Current thoughts in 2011...

[irvinehomeowner]

West Irvine was built out by the late 90s.

If you're looking at 2005+, that's only Woodbury and Portola Springs.

1999+ = Harvard Square and Oak Creek
Early 2000 = Northparks, then Northwood II and Quail Hill

 

[irvinerealtor]

Anyone read Bill Gross' latest March 2011 Investment Outlook?    Maybe he's trying to convince people he's right as PIMCO TR just sold out of a huge amount of treasuries last week....  but I do not disagree with anything he's stated. 

"What I would point out is that Treasury yields are perhaps 150 basis points or 1?% too low when viewed on a historical context and when compared with expected nominal GDP growth of 5%. "   

Increase of 150 bps to the 10yr treasury (benchmark for mortgage rates) would definitely have an affect on housing prices...  However, like I stated in a previous post, I'm not sure how that changes affordability...  the payment on a 300,000 loan at 5% is about $1,610; the same payment at 6.5% equates to a 255,000 loan?there?s your 15% drop...

But then again, who the heck gets a loan in Irvine anyways.

Is there any place I can get this info. How many of Irvine's transcations are 50%-100% cash, It would be interesting to know this.
I gave a 20% down although I could have given more (technically 100%), although this would have wiped out most of my retirement savings.

February's down payment info has been updated... Average down payment % for Irvine resales was above 50% for the month.  www.IrvineRealtorSite.com

It is extraordinarily interesting to follow the $$$ and the buyers purchasing. I only wish I had more time to spend on it.  Glad it is being used.

-IrvineRealtor

P.S. If you have any questions about West Irvine... I'm happy to answer them via PM.  I live, work, and own there.

 

[irvinehomeowner]

West Irvine was built out by the late 90s.

They were still building out West Irvine in 2001.  Like this, for example. 

http://www.redfin.com/CA/Irvine/39-Cliffwood-92602/home/5815034

The guy who lived here sure had a good looking grill.

Pat is correct... there were some WIs still being built out 2001. I should have said *most* of WI was built in the last 90s.

Does anyone remember exactly when Woodbury first broke ground? It seems like they've been building those forever.

I still remember the Northpark bus tours and for Quail Hill, you had to walk to most of the model homes because they only allowed you to park in one giant lot.

 

[akim997]

Congrats. Did you buy in Northpark? A property I've been interested in just accepted an offer today .

Currently looking into West Irvine, how do you like the area??

@ucla_bruin

I like west irvine (a bit biased obviously as i bought there). It is newer, relatively well priced compared to other newer areas. I bought in the sheridan tract which is gated and has a pool and tot lot, most other parts of west irvine do not have a gate or pool but also come with a lower HOA.

Mello roos is ~2K which is not bad, some homes have meelo roos of ~1.3K only. I am not a big fan of the just the great room only downstairs concept, most WI homes have a clear living/dining and family room separation. Nice sized lots and traditional driveway/sidewalk setup. Close to the Market Place which I tend to visit a lot. Good schools although associated with TUSD which some people mind i guess.

Conclusion: If you can get over the TUSD connection west irvine is a bargain compared to other newer areas of irvine. I don't want to even talk about the ridiculous prices of the new homes that TIC is selling.

Thanks for the input. I really like the area when I visited. You're right that it is more of a bargain compared to some of the other areas in Irvine. Generally lower association and Mello Roos are definitely pluses for me. But you mentioned that it's newer. I'm only able to find houses built in the late 90s, which is fine by me, but haven't seen anything in 2005+. Any pointers?

The newest homes of WI were finished sometime in 2002.  Thats when housing was cheaper and the Mellos was cheaper.  That's actually why I am buying in Campanile of Northpark Sq.  I forget the whole story behind it so I might get this wrong - I believe the area of Campanile was originally zoned for a school or something else.  Whatever it was didn't happen, so there was an extra plot of land... so they OF COURSE decided to build more houses.  Generally, NP Sq was built in the 2000-2002 timeframe.  However, NP Sq was built from 2006-2008.  The benefit?  You get the cheaper Mello with newer homes.  I think Northwood II is similar, except the Mellos is slightly higher (~$3300).  Thus, the only newer homes (i know of) with cheaper mellos are 1) Campenile and 2) NWII.    Woodbury, PS, etc. are all more expensive. 

 

[irvinehomeowner]

Yes... Campanile was supposed to be a school site... similar to the situation of Montecito I/Carmel I in Woodbury.

 

[akim997]

Living in West Irvine since 2002, I have my specific thoughts about the area.  I do love the area overall, especially ours near Homestead Park.  Always children playing, lots of fellow dogowners, etc.  Easy access to Tustin Sports Park.  I jog the .75 mile loop with wife and dog all the time.  Access to the trail right behind Homestead Park (really convenient).  Advice:  don't be a fool and roll around with your kids in the grass, it's a huge pee/poo pad!  I chuckle when I drive by and see this.  There are ALOT of dogs in the neighboorhood.  Another positive is Myford Elementary is in West Irvine.  Drive down Trevino in the morning you will see ALOT of people walking their kids to school.  No major streets to cross is a plus!    I don't know much about the older area off Champion and personally don't think it's as nice.  Built in the 90's, the colors reflect just that.  I recommend sticking to the newer areas of Ivywood, Barrington and Concord (listed in order of price and size)  Liberty is smaller, was built ~1998 and is hit or miss in my opinion.  These are all SFRs as I assume that's what you are looking for.  Sheridan is gated and is across the street on the other side of Portola.  Nice size houses and lots, and many come with the 3rd story bonus rooms.  A real bang for the buck. 

 

[akim997]

Also, if you are interested in WI, contact Scott Gunther, he helped my friend sell her home in Ivywood.  I think he is Irvine Realtor.  I've spoken to others and would prefer Scott over Frank Agahi and Chris Merritt who also operate in the area.  Scott is also on the HOA board too and real active in the community.  I thank the board for providing an enless supply of doggy poo bags at our park... =)  Also, the wife and I cleared out our garage and made $75 to boot at last weekend's community garage sale!

 

[sonoma]

Congrats Akim!  I know you will enjoy your new home and create wonderful memories there. 

 

[rkp]

wanted to share my story.  like akim, i have a feeling i will pull the trigger this year after waiting many many years.  i graduated college when the housing bubble started in 2001 and have pretty much toured new communities and gone to open houses on and off since then.  i still remember touring QH with my wife in 2004 and thinking the prices were crazy back then...who could imagine QH would just keep climbing and hold its pricing.  so after waiting 7+ years...well actually its not waited as we have enjoyed renting and living in many different areas like mission viejo, irvine, santa monica, etc...any way, we are thinking of buying this year because market feels like its bottoming out, we have a new baby, and we are sitting on too much cash with no interest. 

we have looked at pretty much every community in irvine and tustin over the years and are leaning towards VoC, TF, Oak Creek and basically any area where you can get the house for under $300 per sq ft.  i like NP and surrounding areas but the pricing doesnt make sense to me.  why buy a 2300 sq ft house for 800K+ when you can get 3200 sq ft house in TF2 for same price?? (no offense akim)

our goal is a short sale or somewhere i feel like i am getting 5%-10% cheaper than comps so that i have some buffer against more price erosion.  we were close to pulling trigger on VoC short sale but the tax+MR+HOA was greater than $24k a year.  an interesting observation...this waiting process has helped us in a way as we are skipping the starter home and going more for the house we want to settle in.  hence looking at 3000 sq ft SFH homes.  another observation...everytime i feel like i have a strong offer as i can go up to 50%, the agent tells me that someone is ready to pay all cash  :-\

one thing i am definitely looking forward to is not thinking about buying a house.  i figure once i pull the trigger, its a done deal and time to just enjoy and move forward. 

 

[iacrenter]

wanted to share my story.  like akim, i have a feeling i will pull the trigger this year after waiting many many years.  i graduated college when the housing bubble started in 2001 and have pretty much toured new communities and gone to open houses on and off since then.  i still remember touring QH with my wife in 2004 and thinking the prices were crazy back then...who could imagine QH would just keep climbing and hold its pricing.  so after waiting 7+ years...well actually its not waited as we have enjoyed renting and living in many different areas like mission viejo, irvine, santa monica, etc...any way, we are thinking of buying this year because market feels like its bottoming out, we have a new baby, and we are sitting on too much cash with no interest. 

we have looked at pretty much every community in irvine and tustin over the years and are leaning towards VoC, TF, Oak Creek and basically any area where you can get the house for under $300 per sq ft.  i like NP and surrounding areas but the pricing doesnt make sense to me.  why buy a 2300 sq ft house for 800K+ when you can get 3200 sq ft house in TF2 for same price?? (no offense akim)

our goal is a short sale or somewhere i feel like i am getting 5%-10% cheaper than comps so that i have some buffer against more price erosion.  we were close to pulling trigger on VoC short sale but the tax+MR+HOA was greater than $24k a year.  an interesting observation...this waiting process has helped us in a way as we are skipping the starter home and going more for the house we want to settle in.  hence looking at 3000 sq ft SFH homes.  another observation...everytime i feel like i have a strong offer as i can go up to 50%, the agent tells me that someone is ready to pay all cash  :-\

one thing i am definitely looking forward to is not thinking about buying a house.  i figure once i pull the trigger, its a done deal and time to just enjoy and move forward. 

rkp,

Thanks for sharing your story. I can empathize with your situation since I have also rented for many years in Irvine. I understand the need to feel settled down with a young family. I just don't feel compelled to buy yet given our current rental meets my family needs. There seems to be little downside to waiting even further given there is little chance for signifiant price rises over the next 2 years. More likely, it will stay flat to negative over that time frame.

Consider yourself lucky to have a large amount of cash burning a hole in your pocket. I just don't think dumping it into RE in Irvine will be such a great idea from an investment standpoint versus keeping it in a money market account or other low risk investment vehicle.

Good luck with your home search.

 

[akim997]

buy home for family in the long term = life decision
take cash, buy treasuries, roll down yield curve for extra income = financial decision

 

[irvinehomeowner]

buy home for family in the long term = life decision
take cash, buy treasuries, roll down yield curve for extra income = financial decision

Not according to our resident financial expert IndieDev.

 

[IndieDev]

It's all personal preference. I won't tell other people how to live.

If people want to put all they have into a house, it's a personal decision. But don't tell me its the best financial thing to do, especially in Irvine.

 

[homer_simpson]

It's all personal preference. I won't tell other people how to live.

If people want to put all they have into a house, it's a personal decision. But don't tell me its the best financial thing to do, especially in Irvine.

Totally agree that it may not be the best financial thing to do but I guess to each their own. 

Just signed my financial life away in Irvine too  :'(

 

[irvinehomeowner]

It's all personal preference. I won't tell other people how to live.

But you keep telling us to buy now or be priced out forever. 

If people want to put all they have into a house, it's a personal decision. But don't tell me its the best financial thing to do, especially in Irvine.

Yeah... I'm just poking you a bit. I do appreciate you clarifying your position... it's hard to tell for people who don't really "know" you due to some of your snarkier posts.

I don't know if you own a home or not.... but where would you buy if you were going to?

 

[akim997]

wanted to share my story.  like akim, i have a feeling i will pull the trigger this year after waiting many many years.  i graduated college when the housing bubble started in 2001 and have pretty much toured new communities and gone to open houses on and off since then.  i still remember touring QH with my wife in 2004 and thinking the prices were crazy back then...who could imagine QH would just keep climbing and hold its pricing.  so after waiting 7+ years...well actually its not waited as we have enjoyed renting and living in many different areas like mission viejo, irvine, santa monica, etc...any way, we are thinking of buying this year because market feels like its bottoming out, we have a new baby, and we are sitting on too much cash with no interest. 

we have looked at pretty much every community in irvine and tustin over the years and are leaning towards VoC, TF, Oak Creek and basically any area where you can get the house for under $300 per sq ft.  i like NP and surrounding areas but the pricing doesnt make sense to me.  why buy a 2300 sq ft house for 800K+ when you can get 3200 sq ft house in TF2 for same price?? (no offense akim)

our goal is a short sale or somewhere i feel like i am getting 5%-10% cheaper than comps so that i have some buffer against more price erosion.  we were close to pulling trigger on VoC short sale but the tax+MR+HOA was greater than $24k a year.  an interesting observation...this waiting process has helped us in a way as we are skipping the starter home and going more for the house we want to settle in.  hence looking at 3000 sq ft SFH homes.  another observation...everytime i feel like i have a strong offer as i can go up to 50%, the agent tells me that someone is ready to pay all cash  :-\

one thing i am definitely looking forward to is not thinking about buying a house.  i figure once i pull the trigger, its a done deal and time to just enjoy and move forward. 

rkp,

Thanks for sharing your story. I can empathize with your situation since I have also rented for many years in Irvine. I understand the need to feel settled down with a young family. I just don't feel compelled to buy yet given our current rental meets my family needs. There seems to be little downside to waiting even further given there is little chance for signifiant price rises over the next 2 years. More likely, it will stay flat to negative over that time frame.

Consider yourself lucky to have a large amount of cash burning a hole in your pocket. I just don't think dumping it into RE in Irvine will be such a great idea from an investment standpoint versus keeping it in a money market account or other low risk investment vehicle.

Good luck with your home search.

VoC aren't bad.  I just dont get a good feeling driving through the neighboorhoods.  The only other thing that really bothers me are the huge power lines above.  I know I know, "just don't look up" haha...  The styling of the homes in the area are oddly mismatched.  they are also big whereas they look like they belong on huge lots, but instead they are all compacted.  Looks like the builder inserted their goal line D... 

 

[IndieDev]

It's all personal preference. I won't tell other people how to live.

But you keep telling us to buy now or be priced out forever. 

If people want to put all they have into a house, it's a personal decision. But don't tell me its the best financial thing to do, especially in Irvine.

Yeah... I'm just poking you a bit. I do appreciate you clarifying your position... it's hard to tell for people who don't really "know" you due to some of your snarkier posts.

I don't know if you own a home or not.... but where would you buy if you were going to?

Ironically, I own in Irvine, but want to move out in the next 2-3 years.

My plan is to move to Laguna Niguel, Dana Point or Laguna Beach, view required of course, all of this not dependent on me selling the Irvine home.

 

[akim997]

It's all personal preference. I won't tell other people how to live.

But you keep telling us to buy now or be priced out forever. 

If people want to put all they have into a house, it's a personal decision. But don't tell me its the best financial thing to do, especially in Irvine.

Yeah... I'm just poking you a bit. I do appreciate you clarifying your position... it's hard to tell for people who don't really "know" you due to some of your snarkier posts.

I don't know if you own a home or not.... but where would you buy if you were going to?

this being an open forum i appreciate sarcasm...  sometimes you need to in order to get a point across.  indiedev's pts are well taken. 

 

[rkp]

I think its a combination of investment and life decision.  This being the single largest purchase of my life, I will absolutely look at the financial aspect of it as well.  With the tax breaks and 20% down, I am at rental parity and as I am putting more down, I am not really gaining or losing anything other than opportunity to use that money in something else.  Also, I am trying to buffer for a 5-10% additional drop so buying this year vs next seems ok.

We can go rent the type of house we want to live in but we have lived in 5 different apartments since we got married along with some international stints.  We enjoyed every minute of it but it feels like its time to stop moving every year to 2. 

The cash isnt burning a hole in my pocket...its been saved and allocated for the house.

 

[IndieDev]

It's all personal preference. I won't tell other people how to live.

If people want to put all they have into a house, it's a personal decision. But don't tell me its the best financial thing to do, especially in Irvine.

Totally agree that it may not be the best financial thing to do but I guess to each their own. 

Just signed my financial life away in Irvine too  :'(

Irvine has a lot of factors that make it attractive for families. If you have the income to pay for it, and this is what you really want, go for it. What else would spend it on anyway? That's what you have to ask yourself.