The 'Slums' of Irvine offers great deals

[Mety]

Kinda off topic, but not really.
These homes look great for sub $900K!!! Detached 3-bed!!!
https://www.redfin.com/CA/Irvine/150-Violet-Bloom-92618/home/112719197
https://www.redfin.com/CA/Irvine/6-Sassafras-92618/home/5841409

Something lurking underneath?

I kind of like the oak creek one better.

Yeah, the home looks great. That location though...

 

[momto6]

Somebody correct me if I am wrong, with a price of $636 per square foot for Gainford, doesn?t that listing belong in the WTF listing thread. At that price, I do not see it as a deal. Just my opinion.

 

[Burn That Belly]

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[irvineband]

El Camino is for Real. Larger lots, no MR, no HOA. Renovate or tear down and build your perfect house dead center of Irvine.

 

[Mety]

El Camino is for Real. Larger lots, no MR, no HOA. Renovate or tear down and build your perfect house dead center of Irvine.

How much does it cost to tear down and rebuild?

 

[eyephone]

In Belly we Trust 

These are great finds.  Maybe BTB should do a side gig as realtor.  People who are trying to optimize on cost cant complain they don't have time to renovate ...

Belly giving you the added bonus for being part of TI. (Member or guest)

 

[aquabliss]

El Camino is for Real. Larger lots, no MR, no HOA. Renovate or tear down and build your perfect house dead center of Irvine.

How much does it cost to tear down and rebuild?

Depends on a lot of factors, materials used, elevation, etc.  Anywhere between $200 - $500 / sq ft.

 

[misme]

El Camino is for Real. Larger lots, no MR, no HOA. Renovate or tear down and build your perfect house dead center of Irvine.

How much does it cost to tear down and rebuild?

Depends on a lot of factors, materials used, elevation, etc.  Anywhere between $200 - $500 / sq ft.

I looked into doing a tear down and custom rebuild once--not Irvine, but another part of OC.

Better have a lot of cash and time on hand. Unless you are paying cash for the land, or already mortgage free on your current home, you have double carrying costs--paying on the new place, all while you are getting permits, working with the architect, construction with its inevitable delays, and also have to pay for a place to live while the new place is built. I was told it could take over a year from start to finish.

I decided to buy new construction instead--its cheaper and less hassle.

I could see this being a good route to take if you are lucky enough to inherit a property free and clear, old house for tear down, but in good location.

 

[Happiness]

These homes are about 30 to 40 years old. But at least they have low or no mello roos.  Imagine what GPN's Parasol Park will be like in 30 to 40 years: slum housing projects with astronomical mello roos. No one will want to live there.

People are complaining, prices are too high for a standard 3-bedroom in Irvine.  Non-sense! People are too picky. I present to you, great DEALS in the slums of Irvine. All homes are at least 3 bedrooms.

$550K for 3 bedrooms! Wow, what a great deal in 2018!

https://www.redfin.com/CA/Irvine/94-Elksford-Ave-92604/unit-3/home/5345052

$555K for 3 bedrooms again! Another winner

https://www.redfin.com/CA/Irvine/47-Meadowgrass-92604/home/4689618

$560K for 3 bedrooms, detached, a SFH, and no MR in 2018 and in Irvine? You're killing me Larry!

https://www.redfin.com/CA/Irvine/12-Deodar-92604/home/4684157

$615K with no one above or below.

https://www.redfin.com/CA/Irvine/10-Boston-92604/unit-28/home/5473326

$625K and it's PINK!!! Wow, one-of-a-kind with vaulted ceilings!

https://www.redfin.com/CA/Irvine/18-Silverwood-92604/unit-16/home/5444502

$720K for 4 bedrooms in Woodbury? Short sale deal fo sho! Not exactly the slums

https://www.redfin.com/CA/Irvine/173-Sanctuary-92620/home/7214659

$679K for 4 bedrooms, another great deal

https://www.redfin.com/CA/Irvine/10-Locust-92604/home/4684185

$679K for 3 bedrooms AND walking distance to 99 Ranch and Taiko Sushi!!

https://www.redfin.com/CA/Irvine/5218-Walnut-Ave-92604/unit-5/home/5552531

$710K and it has a full driveway!

https://www.redfin.com/CA/Irvine/14852-Gainford-Cir-92604/home/4669960

$725K and has high ceilings!

https://www.redfin.com/CA/Irvine/16-Autumnleaf-92614/unit-61/home/5250489

$729K located in the San Joaquin Estates

https://www.redfin.com/CA/Irvine/25-Rana-92612/unit-52/home/5431802

$699K. Look how tall that is! And you get a driveway.

https://www.redfin.com/CA/Irvine/3-Peacock-92604/home/4675801

 

[Burn That Belly]

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[fortune11]

In Belly we Trust 

These are great finds.  Maybe BTB should do a side gig as realtor.  People who are trying to optimize on cost cant complain they don't have time to renovate ...

Belly giving you the added bonus for being part of TI. (Member or guest)

I think he hit the nail on this topic

Housing is supposedly unaffordable also because we have self imposed constraints

It is similar to the cost and difficulty of getting into prestigious colleges (there was a separate thread on Ivies). We all hate how difficult it is to get our kids admissions into those, and how expensive they are, but boy, we sure want to get in. 

No one is forcing anyone into new construction in Irvine.  There are plenty of choices to satisfy everyone's taste

What would be an ideal home ?  -- near the ocean but at the same time easy access to kids activities, Costco, target and (if applicable) ethnic dining & markets and under 15 min commute to work, , single level large 5br floor plan ?  All for a non-exhorbitant price.  Doesn't exist ...

 

[Mety]

El Camino is for Real. Larger lots, no MR, no HOA. Renovate or tear down and build your perfect house dead center of Irvine.

How much does it cost to tear down and rebuild?

Depends on a lot of factors, materials used, elevation, etc.  Anywhere between $200 - $500 / sq ft.

I looked into doing a tear down and custom rebuild once--not Irvine, but another part of OC.

Better have a lot of cash and time on hand. Unless you are paying cash for the land, or already mortgage free on your current home, you have double carrying costs--paying on the new place, all while you are getting permits, working with the architect, construction with its inevitable delays, and also have to pay for a place to live while the new place is built. I was told it could take over a year from start to finish.

I decided to buy new construction instead--its cheaper and less hassle.

I could see this being a good route to take if you are lucky enough to inherit a property free and clear, old house for tear down, but in good location.

Yeah, that's what I think also. Revonating or rebuilding old homes would actually cost more than new ones. It doesn't have to be brand new homes, but somewhat newer like post 2000 would be better choice in my opinion.

 

[noMoneyBackin2011]

These homes are about 30 to 40 years old. But at least they have low or no mello roos.  Imagine what GPN's Parasol Park will be like in 30 to 40 years: slum housing projects with astronomical mello roos. No one will want to live there.

Yeah, they did say the MR doesn't expire for GP'ers.

"The bonds must be paid back by 2049 through special taxes collected annually on property tax bills, according to a city staff report. Residents will continue to pay the taxes even after the bonds are paid off to help fund the operations and maintenance of the Great Park, city spokesman Craig Reem said."

I haven't seen any perks (unless I just missed it) for GP residents yet - if there aren't any, and everyone is using the park, it then becomes an oddity why one GP is taxed for the park; at that point after 2049, that will be a huge amount allocated to "Park Maintenance".
Anyways, all of this is premature talk. For now I see it MR for the next 30 years, and no reason to think about further because that is 30 years of mostly meaningless discussion.  Additionally, this isn't a GP only phenomenon as far as I remember - all new standard builds are doing MR with 2% increases, and potential for more, but someone can correct me on this. 

 

[Burn That Belly]

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[irvinehomeowner]

Not sure a $1m attached townhome with MRs and HOA will appreciate more than a $700k SFR with driveway with no MRs, low or no HOAs, that you can put $100k into to update.

BTB is the master of illusion.

 

[Burn That Belly]

x

 

[irvinehomeowner]

But people who buy in Irvine are all about the appreciation.
Will these homes appreciate as much as new ones?

Ding ding ding.... which is exactly my point... (this is where IHO accuses me circling around). I am circling around on purpose...

So you're not implying anything here? C'mon... everyone knows what you are talking about when you refer to "appreciation".

That's your main selling point for Delano.

Your Jedi Mind Tricks do not work on me.

 

[Burn That Belly]

x

 

[irvinehomeowner]

But people who buy in Irvine are all about the appreciation.
Will these homes appreciate as much as new ones?

Ding ding ding.... which is exactly my point... (this is where IHO accuses me circling around). I am circling around on purpose...

So you're not implying anything here? C'mon... everyone knows what you are talking about when you refer to "appreciation".

That's your main selling point for Delano.

Your Jedi Mind Tricks do not work on me.

Actually, I wasn't thinkin' about Delano at the time. I was inferring that one could get this for the cheap (and not care for appreciation) but still enjoy all the wonderful amenities that Irvine has to offer. That's why I didn't add at the end "...and so this is why you should buy at __(insert home here)__"

Aren?t you always thinking about Delano?

It?s because you're so *attached*.

 

[Burn That Belly]

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