Resale homes vs new construction

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akim997 said:
ahhh... very good question...  for me it's all about value.    when negotiating and speaking to realtors, they keep saying "irvine irvine irvine"....  soooo... they want to charge you prices associated.  i guess they kind of have a right to, since its the same nice area and the schools are all awesome. 

the thing about n. tustin, and tustin ranch, is its a comparable bargain/ sq ft.  You also can get 3 car garages and large lots.  we actually really do like northpark, but we don't like ANY of the floorplans in our price range. 
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I like Tustin Ranch as well and I agree they are a better value in general compared with some of Irvine. N. Tustin has some beautiful homes as well but not all have great associated schools.
 
iacrenter said:
akim997,

Thanks for all your insights into making an offer on a home.

I was curious though, why are you looking into Tustin Ranch and even N. Tustin when you seem to place such high value of NW High/IUSD over Beckman/TUSD. IMHO, the schools associated with NP and NP SQ are excellent by most measures.

As far as neighborhood rankings go--it is all opinion but here is my ranking:
1) Quail Hill*
2) Northwood Pointe
3) NorthPark
4) WB
5) NP Square
6) NW II
(*Of course if price were not a problem Shady would be #1)

NWII has some nice homes but my kids love the NP Sq tot lot even more  :)
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West Irvine also has newer homes with good sized lots and traditional driveway/front yard setup. I bought my place for just a tad over $300/sqft. It is almost impossible to get any home in Quail Hill, Northwood pointe at that price point. I think the schools (Myford/Orchard hills) are very good but being associated with TUSD west irvine does not carry the price tag the premium area's of irvine command.

Since North park is also associated with TUSD I wonder why it is more expensive than west irvine? Any thoughts!
 
westirvine_loaner said:
Since North park is also associated with TUSD I wonder why it is more expensive than west irvine? Any thoughts!
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Just a guess but maybe because it's newer, gated and a bit closer to central Irvine.
 
westirvine_loaner said:
iacrenter said:
akim997,

Thanks for all your insights into making an offer on a home.

I was curious though, why are you looking into Tustin Ranch and even N. Tustin when you seem to place such high value of NW High/IUSD over Beckman/TUSD. IMHO, the schools associated with NP and NP SQ are excellent by most measures.

As far as neighborhood rankings go--it is all opinion but here is my ranking:
1) Quail Hill*
2) Northwood Pointe
3) NorthPark
4) WB
5) NP Square
6) NW II
(*Of course if price were not a problem Shady would be #1)

NWII has some nice homes but my kids love the NP Sq tot lot even more  :)
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West Irvine also has newer homes with good sized lots and traditional driveway/front yard setup. I bought my place for just a tad over $300/sqft. It is almost impossible to get any home in Quail Hill, Northwood pointe at that price point. I think the schools (Myford/Orchard hills) are very good but being associated with TUSD west irvine does not carry the price tag the premium area's of irvine command.

Since North park is also associated with TUSD I wonder why it is more expensive than west irvine? Any thoughts!
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irvinehomeowner said:
westirvine_loaner said:
Since North park is also associated with TUSD I wonder why it is more expensive than west irvine? Any thoughts!
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Just a guess but maybe because it's newer, gated and a bit closer to central Irvine.
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Thanks WI_Loaner for the post.

I agree WI is a relative bargain to the rest of newer parts of Irvine with a traditional SFR setup. IHO is right on the slightly older and non-gated for lower values.

The designs may not be a fresh as brand new construction, but the value is there.
 
akim997 said:
 

Realtor of 25 Torrey Pine says they are prepping the same floor plan for sale in a month.  That being said, they will try to leverage on 25 torrey pine as a comp, so expect to pay in the $870K range for this next one.  They kept on using Campanile Longvale sale as a comp.  Longvale was really nice.  French doors of the master balcony, french doors  downstairs and a very nice back yard.  Very clean.  14 Spyrock is out there, but you have another VERY stubborn seller.  Not as nice as Longvale or Torrey Pine, but is looking to get $860 MINIMUM.  That's why the house has been on the market for so long.  Again, NP Sq is not NWII. So be weary.   
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I don't know if this is the same RE agent as Torey Pines but it is a Campanile home just coming on the market. Priced below Spyrock and a slightly closer to sanity. Lots of 8's in the price--should sell quickly LOL!

20 LONGVALE
Irvine, CA 92602

$848,800

BEDS: 4
BATHS: 2.25
SQ. FT.: 2,460
$/SQ. FT.: $345
LOT SIZE: 5,509 Sq. Ft.
http://www.redfin.com/CA/Irvine/20-Longvale-92602/home/7213164

 
They need to counter that 4 with more 8s... 848,888. Or just ditch it altogether... 850,888.

I'm still in awe to see these CalPac homes going for so much... but this goes to that low supply/high demand theory*... the stuff people want commands a higher price.

*I have no expertise in econ so maybe *someone* else can explain it.
 
iacrenter said:
akim997 said:
 

Realtor of 25 Torrey Pine says they are prepping the same floor plan for sale in a month.  That being said, they will try to leverage on 25 torrey pine as a comp, so expect to pay in the $870K range for this next one.  They kept on using Campanile Longvale sale as a comp.  Longvale was really nice.  French doors of the master balcony, french doors  downstairs and a very nice back yard.  Very clean.  14 Spyrock is out there, but you have another VERY stubborn seller.  Not as nice as Longvale or Torrey Pine, but is looking to get $860 MINIMUM.  That's why the house has been on the market for so long.  Again, NP Sq is not NWII. So be weary.   
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I don't know if this is the same RE agent as Torey Pines but it is a Campanile home just coming on the market. Priced below Spyrock and a slightly closer to sanity. Lots of 8's in the price--should sell quickly LOL!

20 LONGVALE
Irvine, CA 92602

$848,800

BEDS: 4
BATHS: 2.25
SQ. FT.: 2,460
$/SQ. FT.: $345
LOT SIZE: 5,509 Sq. Ft.
http://www.redfin.com/CA/Irvine/20-Longvale-92602/home/7213164
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Not the same listing agent...that's Gary Fallis who's the big Northpark listing agent. 
 
The agent for Torrey Pine had a chance to bring her buyers to view a home last weekend that was supposed to be listed on Monday. She said the seller will be going with a close friend as his agent but gave her the chance to show it before it hits the market. At least, that's what she told me over the phone. Also said it's a bigger lot, exactly the same as Torrey Pine. Didn't mention that it's a short sale though. The listing price is probably not approved.
 
Torrey Pine agent was referring to another house in Camelia.  Campenile is NP Square.  This house will sell very fast.  $850 for a campenile plan 4 is a decent price.  This just hit the market and I don't think it's an approved short sale. 

Regarding WI, I'm in West Irvine.  I think it's nice.  Older areas of WI/ Sheridan do sell at a discount to Northpark.  Slightly older and homes generally require updating (IMO).  The area off Champion is older and isn't very aesthetically appealing.  It has the TR 80's hue of pinks and peaches.    The newer area where I'm at =) is actually pretty nice.  I like Barrington and Ivywood.  Wisteria is nice for those okay with the motorcourt/courtyard layout.  Northpark, IMO feels a bit nicer as you drive through.  My wife likes the 3 guard gates and the overall layout of the community.  Also, you have the super nice 3500sq ft $1.5m houses that make it look nice... these are absent WI.    Personally, I can't live in Northpark because I HATE all the floorplans for all homes in our price range.  Schools are prety much the same as WI...  Hicks Canyon and Myford are both excellent, and you don't have to cross any major streets in either community.   
 
54 Asbury is still for sale in Barrington.  Perfect example of west irvine.  2500 sq ft, and a decent layout.  Interior just looks dated.  This home hasn't been selling.    Put in an offer, but the owner wants asking price.  Turned down an all cash offer of $770K.    WI also has cheap Mellos and a $55 HOA.  Attractive for many asians.  When I moved here in 2001, it was about 30% asian, but my neighboorhood is now about 80%.    If it wasnt for size, I'd stay where I'm at.  Really quiet, a lot of young families, and a lot of people with dogs.   
 
akim997 said:
54 Asbury is still for sale in Barrington.  Perfect example of west irvine.  2500 sq ft, and a decent layout.  Interior just looks dated.  This home hasn't been selling.    Put in an offer, but the owner wants asking price.  Turned down an all cash offer of $770K.    WI also has cheap Mellos and a $55 HOA.  Attractive for many asians.  When I moved here in 2001, it was about 30% asian, but my neighboorhood is now about 80%.    If it wasnt for size, I'd stay where I'm at.  Really quiet, a lot of young families, and a lot of people with dogs. 
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Rejecting a $770K offer is not smart in my opinion. It is a buyers market and some sellers still have a hard time accepting that. My place had a much more updated/upgraded interior, a well landscaped yard and was in a gated community, I still paid lower than this asking price. The location looks great though, close to the Market Place. I would be curious to see how long these sellers hold out.
 
akim997 said:
54 Asbury is still for sale in Barrington.  Perfect example of west irvine.  2500 sq ft, and a decent layout.  Interior just looks dated.  This home hasn't been selling.    Put in an offer, but the owner wants asking price.  Turned down an all cash offer of $770K.    WI also has cheap Mellos and a $55 HOA.  Attractive for many asians.  When I moved here in 2001, it was about 30% asian, but my neighboorhood is now about 80%.    If it wasnt for size, I'd stay where I'm at.  Really quiet, a lot of young families, and a lot of people with dogs.   
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Dang. That dude is a fool. I mean 29k lower than asking and all cash?

Funny how time flies. I remember when I first looked at Irvine homes. I was going to buy on Georgio street when they were first being built. I recall seeing your home that you made an offer on as the model.
 
You guys need to realize that not all sellers in Irvine are that motivated to sell.  Those non-motivated sellers are looking for a buyer...sucker...to pay "their" price and won't sell unless they get it.  These sellers have no urgency or motivation to sell their property quickly (i.e. relocation, job transfer, death, divorce, etc).  They'll pull their listing and try to sell later as they are in huge equity positions.
 
Btw, I want to pass on what a little birdie told me what "probably" happened with Torrey Pine.  So my buyer had the highest offer after responding to the first sellers counter but there were a few other offers that were "close" to their offer amount.  So the listing agent advised the sellers to counter one more time to try to get more out of the ultimate buyer.  My buyers went up a little bit above their response to the sellers first counter but apparently another buyer increased their bid a lot more to leap frog them.  Great strategy by the listing agent that worked out great for the sellers.
 
heard the same RE: Torrey.  The listing agent(s) were pretty open about what was going on in an attempt to create a bidding war.  Each day of the open house that I was there, I heard them telling people what the bids were and what they thought would be competitive, basically trying to create competition... which worked for them since they had 12 legitmate bids or something like that.    At $860K, we were told we had the 4th highest bid.   

54 Asbury is an east coast relocation and no one lives there right now.  However, I do not think the sellers are in any rush.  Some corporate relocation programs provide mortgage and other subsidies to account for an executive owning mutliple homes for a period of time.  Maybe owner is utilizing this and waiting to get the best price.  Personally, I'd never pay $800K for that house.   

 
Thanks AKIM for the great posts. We were one of the bidders for Torrey Pine also. USCTrojanCPA represented us. If we had listened to USCTrojanCPA, we probably would have landed the house. But we were totally turned off by the entire counter bid process.

We looked at the house on Grape Arbor and had the same impression that you did. The mismatched hardwood was lame.

So we're still looking to buy a house in Irvine. We don't like any of the new homes, so we're looking at resale.

You mentioned that you find NW Pointe most desirable. I don't understand why NW Pointe commands such a premium. Most of the recent detached SFR in NW Pointe homes are listed for WTF prices. Several of them are asking for > $400 sq/ft. We're talking Quail Hill prices! But I don't see why NW Pointe demands such a premium. Houses are older, usually not upgraded, and have no views.

 
LBJ said:
Thanks AKIM for the great posts. We were one of the bidders for Torrey Pine also. USCTrojanCPA represented us. If we had listened to USCTrojanCPA, we probably would have landed the house. But we were totally turned off by the entire counter bid process.

We looked at the house on Grape Arbor and had the same impression that you did. The mismatched hardwood was lame.

So we're still looking to buy a house in Irvine. We don't like any of the new homes, so we're looking at resale.

You mentioned that you find NW Pointe most desirable. I don't understand why NW Pointe commands such a premium. Most of the recent detached SFR in NW Pointe homes are listed for WTF prices. Several of them are asking for > $400 sq/ft. We're talking Quail Hill prices! But I don't see why NW Pointe demands such a premium. Houses are older, usually not upgraded, and have no views.
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Honestly, I think it's a 50-50 whether we would have ended up being the highest bidders with the amount I suggested. We'll know in about 3-4 weeks for sure. 
 
qwerty said:
here is a new listing i just saw for you resale folks, looks nice overall
http://www.redfin.com/CA/Irvine/32-Langford-92602/home/5768546

this actually seems priced really well. could it be one of those priced low to get into a bidding war?
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this one is in my neighborhood. Kitchen could have been more updated but overall looks OK. You can clearly see the price difference between other Irvine newer areas and west irvine!!
 
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