Orchard Hills - Strada by Irvine Pacific
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NEW -> Contingent Buyer Assistance Program
True on the single family home thing...hurts you when you are trying to get a loan. There is a pretty big price difference between the two IIRC...there was between Saratoga and Mendocinio.
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What are the key differences for getting a loan for a SFR versus a detached condo? I am assuming certain financial hurdles are higher for a detached condo? Thanks in advance for the insight!
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I don't believe there are any major differences. Other than some riders that goes with the loan, it would be pretty much the same. I haven't really seen any rate difference due to property being a detached condo vs a SFR. There may be insurance cost difference, but having no shared walls, I would doubt it.
Basically a rate difference...condo costs more than SFRs.
Other part of the equation is that if you are selling your house, the extra footage sets it apart from other plan 2s. Probably also helps with loan appraisals.
You're right, sorry. Its 2480sq ft standard and 160 sq ft for conservatory.
Still at $105/sq ft vs $450/sq ft = $345/sq ft discount.
There's a rate difference for detached condos? How many points typically?
It depends on a lot of things but I was quoted about 0.25% higher cuz I had a condo instead of a SFR.
When the loan wasn't a easy thing to get, most of the lenders ask for >25% down payment for condo vs 20% down for SFH. In another words, loan for condo is harder to get. From lenders' point of view, release loan to condo is riskier than to house. Well, they must have their reasons to believe so.
It's actually based upon an outdated model. A traditional condo means that you own the structure but not the land it sits you. You have the right to a perpetual lease but if you default on your HOA payments, the HOA has the right to take the property from you and sell the structure above it. This means that if a borrower walks away from house and not pay the fees (i.e HOA), the lender bares a risk of losing the property completely.
SFRs means that you own both the land and the structure. So, as long as the lender did its title duties, it is first in priority.
Condos in Irvine like Saratoga is different...you own the structure and land it sits on. You share a common ownership of the street and common areas. It's only called a condo because the lot size is too small to be called a SFR.
IMHO, if the sales tell you that you own both the structure and land it sits on, either they don't know or they lie. 8)
Here is the CA land title website info, not sure why Irvine can be different.
http://www.clta.org/for-consumers/consumer-condominium.html
I'm sure there are Real Estate experts in this forum. They may jump in to clarify.
It's in my deed and I didn't sign a sublease.
The base price increases are negligible, but because Phase 14 includes homes at the end of the Copper Mine cul-de-sac, the lots include location premiums. For example, Lot 114 in Phase 13 and Lot 119 in Phase 14 are identical - both are Plan 3s in Monterey exterior with 16.5' setbacks. However, Lot 119 is one house from the very end of the cul-de-sac. I believe Lot 119 includes a $10K+ location premium relative to Lot 114.
timandjess
New member
A S said:The major difference between Terrazza and Strada is Terrazza is detached condo vs Strada is SFH. The way IP words detached condo as Single family residence is tricky, and mis-leading. It's unfair to Terrazza if you compare it to Strada, especially the price diff is not that significant. >
True on the single family home thing...hurts you when you are trying to get a loan. There is a pretty big price difference between the two IIRC...there was between Saratoga and Mendocinio.
[/quote]
What are the key differences for getting a loan for a SFR versus a detached condo? I am assuming certain financial hurdles are higher for a detached condo? Thanks in advance for the insight!
[/quote]
I don't believe there are any major differences. Other than some riders that goes with the loan, it would be pretty much the same. I haven't really seen any rate difference due to property being a detached condo vs a SFR. There may be insurance cost difference, but having no shared walls, I would doubt it.
Irvinecommuter
New member
A S said:
Basically a rate difference...condo costs more than SFRs.
Irvinecommuter
New member
timandjess said:
Other part of the equation is that if you are selling your house, the extra footage sets it apart from other plan 2s. Probably also helps with loan appraisals.
timandjess
New member
A S said:
You're right, sorry. Its 2480sq ft standard and 160 sq ft for conservatory.
Still at $105/sq ft vs $450/sq ft = $345/sq ft discount.
timandjess
New member
Irvinecommuter said:
There's a rate difference for detached condos? How many points typically?
Irvinecommuter
New member
timandjess said:
It depends on a lot of things but I was quoted about 0.25% higher cuz I had a condo instead of a SFR.
timandjess said:
When the loan wasn't a easy thing to get, most of the lenders ask for >25% down payment for condo vs 20% down for SFH. In another words, loan for condo is harder to get. From lenders' point of view, release loan to condo is riskier than to house. Well, they must have their reasons to believe so.
Irvinecommuter
New member
horseshoe said:
It's actually based upon an outdated model. A traditional condo means that you own the structure but not the land it sits you. You have the right to a perpetual lease but if you default on your HOA payments, the HOA has the right to take the property from you and sell the structure above it. This means that if a borrower walks away from house and not pay the fees (i.e HOA), the lender bares a risk of losing the property completely.
SFRs means that you own both the land and the structure. So, as long as the lender did its title duties, it is first in priority.
Condos in Irvine like Saratoga is different...you own the structure and land it sits on. You share a common ownership of the street and common areas. It's only called a condo because the lot size is too small to be called a SFR.
Irvinecommuter said:
IMHO, if the sales tell you that you own both the structure and land it sits on, either they don't know or they lie. 8)
Here is the CA land title website info, not sure why Irvine can be different.
http://www.clta.org/for-consumers/consumer-condominium.html
I'm sure there are Real Estate experts in this forum. They may jump in to clarify.
Irvinecommuter
New member
horseshoe said:
It's in my deed and I didn't sign a sublease.
Getting a conservatory was a no brainer for me. I initially signed up for the CA room but I realized that for $5000 more the value of my home increases. To me the conservatory can serve the same purpose as a CA room. They are basically the same size. The only thing I didn't like about the conservatory was that it came with a sliding door instead of French doors. My friend purchased a home at Stonegate and he also got the conservatory with an 10" deep backyard. His came with a French door. Stylistically, it looks better. But since I do have a good size back yard, I'm getting a CA room anyway. Let me say CA room or conservatory is a deal before COE. I think the trellis is practical only if you have bi folding doors that open up the back yard. One of my neighbors have that and it looks great.
Softball23
New member
Did anyone go to the Phase14 release today? If so, what was the price adjustment?
timandjess
New member
Didn't get the price but looks like 4 homes are sold already from Phase 14
Perspective
Well-known member
We signed our purchase contract yesterday, so it's official. The elevation premium for the Tuscan exterior is $10K. Does anyone know what elevation premiums, if any, are charged for the other exteriors? Seems like the Monterey style would be close to $10K too.
Perspective
Well-known member
Softball23 said:
The base price increases are negligible, but because Phase 14 includes homes at the end of the Copper Mine cul-de-sac, the lots include location premiums. For example, Lot 114 in Phase 13 and Lot 119 in Phase 14 are identical - both are Plan 3s in Monterey exterior with 16.5' setbacks. However, Lot 119 is one house from the very end of the cul-de-sac. I believe Lot 119 includes a $10K+ location premium relative to Lot 114.