Small lot SFR versus large lot detached condo

[Maserson]

I tried the search function and found two relevant threads:http://www.talkirvine.com/index.php/topic,1404.msg16162.html#msg16162
andhttp://www.talkirvine.com/index.php/topic,1524.msg17934.html#msg17934

But since I've got a break at work, I wanted to ask:

Which would you think has higher resale value (specifically this aspect): SFR with mid 3000 sq ft lot versus a detached condo with >5000 sq ft lot?  Assuming sq footage of house, pricing, HOA, mello roos, age of property, etc. are all similar?

 

[eclipxe]

What are the easements with the detached condo? Shared driveway? Do other houses use a house wall/side as a backyard fence?

 

[Maserson]

For comparison's sake, assume the condo has its own driveway in a motor court setting.  I.e. not a california court where owners park sideways but the driveway does not exit directly onto a street.

No specific easement. 

No shared house wall/side as a fence.

 

[woshi]

Just curious, is there a specific condo product in Irvine that is detached but >5000 sq ft lot?

Maybe some lots in Springhouse?

Even some SFRs meet your definition (minus the lot size  ) - Garden Hill, Magnolia, and Montecito.

 

[Maserson]

Yup, there were late phase Springhouse lots that were larger but still detached condos. I figure a few other detached condo developments had some odd lot that was just larger but comes with a premium.

There were a few Woodbury resales several months ago that had 3000-ish lots but were SFR.

 

[barton]

SFR will always fetch a better resale value than a condo even if the condo has a larger lot or square footage. Condos have higher association dues which most buyers scoff at.

 

[woshi]

That's the reason I asked, because I think Springhouse is only one HOA, which makes it (HOA wise) effectively the same cost as a similarly-sized SFR.

PP (and maybe Cypress Village?) is one the few areas that have only a master assoc and no sub for the condos.

 

[villiagepeople]

PP (and maybe Cypress Village?) is one the few areas that have only a master assoc and no sub for the condos.

stonegate detached condos only have 1 hoa as well, $110

as far as your original question, one thing against a condo... when getting a refi, a condo (detached or not) will get a 1/8 or 1/4 pt. hit.

 

[jmoney74]

PP (and maybe Cypress Village?) is one the few areas that have only a master assoc and no sub for the condos.

stonegate detached condos only have 1 hoa as well, $110

as far as your original question, one thing against a condo... when getting a refi, a condo (detached or not) will get a 1/8 or 1/4 pt. hit.

i think you only get the hit if you have less than 25% down. 

The detached condos HOAs are the same in PP because they don't need to buy additional insurance to protect any structures.  That's all one the homeowner. 

 

[akirvine79]

The legal/technical definition of residential type (Detached condo or SFR) doesn't differentiate HOA bill. In general, attached condos have higher HOA bill because HOA is responsible for some parts of building maintenance but, in Irvine, detached condos are almost same as SFR since ownership boundary of detached condo is same as SFR. And also, having/not having a drive way is not a factor to define detached condo or SFR.  The only legal difference between detached condo and SFR is whether a house has a dedicated lot or shared lot. 
http://www.talkirvine.com/index.php/topic,11277.msg219355.html#msg219355

And detached condos could have more HOA restrictions than SFR (mainly for your yard landscaping) since detached condos are built closer together.

 

[woshi]

PP (and maybe Cypress Village?) is one the few areas that have only a master assoc and no sub for the condos.

stonegate detached condos only have 1 hoa as well, $110

as far as your original question, one thing against a condo... when getting a refi, a condo (detached or not) will get a 1/8 or 1/4 pt. hit.

i think you only get the hit if you have less than 25% down. 

The detached condos HOAs are the same in PP because they don't need to buy additional insurance to protect any structures.  That's all one the homeowner.

Not sure how HOAs are structured in the different communities but I lived in a detached condo in Oak Creek and had to pay a master and a sub, but because it was detached didn't have to pay (or cover for) additional insurance either. Never understood why detached condos needed a second HOA, maybe it's for grounds maintenance and the motor court maintenance...

 

[jmoney74]

PP (and maybe Cypress Village?) is one the few areas that have only a master assoc and no sub for the condos.

stonegate detached condos only have 1 hoa as well, $110

as far as your original question, one thing against a condo... when getting a refi, a condo (detached or not) will get a 1/8 or 1/4 pt. hit.

i think you only get the hit if you have less than 25% down. 

The detached condos HOAs are the same in PP because they don't need to buy additional insurance to protect any structures.  That's all one the homeowner.

Not sure how HOAs are structured in the different communities but I lived in a detached condo in Oak Creek and had to pay a master and a sub, but because it was detached didn't have to pay (or cover for) additional insurance either. Never understood why detached condos needed a second HOA, maybe it's for grounds maintenance and the motor court maintenance...

It's the common area that they have to manage.  So if there are trees/bushes/streets that are apart of that area.  HOA has to cover it.

 

[woshi]

Must be a HOA structure thing then - there are trees and streets (private, since the community is gated) that the master HOA has to maintain for the SFRs too. But no matter how you look at it, detached condo HOAs, even when it's dual association is still a heckuva lot less than attached condos.