I'm moving from the SF bay area (job transfer) and considering Shady Canyon or Newport Coast as they are both conv to my new office in Irvine. Does anyone have any tips, warnings or info I should know before buying? I'm looking in the 2-2.6M range, 3500- 4000 sq ft w/pool pref. Shady has several homes in the 2.4 to 3m range but I feel they seem a bit pricey considering how many are for sale. Anyone know what I should be paying to get an excellent price on a home there? several on the market on vernal springs and prarie grass?
shady canyon
- Thread starter otis_IHB
- Start date
NEW -> Contingent Buyer Assistance Program
Zulu_IHB
New member
Hi Otis,
I'll take the first stab at replying to your post. First, as far as location goes I think Shady Canyon is perfect. Close to the beach areas we like (i.e. Newport, Corona Del Mar) as well as the business areas of Irvine. My business is located in Irvine and is less than 5 minutes from my home. We're close to everything. But I'll admit I'm prejudiced towards Shady because I'm building a home there. It's quiet, it's new, it's peaceful and it's surrounded by thousands of acres of wilderness (...wilderness by California definition, anyway. It's not exactly Idaho). The density of homes to land is very low. At 2.4m to 3m you can probably buy one of the homes on Prairie Grass or Vernal Springs. Nice homes, but not as much land as the custom lots and certainly pricier than most of the homes outside Shady. Are they a good deal? Well, I expect they'll drop a bit further before we find the bottom in the market. How much further is anyones guess. 20%. 5%. 1%. Would I buy one now? Well, I did and prices did drop a bit after I bought but not so much so that I am sorry I committed. If I were buying in your price range, I'd probably spend a few bucks more and make a lowball offer on one of the custom homes being advertised in the high 3's, and there are several of them. Many of the homes being advertised now are at or below the cost to replace them, even considering the fact that building costs are down greatly.
Good hunting!
I'll take the first stab at replying to your post. First, as far as location goes I think Shady Canyon is perfect. Close to the beach areas we like (i.e. Newport, Corona Del Mar) as well as the business areas of Irvine. My business is located in Irvine and is less than 5 minutes from my home. We're close to everything. But I'll admit I'm prejudiced towards Shady because I'm building a home there. It's quiet, it's new, it's peaceful and it's surrounded by thousands of acres of wilderness (...wilderness by California definition, anyway. It's not exactly Idaho). The density of homes to land is very low. At 2.4m to 3m you can probably buy one of the homes on Prairie Grass or Vernal Springs. Nice homes, but not as much land as the custom lots and certainly pricier than most of the homes outside Shady. Are they a good deal? Well, I expect they'll drop a bit further before we find the bottom in the market. How much further is anyones guess. 20%. 5%. 1%. Would I buy one now? Well, I did and prices did drop a bit after I bought but not so much so that I am sorry I committed. If I were buying in your price range, I'd probably spend a few bucks more and make a lowball offer on one of the custom homes being advertised in the high 3's, and there are several of them. Many of the homes being advertised now are at or below the cost to replace them, even considering the fact that building costs are down greatly.
Good hunting!
GlacierPoint_IHB
New member
For that kind of money, I would first check out Newport Coast and Newport Beach. Also before committing to buy a home, I would rent to get myself familiar to the new area.
Good luck,
Good luck,
SoCal78_IHB
New member
Otis, will you get much of a chance to come out here and look around before your big move?
bkshopr_IHB
New member
There were 3 production home projects in Shady Canyon. The Villas at Shady Canyon by Taylor Woodrow was the very one built before any custom existed. The project took production homes to a different level and imo better than most custom homes existed before that time. It did set the tone for the community and put pressure on the custom to out design and out spec the homes a notch higher than the TW's Villas. The limitation for most of the production were the small yards.
Several years later another another production home project was a copy cat by Lennar designed by the "Brightwater at Hungtinton Beach by Hearthside Homes" architect. The Sycamore project sold well too. The price that we are seeing below 3 million are these tract homes. Laing Luxury also did another project in there as well.
The Sycamore for some reason are in the market more frequently than the other 2.
Several years later another another production home project was a copy cat by Lennar designed by the "Brightwater at Hungtinton Beach by Hearthside Homes" architect. The Sycamore project sold well too. The price that we are seeing below 3 million are these tract homes. Laing Luxury also did another project in there as well.
The Sycamore for some reason are in the market more frequently than the other 2.
tkaratz_IHB
New member
Otis, have you been flooded with PMs from the lurking RE agents that regularly troll this site?
I've noticed that the regular cast of characters have yet to call you a moron for even considering one of those master plans so they probably smell blood in the water. General consensus is that those homes will drop in value (even I believe that and I called the bottom on the first time home buyer market 2 months ago). Be prepared to either hang on for 5 years + or sell at a loss. Renting a turn key place on the water is what I would do if i were in your situation.
I've noticed that the regular cast of characters have yet to call you a moron for even considering one of those master plans so they probably smell blood in the water. General consensus is that those homes will drop in value (even I believe that and I called the bottom on the first time home buyer market 2 months ago). Be prepared to either hang on for 5 years + or sell at a loss. Renting a turn key place on the water is what I would do if i were in your situation.
Nude_IHB
New member
I don't think you can judge anyone a "moron" when the house prices reach the $2M+ range. At the point one can afford that, I just assume they can absorb the loss or they plan on being there through the downturn. It's not like they are going to be getting 100% loans anymore.
Now, if you want to call them a moron for spending $2M+ for something covered in chickenwire and stucco, you may have a point.
Now, if you want to call them a moron for spending $2M+ for something covered in chickenwire and stucco, you may have a point.