Portola Springs - Serra

NEW -> Contingent Buyer Assistance Program
Serra's doing well these days? Did it drop the price? I remember the day I visited there. Floorplan was favarable...but always the price is the problem.
 
<p>I visited Serra today. It was unbelivable... a lot of people were touring the model houes. I literally bumped into others several times while I was there. </p>

<p>It seems like huge price reduction makes people to move. Sales person said they sold 4 houes within a week. </p>

<p>Isn't this amazing under this market? I hope the builder learn the lesson and it can come up with more realistic price for the next phase. </p>
 
Kayochan; I was there last week and they had a plan 3 at $1,368,000 (plus or minus a few dollars). Beautiful home! Tiny yard. Neighbors are very close.
 
<p>Homeless -- I must be too Irvine-ized. I thought the yards at Serra were pretty big. </p>

<p>Is it just me, or do they have the air freshener cranked to 10 in these places? I almost gagged when I walked in. They can't still be trying to mask smoke smell from the fires? That was Halloween, IIRC?</p>
 
<p>Yeah... One of the plan3 was priced at 1,365.000 (includes $150,000 upgrades and originally priced at around $1,600.000.)</p>

<p>This was the lowest price I could find for plan3. </p>

<p>but...it is already sold out. </p>
 
I think plan 3 floorplan is very nice. I am interested in buying plan 3 (4277 ft^2) for $1.36M which has over $150K upgrade. It's about $319/ft^2. Do you think I should wait until it drops down to $1M (~$250/ft^2) in one year?
 
IrvineOwner - If you think a house is going to drop 300K in one year, do you think you should buy it? That's a lot of equity to burn in a short time. If you don't buy it now but still feel like giving the 300K away, the OC Mission is a great choice!
 
Some guys in this forum have predicted that property in Irvine will drop down to $250/ft^2 in a few years. I am not really sure if it will or not. That was why I wanted to query opinions of some others.
 
I think that we still have a downside...especially in an unfinished community like PS with lots of inventory. I've been throught the Serra models and they are gorgeous. I guess if you are planning to stay in the home for a long time and finance it responsibly then you should do what makes you happy. Just know that there is a significant downside risk. Just ask yourself if you would be OK if a worst-case scenario happens with the value of the home...if so, then pull the trigger.



Have you tried a low ball offer with the builder first...worst thing that can happen is they say no.
 
irvine owner,



My wife and I have also toured the plan 3 model as it is absolutely gorgeous. We probably can't afford a house like until much later in our lives, when our kids are in junior high or high school. irvine owner, I am curious on how wealthy people like yourself finance these $1.3 million homes? Do you put $300,000 down and mortgage $1M or put $1M down and mortgage $300,000. I mean for me personally, I don't know how i would be able to sleep at night with a $1 million mortgage with a mortgage payment of $10k a month. If don't mind, since you are anonomous, can you share with me how income your household makes? It would be a good benchmark for me to know that i don't try to buy a home like this before i can afford it.



Regarding prices bottoming out. None of us can really know for sure. It can bottom at $315, $300, $275, and again, Serra may go up to $1.4 next year.
 
I am sorry that I don't want to disclose our household income even we are all anonymous. We put enough down payment to get a good conforming loan (30-year fix at 5.375% with 0 point). The mortgage payment for our home is about $2330 a month. We can live confortably with this payment and MR/taxes.
 
<em>>>We probably can?t afford a house like until much later in our lives, when our kids are in junior high or high school. </em>



Generally, kids get more expensive as they get older, so you're probably looking at a time when they are out of college and out of the house.





<em>>>I mean for me personally, I don?t know how i would be able to sleep at night with a $1 million mortgage with a mortgage payment of $10k a month. If don?t mind, since you are anonomous, can you share with me how income your household makes? It would be a good benchmark for me to know that i don?t try to buy a home like this before i can afford it.</em>



Try the search function and look for the term "DTI," which is debt to income ratio. I can recall the exact number, but IR and others have discussed how much of your income your house payment should be. Also, some folks get large downpayments from their parents, from savings, or from inheritances, which may bring the mortgage amount down.
 
"The mortgage payment for our home is about $2330 a month."



You sure about this? Are you talking about your <em>current</em> mortgage, or what you expect to pay for Serra?



How much of a down payment are you putting down?! A $2300/month mortgage payment w/a 30yr fixed on a $1M+ home sounds awfully low unless you are putting down a monster down payment...
 
I personally would not want to buy a house for 1.4 mill plus in that part of Irvine. I just don't think it will turn out to be a good investment. In this market there are much better deals to be had on resales instead of buying overpriced new homes. I think a lot of people get suckered in by the models and later find out the tremendous added costs of upgrades.
 
[quote author="BLUE FIRE" date=1207533874]"The mortgage payment for our home is about $2330 a month."



You sure about this? Are you talking about your <em>current</em> mortgage, or what you expect to pay for Serra?



How much of a down payment are you putting down?! A $2300/month mortgage payment w/a 30yr fixed on a $1M+ home sounds awfully low unless you are putting down a monster down payment...</blockquote>


Yes, that is what I expect to pay for our *new home* at Serra. It is a monster down payment. If you use stardard mortgage calculator, use $417,000 as loan amount with 5.375% as interest rate, you will find that the monthy mortgage payment is $2335.08 to be exact.
 
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