Advice on a 2Bedroom Condo In Irvine

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firsttimehomebuyer_IHB

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Hi, I am a new member and would like to get some advice regarding a 2bedroom condo in Irvine. I am a First time Home buyer, with 15% down payment(My Budget is < 440K). What are the best places in Irvine for a 2 bedroom condo with low mello roos and low HOA's(<$$300)
 
[quote author="newbie" date=1219801536]Hi, I am a new member and would like to get some advice regarding a 2bedroom condo in Irvine. I am a First time Home buyer, with 15% down payment(My Budget is < 440K). What are the best places in Irvine for a 2 bedroom condo with low mello roos and low HOA's(<$$300)</blockquote>


There's a ton down Westpark 2 (Barranca and Paseo Westpark). Over is East Irvine/Tustin around Jamboree past Irvine Blvd.



If I were you I would wait a year...that budget of < $440k could be good enough for a 3/3 :)
 
BTW... use redfin.com...they have the best search functions.



Here's what you are looking for ... <a href="http://www.redfin.com/search?search_location=92606&x=33&y=11#pt=3&max_price=450000&num_beds=2&num_baths=2&v=3&lat=33.68703825992664&long;=-117.77426605930862&zoomLevel=12&region_id=9361&region_type=6&market=socal">http://www.redfin.com/search?search_location=92606&x=33&y=11#pt=3&max_price=450000&num_beds=2&num_baths=2&v=3&lat=33.68703825992664&long;=-117.77426605930862&zoomLevel=12&region_id=9361&region_type=6&market=socal</a>
 
Thanks,I am planning to buy in December, hoping the prices might drop another 5%, Last weekend I did go to San Carlos (Irvine). they have brand new homes 3bd for my price range but theit HOA's and mello roos are tooo high for me . I dint look for condos in west irvine, I will check out those in this weekend( I moved to OC this jan, so little bit new to OC MARKET).
 
with a budget of 440k, you could definetly get more than a 2/2....But if you really want 2/2, I wouldnt spend 440 for something of that size. Like someone said, Westpark has some nice ones with lower mello roos. Any of the things built recently (or are being built now) have high Mello Roos.



Like others said, just wait :)
 
[quote author="bigmoneysalsa" date=1219818369][quote author="CapitalismWorks" date=1219818092]Never buy a 2/2.</blockquote>


Why's that CW?</blockquote>


Limited resale market. In a family oriented town like Irvine, most people will be looking at least a 3/2.
 
Do you think prices are gonna drop even further say(10-15 %???????????).....I stilll see lot of competition even now, like in san Carlos, the lady who works there was telling me that Once they have reduced the prices last week, they are sold 7 out 8 conds in just 4 days......some people advice me prices might go higher next year, so the best time is end of this year...some think it will fall further...So I was thinking if I buy something in Shortsale or an Foreclosue which are generallly less than the market price, I still be on the safer side if the prices drop like 10%% in the coming years.......

Coming to 3bd/2 and 2bd/2, I am looking for less than 10 years old construction properties, if a 3bd/2 is coming for 430k, then I assume either 1 or 2 bedrooms are sooo smalll that only a twin bed can fit...or is gonna be a 3 floor attached condo..
 
Keanu has it right. I recently sold a 2/2, and can confirm (at least anecdotally) that there is a very limited market for these units.



Generally 2/2s function as "starter-homes" for single professionals, couples without kids, and renters in the same categories as well as students and service workers (read: sow-wage earners).



The problem that owner/occupiers of 2/2 must understand is that they have a finite time horizon in the unit. As they marry and have kids as 2/2 becomes untennable. This makes them subject to the whims of the real estate market.
 
[quote author="Keanu" date=1219841378][quote author="bigmoneysalsa" date=1219818369][quote author="CapitalismWorks" date=1219818092]Never buy a 2/2.</blockquote>


Why's that CW?</blockquote>


Limited resale market. In a family oriented town like Irvine, most people will be looking at least a 3/2.</blockquote>


[quote author="CapitalismWorks" date=1219880128]Keanu has it right. I recently sold a 2/2, and can confirm (at least anecdotally) that there is a very limited market for these units.

</blockquote>


Are you guys saying that Irvine is going to become more "family oriented" in the future than it is now? Because otherwise what you say makes no sense. The decreased future resale of a 2/2 vs a 3/2 is compensated for by decreased current resale value, no?
 
[quote author="bigmoneysalsa" date=1219891065][quote author="Keanu" date=1219841378][quote author="bigmoneysalsa" date=1219818369][quote author="CapitalismWorks" date=1219818092]Never buy a 2/2.</blockquote>


Why's that CW?</blockquote>


Limited resale market. In a family oriented town like Irvine, most people will be looking at least a 3/2.</blockquote>


[quote author="CapitalismWorks" date=1219880128]Keanu has it right. I recently sold a 2/2, and can confirm (at least anecdotally) that there is a very limited market for these units.

</blockquote>


Are you guys saying that Irvine is going to become more "family oriented" in the future than it is now? Because otherwise what you say makes no sense. The decreased future resale of a 2/2 vs a 3/2 is compensated for by decreased current resale value, no?</blockquote>


The advantages/disadvantages of a 2/2 are already priced in. Unless those advantages/disadvantages are going to change 5 to 10 years down the road, whenever you decide to sell, what they are saying makes absolutely no sense at all.
 
3/2 is better than 2/2 obviously. even more preferable is 4/3, and even better yet is 4/3 on a premium lot with perfect feng shui. although in practice, these differences should be priced in and the buyer is limited to what he/she can afford. having said that, 3/2 vs 2/2 is a relatively small diff that can easily be found in the same price range. 2/2 in northpark vs 3/2 in west irvine doesnt seem out of line.

unlike when the mkt was flush with young folk with easy credit, the likely buyers now are going to be established families that will pass on the smaller condos and townhomes.



so i guess i half agree with NV... and AI, shockingly. so hell is just a bit nippy and monkeys are flying out of one side of my butt.
 
If you buy a 2/2 condo, it's OK as a rental property near universities, you'd always have tenants.



But if you're buying for yourself, you have to consider that you'd need a bigger place later, and what you're going to do with the 2/2.



If the property is heavy negative cash flow as a rental, then the numbers won't work.



There's also a fair number of parents with only 1 child, and doesn't need a 3 bed. My parents only had 1 kid and we rented a cheap 2 bed 1 bath condo in Lakewood back in 1980s while saving $$ for down payment.



I will say that 2/2's are harder to sell. I owned a 2/2 in Placentia and it was harder to sell than a 3/2.
 
[quote author="momopi" date=1219905309]If you buy a 2/2 condo, it's OK as a rental property near universities, you'd always have tenants.



But if you're buying for yourself, you have to consider that you'd need a bigger place later, and what you're going to do with the 2/2.



If the property is heavy negative cash flow as a rental, then the numbers won't work.



There's also a fair number of parents with only 1 child, and doesn't need a 3 bed. My parents only had 1 kid and we rented a cheap 2 bed 1 bath condo in Lakewood back in 1980s while saving $$ for down payment.



I will say that 2/2's are harder to sell. I owned a 2/2 in Placentia and it was harder to sell than a 3/2.</blockquote>


Where is the 1/2 bath powder room in the terminology? Usually there is a 1/2 down.
 
Never listen to those sales reps, they lie worse than lawyers. If they sold that many units, she wouldn't even take the time to talk to you because she'd be busy writing sales contracts.
 
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