Will this Economy affect your home purchase?

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[quote author="25w100k+" date=1229238365]But if builder's didn't buy the land yet, doesn't that give them more room to lower prices (vs. places like Portola Springs, where if they lower prices too much, the builders will sell for a loss?)</blockquote>


The builders will not sell anything at a loss in Irvine. They will go back to the land seller and request a land price adjustment. Builders like to build in Irvine because the risk factor is low. Builders never buy the entire project parcel and get stuck with land carrying cost that could BK them alive like in the IE. Builders buy land in phases to synchronise with construction schedule.
 
[quote author="bkshopr" date=1229495895] Consumers preferred Shapell were rarely interested in the exterior elevation or merit in design. It is all about dollars and cents on paper. Jewish consumers of many generations love Shapell. Shapell's project are known to be cheaper than the competitions. </blockquote>


In the Chinese community S&S homes are considered prestigious, not cheap. For example, the S&S homes in Rowland Heights in the El Dorado tract above Pathfinder built in the 90s still sell for close to $1 million in this bad real estate market (about 10% off peak). Any Chinese listing for a S&S home will always note that it is an S&S home. You're right about S&S homes changing very little over the years. Those S&S kitchens with the range enclosed in a cubby is something I've seen in S&S homes for over two decades:



<img src="http://mlsimages.movoto.com/202/057/H08155657_4.jpg" alt="" />
 
Interesting information as always BK.



S&S didn't really strike me as cheaper as their Laguna Niguel plans are priced in the low to mid $1mil. Some of them do have my favorite feature... the 3-car wide garage... but pricewise... considering they're not in Irvine (hehe), they seemed a bit high.
 
[quote author="OCMan" date=1229239375]I do want to buy in 2011 or 2012. I was hoping by 2009 but had to change my plan 6 months ago with the price level being sticky and not sure about future in general economy situation.



Q: Seems like many are eyeing on 2011/2012 as time to buy and certain areas such as OH is favored by many. Does this mean demand will be higher for homes in those areas and the price won't be lower as people hope?



Q: What would you do 3 years passes by and the house price in Irvine doesn't come down to the level you can afford but all other expenses go up (with income stays the same or decreases just like last 8 or 10 years)? Would you wait a few more years or go for whatever is available?



I respect everyone one on the fence to watch their money, but if you've been renting 3 to 4 years already and planning to rent next 4 more years to 2012 and price level is not favorable, you are looking at a decade or more of renting. I guess no one has to buy a house and renting may be way to go no matter what for the next 10 to 15 years in the worst case, but buying primary residence is not just number crunching decision so I was just wondering.</blockquote>


A1:The demand on OH will be high and it is being branded as I typed. IMO I will predict the pricing will be -10% from the last peak but not as low as many other predictions.



A2: Resale home price by 2012 will be reset by new home benchmark pricing strategically set by TIC. Negotiate the best deal from deperate selllers right before 2012.



A3: Do not forget who set rent prices in 2012 and who owns the 95% of all rental inventory in Irvine. When you must rent that is when rent will dramatically increase.



A4: In any gambling the dealers always come out ahead and house shoppers are never dealer.
 
[quote author="High Gravity" date=1229496982][quote author="bkshopr" date=1229495895] Consumers preferred Shapell were rarely interested in the exterior elevation or merit in design. It is all about dollars and cents on paper. Jewish consumers of many generations love Shapell. Shapell's project are known to be cheaper than the competitions. </blockquote>


In the Chinese community S&S homes are considered prestigious, not cheap. For example, the S&S homes in Rowland Heights in the El Dorado tract above Pathfinder built in the 90s still sell for close to $1 million in this bad real estate market (about 10% off peak). Any Chinese listing for a S&S home will always note that it is an S&S home. You're right about S&S homes changing very little over the years. Those S&S kitchens with the range enclosed in a cubby is something I've seen in S&S homes for over two decades:



<img src="http://mlsimages.movoto.com/202/057/H08155657_4.jpg" alt="" /></blockquote>


Chinese taste for handbags are opposite of houses. In Northern CA Chinese love Shapell and leverage its name in resale. The El Dorado at Pathfinder and Nogales is astrociously ugly. However they are better than the slums at the Colima flat land.
 
[quote author="irvine_home_owner" date=1229497617]Interesting information as always BK.



S&S didn't really strike me as cheaper as their Laguna Niguel plans are priced in the low to mid $1mil. Some of them do have my favorite feature... the 3-car wide garage... but pricewise... considering they're not in Irvine (hehe), they seemed a bit high.</blockquote>


Your 3 car garage is the hallmark of Nathan Shapell.
 
[quote author="usctrojanman29" date=1229497034]Hard to buy a home when you are unemployed. :/</blockquote>
A few years ago you could as long you have a pulse.
 
We are in the position where we want a more private, single-story home on a larger lot. We can afford it, but don't know if now is the right time. Our home will be paid off in the not-too-distant future, and that is a very tempting reason to stay put. Also, in this market, I don't know if it is feasible to make an offer on a property that is contingent on the sale of our home. I just want to make one move.
 
I'm glad this board didn't exist in 2001 (when I transitioned from renter to 1st time homeowner). Otherwise, I'd probably still be a renter today. Back then, I had just lost a huge amount of $$ in the IPO game and most of my acquantinces thought I was crazy for wanting to buy a home when I could rent for much cheaper. You never know that the future will bring, live for today.
 
[quote author="SoOCOwner" date=1229499039]We are in the position where we want a more private, single-story home on a larger lot. We can afford it, but don't know if now is the right time. Our home will be paid off in the not-too-distant future, and that is a very tempting reason to stay put. Also, in this market, I don't know if it is feasible to make an offer on a property that is contingent on the sale of our home. I just want to make one move.</blockquote>


Wanting a single story home you pretty much identify yourself in the demographic of an empty nester and mature home buyer. Natural and open space outdoor surrounding are also your goal. You can pretty much rule out most tract communities and especially Irvine and Planned Tustin.



North Tustin (Still a part of unincorporated Santa Ana 92705) I think is the best location for single story homes set in natural setting. Negotiate aggressively and buy before 2011. Also post aggressively so you become the top 10 posters so I will view your interested property courtesy compliment of IHB.
 
[quote author="bkshopr" date=1229499921]Wanting a single story home you pretty much identify yourself in the demographic of an empty nester and mature home buyer. </blockquote>


Am I a freak for preferring a single-story since I'm not a senior citizen? I think they are more kid-friendly because you don't have to worry about the hazard of little guys falling down the stairs and getting hurt and no laundry to drag up and down.
 
[quote author="High Gravity" date=1229499582]I'm glad this board didn't exist in 2001 (when I transitioned from renter to 1st time homeowner). Otherwise, I'd probably still be a renter today. Back then, I had just lost a huge amount of $$ in the IPO game and most of my acquantinces thought I was crazy for wanting to buy a home when I could rent for much cheaper. You never know that the future will bring, live for today.</blockquote>


If I was posting in 2001, I would have said it was a good time to buy. My guess is others posting here would have done the same. We are not folks who do not like real estate or permabears. Au contraire, it is my perception that we are realists.
 
[quote author="SoCal78" date=1229503945][quote author="bkshopr" date=1229499921]Wanting a single story home you pretty much identify yourself in the demographic of an empty nester and mature home buyer. </blockquote>


Am I a freak for preferring a single-story since I'm not a senior citizen? I think they are more kid-friendly because you don't have to worry about the hazard of little guys falling down the stairs and getting hurt and no laundry to drag up and down.</blockquote>


Most young parents quickly learned to compromise when they have to choose between a single story ranch burger in Garden Grove or a 2 story tract home in Irvine. A single story home in Irvine meant double the lot size and that will equate to $500/sf factoring in the land cost. Only 2 single stories were built during the last 15 years in Irvine. Plan one of Camelia in Northwood 2 and Stan Pac's plan one at Northpark Sq. Both are about 1780 sf priced over $820,000. Most younger buyers just don't make $200,000/yr to qualify or equity rich from their current homes to switch over to a single story.



In demographic studies only those that are realistic and likely shoppers are considered into the poll. With that being said the mature demographic is usually the target audience for a single story home. The younger shoppers are mostly window shoppers.
 
[quote author="SoCal78" date=1229503945][quote author="bkshopr" date=1229499921]Wanting a single story home you pretty much identify yourself in the demographic of an empty nester and mature home buyer. </blockquote>


Am I a freak for preferring a single-story since I'm not a senior citizen? I think they are more kid-friendly because you don't have to worry about the hazard of little guys falling down the stairs and getting hurt and no laundry to drag up and down.</blockquote>


Mother in law in Floral Park is now pushing for us to buy the house next door to her own house (yikes!). My answer is: I like single story houses, which is what I have. You are not in the minority, I will always pick a single story house over a two-story house. Some of my favorite houses are ranch style in West Floral Park. Granted, if I could afford to have my master bedroom retreat complete with jacuzzi tub and partial kitchen upstairs, that would be fine with me.
 
I don't know how other people feel about master bedroom locations, but we would never buy a house with the MBR on the second level. We had a single story for 16 years, then moved to a two story with the master bedroom downstairs. We've given up on ever finding a new single story model again due to developer economics as explained by BK, but we have a new goal that works out even better for us. Every new tract we go to, we ask if they have any models with the MBR downstairs. We almost never go to the second floor of model homes except for the ones with the MBR downstairs. My dream house is a 2000sf to 2500sf two story with the master bedroom on the first level and a couple of bedrooms above. We like that type of floorplan even better than the single story. We would use the first level and any guests could use the upstairs with privacy for all. We also want no steps on the first level. BK, is this type of floorplan something likely to be offered in future tracts in Irvine?
 
[quote author="fumbling" date=1229516698]I don't know how other people feel about master bedroom locations, but we would never buy a house with the MBR on the second level. We had a single story for 16 years, then moved to a two story with the master bedroom downstairs. We've given up on ever finding a new single story model again due to developer economics as explained by BK, but we have a new goal that works out even better for us. Every new tract we go to, we ask if they have any models with the MBR downstairs. We almost never go to the second floor of model homes except for the ones with the MBR downstairs. My dream house is a 2000sf to 2500sf two story with the master bedroom on the first level and a couple of bedrooms above. We like that type of floorplan even better than the single story. We would use the first level and any guests could use the upstairs with privacy for all. We also want no steps on the first level. BK, is this type of floorplan something likely to be offered in future tracts in Irvine?</blockquote>


Personally, I'd rather have everything downstairs and have my own little retreat upstairs. I guess that's what kids do to you.
 
[quote author="fumbling" date=1229516698]I don't know how other people feel about master bedroom locations, but we would never buy a house with the MBR on the second level. We had a single story for 16 years, then moved to a two story with the master bedroom downstairs. We've given up on ever finding a new single story model again due to developer economics as explained by BK, but we have a new goal that works out even better for us. Every new tract we go to, we ask if they have any models with the MBR downstairs. We almost never go to the second floor of model homes except for the ones with the MBR downstairs. My dream house is a 2000sf to 2500sf two story with the master bedroom on the first level and a couple of bedrooms above. We like that type of floorplan even better than the single story. We would use the first level and any guests could use the upstairs with privacy for all. We also want no steps on the first level. BK, is this type of floorplan something likely to be offered in future tracts in Irvine?</blockquote>


From my observation this type of plan only target a very small audience and having one out of 3 plans like that translates to 40 houses out of a 120 unit project is a big risk. Master down with other bedrooms up will never works with family with young kids such as Socal's family. Some builders will include a second jr Master down for the elderly grand parents or multi generational living but the suite often is tight. To include a proper master suite another 650 sf (bigger than the size of a 3 car garage) is required. The land economic will not allow a house with a heavy bottom 75% and a light top 25%. It is a cardinal sin for the builders and land developers to built a house like that with substantial single story roofs. This is the formula in the guideline for Shady Canyon with what I just described but homes are all $4 million+ based on your preference. Are you willing to open your pocket book?
 
[quote author="tmare" date=1229516844][quote author="fumbling" date=1229516698]I don't know how other people feel about master bedroom locations, but we would never buy a house with the MBR on the second level. We had a single story for 16 years, then moved to a two story with the master bedroom downstairs. We've given up on ever finding a new single story model again due to developer economics as explained by BK, but we have a new goal that works out even better for us. Every new tract we go to, we ask if they have any models with the MBR downstairs. We almost never go to the second floor of model homes except for the ones with the MBR downstairs. My dream house is a 2000sf to 2500sf two story with the master bedroom on the first level and a couple of bedrooms above. We like that type of floorplan even better than the single story. We would use the first level and any guests could use the upstairs with privacy for all. We also want no steps on the first level. BK, is this type of floorplan something likely to be offered in future tracts in Irvine?</blockquote>


Personally, I'd rather have everything downstairs and have my own little retreat upstairs. I guess that's what kids do to you.</blockquote>


Buy several playhouses and put them in your yard. Problem solved.



<img src="http://blogs.montehewetthomes.com/wp-content/uploads/2008/08/fc_final2_web.jpg" alt="" />
 
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