irvinehomeowner
Well-known member
Mety said:
Only Marsala is close to the $700k price and it's only a 2/2 but I would probably buy that if I had to.
Tangerine is nice, but $800k.
Moving to OC. Lake Forest vs Irvine vs Tustin
- Thread starter sleepy5136
- Start date
Only Marsala is close to the $700k price and it's only a 2/2 but I would probably buy that if I had to.
Tangerine is nice, but $800k.
usctrojancpa
Well-known member
Keep in mind...an detached home with no HOA and mello roos of $800k to $850k would have a total monthly payment as compared to an attached condo with a $350/mo and mello roos around $700k. You have to look at the TOTAL monthly payment with HOA and Mello Roos.
irvinehomeowner
Well-known member
Ahh... OP did say ~$900k... going to redo my Redfin search.
Sleepy did say high $700k in their most recent post... so I'm not actually sure... but not much for $700k in Irvine so Mety's list is actually a good start.
Sleepy did say high $700k in their most recent post... so I'm not actually sure... but not much for $700k in Irvine so Mety's list is actually a good start.
700k and 900k are a huge difference IMHO especially if you're getting a mortgage loan in terms of getting approved and whatnot. Unlike Kenkoko and some others were saying, stretching your budget for somewhere you'll live for 5-10 years is something worth trying. Good luck with finding one (if you're still around...) 8)
ThirtySomethingWEquity
Active member
eyephone said:
He has 900k. Also my point was yes, I used to look at Baker Ranch five years ago and say "why buy there?". However, prices have gotten out of wack in Irvine since then way more than they have in Baker Ranch so the equation has changed.
He also said he cared about newer floorplans. If someone doesn't care about that, sure there are good buys in the older parts of Northwood/Deerfield but it's not cheap to remodel these days either.
usctrojancpa
Well-known member
ThirtySomethingWEquity said:
+1 A lot of my clients who are planning are finding out that prices (primarily labor) have increased materially for home renovation work.
sleepy5136
Well-known member
USCTrojanCPA said:
Sorry for being MIA. Great to see so much input from everyone. To give you more context on why I want something newer is because buying a home to me means living comfortably. I want my home to look nice as well. Otherwise I would argue that I should continue to rent instead. Maybe my philosophies of home ownership is different than others, but it makes me sad when I see people with homes that look worse than my rental.
In the current market, I will need to spend 700k+ to buy a property that needs repairs or needs to be remodeled. Being a first time home buyer in this market is already tough as it is and the last thing I want to do is spend even more money on an arguably inflated market right now. Not to mention the fact that I'll need to compete with people that have the cash to win bidding wars and are waiving appraisal and inspection contingencies which is ludicrous. With Serrano Summit, I can pocket out 730k and get a 3bed 3.5bath 1736 sq. ft that is brand new with NO mello roos, no bidding wars, and can still get an inspector to inspect the property without worrying about losing a home because of this request. Yes, there is a relatively high HOA but is $400 HOA even considered high in Irvine for attached condos? I find it extremely difficult right now to find anything that is in the 700-800s that doesn't need repairs/remodels, no mello roos, and low HOA.
You can argue that putting money into renovations may not be that much of an issue, but I value quality of work. That is the most important thing to me when it comes to renovations. I rather pay a slightly higher premium to ensure the quality is there than some cheap person that takes cash and ends up doing a crappy job. With the current real estate market, this is going to be tough as I'm not only paying more for the home itself, I'll also need to pocket out more $$ for renovations. More stress for me in this market is a no go and not worth it for me financially.
Anyway, this is my first home so while it would be nice to buy in Irvine, I did some evaluations and felt it isn't needed right now. I'd rather take the time to build up some equity and have my second property be in Irvine. For what I can afford, I don't think I can be picky in Irvine and paying that premium for a home that needs remodeling does not entice me at all. I'd rather buy something in Lake Forest despite it being a step child to Irvine.
usctrojancpa
Well-known member
Very valid points, just buy a 3-level condo (where the living area is on the 2nd level) with eyes wide open as those properties do not appreciate very well compared to a 2-level condo. When the market is hot it doesn't matter as much because there isn't much in terms of resale homes for buyers to pick from but when the market is more in balance most buyers will shy away from 3-level properties. Maybe look at Baker Ranch condo resales or Camden Square which are newer.
This looks good for Baker Ranch.
https://www.redfin.com/CA/Lake-Forest/13-Clover-92630/home/58554383
3-bed, detached, and mostly upgraded well. Wait, that is one of USC's listings...
https://www.redfin.com/CA/Lake-Forest/13-Clover-92630/home/58554383
3-bed, detached, and mostly upgraded well. Wait, that is one of USC's listings...
sleepy5136
Well-known member
Mety said:
I've been told Bakers Ranch is struggling a bit in sales due to Serrano Summit and the proximity to fires in that area. Serrano Summit is not as inland and with that fires that recently happened, Bakers Ranch isn't as great as an option as it once was.
sleepy5136
Well-known member
USCTrojanCPA said:
Yeah, I know 3 level condos are not ideal. But I think as a first home, I really have limited options especially since I want things to be more modern/new. I know I'll most likely break even or have a slight profit when reselling which doesn't bother me as a starter home.