New Listing - Bowen Court Plan 1 in Woodbury (14 Costa Brava)

NEW -> Contingent Buyer Assistance Program
usctrojancpa

usctrojancpa

Well-known member
I just listed a highly upgraded Bowen Court Plan 1 detached condo in Woodbury on MLS.  The condo has one upstairs bedroom and a spacious downstairs office/den (currently used as a home office).  The condo is priced at $500,000.  Big thanks to INC for the seller referral!

PM me or email (mmania001@yahoo.com) if you are interested in seeing the home.

I'll also have an open house this weekend on both Saturday and Sunday (Sept. 17th and 18th) at 1-4pm.

Here's the link to the pictures and virtual tour:

www.14costabrava.com

Here is the Redfin link:
https://www.redfin.com/CA/Irvine/14-Costa-Brava-92620/home/7211926

As always, I'll have treats for the TI folks who drop by.  ;)
 
This is an awesome buy as a starter home, especially not many home at this size and price range that are detached. 

With just 20% down ($100k), the mortgage payment can be as low as $1600/month with 5/1 ARM.  That's way lower than renting one of those TIC apartments.


 
I rented a 1-bedroom IAC apartment and I would take this condo in a heartbeat, especially since it is fully detached so no noisy neighbors to deal with.
 
Wow, the home is nicely upgraded too.  Love those dark wood plantation shutters, not many people do those anymore.  Also look like this place got some killer surround sound systems too.

USC, you got to turn on that surround sound during the open house, I'll definitely drop by to check it out.

Maybe we can play some of your track videos. :)
 
Hot Home!

Wow, 860 views in just three days and now it reaches Reffin's "Hot Home" status.  This going to sell quick.
 
You two sound like an infomercial, with the scripted dialog between two people to get people to nod along with them. I'd rather continue to pay the $2100/month for the 2br/2ba in the village then commit to a $500k 1br condo that will be worth $400 by the end of next year.
 
jbot747 said:
You two sound like an infomercial, with the scripted dialog between two people to get people to nod along with them. I'd rather continue to pay the $2100/month for the 2br/2ba in the village then commit to a $500k 1br condo that will be worth $400 by the end of next year.
Click to expand...

OUCH!!!
 
I just like being within walking distance to the san diego creek trailhead, work, whole foods, the irvine meadows amphitheater (there is a bikepath that goes under the 405) and connects through los olivos, so its only about a 20 minute walk, and of course the spectrum is across the street, although if you are super lazy there is now a free shuttle that runs til 2 am on the weekend.

That and the amenities aren't bad, with 4 pools, 4 gyms, tennis and basketball courts, several indoor/outdoor bbq areas that don't require you to reserve, and I especially like how they have an amazon locker type setup for all Fedex/UPS type deliveries, and a mail room for USPS packages, both with 24/7 access.

That being said, there used to be better mountain views before they built the 200/300 spectrum office towers-
https://www.irvinecompanyapartments...llage-at-irvine-spectrum-center/photo-gallery

Or I could take $100k out of my savings to leverage myself 5/1 on a 1br/1.5ba condo a couple of miles from one of the largest landfills in not just California but the nation, with sand canyon full of dump trucks hauling garbage in, and an asphalt company hauling earth out every weekday
 
jbot747 said:
You two sound like an infomercial, with the scripted dialog between two people to get people to nod along with them. I'd rather continue to pay the $2100/month for the 2br/2ba in the village then commit to a $500k 1br condo that will be worth $400 by the end of next year.
Click to expand...

Haha  That's some good comedy right there.  And what's going to cause prices to drop by 20% in 15 months?  There's a huge difference in living in an Irvine Company Apartment versus a detached condo.
 
Historical precedent. Usually during an election year the 7-10 year housing / stock market corrects, since they are pulling out all the stops to keep the economy looking good so they can pass the torch to the next (d)/(r) administration. The only reason home prices have appreciated is with low interest rates, but they are hitting a wall with the max FHA loan amounts in every zip code in California.

And yes, "There's a huge difference in living in an Irvine Company Apartment versus a detached condo."

...The mortgage, and soon to be negative equity.
 
jbot747 said:
Historical precedent. Usually during an election year the 7-10 year housing / stock market corrects, since they are pulling out all the stops to keep the economy looking good so they can pass the torch to the next (d)/(r) administration. The only reason home prices have appreciated is with low interest rates, but they are hitting a wall with the max FHA loan amounts in every zip code in California.

And yes, "There's a huge difference in living in an Irvine Company Apartment versus a detached condo."

...The mortgage, and soon to be negative equity.
Click to expand...

Who says that the stock market and housing market correct every 7-10 years?  If it were that easy then people could time purchasing stocks and homes and all be rich.  I focus mainly on Irvine/Tustin Ranch and I had only work with 2 FHA buyers in the past 7+ years that were buying in Irvine/Tustin Ranch.  I'd say the average Irvine/Tustin Ranch buyer that I represented put down on average about 30-40% down.  Plus loans have been fully underwritten in those 7+ years, ask me how I know.  Only way we get 20% price declines are either China or Europe falling on their face or interest rates going past 5%.  I'm sure you'll be waiting patiently for that 20-30% price decline to buy in Irvine, huh?  haha

If you don't think there is a qualify of living difference between an IAC apt and a detached condo then you must have your head in the sand.  With the 20-30% price declines that you are expecting, are you also expecting rental prices to come down as well?  I ask because for Irvine they are up about 8-10% from last year. 
 
Certainly, renters will continue to see increase in their monthly payment when they renew their leases. That and you can't really go all out in decking the place, like the way you would do if you own it.

Everyone wants a great deal, when it comes to purchases. Hell, I even want a discount of at least 20 % on everyday items at Target let alone a major purchase of a home. Reality is that you are not THE only fish that swimming upstream. Big fishes and institutional investors are ready to gobble you and along with any real minimal discounts before you even have a chance to gasp for air.

Buy for the long term and live in place that you love, regardless of market conditions.
 
jbot747 said:
Historical precedent. Usually during an election year the 7-10 year housing / stock market corrects, since they are pulling out all the stops to keep the economy looking good so they can pass the torch to the next (d)/(r) administration. The only reason home prices have appreciated is with low interest rates, but they are hitting a wall with the max FHA loan amounts in every zip code in California.

And yes, "There's a huge difference in living in an Irvine Company Apartment versus a detached condo."

...The mortgage, and soon to be negative equity.
Click to expand...

I don't know where you are getting your "historical precedent" from but I can tell you what the housing market did since 1989.

Market peaked in mid 1989, dropped for seven years (less in other areas of the country).

Started rising in 1996 and rose for ten years plus or minus a bit, dropped for about six years and then started rising again in 2012, maybe a little earlier.

So, yes, there is your 7-10 years, BUT it's only 2016, short of your 7-10 year historical precedent. Based on that, we got more time to go up.

And if you will notice, market dropped for 6-7 YEARS.

It won't drop 20% in the next year, there is no historical precedent for that other than MAYBE great depression and I don't mean the recent drop, I mean the one before WWII. It takes TIME for houses to drop because they are not all that liquid.

Enjoy apt life, you'll be living it for a long time waiting for a starter anything at 400K in Irvine or you can move to Inland Empire if you want to stay in So Cal.
 
How about trending apt rent prices in Irvine given that TIC holds most of it and can live with higher than market vacancy rates. I doubt you'll see large dips like the housing cycles.
 
jbot747 said:
You two sound like an infomercial, with the scripted dialog between two people to get people to nod along with them. I'd rather continue to pay the $2100/month for the 2br/2ba in the village then commit to a $500k 1br condo that will be worth $400 by the end of next year.
Click to expand...

I'm looking at the Village website and see 2br/2ba for $2485 (943 sq ft), $2840 (1136 sq ft), $2575 (1024 sq ft), or $2705 (1032 sq ft).
 
I didn't think the price he claimed at Village was accurate.  I've lived there and it was expensive a few years ago.  Not to mention, apartments generally don't give you an equivalent amount of space as if you were paying a mortgage.  Case in point there aren't many 2br/2ba homes in Irvine less than 1200 sq ft, but many apartments that are much smaller.
 
AW said:
How about trending apt rent prices in Irvine given that TIC holds most of it and can live with higher than market vacancy rates. I doubt you'll see large dips like the housing cycles.
Click to expand...

Correct. The Irvine Company has done an amazing job of master planned the community that it owns. From corporate spaces, retail locations to rental living, it is the most picky owner's that you can find. The Irvine Company has and will keep their prices firm on all levels. There is no need for discount. Master mind Donald Bren IS the richest land baron in America, and do you think he ready to lower his prices? On the same token, his philanthropy and donation to schools in Irvine is astounding large sum of hundreds millions of dollars on record. In the end it benefit both the communities that he owns and citizens that willing and able to purchase or lease in Irvine as well as Tustin in some newer parts.

One way to weed out the bottom feeders, and keeping a tight lid on Irvine and surrounding area neighborhoods is to keep prices high the way  that the Irvine Company have followed for several decades. History, will often repeats and well planned neighborhoods will do well even in turbulent times. The key here is longevity will outwit any perfect timing of any assets class. Even if ones can perfect the art of timing.
 
I am paying about $2100 for a 2br/2ba there, so I don't know what to say about the prices on their website. I know I have negotiated with them at every renewal, starting in 2011 when I was paying $1980/month.

What I do know is that when everyone thinks its a great time to buy, and interest rates are low, it's about the worst time one could buy (historically) I am sorry, but that condo in question will fall AT LEAST 20-30% in price, I of course just can't say when... (assuming someone will buy it for that much in the first place)
 
And FWIW, I could have bought in 2012 after moving here from Alaska, but wasn't in a hurry and like many didn't expect the FED to re-inflate the housing bubble at all costs. I was looking in Laguna Beach, and at Laguna Altura, but didn't like the idea of a gated community in Irvine (kind of redundant), the MelloRoos and the HOA fee's that were ridiculous given the amenities....

My only point is if I am going to buy in at what is arguably the top of another market cycle, it won't be a sad 1br condo for a HALF A MILLION. That same type of insanity just happened in recent memory, and all realtors, brokers and agents are pretending like just because interest rates are artificially low right now, and there is low inventory, the sky is the limit and to buy now or be priced out forever, and people should just ?push button, get mortgage.?

Sorry, but it's not a stretch to think there will be another financial panic that will cause another housing correction. We could have two presidential canditates that have the worst favorable poll numbers in history. Add to that we have had several financial panics / incidents since 2000-
https://en.wikipedia.org/wiki/List_of_economic_crises#21st_century


Assuming you could rent that 1br condo for FMV it would need to go for around $4k/month for it to be worth $500k;($4166 x 12)) x 10. And I am not the only one that begs to disagree that this is a horrible time to buy-
http://asm-air.com/uncategorized/los-angeles-housing-bubble/http://fortune.com/2016/01/11/real-estate-bubble/

Or you can believe what realtors, places like CoreLogic and the NAR say. It's not like they'd ever lie.
 
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