Central Park West thoughts?
- Thread starter cvballa
- Start date
NEW -> Contingent Buyer Assistance Program
Well I live at the village now which is right next to the spectrum and I love being able to walk to the spectrum and we have a grocery store, starbucks and cleaners within the complex. I love that feature and was thinking CPW will be the closest thing to that replicating my current situation.
I have a one bedroom paying $1515 right now for a very small place. I can obviously afford more, but I also do not want to overspend.
Its not bad if you are building equity and you are bullish on housing and the location of the place. 10 years from now, that deficit should become cash flow positive.
On the $389k property I figured it out and the monthly outgo would be about $3,200 a month. And similar properties are renting around $2,500 a month. To me that different is unacceptable. To me that number has to get below $3,000 for me to make it worth wild. In 4-5 years that $2,500 should be around $2,800 based on normal rent inflation. The price would have to fall to around $350k for me to buy.
Because it will be leveraged money. Plus a diversifier as I have a lot of my savings tied to the stock market. I am a big believer in not putting all your assets into one asset class. I would like to spread it around.
Obviously the numbers must work out, but with HOAs at $550 a month it makes it hard to argue. Like I said, if prices were to go down about %10 from where they are now then it would make more sense. My lease isnt up for another 5 months so I have time to wait it out and weigh my options.
See I agree with that... urban communities are the future, not urban sprawl. That being said, I am not going to pay outrageous prices that do not reflect fundamentals. $550 HOA dues are pretty outrageous! I understand the $150 plan HOA for the pool and gym and locker room etc, but $400 for the building? What does that go to? You got a small amount of upkeep for the bushes and common area lights and some cleanings. Thats $400 a month per resident? Thats just outrageous I feel like.
That would only work if you expect a big upswing for CPW. I just don't see it. Irvine prices with Santa Ana zoned schools. Unless the demographics of Irvine change drastically in the next 4-5 years, I don't see the return to be honest.
But I won't try to argue you out of it if the numbers make sense for you. I guess we'll just see.
I dont think school district will be a major factor in price for this development. The people that want to live there will be retirees and local business people. Incomes will be the primary driver to price appreciation. If you want a good school, you are more likely to have a family and would look for a single family residence.
the best place to make money is too anticipate what the herd will be doing next and get there first. I dont necessarily agree with what you think will happen (but if i was right in what i thought would happen i would be rich and would not be at my computer right now typing on this forum), so good luck.
irvinehomeowner said:
Well I live at the village now which is right next to the spectrum and I love being able to walk to the spectrum and we have a grocery store, starbucks and cleaners within the complex. I love that feature and was thinking CPW will be the closest thing to that replicating my current situation.
I have a one bedroom paying $1515 right now for a very small place. I can obviously afford more, but I also do not want to overspend.
qwerty said:
Its not bad if you are building equity and you are bullish on housing and the location of the place. 10 years from now, that deficit should become cash flow positive.
On the $389k property I figured it out and the monthly outgo would be about $3,200 a month. And similar properties are renting around $2,500 a month. To me that different is unacceptable. To me that number has to get below $3,000 for me to make it worth wild. In 4-5 years that $2,500 should be around $2,800 based on normal rent inflation. The price would have to fall to around $350k for me to buy.
IndieDev said:
Because it will be leveraged money. Plus a diversifier as I have a lot of my savings tied to the stock market. I am a big believer in not putting all your assets into one asset class. I would like to spread it around.
Obviously the numbers must work out, but with HOAs at $550 a month it makes it hard to argue. Like I said, if prices were to go down about %10 from where they are now then it would make more sense. My lease isnt up for another 5 months so I have time to wait it out and weigh my options.
cvballa don't bother trying to explain yourself to the sheeple on this board. The IBC is the future of Irvine. Only communities like Turtle Rock will maintain their value due elevation premium, the rest of the "villages" and "new home collection" will be left in rot and decay.
test said:
See I agree with that... urban communities are the future, not urban sprawl. That being said, I am not going to pay outrageous prices that do not reflect fundamentals. $550 HOA dues are pretty outrageous! I understand the $150 plan HOA for the pool and gym and locker room etc, but $400 for the building? What does that go to? You got a small amount of upkeep for the bushes and common area lights and some cleanings. Thats $400 a month per resident? Thats just outrageous I feel like.
IndieDev
New member
cvballa said:
That would only work if you expect a big upswing for CPW. I just don't see it. Irvine prices with Santa Ana zoned schools. Unless the demographics of Irvine change drastically in the next 4-5 years, I don't see the return to be honest.
But I won't try to argue you out of it if the numbers make sense for you. I guess we'll just see.
IndieDev said:
I dont think school district will be a major factor in price for this development. The people that want to live there will be retirees and local business people. Incomes will be the primary driver to price appreciation. If you want a good school, you are more likely to have a family and would look for a single family residence.
Regarding schools, there's an empty plot of land directly south of Columbus Grove that is zoned for schools, IUSD will likely build a new school there to serve the IBC. There is a lot of swirl going around IUSD, TUSD, SAUSD about how they're going to serve the 15,000 new residential units in the IBC.
qwerty
Well-known member
cvballa said:
the best place to make money is too anticipate what the herd will be doing next and get there first. I dont necessarily agree with what you think will happen (but if i was right in what i thought would happen i would be rich and would not be at my computer right now typing on this forum), so good luck.
Urban hipsters don't make $80,000 and have $100,000 saved up. More like $500,000 and $8,000,000 saved up.
http://www.thecentury.com/
http://www.thecentury.com/
