Baker Ranch in Lake Forest / Foothill Ranch

[Abstraxx]

Hey Everyone,

Need some advice. Just been pre-qualified for The Courts and The Landing in Baker Ranch, but still up in the air on which one to purchase. The Courts is an attached Townhome, starting off at $660k and The Landing is a detached Single Family home starting off at $740k.

The Courts: Pros (Cheaper)
The Landing: Pros (Bigger back yard + Detached)

Going with The Landing will add around $800 to our monthly mortgage payment.

Which would you purchase and why?
Does anyone live in The Landing or The Courts?

 

[usctrojancpa]

Hey Everyone,

Need some advice. Just been pre-qualified for The Courts and The Landing in Baker Ranch, but still up in the air on which one to purchase. The Courts is an attached Townhome, starting off at $660k and The Landing is a detached Single Family home starting off at $740k.

The Courts: Pros (Cheaper)
The Landing: Pros (Bigger back yard + Detached)

Going with The Landing will add around $800 to our monthly mortgage payment.

Which would you purchase and why?
Does anyone live in The Landing or The Courts?

Detached > Attached  Go with The Landing (if your finances can handle it) as it will appreciate and hold value better in the future.  Maybe consider a 7-year or 10-year ARM loan to bring down your monthly payment as well.  Btw, how will going with The Landing cost you $800/mo more if the price delta is less than $100k?  A loan amount of $100k with a 4% interest rate is $477/mo and you'll be saving on a lower HOA payment.  You should also run the monthly calculation post-tax benefit as well as pre-tax....I have a plug-n-play spreadsheet for that I can email you that I've sent to many of my clients.

 

[eyephone]

Hey Everyone,

Need some advice. Just been pre-qualified for The Courts and The Landing in Baker Ranch, but still up in the air on which one to purchase. The Courts is an attached Townhome, starting off at $660k and The Landing is a detached Single Family home starting off at $740k.

The Courts: Pros (Cheaper)
The Landing: Pros (Bigger back yard + Detached)

Going with The Landing will add around $800 to our monthly mortgage payment.

Which would you purchase and why?
Does anyone live in The Landing or The Courts?

Don't forget to factor in upgrades and landscaping.

 

[Abstraxx]

Hey Everyone,

Need some advice. Just been pre-qualified for The Courts and The Landing in Baker Ranch, but still up in the air on which one to purchase. The Courts is an attached Townhome, starting off at $660k and The Landing is a detached Single Family home starting off at $740k.

The Courts: Pros (Cheaper)
The Landing: Pros (Bigger back yard + Detached)

Going with The Landing will add around $800 to our monthly mortgage payment.

Which would you purchase and why?
Does anyone live in The Landing or The Courts?

Detached > Attached  Go with The Landing (if your finances can handle it) as it will appreciate and hold value better in the future.  Maybe consider a 7-year or 10-year ARM loan to bring down your monthly payment as well.  Btw, how will going with The Landing cost you $800/mo more if the price delta is less than $100k?  A loan amount of $100k with a 4% interest rate is $477/mo and you'll be saving on a lower HOA payment.  You should also run the monthly calculation post-tax benefit as well as pre-tax....I have a plug-n-play spreadsheet for that I can email you that I've sent to many of my clients.

Great feedback Martin, thank you so much for your reply, definitely well appreciated. You're right, monthly payment increase should be around $500, I think I mixed up down payment calculation when figuring $800/mo number. If you can can email post-tax + pre-tax benefit spreadsheet that would be great. Thanks again

 

[Abstraxx]

All those Toll Bros sales people are trained to make you think that everyone is begging them to buy a home from them and they don't need to offer any incentives.  Make your offer for ask price and including $40k design center incentives.  Be prepared to walk, then keep your cell phone handy cuz they'll call you in 2 days saying they miraculously convinced their manager to include $10k design incentives but that's the most they will ever give.

At least I gave you a scenario very close to what will happen so you can prepare and decide ahead of time.  If your lowest point of agreeance is $25k incentives, then stick to it and see if they call you back a second time to accept your generous offer.

New Home Buyer here with a New Home Developer. I'm in the process of purchasing a home in Baker Ranch with Shea Homes. They require a few steps before actual purchase.

1. Pre-Qaul with them (Which we did and been approved) This allows us to be placed on a priority list.
2. Then we go to a phase release scheduled on Sept. 9. We'll have the option of selecting a home, then putting down a good faith deposit of $10k
3. We wait 6-8months for build out, complete loan paperwork, etc. then move in if everything goes as planned.

My question is: When can we make an offer and ask for incentives on the home we're interested in?
We are also Pre-Qual with another lender as well.

 

[lnc]

New Home Buyer here with a New Home Developer. I'm in the process of purchasing a home in Baker Ranch with Shea Homes. They require a few steps before actual purchase.

1. Pre-Qaul with them (Which we did and been approved) This allows us to be placed on a priority list.
2. Then we go to a phase release scheduled on Sept. 9. We'll have the option of selecting a home, then putting down a good faith deposit of $10k
3. We wait 6-8months for build out, complete loan paperwork, etc. then move in if everything goes as planned.

My question is: When can we make an offer and ask for incentives on the home we're interested in?
We are also Pre-Qual with another lender as well.

Before you sign the contract and put down that deposit.

 

[usctrojancpa]

All those Toll Bros sales people are trained to make you think that everyone is begging them to buy a home from them and they don't need to offer any incentives.  Make your offer for ask price and including $40k design center incentives.  Be prepared to walk, then keep your cell phone handy cuz they'll call you in 2 days saying they miraculously convinced their manager to include $10k design incentives but that's the most they will ever give.

At least I gave you a scenario very close to what will happen so you can prepare and decide ahead of time.  If your lowest point of agreeance is $25k incentives, then stick to it and see if they call you back a second time to accept your generous offer.

New Home Buyer here with a New Home Developer. I'm in the process of purchasing a home in Baker Ranch with Shea Homes. They require a few steps before actual purchase.

1. Pre-Qaul with them (Which we did and been approved) This allows us to be placed on a priority list.
2. Then we go to a phase release scheduled on Sept. 9. We'll have the option of selecting a home, then putting down a good faith deposit of $10k
3. We wait 6-8months for build out, complete loan paperwork, etc. then move in if everything goes as planned.

My question is: When can we make an offer and ask for incentives on the home we're interested in?
We are also Pre-Qual with another lender as well.

Both are selling very well and have wait lists so don't expect to get any incentives.  You won't be able to negotiate the price, it'll be a "take it or leave it" option for you.  Do find out if the builder's lender offers an incentive if you use them, but even if they do you'll want to cross shop when you are 45-60 days from closing to make sure you are getting the best rate possible.

I've attached the cost comparison schedule for you that you can play around with to see how the numbers shake out for you.

 

[Abstraxx]

All those Toll Bros sales people are trained to make you think that everyone is begging them to buy a home from them and they don't need to offer any incentives.  Make your offer for ask price and including $40k design center incentives.  Be prepared to walk, then keep your cell phone handy cuz they'll call you in 2 days saying they miraculously convinced their manager to include $10k design incentives but that's the most they will ever give.

At least I gave you a scenario very close to what will happen so you can prepare and decide ahead of time.  If your lowest point of agreeance is $25k incentives, then stick to it and see if they call you back a second time to accept your generous offer.

New Home Buyer here with a New Home Developer. I'm in the process of purchasing a home in Baker Ranch with Shea Homes. They require a few steps before actual purchase.

1. Pre-Qaul with them (Which we did and been approved) This allows us to be placed on a priority list.
2. Then we go to a phase release scheduled on Sept. 9. We'll have the option of selecting a home, then putting down a good faith deposit of $10k
3. We wait 6-8months for build out, complete loan paperwork, etc. then move in if everything goes as planned.

My question is: When can we make an offer and ask for incentives on the home we're interested in?
We are also Pre-Qual with another lender as well.

Both are selling very well and have wait lists so don't expect to get any incentives.  You won't be able to negotiate the price, it'll be a "take it or leave it" option for you.  Do find out if the builder's lender offers an incentive if you use them, but even if they do you'll want to cross shop when you are 45-60 days from closing to make sure you are getting the best rate possible.

I've attached the cost comparison schedule for you that you can play around with to see how the numbers shake out for you.

Thank you for your reply, the reps at Shea Homes said both developments were doing really well. I just wasn't sure if they were just saying that to say it or if it was really true.

From the last time I spoke with a Shea rep (1-2 months ago) They offered $3k towards flooring + $3k towards closing.

 

[usctrojancpa]

All those Toll Bros sales people are trained to make you think that everyone is begging them to buy a home from them and they don't need to offer any incentives.  Make your offer for ask price and including $40k design center incentives.  Be prepared to walk, then keep your cell phone handy cuz they'll call you in 2 days saying they miraculously convinced their manager to include $10k design incentives but that's the most they will ever give.

At least I gave you a scenario very close to what will happen so you can prepare and decide ahead of time.  If your lowest point of agreeance is $25k incentives, then stick to it and see if they call you back a second time to accept your generous offer.

New Home Buyer here with a New Home Developer. I'm in the process of purchasing a home in Baker Ranch with Shea Homes. They require a few steps before actual purchase.

1. Pre-Qaul with them (Which we did and been approved) This allows us to be placed on a priority list.
2. Then we go to a phase release scheduled on Sept. 9. We'll have the option of selecting a home, then putting down a good faith deposit of $10k
3. We wait 6-8months for build out, complete loan paperwork, etc. then move in if everything goes as planned.

My question is: When can we make an offer and ask for incentives on the home we're interested in?
We are also Pre-Qual with another lender as well.

Both are selling very well and have wait lists so don't expect to get any incentives.  You won't be able to negotiate the price, it'll be a "take it or leave it" option for you.  Do find out if the builder's lender offers an incentive if you use them, but even if they do you'll want to cross shop when you are 45-60 days from closing to make sure you are getting the best rate possible.

I've attached the cost comparison schedule for you that you can play around with to see how the numbers shake out for you.

Thank you for your reply, the reps at Shea Homes said both developments were doing really well. I just wasn't sure if they were just saying that to say it or if it was really true.

From the last time I spoke with a Shea rep (1-2 months ago) They offered $3k towards flooring + $3k towards closing.

Yeah, you should definitely ask because you never get what you don't ask for...just adjust your expectations accordingly.  My vote is still to go with The Landing....you'll be glad you did down the road.  Good luck.

 

[Abstraxx]

All those Toll Bros sales people are trained to make you think that everyone is begging them to buy a home from them and they don't need to offer any incentives.  Make your offer for ask price and including $40k design center incentives.  Be prepared to walk, then keep your cell phone handy cuz they'll call you in 2 days saying they miraculously convinced their manager to include $10k design incentives but that's the most they will ever give.

At least I gave you a scenario very close to what will happen so you can prepare and decide ahead of time.  If your lowest point of agreeance is $25k incentives, then stick to it and see if they call you back a second time to accept your generous offer.

New Home Buyer here with a New Home Developer. I'm in the process of purchasing a home in Baker Ranch with Shea Homes. They require a few steps before actual purchase.

1. Pre-Qaul with them (Which we did and been approved) This allows us to be placed on a priority list.
2. Then we go to a phase release scheduled on Sept. 9. We'll have the option of selecting a home, then putting down a good faith deposit of $10k
3. We wait 6-8months for build out, complete loan paperwork, etc. then move in if everything goes as planned.

My question is: When can we make an offer and ask for incentives on the home we're interested in?
We are also Pre-Qual with another lender as well.

Both are selling very well and have wait lists so don't expect to get any incentives.  You won't be able to negotiate the price, it'll be a "take it or leave it" option for you.  Do find out if the builder's lender offers an incentive if you use them, but even if they do you'll want to cross shop when you are 45-60 days from closing to make sure you are getting the best rate possible.

I've attached the cost comparison schedule for you that you can play around with to see how the numbers shake out for you.

Thank you for your reply, the reps at Shea Homes said both developments were doing really well. I just wasn't sure if they were just saying that to say it or if it was really true.

From the last time I spoke with a Shea rep (1-2 months ago) They offered $3k towards flooring + $3k towards closing.

Yeah, you should definitely ask because you never get what you don't ask for...just adjust your expectations accordingly.  My vote is still to go with The Landing....you'll be glad you did down the road.  Good luck.

Great! Thank you for your tax benefits sheet, after punching in numbers and figuring out monthly difference between the two option,  the clear option is The Landing. Thank you so much for sharing your Tax Benefit spreadsheet, that helped so much with our decesion.

 

[RangeRover]

All those Toll Bros sales people are trained to make you think that everyone is begging them to buy a home from them and they don't need to offer any incentives.  Make your offer for ask price and including $40k design center incentives.  Be prepared to walk, then keep your cell phone handy cuz they'll call you in 2 days saying they miraculously convinced their manager to include $10k design incentives but that's the most they will ever give.

At least I gave you a scenario very close to what will happen so you can prepare and decide ahead of time.  If your lowest point of agreeance is $25k incentives, then stick to it and see if they call you back a second time to accept your generous offer.

New Home Buyer here with a New Home Developer. I'm in the process of purchasing a home in Baker Ranch with Shea Homes. They require a few steps before actual purchase.

1. Pre-Qaul with them (Which we did and been approved) This allows us to be placed on a priority list.
2. Then we go to a phase release scheduled on Sept. 9. We'll have the option of selecting a home, then putting down a good faith deposit of $10k
3. We wait 6-8months for build out, complete loan paperwork, etc. then move in if everything goes as planned.

My question is: When can we make an offer and ask for incentives on the home we're interested in?
We are also Pre-Qual with another lender as well.

Both are selling very well and have wait lists so don't expect to get any incentives.  You won't be able to negotiate the price, it'll be a "take it or leave it" option for you.  Do find out if the builder's lender offers an incentive if you use them, but even if they do you'll want to cross shop when you are 45-60 days from closing to make sure you are getting the best rate possible.

I've attached the cost comparison schedule for you that you can play around with to see how the numbers shake out for you.

Toll Bros homes at the new Lake Forest development (5 min away from Baker Ranch) is not offering lender credit. I was hoping they would give some incentives back to the buyer.

 

[Mety]

Indigo at PS3 or The Landing at Baker Ranch?
I'm thinking in these categories.

a) Quality of Life Style from a Condo vs. House
b) Resale Values
c) School Districts

Indigo is definitely less expensive, but the monthly payment comes a little higher because of the HOAs and MR.
Would love to hear some opinions here.

 

[jmoney74]

Indigo at PS3 or The Landing at Baker Ranch?
I'm thinking in these categories.

a) Quality of Life Style from a Condo vs. House
b) Resale Values
c) School Districts

Indigo is definitely less expensive, but the monthly payment comes a little higher because of the HOAs and MR.
Would love to hear some opinions here.

I think it just comes down to Irvine schools or LF schools.

 

[Mety]

Indigo at PS3 or The Landing at Baker Ranch?
I'm thinking in these categories.

a) Quality of Life Style from a Condo vs. House
b) Resale Values
c) School Districts

Indigo is definitely less expensive, but the monthly payment comes a little higher because of the HOAs and MR.
Would love to hear some opinions here.

I think it just comes down to Irvine schools or LF schools.

Would rather get Irvine attached than BR detached?

 

[Kangen.Irvine]

This comment combined with a local elementary school versus elementary school outside of immediate walking distance in SVUSD. Will BR demand a new school? It appears people are spending the money, but not spending the time to share their opinions with the board.

 

[Burn That Belly]

x

 

[Mety]

What about the living quality? Detached products with yards  and no MR are very attractive. If comparing BR with OH or EW, it would be a different topic, but I'm comparing BR with PS and they are so close to each other also.
Would you still vote for an attached Irvine property?

And speaking of school ranks, I know NW high and Uni high are like top dogs, but all those school in LF are ranked 10 or 9 in green. What makes Irvine schools that much different besides more academic challenges among students?

 

[jmoney74]

What about the living quality? Detached products with yards  and no MR are very attractive. If comparing BR with OH or EW, it would be a different topic, but I'm comparing BR with PS and they are so close to each other also.
Would you still vote for an attached Irvine property?

And speaking of school ranks, I know NW high and Uni high are like top dogs, but all those school in LF are ranked 10 or 9 in green. What makes Irvine schools that much different besides more academic challenges among students?

If you're happy with the schools there then you should buy there. Irvine attached probably will appreciate more. Just guessing.

 

[paydawg]

El Toro High : 427th
Irvine High : 276th
Woodbridge High: 115th
University High: 58th
Northwood High: 54th
Portola High: (not yet ranked)

The numbers shall speak for itself.

All those schools are good.  I would pay less to be in a detached in BR.

 

[Burn That Belly]

x