Parasol Park

[WTTCHMN]

Went to the grand opening today.  Crowds were thin, weather was freezing, and the coffee cart was painfully slow. Best part was the zipline at the park!

I expected to be wowed by Obsidian based on IHS's superlative comments, but I have to agree with NYC - the side and back of the homes look like Communist block housing.  Hard to believe $1.2 million doesn't even get you a driveway.

The entrance of Plan 2 was horrible (and the din of the steel drum lady didn't help).  You enter the front door and run into a wall.  Then you zig-zag down a hallway before coming to a downstairs bedroom and an elevator that doesn't work.

Everyone seemed to be most curious about the elevators - only Plan 3's was operational, but painfully slow and convoluted to operate (you have to close the outer door and then an inner accordion door).  If I lived in this home, I'd probably just end up using the stairs because using the elevator would be a royal PITA.

 

[Rizdak]

MR will also pay for stuff that TIC would never do, like large parks (one planned in District 4, and the new water / wellness park), Bosque trail and sports fields... and maybe the retail like Anaheim Packing District, I am not sure. So... it is a lifestyle proposition although I won't argue about overpricing.

I think you mismanage your money.
Jk but come on

Generally when people say how much they earn it's almost always gross.

Ouch... No jmoney74, just pay a lot of taxes

And, ouch qwerty, actually I think a NET of 500k+++ is still too little but for the sake of staying on topic - maybe because we are 24-25 and hold cash for investments. Yet I think most Irvine residents want to keep cash for investments too. Therefore, as explained very thoroughly by someguy the outflow is somewhat insane. I'm also mostly looking at the MR... You're tossing nearly $10-20k cash into a burning trash bin - this money doesn't go towards your equity right? I suppose it goes towards the maintenance of the neighborhood? Is Great Park really going to be that crazy? I did hear that it will have 25 tennis courts, which is very awesome, nearly as much as Irvine racket club. I just want some justification and reasoning as the miss really wants to live in parasol park\great park neighborhoods.

Cash is King - perhaps I'm not the right audience for this beautiful home anyway - I'm sure I will like it more when I have kids in a few years.

I'll just stick with Petaluma Residence 2 !

 

[homer_simpson]

Kinda have to agree with themarketing guy on this.  A household pulling $500k shouldn't be looking at a $1.2m home.  After taxes, investments, misc. expenses there isn't much left over. 

I've said it before in my past post. Shouldn't purchase something more than 2x your total income unless you got a lot to put down or a lot saved up for a rainy day.  I have a lot of friends who made this mistake and have paid for it when SHTF. 

Be smart with your money and don't over stretch.  There's more to life then buying the biggest and baddest house or car. 

#Don'tkeepupwiththeLees

 

[eyephone]

Went to the grand opening today.  Crowds were thin, weather was freezing, and the coffee cart was painfully slow. Best part was the zipline at the park!

I expected to be wowed by Obsidian based on IHS's superlative comments, but I have to agree with NYC - the side and back of the homes look like Communist block housing.  Hard to believe $1.2 million doesn't even get you a driveway.

The entrance of Plan 2 was horrible (and the din of the steel drum lady didn't help).  You enter the front door and run into a wall.  Then you zig-zag down a hallway before coming to a downstairs bedroom and an elevator that doesn't work.

Everyone seemed to be most curious about the elevators - only Plan 3's was operational, but painfully slow and convoluted to operate (you have to close the outer door and then an inner accordion door).  If I lived in this home, I'd probably just end up using the stairs because using the elevator would be a royal PITA.

I'm surprised no one mentioned the timing of this grand opening. (Last minute Xmas shopping and out to parties like I was yesterday)

 

[Ready2Downsize]

They want contracts signed by quarter end

 

[bones]

Is there a price sheet and site plan that anyone can share?

 

[bones]

Kinda have to agree with themarketing guy on this.  A household pulling $500k shouldn't be looking at a $1.2m home.  After taxes, investments, misc. expenses there isn't much left over. 

I've said it before in my past post. Shouldn't purchase something more than 2x your total income unless you got a lot to put down or a lot saved up for a rainy day.  I have a lot of friends who made this mistake and have paid for it when SHTF. 

Be smart with your money and don't over stretch.  There's more to life then buying the biggest and baddest house or car. 

#Don'tkeepupwiththeLees

I think this is a good rule of thumb. Excluding fcbs, what percentage of irvine homebuyers only buys 2x income?

 

[irvinehomeshopper]

Did you go see Jade by Pulte?
The one car driveway is off to the side of the garage for Obsidian.

 

[usctrojancpa]

They want contracts signed by quarter end

They should have opened the models earlier the weekend after Thanksgiving. 

These homes don't have driveways?

 

[Irvine Dream]

I've said it before in my past post. Shouldn't purchase something more than 2x your total income

What???  I am a professional and with this rule of thumb I can't buy anything even in Santa Ana.  I am not a dumb prof, most of my colleagues, all with graduate degress, make similar to me, lower 100s.  With this rule of thumb I prob will have to move to Arizona, in which case my salary will be lower and then.. you get the point.


I think going forward 3 to 4 times the gross would be the normal anywhere and 6 to 9 times will be the normal for Irvine

 

[eyephone]

I've said it before in my past post. Shouldn't purchase something more than 2x your total income

With this rule of thumb I prob will have to move to Arizona, in which case my salary will be lower and then.. you get the point.

Or move to Texas. I don't want to say it, but Texas is the new California.

 

[homer_simpson]

I've said it before in my past post. Shouldn't purchase something more than 2x your total income

What???  I am a professional and with this rule of thumb I can't buy anything even in Santa Ana.  I am not a dumb prof, most of my colleagues, all with graduate degress, make similar to me, lower 100s.  With this rule of thumb I prob will have to move to Arizona, in which case my salary will be lower and then.. you get the point.


I think going forward 3 to 4 times the gross would be the normal anywhere and 6 to 9 times will be the normal for Irvine

It's my opinion only.  Not all of us want to have a mortgage when they are 45 years old or older.  I want to travel with my kids and enjoy things outside of paying for a home.. but some people enjoy other things..

6-9 times??? Holy smokes!!!

 

[capboba]

I really like the park at uh.. Parasol Park. Took the kiddo and the niece there again last night. Compare to pavilion and beacon, the play area is much more logical and with plenty more things to do. (Pavilion's a joke when compared to the rest).

I don't think any of these are priced outrageously for Irvine (except for Latern maybe), but I think its interesting that we're hitting that point where a conservative couple making half a mill in the mid 20s (which uh is doing very well by all accounts) are hesitant to put cash into these property.

because AFAIK - I would imagine they are the very target/demo for these home (and they make quite a bit more than most in their age bracket), the young professional are suppose to be enticed by the urban lifestyle and prospect of a good K-8 school that they can build a family into. and now we're hitting the zone where you're paying quite a bit for detached and attached condo.

add in the ridiculous mello-roos (because of great park), then it makes even less sense. unless you really really want your kids to go to beacon park school, I see the MR tax as something unsustainable. I understand the reasoning for Five Point taking over the project and pricing the cost of it into these homes... but these aren't exactly going to be your exclusive parks either. its one thing to pay MR so the school and associated infrastructures can be built. its another to pay into a public park that was grossly mismanaged.

I think its one reason why beacon park moved so much slower when compared to pavilion park. and i think it'll be a sticking point for Parasol Park too. yeah there will be people that will cite the veterans cemetery or the superfund past of el toro base etc. but at the end its the $$$ talking.

 

[usctrojancpa]

One of the reasons why Pavilion Park so much better than Beacon Park was because of the initial pricing.  The builders priced the Pavilion Park homes slightly under resale comps and that drove traffic and sales.  As the sales continued they slowly increased prices to get back to the market prices which resulted in selling out the homes fairly quickly.  The builders at Beacon Park got a little too greedy pricing their homes at market with the high mello roos and that resulted in slow sales.

 

[jayl23]

Is there a price sheet and site plan that anyone can share?

 

[irvinehomeowner]

I've said it before in my past post. Shouldn't purchase something more than 2x your total income

Easy for Mr. 7 Figures to say.

Us 99%ers have to stretch to 4-5x in Irvine.

I dunno,  $500k household with 20% down seems like okay ratios to purchase $1.2m.

 

[homer_simpson]

I've said it before in my past post. Shouldn't purchase something more than 2x your total income

Easy for Mr. 7 Figures to say.

Us 99%ers have to stretch to 4-5x in Irvine.

I dunno,  $500k household with 20% down seems like okay ratios to purchase $1.2m.

If you feel comfortable with those numbers it's all good. I like to have a big cushion and be able to do other things besides be house poor. 

$960k mortgage on a $1.2m home.. lol. Come on!

 

[irvinehomeowner]

I've said it before in my past post. Shouldn't purchase something more than 2x your total income

Easy for Mr. 7 Figures to say.

Us 99%ers have to stretch to 4-5x in Irvine.

I dunno,  $500k household with 20% down seems like okay ratios to purchase $1.2m.

If you feel comfortable with those numbers it's all good. I like to have a big cushion and be able to do other things besides be house poor. 

$960k mortgage on a $1.2m home.. lol. Come on!

Well, depends on what other expenses are. If they have cars paid off, no loans, no private school, take home is like $20-25k per month and mortgage is ~$5k/mo.

Not everyone can have as much cushion as you have but if they are young and earnings will go up, seems reasonable.

 

[eatthis]

If they have cars paid off, no loans, no private school, take home is like $20-25k per month and mortgage is ~$5k/mo.

Holy smokes! Take home pay after tax of $25k? That's an annual income of close to $450K. How many buyers like this exists Irvine, especially for a house with no drive way?

 

[BruinDoc]

Qualifying front and back end ratios aside, it is apparent that how much one is willing to spend per month for PITI is an individual decision. I find the rules of thumb i.e. buying a home for 3x your income, etc. are far too broad to really be useful. It depends on personal comfort level, how long one will be in the home, additional expenses, overall investment strategies, leveraging, job stability, potential for income growth, etc. Having said that, I have 'stretched' on every home we've purchased and never regretted it. It allowed us to enjoy a nicer home while also realizing better appreciation then if we had played it safe. But again it's a totally personal decision so I can see benefits to both approaches?one size does not fit all when it comes to this issue! 8)