Silvermist Plan 3 vs Torrey Plan 3 vs Juniper Plan 3 vs Current home

NEW -> Contingent Buyer Assistance Program
irvinehomeowner said:
ps9 said:
I'm considering taking a loan from my 401k but wouldn't that just increase my debt ratio?  It directly takes out the loan repayment amount from my paycheck each time, so I don't think it will make it to the credit bureaus as new debt. 
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Taking a 401k loan does not affect your credit... you are borrowing your own money
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That's what I'm thinking.  Just worried about banks seeing the loan repayment on my paycheck and messing up my debt ratio.  It does seem like a safe way to utilize money.  $50 application fee and $25 annual maintenance fee over 4 year payback period.  Interest is 5.25% which is not bad, unless the market explodes.  But then I'm repaying the loan from my pre-tax 401k money with after tax money... my head hurts.
 
ps9 said:
irvinehomeowner said:
ps9 said:
I'm considering taking a loan from my 401k but wouldn't that just increase my debt ratio?  It directly takes out the loan repayment amount from my paycheck each time, so I don't think it will make it to the credit bureaus as new debt. 
Click to expand...
Taking a 401k loan does not affect your credit... you are borrowing your own money
Click to expand...

That's what I'm thinking.  Just worried about banks seeing the loan repayment on my paycheck and messing up my debt ratio.  It does seem like a safe way to utilize money.  $50 application fee and $25 annual maintenance fee over 4 year payback period.  Interest is 5.25% which is not bad, unless the market explodes.  But then I'm repaying the loan from my pre-tax 401k money with after tax money... my head hurts.
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Why not wait and save more cash? If you are dipping into your 401K to buy a home, IMHO you are over leveraged. BP will not be the last home development in Irvine or even the GP. You don't have to buy now and you will not be priced out forever.
 
True but how many will have decent sized lots and a walkable K-8 school access with no apartment communities?  Not many, especially the ones greenlit by TIC.  Future phases of OH?  Unlikely, TIC saves the prime pieces of land for Irvine Pacific and we see how those lots turn out.  Eastwood?  Again probably an Irvine Pacific project and looks dense to me.
 
If you are dead set on new construction, you may be  right. Otherwise, there is always resale in any recently built village.

ps9 said:
True but how many will have decent sized lots and a walkable K-8 school access with no apartment communities?  Not many, especially the ones greenlit by TIC.  Future phases of OH?  Unlikely, TIC saves the prime pieces of land for Irvine Pacific and we see how those lots turn out.  Eastwood?  Again probably an Irvine Pacific project and looks dense to me.
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that's a good point. Perhaps I should buy a second home in BP.
Let me talk to my lender to see I can buy non-contingent...

ps9 said:
True but how many will have decent sized lots and a walkable K-8 school access with no apartment communities?  Not many, especially the ones greenlit by TIC.  Future phases of OH?  Unlikely, TIC saves the prime pieces of land for Irvine Pacific and we see how those lots turn out.  Eastwood?  Again probably an Irvine Pacific project and looks dense to me.
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I thought there will be apts in bp. Next to the 133. It's pretty far from the Torrey lots but I'm sure it'll be marketed as XYZ apts at beacon park. Just like that senior apt community is in PP.
 
From the builder preview emails, prices are around $430/sq ft.  That eliminates Silvermist, unless I go with the ground level master bedroom plan.  Even Torrey will be a stretch now.  Wife agreed to go see the models at the sneak preview but all chances look pretty bleak now.  The MR is a combobreaker the more I think about it. 
 
ps9 said:
From the builder preview emails, prices are around $430/sq ft.  That eliminates Silvermist, unless I go with the ground level master bedroom plan.  Even Torrey will be a stretch now.  Wife agreed to go see the models at the sneak preview but all chances look pretty bleak now.  The MR is a combobreaker the more I think about it.
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Considering these homes will be on bigger lots, the $430/sq ft might be a little misleading; but adding the higher mello roos than other new villages offsets this.
 
I think your wife's work distance is a huge factor and I can see why you are considering it.

I'm not really keen on the GP location (even though I live there... or do I?) but the lot size is also another reason.
 
Perspective said:
ps9 said:
From the builder preview emails, prices are around $430/sq ft.  That eliminates Silvermist, unless I go with the ground level master bedroom plan.  Even Torrey will be a stretch now.  Wife agreed to go see the models at the sneak preview but all chances look pretty bleak now.  The MR is a combobreaker the more I think about it.
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Considering these homes will be on bigger lots, the $430/sq ft might be a little misleading; but adding the higher mello roos than other new villages offsets this.
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Not all of BP SFRs will have big lots.  Torrey seems to have the biggest lots on average, but sales at Silvermist are proclaiming that they have the largest lots in BP, we'll see.  Since MR is based on house sq ft instead of lot size, there will be a good amount of people paying ~$10k/year in MR for teeny tiny lots like the rest of Irvine. 
 
irvinehomeowner said:
I think your wife's work distance is a huge factor and I can see why you are considering it.

I'm not really keen on the GP location (even though I live there... or do I?) but the lot size is also another reason.
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Wife's commute is a factor, but not that big a factor, she'll save maybe 10 minutes round trip in commute time.  Not worth the extra mello.  I wasn't liking GP at first as well, having lived in central Irvine majority of the time.  But recently our time spent on fun/relaxation has been near Jeffrey/Spectrum so BP is actually not a bad location.  Landfill is an eyesore, and if the cemetery gets built, even more so.  Still not a bad place to call home if I can get a 10,000 sq ft Torrey lot, walk to BP school for 8 years with my daughter, and pay the mello.... man if I do buy in BP it better be the biggest lot in new home purchase in Irvine or it's not worth it.
 
There is a lot more good stuffs being planned at the Great Park. This is just the tip of an iceberg. No apartments will ever be in your future neighborhood PS9. Transient housing is the worst and hurts the pride of home ownership nearby. No other developers will give away land like the Great Park. There is a fixed number of homes that could be built and too much land on the table. This unusual circumstance the developer could do things TIC wont do like curving every streets, do extra wide motorcourt, give away large lots, allow extra room between homes, plant mature trees saved from former base, and no two Pocket are the same. 2 decades from now Greatpark will age gracefully because so much nature is balanced with developments where trees are clustered for  better sustainability than forcing 1 tree every 25' apart. The replacement of trees in an organic grouping looks nice while replacing a tree in a marching regiment looks like an eyesore.
 
Aren't they building apts right across the adjacent streets.
Wished more of the properties had larger lots still, anything is better than what TIC has on avg (lots)
High hopes for GP...
 
So revisiting Silvermist plan 3, at 3714 sq ft and my estimated $400/sq ft (based on latest Pulte price) puts it at around $1.484 million with no upgrades. 

Property tax and Mello = $2351/month
Mortgage = $4500/month
HOA/Ins = $320/month

After COE I can then sell my older home and with the proceeds pay down/refi my new mortgage to around $2891/month.

Torrey:

I expect similar numbers to Silvermist, what irks me is if I do the flex room option in lieu of the garage storage (3646 to 3836 sq ft), it bumps the Mello into the next tier:  that's an extra $1400/year  >:(

Pulte:

Property tax/Mello = $2141/month
Mortgage = $3858/month (refi to $2270/month)
HOA/Ins = $307/month

Current home:

Property tax/Mello =  $936/month
Mortgage = $2607/month
HOA/Ins = $252/month

These numbers do not account for landscaping for the new homes nor builder upgrades.  Pulte's looking pretty attractive now, especially if they hold at the $400/sq ft price.  If the floorplan works out, our monthly delta from our current home is less than $1000.  And it also leaves financial flexibility for one of us to go part time in the future if needed. 
 
ps9 said:
So revisiting Silvermist plan 3, at 3714 sq ft and my estimated $400/sq ft (based on latest Pulte price) puts it at around $1.484 million with no upgrades. 

Property tax and Mello = $2351/month
Mortgage = $4500/month
HOA/Ins = $320/month

After COE I can then sell my older home and with the proceeds pay down/refi my new mortgage to around $2891/month.

Torrey:

I expect similar numbers to Silvermist, what irks me is if I do the flex room option in lieu of the garage storage (3646 to 3836 sq ft), it bumps the Mello into the next tier:  that's an extra $1400/year  >:(

Pulte:

Property tax/Mello = $2141/month
Mortgage = $3858/month (refi to $2270/month)
HOA/Ins = $307/month

Current home:

Property tax/Mello =  $936/month
Mortgage = $2607/month
HOA/Ins = $252/month

These numbers do not account for landscaping for the new homes nor builder upgrades.  Pulte's looking pretty attractive now, especially if they hold at the $400/sq ft price.  If the floorplan works out, our monthly delta from our current home is less than $1000.  And it also leaves financial flexibility for one of us to go part time in the future if needed.
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Did you ever think about renting out your place?
 
Damm!  Those property tax plus the high MR are almost as high as your current mortgage. >:(

Well, at least they are tax deductible....
 
Rents at $3800-4000, too risky, 1 bad tenant and I'll lose quite a bit.  Pretty much covers my carrying costs with no profit.
 
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