2011 Prices vs 2016 Price on a 550K [attached]condo @Irvine?

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USCTrojanCPA said:
dream16 said:
USCTrojanCPA said:
Not to pile on Dream, but I ALWAYS steer my clients away from 3-level homes.  Not only do they not appreciate as well as 2-level homes, but they are also harder to rent.  On paper they may look like a bargain but you get what you pay for.  That being said, the rental market is hot right now....every rental listing that I had this year received 4-8 rental applications with a week and one even went $100 over the asking rent.  From what I can tell, rents are up 6-10% from last year.  As long as the economy keeps moving along rents will continue to move higher so you might get closer to break even.
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Thanks, honestly, i got blindsided by $/sq feet number which turned out to be the lowest for me compared to others, however it got rented out, young couples are a good fit for it and i can count on Irvine staying stronger in future at-least on the rental market side (it has 50-50 ratio of renters vs owners).

If i had the chance again to blow up 550k, i would take a condo with a loft or an outdoor patio or something with only 2 floors and no tandem garage (there were a few 1200-1300 sq ft ones), phewww...turns out i made too many mistakes just to get a bigger number of 1600 sq ft in my head...well lessons learnt !
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You aren't alone, several of my clients got interested in 3-level homes due to the lower price/sf.  But I explained to them why those properties were priced like that....you buying it for a lower price/sf and then you'll end up selling it for a lower price/sf.  Don't be too hard on yourself because it could have been worse, you could have bought in the Inland Empire at the peak and been down 50%.  You got it rented and as time goes along rents will increase so you will get to breakeven soon.
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It's funny you say that because my SIL is in escrow on a house in Fontana that sold in 2007 for $680k and now on the market for $640k. They put in a full price offer because it's a nice house, massive 1/3 acre lot but they are afraid it's not even going to appraise for that amount. I think it's one of the most expensive homes on the market in the entire city of Fontana so not sure how the appreciation of that IE home is going to be over the next 10 plus years. Crazy what you can get though outside of Irvine for the price.
 
The California Court Company said:
how about Willow at Portola Springs? that is a FOUR story monstrosity.
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Ha ha, the plan 3 and plan 4 has the master bedroom in the "4th" floor, no feng shui believer will touch these models. 
 
lnc said:
The California Court Company said:
how about Willow at Portola Springs? that is a FOUR story monstrosity.
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Ha ha, the plan 3 and plan 4 has the master bedroom in the "4th" floor, no feng shui believer will touch these models.
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Sorry but a majority of these have been scooped up already by Chinese cash buyers & Chinese investors.
 
Wow those Willow Plan 3s and 4s are awful.  Imagine having to lug groceries up 2 flights of stairs just to get to your kitchen. 
 
dream16 said:
lnc said:
The California Court Company said:
how about Willow at Portola Springs? that is a FOUR story monstrosity.
Click to expand...

Ha ha, the plan 3 and plan 4 has the master bedroom in the "4th" floor, no feng shui believer will touch these models.
Click to expand...

Sorry but a majority of these have been scooped up already by Chinese cash buyers & Chinese investors.
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Thry thought it was a good deal, but in reality it's not.
 
eyephone said:
dream16 said:
lnc said:
The California Court Company said:
how about Willow at Portola Springs? that is a FOUR story monstrosity.
Click to expand...

Ha ha, the plan 3 and plan 4 has the master bedroom in the "4th" floor, no feng shui believer will touch these models.
Click to expand...

Sorry but a majority of these have been scooped up already by Chinese cash buyers & Chinese investors.
Click to expand...

Thry thought it was a good deal, but in reality it's not.
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It is for folks who rented it out
 
The 2 car tandem garage is a deal killer. I refuse to design it even if the developer pays me twice the fee. At Parasol Park almost all are tri-level homes. There are challenges but good design can overcome it. I dropped hints in the past such as Ellwood and Trellis Court the best products for your money. Come this January pay attention to Jade and Carlyle. These are my early predictions.
 
irvinehomeshopper said:
The 2 car tandem garage is a deal killer. I refuse to design it even if the developer pays me twice the fee. At Parasol Park almost all are tri-level homes. There are challenges but good design can overcome it. I dropped hints in the past such as Ellwood and Trellis Court the best products for your money. Come this January pay attention to Jade and Carlyle. These are my early predictions.
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Well if they were priced more than 550k, i could not afford them
 
dream16 said:
irvinehomeshopper said:
The 2 car tandem garage is a deal killer. I refuse to design it even if the developer pays me twice the fee. At Parasol Park almost all are tri-level homes. There are challenges but good design can overcome it. I dropped hints in the past such as Ellwood and Trellis Court the best products for your money. Come this January pay attention to Jade and Carlyle. These are my early predictions.
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Well if they were priced more than 550k, i could not afford them
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Here we go again. So what ever happened with your "investment property?
 
Nothing, its been rented out with very good tenants and  i am happily under negative cash flow (can't expect that for a property purchased in 2016 in irvine). Since i plan to pay it off in 5-7 years or earlier, it should get better with rents increasing 1.5-2% every year in Irvine. There's no doubt that i cannot compete with anyone here who bought in 2011.

I could only manage to do a 3% rent increase now though.
 
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