Irvine Rentals - Info on Quail Hill/Turtle Ridge

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bearvine_IHB

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For the past few months we've been enjoying this blog and post, and must say it was a good feeling to see that there are many others who have shared our outlook about the current state of the real estate market. Of course now that the sub prime lenders are imploding, listings are stagnant, prices are dropping, there are more and more people jumping on the bear bandwagon. We have practiced what we preach, and sold our home in 05, not quite at peak, but did well enough and have been renting since.





We currently live out of the area, and need to relocate into Irvine. We have targeted several neighborhoods where we can forsee purchasing in the future, and want to concentrate on a rental in the area. The primary premise behind the reasoning is to avoid our children having to switch schools again, and want to create some continuity there for the kids, even if we are moving from home to home, year to year.





We are aware of being weary of owners who may be in financial dire straits (do a title search,etc.) and this does seem to make the search more difficult. I walked into a home in Turtle Ridge a month back or so that sale price was $3.6m, yet they were willing to rent at $7k month. Sounds like a great deal, but something was wrong there.





From what we've seen on Craigslist, OC Register, and MLS, there's not much to choose from and its the same homes over and over again. We need to find a place in June, but we are having difficulty finding a large enough hime for us, and almost thinking about doing an Irvine Co Apt short term rental, and keeping all the furniture in storage.





Some questions:





Any feedback on the living experience in the Quail Hill/Turtle Ridge neighborhoods from anyone living there?


About Alderwood and Vista Verde schools?


Are there any agents/property management firms worthy of asking for their assistance?


Any of the above to avoid?





Any information, comments, referrals, and/or assistance would be greatly appreciated.






 
<p>bearvine,</p>

<p>Both Quail Hill/Turtle Ridge are beautiful and secluded. These 2 areas are hilly for young active ones. Check out the schools and find homes nearby <a href="http://www.iusd.org/">http://www.iusd.org/</a></p>

<p>You should contact the area agents and ask for help. Expect to pay normal rate during June. Some privately own rentals allow short term lease. good luck.</p>
 
<em> About Alderwood and Vista Verde schools?</em>





Irvine Unified School District is selling off these properties. Irvine is gentrifying, and the IUSD has determined enrollments will not rebound enough to justify keeping these schools.





<em> Are there any agents/property management firms worthy of asking for their assistance?</em>





I found the rental I am in through <a href="http://firstteam.com/Home.aspx">First Team</a>.
 
<p>I am sure some of you might have seen the scal rent forecast by USC LUSK center. They are seeing 4 to 5% increase this year. </p>

<p>If 4 to 5% holds in Irvine, there won't be a 40% drop of home price from peak. The drop will be around 30% from peak if you believe IrvineRenter's earlier calculations. I believe we have dropped at least 15 to 20% already so far in terms actual transactions ( not listing prices). </p>

<p> </p>

<p> </p>
 
<p>Homes sold so far had dropped between 10-20% and closed transaction had dropped 50% from peak. Home prices and number of transactions are improving though.</p>

<p>Rent rates are seeing steady increase becasue of low inventory.</p>

<p> </p>
 
<em>"Rent rates are seeing steady increase becasue of low inventory."</em>





That is not what I have observed. The Irvine Company is starting to have vacancy problems, particularly in the new development over by the Spectrum. They have raised rents so high that it is a much better deal to rent from a private party right now. You can rent a large 4 bedroom home for the same price as a 3 bedroom apartment. A lot of the rental inventory on the MLS has been there quite a while. IMO, you will see a lot of inventory hit the market this fall when flippers give up trying to sell and put their properties into the rental pool after the quiet spring/summer selling season. In short, I believe USC is wrong.
 
<p>IR,</p>

<p>Great observation - Private pary rentals have always cheaper (price per square feet and amenities). I noticed the Irvine Company raised the rent rate so high and then run specials. In the fall, you can certainly get a great deal. People do prefer nice, clean, newer homes; this market fair much better than the rest.</p>

<p>I do agree with you of the excess inventory from the Irvine Company. Most people would rather live in a SFS or TH, where the low inventory I am refering to.</p>
 
<p>I know that in the Westpark area, a 2/2 condo with a 2 car garage runs around 1900-2100. I think IAC's cheapest property with a 2car garage starts at 2400 (correct me if I'm wrong). IAC seems to be a little more competitive on small 1br's.</p>
 
Many apartment renters found out about the cheaper rates from private parties. The disadvantage of renting from private is that after the lease term, the landlord can do not renew lease. Most decent landlords will try to take care of tenants though.
 
I agree with IrvineRenter. I've been renting from IAC for the last 6 years and have seen prices steadily increase until this year. The price of the popular 3br, 2.5 bath, 1 car (shared) garage Westpark Townhome we were renting has dropped about $100 since we moved out last year. The general decline in owned real estate will definitely draw the price of rentals down. IAC knows the market and will definitely take into account the cost of rentals outside of IAC controlled apartments.





bearirvine: I would plan on renting an IAC place for about 9 months then finding a SFH from a private renter when rents are down. Nine months was the shortest lease term our apartment complex would give us but, with a little luck, you can find shorter. This way, you don't have to worry about your landlords for the time being and you will have some time to find a nice home for your family to rent.
 
BTW, If you rent from IAC don't count on breaking the lease. It is very costly, and they have attorneys with nothing better to do than make your life miserable.
 
How are the rental rates in Irvine doing these days? Any signs of the rates dropping from IAC? I've been looking around, and I haven't noticed much myself, but wondering if anyone else noticed anything I might have missed.
 
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