Alsio Viejo Shea Vantis Lattitude North/South

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keyser_soze_IHB

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Hello all,

I'm a few month lurker...just signed up.

I did search and found few threads including this:

http://www.irvinehousingblog.com/forums/viewthread/1232/



Making a new thread since things change everyday (I guess could also bump the old thread).



I'm an Irvine (spectrum) renter, but really like the new Vantis town-homes in AV, been looking at them for a good 6+months and waiting...



My questions are:

1. Are these still very overpriced (still +400K)? Yes/No comments?

2. Will they drop? If Yes approx by how much in next 1 ~ 2 years?



Any other comments suggestions....appreciate it in advance.



Regards
 
I live about 300 yards away from the Vantis development and I see very little buyer foot traffic in the area. I really think Shea is struggling to move those units with so many other attached homes on the market in the area. So, my thought is that you aren't going to be "sold out" anytime in the next 6 months. Plus, there is plenty of room for more construction if Shea deems it financially viable. I don't think anyone can really say what the value could be, but a napkin rental parity calculation would be: $2,200 per month * 160 (?) = $352,000. (thougths on that off-the-cuff calculation?)



That being said, Shea has lowered the prices to the $290-$300 foot range and have some various promotions going on. I'm constantly amazed at the ludicrous prices that seller's in AV are listing their homes for ($380 sq/ft with no yard or view). So, at $290 I wouldn't be surprised if a couple of knife catchers jumped on board.
 
Coug, I think you forgot to figure in monthly HOA dues to your calculation (?) If so, $2200 - 200 (guess) = $2000.



$2000 X 160 = $320,000
 
we really love the area



we just bought a vantis live/work citywalk unit next to lattitude north/south.... thought the live/work units are much better buys ( price per SF is much better) right now



when we were looking at the south/north models ( late Jan 09), we told the sales rep that we thought the prices were a little too high



he told us that a new phase is coming out within a month w/ cheaper prices. maybe you should wait a little bit
 
[quote author="Kenkoko" date=1235075961]we really love the area



we just bought a vantis live/work citywalk unit next to lattitude north/south.... thought the live/work units are much better buys ( price per SF is much better) right now



when we were looking at the south/north models ( late Jan 09), we told the sales rep that we thought the prices were a little too high



he told us that a new phase is coming out within a month w/ cheaper prices. maybe you should wait a little bit</blockquote>


You said we just bought a vantis, but then you said that the sales rep said to wait a month for cheaper prices.



Did you wait? or did you buy?
 
Thank you all for your input!



1. I need to understand rental parity analysis (will do that on my own :) ) ~ I pay rent now about $1900.00 for a 800 sq.ft space! And going to month to month it is going to be $2300.00. If I was to rent I would either need to extend the current space @$1900/month for another year or move to a bigger space (which I really need) and pay about $2600.00/month.

2. I have good credit / solid income but not much $$$ for a down payment so that is one reason these look attractive to me as they always seem to have some sort of promotion going on to get you in. I figure with no gimmicks and a 30 year low fixed interest mortgage I know and can/will be able to afford it.



Starter Home - I think Kenkoko said they bought a live/work space and the sales team told him/her that the prices are going down on the non-live/work units on the next phase....



I'm a retired "car forum-er" so hope to adapt here quick and adhere to IHB forum ethics and be a good forum-er :D
 
those rents sound way too high. rents are dropping left and right.



hell, you can rent a brand new house/condo with 4bd in tustin at redhill/5fwy for $2200, with a free month, i think, right now.
 
[quote author="freedomCM" date=1235098778]those rents sound way too high. rents are dropping left and right.



hell, you can rent a brand new house/condo with 4bd in tustin at redhill/5fwy for $2200, with a free month, i think, right now.</blockquote>


Agree. $1900 for 800 sq ft? You can get 1,100+ square feet for well under $1800 a month in Aliso in a complex.
 
I'm currently in City Lights (Shea), down the road from Vantis and pay $1,600 for a one bedroom 1,000 sq/ft with den. They are currently offering the same model for about $1,500 per month. The New Yorker floor plan, and other larger floor plans, tend to go around $2,000 in City Lights. I think that's a pretty good comp, no?
 
[quote author="BlackVault CM" date=1235082478][quote author="Kenkoko" date=1235075961]we really love the area



we just bought a vantis live/work citywalk unit next to lattitude north/south.... thought the live/work units are much better buys ( price per SF is much better) right now



when we were looking at the south/north models ( late Jan 09), we told the sales rep that we thought the prices were a little too high



he told us that a new phase is coming out within a month w/ cheaper prices. maybe you should wait a little bit</blockquote>


You said we just bought a vantis, but then you said that the sales rep said to wait a month for cheaper prices.



Did you wait? or did you buy?</blockquote>


sorry i had a few typos in there



vantis citywalk (live/work) is a different development located right next to Lattitude north/south



we looked into both, and decided to go w/ citywalk due to better price per sqf



if lattitude north/south is what you desire, waiting a little bit may help in the price department
 
Interesting. It does look like Jasmine in Quail Hill.



I still think that Shea is dreaming on the price. 420 - 490 for a two bedroom ATTACHED condo is completely unrealistic. It's also pretty far from quality shops and restaurants.



They first broke ground a couple of years ago and have at least two to three years to go before they are completely built out. That, coupled with the 300-$400 HOA, makes me reluctant to even consider buying it at 350-400k.
 
^^^^

I agree. I did also get a an email saying now they had 140K units for "low-income housing" ~ not expert but I don't think having "low-incoming housing within the community will help its "non-low-income housing" unit price or sales.



to add another dimension here.... I also have a 5 year old at AB+ Kindergarten and we are very happy with it so far. The idea of moving to AV this year was that he would go to first grade and stay there for at least 5 years. He already has a lot of friends in his school so changing schools will be tough on him even now but its is going to get harder every year from now... so 1 or 2 years from now moving from Irvine to AV is tougher on him I think than now...



other option is to rent for another 5 year in Irvine.... Irvine prices are still too high for me...but I guess have to wait and see....
 
Went by Harbor Station and Vantis N/S today to look at the affordables.



GREAT deal. but there are caveats.

The Vantis 2 bedroom affordable is not out until 2011. (earliest 2010)

The Vantis designs are kinda shitty if you ask me (outside of the models there is a stunning view of the surrounding hills, and Edwards AV 20, but they put NO WINDOWS, or rooms on that side, and all views are into alleys and parking lots. What moron architect is doing this cookie cutter stuff.



NOT in the affordable Vantis South Model 3 is ideal in my mind.



As for harbor, there are no views anyway, but their floor plans make more sense.



Both are the same affordable program. Qualification is 52k, just a hair low to let me qual. Maybe my gf is buying a house ;)

2bdrm affordable is 167,000 + 346 HOA monthly (Melloroos is 0, waived by city) + $36 for AV School District.
 
^^^

Didn't know they have 2-bedroom affordable

I'm not too familar....but am I understanding it right.....if you make less than 167K? you can qualify? Is that the base salary or total gross for 08?
 
[quote author="Irvinite" date=1236089184]Qualification is less than 52k gross annually</blockquote>


Wow your username is just like mine. Haha
 
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