Moving out of Chicago tomorrow to Atlanta

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panda

panda

Well-known member
Hey guys,

I am all packed ready to move to Atlanta tomorrow. Just wanted to give you an update on how the finished product turned out. I realize that my two farm areas are Irvine, CA and Johns Creek, GA. I will always love and continue to study real estate in these two areas... At the moment I just don't like the price in Irvine.

2552m53.jpg

front view

27wywc7.jpg

kitchen

66i1l4.jpg

back yard

167t2t0.jpg

master bath

23sdyll.jpg


St. Marlo is the only subdivision in Forsyth 30097.

$1920 ? mortgage on 80% value of $480,068
$  195  - HOA and Country Club fees
$  48  - Insurance
$ 320  - Property Tax
$2483 ? Total month carrying cost

This home will rent for the same market value as Las Ventanas plan 2 in Portola Springs for rental parity comparison.
 
Oh my gosh! Your house is picture-perfect!! How do you feel about leaving Chicago for Atlanta? Are you extremely excited? I hope you & all The Pandas love your new home. It looks amazing!
 
Thanks Pat Star... man. I wish I can meet such a whole hearted nice egg friend like you when i move to Atlanta. Definitely, if you are ever on business to Altanta you can stay our place since we have 5 bedroooms :) Just tell the gate keeper I am Pat Star and I am here to visit Panda. lol.

I enjoy seeing your facebook updates of your family and your photos of all you can eat Korean BBQ yum yum. You have a beautfiul daughter and you are blessed man. One question: How come your daughter only has Korean friends from the pictures I see :)

Pat Star said:
Absolutely beautiful, Panda.  Congratulations, my friend --- so happy for you and the family.  From one Irvine expat to another (sort of), you will not regret this decision.  Irvine is a great place, but life does exist (and thrive) elsewhere.

Hope the Star's can make it to Atlanta to visit one day.  But just make sure you get a built in BBQ installed before we do, because I am expecting some good k-bbq out there.  And maybe some of those outdoor speakers that look like rocks, so we can crank up the latest Sistar, Rainbow, f(x), 2NE1, and Supreme Team.  ;)

Good luck with the move!
Click to expand...
 
IHO,
Dude you crack me up everytime you say this...

It's like you saying..." Hey Panda, I am a BMW, but you will always be a Hyundai" lol

Oh yeah??? Have you seen the new $58,000 Hyundai Equus or test driven one? It is really nice.

irvinehomeowner said:
Yeah... but it's still Atlanta. :D

Where's the picture of the garage?
Click to expand...
 
Panda said:
IHO,
Dude you crack me up everytime you say this...

It's like you saying..." Hey Panda, I am a BMW, but you will always be a Hyundai" lol

Oh yeah??? Have you seen the new $58,000 Hyundai Equus or test driven one? It is really nice.

irvinehomeowner said:
Yeah... but it's still Atlanta. :D

Where's the picture of the garage?
Click to expand...
Click to expand...
No no no... you are the BMW... I am the minivan. I'm just parked in a cooler climate.

Didn't you post a floorplan of this before... the layout of your house is impossible to find in Irvine... and although the interior decor is similar to what you can find here... those southern exteriors are awesome... huge porch, brick elevation... and multilevel corner lot... grrr.

Good luck in your move... you'll enjoy the space.
 
Panda said:
Thanks Pat Star... man. I wish I can meet such a whole hearted nice egg friend like you when i move to Atlanta. Definitely, if you are ever on business to Altanta you can stay our place since we have 5 bedroooms :) Just tell the gate keeper I am Pat Star and I am here to visit Panda. lol.

I enjoy seeing your facebook updates of your family and your photos of all you can eat Korean BBQ yum yum. You have a beautfiul daughter and you are blessed man. One question: How come your daughter only has Korean friends from the pictures I see :)

Pat Star said:
Absolutely beautiful, Panda.  Congratulations, my friend --- so happy for you and the family.  From one Irvine expat to another (sort of), you will not regret this decision.  Irvine is a great place, but life does exist (and thrive) elsewhere.

Hope the Star's can make it to Atlanta to visit one day.  But just make sure you get a built in BBQ installed before we do, because I am expecting some good k-bbq out there.  And maybe some of those outdoor speakers that look like rocks, so we can crank up the latest Sistar, Rainbow, f(x), 2NE1, and Supreme Team.  ;)

Good luck with the move!
Click to expand...
Click to expand...
Can I come check out the new Panda compound? 
 
Haha. IHO, you know i am just playing with you. :)

http://www.peachtreeresidential.com/floorplan_detail.php?fp_id=81&comm_id=170

IHO, here is what our floor plan looks like. We bought the Brunswick model which is their flag ship product. They offered 2 plans with 3 car garage, but my wife and I did not like the layout as much, so we bought the Brunswick with a 2 car side entry. I was very lucky as locked in my base price at $459,500 in Sept 2010, as they are selling through the same plan, same lot today for $509,500 at St. Marlo Country Club.

I realize why the 3 car is such as premium in Irvine as there is no basement and there is need for storage. In Georgia, they only count the liveable space as square footage. Mine is 3500 sq/ft but if i build out the 900sq/ft basement i would have a 6bed/5bath with 4400 sq/ft. The basements are huge for storage where 3 car is not so high in demand here.

When i have more time I will share with you some interesting findings that are so similar to Irvine 15 years ago. Of course there are many differences as we don't have the 70 degree weather all year round and the beaches, but schools are what drives the real estate prices and the asians in this area. 

irvinehomeowner said:
Panda said:
IHO,
Dude you crack me up everytime you say this...

It's like you saying..." Hey Panda, I am a BMW, but you will always be a Hyundai" lol

Oh yeah??? Have you seen the new $58,000 Hyundai Equus or test driven one? It is really nice.

irvinehomeowner said:
Yeah... but it's still Atlanta. :D

Where's the picture of the garage?
Click to expand...
Click to expand...
No no no... you are the BMW... I am the minivan. I'm just parked in a cooler climate.

Didn't you post a floorplan of this before... the layout of your house is impossible to find in Irvine... and although the interior decor is similar to what you can find here... those southern exteriors are awesome... huge porch, brick elevation... and multilevel corner lot... grrr.

Good luck in your move... you'll enjoy the space.
Click to expand...
 
Yeah... I always drool when I see basements on HGTV... or when my friend who happens to live in the same area you are moving to talks about his finished basement/mancave.

I'm not sure if prices in Georgia are going to triple in 15 years like it did in Irvine... but we'll find out in 2026.
 
IHO,
I don't expect Johns Creek, GA to 3x, but i do think that doubling by 2020 is realistic. Right the now the Irvine/JC ratio is 1.9. Both markets are facinating to me as one can rise, while the other can decline which i am currently seeing them decouple. Sort of like the relationship with dollar/gold, sometimes they are moving in the same direction and sometimes in opposite directions.

IHO, check this out.
http://www.schooldigger.com/go/GA/schools/0222003352/school.aspx- my home feeds into this middle school check out the Asian student jump from 2008 - 2010. This middle school is ranked 3rd in the state.
http://www.schooldigger.com/go/GA/schools/0222003685/school.aspx- my home feeds into this elementary school, you'll see a asian make up of 27% which ranks 7th in the state.

Lambert HS opened in 2010 which is equivalent to Northwood HS in Irvine.

The Univ High School is Northview High here in Johns Creek. Check out the demo... you will see that the profile is exactly same to that of Uni High in 1993.
http://www.schooldigger.com/go/GA/schools/0228002190/school.aspx- elementary schoolhttp://www.schooldigger.com/go/GA/schools/0228002493/school.aspx- middle schoolhttp://www.schooldigger.com/go/GA/schools/0228002560/school.aspx- high school

If you check the white/asian ratio.. it is almost identical to that of Uni High in 1993.
 
Panda...myself and a few friends might be interested in forming an LLC and buying a rental property in Johns Creek...what can we buy for around $300k?  How's the rental parity out there?
 
One more post before i pull an all nighter packing... :)

Among the cities of population of more than 70,000. Irvine is ranked #15 as the wealthiest city in the United States.

Here is Irvine's profile:
Per capital income: $41,090
Median household income: $94,895
Household incomes over $200k: 11.4%

Here is Johns Creek profile:
Per capital income: $42,055
Median household income: $106,545
Household incomes over $200k: 16.2%
 
Panda said:
I don't expect Johns Creek, GA to 3x, but i do think that doubling by 2020 is realistic.
Click to expand...

to double over the next 10 years, you need an average annual growth rate of about 7.1% - good luck man.
 
Hey Trojan,

I'll give you a call when i arrive in Atlanta.

The rental parity is good right now... but i don't know how long it will last if Qe2 ends and the FED no longer subsidizes our mortgage backed securities.

For example you saw my monthly carrying cost of $2483. I locked 30 year fixed at a rate of 4.25% loan amount of $390,454. The market rent for my home is similar to that of Las Ventanas plan 2 ($3000 - $3200). Do you remember our Las Ventanas plan 2 calculations can out to $3900 - $4000/month for $3000 a month rent? If i decided to rent out my home my cash flow would be easily $500/month and this is on a 3500+sq/ft home. The rental market is really hot and there is not much in supply in my area so my new home would probably rent out within a week.. This is on a 3500+sq/ft home. The cap rates are better for a smaller sized home.

You may have an advantage over me in terms of financing as you can declare the home as a 2nd home where your mortgage rate would be in par with primary home financing whereas I would have to get an investment loan. We should ask SGIP about this.

Just goto realtor.com and see what $300k gets you in Johns Creek. I am guessing that $300k will be in the ball park of what Irvine home prices were back in 1997.


USCTrojanCPA said:
Panda...myself and a few friends might be interested in forming an LLC and buying a rental property in Johns Creek...what can we buy for around $300k?  How's the rental parity out there?
Click to expand...
 
Qwerty, even with inflation you think 7% is being too optimistic? Weren't you one who told us that you would buy real estate to hedge against inflation?

qwerty said:
Panda said:
I don't expect Johns Creek, GA to 3x, but i do think that doubling by 2020 is realistic.
Click to expand...

to double over the next 10 years, you need an average annual growth rate of about 7.1% - good luck man.
Click to expand...
 
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