Ok gang, I need your input on this Irvine home

NEW -> Contingent Buyer Assistance Program
USC - good call.  As we have talked about in the past, you know the house you want when you see it, you will love everything about it.  When you started having second thoughts was the time to back out.  The house seems a bit over priced as well. And as everyone has said, while the west irvine location is convenient, the location of the house itself backing to the toll road would reduce the future buyer pool.

When we looked at las ventanas at those homes backing right up to the 133, we stood out at the lot and the noise was too much to bear.

 
@IHO: I totally agree with you regarding a pool home. I didn't express myself very well in that post to Trojan. What I meant is that it would be nice if that complex had an HOA pool  but it doesn't, so that would be the deal-breaker for me. Yeah, an actual "pool home" in the true sense of the word definitely has its drawbacks as well - it can be a whole can of worms there. HOA pool would be great... socialization, recreation, and less headache and safety issue for the homeowner over having your own pool.
 
@socal: Ahh... now it makes sense re-reading it... USC couldn't really "socialize" hanging out at his own backyard pool... hehe.

I see a big park but it doesn't have a pool. I know that by Champion there is a community pool but I'm not sure if that is for use of only certain 'hoods. Most of the newer Irvine communities allow access to any pool in that village.

That's the one con against Tustin Ranch, every community has some sort of HOA but only a few have an HOA pool (I would much rather have an HOA pool than a gate).
 
Seems comparable in many ways to the Las Ventanas stuff you are considering.  Love the lot size, and seems nice inside from what few pictures they have.  The noise is something you need to hear firsthand to make a decision.  Go park in the cul de sac during rush hour and just listen.  If all you get is some ambient noise, then don't worry about it.  You will get that at Las Ventanas anyways, even if you live a ways from the road.  However, if you can single out a lot of cars gunning it to get up to speed, then it may cause some problems.  I think you are right on with the price.  $650 would be my max for that house.
 
I dont think there is a pool in that area, because that area includes some areas not covered by an HOA (older homes off champion).  There is a mini park with a basketball court.  The community pool is at the other end of WI, at homestead park.  This was recently "remodeled."  Unfortunately, it's not a "hangout" place for a single person since its generally overrun with children and families. 

If you really wanted to hang at the pool, check out the Skyline apartments (Santa Ana).  My coworker just got a really sweet deal there (I guess they are hurting).  At the pool on weekends, its like a vegas hotel.  On a random weekend he said all the girls looked like models with fake boobs walking around in clear platform heels (if that's your thing).  Just kiddin though.. apartment may be nice, but i hear its douchebag central with a lot of rich persians driving lamorghinis and wearing affliction gear... 
 
I have been living in west irvine for a while now. I really like the location, good parks within walking distance, close to shopping and Excellent schools (without the IUSD label of course and ironically better than most IUSD elementary and middle schools).

I live right next to the Portola Off ramp and noise has never been an issue for me so far. I find 261 to be the least noisy toll road amongst the trio of 214/133/261. You can hear some noise in the morning 7-9AM weekdays when people are coming into irvine for work but other than that it is pretty much dead. So, I get a bigger lot and privacy (no homes in the back) without much drawback in my opinion. But, I agree with other posters that the toll road adds a negative perception and will affect the resale value. Heck, as a buyer  back then I took a long time before deciding to jump in. I spent some time in the backyard every other day to make sure the noise would be fine (the seller probably was cursing me every time I came by).

BTW I bought  ~2500sqft house for a little over $760K. So, your offer seems more than solid. $685K is not worth it in my opinion.
 
Interesting.  Is it confirmed?

Pat Star said:
"  In two years Beckman is going to eliminate the busing of students from old Tustin --- that now makes up 1/3 of the student population and is a drag on the API scores (not that API is the determining factor in school quality).  "
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I was thinking about the toll road proximity issue and the limited buyer pool when you resell.  I think its an invalid argument actually as its not so much about limited buyers but discount to neighboring similar properties that dont have that issue.  That is, there will always be a buyer for a discounted price.  There is a value buyer in any market and they will seek that discount at the trade off for possible toll road noise.  In the end, it really doesnt make a difference to you as a buyer as you are getting a discount when you buy and you will offer that discount when you sell.  Sure there are some people who wont even look at a house that is close to the toll roads but then there are some people who wont even look at a house that is above X dollars. 

Maybe this is something for Global Decision but it would be interesting to see how to gauge which properties have the largest buyer pool.  I dont think such a property exists and its rather a price band that has the largest amount of buyers.  Think about it, every house has its issue or some reason for someone not to like it.  HOA, Mello Roos, power lines, roads, schools, close to freeway, far from freeway, etc. 
 
rkp said:
I was thinking about the toll road proximity issue and the limited buyer pool when you resell.  I think its an invalid argument actually as its not so much about limited buyers but discount to neighboring similar properties that dont have that issue.  That is, there will always be a buyer for a discounted price.  There is a value buyer in any market and they will seek that discount at the trade off for possible toll road noise.  In the end, it really doesnt make a difference to you as a buyer as you are getting a discount when you buy and you will offer that discount when you sell.  Sure there are some people who wont even look at a house that is close to the toll roads but then there are some people who wont even look at a house that is above X dollars. 

Maybe this is something for Global Decision but it would be interesting to see how to gauge which properties have the largest buyer pool.  I dont think such a property exists and its rather a price band that has the largest amount of buyers.  Think about it, every house has its issue or some reason for someone not to like it.  HOA, Mello Roos, power lines, roads, schools, close to freeway, far from freeway, etc.
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It is always a valid argument.  Anything that limits the buyer pool is bad.  If I remember correctly, he said the comps were lower than what this was being asked for, which isn't good for this property either.  Yes you will always find value shoppers, but as a value shopper myself I can tell you that we want to get a good deal, not something that is a little lower because it is direct adjacent to a majour(ish) road.
 
Nous said:
Anything that limits the buyer pool is bad.
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Does it really limit the buyer pool or does it limit the price you can get based on neighboring properties.  There should be no fear that you will have trouble selling it in the future due to a limited buyer pool.  The only thing you have to understand is that the discount you are getting will be the same discount you give when you sell. 

I know on this particular property, this was actually over comps and hence not a good deal.  But if it was $50K less than houses a bit more interior, it would sell in a heartbeat.  Who cares how many people like or dont like it - it will sell quickly. 
 
rkp said:
Who cares how many people like or dont like it - it will sell quickly.
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Not trying to start a fight here... but that statement doesn't make sense... the greater the buyer pool, the greater the possibility of it #1 selling faster #2 selling at a higher price.  This is what happened during the "great housing bubble" of 200?-2007.  lower credit/income/reserve standards, no/low down payments and exotic loan programs all aided in an increased buyer pool... voila, higher prices... homes being sold quickly.
 
I should have been more clear.  If the price is low enough compared to the properties around it, it will sell quickly.  I cant say how low it should be but the point is that the discount you as the buyer gets will be the discount that your buyer will also want. 

Think of it this way, when the builder built these houses, they could have put some green space or a small playground in that lot but instead they built a house.  They knew that they wouldnt get as much for it as they get for the houses further from the toll road but they would get something.  Maybe it was 10% less than the houses that are more interior but it still sold and it will always trade at a discount to the houses more interior.  Do fewer people like it?  Perhaps.  But I think there are a set of buyers that will buy if there is enough of a discount.

Ask yourself, if you got this house for $400K, would you not move there even with the toll road?  It might not be your ideal but the price makes it much more attractive. 

 
rkp said:
Ask yourself, if you got this house for $400K, would you not move there even with the toll road?  It might not be your ideal but the price makes it much more attractive.
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I'm not sure we would buy it to live in even at $400k.

To buy it to flip it at $600k is another story.
 
rkp said:
I should have been more clear.  If the price is low enough compared to the properties around it, it will sell quickly.  I cant say how low it should be but the point is that the discount you as the buyer gets will be the discount that your buyer will also want. 

Think of it this way, when the builder built these houses, they could have put some green space or a small playground in that lot but instead they built a house.  They knew that they wouldnt get as much for it as they get for the houses further from the toll road but they would get something.  Maybe it was 10% less than the houses that are more interior but it still sold and it will always trade at a discount to the houses more interior.  Do fewer people like it?  Perhaps.  But I think there are a set of buyers that will buy if there is enough of a discount.

Ask yourself, if you got this house for $400K, would you not move there even with the toll road?  It might not be your ideal but the price makes it much more attractive.
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If I were offered this house for 400k I would want to buy it but not to live in it... To flip or rent out but not to live in... But then I wouldn't be able to get a loan... If enough people are not able to or unwilling to buy that house than both the price and time on market suffers. (for any single house a seller can get lucky and a fcb offers full price on the first day but with a larger sample of homes over time the more people who are in the market the higher overall prices and less the house will sit on the market)
 
Nous said:
USCTrojanCPA said:
The home closed for $680,000 the other day.  No regrets on my part taking a pass on it.
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Good job, would you have wanted to pay over 680k for it?  I think not.
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Nope, max was somewhere between $650k and $660k.  Some of the upgrades were nice, but not that nice plus I'd have to replacing the carpet and painting the interior. 
 
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