Buying New vs. Buying Old in Irvine

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PANDA_IHB

PANDA_IHB

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I personally like new construction homes as I like to customize every feature in the house. The three previous homes I purchased have all been new construction. In Irvine, if we are comparing Northwood Point built in 1998-1999 to Portola Springs and Orchard Hills 2007 - ?, there is a huge difference in HOA ,and Taxes. $99/$300 and 1.3% tax compare to 1.9% tax in PS. Also the lots are much bigger in Northwood Point compare to Portola Springs where the lots are tiny compared to the square footage of the home. I am looking to buy a home that feeds into Northwood High School.



If we fast forward 10 years from now to 2018, would Northwood Pointe hold its value better than Portola Springs? For me personally, I would much rather buy a home built that is 10 years old than 20 years old. I really think once the OC Great Park is all built out, the surrounding neighborhoods like Woodbury and Portola Springs would be very desirable. Again, I can be wrong. I would like to hear others' opinions on if they prefer purchase New Construction vs. Older Homes in established good neighborhoods.
 
10 years is a long time. For some, time is as precious as money. Just buy the home that you will enjoy more during the next ten years.
 
Quality and location will always hold its value. A good example I can think of is the South Pasadena/San Marino area. These homes were built from about 1910 - 1950, but are the height of desireability. They are quailty homes, in quaility neighborhoods with quality schools --- and the location is primo for a downtown LA worker. Another great local example is Turtle Rock. Those houses are 30+ years old, but no problem with their desireablity.



Northwood Pointe is a better location than both Woodbury and PS, and the homes and lots are MUCH better. I'm not holding my breath for the Great Park to even be done in 10 years. IMO, these bubble neighborhoods are going to struggle over the long haul. I would bank on Northwood Pointe holding its value far better in the long haul than the new developments. They are not building many true SFR anymore, so there will be a premium on what's out there.
 
Classic neighborhoods have simple houses. They hold value much better. Tricked up model homes will only fool the beginners. Seasoned pros will look at the production units without all the bells and whistles to make the final decision. Your new home will never look as good as the model because they are all staged. Many production units are just so plain and uninspiring. If an empty house looks good then that is a good house. Good property holds better value than a good house.



Did you already max out your question quota for this week?
 
:-P <blockquote>Did you already max out your question quota for this week? </blockquote>
LOL. I think Panda is pushing his limit.
 
I'd also add that many model homes are on extra large lots, next to green belt, or across from the community park. They look nice and spacious, until you see the actual row-houses in construction facing each other with little room to spare.



I'd consider buying new or new-ish for the 10 year builder warranty. I've bought 2 new condos and 1 newish condo between 1999-2002 and called the builder (William Lyon) on several occasions. Their agent was always prompt and resolved the issue to my satisfaction, replacing everything from bathroom pieces to the sliding screen door. Even the builder's subcontractors were pretty nice, I had the electrical unit in the heater making some odd noises 7 years after the condo was built. Their service guy drove all the way from Riverside or Corona over to fix it and only charged me for the cost of the part.



If you buy an older home, you'd have more stuff to replace/repair, like water pressure valve, electrical fuses or circuit breakers, termites, asbestos, etc. Some older homes require electric wiring upgrades and plumping work and it can get expensive. On the up side, you usually get a bigger lot and yard.



So here's my $0.02: If you're going to buy an attached home/condo, buy new or new-ish. If you're going to buy "old", then get a SFR on a good-sized lot, so if you need to tent the building to kill termites, you don't have to deal with an "attached" neighbor. Stay away from old apartment to condo conversions.
 
<blockquote>If you?re going to buy ?old?, then get a SFR on a good-sized lot, so if you need to tent the building to kill termites, you don?t have to deal with an ?attached? neighbor. </blockquote>


I haven't seen anyone 'tenting' in Irvine lately. Is there a new trend to not tent for termites?
 
bkshopr, great point about empty homes. more and more homes are getting professional staging and photography for . i'm sure as homes get harder to sell, we'll see more tactics employed to make properties stand out. staging, professional photography, custom websites, etc. we get all sorts of random goodies from hanu reddy in TR. i should take a picture of the nice ragdoll scarecrows he gave to each home in neighborhood last fall.
 
Yes, Momopi left open containers of shrimp paste in the house. Most living organisms are incapacitated within minutes of smelling that thing.



[quote author="IACRenter" date=1212758367]<blockquote>If you?re going to buy ?old?, then get a SFR on a good-sized lot, so if you need to tent the building to kill termites, you don?t have to deal with an ?attached? neighbor. </blockquote>


I haven't seen anyone 'tenting' in Irvine lately. Is there a new trend to not tent for termites?</blockquote>
 
[quote author="IACRenter" date=1212758367]<blockquote>If you?re going to buy ?old?, then get a SFR on a good-sized lot, so if you need to tent the building to kill termites, you don?t have to deal with an ?attached? neighbor. </blockquote>


I haven't seen anyone 'tenting' in Irvine lately. Is there a new trend to not tent for termites?</blockquote>


I have seen 2-3 Irvine homes tented over the past couple of months...
 
what exactly is old? Built in the 80s or 90s?



Some of the buyers like myself love the vaulted ceilings and I do realize that anything made before 95 most likely would not have these features. Same thing with the laundry area upstairs.



There are some decent properties showing up at Woodbridge though. I didnt realize how high the HOA was at that place. Is it because of the lake?
 
[quote author="CalGal" date=1212754399]:-P <blockquote>Did you already max out your question quota for this week? </blockquote>
LOL. I think Panda is pushing his limit.</blockquote>


I'll give him a credit on this one. This is a good question that has stimulated some good conversation. Thank you, Panda!
 
[quote author="IACRenter" date=1212758367]<blockquote>If you?re going to buy ?old?, then get a SFR on a good-sized lot, so if you need to tent the building to kill termites, you don?t have to deal with an ?attached? neighbor. </blockquote>


I haven't seen anyone 'tenting' in Irvine lately. Is there a new trend to not tent for termites?</blockquote>


Actually, yes there is a "new" technology for extermination of termites. <a href="http://www.teamtoo.com/Heat-Blast-Termite-Elimination-02.html">Team Too does a heat blast</a>, and I have used them before with great success. It is a great alternative because you don't have to leave your house for days, and you avoid that nasty chemical smell. They will still chemical treat areas that may be infested, but nothing like having the entire house smell of chemicals. The fall backs are you never want to do it in the summer time, because your house will remain hot as hell and it seems to take forever to cool down. You still have to remove most of your food outside of the fridge, and don't forget the wine if it isn't in a cooler. :shut: I forgot, and luckily I wasn't that stocked up, but some that I had been saving where turned into some new pungent substance of disgusting hell that would make vinegar smell good.
 
[quote author="momopi" date=1212755048]Some older homes require electric wiring upgrades and <em>plumping</em> work and it can get expensive.</blockquote>


Is <em>plumping</em> what happens when you have unpermitted additions, or just ridiculous McMansion like additions?
 
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