New vs Resale Prices

[brutepunk]

@yellowfever-- my take on the many pregnant  women  in and around cypress community, economy is good and lot of families are settling down, putting down roots and babies are born.
It's the same kinda phenomenon i see with all ethnicity  i see here in irvine.

But housing in irvine is crazy rite now... what used to be a single family home price last year, u pay the same for an attached new townhome in irvine , and tomorrow the same price on towhomes is translating already to condomoniums and apartment.

I'm rite now considering between delano and tristania, i dunno if i'm gonna work myself to tar paying the mortgage/hoa and tax.....im a first time buyer

 

[YellowFever]

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[lnc]

Trust me, take that Delano plan 3.  You will not find another 4 bedroom new build on this side of 133 at this price point ever again. 

 

[brutepunk]

thanks yellowfever, i ve been watching this blog on the sidelines and finally decided to participate...delano plan 2 with the huge courtyard and california patio was mouth watering to me. and wifee. it had a very good use of space, attached on one end to plan 1 and open on the other side... but it's a whopping 760k  ... i see many ppl here deal in 800s , but i tot my max budget when i entered looking for house was gonna be 670kk.... naiveeee of me...  tristania is good thats my fallback if i dont get delano....

other than that 800s is where the good houses and plans are ......

All the talk of landfill and toxic plume and cancer lumps is making me a little anxious buying in irvine > at all...

but what the heck, where else are we to go.... Rancho San M....

How long is this real estate market rally gonna last for

@inc yeah thining the same,,, they have only few for release, next release migth be 780k

 

[YellowFever]

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[SoclosetoIrvine]

Trust me, take that Delano plan 3.  You will not find another 4 bedroom new build on this side of 133 at this price point ever again.

Agreed.  A 4 bedroom in Irvine at Eastwood location should theoretically get around $3800+ in rental income I would think it should be a good investment.  As a comparison, many communities (Helena/Caserta/Petaluma etc) never included a 4th bedroom for whatever idiotic reason.  On the market in Irvine for new builds is only Delano plan 3, legado, trellis court., marin, Lantana.  And only Lantana and Delano being available for high $790- $800k  I believe.  From the pricing sheets I've seen, Legado and Trellis court are already mid high $800s. 

I do want to check out Delano's plan 2 after hearing YellowFever gush about it..  ;D

 

[YellowFever]

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[jyeh74]

We've talked about this many times but the recent YellowFever threads had me shocked at the pricing of new homes that don't even have a driveway and could be attached (and are next to environmental hazards).

This is insane. I haven't really been pricing homes for a few years because we really aren't looking but I really feel bad for anyone looking to buy a home in Irvine today.

I always preferred resale over new because I like the older floorplans, the larger (subjective) lots, the driveway, the 3CWG, the multiple living spaces, the hoods, no MRs, ...

I don't even know, but how much is the least expensive new Irvine home with a driveway? $1m?

Everyone should just buy in Lake Forest.

Yeah, I agree with you about resale. The good locations were already taken by the older neighborhoods. Nowadays, the new developments have to squeeze out space next to freeways, repurposed military bases, less desirable locations near  landfill, power station, etc. etc. 

In 20 years, the new house that people are paying premium prices for now, will lose that shiny newness, and then what's left are location, neighborhood design, proximity to amenities/jobs/cultural attractions, and distance from eyesores and other hazards, that will help maintain home value and motivate people to put money into revitalizing the neighborhood.


Some people in California have a strange obsession with brand new homes, in my opinion. Yet, all the really nice neighborhoods are actually the older ones with refurbished/rebuilt houses, with classic architecture and design--Pasadena, San Marino, Hancock Park, Los Feliz, Pacific Palisades, Brentwood, Rancho Palos Verdes, etc etc.

I'd have to say probably my favorite neighborhood in Irvine (from a purely aesthetic standpoint) is Turtle Rock (certain sections).

I agree with you 100%.  At some point the new home smell wears off.

I have to agree with USC here.  It's nice living in a new community, until tax season comes.  Then I wished I purchased in an older neighborhood like NP or NWP. It's just not worth it.

 

[nyc to oc]

We've talked about this many times but the recent YellowFever threads had me shocked at the pricing of new homes that don't even have a driveway and could be attached (and are next to environmental hazards).

This is insane. I haven't really been pricing homes for a few years because we really aren't looking but I really feel bad for anyone looking to buy a home in Irvine today.

I always preferred resale over new because I like the older floorplans, the larger (subjective) lots, the driveway, the 3CWG, the multiple living spaces, the hoods, no MRs, ...

I don't even know, but how much is the least expensive new Irvine home with a driveway? $1m?

Everyone should just buy in Lake Forest.

Yeah, I agree with you about resale. The good locations were already taken by the older neighborhoods. Nowadays, the new developments have to squeeze out space next to freeways, repurposed military bases, less desirable locations near  landfill, power station, etc. etc. 

In 20 years, the new house that people are paying premium prices for now, will lose that shiny newness, and then what's left are location, neighborhood design, proximity to amenities/jobs/cultural attractions, and distance from eyesores and other hazards, that will help maintain home value and motivate people to put money into revitalizing the neighborhood.


Some people in California have a strange obsession with brand new homes, in my opinion. Yet, all the really nice neighborhoods are actually the older ones with refurbished/rebuilt houses, with classic architecture and design--Pasadena, San Marino, Hancock Park, Los Feliz, Pacific Palisades, Brentwood, Rancho Palos Verdes, etc etc.

I'd have to say probably my favorite neighborhood in Irvine (from a purely aesthetic standpoint) is Turtle Rock (certain sections).

I agree with you 100%.  At some point the new home smell wears off.

I have to agree with USC here.  It's nice living in a new community, until tax season comes.  Then I wished I purchased in an older neighborhood like NP or NWP. It's just not worth it.

anyway, that new home smell is just due to all the off gassing from all the toxic chemicals in the new carpets, paint, drywall,  PEX water pipes, etc. Not sure the new home smell is really all that desirable from an ENVIRONMENTAL HAZARD point of view

 

[notTHEoc]

Pretty soon there won't be any new homes left in Irvine.  And if you guys think that resale prices are too high now, wait till that happens in about 5-7 years.  I've said it many times...if not for the new home inventory, resale home prices in Irvine would have been up another 5-10%.  The new homes are the new shadow inventory today.  The biggest issue is the lack of supply of resale homes on the market given the demand.  There is a lot of demand in the sub $1m market right now.

Totally agree. Irvine's gone up, but if you look at good neighborhoods in LA county, they've gone up a lot more in the last few years. New and resale in Irvine are both still quite cheap compared to resale in LA. As Irvine becomes a little bit more of a business center in OC and the new home building slows, I would still expect good upside to prices.

 

[usctrojancpa]

Pretty soon there won't be any new homes left in Irvine.  And if you guys think that resale prices are too high now, wait till that happens in about 5-7 years.  I've said it many times...if not for the new home inventory, resale home prices in Irvine would have been up another 5-10%.  The new homes are the new shadow inventory today.  The biggest issue is the lack of supply of resale homes on the market given the demand.  There is a lot of demand in the sub $1m market right now.

Totally agree. Irvine's gone up, but if you look at good neighborhoods in LA county, they've gone up a lot more in the last few years. New and resale in Irvine are both still quite cheap compared to resale in LA. As Irvine becomes a little bit more of a business center in OC and the new home building slows, I would still expect good upside to prices.

Yup, go try to buy something in the South Bay and in the West LA areas...it'll make Irvine home prices seem like a bargain.