Where to buy <$700k

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IrvineInterest2017

New member
Hi All,

Long time lurker, I honestly have no life and read through a majority of this forum.  I love all the YF drama, funny comments, and trolling posts.

I'm in the phase of my life where I am ready to buy a house or apartment, but I can't spend over $1M for a new house in OH, Turtle Ridge, Altair, etc.. like every other thread on this forum.  So my question is, if you could afford $700k, where would you buy a place in Irvine?

More information about me:
Age: 27
Kids: No kids, maybe when i'm 30.  Worth it to even stay in Irvine with high MR?
Occupation: Technology, stable, great pay.
Job Location: Near Irvine Spectrum
Martial Status:  Long term GF is in the Bay Area.  The plan is for her to move down to Socal after a few years.  I may also move back to the bay at some point if necessary.  I would hold this property as an investment and rent it out if I move.

Alternatively, it seems in Irvine that I am almost completely priced out of SFH's.  I can more or less afford Lake Forest and Aliso Viejo SFH's.  In your opinion, would it be best to look outside of Irvine given my current situation?

Thanks in advance. :)


 
Welcome to the forum, bud!

Honestly, based on your situation, it make not make sense to purchase in Irvine for a few reasons.  You're paying a premium for safety, school district and ZERO night life. Without kids in the near future, would it make sense for you to pay the premium?

There are many places in OC that are safe, has a nightlife and solid schools for a cheaper price point. On the plus side, Irvine doesn't see the variances in pricing that surrounding cities may see and prices have nowhere to go but up.

At your price point, you'll be tied to an attached condo or townhome with no more than 3 bedrooms, if that.  Get a good realtor and check it out all the surrounding areas to see what's a good fit.

Good luck!!
 
You won't be able to buy much in Irvine for $700k, prob tops a small condo.  If you stretch more to $800k you might be able to find a detached condo in some neighborhoods or a really really old sfr near Irvine high. 

Based on what you've mentioned, I think you won't be needing a 3 bedroom.  Maybe get a nice starter home and build/continue saving.  I think a good area nearby Irvine is the condos in Tustin ranch near the golf course around $550k for a starter home.  Or if you wanted a sfr then yeah lake forest/foothill ranch/aliso/ladera ranch would be your best bet and attainable for $700k

Good luck!  Best decision is to definitely talk it over the gf and pick whatever she wants if she's the one as you'll be living with the decisions for the rest of your life  8)
 
go with Baker Ranch.  It's close to your work and you won't need to worry about school district for at least another 8 years from now.  Once your first kid is about to start K, you'll be ready to sell and upgrade into a better school district. 

Baker Ranch should appreciate well.
 
You might wanna consider University Park or West Park areas since they are close to Costa Mesa, Newport, airport and all the fun stuff. And you most likely won't have to pay MR there. They are great for rental also.
If you want a new contruction, get Delano in EW (plan1 is $700K) or Lantana in CVE. You should be able to get 3-bed ones with your budget.
I would suggest get one in Irvine for sure. It is more safe place to park your money especially in that price range.
 
Quality of life in Inland Empire is not very good.  I would rather live in a small place in South OC.  Perhaps not Irvine but I'd pick RSM over IE any day.
 
Welcome to TI! You're in a good spot. You can find a condo and tow home in within your budget. If you're into outdoor, West Irvine has nice paired home plans (just one common wall attached). You won't go wrong with anywhere in Irvine and it's a plus if you want to rent it out later. If you need more info, just let me know. Happy to help.
 
jmoney74 said:
Welcome

Try some townhomes in West Irvine. No idea what they are going for now.
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Agreed, you can buy a nice 3-bedroom attached condo with a yard with low HOA and low Mello Roos in West Irvine.  Your budget definitely allows you to buy in Irvine or Tustin Ranch so that's where you should focus your efforts.  Remember that 3-bedroom condos are easier to rent out than 2-bedroom condos as the renter pool is much larger along with no competition from apartments which for the most part don't have 3-bedroom units.
 
undecided said:
https://www.redfin.com/CA/Irvine/23-Shellbark-92618/home/39976841

This looks like a nice home for $700k.  It's a 2 bed plus loft, but I'm sure you can easily convert the loft to a bedroom.  Similar 3 br homes in the area have recently sold for around $770k, so I think the price is good on this one.  Of course that's just my opinion, take it for what it's worth (about $0.02 is the going rate I think).
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Any idea what the MR is at Stonegate?  Looks like a good place.
 
I like your passion.  Everyone is entitled to their own opinion.  I see where you're coming from, and I don't disagree.  Eastwood's location is great, plus you're zoned to Northwood.  But we're talking about $700k.  You can't buy anything remotely close to this home at Eastwood for $700k.

New construction is great, but it comes at a price.  The equivalent homes at Eastwood would be the Helena models, which, if they aren't sold out already, are going for $800k+, before the cost of landscaping.  At least used homes will come with landscaping already done.

Scratch that, the link below is to an equivalent Helena model, and asking price is $880k, before landscaping.
https://www.redfin.com/CA/Irvine/Helena/Residence-1/home/113655956

The price of converting a loft to a bedroom?  I'm not a contractor, but I'd be surprised if it exceeded $15k.  It's a matter of putting up a wall and installing a closet and a door.  Completely agree that bedrooms are worth more than lofts.  So converting the loft to a bedroom would net you $25k-$35k in equity.

The other issue is timing.  In order to buy new construction, you need to be on a list.  If you want to buy today, you should've signed up for that list 6 months ago, and by the time they get around to calling your name on that list, the prices have gone up $100k.

Nothing wrong with Eastwood, I think it's a great neighborhood.  But it'll be hard to get into anything there at $700k.  Again, just my opinion, and that's only worth about two cents.

And if you want to wait for OH3, I guarantee the equivalent home will not be $700k.  It'll be closer to $900k.  I personally like Orchard Hills, but it's outside my price range.  In fact, I like Eastwood and Stonegate also.  But $700k doesn't go very far in Irvine these days I'm afraid.
 
Great post YF and undecided.

BTW, there's no attached product in OH3.  The cheapest product in OH3 is Petaluma successor, and starting at upper $900k to $1M.

There will be no more new construction home under $1M west of 133 after EW. 
 
Hey,
What happened? You didn't end up buying in Piedmont?

Burn That Belly said:
I'll give you another example.

Helena at Eastwood is extremely similar as Cambria at Stonegate. When Helena was selling as new, it was selling at 5-10% above Cambria (even when Cambria has the completed landscaping and move in ready). I compared recent comps such as 124 gemstone, 121 oasis, and 111 oasis, which the former sold for $729K but the equivalent was ~$770K for Helena at that exact moment in time.

So as you can see, the market proves that Stonegate has nothing super special to command a equal or higher price than new construction of Helena at EW. That "Stonegate elementary is the best" potion didn't work at all.

Do not let resellers bully you into paying at or near builder price. Instead get $20-30/sqft discount! That's my motto!  ;)

Lastly, I do not live in EW, so I have no conflict of interest there. Some people on here preach a neighborhood so strongly because they live there. I'm just giving you the facts.


Personally, I would wait for OH3. They will have some attached products. You should be able to qualify for phase 1 of something equivalent to a Helena in OH3. Don't wait. Run to the sales office the day it is opened and get on that list. Camp out like black friday if you have to. I guarantee prices will sky rocket like it has for Delano.
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