Woodbury - Cortile

NEW -> Contingent Buyer Assistance Program
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IRVINITEEEE_IHB

New member
Village: Woodbury

Tract: Cortile (180 detached condominiums) in the City of Irvine

Builder: California Pacific Homes

Schools: Irvine School District (IUSD): Northwood, or El Camino Real Elementary, Sierra Vista Middle, Irvine High

Tax Rate: Base property tax rate of 1.03% and Mello Roos/Special Assessments of $392/month.

HOA Dues: Master Association to be $125 to start and $100 at build out. Sub Association to be $97.

PLANS

Residence 1 - 2 Bedrooms 2.5 Bathrooms, 2 Car Tandem Garage, 1,030 Square Feet

Residence 2 - 2 Bedrooms 2.5 Bathrooms, 2 Car Garage, 1,145 Square Feet

Residence 3 - 3 Bedrooms, 2.5 Bathrooms, 2 Car Garage, 1,275 Square Feet

Residence 4 - 3 Bedrooms Plus Den, 2.5 Bathrooms, 2 Single Car Garages, 1,497 Square Feet.

PRICING



Phase 11A - Pricing as of 03/04/2006

Residence 1 - $557,000

Residence 2 - $592,000

Residence 3 - $622,000

Residence 4 - $682,000



Phase 12 - Pricing as of 09/2006

Residence 1 - $568,905

Residence 2 - $607,335

Residence 3 - $638,650

Residence 4 - $714,495

All prices were said to "include some upgrades"

Pricing as of 12/2006

Residence 3 - $630,000

Residence 4 - $695,000



Pricing as of 2/24/2007 Residence 1 - $524,000

Residence 2 - $557,000

Residence 3 - $587,000

Residence 4 - $639,000

Pricing as of 3/24/2007

Residence 1 - $524,000

Residence 2 - $557,000

Residence 3 - $587,000

Residence 4 - $639,000

Pricing as of 6/22/2007

Residence 1 - $524,000

Residence 2 - $557,000

Residence 3 - $587,000

Residence 4 - $639,000

Pricing as of 12/3/2007

Residence 1 - $524,701

Residence 2 - $557,264

Residence 3 - $588,202

Residence 4 - Sold Out

No mention of incentives

Pricing as of 1/23/2008

They only have Residence 1 and 2 available.

Residence 1 - $484,000

Residence 2 - $515,000

Pricing as of 2/23/2008

Residence 1 - $458,000

Residence 2 - $502,000

Residence 3 - $529,000

Residence 4 - $570,000
 
Here's the Aldea (Oak Creek) floor plans for comparison:

http://oakcreekrealestate.net/Aldea/index.php

If I'm not mistaken, these were about quarter million to start back when they were building 'em.

If you buy the ones in Oak Creek, the mello roose/assesssment should be about $180-$200/month, plus $100 to master HOA. I don't think they have a sub-association but I could be wrong.
 
i purchased a plan 1 in cortile at woodbury in early 2005. its was $460 base if i recall. i was able to secure a loan through the california housing finance agency for medium-income buyers in high costs areas. 30yr fixed at 4.5%. to qualify for these loans your income has to be within certain levels and the house price below certain levels, depending on what area you're purchasing the home in. and there are some resale tax implications within the first 9 yrs (so it wouldnt be cost effective to flip using these loans).

my brother who was a school teacher at the time qualified for another similar program designed for teachers, firefighters, policemen, and other public employees. he purchased his 900 sq ft condo at catalina in playa vista for a discounted price of $250k with a 30yr loan at 2.75%. that's not a typo!

at the time i was doing the loan, the sales agents said they had never seen such a loan and were amazed. that surprised me a lot because there are many of these similar programs out there and you'd be amazed. at the time, household income under $95,000 purchasing a new home under $550k qualified for these type of loans in orange county. maybe for a family with kids, $95k in irvine doesnt cut it but for a single guy like myself, this was a great deal.

hoa is about 100 master / 97 sub. and trader joes is within walking distance!
 
aptu, check out. http://www.calhfa.com/

borrow requirements are listed here.http://www.calhfa.com/homebuyer/information/borrower-requirements.htm

in orange county, low income is under 55k and med income under 92k for households of 1-2 ppl. its slightly higher if you have a larger household. theses are rough numbers off the top of my head. home price limits are $591k for new construction and $571 for resale. in OC, santa ana is a targeted area for additional assistance and the sale limits are higher. its amazing that people making close to six figures need assistance to purchase a condo but in this market... !!!! eeeeps!

the catch to these loans are that you're essentially getting the benefit of a subsidy for the below-market rate. there is a recapture tax if you sell your home within 9 yrs in order for the govt to recoup the subsidy. the tax is triggered if 1) the value of the home goes beyond the allowable limits and 2) income level rises above limits. the tax penalty is based on how much above the limits your home value or income is and it increases each year, peaking at 5 yrs after purchase, and decreases until year 9. after 9 yrs there is no tax.

this is not the type of loan u want unless you're planning to be here for the long haul.
 
Aptu,

Some cities also offer housing assistance, such as down payment assistance (subsidized loan) and housing rehabilitation grants & loans. For example:

http://www.ci.fullerton.ca.us/depts/dev_serv/housing_n_downpayment_assistance/default.asp

http://www.ci.garden-grove.ca.us/departments/comm_development/grants_loans_html

http://www.cmredevelopment.org/rda-programs.htm

http://www.cityofirvine.org/depts/cd/planningactivities/affordablehse/housing_resources.asp

There's a lot of government and private assistance programs avail for first-time home owners, you just need to do some research.

I actually qualified for down payment assistance loan up to $45k when I was shopping for my first property. But alas, the requirement is that you had to live there, and I bought it as an income property so I couldn't qualify. >_<
 
Sept 2006 Pricing (phase 12)-

R1: $568,905

R2: $607,335

R3: $638,650

R4: $714,495

This is from the price sheet but all these prices were said to "include some upgrades" (unspecified).

In Dec 2006 I got more specific sheets on the plan 3 & 4, which actually showed base prices for units that were available.

R3: $630k

R4: $695k

SCHB
 
went to see these last week with a friend. only plan 4 felt spacious (both living space wise and bedroom wise)

plan 2 looks like they just cram rooms next to each other without flow (ie walkthrough the kitchen and dining to access stairways)

and why oh why are there no double sinks in the master (except for plan 4 and possibly 3, i don't remember)?
 
I visited Cortile this Sunday and the prices are still:

R1: $524,000

R2: $557,000

R3: $587,000

R4: $639,000

Price sheet states: Effective date is 3/24/07
 
This scares me. My wife is going to kill me if prices go up this summer and the bubble doesn't burst. The builders were throwing all sorts of incentives back in Jan and Feb and we didn't jump in because of my strong feelings on this bubble. I really hope its just a marketing ploy to make buyers feel like prices are going up.
 
Ooops - I think I misread FlipperHill's post. It looks like the price sheet is from a year ago. Prices are still the same over at Cortile. Phew! :)
 
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