Portola Springs - Serra

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[quote author="socalmd" date=1207535397]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.</blockquote>


I am not sure if you know. Standard Pacific has cut their price significantly. All their homes including next phase (move-in time is 11/08) have been almost sold out. Specifically, the one we are buying has significant upgrade and it's pretty close to the Model Home except the landscaping. It has over $165K upgrade. Technically, subtracting the upgrade amount from the price we are paying, the house with standard features is about $1.16M for 4277 ft^2. It's about $271/ft^2. I agree that other areas (e.g Quail Hills, Turtle Rock, Northwood, etc..) of Irvine are nicer. I don't think we can get the same house for that price in those areas in the current market. It probably can be had if housing marking in Irvine will drop another 20% to 30% in a few years as others have predicted.
 
irvine owner,



You are in a great financial position, that most of us are not in. You are also setting a very good example for many us considering to purchase a home that is over a million dollars. Personally, I thinking having a $1 million mortgage is crazy, so you are definitely doing the right thing. I believe it all boils down to affordability, and from what you are telling me you can easily afford this house. To be honest, you should be shopping in New Port Coast and Shady Canyon, but you are shopping in PS for its value and for the future potential for the area. If i were you, I would take this opportunity at a heart beat. In year 2020, when portola springs and OC Great Park is all built out, with modest appreciation, your 4000 square feet Serra home should be worth atleast $2.5 - $3 million. Now, if your home is worth this much, would it really matter to you if you bought the home for $300 square feet or $250 square feet? Not me.



By the way, to lock in a mortgage at 5.375% for $417,000 it seems like an excellent rate? Would you mind sharing with me which bank you are using for your mortgage? My wife and I are also looking to buy very soon.



JPX
 
<em>but you are shopping in PS for its value and for the future potential for the area. If i were you, I would take this opportunity at a heart beat. In year 2020, when portola springs and OC Great Park is all built out, with modest appreciation, your 4000 square feet Serra home should be worth atleast $2.5 - $3 million. Now, if your home is worth this much, would it really matter to you if you bought the home for $300 square feet or $250 square feet? Not me. </em>



Anyone else think this sounds...ummm....errrr......TROLLISH? :smirk:
 
[quote author="lendingmaestro" date=1207552653]Trollish? Perhaps. Foolish? Definitely.</blockquote>


I think that JPX's view was perhaps too optimisitic. I don't expect the house's value will appreciate to 2M-3M in 2020 either. But I don't think his view was foolish, however. BTW, you must be very smart and successful in life to call someone foolish. :-)



Do I think I am buying my home at bottom of real state market? Hell, no. I think it will go down some more in the next couple of years. I am not sure how much the correction will be though. That was why I posted the questions to query others' views.



At least, we know we are buying it at 22%+ below the peak. My wife and I love the floor plan so much and we believe that we will enjoy the house every moment of it. Life is just too short you know. The most important thing is that we do plan to live in the house for many years (probably 18+). We also believe that the equity of the house will be enough for our children's college tuition 18+ years from now.
 
Hey if you can afford it, go for it. I wish you and your family the best of luck. I guess I am jaded after seeing so many people in the last 3 years get in over their head. I also grew up in the midwest, and after 5 1/2 years in CA I still cannot believe the prices out here. They will always be at a premium of course, but much lower than what they are right now.
 
[quote author="JPX" date=1207548458]

By the way, to lock in a mortgage at 5.375% for $417,000 it seems like an excellent rate? Would you mind sharing with me which bank you are using for your mortgage? My wife and I are also looking to buy very soon.



JPX</blockquote>


I got a few Good Faith Estimates from some lenders. The lender affiliated with builder (Standard Pacific) provided the best quote. Other lenders just couldn't beat it. In addition, builder also provides $2000 incentive if I go with theirs. The loan fee is about $1600 so I don't have to pay a single penny for the loan cost.
 
We also believe that the equity of the house will be enough for our children?s college tuition 18+ years from now.



Not to be nosy irvineowner, but can i ask you how old you are? if you are in your early 30s, brother what do you do for a living to be able to purchase a home like Serra at your age? You aren't one of those chinese or korean immigrants who have a rich dad in Asia who is making a $1M down payment for you are you? I am hearing this is more common than people think in Irvine.



Trooper, I am not a realtor and will never become one. I love my current job too much.



JPX
 
[quote author="JPX" date=1207560331]We also believe that the equity of the house will be enough for our children?s college tuition 18+ years from now.



Not to be nosy irvineowner, but can i ask you how old you are? if you are in your early 30s, brother what do you do for a living to be able to purchase a home like Serra at your age? You aren't one of those chinese or korean immigrants who have a rich dad in Asia who is making a $1M down payment for you are you? I am hearing this is more common than people think in Irvine.



Trooper, I am not a realtor and will never become one. I love my current job too much.



JPX</blockquote>


I have been working hard as a high-tech professional for almost 20 years to earn every penny of my asset. I can proudly tell you that I didn't even have more than $500 in my checking account when I graduated from the University. I had to work as a math/science tutor to suplement my college expenses. LOL, I don't think I could have gone to college if I hadn't had my scholarship. You got my point? :-)
 
irvineowner,



I am impressed. :) I do respect hard working, self made, successful guys like you. I don't respect the "rich dad in Asia" scenario i told you about :) Thanks for letting me know who you used for your lender for best rates. I wish you the best luck on your decision on Serra.



JPX
 
JPX,

Some builders offer 3% commission for buyer's agent. You can get up to 2.5% from your agent for your closing cost and others. For my purchase, I'll get over 32K back from that commission. So it's a good idea to get your agent sign you up in your first visit. Most buyers don't take advantages of that.
 
irvineowner, I just asked my agent if she would give me 2 - 2.5% for my closing costs if i buy new construction and she was offended, actually i think she even got mad. Do you know of any agents who are more open to this? Also, if it possible to negotiate with the builders? Did you try negotiating for better prices with the Serra builders, or did they just say, "Take it or leave it" Thanks for the advice.
 
irvineowner, congratulations on your new purchase. We love 2 of the 3 floor plans. I have a StandPac home, and their customer services has been excellent. Make sure you get the built-in frig from them (similar price to Pacific Sales), otherwise the cabinet won't be framed right to accommodate a built-in.
 
[quote author="JPX" date=1207625242]irvineowner, I just asked my agent if she would give me 2 - 2.5% for my closing costs if i buy new construction and she was offended, actually i think she even got mad. Do you know of any agents who are more open to this? Also, if it possible to negotiate with the builders? Did you try negotiating for better prices with the Serra builders, or did they just say, "Take it or leave it" Thanks for the advice.</blockquote>


Get a new agent.
 
Congratulations on the new home! I absolutely love these homes and would buy one in a heartbeat if I could afford it.



[quote author="irvine123" date=1207628115]Make sure you get the built-in frig from them (similar price to Pacific Sales), otherwise the cabinet won't be framed right to accommodate a built-in.</blockquote>


Is the built in fridge not a standard size? So if in the future you want/need a new fridge will it not look nice?
 
[quote author="halfnote19" date=1207638418]Is the built in fridge not a standard size? So if in the future you want/need a new fridge will it not look nice?</blockquote>


Refrigerators are available in "cabinet depth" as well as the more common traditional size. Cabinet depth is a few inches shorter than traditional and is flush w/the kitchen cabinetry. A cleaner look IMO but you do lose out on some space inside the fridge.
 
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