PadreBrian_IHB
New member
If I was going to retire, I would retire there. When they complete the tollway it will be even easier to get to (even commute to)...you could be in Irvine in 15 min.
Ladera Ranch Discussion Thread
- Thread starter vicstah_IHB
- Start date
NEW -> Contingent Buyer Assistance Program
I have mentioned this on here before, but if people want to make up commute times, feel free.
It takes me 35 to 40 minutes in the morning and 25 to 30 minutes in the evening to commute from Ladera to Jamboree. That is a total of 60 to 70 minutes a day. If you assume an Irvine commute takes you 10 minutes each way, then the Ladera commute takes an extra 45 minutes of your day.......not 90.
$225/hr x 1 hr x 5 days x 52 weeks=$58,500 2 gal of gas x $5 /gal x 5 days x 52 weeks = $1,300. That is almost $60,000 out of my pocket if I live in Ladera Ranch.
Do you mean driving to San Juan Cap or Irvine train depot and parking the vehicle there at the depot parking lot?
They do, but there is a limit of 2bikes/train car. I've only heard this can be a problem at prime hour.
From Redfin:
Listing Price History
Date Price
Jan 28, 2007 $5,249,000
Jul 20, 2007 $4,990,000
Jan 29, 2008 $4,399,000
Feb 23, 2008 $3,995,000
Apr 18, 2008 $3,499,900
Jun 02, 2008 $3,250,000
Source: SoCalMLS
It still has a lot to drop. I think I have time to buy a home, sell it and move up to this home before it drops to a decent price (<$2M or $311 sq. ft.)
This thing could have a lot more pain to come. The custom home segment of Covenant Hills in Ladera is in a world of trouble. There are a bunch of unsold, custom homes up there and it just doesn't seem like any of them are moving. There are also literally hundreds of lots that are sold to custom builders but have not broken ground. A lot of them have completed plans, but are waiting for a buyer to come along before they start construction. I have to think a lot of those lots are going to end up back in the hands of the lenders. They have to be worth half of what the builder paid for them, and there is going to be no market to start a new custom home anytime soon. A real bloodbath up there.
There were four more that went back to the bank today, and there are three more scheduled for the auction tomorrow. I know, I know... I am an uber bear, but the way the foreclosures are going there, 150 really isn't out of the question. The question is... when that does happen do you want to live in a neighborhood with a bunch of squatters? Hey, at least then you won't have to b*tch about the traffic, as it will be a lot lighter when there are 2/3rds less people living there. I wonder how this will effect RMV's plan to build those 13k units just south of Fraudera.
Joe33_IHB
New member
freedomCM said:
I have mentioned this on here before, but if people want to make up commute times, feel free.
It takes me 35 to 40 minutes in the morning and 25 to 30 minutes in the evening to commute from Ladera to Jamboree. That is a total of 60 to 70 minutes a day. If you assume an Irvine commute takes you 10 minutes each way, then the Ladera commute takes an extra 45 minutes of your day.......not 90.
NewToOC_IHB
New member
Still a foreclosure a day in Ladera? My significant other didn't believe that stat when I told him last time. We have some friends that bought there near the top that we worry about.
bkshopr_IHB
New member
Joe33 said:
$225/hr x 1 hr x 5 days x 52 weeks=$58,500 2 gal of gas x $5 /gal x 5 days x 52 weeks = $1,300. That is almost $60,000 out of my pocket if I live in Ladera Ranch.
profette_IHB
New member
I have a friend who lives in Ladera and makes good use of the train to commute to work.
bkshopr_IHB
New member
profette said:
Do you mean driving to San Juan Cap or Irvine train depot and parking the vehicle there at the depot parking lot?
profette_IHB
New member
She hops on the train in Laguna Niguel. Drives on Crowne Valley, I think. She loves it.
It would be a good option--anything would be better than the 5, I would imagine. They probably
let you take your bike on the train. Does anyone know?
It would be a good option--anything would be better than the 5, I would imagine. They probably
let you take your bike on the train. Does anyone know?
freedomCM_IHB
New member
profette said:She hops on the train in Laguna Niguel. Drives on Crowne Valley, I think. She loves it.
It would be a good option--anything would be better than the 5, I would imagine. They probably
let you take your bike on the train. Does anyone know?
They do, but there is a limit of 2bikes/train car. I've only heard this can be a problem at prime hour.
profette_IHB
New member
Thanks for the info.
PadreBrian_IHB
New member
Did anyone else see today's post over at South OC tracker?
http://www.southoctracker.com/2008/06/reos-in-ladera.html
That map looks like hell. We are going to see a complete Ladera meltdown this fall. With the comps going down down down to 2002 levels more and more foreclosures are going the happen.
The only thing to stabilize this is eventual market correction. Nothing else will stop the train.
http://www.southoctracker.com/2008/06/reos-in-ladera.html
That map looks like hell. We are going to see a complete Ladera meltdown this fall. With the comps going down down down to 2002 levels more and more foreclosures are going the happen.
The only thing to stabilize this is eventual market correction. Nothing else will stop the train.
25w100k+_IHB
New member
Yeah I actually find stuff I would live in at ladera, but prices are dropping so fast that I don't even have time to contemplate a house. I'm gonna get a nice 3000 sqft place for 500k before this is all over!
PadreBrian_IHB
New member
Or at least very close to that. Employment is still high for OC so there's a theoretical bottom, somewhere around there. 500k being the price a typical OC family can TRULY afford. ie family income of 120-130k or so.
awgee_IHB
New member
According to Redfin, original listing was $5,249,000. Present listing price is $3,250,000. And according to the description, the owner and builder are partners. But, are they still friends?
http://www.redfin.com/CA/Ladera-Ranch/1-San-Jose-St-92694/home/12316941
What is this property worth? I have two answers:
Less and less every day it sits on the market,(633 days so far),
and it is worth only what the next buyer is willing to pay.
That may sound trite, but if I was trying to sell this property, I might give it some thought.
http://www.redfin.com/CA/Ladera-Ranch/1-San-Jose-St-92694/home/12316941
What is this property worth? I have two answers:
Less and less every day it sits on the market,(633 days so far),
and it is worth only what the next buyer is willing to pay.
That may sound trite, but if I was trying to sell this property, I might give it some thought.
Gohabsgo_IHB
New member
awgee said:
From Redfin:
Listing Price History
Date Price
Jan 28, 2007 $5,249,000
Jul 20, 2007 $4,990,000
Jan 29, 2008 $4,399,000
Feb 23, 2008 $3,995,000
Apr 18, 2008 $3,499,900
Jun 02, 2008 $3,250,000
Source: SoCalMLS
It still has a lot to drop. I think I have time to buy a home, sell it and move up to this home before it drops to a decent price (<$2M or $311 sq. ft.)
Joe33_IHB
New member
awgee said:
This thing could have a lot more pain to come. The custom home segment of Covenant Hills in Ladera is in a world of trouble. There are a bunch of unsold, custom homes up there and it just doesn't seem like any of them are moving. There are also literally hundreds of lots that are sold to custom builders but have not broken ground. A lot of them have completed plans, but are waiting for a buyer to come along before they start construction. I have to think a lot of those lots are going to end up back in the hands of the lenders. They have to be worth half of what the builder paid for them, and there is going to be no market to start a new custom home anytime soon. A real bloodbath up there.
graphrix_IHB
New member
I love Fraudera Ranch. I swear, if it isn't a foreclosure a day there, it is damn close.
43 Foliate Way went back to the bank for $892.5k, and it sold in 05 for $1.29mil. This place is a disaster, a bloodbath, a true apocalyptic tragedy of the bubble. Sorry Fraudera, it isn't different this time and there is no new paradigm, well maybe foreclosures are the new paradigm.
43 Foliate Way went back to the bank for $892.5k, and it sold in 05 for $1.29mil. This place is a disaster, a bloodbath, a true apocalyptic tragedy of the bubble. Sorry Fraudera, it isn't different this time and there is no new paradigm, well maybe foreclosures are the new paradigm.
25w100k+_IHB
New member
So where do you guys think it will bottom out at? I mean, I even myself being the uber bull that I am (not really, but compared to some...) It seems that ladera will get killed the hardest of all the OC towns.
200? 150?
200? 150?
graphrix_IHB
New member
25w100k+ said:
There were four more that went back to the bank today, and there are three more scheduled for the auction tomorrow. I know, I know... I am an uber bear, but the way the foreclosures are going there, 150 really isn't out of the question. The question is... when that does happen do you want to live in a neighborhood with a bunch of squatters? Hey, at least then you won't have to b*tch about the traffic, as it will be a lot lighter when there are 2/3rds less people living there. I wonder how this will effect RMV's plan to build those 13k units just south of Fraudera.
freedomCM_IHB
New member
what will happen to all the 'ameneties' of ladera? are half of the HOAs not being paid? is it going to start getting scruffy with dirty pools?
25w100k+_IHB
New member
Woot! House just hit the market for $190 a sqft. Doesn't look like too much is selling either! Getting closer to that 3000 sqft estate for 500k I was predicting!