1 Bedroom Condos

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ABC123_IHB

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What do you think will be the bottom price for one-bedroom condos in Irvine? What are they currently selling for in Portola Springs and other new developments? I seem to remember a couple of years ago they had studios selling for $400,000 which at the time, I naively thought were "affordable" and a good deal, but now that price seems laughable.



I saw <a href="http://www.redfin.com/CA/Irvine/133-Danbrook-92603/home/5944360">this listing</a> on Redfin in Turtle Ridge for $375,000. A year ago I never would have believed you could have bought anything under $500,000 in that area.
 
1 bd is the worst investment since the market is so small. even DINKS would want a guest room or office.



what would one rent for? $1500?



Since it is TR, i doubt that it will drop to 120GRM, but maybe 150? that would be $225k, no?
 
One bedroom condos are fine for singles. They would even work for young couples. But I have to admit, you can never really live in one for more than 5 years. With the cost of living being so high in the OC, I can see how popular the one bedroom residence can be.



I think a new one bedroom could probably bottom out at 300K. An older one can be at 250K. That's just my guess for the near term.
 
Under $150,000. Possibly under $100K at bottom.



Personally, I think the $1500 one bedroom rents we've been seeing are also the product of the bubble and people spending equity during divorces and what not.



At $1500 rent, a multiple of 100, and let's face it, renting a one bedroom is the most problematic. Two-twos and three-twos are best.



Any softening of rent and you're pushing low $100Ks. If it has a nasty HOA, deduct that from the rent and multiply by 100.



You can see the future here. Walking distance to South Coast Plaza.

<a href="http://www.redfin.com/CA/Santa-Ana/1001-W-Stevens-Ave-92707/unit-328/home/5239689">It's not Irvine, but can you hear the giant sucking sound?</a> A 1/1 at $99K.



I'm assuming this 2/2 in the same complex for $129,500 is a realtor teaser looking for a bidding war. <a href="http://www.redfin.com/CA/Santa-Ana/1001-W-Stevens-Ave-92707/unit-230/home/5239172">But maybe not.</a> There's a number of properties for sale in it and it's only 60% off. :-)



Hey, that's only 50% over the 1998 price. Or basically 4.9%/year appreciation. About what one would expect for long term apprecation.
 
[quote author="hs_teacher" date=1213009496]One bedroom condos are fine for singles. They would even work for young couples. But I have to admit, you can never really live in one for more than 5 years. With the cost of living being so high in the OC, I can see how popular the one bedroom residence can be.



I think a new one bedroom could probably bottom out at 300K. An older one can be at 250K. That's just my guess for the near term.</blockquote>


Are you serious? The one bedroom market is already below $300k, unless you look to Kool-Aid drunk builders, and they will sell that crap for whatever it takes. $250k would be too expensive for an older one. You do know you can check zip and redfin for this, right? Hell... you can now get a 2, er loft/1 in Irvine for $235k. Avenue -1 has a 1bd, 745 sqft., for less than $235k. Get out of the classroom dude, you need to start to see reality, which for one bedrooms is a nightmare.
 
I was thinking at least 1000 s.f. one bedroom. I don't think you can get anything in Irvine for 100K. For 200K, you can get a 20 year old apartment-like unit. But for 300K, you can get a 1000 s.f. newly built one in the near term.



As for rent, $1500 for a one bedroom sounds very normal. I think that before housing prices start dropping too low, inflation would catch up. Just look at oil prices.



To restate, a new one bedroom can go for 300K. An older one can go for 250K. And a tiny old apartment-like one can go for 200K.
 
[quote author="hs_teacher" date=1213023950]I was thinking at least 1000 s.f. one bedroom. I don't think you can get anything in Irvine for 100K. For 200K, you can get a 20 year old apartment-like unit. But for 300K, you can get a 1000 s.f. newly built one in the near term.



As for rent, $1500 for a one bedroom sounds very normal. I think that before housing prices start dropping too low, inflation would catch up. Just look at oil prices.



To restate, a new one bedroom can go for 300K. An older one can go for 250K. And a tiny old apartment-like one can go for 200K.</blockquote>


Okay, fine... please show me where these 1k sqft., units are in Irvine, and any where else in OC.



And... where did I say you could get something for $100k? However, when I do find something under $200k, I will let you know, because it will happen, and I will need a good tenant.
 
what sort of market is there for 1-bedroom condo buyers. as a rental, you compete with far too much comparable product. as a flip, you're limited to such a niche mkt. there's only so many wealthy single buyers out there.
 
It's not difficult to find renters for 1 bed condos. Couples, or single who doesn't want a room mate. In Irvine you'd compete directly against IAC apartments, so if you price your rental below what IAC is asking, you can find a tenant quickly.



The really low priced 1 bed condos are smaller or studio models. Prices get more expensive toward newer and larger 1 bed units. There are also many 1 bed + loft units being advertised as 2 bed, which I think it's deceptive.



What sucks with 1 bed is that you pay the same HOA has the 2 and 3 bed units. At Terra Bella and Metropolitan, the HOA is $300-400/month.
 
I think that 1 bedroom condos can work for anyone without children. With the way things are, that's most adults under 30. Actually, there's probably a lot of adults under 40 without children either.
 
375 looks a little high. I'd start trying to get them down to 320ish... which is still going to be high. But at least you will buy yourself time to push the price lower with down and paying down the loan.



-bix
 
Who builds 1000 SF 1 bedroom condos. If they are going to build a 1000 SF box, they are going to put 2 bedrooms in it and sell it for 25% more.
 
Joe,

I thought the same thing myself. But really they are requried to have a certain spread of sizes, plus who really wants one two TINY bedrooms. Honestly though I agree with you though.



-bix
 
There's a 1 bed 725 sqft unit at Avenue One going for $234k right now. Funny how these things were in the high $300s before. How low do you guys think they will go?
 
You know, for a young couple living in a 1000 s.f. one bedroom condo, it's very comfortable. It beats living in a 700 s.f. apartment.
 
[quote author="Joe33" date=1213148479]Who builds 1000 SF 1 bedroom condos. If they are going to build a 1000 SF box, they are going to put 2 bedrooms in it and sell it for 25% more.</blockquote>


Le Parc in Lake Forest and I know someone who just paid $300K for one just two months ago. Granted it had been fully remodeled, but still. They had been in a one bedroom apt in LF for 14 yrs. Every year the rent increased, so they were looking at paying $1,400 to rent a crappy 1 bd apt.
 
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