Serrano Summit | Lake Forest
- Thread starter eddieuclabruin
- Start date
NEW -> Contingent Buyer Assistance Program
Problem with the lower end of Irvine is the following:
1. Mello roos (high or low its a tax and extra money out of your pocket)
2. relative high HOA. difficult to justify mello roos + medium to high HOA
3. bidding wars
4. lower end price points require some sort of renovation/repairs that needs to be done in order for it to look more modern. why buy resale in that case when you can get something new for roughly the same price?
Everyone is different and has their own preferences. In this market, it really sucks being a first time home buyer and I cannot justify paying a premium just to be in Irvine. Especially when I do not have kids and do not plan on taking advantage of the school district. I'm literally 10-15 minutes from Irvine should I need to go there as well. In the end, the question people have to ask is if the Irvine premium really worth it? That will differ for everyone but for me, its not.
If you're single or don't have kids yet, then yeah you don't have to live in Irvine. Although like Cares said Irvine will give you more appreciation long or even short term.
People are ok with less appreciation which I get, but the issue is bigger when there is recession or depreciation. While other cities would most likely get hammered, Irvine would get hit less. This is problematic especially if you have to sell your home. Well, that's historically true so far, but we never know the future. Not only about the ROI, but Irvine is a better location with close access to everything you need including groceries, plazas, and even freeways. Overall, Irvine's premium price tag does pay off IMHO. Although I'm not so sure with Great Park's MR...
Anyways, owning a home is a better choice whether in Irvine or Lake Forest especially for a long term since rental money is gone while you're paying yourself in a way on your home with principal pays and tax advantages. So congrats on your first home!
Hey... heard that before from someone else.
The best way to get this is by going to the neighbors that are already moved in and ask all the questions you have. I did this for my community in Arieta and got a lot of helpful tips. It might be a little uncomfortable for the people that aren't okay with talking to strangers, but you would be surprised how happy and willing people are to tell you things. I can tell you that none of the communities in Serrano Summit has been delayed. So the closing time is quite accurate.
Not getting into a bidding war was one of the big pluses for new construction. Now having to ?over pay? plus all of the added costs that come with a new construction seems like it would push more people to resale - but I guess that market is pretty hot too.
Dr. CA Real Estate
New member
It?s all relative I suppose. I?ve been on those lots and I would argue the views are quite decent on their Amara view sites.
I'm seeing some first buyers getting into this hood lately for those 3-level condos. No MR for this community especially in the current low interest rates, it might make you want to buy here.
I personally would still look at newer Irvine communities like Eastwood, Stonegate, or Cypress Village. They don't carry that much MR. It's just my personal opinion so no right or wrong here.
I personally would still look at newer Irvine communities like Eastwood, Stonegate, or Cypress Village. They don't carry that much MR. It's just my personal opinion so no right or wrong here.
sleepy5136
Well-known member
Mety said:
Problem with the lower end of Irvine is the following:
1. Mello roos (high or low its a tax and extra money out of your pocket)
2. relative high HOA. difficult to justify mello roos + medium to high HOA
3. bidding wars
4. lower end price points require some sort of renovation/repairs that needs to be done in order for it to look more modern. why buy resale in that case when you can get something new for roughly the same price?
Everyone is different and has their own preferences. In this market, it really sucks being a first time home buyer and I cannot justify paying a premium just to be in Irvine. Especially when I do not have kids and do not plan on taking advantage of the school district. I'm literally 10-15 minutes from Irvine should I need to go there as well. In the end, the question people have to ask is if the Irvine premium really worth it? That will differ for everyone but for me, its not.
Cares said:
If you're single or don't have kids yet, then yeah you don't have to live in Irvine. Although like Cares said Irvine will give you more appreciation long or even short term.
People are ok with less appreciation which I get, but the issue is bigger when there is recession or depreciation. While other cities would most likely get hammered, Irvine would get hit less. This is problematic especially if you have to sell your home. Well, that's historically true so far, but we never know the future. Not only about the ROI, but Irvine is a better location with close access to everything you need including groceries, plazas, and even freeways. Overall, Irvine's premium price tag does pay off IMHO. Although I'm not so sure with Great Park's MR...
Anyways, owning a home is a better choice whether in Irvine or Lake Forest especially for a long term since rental money is gone while you're paying yourself in a way on your home with principal pays and tax advantages. So congrats on your first home!
irvinehomeowner
Well-known member
eyephone said:
Hey... heard that before from someone else.
wakeywakey92
New member
Hi all, first time homebuyer. Am considering this community (Amara Residence 2 to be specific) but wanted to see if anyone had any feedback on build quality of Lennar homes, been getting a lot of mixed reviews online.
Also considered getting a Shea Homes, does anyone have any knowledge between the build quality of the two difference builders? Thanks!
Also considered getting a Shea Homes, does anyone have any knowledge between the build quality of the two difference builders? Thanks!
sleepy5136
Well-known member
wakeywakey92 said:
The best way to get this is by going to the neighbors that are already moved in and ask all the questions you have. I did this for my community in Arieta and got a lot of helpful tips. It might be a little uncomfortable for the people that aren't okay with talking to strangers, but you would be surprised how happy and willing people are to tell you things. I can tell you that none of the communities in Serrano Summit has been delayed. So the closing time is quite accurate.
I think build quality will vary from community to community even with the same builder. You have different a job foreman and staff building each community. It isn't a black and white answer as to which builder is better. I haven't really heard of major issues or complaints of either builder.
Generally I've heard people like Lennar for customer service. Lennar has the "everything included" gimmick. I personally like Shea home layouts more in general.
Generally I've heard people like Lennar for customer service. Lennar has the "everything included" gimmick. I personally like Shea home layouts more in general.
irviniteeee
Active member
I haven't heard too many horrible things about either builder, but I always felt like Shea's communities seemed better built. I'm sure someone who has owned a Shea and/or Lennar will chime in though.
usctrojancpa
Well-known member
All the local builders basically use the same subs and it comes down to the quality control folks from the builders to ensure that their subs are doing things properly. From my experience, all the builders have issues so that's why it's important for new home buyers to get a home inspection.
sleepy5136
Well-known member
Talked to the builder agent today and she mentioned Serrano summit is going to sell the homes differently. They now plan to give people on the waitlist a chance to submit an offer on a given lot when it becomes available. This basically means bidding wars can happen. So being on top of the waitlist doesn?t really help much anymore since someone can outbid you and you end up losing to someone after you in the list.
qwerty
Well-known member
sleepy5136 said:
Not getting into a bidding war was one of the big pluses for new construction. Now having to ?over pay? plus all of the added costs that come with a new construction seems like it would push more people to resale - but I guess that market is pretty hot too.
sleepy5136
Well-known member
It is exactly why I went with new construction. Fortunately I bought my property and don't have to deal with that. Keep in mind this is only for Lennar Serrano Summit. I think its also happening for other Lennar communities as well but don't quote me on it.qwerty said:
