Cetara Orchard Hills The Groves Shea Homes

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Irvine Company probably charging a huge premium for those lots especially if they can sell Ravello Phase 1 at $2M+
 
Shea is overrated.  I heard a lot of buyers are not happy with the quality (or lack of quality) of work that is being put into these homes. 
 
Yea I would actually agree with Shea quality being overrated, although I'm not sure if people actually think Shea is a top quality builder. I've lived in a Shea home previously and it was no better than my KB home.

Having said that, I think many of their floorplans are not overrated and I personally think are excellent.
 
mythicquest said:
Yea I would actually agree with Shea quality being overrated, although I'm not sure if people actually think Shea is a top quality builder. I've lived in a Shea home previously and it was no better than my KB home.

Having said that, I think many of their floorplans are not overrated and I personally think are excellent.
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after touring so many new constructions over the past year, personally I think KB has the worst floor plans, a lot of wasted space, case in point GENOA.

 
trematix said:
mythicquest said:
Yea I would actually agree with Shea quality being overrated, although I'm not sure if people actually think Shea is a top quality builder. I've lived in a Shea home previously and it was no better than my KB home.

Having said that, I think many of their floorplans are not overrated and I personally think are excellent.
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after touring so many new constructions over the past year, personally I think KB has the worst floor plans, a lot of wasted space, case in point GENOA.
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My biggest complaint about Genoa is the overall design choices they made. Very gaudy looking. Also I personally would have wished they didn't literally maximize the entire lot with the home itself so that the home has almost a 0 lot line.

They are selling the 3 remaining model homes at $3M+ which is a little bit absurd in my opinion but who knows, crazy market.
 
$3M!? Last time when they announce they are going to sell model room, just said 2.5M+. Even 600/sf with all upgrades, I don?t think it can reach 3M
 
Interesting.  The salesperson said there were over 600 on the waiting list??. A salesperson told me the lot I liked was reserved/sold before it was released?. The buyer canceled few months later?.. Good Luck
 
iacrenter said:
eyephone said:
aquabliss said:
Most of the wealthy haven?t lost their jobs or wealth.  It?s those retail and fast food workers on the edge of poverty with no savings that are hardest hit.

Granted the wealthy will take advantage of this time to get some deals and build their wealth on the other side.
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Not necessarily true.
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Depends what kind of people buy $2M homes in Irvine. For instance, many doctors lost significant income due cancellation of elective surgery. A business owner of a car dealership, restaurant, or small hotel would also be hurting. If you were a true 1%er it wouldn?t matter, but are they the typical buyers of $2M tract homes.
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Tech folks are flush with money - RSUs/stock options, especially ones from Bay Area. Even Irvine now has high paying tech jobs. The key differentiator here is not everyone in tech makes that kind of money - The likes of FB, GOOG,  AMZN...the so called Big Tech are the ones paying those money, and some unicorn startups as well.



 
low interest rates is probably the biggest factor though.  lower rates = lower PITI = lower income required to qualify for a big mortgage.

lending rules are stricter than pre-crash but afaik they are generally only looking at DTI/credit score/some limited amount of reserves.  at my job starting salary is almost 250k.  most people leave after 3-4 years for (usually) much lower paying jobs.  but you could easily qualify for a $2m+ mortgage in year 3.
 
fatduck said:
low interest rates is probably the biggest factor though.  lower rates = lower PITI = lower income required to qualify for a big mortgage.

lending rules are stricter than pre-crash but afaik they are generally only looking at DTI/credit score/some limited amount of reserves.  at my job starting salary is almost 250k.  most people leave after 3-4 years for (usually) much lower paying jobs.  but you could easily qualify for a $2m+ mortgage in year 3.
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What line of work is it  that pays 250K starting salary? Appreciate of you could share.
 
fatduck said:
low interest rates is probably the biggest factor though.  lower rates = lower PITI = lower income required to qualify for a big mortgage.

lending rules are stricter than pre-crash but afaik they are generally only looking at DTI/credit score/some limited amount of reserves.  at my job starting salary is almost 250k.  most people leave after 3-4 years for (usually) much lower paying jobs.  but you could easily qualify for a $2m+ mortgage in year 3.
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What job and is getting a 2M mortgage smart?  You lose the tax benefits and sure I suppose you could invest aggresively but that seems *pretty* leveraged... heh. Maybe I don't have an appetite for that much risk.
 
large law firm

not saying it's smart, but not everything people do is smart.  and people tend to over-estimate their income stability...
 
fatduck said:
large law firm

not saying it's smart, but not everything people do is smart.  and people tend to over-estimate their income stability...
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250k starting at a law firm? that must be one heck of a law firm.

I have friends who went to Tier 1 Law schools and aren't getting 250k out the gate.

 
trematix said:
fatduck said:
large law firm

not saying it's smart, but not everything people do is smart.  and people tend to over-estimate their income stability...
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250k starting at a law firm? that must be one heck of a law firm.

I have friends who went to Tier 1 Law schools and aren't getting 250k out the gate.
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the "standard" starting salary for biglaw is 205k right now, but i was counting bonuses, including "covid bonuses" which i think are here to stay because the lateral market is still crazy.

anyway, with a 200k+ salary for 3 years you can qualify for a huge mortgage pretty easily with rates as low as they are.  even if you have a mountain of student loan debt from law school (i do), the payments on those are low because you can refinance again at historically low rates.

now is it a good idea to do this?  probably not.  but a lender will give you the loan.
 
fatduck said:
trematix said:
fatduck said:
large law firm

not saying it's smart, but not everything people do is smart.  and people tend to over-estimate their income stability...
Click to expand...

250k starting at a law firm? that must be one heck of a law firm.

I have friends who went to Tier 1 Law schools and aren't getting 250k out the gate.
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the "standard" starting salary for biglaw is 205k right now, but i was counting bonuses, including "covid bonuses" which i think are here to stay because the lateral market is still crazy.

anyway, with a 200k+ salary for 3 years you can qualify for a huge mortgage pretty easily with rates as low as they are.  even if you have a mountain of student loan debt from law school (i do), the payments on those are low because you can refinance again at historically low rates.

now is it a good idea to do this?  probably not.  but a lender will give you the loan.
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If you are single and right out school go for it. Find a 2M 5 bedroom and rent out 3 rooms to college students! 3500 a month in tax free money.  Tell them to pay in Crypto.  ;D
 
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