The Loft....

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irvinehomeowner said:
That was my real guess... equity bubble money.

Did you sell your house recently or did you sell at the height and rent until now? (again... if too personal you can ignore)

The property tax thing is a big hit... I remember when my friends were buying homes in that range and we couldn't imagine paying a tax bill that was basically a car (albeit a cheap one) every year... until we started doing it.
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We sold the house back in March and have been renting it back since.  I resisted longest time because of the property tax, but finally gave in when we "needed" a bigger house. 
 
Wow... such a long rent-back.... I guess your buyers aren't in a hurry. I remember when we sold our house, we had to pull teeth just get our buyers to let us rent back for 3 weeks.

Congrats... Sonoma 2/3 were always my favorite of the MSC Trio... but the prices are still unbelievable to me... it's one of the small things that makes us wonder if we should have sold at all.
 
irvinehomeowner said:
Wow... such a long rent-back.... I guess your buyers aren't in a hurry. I remember when we sold our house, we had to pull teeth just get our buyers to let us rent back for 3 weeks.

Congrats... Sonoma 2/3 were always my favorite of the MSC Trio... but the prices are still unbelievable to me... it's one of the small things that makes us wonder if we should have sold at all.
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The new owner bought the house to rent it out until they are ready to retire, which is when they will move in.  So we could have rented it back years.  It really worked out well since I just stayed in the same house while the new house is being built.  Also it helps that they happened to be the high bidder.
It worked well for the buyers also.  I still treat the house like mine and make the minor repairs to the house without bothering the owner.  It still feels like my house and feels weird that it's someone elses house.
 
Property tax....14,000....*wheeze*..... I...oh god.....*faint*

That's horrible.  Oh my god. That's like, people LIVE on 14,000 a year.  *hackwheeze*
 
Saw a few homes this past weekend... some with a loft, some without... definitely think a loft is better. Makes the upstairs more open and adds more living space upstairs.

It would be nice to watch TV upstairs without having to sit on my bed.
 
so if the sonomas were in the 700s...does that mean that mello roos basically doubles your property tax?  14,000 for a 750k home vs 15,000 for a 1.5 million dollar home? 
 
I'm thinking the Sonoma 3 that I2I bought was in the high $900k and if MRs are around $5k... that puts you at about 14k for taxes.

I believe the equivalent tax rate is like 1.6% of the original sales price (the .6% being a static number that usually doesn't change no matter how many times the house is resold at different prices).
 
Blueberry East said:
Talyssa said:
so if the sonomas were in the 700s...does that mean that mello roos basically doubles your property tax?  14,000 for a 750k home vs 15,000 for a 1.5 million dollar home? 
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No. The Sonoma mentioned below must have cost almost 1.7 million (20% down was 417K?). Maybe 3000K Mello Roos. 14000 tax almost seems like a bargain then, at least it's < 1%.
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This is almost getting to comical.  $417k is his loan amount, not his down payment.
 
Talyssa said:
Property tax....14,000....*wheeze*..... I...oh god.....*faint*

That's horrible.  Oh my god. That's like, people LIVE on 14,000 a year.  *hackwheeze*
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Funny part is that my RENT for the entire year is just a little more than that property tax bill.  :eek:
 
sonoma said:
Blueberry East said:
Talyssa said:
so if the sonomas were in the 700s...does that mean that mello roos basically doubles your property tax?  14,000 for a 750k home vs 15,000 for a 1.5 million dollar home? 
Click to expand...
No. The Sonoma mentioned below must have cost almost 1.7 million (20% down was 417K?). Maybe 3000K Mello Roos. 14000 tax almost seems like a bargain then, at least it's < 1%.
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This is almost getting to comical.  $417k is his loan amount, not his down payment.
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Yes, $417K was the downpayment.  The house was about $900K.  So the tax is 1.05% of $900K and the mello roos is $4500 for a total of almost $14000.  The property tax part would have been about same for me regardless of the neighborhood since my budget of about $900K for my move-up home.  The difference between the neighborhood was the mello roos.  Areas we looked a lot was Northwood II and Woodbury from 2006 time frame.  The mello roos are basically the same as 2010.  Older neighborhood we looked at was Northwood Pointe.  The mello roos was around $2000 a year, but the houses were about $50K more.  Also, the houses were 13 years old, so many things needed updates.
Basically the lower the mello roos, the older the house.  To buy a house without mello roos in Irvine would mean a 25+ year old house. 
It's just the way it is in Irvine if you choose to live here.
 
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