New Listing - Corte Bella Plan 2 detached condo @ Orchard Hills (101 Mustang)

NEW -> Contingent Buyer Assistance Program
usctrojancpa

usctrojancpa

Well-known member
This morning I listed a turnkey Corte Bella Plan 2 detached condo in Orchard Hills (non-gated) on MLS for sale. The home was built in 2015 and features 3 bedrooms (including a downstairs primary bedroom and en-suite bathroom), 2.5 bathrooms, and a downstairs office/den along with 2,010sf of living space and sits on a larger lot. The home is listed for sale at $1,500,000.

PM or email me if you are interested in seeing the home. I'll be hosting open houses this coming weekend (Saturday & Sunday May 7th and 8th) from 2-5pm.

Here is the Redfin link:
https://www.redfin.com/CA/Irvine/101-Mustang-92602/home/112729439

Pictures and the virtual tour and 3D Matterport are in the link below:

https://my.matterport.com/show/?m=cb91GJS5pKy&hl=0&play=1

I know it's Mother's Day on Sunday (I'm talking mom to a nice steak dinner at 6pm after the open house on Sunday), but hope to see some of you come out.  :)
 
what would compel a buyer to spend this much for a condo where there is no land value vs an SFR, of which there are several listed in Irvine in this range, especially in a rising rate environment portending a housing recession, where condo values get whacked the hardest?
 
I was at the grand opening of this track. People (won?t mention ethnicity) we?re having organisms because not only could they see Northwood HS they thought they could just walk down the hill. The latter turned out not to be the case. Anyhow this tract sold like hotcakes and was the first track to sell out in OH.

We actually considered buying this plan because it?s essentially a single story house with two spare bedrooms upstairs. But the wife couldn?t live with the fact that the master bed headboard was up against a wall that separated the bedroom from the shared driveway. She felt she would always be worried that a car would run into the wall plus it was bad fung shei 😵

Will be interesting to see the activity on this one. I know there are some on this forum who think we?ve already peaked - we shall see.

As always, beautiful staging and listing.
 
OCtoSV said:
what would compel a buyer to spend this much for a condo where there is no land value vs an SFR, of which there are several listed in Irvine in this range, especially in a rising rate environment portending a housing recession, where condo values get whacked the hardest?
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We've never received a concrete answer on detached condo land ownership. Some say you still own the land, others say it's land ownership in common. I can say that sales offices have shown me plot plans with lot lines to prove that detached condos do indeed include specified land ownership but I don't think that is definitive proof.

I've never bought one so not sure what the actual sales contract says.
 
After seeing the pictures closely, this one is close clone if the Marin Plan 1 in Eastwood (or rather EW copied OH). There is a No true wrap around because there is no wall that separates your unit from your back neighbor.  A Marin plan 1 in EW is under contract for 1.62M, so this one in OH will go the same price I would guess. Increased Rate seems to have no damper effect to prices in Irvine.
 
irvinehomeowner said:
OCtoSV said:
what would compel a buyer to spend this much for a condo where there is no land value vs an SFR, of which there are several listed in Irvine in this range, especially in a rising rate environment portending a housing recession, where condo values get whacked the hardest?
Click to expand...

We've never received a concrete answer on detached condo land ownership. Some say you still own the land, others say it's land ownership in common. I can say that sales offices have shown me plot plans with lot lines to prove that detached condos do indeed include specified land ownership but I don't think that is definitive proof.

I've never bought one so not sure what the actual sales contract says.
Click to expand...
It is a brilliant marketing tool BUT if it says CONDO in the MLS listing, would you buy it? I wouldn't unless it was priced properly to cash flow as a rental from day 1, but certainly never for a primary IF I could get an SFR for the same price. If 7% mortgage rates equate to a 20% decline in values, the condos will go down much farther.
 
best_potsticker_in_town said:
OCtoSV said:
there are multiple in Irvine right now
Click to expand...

I actually don't think that's true. There are no newer SFR's in Irvine that are priced the same or cheaper than a detached condo.
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That's correct. SFRs are priced accordingly. That's why CalPac's Sierra, which are smaller than Bluffs, are more expensive.
 
USCTrojanCPA said:
We have 2 offers over list and 10 sets of buyers in the first 30 minutes at the open house.
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I am not suprise at all. Good to have many on hands to choose from. Sucks from a buyer perspective. We are very much still in an imbalance market. Does high rate even matter anymore? I guess it could be for high prize properties. I am thinking properties which exceed 4 millions or more. The ibuyers is not active in Irvine market with such high costs. Good that it goes to families putting root down.

Congrats.
 
USCTrojanCPA said:
OCtoSV said:
there are multiple in Irvine right now
Click to expand...

There are no newer true SFRs under $1.5m in Irvine, but there are several older homes under $1.5m
Click to expand...

That was my point, and many of those carry extreme value in terms of no /low HOA, no MR and districted into NWHS. Why someone would choose a new(er) detached condo vs an older SFR will always mystify me.
 
OCtoSV said:
USCTrojanCPA said:
OCtoSV said:
there are multiple in Irvine right now
Click to expand...

There are no newer true SFRs under $1.5m in Irvine, but there are several older homes under $1.5m
Click to expand...

That was my point, and many of those carry extreme value in terms of no /low HOA, no MR and districted into NWHS. Why someone would choose a new(er) detached condo vs an older SFR will always mystify me.
Click to expand...

Why?  Because they don't want to live in an older home that has higher maintenance costs and/or old croppy floor plans.  Many of my buyers won't even consider a home that was built before 2010, let alone before 2000.
 
USCTrojanCPA said:
OCtoSV said:
USCTrojanCPA said:
OCtoSV said:
there are multiple in Irvine right now
Click to expand...

There are no newer true SFRs under $1.5m in Irvine, but there are several older homes under $1.5m
Click to expand...

That was my point, and many of those carry extreme value in terms of no /low HOA, no MR and districted into NWHS. Why someone would choose a new(er) detached condo vs an older SFR will always mystify me.
Click to expand...

Why?  Because they don't want to live in an older home that has higher maintenance costs and/or old croppy floor plans.  Many of my buyers won't even consider a home that was built before 2010, let alone before 2000.
Click to expand...

Exactly. And then there are those like my wife who would ONLY consider NEW construction.

When we first bought our first home in San Jose, we could have bought an older home in North Valley, which would have been closer to my company, but we ended up buy a new townhouse in at Communications Hill in south San Jose. We couldn't have been happier. The view was pretty spectacular. I really loved jogging up and down the hill.
 
CalBears96 said:
USCTrojanCPA said:
OCtoSV said:
USCTrojanCPA said:
OCtoSV said:
there are multiple in Irvine right now
Click to expand...

There are no newer true SFRs under $1.5m in Irvine, but there are several older homes under $1.5m
Click to expand...

That was my point, and many of those carry extreme value in terms of no /low HOA, no MR and districted into NWHS. Why someone would choose a new(er) detached condo vs an older SFR will always mystify me.
Click to expand...

Why?  Because they don't want to live in an older home that has higher maintenance costs and/or old croppy floor plans.  Many of my buyers won't even consider a home that was built before 2010, let alone before 2000.
Click to expand...

Exactly. And then there are those like my wife who would ONLY consider NEW construction.

When we first bought our first home in San Jose, we could have bought an older home in North Valley, which would have been closer to my company, but we ended up buy a new townhouse in at Communications Hill in south San Jose. We couldn't have been happier. The view was pretty spectacular. I really loved jogging up and down the hill.
Click to expand...

There's something to be said about buying a turnkey home that is ready to move in and that's what 101 Mustang is, a buyer can just pack their bags and move in (no rent back required either). 
 
Why? Land value, especially now with the ability to subdivide into up to 4 units which even Irvine won't be able to stop. Condos have ZERO land value - a sucker's game unless you acquire it as a cash flow positive rental from day 1. It's all about land in a prime location. My buddy back east and I talked  about this when he was weighing Princeton SFR and the commute into NYC vs Bronxville condo (upscale NYC suburb) and a much shorter commute - land ownership mattered to him as well. Maybe Gen Z/Millennials value bright and shiny vs fundamental value.

CalBruin - I live down in the depths of Almaden in a older pad. I would never live up on Comms Hill just to get a newer pad as that area is kind of sketchy compared  to Almaden with Leland HS, which is where Asians that can't afford Saratoga or Cupertino move to.
 
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