just wait a year or two and buy the same place for much cheaper or spend $535K and get 2000sf somewhere.

Seems like a big financial risk/gamble to me, especially in this economy and especially when you would normally start thinking about college savings and such with a new baby on the way. To have a paltry $100K available 18 years from now set aside for college, you need to be pumping $300 per month into college savings. That'll probably buy you two years by that time with inflation.

 

[bkshopr_IHB]

Just give it up master. The dude's mind or heart is set. He won't buy bigger for less because it's within a quarter-mile of a lightly-traveled tollroad. Won't chase a bigger and potentially comparably priced model in the same tract due to Feng Shui concerns. It obvious catchme was looking for some rah-rah on the buy decision and anything other than that will be ignored. This isn't the condo of his dreams, it's a short-term first buy, so it makes zero sense to pay more to own vs. rent. In some cases, if you plan on buying a place to raise a family in for the next 20+ years, I can see jumping early. For a cookie-cutter starter condo you can rent so very easily, just plain crazy.

He'll be in my same situation in a few years, needing and wanting to upgrade, but being in a negative equity position and chained to a 1300sf condo. It's sad, but hey, on the bright side at least catch didn't buy in 2006!

ipoplaya,

you showed me 2 houses that are within 200 feets of the freeway. I checked out one of these houses and the freeway noise is unbearable when the windows open.

Another house from you (The bigger cortile house) is in short sale and price range according to the bank between 549k to 627k and god knows how much the current owner still owes.

Thanks for heads up about being in your shoes a few year from now but are you really sure my feet will fit your shoes (not literally)?

The Sorenson property is closer to the toll road. It is only busy from 7 am- 8:30 am. In fact many of the Coronians exit on Chapman and come down on Jamboree to save a few dollars on the last leg of the toll fee. No one uses that toll road during nights and weekends while you are home. it is a lot more quieter than homes that back up against Jamboree with acceleration noise. I really do not think it is an issue here. The property on Meadow Valley in Northpark is completely noise insulated by the drainage basin and dense shrubs along the bike and equestrian trail. I would consider Northpark first before West Irvine. There is only $100 difference in dues for this gated community.

 

[ipoplaya_IHB]

The Sorenson property is closer to the toll road. It is only busy from 7 am- 8:30 am. In fact many of the Coronians exit on Chapman and come down on Jamboree to save a few dollars on the last leg of the toll fee. No one uses that toll road during nights and weekends while you are home. it is a lot more quieter than homes that back up against Jamboree with acceleration noise. I really do not think it is an issue here. The property on Meadow Valley in Northpark is completely noise insulated by the drainage basin and dense shrubs along the bike and equestrian trail. I would consider Northpark first before West Irvine. There is only $100 difference in dues for this gated community.

The chi definitely flows much better in Northpark than in West Irvine.

NP is chi-licious and chi-lectable

 

[bkshopr_IHB]

That is the reason why so many chi-nese and chi-hauhaus are in NP

 

[gec518_IHB]

I drove through the development in Oak Creek with these same floorplans, forgot the name though, and there was a 3 bed 3 bath listed for over $600,000. There were also several 2 + 2's for what catchme is paying for a brand new 3 bed. I've been interested in Cortile as well but think it is too high and I'll wait. But shouldn't Oak Creek be less or at least on par with Woodbury? They're right under the power lines too.

 

[bkshopr_IHB]

I drove through the development in Oak Creek with these same floorplans, forgot the name though, and there was a 3 bed 3 bath listed for over $600,000. There were also several 2 + 2's for what catchme is paying for a brand new 3 bed. I've been interested in Cortile as well but think it is too high and I'll wait. But shouldn't Oak Creek be less or at least on par with Woodbury? They're right under the power lines too.

It is Aldea the first generation of the 6-pack detached condo cluster released in 2001 for 280k

 

[gec518_IHB]

I guess I expected these to be even less than Woodbury, but they aren't. At least for now. If Cortile is expected to drop to the $300,000's I wonder where these will end up, or Sage for that matter.

 

[ipoplaya_IHB]

I drove through the development in Oak Creek with these same floorplans, forgot the name though, and there was a 3 bed 3 bath listed for over $600,000. There were also several 2 + 2's for what catchme is paying for a brand new 3 bed. I've been interested in Cortile as well but think it is too high and I'll wait. But shouldn't Oak Creek be less or at least on par with Woodbury? They're right under the power lines too.

It is Aldea the first generation of the 6-pack detached condo cluster released in 2001 for 280k

The 4 and 6-pack detached clusters have been very good to Cal Pac. They've held up on re-sale reasonably well also... My development is of the 4-pack variety, which I definitely prefer vs. the 6-pack. 6-packs are for drinkin', not residin'!

Not sure if they these in the other Cal Pac detached clusters, but I got lucky enough to buy one that actually isn't clustered and fronts to wide single-loaded firelane. Feels more like a normal SFR, just right on top of the street/firelane, when you don't have the common auto-court.

The difference in mello roos should create a slight premium in the Oak Creek on a sf vs. sf basis. 1200sf Cortile in Woodbury will run you $3500/year of non-deductible MRs. Same size in Aldea will cost $2K per year in MRs. Equivalent to $25K in mortgage @ 6%.

 

[bkshopr_IHB]

Cortile will not drop to 300k unless new comparable products are released at this price by TIC. When this product first unveiled at Oakcreek in 2001 the plan 2 was already at 318,000 and none of the original owners are distressed. Read my earlier post in this thread.

 

[ipoplaya_IHB]

Bit of a thread-jack but I just saw this and thought it was funny:

74 Sorenson

List of $650K when a larger unit in the same cluster is in escrow for $540K... I've been told that the fabulous Mike Dunn actually owns this particular condo. There are not 3 bedrooms, there are not 4 bathrooms, and it is not 1500sf.

 

[bkshopr_IHB]

I drove through the development in Oak Creek with these same floorplans, forgot the name though, and there was a 3 bed 3 bath listed for over $600,000. There were also several 2 + 2's for what catchme is paying for a brand new 3 bed. I've been interested in Cortile as well but think it is too high and I'll wait. But shouldn't Oak Creek be less or at least on par with Woodbury? They're right under the power lines too.

It is Aldea the first generation of the 6-pack detached condo cluster released in 2001 for 280k

The 4 and 6-pack detached clusters have been very good to Cal Pac. They've held up on re-sale reasonably well also... My development is of the 4-pack variety, which I definitely prefer vs. the 6-pack. 6-packs are for drinkin', not residin'!

Not sure if they these in the other Cal Pac detached clusters, but I got lucky enough to buy one that actually isn't clustered and fronts to wide single-loaded firelane. Feels more like a normal SFR, just right on top of the street/firelane, when you don't have the common auto-court.

The difference in mello roos should create a slight premium in the Oak Creek on a sf vs. sf basis. 1200sf Cortile in Woodbury will run you $3500/year of non-deductible MRs. Same size in Aldea will cost $2K per year in MRs. Equivalent to $25K in mortgage @ 6%.

So you are living along the alley right behind Sorenson in a plan 3 or plan 4.

 

[ipoplaya_IHB]

So you are living along the alley right behind Sorenson in a plan 3 or plan 4.

Ding ding ding, we have a winner! I take it my street is unique to the Cal Pac cluster developments sprawled across Irvine then? I feel so special...

If I see some chi-optimized vehicle rolling slowly down my street/alley/firelane bk, I'm gonna run and hide

 

[bkshopr_IHB]

So you are living along the alley right behind Sorenson in a plan 3 or plan 4.

Ding ding ding, we have a winner! I take it my street is unique to the Cal Pac cluster developments sprawled across Irvine then? I feel so special...

If I see some chi-optimized vehicle rolling slowly down my street/alley/firelane bk, I'm gonna run and hide

Trooper will be at your front door for your arrest for partaking in the Chronicling ‘the seventh circle of real estate hell’ conspiracy. There are 7 houses along the Ipoplaya firelane that are unusual for Cal Pac clusters. You are living in a limited edition that could be worth a lot!!!