Rowland by Lennar

NEW -> Contingent Buyer Assistance Program
3 stories are becoming more common, so I wouldn't sweat it. Land is valuable you know.

Further, great park neighborhoods are pretty sweet.
 
My only hesitation would be the property tax which you're already aware of. But you may or may not be aware they will likely continue to go up over time and can go up even in times of recession.
 
The taxes + HOA really are quite ridiculous... But there is nothing else (decent) in Irvine for that same price ($640K).

Taxes + HOA  on their smallest unit come out to $1362.00/month! Thats before you even tackle the mortgage.

To get the entire payment to something reasonable ($2800/month?) heres what the breakdown would be:

Down Payment would need to be 50% = $320,000.00

Total HOA = $382/month
Base Tax + CFD = $980/month
3.95% $320K Loan = $1512/month
Total Monthly = $2874.00

Yikes...

 
I recently went to Parasol Park and liked the 2X at Somerset but couldn't come to terms with paying $20,000 a year in taxes/MR every year. Personally I'm going to wait to see how the President Trump regime shakes out before taking on a huge liability.
 
samleeiii said:
I recently went to Parasol Park and liked the 2X at Somerset but couldn't come to terms with paying $20,000 a year in taxes/MR every year. Personally I'm going to wait to see how the President Trump regime shakes out before taking on a huge liability.
Click to expand...

Ya honestly I've pulled back already from my Rowland decision... The taxes+HOA are just too damn high. I'm blown away that anyone else is able to drop that kind of dough on condo units.

But of course now I'm attached to the greatness of the Great Park.
 
You'd be surprised to know how many people buy and have no idea what they're really going to be paying.

The Great Park has been a "work in progress" for 10 years thanks to mismanagement of funds, hence they've hiked the MR to the current insanity. I went out there a couple of times in the last 2 weeks to check it out and it's pathetic how little they've accomplished. This is just my gut feeling but I have doubts and concerns that they'll be able to do what they envision.

These local governments just like the federal government are terrible with money. I still remember when Orange County went bankrupt in the 90s levering up on derivative securities.
 
ArchPhotog said:
The taxes + HOA really are quite ridiculous... But there is nothing else (decent) in Irvine for that same price ($640K).
Click to expand...

You sure about?  Look at what my 40 Ardmore listing closed for...
https://www.redfin.com/CA/Irvine/40-Ardmore-92602/home/5844746

It's 2 levels, has a yard, HOA of only $225/mo, and Mello Roos of $700/yr.  I know that a lot of people love the new home smell, but often times resale homes provide much better value.
 
USCTrojanCPA said:
ArchPhotog said:
The taxes + HOA really are quite ridiculous... But there is nothing else (decent) in Irvine for that same price ($640K).
Click to expand...

You sure about?  Look at what my 40 Ardmore listing closed for...
https://www.redfin.com/CA/Irvine/40-Ardmore-92602/home/5844746

It's 2 levels, has a yard, HOA of only $225/mo, and Mello Roos of $700/yr.  I know that a lot of people love the new home smell, but often times resale homes provide much better value.
Click to expand...

Oh man I would have been all over that! I guess I should say nothing on the market at this moment.


samleeiii said:
You'd be surprised to know how many people buy and have no idea what they're really going to be paying.

The Great Park has been a "work in progress" for 10 years thanks to mismanagement of funds, hence they've hiked the MR to the current insanity. I went out there a couple of times in the last 2 weeks to check it out and it's pathetic how little they've accomplished. This is just my gut feeling but I have doubts and concerns that they'll be able to do what they envision.

These local governments just like the federal government are terrible with money. I still remember when Orange County went bankrupt in the 90s levering up on derivative securities.
Click to expand...

For sure. I'd bet most people leaving deposits on these places haven't calculated the monthly tax+HOA costs. It makes these homes unattainable. One day eventually the park will be done, and things will be great.
 
ArchPhotog said:
USCTrojanCPA said:
ArchPhotog said:
The taxes + HOA really are quite ridiculous... But there is nothing else (decent) in Irvine for that same price ($640K).
Click to expand...

You sure about?  Look at what my 40 Ardmore listing closed for...
https://www.redfin.com/CA/Irvine/40-Ardmore-92602/home/5844746

It's 2 levels, has a yard, HOA of only $225/mo, and Mello Roos of $700/yr.  I know that a lot of people love the new home smell, but often times resale homes provide much better value.
Click to expand...

Oh man I would have been all over that! I guess I should say nothing on the market at this moment.


samleeiii said:
You'd be surprised to know how many people buy and have no idea what they're really going to be paying.

The Great Park has been a "work in progress" for 10 years thanks to mismanagement of funds, hence they've hiked the MR to the current insanity. I went out there a couple of times in the last 2 weeks to check it out and it's pathetic how little they've accomplished. This is just my gut feeling but I have doubts and concerns that they'll be able to do what they envision.

These local governments just like the federal government are terrible with money. I still remember when Orange County went bankrupt in the 90s levering up on derivative securities.
Click to expand...

For sure. I'd bet most people leaving deposits on these places haven't calculated the monthly tax+HOA costs. It makes these homes unattainable. One day eventually the park will be done, and things will be great.
Click to expand...

I may have another listing coming up on Ardmore in the next few months.  ;)
 
If you want to buy a house, USCTrojan is your guy. He helped us buy our house in Laguna Altura a few years ago. No one does it better.
 
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