second time home buyer. looking for advice

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Homeownerconfused

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I am new to this site and would like to seek some advice if possible from members here.

We are in process of selling our existing condo in Irvine and are looking for a new house.  Our condo is 3 bed 2 bath, and the primary motivation to buy a bigger house was the follows
1. Want an attached garage and a decent size back yard.
2. 4 bed 3 bath if possible if the family grows later.
3. Move into a neighborhood with higher owner to rentals ratio. (Relative to where we are now)

Our price range is any where from mid to high 700 to mid to high 800. Our research showed that there are mot not a lot of options in this budget. .. other than Northwood (older homes 1977 or 1979).We are not sure how the value of this neighborhood will hold up.

To stay in irvine another option was to just get a 3 bed SFH... not sure if we are too excited about this..

So we started looking at foothill ranch. .. more house for same value.  The only thing holding back. .. hubby drives to la often...and don't know first hand reviews about the schools. ..

Looking for advice for this situation. .. want to get something that works for the family and hopefully something that holds value 10 years down the road. .

Thanks in advance. .
 
Homeownerconfused said:
I am new to this site and would like to seek some advice if possible from members here.

We are in process of selling our existing condo in Irvine and are looking for a new house.  Our condo is 3 bed 2 bath, and the primary motivation to buy a bigger house was the follows
1. Want an attached garage and a decent size back yard.
2. 4 bed 3 bath if possible if the family grows later.
3. Move into a neighborhood with higher owner to rentals ratio. (Relative to where we are now)

Our price range is any where from mid to high 700 to mid to high 800. Our research showed that there are mot not a lot of options in this budget. .. other than Northwood (older homes 1977 or 1979).We are not sure how the value of this neighborhood will hold up.

To stay in irvine another option was to just get a 3 bed SFH... not sure if we are too excited about this..

So we started looking at foothill ranch. .. more house for same value.  The only thing holding back. .. hubby drives to la often...and don't know first hand reviews about the schools. ..

Looking for advice for this situation. .. want to get something that works for the family and hopefully something that holds value 10 years down the road. .

Thanks in advance. .
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Besides Northwood, take a look at West Irvine.  You can get a 4bed/3bath traditional detached home in the high $700s to low $800s (these homes have Mello Roos of around $1k/yr and either no HOA or very low HOA).  For the record, I've lived in West Irvine for the past 2.5 years and I love it.  Irvine is the gold standard so don't settle on buying in another city if you can afford Irvine.  Let me know if you have any other questions.
 
Homeownerconfused said:
and don't know first hand reviews about the schools. ..

Looking for advice for this situation. ..
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I have 2 kids attending that elementary and have volunteered in the classrooms weekly, at minimum, for 3 years, going on 4 now.
 
USCTrojanCPA said:
Irvine is the gold standard so don't settle on buying in another city if you can afford Irvine. 
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Treading dangerously into the waters of cheesy Realtor-speak there.
 
Tustin Ranch and West Irvine.. although I could not find a floor plan I liked.  Which drove me to new construction. 
 
Homeownerconfused said:
I am new to this site and would like to seek some advice if possible from members here.

We are in process of selling our existing condo in Irvine and are looking for a new house.  Our condo is 3 bed 2 bath, and the primary motivation to buy a bigger house was the follows
1. Want an attached garage and a decent size back yard.
2. 4 bed 3 bath if possible if the family grows later.
3. Move into a neighborhood with higher owner to rentals ratio. (Relative to where we are now)

Our price range is any where from mid to high 700 to mid to high 800. Our research showed that there are mot not a lot of options in this budget. .. other than Northwood (older homes 1977 or 1979).We are not sure how the value of this neighborhood will hold up.

To stay in irvine another option was to just get a 3 bed SFH... not sure if we are too excited about this..

So we started looking at foothill ranch. .. more house for same value.  The only thing holding back. .. hubby drives to la often...and don't know first hand reviews about the schools. ..

Looking for advice for this situation. .. want to get something that works for the family and hopefully something that holds value 10 years down the road. .

Thanks in advance. .
Click to expand...

A lot of the newer products in Irvine that match your description are officially detached condos. They are generally listed on MLS as a condominium but they are like an SFR in that they are have no shared walls.

With a budget up to the high 800s you can find brand new products in all of the active Irvine developments (Orchard Hills, Cypress Village, Stonegate, Portola Springs, Pavilion Park) that are 4br/3ba detached with a 2 car attached garage and a backyard. I don't know what you define as a decent sized backyard, but you can certainly find some larger lots in every community.

Here's some new homes that meet your criteria:
Orchard Hills Corte Bella (4bd/3ba, 2101sqft detached, high 800s)http://www.villagesofirvine.com/Villages-and-Neighborhoods/Orchard-Hills/Residence/Corte-Bella

Cypress Village Laurel (4bd/3ba 2,170sqft single family homes, low 900s)http://www.villagesofirvine.com/Vil.../Cypress-Village/Residence/Laurel/Residence-1

Stonegate Mendocino (4bd/3ba 2,221sqft single family homes, low 900s)http://www.villagesofirvine.com/Villages-and-Neighborhoods/Stonegate/Residence/Mendocino/Residence-1

Portola Springs Quinterra (4bd, 3ba, 2764 single family homes, 900s) - listed at low millions but they are taking lower offers.http://www.villagesofirvine.com/Villages-and-Neighborhoods/Portola-Springs/Residence/Quinterra

Pavilion Park has a lot of optionshttp://www.greatparkneighborhoods.com/

Remember to bring your realtor on your first visit to split the broke co-op. USCTrojanCPA is a great candidate from what I've read on here.
 
Thanks all for the quick responses... few questions

1. During my research I have noticed homes in west irvine tend to stay longer on market than other parts of irvine.. this might be factor of price/particular location.. not sure. Is this a valid observation?
2. How are the schools that are mapped to West Irvine.. I have read really good reviews about them but any first hand experiences.
3. Regarding foothill ranch @SoCal you mentioned you volunteer there and your kids go there.. so you love it i assume :) ... would the fact that i am part of a minority group be a factor at all? I would imagine not.. but would like to know either ways.
 
Regarding new construction... we did look at a few floor plans... Hubby not a great fan of smaller back yards that come with it.. me not a fan of the mello roos.
But we are still looking.. we did go to see the Baker Ranch development.. it could be an option, but not on our top 3 rt now.
 
Homeownerconfused said:
Thanks all for the quick responses... few questions

1. During my research I have noticed homes in west irvine tend to stay longer on market than other parts of irvine.. this might be factor of price/particular location.. not sure. Is this a valid observation?
2. How are the schools that are mapped to West Irvine.. I have read really good reviews about them but any first hand experiences.
3. Regarding foothill ranch @SoCal you mentioned you volunteer there and your kids go there.. so you love it i assume :) ... would the fact that i am part of a minority group be a factor at all? I would imagine not.. but would like to know either ways.
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We moved from West Irvine.. from a smaller condo.  Schools are zoned to TUSD.  Great schools.  Myford elementary, Pioneer Middle School, Beckman HS. 

We moved to Pavilion Park.. but you said no likey MRs.  Which is a big deal.  The yards here are a little bigger though.
 
Homeownerconfused said:
Regarding new construction... we did look at a few floor plans... Hubby not a great fan of smaller back yards that come with it.. me not a fan of the mello roos.
But we are still looking.. we did go to see the Baker Ranch development.. it could be an option, but not on our top 3 rt now.
Click to expand...

Sounds like you are picky. I'd recommend getting a good local realtor who can help you. As USCTrojanCPA said, West Irvine has some great options for you. Right now resale homes are moving slowly everywhere, not just in West Irvine.
 
Thanks @jmoney74 .. Pavillion park is now out of our budget and range i think. We did go look at it last month but could not commit since we were no where with our home sale.

With regards to my previous question on Northwood (older neighborhood) what are your thoughts on that?
 
Homeownerconfused said:
Thanks all for the quick responses... few questions

1. During my research I have noticed homes in west irvine tend to stay longer on market than other parts of irvine.. this might be factor of price/particular location.. not sure. Is this a valid observation?
2. How are the schools that are mapped to West Irvine.. I have read really good reviews about them but any first hand experiences.
3. Regarding foothill ranch @SoCal you mentioned you volunteer there and your kids go there.. so you love it i assume :) ... would the fact that i am part of a minority group be a factor at all? I would imagine not.. but would like to know either ways.
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If you are Asian you'll feel more at home in many parts of Irvine especially if you don't speak good English and like to be around your country men. Foothill Ranch is almost all Caucasian. If you speak good English and like whites you'll be fine.
 
Thanks @paperboyNC ... did go to the open house for 15 Camarin (upon a friends insistence) .. loved it.. almost temped to move to foothill :) ... one of the reason seeking advice cause it got us thinking about the homes we are getting Irvine in the same price range.

:) I am from South east Asia .. and dont mind any kind of people who are friendly and welcoming .. used to live in Huntington before we moved to Irvine.. loved it there..
 
It's up to you.. if you like older homes.. go for it.  My wife and I are not.  Heck, every time we walked into an old home.. her vision was to gut the whole place.  lol.

I'd go West Irvine if you can find something there.  Great neighborhood plus it's convenient to the marketplace and 5 freeway.
 
paperboyNC said:
The foothill Ranch home has $70/mo in HOA and $2,482.42/year in Mello-Roos - but that should expire soon.
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Yup. Foothill Ranch Mello Roos will expire in: 4 years, 10 months... and counting.

FR also formed the "Anti-Mello Roos Committee" (AMRC) a couple years ago to focus on and prepare before the bond term ends to be present for the council vote.
 
Homeownerconfused said:
Thanks @paperboyNC ... did go to the open house for 15 Camarin (upon a friends insistence) .. loved it.. almost temped to move to foothill :) ... one of the reason seeking advice cause it got us thinking about the homes we are getting Irvine in the same price range.
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Based on what you listed as important to you (low Mello Roos, newer homes, large lots) I'd buy in Foothill Ranch - especially if you are willing to get Fastpass and take the toll roads regularly.

There is a lot of shopping right in Foothill Ranch but it will take you 15 minutes to go to eat / shop anywhere else and that isolation is the reason why it's less expensive.

Single Family Residences with large lots don't fall as far in value during a real estate bust. With the way the market is right now you shouldn't expect significant appreciation with almost any purchase, but at least you'd be more protected from another drop in the market.
 
@jmoney74 .. like newer home but budget made us look at older.. thats the first thing i think too.. how to remodel this house :D .. looking at West  Irvine Listings too now..
 
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