New Listing - Corte Bella Plan 2 detached condo @ Orchard Hills (101 Mustang)

OCtoSV said:
Why? Land value, especially now with the ability to subdivide into up to 4 units which even Irvine won't be able to stop. Condos have ZERO land value - a sucker's game unless you acquire it as a cash flow positive rental from day 1. It's all about land in a prime location. My buddy back east and I talked  about this when he was weighing Princeton SFR and the commute into NYC vs Bronxville condo (upscale NYC suburb) and a much shorter commute - land ownership mattered to him as well. Maybe Gen Z/Millennials value bright and shiny vs fundamental value.

CalBruin - I live down in the depths of Almaden in a older pad. I would never live up on Comms Hill just to get a newer pad as that area is kind of sketchy compared  to Almaden with Leland HS, which is where Asians that can't afford Saratoga or Cupertino move to.
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Irvine is filled with both attached and detached condos which sell like hotcakes so the market has spoken.  The very last homes built in Portola Springs and Orchard Hills will be primo SFR locations and will cost a pretty penny.
 
You can?t subdivide new Irvine homes SFR due to HOA rules. This is an invalid argument.

Communication Hill in SJ is not sketchy lol.

Martin is correct.  The hottest condos are Delano (attached) and Helena.  Market speaks for itself and people don?t care about the ?land? argument.
 
It all else being equal, like school and convenient access to freeway and job center, I would never want to go back to new builds Irvine with that density. It is more about distance to neighbors and big enough yard for pool gazebo detached casita or tool shed or rv parking etc.
 
At the rate prices are going in Irvine... if I want to retire in this city... I might end up living in a 1BR sandwiched on all 4 sides flat. :(
 
The California Court Company said:
It all else being equal, like school and convenient access to freeway and job center, I would never want to go back to new builds Irvine with that density. It is more about distance to neighbors and big enough yard for pool gazebo detached casita or tool shed or rv parking etc.
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Build density is definitely my top dislike.

The proximity to Landfill and All American Asphalt is a turnoff for me.

Also the weather is just better south of the 405.
 
The market has definitely spoken, and I like what it says: much less competition for resales in Irvine as Gen Z and Millenial buyers will sacrifice real estate fundamentals for a shiny bauble, which must translate to even less competition for resales outside of Irvine in the South OC areas I would target. Matter of fact I am seeing numerous large price cuts in Mission Viejo this morning on resale homes in mature neighborhoods - excellent news.
 
OCtoSV said:
The market has definitely spoken, and I like what it says: much less competition for resales in Irvine as Gen Z and Millenial buyers will sacrifice real estate fundamentals for a shiny bauble, which must translate to even less competition for resales outside of Irvine in the South OC areas I would target. Matter of fact I am seeing numerous large price cuts in Mission Viejo this morning on resale homes in mature neighborhoods - excellent news.
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Cities outside of Irvine will slow first because those buyers are not as strong as Irvine buyers, I know what I've seen it first hand with my listings outside of Irvine (I also have my lender cross qual the top buyers for all my non-Irvine listings).
 
Makes perfect sense - IUSD attracts the families that value at least the perception of high performing schools which usually correlates with professionals with high W2 wages. As the buyer pool dries up in south county I see my single level MV/Laguna Niguel pad slowly coming into view of my $1M target.
 
We received a total of 5 offers.  Best & final counters have been sent out which are due back by Wednesday at 8pm.
 
USCTrojanCPA said:
Cities outside of Irvine will slow first because those buyers are not as strong as Irvine buyers, I know what I've seen it first hand with my listings outside of Irvine (I also have my lender cross qual the top buyers for all my non-Irvine listings).
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I agree with this, the data agrees with this, the last crash (late 2000s) agrees with this... but LL does not based on his cherry picked 2018-2020 data. :)
 
You got your contrarian safety net in LL.
If we did not have him, we would end up like Putin thinking he's winning in Ukraine.

Even if he's wrong...and he knows it, he plays his part.
 
Got word from escrow that we officially closed earlier this morning.  The sales price was $1,635,000 and the buyer agent reduced her commission by $5,000 so the effective sales price was $1,640,000.  We did have a higher financed offer of $1,650,000 but the seller felt more comfortable moving forward with the slightly lower cash buyer who closed in 10 days.
 
No one wants to pay even $5,000 on extra property taxes.
1% of $5,000 is 50 bucks a year?
 
The seller also went over their $500k gain exemption amount so they would only benefit on 2/3rd of the higher sales price.
 
zubs said:
No one wants to pay even $5,000 on extra property taxes.
1% of $5,000 is 50 bucks a year?
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The buyer agent decreased her commission by $5,000 to make her client's offer more competitive to the seller so it wasn't about lowering the property tax basis.
 
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