Any inside scoop on future buildings (landing or otherwise) from the service repair men?
The Landing Tustin Legacy (Brookfield Residential)
- Thread starter sleepy5136
- Start date
NEW -> Contingent Buyer Assistance Program
Buying a model home is the worst financial decision and will result in being underwater day one but yes there are almost people who end up buying the models for various reasons.
Upcoming developments include apartments across from the condos, continuing the linear park with a bridge on the other side along with senior homes, and a walkway on the side closest to Tustin Ranch road. They are starting to plan the area from the train station which will have space for homes and apartments and the rest of the linear park but those are still early so don't expect any development for awhile.
Why are you looking to sell already?
We love the landing but with a growing family and our parents coming to stay to help we feel like we could use even more space. We are looking to sell so that we can purchase a cira in the same neighborhood.
What I wish I had done though was to get ALL standards (cabinets, flooring) except structural and a few electrical and ripped out everything including cabinets. I've done that in the past (except going as far as cabinets). I didn't this time because I was uncertain what prices would be a year out and whether I could even get trades people to do work. Not being totally stupid, I did take a big red pen to the option list and put in our stuff afterwards. Absolutely crazy prices people paid for upgrades.
I am absolutely certain I would have saved a lot that way and I have another place to live while the work is being done.
Well.......... looking back I would have bought in 2020....... lol. I'm certain the builder had no idea houses would go up like they did since they sold two of the very best located lots and the large pie lots right off the bat for ridiculously low prices and they literally took well over a year to build. The builders even let pool companies put in the pools before the homes were complete with waivers signed they were taking so long to get the homes done.
The cash on cash return still sucks for a cash buyer, they'd be better off buying 5%+ treasury bills.
Once you factor the high HOA and high Mello Roos along with vacancy, the cash on cash return is probably around 3% so no problem beating that kind of return for a while in treasuries.
irviniteeee
Active member
Trust me...someone will buy it. Even an investor will buy it and rent it out right away. Just like at Azalea in Cypress Village. The 2 model homes of the floorplans that are above & below each other (2 bed, 2 baths, roughly 1k square feet) sold for 950+ & 1M+. Someone will get suckered into the Terra model home at that price for sure.
usctrojancpa
Well-known member
Buying a model home is the worst financial decision and will result in being underwater day one but yes there are almost people who end up buying the models for various reasons.
Upcoming developments include apartments across from the condos, continuing the linear park with a bridge on the other side along with senior homes, and a walkway on the side closest to Tustin Ranch road. They are starting to plan the area from the train station which will have space for homes and apartments and the rest of the linear park but those are still early so don't expect any development for awhile.
meiguoyungwai
New member
Terra update:
All the model homes have been sold (yes at those prices and at current interest rates/higher interest rates from possible 6 month rate lock fees). 7/12 of the buyers were cash buyers. There was a list of 100 people interested for the Terra condo model homes but the sales office were only able to call about half of the list.
Crazy how big the demand is for these condos. Wonder what the resale value will be when they are sold by current homeowners
All the model homes have been sold (yes at those prices and at current interest rates/higher interest rates from possible 6 month rate lock fees). 7/12 of the buyers were cash buyers. There was a list of 100 people interested for the Terra condo model homes but the sales office were only able to call about half of the list.
Crazy how big the demand is for these condos. Wonder what the resale value will be when they are sold by current homeowners
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sleepy5136
Well-known member
Most of them are probably going to be rentals. It's an excellent location for renters and can get max renting dollars. I know they have a one year rule of not allowing the units to be rented but as we saw in the other thread, that's not stopping people from doing so.
CalBears96
Well-known member
With HOA at $344-$684/mo for Terra and property taxes at 1.5% (meaning MR is higher than OH/EW/PS), I'm not sure if they make good rental properties.
sleepy5136
Well-known member
7/12 as mentioned earlier are cash buyers.. they’ll be fine.
CalBears96
Well-known member
I'm just saying it's not a good investment.
usctrojancpa
Well-known member
Why are you looking to sell already?
We love the landing but with a growing family and our parents coming to stay to help we feel like we could use even more space. We are looking to sell so that we can purchase a cira in the same neighborhood.
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How would you be able to purchase when Cira is in their final phases and waitlist? Or do you mean purchasing a Cira once one pops up on the market?
Ready2Downsize
Well-known member
Usually that is the case. I'm kicking myself for not buying the model in our neighborhood though. I'll get exactly what I want, but in the end I'm pretty sure it would have cost me no more to redo a few things to my preferences and it also came with a similar lot, only the pool is in........... and I would have gotten rent back.
What I wish I had done though was to get ALL standards (cabinets, flooring) except structural and a few electrical and ripped out everything including cabinets. I've done that in the past (except going as far as cabinets). I didn't this time because I was uncertain what prices would be a year out and whether I could even get trades people to do work. Not being totally stupid, I did take a big red pen to the option list and put in our stuff afterwards. Absolutely crazy prices people paid for upgrades.
I am absolutely certain I would have saved a lot that way and I have another place to live while the work is being done.
Well.......... looking back I would have bought in 2020....... lol. I'm certain the builder had no idea houses would go up like they did since they sold two of the very best located lots and the large pie lots right off the bat for ridiculously low prices and they literally took well over a year to build. The builders even let pool companies put in the pools before the homes were complete with waivers signed they were taking so long to get the homes done.
usctrojancpa
Well-known member
The cash on cash return still sucks for a cash buyer, they'd be better off buying 5%+ treasury bills.
sleepy5136
Well-known member
I'm assuming these are FCBs that want to park their cash in the US. 5% bills are temporary. Who knows if it will be consistently 5% 5+ years.
usctrojancpa
Well-known member
Once you factor the high HOA and high Mello Roos along with vacancy, the cash on cash return is probably around 3% so no problem beating that kind of return for a while in treasuries.