Laguna Altura in 2011
- Thread starter iacrenter
- Start date
NEW -> Contingent Buyer Assistance Program
I was going to start a topic on this, but if you read all the public documents in Irvine quick records, you will find there are a lot of "administrative reliefs" and "engineering deviations" submitted by the Motor Court Company and conveniently approved. Also most of the public hearings end like in 15 minutes I guess because no one showed up.
usctrojancpa
Well-known member
The amount of time required to sell all of the homes will come down to how stubborn TIC wants to be. And from my experience with them, I wouldn't hold my breathe thinking that they'll be flexible or think out of the box to sell these homes faster. The problem is that TIC perceives this location/development is on par to Quail Hill when it reality Quail Hill is superior to Laguna Altura. I think if they cut prices by 5-8% plus threw in some buyer incentives, these homes would sell a lot faster. I guess we shall see what happens. Time will be on the side of all perspective buyers.akim997 said:
usctrojancpa
Well-known member
At the pace they are going, it might be 2015 before they sell all of the homes.akim997 said:
socalquest
Member
I was there yesterday afternoon and saw an Asian (foreigners, Chinese most likely) group that came over in a bus tour organized by a realtor. I wonder what the racial makeup of the community will be like in the years from now or upon full buildout. Would it be another Chinatown?
irvinehomeowner
Well-known member
More likely than not, anyone who bought there won't be shorting or foreclosing a year later. It's not the easy credit days anymore... buyers are either buying high-down/all-cash or are well financed.
The $800k-$1mil segment has been pretty resilient in Irvine as of late.
The $800k-$1mil segment has been pretty resilient in Irvine as of late.
usctrojancpa
Well-known member
I think it's typically 1 year that the owners have to wait to sell their homes.freedomcm said:
ahbrownell
New member
I actually have been thinking about the slow sales and lack of movement on the prices by TIC, and I think that since the closest comparable new homes are Stonegate and those are selling pretty well --- I think they are just going to wait until they finish selling in stonegate before having to re-evaluate pricing in LA. The main thing is, if they move the price down, they'd really only be competing with themselves, whereas if they wait until stonegate sells out (San Mateo sold 14 homes in Jan!), they can probably keep prices where they are, and lack of supply will allow them to sell at that price.
I went over there again this weekend, and Sienna really is a carbon copy of san mateo, but the location is way better. Being on the sW side of the 405 is considered the "better" side of irvine, but its hard to justify paying 650K for a detached condo. Even if its a really nice one. My wife and I are trying to be patient to see if prices will come down, but its looking more and more like we may have to lower our expectations and buy something older in woodbridge or one of the even older neighborhoods. I just cannot imagine buying in stonegate with how crowded that whole area is getting!
I went over there again this weekend, and Sienna really is a carbon copy of san mateo, but the location is way better. Being on the sW side of the 405 is considered the "better" side of irvine, but its hard to justify paying 650K for a detached condo. Even if its a really nice one. My wife and I are trying to be patient to see if prices will come down, but its looking more and more like we may have to lower our expectations and buy something older in woodbridge or one of the even older neighborhoods. I just cannot imagine buying in stonegate with how crowded that whole area is getting!
The Motor Court Company
Well-known member
South of 405 is good...but not if it is right next to a major freeway. Siena's only purpose is being the noise buffer for the rest of LA homes; while San Mateo is the buffer between apartments and other SG homes. While SG is dense, the layout of LA is one of the worst ever. Sienna is so far away from the closest park which has no parking nor bathroom.....good luck with using it or enterain your friends. Uni is a trump card but not really justifes the insane cost. Quail hill is the more superior alternative while SG's alternative is the deserted Portla Springs (Woodbury not count because its schools are among the worst in Irvine)
socalquest
Member
Those motor court homes at San Remo have VERY narrow and shared driveways. I was there last weekend and was trying to maneuver my midsized SUV in and out and it was a damn hassle! Could you imaging if an owner had a Cadillac Escalade backing out of the garage? Opps I just banged into the wall of my neighbor's home! How can the City of Irvine approve such housing plans?
usctrojancpa
Well-known member
Not that hard considering the power and influence that TIC has over the City and political officials.socalquest said:
irvinehomeowner
Well-known member
Because buyers are supposed to drive these:
The Motor Court Company
Well-known member
USCTrojanCPA said:
I was going to start a topic on this, but if you read all the public documents in Irvine quick records, you will find there are a lot of "administrative reliefs" and "engineering deviations" submitted by the Motor Court Company and conveniently approved. Also most of the public hearings end like in 15 minutes I guess because no one showed up.
usctrojancpa
Well-known member
Irvine does not have enough of those grumpy old people who have nothing better to do than go to those public hearings and be heard from. The ones it does have live in Woodbridge, Turtle Rock, and old Northwood so they could give a crap less what is going on in the East/Northeast part of town.The Motor Court Company said:
socalquest
Member
I thought safety is more important than $$$. They should throw those officials in jail for corruption! I have lived in Shanghai apartments and I thought it was already bad over there, money trumps safety there all the time. Afterall, it's no different here in IRVINE USA too!
USCTrojanCPA said:
The Motor Court Company
Well-known member
I am not a civil engineer, but some of the "engineering deviations" involve changes to curb height, reducing cross slope of the streets (if the streets are too flat, you'd get flooding during heavy rains). I guess we will have a 3rd lake in Irvine in the Stonegate area if there is some record rain. Maybe they should rename the village to Stonelake and it will sell even better.
One of the most common "administrative reliefs", well you probably can guess it, is to relax the parking requirements. There are X numbers of parking required for each residence type and they must be within Y feet. Each tract is different, but even Maricopa has some exceptions. I recall one of the worst cases is 250 feet for a Santa Maria residence but the parking is more than 500 feet away.
This list goes on and on....
One of the most common "administrative reliefs", well you probably can guess it, is to relax the parking requirements. There are X numbers of parking required for each residence type and they must be within Y feet. Each tract is different, but even Maricopa has some exceptions. I recall one of the worst cases is 250 feet for a Santa Maria residence but the parking is more than 500 feet away.
This list goes on and on....
socalquest said:
usctrojancpa
Well-known member
Not that I'm a big fan of additional government but maybe if these "exceptions" and/or "engineering deviations" had to be reviewed and approved by the county they would be less frequent. TIC sure likes to push the envelope with these things.The Motor Court Company said: