Ladera Ranch Discussion Thread

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Major, you might be right. There are many many realtors living in Ladera. Some of of them established good relationships with the new home sales office, and were able to buy multiple lots hoping to flip in the last several years (which they are not suppose to do by contract). I really believe that part of the reason that ladera comps dived so fast, is bc of those flippers. As my loan officer and a friend of mine told me: he was shocked that how many of them are living in million dollar homes, driving range rover, etc, but has only $10K in the bank! I have no doubt that there are materially more those type of people living in Ladera than in Irvine. This fact will make a difference in this downturn.
 
I didn't see a tent or a sleeping bag...it's possible he was planning on curling up on the floor in front of the fireplace in the living room but I doubt it. I said the place was empty and I didn't just mean empty of potential buyers - there isn't even a chair left to furnish the place!
 
It's too bad that Ladera was a victim of poor timing (and fraud). The times I've been there it seems like a nice place for a family...though I don't even want to think about the commute. Oh, and check out the tax base on some of these places...very very high.
 
A realtor occupying a vacant listing without the owner's permission is a major CAR violation. There was a local, well-known realtor who lost his license for several years when he allowed someone to move into one of his listings.
 
I think there were too many high-end homes built in Ladera Ranch. Currently, there are 99 homes listed in the MLS, over $1 million. I think many people spending that much money would prefer a more central or beach-close location. Also, the high wires become more of an issue when there is more inventory. Plenty of the houses in Covenant Hills overlook the power lines.
 
I'm a first time buyer and have been watching the condo market in ladera for the past 6 months. Every single condo I've been in is a short sale or bank owned. Right now you can get a 3/2 for around $400k when two years ago some were selling in the 600's. I think ladera is going to keep dropping though~ especially the condos as first time buyers like me are priced out of the market right now. Most of my friends (late 20's, great jobs, credit , etc) are all waiting on the sidelines for the OC market to correct itself. I agree that the power lines are definitely an eyesore in Ladera and read that a power plant may be built there as well.



Has anyone heard any more updates on the power plant situation?
 
dcn - <a href="http://tinyurl.com/2tlc5a">Here is the latest I've seen on the power plant</a>.





I would be very very careful about buying in Ladera, though it's tempting because of the lower prices. But think about it this way - though Laguna Niguel properties tend to be a bit more expensive than say Aliso Viejo ones that are almost the same, it's almost equal because LN has no mello roos, and Aliso usually does. Make sure you know all the numbers going in.





Run the numbers on property tax/HOA for Ladera and add in some more for extra gas and compare it to some other areas closer to your work.
 
Good point about the mello-roos and hoa in ladera, caliguy. I have several friends that live there right now and their double HOA is $400 a month~ that's almost a car payment! The tax rate w/ mello-roos of 1.6% doesn't help monthly payments either. I've thought about LN (Especially like the new courtyard "Cornerstone" homes off Moulton & the 73) but they start in the 700's~ I'd have to borrow major downpayment cash from the folks to get into one of those. There are even neighborhoods in Coto w/ no mello-roos that I'm starting to look at as prices there are dropping fast as well. I grew up out there so don't mind the toll-road commute every day to work.



Right now I will just keep saving all my pennies for the next year or two...hopefully prices will keep falling.
 
Sounds like a good plan, dcn. The good news is prices in South County are still falling, so there should be plenty of deals out there when you're ready.
 
Sadly, there is about a foreclosure a day in Ladera. Covenant Hills should be renamed I don't covet hell hills, or Bankowned Hills, or Countryfried Hills.
 
I think IR was predicting $/sq. ft for Ladera to be around $160/sq ft. Last year, I thought that figure may be too low. Now, I think it may be too optimistic.
 
I agree that $160 might be a bit optimistic. <a href="http://redfin.com/stingray/do/printable-listing?listing-id=1411036">Here's a nice-looking place in Ladera</a> asking $198/sq ft or $579k








<img width="300" height="200" src="http://i-0.rfimg.us/photo/46/bigphoto/454/S518454_0.jpg" alt="" />
 
<p>caliguy2699: <em>I agree that $160 might be a bit optimistic. </em><a href="http://redfin.com/stingray/do/printable-listing?listing-id=1411036"><em>Here's a nice-looking place in Ladera</em></a><em> asking $198/sq ft or $579k</em></p>

<p>Are you effin' kidding me about the HOA on this property?</p>

Homeowners Dues



Dues #1: $344.00

Dues #2: $404.00

>



<p>$748 per month is insane even if comes with a daily massage by the HOA board of directors.


</p>
 
This property in ladera for 579K is a condo in Covenant Hills. The Covenant Hills HOA is $400 per month and then the condo has it's own HOA of $340 per month~insane!!!! These will keep dropping fast as I don't know anyone in their right mind that would fork over that amount of cash a month for HOA's. Even if they threw in HOA fees paid for the first 2 years I still wouldn't touch one!
 
Has anyone else seem how many spec homes are empty and for sale in Covenant Hills? And how many are still being built? And how many bare lots there are?
 
<p>not yet, but I think its time to go back to Ladera for a visit again... anyhow, the number of homes for sale is stunning there. we'll see how the prices hold up by fall of 2009.</p>
 
Um... how sad is it, that the property on Tuscany is priced lower than what the builder sold it for by about 20%? BTW, it is bank owned. I wonder if it shows up in Steve Thomas' distressed property numbers?





That tract is really amazing, just the wrong location, and the HOA dues (even if it includes concierge service) is way out of line. If it were in Newport Coast, and the HOA dues included a weekly massage with a happy ending, then I might consider it.





Oh, ouch... the property taxes with the mello roos would equal 2% at that price. Plus, there is about $12k in back property taxes and $14k due in less than 3 weeks. So, really it is still priced above $600k.
 
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