Portola springs homes resale value

[iacrenter]

I guess I'm in the minority, but I like PS. 

- It's a lot less dense than other villages
- Has the "out of the way" feeling I like but not completely isoolated
- Many homes have good hillside views
- Some homes high on the hill have city views
- In my experience, common area's (pools & playgrounds) aren't as crowded as Woodbury, CV, etc.
- Streets have some curvature giving the area more character

I agree. PS > WBE/SGE.

 

[paperboyNC]

My guess is that as long as there are new homes being built at Beacon Park, PS probably won't rise that much in value in the short term.  Buyers may gravitate to Beacon Park because it's closer to the action, closer to the major freeways, and the overall new community buzz. But once Beacon Park is all built out, PS may rise.

In general you'll only make money on real estate in the short term if one of the following is true:

1) You can find an underpriced home (new or resale)
2) The entire market goes up over 10% during the "short-term"
3) You add value to the property (such as adding square footage or remodeling)

I would assume this question is about long-term appreciation. Right now Portola Springs trades at a significant discount to Stonegate. Once Portola Springs has its only elementary school, will the real estate value have a big jump if that elementary school gets highly rated? (Rumors are that the Portola Springs parents have a lot to do with Stonegate's high rating)

 

[Toesonthanose]

Two houses, one is located at PS, the other is at Woodbury East.  One is detached, the other is attached.  Which one is a good choice?
https://www.redfin.com/CA/Irvine/64-Peony-92618/home/40103024
https://www.redfin.com/CA/Irvine/27-Keepsake-92618/home/40102833

There will be a brand new elementary school opening this year and new high school which scheduled to open next year, plus the retail center being built now.  I'll bet on Portola Springs from the appreciation perspective.  Woodbury East on the other hand will always be a less favorite step child in the family like Stonegate East and Norpark Square.

There is a retail center being built now? I wasn't aware. Could you elaborate please?

 

[Roger]

Two houses, one is located at PS, the other is at Woodbury East.  One is detached, the other is attached.  Which one is a good choice?
https://www.redfin.com/CA/Irvine/64-Peony-92618/home/40103024
https://www.redfin.com/CA/Irvine/27-Keepsake-92618/home/40102833

There will be a brand new elementary school opening this year and new high school which scheduled to open next year, plus the retail center being built now.  I'll bet on Portola Springs from the appreciation perspective.  Woodbury East on the other hand will always be a less favorite step child in the family like Stonegate East and Norpark Square.

There is a retail center being built now? I wasn't aware. Could you elaborate please?

Between Irvine and Modjeska  >

 

[reshma86]

Yeah, how true are the retail center in PS rumors? Also anyone at PS, could you please share if the home insurance costs are relatively higher due to the flooding and wild fire threats? And if so, by how much?

 

[paperboyNC]

Yeah, how true are the retail center in PS rumors? Also anyone at PS, could you please share if the home insurance costs are relatively higher due to the flooding and wild fire threats? And if so, by how much?

The retail center will be at the corner of Modjeska & Irvine on Great Park land.

My home insurance is under 0.1% of my home cost per year. My earthquake insurance is a quarter of that (a lot less than woodbury because of different zip code).

For a million dollar home: $700/yr in home fire insurance. $200/yr in earthquake insurance. The whole flood / wild fire threat is no different than anywhere else according to the insurance underwriters.

 

[Roger]

Yeah, how true are the retail center in PS rumors? Also anyone at PS, could you please share if the home insurance costs are relatively higher due to the flooding and wild fire threats? And if so, by how much?

Retail center will be built by Five Point instead of Irvine company.  Fire insurance is the about the same compared to any other similar property in other communities like Woodbury, Northpark, Northwood, etc..