$2M Home

[Burn That Belly]

x

 

[Mety]

For my $2m, if out of the area, then Laguna is an option. Lower price, great schools, lower property tax, no HOA. Here's a weird one just for giggles: https://www.redfin.com/CA/Laguna-Beach/781-Summit-Dr-92651/home/4895357

This place has a lot of charm.  Something about curved walls/windows I've always liked, and I like that Hawaiian style landscaping.

There's no way an Irvine buyer would even consider buying, given it isn't beige and doesn't look like a convalescent home.  It's not conformist enough.

Yep. That looks like Peter Pan's house. No OC FCB will touch that.

This is OC FCB's home to grab.https://www.redfin.com/CA/Irvine/73-Gust-92620/home/145543791
I believe this is Petaluma Plan1 from EW with extended dinning room. Interested to see how this will do.

 

[Burn That Belly]

x

 

[sgip]

Isn't 73 Gust required to give the builder right of first refusal to buy back the home, or is this not something the builder put into their contracts? Yes - these are also unenforceable, but still....

My .02c

 

[Burn That Belly]

x

 

[Happiness]

Isn't 73 Gust required to give the builder right of first refusal to buy back the home, or is this not something the builder put into their contracts? Yes - these are also unenforceable, but still....

My .02c

It is not in the sales contract, but all CC&Rs in TIC developments have a provision that if you are the first buyer and sell within 1 year, any profit you make is forfeit to TIC.

It is enforceable. TIC has sued on this CCR in the past and it has been held to be enforceable.

 

[Burn That Belly]

x

 

[Happiness]

Isn't 73 Gust required to give the builder right of first refusal to buy back the home, or is this not something the builder put into their contracts? Yes - these are also unenforceable, but still....

My .02c

It is not in the sales contract, but all CC&Rs in TIC developments have a provision that if you are the first buyer and sell within 1 year, any profit you make is forfeit to TIC.

It is enforceable. TIC has sued on this CCR in the past and it has been held to be enforceable.

Well, if that was true... then did this Piedmont flipper lose out on his profits?
https://www.redfin.com/CA/Irvine/Baja-92602/home/112724639

TIC doesn't have to sue, but they can if they want to. Don't worry, TIC loves BTB.

This CC&R is also found in TIC commercial developments as well. For example, all commercial properties in the Spectrum have the same restriction.

 

[sgip]

Happiness - I have no direct experience with these repurchase agreements being enforced successfully. If you or anyone else has an example, it would make for some interesting reading. If preferred, PM me the deets.

My .02c

 

[Happiness]

Happiness - I have no direct experience with these repurchase agreements being enforced successfully. If you or anyone else has an example, it would make for some interesting reading. If preferred, PM me the deets.

My .02c

It's not a repurchase agreement. In fact, it is not an agreement at all. It is a land use restriction that runs with the land. In other words, you don't agree to a CC&R, its just there. Kind of like Mello Roos, you don't have to agree to it, its just there.

Back in the early 2000s, I had an acquaintance who I can't reveal his identity who got a demand letter from TIC's attorneys informing him of the CC&R when he listed his property within 1 year. He took it to his attorney who said it's enforceable so he took the property off the market for a few months until the 1 year expired.

 

[sgip]

Wow. Very surprised. Not something "The Donald" (OC, not DC) would want to start doing given the market momentum we're seeing. In 2000, perhaps that could have been more commonplace than thought.

Thanks for the info.

 

[Burn That Belly]

x

 

[Kings]

Isn't 73 Gust required to give the builder right of first refusal to buy back the home, or is this not something the builder put into their contracts? Yes - these are also unenforceable, but still....

My .02c

It is not in the sales contract, but all CC&Rs in TIC developments have a provision that if you are the first buyer and sell within 1 year, any profit you make is forfeit to TIC.

It is enforceable. TIC has sued on this CCR in the past and it has been held to be enforceable.

Well, if that was true... then did this Piedmont flipper lose out on his profits?
https://www.redfin.com/CA/Irvine/Baja-92602/home/112724639

TIC doesn't have to sue, but they can if they want to. Don't worry, TIC loves BTB.

This CC&R is also found in TIC commercial developments as well. For example, all commercial properties in the Spectrum have the same restriction.

the market is moving quickly right now.  i bet there are some properties that slip through the cracks, like potentially this one.

new business opportunity: create a log of all TIC properties sold within the first year and take them to TIC for 10% share of damages finder's fee

 

[Happiness]

If you factor in broker commission, landscaping, and other holding costs, it is really hard to make a big profit on a less than one year flip. Now is not like the early 2000s when prices were doubling every two years.

 

[Burn That Belly]

x

 

[Lionsden]

The home on Prairie has a full sized pool which to me is a plus. When Summer time rolls in you may be thanking yourself for making that decision to buy this property.

Nothing that fits in Lambert Ranch?  - one of my favorite developments in that area.

My .02c

thanks for th feedback. i hesitate on lambert ranch for couple reasons:

(1) i dont like gated communities. i used to live in northpark in the early 2000s, and hated the gates with passion. such inconvenience and nuisance in every way possible. false sense of security and exclusivity. i dont think gates make sense in most irvine communities except in truly exclusive communities such as shady canyon, hidden canyon. only alta, bella vista and trevi should've been gated within the grove. however, i do respect and appreicate the guard gates in certain communities in newport coast such as santa lucia, where the guards patrol and aggressively issue parking tickets within minutes of violation.
(2) knowing the bargain opening price of LR couple years back, i have a tough time paying the premium that i have to now. i feel that buying now in lambert ranch wont' afford me much upside for future.
(3) serra in portola springs, in my opinion, esp the view lots, are very attractive deals w upside potentials. i think they're undervalued right now. i've touredhttps://www.redfin.com/CA/Irvine/23-Small-Grv-92618/home/7203548. the toll road, from noise and view perspective, was non-issue. the only problem for me was the need to update all the light fixtures, kitchen, and tv niche to update it to my taste. the view/outdoor kitchen setup was phenomenal. great deal i think in th e long term for those who like the style or are willing to spend the time to update. i dont have the time. when u search for view lots in irvine in the IUSD zone, in the $2M range, there are surprisingly few options.

 

[Lionsden]

Have you considered the 'Bentley' neighborhood of Irvine? 
https://www.redfin.com/CA/Irvine/6141-Sierra-Bravo-Rd-92603/home/4741204
https://www.redfin.com/CA/Irvine/24-Arcade-92603/home/5900446
https://www.redfin.com/CA/Irvine/35-Crimson-Rose-92603/home/5901195

thank you for the suggetions. i have indeed looked at 92603. i went to uni, and grew up in the area. i like the area, and turtle rock summit in particular, but it's too far from 5 for my needs.

 

[BruinDoc]

I would think Quail Hill Vicara or Sienna homes check a lot of the boxes (views, single loaded, hillside, etc). But maybe too far from the 5 if that is important to you.

 

[aquabliss]

Too much crime in Quail Hill, you should consider Laguna Altura but not many big lots.