Why rent when you can own a new home ?

N

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............
 
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.

-bix
 
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.

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.
 
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.
 
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.
 
I know nothing about Laguna Hills so excuse my questions.

How many bds/baths?

What are the comps in the area?

$2300K is the rent for a 2 bd/2 ba apartment in Irvine.
 
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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