Why rent when you can own a new home ?

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NanoWest_IHB

New member
Shea homes sent me a package today and this was the sales pitch.........why rent when you can own?





They are pitching a place called Bella Tierra in Laguna Hills. They say they have units that are approx. 1222 sq. feet that are selling in the mid 300's.. So at $350,000 that would be $286 per square foot. The pictures look like an Apartment Complex.





They even offer to finance this for me with Shea Home Finance.............





Plan A: 10 % down. They have an 80 % first balance of $279992 that is a 5/1 interest only ARM with a 2/1 buydown at an APR of 6.995%. The second loan will be $34,999 at a rate of 8.25%. Total monthly payment $1891.00





Plan B: 100% financing.....The first loan of 80% is a 7/1 interest only loan with an APR of 6.995% and a second loan of $69,998 with an APR of 8.887 %. The monthly payment is $2,384.86





It seems that Shea homes is looking for a few suckers............
 
<p>Not bad numbers, but not really appropriate.... And its like a big appartment. Just wait a few months and you'll be into a house, not an apartment.</p>

<p>-bix</p>
 
<p>Damn, Nano --- I got the same mailer yesterday and was going to post it this morning....You beat me to it. I need to get to work earlier.</p>

<p>I loved the part about "you are pre-approved"! At first I thought Shea might be diversifying into credit cards to mitigate their core business losses.</p>
 
CK,





Sorry about that...





I gotta tell you, when I opened the letter, I started to laugh.................these guys at Shea don't seem to realize that the game has changed dramatically in the past year.
 
<p>As you and CalGal noted earlier, unfortunately there are probably a few suckers who got this mailer that don't realize the game has changed dramatically either --- and will be mroe than happy to sign up for that IO loan w/100% financing. After all, they can just refi in a few years because this apartment will surely be worth $800K, right? I laughed out loud at this, too. When you think about it, it is hilarious --- $350K for an apartment in Laguna Hills. Yeah, that's the American dream.</p>
 
<p>I know nothing about Laguna Hills so excuse my questions. </p>

<p>How many bds/baths? </p>

<p>What are the comps in the area?</p>

<p>$2300K is the rent for a 2 bd/2 ba apartment in Irvine.</p>
 
<p>I found their marketing plan interesting because they're going after two distinct types of people. Here are two of their "news" releases:</p>

<p><a href="http://www.jfshea.com/main.cfm?dir=news&sec=newsdetail&temp=master&newsid=78">"Parents Who Want Their Adult Children to Enjoy Home Ownership Can Purchase at Bella Tierra for as Low as $1,200 Per Month"</a>





<a href="http://www.jfshea.com/main.cfm?dir=news&sec=newsdetail&temp=master&newsid=62">"Bella Tierra the Perfect Choice for 1st Time Buyers Making the Leap to Home Ownership"</a>





</p>
 
When they advertise, "Why rent when you can own for <strong>LESS</strong>?", then I will be more interested.
 
Bella Tierra is indeed a condo conversion. Shea purchased this older apartment complex, updated a few things and are selling the units as condos.
 
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