Parasol Park

irvinehomeshopper said:
Millennials have a lot more to spend on today such as trips, electronics, cars and eating out vs their parents generation. Saving up for a deposit is unlikely when it's so much easier to ask parents for it. It's the fault of the parents for spoiling their children and never taught them frugality while themselves have been super frugal and gave their children the very best money could buy.
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So is this going to sell quickly like Eastwood?

 
USCTrojanCPA said:
From what I've heard and experienced having dated millennial women, millennials tend to value experiences over acquiring tangible things like cars or homes.  They value their freedom and flexibility more than gen-X folks.  Their attention span is shorter and can be a little all over the place at times.  I can see how many of them aren't interested in home ownership.
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This guy has done his research!  Source: Am a millennial, value experiences over acquiring tangible things. Have short attention span.  Wait, what where we talking about?
 
Most of the people I know bought their first home mid/late 20s, paid off loan within 5-10 years, rented it out and then bought 2nd home valued well below liquid savings/ investments on hand (either paying in cash or having liquid reserves to easily pay off). No rich in-laws or parents help. Just saved a lot early. Like someone else said, ok to stretch a bit for the first home. 2nd one you should not even consider if you can't buy all-cash or be able to pay off anytime with at least a several years accessible savings in reserve.
 
Love your screen name. We've had a tough year in football but a promising year in basketball. Go Bruins!!!!

BruinDoc said:
Qualifying front and back end ratios aside, it is apparent that how much one is willing to spend per month for PITI is an individual decision. I find the rules of thumb i.e. buying a home for 3x your income, etc. are far too broad to really be useful. It depends on personal comfort level, how long one will be in the home, additional expenses, overall investment strategies, leveraging, job stability, potential for income growth, etc. Having said that, I have 'stretched' on every home we've purchased and never regretted it. It allowed us to enjoy a nicer home while also realizing better appreciation then if we had played it safe. But again it's a totally personal decision so I can see benefits to both approaches?one size does not fit all when it comes to this issue! 8)
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pisa said:
Most of the people I know bought their first home mid/late 20s, paid off loan within 5-10 years, rented it out and then bought 2nd home valued well below liquid savings/ investments on hand (either paying in cash or having liquid reserves to easily pay off). No rich in-laws or parents help. Just saved a lot early. Like someone else said, ok to stretch a bit for the first home. 2nd one you should not even consider if you can't buy all-cash or be able to pay off anytime with at least a several years accessible savings in reserve.
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Curious, when did they buy their first homes?  In the late 90s or early 2000s when prices were lower?   
 
Likewise my man! The revolution morphed from football to basketball... >:D

BruinRevolution said:
Love your screen name. We've had a tough year in football but a promising year in basketball. Go Bruins!!!!

BruinDoc said:
Qualifying front and back end ratios aside, it is apparent that how much one is willing to spend per month for PITI is an individual decision. I find the rules of thumb i.e. buying a home for 3x your income, etc. are far too broad to really be useful. It depends on personal comfort level, how long one will be in the home, additional expenses, overall investment strategies, leveraging, job stability, potential for income growth, etc. Having said that, I have 'stretched' on every home we've purchased and never regretted it. It allowed us to enjoy a nicer home while also realizing better appreciation then if we had played it safe. But again it's a totally personal decision so I can see benefits to both approaches?one size does not fit all when it comes to this issue! 8)
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BruinRevolution said:
Love your screen name. We've had a tough year in football but a promising year in basketball. Go Bruins!!!!

BruinDoc said:
Qualifying front and back end ratios aside, it is apparent that how much one is willing to spend per month for PITI is an individual decision. I find the rules of thumb i.e. buying a home for 3x your income, etc. are far too broad to really be useful. It depends on personal comfort level, how long one will be in the home, additional expenses, overall investment strategies, leveraging, job stability, potential for income growth, etc. Having said that, I have 'stretched' on every home we've purchased and never regretted it. It allowed us to enjoy a nicer home while also realizing better appreciation then if we had played it safe. But again it's a totally personal decision so I can see benefits to both approaches?one size does not fit all when it comes to this issue! 8)
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With the Ball brothers, they may be looking at winning it all this year. 
 
USCTrojanCPA said:
BruinRevolution said:
Love your screen name. We've had a tough year in football but a promising year in basketball. Go Bruins!!!!

BruinDoc said:
Qualifying front and back end ratios aside, it is apparent that how much one is willing to spend per month for PITI is an individual decision. I find the rules of thumb i.e. buying a home for 3x your income, etc. are far too broad to really be useful. It depends on personal comfort level, how long one will be in the home, additional expenses, overall investment strategies, leveraging, job stability, potential for income growth, etc. Having said that, I have 'stretched' on every home we've purchased and never regretted it. It allowed us to enjoy a nicer home while also realizing better appreciation then if we had played it safe. But again it's a totally personal decision so I can see benefits to both approaches?one size does not fit all when it comes to this issue! 8)
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With the Ball brothers, they may be looking at winning it all this year.
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Well Lonzo is one and done, he and his Dad have said as much...with good reason. So it's unlikely that the brothers will play together, but this year with Ball, Leaf, and the upperclassmen we might be on to something. But it's premature at this point, we haven't even started conference play. 'SC is holding their own admirably as well, but again premature until we get into conference play.
 
USCTrojanCPA said:
pisa said:
Most of the people I know bought their first home mid/late 20s, paid off loan within 5-10 years, rented it out and then bought 2nd home valued well below liquid savings/ investments on hand (either paying in cash or having liquid reserves to easily pay off). No rich in-laws or parents help. Just saved a lot early. Like someone else said, ok to stretch a bit for the first home. 2nd one you should not even consider if you can't buy all-cash or be able to pay off anytime with at least a several years accessible savings in reserve.
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Curious, when did they buy their first homes?  In the late 90s or early 2000s when prices were lower? 
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Yes, early 2000s.

Honestly, if you can't afford to pay in cash with plenty of cushion, it's not really conservative. I wouldn't buy if I can't comfortably pay in cash.

2x income is only conservative by US bank standards.
 
More info on the water park that will be between Beacon and Parasol Park.

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This is today's price sheet for Somerset. I think it's the development I like the most in Parasol Park, plan 2X in particular.

The Mello Roos is a real negative point though at $6847 from the smallest plan (2028 sq. ft) and $9029 for the biggest (3196 sq. ft).
 

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