Caserta II at Cypress Village (Phase 2) July 2015
- Thread starter hab027
- Start date
NEW -> Contingent Buyer Assistance Program
If you are comparing value against other new homes in Irvine, then I agree. But to me, the overall value is not worth the cost. I'm one that feels homes are overvalued in Irvine by 15-20% and would like the market to settle down before I invest that much into home.
Famous last words from the 'late to the party' buyer!
It's very tough to time the market. My neighbors thought houses were way too high in 2003 so they sold and rented only to see their house go from $1.1 million to $1.3 million. Their house sold again in 2012 for nearly the same price they got in 2003, so although they were right that houses would come down, they were wrong on timing and in fact couldn't buy back any lower than when they sold. They didn't buy back in at that time because for some reason they thought prices would drop even more. Surprise surprise..... they mistimed the top and bottom.
If rates go up, it doesn't mean prices MUST drop and if they do (entirely possible...... we do have lots of new homes available), it takes a few years of grinding lower to bottom out.
If rates just kept going up and up, say from 4% to 6%, you MAY get a place 20% cheaper (and a lower down payment). Mello wouldn't go down, but the base rate would drop both for those buying lower and those owning since it's easy to protest the taxman in a dropping market. BUT your mortgage payments would likely be higher.
If houses stabilize in price the only thing that happens to those who sold thinking they could buy again later is higher payments and taxes than if they had stayed put.
paydawg said:
If you are comparing value against other new homes in Irvine, then I agree. But to me, the overall value is not worth the cost. I'm one that feels homes are overvalued in Irvine by 15-20% and would like the market to settle down before I invest that much into home.
Angels_Baseball_2015
Member
Agreed. I hate to see $700K townhouses as the new norm.
TRNeighbor.com
New member
for $100k less, I'd do Caserta as most plan 3 walls do not touch your neighbor.
And I heard HOAs include fire and casualty insurance, plus roof and siding coverage, which Jasmine does not.
And I heard HOAs include fire and casualty insurance, plus roof and siding coverage, which Jasmine does not.
irvinehomeowner
Well-known member
Personally, the distance of the landfill wasn't that much of a concern for me when looking at PS because you don't see it (out of sight out of mind).
The problem I had was the distance of PS from everything else in Irvine... which really meant stuff near or south of the 405.
I think any new 'hood in Irvine will be a good choice... you just need to focus on if the location is good for you, if the floor plan is good for you and if the price is good for you.
I would be more concerned about living next to a major road or freeway that I can see and hear every day than a landfill/cemetery/qwerchete that I can't even see.
The problem I had was the distance of PS from everything else in Irvine... which really meant stuff near or south of the 405.
I think any new 'hood in Irvine will be a good choice... you just need to focus on if the location is good for you, if the floor plan is good for you and if the price is good for you.
I would be more concerned about living next to a major road or freeway that I can see and hear every day than a landfill/cemetery/qwerchete that I can't even see.
TRNeighbor.com
New member
Buemae said:
Famous last words from the 'late to the party' buyer!
TRNeighbor.com
New member
This is why you should have held on to that Woodbury East Home:
http://www.ocregister.com/lansner/rent-671796-percent-month.html
High rent, strong job growth, and a confident economy = Increasing cost of homes.
Looks like you will be waiting it out for a while. On the bright side, at least you can actually realize your accrued equity, while most on this site just look at appreciating numbers on their monitors.
http://www.ocregister.com/lansner/rent-671796-percent-month.html
High rent, strong job growth, and a confident economy = Increasing cost of homes.
Looks like you will be waiting it out for a while. On the bright side, at least you can actually realize your accrued equity, while most on this site just look at appreciating numbers on their monitors.
Ready2Downsize
Well-known member
Buemae said:
It's very tough to time the market. My neighbors thought houses were way too high in 2003 so they sold and rented only to see their house go from $1.1 million to $1.3 million. Their house sold again in 2012 for nearly the same price they got in 2003, so although they were right that houses would come down, they were wrong on timing and in fact couldn't buy back any lower than when they sold. They didn't buy back in at that time because for some reason they thought prices would drop even more. Surprise surprise..... they mistimed the top and bottom.
If rates go up, it doesn't mean prices MUST drop and if they do (entirely possible...... we do have lots of new homes available), it takes a few years of grinding lower to bottom out.
If rates just kept going up and up, say from 4% to 6%, you MAY get a place 20% cheaper (and a lower down payment). Mello wouldn't go down, but the base rate would drop both for those buying lower and those owning since it's easy to protest the taxman in a dropping market. BUT your mortgage payments would likely be higher.
If houses stabilize in price the only thing that happens to those who sold thinking they could buy again later is higher payments and taxes than if they had stayed put.
I hope you don't interpret what I said as telling others to do the same. This is what I think is best for my situation. I've lived in Irvine for over 15 yrs and have owned primary residences twice and rented 3 times in that time span. Each time I was fortunate to purchase during a down market and sold high. If you can afford the housing in Irvine today, more power to you if you decide to purchase. I'm not predicting that the market will go down 20% or go down at all, but if it happens to go down 10-15%, I would rather buy at that time, rather than now.
Angels_Baseball_2015
Member
Good luck. The Caserta floorplans are very attractive, much more attractive than the usual, boring Irvine Company floorpans. Caserta does a very nice job with its space.
, congrats on your purchase!