Tremont - Fountain Valley

[quote author="aeneid" date=1245400486]Bk,

Yes if it weren't for my parents, I would be living either in Paris or Bangkok.</blockquote>


Now do you see the why location is KB's wild card. Smaller infilled site is a lot safer for the builders in todays economy. Fewer units and faster absorption. Very little is done to create the drama leading up to the neighborhood. Landscape is kept to a minimum and so is the HOA dues. KB is a bad builder known to many of us but the novelty of owning a brand new house in FV ultimately was what prevailed.



I assume you were about 9 years old when you left your country to still have your filial sentiment.
 
[quote author="bkshopr" date=1245401229][quote author="aeneid" date=1245400486]Bk,

Yes if it weren't for my parents, I would be living either in Paris or Bangkok.</blockquote>


Now do you see the why location is KB's wild card. Smaller infilled site is a lot safer for the builders in todays economy. Fewer units and faster absorption. Very little is done to create the drama leading up to the neighborhood. Landscape is kept to a minimum and so is the HOA dues. KB is a bad builder known to many of us but the novelty of owning a brand new house in FV ultimately was what prevailed.



I assume you were about 9 years old when you left your country to still have your filial sentiment.</blockquote>


Bk, You have everything down to the science. I left the country when I was 12. My parents took lots of risk and gave up alots for us kids. It would be difficult not to have any filial sentiment. Not all of us are MDs, Pharm.Ds, JDs, or successful business owners. I think there are many wannabe Vietnamese. I know Vietnamese people from all walks of life and not too many would be able to afford a million dollar home. Not to be racist or anything, I don't think too many white folks will buy in that area.
 
I actually decided to buy a plan 3 in this neighborhood,, Even after doing my research and knowing how bad kb builds their homes,, the area and the size of the home makes sense. A major plus is that there are no HOA's. You can do as you please. After living in two gates communities, I am over having an HOA decide what you can and can't do. The lots are fairly big, 7500 sq ft. The location is great if you work in irvine or the long beach area. Another important decision was the schools. So after looking for a house over 4000 sq ft with no HOA's, the tremont was the best option out there in my opinion
 
[quote author="b1gredek" date=1245458200]I actually decided to buy a plan 3 in this neighborhood,, Even after doing my research and knowing how bad kb builds their homes,, the area and the size of the home makes sense. A major plus is that there are no HOA's. You can do as you please. After living in two gates communities, I am over having an HOA decide what you can and can't do. The lots are fairly big, 7500 sq ft. The location is great if you work in irvine or the long beach area. Another important decision was the schools. So after looking for a house over 4000 sq ft with no HOA's, the tremont was the best option out there in my opinion</blockquote>
The area? You mean a stone's throw away from the 405 Freeway? I don't mind the project at all, but the location stinks!
 
White people who can afford $1M will try to keep their kids from living that close to a freeway. I would hope that 1.5G vietnamese would know better too.



Historically (1950s-1990s), houses that close (within 1/4 mile) to the freeway sold at a significant (~20% from my analysis) discount to similar houses farther away.





(note to BK and tmare: of course this does not apply to neighborhoods that preceded the freeways, like FP)
 
[quote author="usctrojanman29" date=1245458681][quote author="b1gredek" date=1245458200]I actually decided to buy a plan 3 in this neighborhood,, Even after doing my research and knowing how bad kb builds their homes,, the area and the size of the home makes sense. A major plus is that there are no HOA's. You can do as you please. After living in two gates communities, I am over having an HOA decide what you can and can't do. The lots are fairly big, 7500 sq ft. The location is great if you work in irvine or the long beach area. Another important decision was the schools. So after looking for a house over 4000 sq ft with no HOA's, the tremont was the best option out there in my opinion</blockquote>
The area? You mean a stone's throw away from the 405 Freeway? I don't mind the project at all, but the location stinks!</blockquote>




I agree that it is close to the freeway. I can not comment on the dust because i dont know how bad it will be. But there really is not much noise at all. Nothing worst than living near a major street. And truthfully i rather live this close to the freeway than to live 10-15 away from the freeway. Just personal opinion. I rather have bought a house in san marino ( bushard and heil) but they sold out before i was able to get my hands on one of those houses.
 
B1,



Thank you for posting. Be prepared to have think skin as the regulars here will try to convince you that you have made a bad choice. I analyze this project in great detail my conclusion is many bought there because of floor plan and location. Are you an Asian buyer? Infilled sites from my research do not appeal to Caucasians but extremely attractive to ethnic buyers with established family and social influences near by.
 
[quote author="bkshopr" date=1245468812]B1,



Thank you for posting. Be prepared to have think skin as the regulars here will try to convince you that you have made a bad choice. I analyze this project in great detail my conclusion is many bought there because of floor plan and location. Are you an Asian buyer? Infilled sites from my research do not appeal to Caucasians but extremely attractive to ethnic buyers with established family and social influences near by.</blockquote>


Yes i am an asian buyer that was born here. Spoke to a lot of Caucasians that were browsing these houses that lived in Fountain Valley and they actually liked these houses and the location. Many of them lived in older homes in the area and realized that if they wanted to stay in the area and wanted a newer built house, this was their only option. I don't see any other tracts that will be built anytime soon in or anywhere near Fountain Valley. I do see all the negatives on this project that include the 405 freeway, the price and having kb be the builder. but once again,, if you want a house this big there are not too many choices. I currently live in the Providence in Costa Mesa and if the lots was a bit bigger i would not even consider moving. Also even though the HOA never gives me a problem, I just refuse to pay that much money and not getting that much back in return. just my two cents.
 
[quote author="bkshopr" date=1245398113][quote author="aeneid" date=1245397772]The pricing for these houses are insane. 1 million is a lot of freaking money!</blockquote>


I paid a lot more for a much smaller house than Tremont. Tremont has quite a bit of footage. The project is almost sold out. It was the fastest selling project in OC. The price tag did not stop wealthy Vietnamese families from buying them.



The families see the homes as a duplex. One is $600k and the other is $400k. 2 families living under one roof.</blockquote>


My Viet friend from FV confirmed to me about a month ago that Tremont was almost sold out, less than six months from opening, despite the fact that Tremont is $1 mil and the immediately adjecent houses were selling in the 4s. BK's original prediction about Tremont hit the nail on the head. This just goes to show how unrepresentative the IHB consensus can be.
 
[quote author="High Gravity" date=1245475881][quote author="bkshopr" date=1245398113][quote author="aeneid" date=1245397772]The pricing for these houses are insane. 1 million is a lot of freaking money!</blockquote>


I paid a lot more for a much smaller house than Tremont. Tremont has quite a bit of footage. The project is almost sold out. It was the fastest selling project in OC. The price tag did not stop wealthy Vietnamese families from buying them.



The families see the homes as a duplex. One is $600k and the other is $400k. 2 families living under one roof.</blockquote>


My Viet friend from FV confirmed to me about a month ago that Tremont was almost sold out, less than six months from opening, despite the fact that Tremont is $1 mil and the immediately adjecent houses were selling in the 4s. BK's original prediction about Tremont hit the nail on the head. This just goes to show how unrepresentative the IHB consensus can be.</blockquote>
Or how certain people don't mind overpaying for a home with a backyard to the 405. These homes will be worth 20-30% less in about 3-5 years.
 
Hey, I think that for many of us around here, we are obsessed with living close to the coast - HB, FV, CM, & NB.



HB is a great city, but the distance from the freeway makes it hard for commuters who work in LA or Irvine.

CM is nice, but it's too urban and not family-oriented.

NB is just a little too much for most to afford.



Fountain Valley is centrally located and is close to the freeway.

It has safe neighborhoods and good schools.

And it's close enough to the beaches to have the coastal breeze.



As for racial motives, I think White people put a premium on homes by the beach while Asians put a premium on newer homes.

That's why for a million dollar, a White person would move to the beach while an Asian would buy a new house in Fountain Valley or Irvine.



I think the reason why the people who buy these Tremont homes don't care too much about price fluctuations is because for that price, they are ready to live and retire in Fountain Valley.

I'm pretty sure they see as a very long term commitment.
 
[quote author="usctrojanman29" date=1245486622][quote author="High Gravity" date=1245475881][quote author="bkshopr" date=1245398113][quote author="aeneid" date=1245397772]The pricing for these houses are insane. 1 million is a lot of freaking money!</blockquote>


I paid a lot more for a much smaller house than Tremont. Tremont has quite a bit of footage. The project is almost sold out. It was the fastest selling project in OC. The price tag did not stop wealthy Vietnamese families from buying them.



The families see the homes as a duplex. One is $600k and the other is $400k. 2 families living under one roof.</blockquote>


My Viet friend from FV confirmed to me about a month ago that Tremont was almost sold out, less than six months from opening, despite the fact that Tremont is $1 mil and the immediately adjecent houses were selling in the 4s. BK's original prediction about Tremont hit the nail on the head. This just goes to show how unrepresentative the IHB consensus can be.</blockquote>
Or how certain people don't mind overpaying for a home with a backyard to the 405. These homes will be worth 20-30% less in about 3-5 years.</blockquote>


I agree with USC. Give it 4 years and this place will go for 600k.
 
obviously everyone has different opinions on this.. but if you look at the fountain valley area. They did not get hit hard with the recession. There is still a high demand for houses around the mile square park area. I am sure the vietnamese community has a lot to do with this. With that in mind.. Do you guys really think these houses will be worth 600k in a few years??
 
[quote author="b1gredek" date=1245722106]obviously everyone has different opinions on this.. but if you look at the fountain valley area. They did not get hit hard with the recession. There is still a high demand for houses around the mile square park area. I am sure the vietnamese community has a lot to do with this. With that in mind.. Do you guys really think these houses will be worth 600k in a few years??</blockquote>


<a href="http://www.redfin.com/CA/Fountain-Valley/15915-Las-Flores-St-92708/home/3528910">http://www.redfin.com/CA/Fountain-Valley/15915-Las-Flores-St-92708/home/3528910</a>



nice neighborhood on the north side of mile square. a block from the park, large lot with bk-approved house-to-lot ratio, close to brookhurst and desired vietnamese community. in fact, google maps says it's only 0.9 mi from neon-lit oasis that is pho 54, which in my book is easily worth the same as the turtle rock uni high premium.



nevertheless, was sold last october for 27% off it's 2004 price, which was still a few yrs off peak pricing.



"did not get hit hard", "still high demand", immigrant community propping the neighborhood up on its mighty shoulders... we've heard it before regarding every other neighborhood. nothing has been immune and will be immune from further damage if the mkt gets worse. good luck with your decision though. FV does seem the ideal neighborhood for you and your family - just don't get caught up in the "it won't happen here, because here is special" sentimentality.
 
[quote author="acpme" date=1245726176][quote author="b1gredek" date=1245722106]obviously everyone has different opinions on this.. but if you look at the fountain valley area. They did not get hit hard with the recession. There is still a high demand for houses around the mile square park area. I am sure the vietnamese community has a lot to do with this. With that in mind.. Do you guys really think these houses will be worth 600k in a few years??</blockquote>


<a href="http://www.redfin.com/CA/Fountain-Valley/15915-Las-Flores-St-92708/home/3528910">http://www.redfin.com/CA/Fountain-Valley/15915-Las-Flores-St-92708/home/3528910</a>



nice neighborhood on the north side of mile square. a block from the park, large lot with bk-approved house-to-lot ratio, close to brookhurst and desired vietnamese community. in fact, google maps says it's only 0.9 mi from neon-lit oasis that is pho 54, which in my book is easily worth the same as the turtle rock uni high premium.



nevertheless, was sold last october for 27% off it's 2004 price, which was still a few yrs off peak pricing.



"did not get hit hard", "still high demand", immigrant community propping the neighborhood up on its mighty shoulders... we've heard it before regarding every other neighborhood. nothing has been immune and will be immune from further damage if the mkt gets worse. good luck with your decision though. FV does seem the ideal neighborhood for you and your family - just don't get caught up in the "it won't happen here, because here is special" sentimentality.</blockquote>


Obviously every neighborhood the downturn,, but some areas a lot more than others.. How about the San Marino project on bushard and heil.. this project was sold out in 07 which many say was the peak of real estate.. yet a few went up for sale in the last few months, and they all pretty much sold at what they paid for it, or even above for a profit.. There are very very very few other projects where you can say the same... Dont get me wrong,, i dont expect the property to really go up in value anytime soon.. but i dont see these houses going for 600k in the next few years ,,, unless the surrounding houses are selling at 300k.,, which i dont see happening.,,
 
[quote author="b1gredek" date=1245729823] Dont get me wrong,, i dont expect the property to really go up in value anytime soon.. but i dont see these houses going for 600k in the next few years ,,, unless the surrounding houses are selling at 300k.,, which i dont see happening.,,</blockquote>




They said the same thing when the surrounding houses were selling in the 700s. Now they are down to the 500s and below.



300s in a few years, I'm thinking.
 
Older home prices will fall but the novelty of the 86 new homes combined in San Marino and Tremont will not drop to the prices cited here in IHB. In the immigrant community status is not really branded by villages like in Irvine. Owning a new home is big deal and only the wealthiest can live there. A new home will always sell unless it sits on a burial site.



A haunted house is Asians biggest fear. Lyon made a huge mistake on a project some 15 years ago without checking for archaeological history in Westminster. The homes sat vacant for years on this burial site until a team of Buddhist monks performed a rituals to chase out the spirits. This project is behind Asian Plaza across the street from the 3 statues in Asian Village. The developer acquired the rear of Adong market parking lot and converted it to a guardian plaza with pagoda and 28 stone ethnic god statues to protect the residential neighborhood from the returning spirits. Homes then sold quickly after the ritual and spirit protection put in place.
 
[quote author="b1gredek" date=1245458200]I actually decided to buy a plan 3 in this neighborhood,, Even after doing my research and knowing how bad kb builds their homes,, the area and the size of the home makes sense. A major plus is that there are no HOA's. You can do as you please. After living in two gates communities, I am over having an HOA decide what you can and can't do. The lots are fairly big, 7500 sq ft. The location is great if you work in irvine or the long beach area. Another important decision was the schools. So after looking for a house over 4000 sq ft with no HOA's, the tremont was the best option out there in my opinion</blockquote>


We also bought plan 3 in Tremont. So we are neighbors. We will be closing escrow soon. My sister bought an ironwood house in YL from Toll Bros. I believe you were interested in Ironwood at another thread.



The location is great for my work.
 
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