Yorba Linda

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sdcordova_IHB

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Hi folks,



I am new to this forum. I searched the threads for a Yorba Linda discussion thread, but did not come across anything detailed, like what you see with Newport Coast, Newport Beach, etc. Is anyone else interested in following Yorba Linda houses/pricing trends? I recently got engaged and would like to buy a house in Yorba Linda . . . but of course, I don't want to be a knife catcher.



To get the discussion going, below is an interesting property:



http://www.redfin.com/CA/Yorba-Linda/17072-Rosebud-Dr-92886/home/4171564



Purchased: $1,000,000 on October 26, 2006

Listed: $1,125,000 on July 31, 2008 (WTF Price)

Price Change: $1,175,000 on August 8, 2008 (LOL)

Re-listed: $849,000 on January 20, 2008



The seller bought at the peak, and then thought he/she was entitled to a 20% profit two years later. ROFL. Looks like they wisened up and have re-listed it to $849k (doesn't look like it's a short sale, yet). Yorba Linda prices are dropping fast . . . maybe the property is worth between $780k-$800k NOW, but the value will very likely drop another 10% this year, if not more. Knowing this, what would be a fair price for this property? Thoughts?
 
Hi, Will. Yes, I like to follow Y.L. trends too. I tend to keep an eye more on east YL in the Bryant Ranch area, though. I am familiar with the area of that house you are looking at. I grew up in YL.
 
I've heard that East Yorba Linda is generally considered the "more desirable" area. Is that true? Why? What exactly constitutes "east" Yorba Linda? Is it the 92887 zip code? Bryant Ranch school district?
 
[quote author="WillWork4Home" date=1232680688]I've heard that East Yorba Linda is generally considered the "more desirable" area. Is that true? Why? What exactly constitutes "east" Yorba Linda? Is it the 92887 zip code? Bryant Ranch school district?</blockquote>


I don't know if there is a specific definition as to what defines east YL but in my opinion it would constitute anything east of Yorba Linda Blvd, or more specifically - east of East Side Community Park. Yes, I find it to be generally more desirable but that will depend on who you ask. The sprawl of the city has tended to head east (and now - north). The neighborhoods in that direction tend to be newer and the schools do well. In the last decade or so, they have made small pockets of new homes in the older areas which I do not care for. Yes, Bryant Ranch Elementary is a desirable school but I wouldn't say it's any more so than nearby Travis Ranch (which is K-8 so it's ultra convenient for not having to switch schools for junior high like BR does.) The homes in east Yorba Linda are nestled in rolling hills and often have nice views. It is a quiet, family-friendly residential area with generally well-maintained homes. There are many other nice parts of YL too. In general, if you're looking south of YL Blvd, I would stay east of Fairmont. If you're looking north of YL Blvd then it really varies with a wide mix of old and new but I would stay on the east side of Imperial Hwy. There are many new neighborhoods there that are not surrounded by older homes - such as Vista Del Verde and new homes along Bastanchury. The new schools will compliment this area. Incidentally, I spent my first few primary school years attending what would be your school of residency at that address -- Rose Drive Elementary.
 
I consider the nicer part of YL to be east of Village Center. I think east of East Side park is a bit too far east. What type of a house are you looking for?
 
^ Right. Village Center Drive is east of Fairmont. Although East Lake Village is on the west side of Village Center and it's considered a nice area by many, as are the new homes west of Village Center and north of Bastanchury.



If you think children are in your future and want to check out the schools - here is the <a href="http://www.pylusd.org/search/schoollu.asp">Placentia Yorba Linda Unified School District school locator.</a> Then you can cross check them on greatschools.net.
 
I also track Yorba Linda area..Mostly as we have been interested in the Vista Verde community. While the lots are smaller than the average YL home, they are newer and that seems to attact younger families, which is important to us. We actually made an offer on a bank foreclosure several months back but the bank wouldn't budge nor would we. In retrospect, we are actually glad it didn't work out. There are so many short sales in Vista Verde and foreclosures bound to happen given that so many homes in that area were built at the peak of the market. Plus there are homebuilders with new homes to sale for the next couple of year.
 
We are looking for a house with at least 3 bedrooms, 2 baths on a view lot in a nice neighborhood. Lot size is important to us -- we want to have at least 8k sq. feet. It will probably be 5 years or so before we need to start worrying about schools, but I still want to be in a great school district for resale value.



We really want to buy now & start our lives together in a home, but it has taken us 6 years to save a sizable down payment; I don't think I could stomach seeing it disappear in the next year or two in a falling market.



Anyone have any ideas regarding how much more YL prices may fall?
 
[quote author="WillWork4Home" date=1232763581]We are looking for a house with at least 3 bedrooms, 2 baths on a view lot in a nice neighborhood. Lot size is important to us -- we want to have at least 8k sq. feet. It will probably be 5 years or so before we need to start worrying about schools, but I still want to be in a great school district for resale value.



We really want to buy now & start our lives together in a home, but it has taken us 6 years to save a sizable down payment; I don't think I could stomach seeing it disappear in the next year or two in a falling market.



Anyone have any ideas regarding how much more YL prices may fall?</blockquote>
Somewhere between 2 to 7 years.

But, do not despair. The majority of the decline will be done in the next 2 to 3 years. If you buy after that, you won't lose much on a real vs. nominal basis.

I will wait until I actually see prices level off. It is irrelevant as to whether or not I hit the exact bottom, except for bragging rights.
 
[quote author="SoCal78" date=1232695181] Right. Village Center Drive is east of Fairmont. Although East Lake Village is on the west side of Village Center and it's considered a nice area by many, as are the new homes west of Village Center and north of Bastanchury. </blockquote>


Agree, I was thinking north of Yorba Linda Bl.



There are some homes near Rose that are priced reasonably. One on Kingsbriar. Older community, a greenbelt across the house. Nice size lot, I believe part of is a slope.



There's another one on Oakmark that should come up for auction.
 
I grew up in YL in the 80's when there was half as many people living here. I also currently rent a condo in YL near where you are looking to buy (behind Henry's market if you know the area). I would also like to buy here someday. I love the old side of YL - less traffic, main street, horse property, has that small town feel.



I have been watching the YL housing market closely for the last couple years and it's a fairly stable area. Of course it is not immune. My parents neighbors house was bought for 990,000 in june of 06, then in oct 08 it sold as a short sale for 580k. Personally I am not buying in YL anytime soon. I'm going to wait a couple years to see what happens. I'm happy renting for now.
 
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