Cadence Park - Great Park

[Mety]

I'm sorry. After looking in to these homes more. THAT price is NOT a first time home buying price.

You took the words right out of my mouth, or rather, my fingertips. However, I would really like to know who is buying these properties!

I'm curious about the Residence 2 with the detached garage -- so, where is the garage located? If you think hauling groceries up a flight of stairs is bad, imagine having to haul them from the outdoors when it's super hot or raining!

I can see how those floor plans may work for some people, perhaps those with roommates or extended family living with them. There's a bright side to everything, right?

Hi All,

I wanted to join the conversation because my fiance and I recently put a deposit down on an attached 3 story home in Cadence park (~800k)! In particular, we went with Muse plan 1 (4 bedroom 3.5 baths with the extended ground level suite). We were in the market for almost 8 months and after numerous homes lost to over asking cash offers, we decided to look at new construction.

Why we chose Muse? Firstly, the potential of the neighborhood. My fiance and I are planning to have a family and the area is going to be amazing when everything is built.

Neighborhood:

• New k-8 School
• Parks, Pools, and Sports Facilities
• Warehouse 415 - boutique shops and restaurants
• Five-points Amphitheater
• And much more walking/biking distance!

Secondly, the floor-plan is amazing and the home is energy efficient/new! Many on this forum have mentioned the difficulties of a three story plan but the builders make up for this in many ways.

The open layout, high ceilings, and large deck is something we couldn't find in any 2-story homes that we could afford. The use of space makes the home feel much larger than the square footage. The washer and dryer are on the same floor as the bedrooms (3 of 4) which makes laundry easy. The kitchen is huge! An 8 foot by 4 foot island is flanked by a sea of cabinets. This kitchen feels like it belongs in a much more expensive house.

The master-bedroom has a largeeee walk in closet. Again, something you can't find in resale homes in this price range. The ground level suite, where my parents will stay when they retire, is large enough for a bedroom set and a couch/tv area.

I completely agree that if we could afford a larger mortgage a 2-story with a yard and driveway would be ideal but that is harder and harder to come across with a 800k budget in Irvine. When an entry 2-story home does come on the market it's scooped up for more than asking with a cash offer.

I think the 3-story homes are here to stay for "first time buyers". I used quotes because 800k is a very large amount and that is not lost on us. So, when you ask who are buying these homes? I say professional couples in their early thirties/late twenties that are looking for a place to raise a family in a new neighborhood with all the amenities that brings.


Thanks for taking the time to read!

Just curious - have you and your finance moved in yet? What have you heard about the warehouse 415 development? We are really intrigued by this but it doesn't seem like it's actually happening.

We loved the muse plan 1! I agree with you completely that the three level condos are perfect starter homes for couples and young families. I see why people focus on the downsides, but when you're looking at a tighter budget they are a great option. If we could have stretched to 800k muse would have been a strong contender. I hope you guys are happy with your home!

They didn't move in. It was a sales person at Muse promoting this tract.
About 415 development, it won't happen any time soon like I've posted in another thread.

 

[moc]

I'm sorry. After looking in to these homes more. THAT price is NOT a first time home buying price.

You took the words right out of my mouth, or rather, my fingertips. However, I would really like to know who is buying these properties!

I'm curious about the Residence 2 with the detached garage -- so, where is the garage located? If you think hauling groceries up a flight of stairs is bad, imagine having to haul them from the outdoors when it's super hot or raining!

I can see how those floor plans may work for some people, perhaps those with roommates or extended family living with them. There's a bright side to everything, right?

Hi All,

I wanted to join the conversation because my fiance and I recently put a deposit down on an attached 3 story home in Cadence park (~800k)! In particular, we went with Muse plan 1 (4 bedroom 3.5 baths with the extended ground level suite). We were in the market for almost 8 months and after numerous homes lost to over asking cash offers, we decided to look at new construction.

Why we chose Muse? Firstly, the potential of the neighborhood. My fiance and I are planning to have a family and the area is going to be amazing when everything is built.

Neighborhood:

• New k-8 School
• Parks, Pools, and Sports Facilities
• Warehouse 415 - boutique shops and restaurants
• Five-points Amphitheater
• And much more walking/biking distance!

Secondly, the floor-plan is amazing and the home is energy efficient/new! Many on this forum have mentioned the difficulties of a three story plan but the builders make up for this in many ways.

The open layout, high ceilings, and large deck is something we couldn't find in any 2-story homes that we could afford. The use of space makes the home feel much larger than the square footage. The washer and dryer are on the same floor as the bedrooms (3 of 4) which makes laundry easy. The kitchen is huge! An 8 foot by 4 foot island is flanked by a sea of cabinets. This kitchen feels like it belongs in a much more expensive house.

The master-bedroom has a largeeee walk in closet. Again, something you can't find in resale homes in this price range. The ground level suite, where my parents will stay when they retire, is large enough for a bedroom set and a couch/tv area.

I completely agree that if we could afford a larger mortgage a 2-story with a yard and driveway would be ideal but that is harder and harder to come across with a 800k budget in Irvine. When an entry 2-story home does come on the market it's scooped up for more than asking with a cash offer.

I think the 3-story homes are here to stay for "first time buyers". I used quotes because 800k is a very large amount and that is not lost on us. So, when you ask who are buying these homes? I say professional couples in their early thirties/late twenties that are looking for a place to raise a family in a new neighborhood with all the amenities that brings.


Thanks for taking the time to read!

Just curious - have you and your finance moved in yet? What have you heard about the warehouse 415 development? We are really intrigued by this but it doesn't seem like it's actually happening.

We loved the muse plan 1! I agree with you completely that the three level condos are perfect starter homes for couples and young families. I see why people focus on the downsides, but when you're looking at a tighter budget they are a great option. If we could have stretched to 800k muse would have been a strong contender. I hope you guys are happy with your home!

They didn't move in. It was a sales person at Muse promoting this tract.
About 415 development, it won't happen any time soon like I've posted in another thread.

I'm sorry. After looking in to these homes more. THAT price is NOT a first time home buying price.

You took the words right out of my mouth, or rather, my fingertips. However, I would really like to know who is buying these properties!

I'm curious about the Residence 2 with the detached garage -- so, where is the garage located? If you think hauling groceries up a flight of stairs is bad, imagine having to haul them from the outdoors when it's super hot or raining!

I can see how those floor plans may work for some people, perhaps those with roommates or extended family living with them. There's a bright side to everything, right?

Hi All,

I wanted to join the conversation because my fiance and I recently put a deposit down on an attached 3 story home in Cadence park (~800k)! In particular, we went with Muse plan 1 (4 bedroom 3.5 baths with the extended ground level suite). We were in the market for almost 8 months and after numerous homes lost to over asking cash offers, we decided to look at new construction.

Why we chose Muse? Firstly, the potential of the neighborhood. My fiance and I are planning to have a family and the area is going to be amazing when everything is built.

Neighborhood:

• New k-8 School
• Parks, Pools, and Sports Facilities
• Warehouse 415 - boutique shops and restaurants
• Five-points Amphitheater
• And much more walking/biking distance!

Secondly, the floor-plan is amazing and the home is energy efficient/new! Many on this forum have mentioned the difficulties of a three story plan but the builders make up for this in many ways.

The open layout, high ceilings, and large deck is something we couldn't find in any 2-story homes that we could afford. The use of space makes the home feel much larger than the square footage. The washer and dryer are on the same floor as the bedrooms (3 of 4) which makes laundry easy. The kitchen is huge! An 8 foot by 4 foot island is flanked by a sea of cabinets. This kitchen feels like it belongs in a much more expensive house.

The master-bedroom has a largeeee walk in closet. Again, something you can't find in resale homes in this price range. The ground level suite, where my parents will stay when they retire, is large enough for a bedroom set and a couch/tv area.

I completely agree that if we could afford a larger mortgage a 2-story with a yard and driveway would be ideal but that is harder and harder to come across with a 800k budget in Irvine. When an entry 2-story home does come on the market it's scooped up for more than asking with a cash offer.

I think the 3-story homes are here to stay for "first time buyers". I used quotes because 800k is a very large amount and that is not lost on us. So, when you ask who are buying these homes? I say professional couples in their early thirties/late twenties that are looking for a place to raise a family in a new neighborhood with all the amenities that brings.


Thanks for taking the time to read!

Just curious - have you and your finance moved in yet? What have you heard about the warehouse 415 development? We are really intrigued by this but it doesn't seem like it's actually happening.

We loved the muse plan 1! I agree with you completely that the three level condos are perfect starter homes for couples and young families. I see why people focus on the downsides, but when you're looking at a tighter budget they are a great option. If we could have stretched to 800k muse would have been a strong contender. I hope you guys are happy with your home!

They didn't move in. It was a sales person at Muse promoting this tract.
About 415 development, it won't happen any time soon like I've posted in another thread.

Wow - I feel really naive. It did not occur to me that sales people would pose on here as buyers. That actually sucks a lot.

 

[Mety]

They didn't move in. It was a sales person at Muse promoting this tract.
About 415 development, it won't happen any time soon like I've posted in another thread.

Wow - I feel really naive. It did not occur to me that sales people would pose on here as buyers. That actually sucks a lot.

To be clear, I'm not 100% positive if it really was the sales person.
However, the sales people have posted and promoted here quite often and the way it was described sounded very much like a sales pitch.
It could be a genuine post from someone who really was about to move in. We'll see if he/she replies.

 

[sgip]

When it's 1-2 posts in, zero replies, thanks, etc, you can take it to the bank that it was a salesperson. Some can post helpful stuff, but it's a rarity.

My .02c

 

[irvinebullhousing]

So who?s here believe that you can get a brand new home 2 story with proper lot and by that I do mean driveway and not attach in anywhere in Irvine for 800k?

Those days are no more in my opinion.

 

[usctrojancpa]

So who?s here believe that you can get a brand new home 2 story with proper lot and by that I do mean driveway and not attach in anywhere in Irvine for 800k?

Those days are no more in my opinion.

Not gonna happen...that ship has sailed.  Gotta buy something older to get that.

 

[sgip]

Best to buy a crappy older home, push it over, and rebuild new if you want a low cost Irvine home. Note it's not "low price" but low cost to own. Finding a tract SFR at $800k is so 2009. This option would be less than brand new tract homes today from a tax and HOA perspective. Take this one for example:
https://www.redfin.com/CA/Irvine/5181-Doanoke-Ave-92604/home/4666000.

Daaaannggg... look at that price history. $165,000 in 1994, bottom of the housing recession at that time.

Assuming you threw on a 2nd story (+1,000 SF) at a cost of $225k, what would a similar 2500 4/3 look like as a tract home with a similar lot and driveway?

My .02c

 

[moc]

Best to buy a crappy older home, push it over, and rebuild new if you want a low cost Irvine home. Note it's not "low price" but low cost to own. Finding a tract SFR at $800k is so 2009. This option would be less than brand new tract homes today from a tax and HOA perspective. Take this one for example:
https://www.redfin.com/CA/Irvine/5181-Doanoke-Ave-92604/home/4666000.

Daaaannggg... look at that price history. $165,000 in 1994, bottom of the housing recession at that time.

Assuming you threw on a 2nd story (+1,000 SF) at a cost of $225k, what would a similar 2500 4/3 look like as a tract home with a similar lot and driveway?

My .02c

Right - I hear what you're saying. But, for someone like me who is a first time home buyer in their 20s, this really isn't feasible. It's going to take every cent I have for a down payment for a $700k budget. No $225k lying around for a reno or remodel, much less the extra budget for $775k purchase price. In a perfect world, I agree with you. In my current reality, not a practical plan.

 

[aquabliss]

This house has some weird afterthought wall in front:
https://www.google.com/maps/place/5181+Doanoke+Ave,+Irvine,+CA+92604/@33.6908859,-117.774766,3a,75y,38.67h,90t/data=!3m4!1e1!3m2!1sSDhiSNO3soogaR6ahXfwgA!2e0!4m2!3m1!1s0x80dcdcfd6c2f63bb:0xe81971a839feaa5c?hl=en-us&gl=us

Pretty sure that the type to buy this place don?t have $250k lying around for a second story addition.  And the neighbors on the left look like they added a 2 car garage and forgot to include the roofline?  Very strange.

 

[irvinebullhousing]

This house has some weird afterthought wall in front:
https://www.google.com/maps/place/5181+Doanoke+Ave,+Irvine,+CA+92604/@33.6908859,-117.774766,3a,75y,38.67h,90t/data=!3m4!1e1!3m2!1sSDhiSNO3soogaR6ahXfwgA!2e0!4m2!3m1!1s0x80dcdcfd6c2f63bb:0xe81971a839feaa5c?hl=en-us&gl=us

Pretty sure that the type to buy this place don?t have $250k lying around for a second story addition.  And the neighbors on the left look like they added a 2 car garage and forgot to include the roofline?  Very strange.

A non HOA neighborhood can be a bad thing when your neighbors have poor taste, or operating on a low budget without proper guidelines and restrictions. If I buy in a non HOA property, I would drive around the immediate area to get a sense of how the homeowners do or don?t to their houses which might affect the overall pricing of your potential current purchase price and more importantly your future investment. I sure would not put money here.

Remember, low price will also carry baggage that you may not want to be buying into.

 

[irvinehomeowner]

@moc: I would strongly look at resale, while it's doesn't have the new home smell, I think you'll get more value and won't have to pay MRs.

You can always buy new later when you move up.

 

[B2FiNiTY]

@moc We were in your shoes a few years ago when we bought our first home. We ended up finding a good "deal" on a new home in a new village and everything worked out better than we imagined. If you want to share experiences, feel free to PM.

 

[mads]

@moc, we were in the same place last year and went the resale route, just checked Redfin, and the sub-700k has about 19 3-bed condo/townhomes, including a short sale, https://www.redfin.com/CA/Irvine/107-Sapphire-92602/unit-34/home/5885076. Also, saw this under contract listing- https://www.redfin.com/CA/Irvine/21-Racing-Wind-92614/home/4695413. All the best, you'll get there.

What we learnt as first-timers last year will seem naive to many but here goes-
-avoid overbid situations. when we went into escrow on our final choice, a similar one sold for a 100k more in the same time period. better off to keep renting.
-act quickly, sometimes first movers advantage can really happen.
- Realtors pointed us to other OC cities for more affordable homes, but we looked at South/Central Irvine for commute reasons, and Woodbridge, TRock, Quail Hill, the University neighborhoods had some decent 700k or less options. Westpark had some fine SFRs but again had bidding wars. The only not so great option was the Corte Bella tract in Westpark, as the multi-story layout felt too much. There are better places out there like Northwood etc.
- lastly, i remember someone asking in a diff thread about the home you afford vs the home you get pre-approved/qualified for. We went for a price lower than our approved number, so we needn't stretch to the limits for monthly payments, esp as resale homes often need repairs. Get a good home inspector, we went with our realtor's and that was not a good choice. Hope this helps.

 

[Mety]

@moc, we were in the same place last year and went the resale route, just checked Redfin, and the sub-700k has about 19 3-bed condo/townhomes, including a short sale, https://www.redfin.com/CA/Irvine/107-Sapphire-92602/unit-34/home/5885076. Also, saw this under contract listing- https://www.redfin.com/CA/Irvine/21-Racing-Wind-92614/home/4695413. All the best, you'll get there.

What we learnt as first-timers last year will seem naive to many but here goes-
-avoid overbid situations. when we went into escrow on our final choice, a similar one sold for a 100k more in the same time period. better off to keep renting.
-act quickly, sometimes first movers advantage can really happen.
- Realtors pointed us to other OC cities for more affordable homes, but we looked at South/Central Irvine for commute reasons, and Woodbridge, TRock, Quail Hill, the University neighborhoods had some decent 700k or less options. Westpark had some fine SFRs but again had bidding wars. The only not so great option was the Corte Bella tract in Westpark, as the multi-story layout felt too much. There are better places out there like Northwood etc.
- lastly, i remember someone asking in a diff thread about the home you afford vs the home you get pre-approved/qualified for. We went for a price lower than our approved number, so we needn't stretch to the limits for monthly payments, esp as resale homes often need repairs. Get a good home inspector, we went with our realtor's and that was not a good choice. Hope this helps.

So you bought one almost $100k less than the one nearby? Did you buy after that one closed $100k more than yours?

 

[mads]

they were in pending when we went into escrow, so didn't know the sale price

 

[Mety]

they were in pending when we went into escrow, so didn't know the sale price

You saved $100k in matter of days! Talking about how much savings took place!
Congrats BTW. Hope you like your new home.

 

[eyephone]

they were in pending when we went into escrow, so didn't know the sale price

You saved $100k in matter of days! Talking about how much savings took place!
Congrats BTW. Hope you like your new home.

The story is not totally clear with me. So I don?t know if it?s $100k instant equity or something else.

 

[mads]

You saved $100k in matter of days! Talking about how much savings took place!
Congrats BTW. Hope you like your new home.

lol, thanks. it was probably an FCB who overbid, as it got listed as a rental later. late 2017-mid 2018 seemed like a crazy time for real estate.

 

[mads]

The story is not totally clear with me. So I don?t know if it?s $100k instant equity or something else.

No, not 100k instant equity. it was an outlier.

 

[Mety]

they were in pending when we went into escrow, so didn't know the sale price

You saved $100k in matter of days! Talking about how much savings took place!
Congrats BTW. Hope you like your new home.

The story is not totally clear with me. So I don?t know if it?s $100k instant equity or something else.

mads was buying a home where a similar home was already in escrow pending mode.
That home ended up sold at $100k more than what mads ended up buying.