Thinking of buying in Portola Springs. Few questions…

[coder77]

Hello! My first post.

1. What companies are writing non-surplus, non CA Fair plan policies for the area? Farmers seem to be but they are charging about $4k to $5k per year. They seem to consider the area at an elevated risk looking at the prices.
2. Do builders negotiate price or what they post is what you get?
3. Do builders ever go for a sale contingent upon selling your home?
4. Since market is a bit slow right now, is it smart to wait a month or two to see if the sellers start dropping their prices? I know kind of a magic 8 ball question.
5. If you buy a home from a third party, does the builder warranty transfer?
6. How worried are you about the wild fire risk if you are living in the area?
7. I also looked at Cypress Village. Cypress Village is assigned to Irvine High School. Is Irvine High School really that bad compared to other high schools in Irvine? I like the location of Cypress Village.

Thanks!

 

[irvinehomeowner]

First... get an agent. This will give you access to new home agent rebates if the builders have them. The agent can also answer some of your other questions.

For all these other questions... either other members may answer them quickly but most of these have been asked and answered previously.

 

[someguy]

Great questions, and congratulations on your home search. Irvine is a great city with many great things to offer.

I can't answer all of your questions, but I know someone who can, and he is the best of the best when it comes to buying/selling real estate. Connecting with @usctrojancpa (Martin) will be the best decision you will ever make. I've worked with him personally on multiple transactions and I have never been happier to part with 5 figure sums of money - the value he provides far exceeds the cost.

I'll give some of your questions a shot just for fun

1) No idea
2) Yes, but unless you're negotiator of the year, you will be better equipped to squeeze every last penny out of the builder with the help of good representation
3) Yes, but in Irvine there's so many cash buyers that being a contingent buyer could put you at a disadvantage. Martin has a program that can put you on par with non-continent buyers if you're finding that being contingent preventing you from getting the home you want.
4) Anyone's guess. Too many variables to predict. Mortgage rates have ticked down, which should increase transaction volume. The market is seasonal and tends to slow heading out of summer and into the holidays. There's no shortage of overseas money targeting Irvine, which should increase transaction volume. The best time to transact a home to live in is when you're willing & able to do so. Assets prices trend upward long term, so the longer you wait the greater your chances of facing higher prices than had you bought immediately. The idea that housing prices *must* come down will always be out there.
5) I think yes. Double check with Martin. But I believe yes, the warranty follows the house, not the owner.
6) There was a fire in the area a few years ago. There will be a fire again. Firefighters will do everything they can to prevent and mitigate property damage. Insure your home as needed. New houses are built to not burn very well, so the ones in the interior of the community have a better chance of surviving than ones bordering brush.
7) Irvine High school is rated a 9/10 on great schools. Education is a top priority to IUSD. Picking from those schools is like deciding between a Porsche, Lambo, McLaren, or Ferrari. There are some demographic differences between the newest and legacy IUSD schools. Cypress Village has a lot going for it. Everyone has an opinion about what's good and bad about it. If you're happy with how the location fits you and your family's needs, that's all that matters.

 

[coder77]

First... get an agent. This will give you access to new home agent rebates if the builders have them. The agent can also answer some of your other questions.

For all these other questions... either other members may answer them quickly but most of these have been asked and answered previously.

I already have an agent. I’ve been working with him for a while. I don’t believe he’d be willing to give me a part of his commission back if that is what you mean. I would also feel bad asking for it. I am far away from the area and he has been doing virtual tours for me.

 

[someguy]

I already have an agent. I’ve been working with him for a while. I don’t believe he’d be willing to give me a part of his commission back if that is what you mean. I would also feel bad asking for it. I am far away from the area and he has been doing virtual tours for me.

If you're not 100% satisfied with your agent's work so far you've got nothing to lose by reaching out to Martin. When it comes to a purchase as large as a house, you deserve the best ally you can find imho.

 

[coder77]

If you're not 100% satisfied with your agent's work so far you've got nothing to lose by reaching out to Martin. When it comes to a purchase as large as a house, you deserve the best ally you can find imho.

I am actually pretty happy with my agent. He is very responsive to my requests. But thanks for bringing up an alternative.

 

[someguy]

I am actually pretty happy with my agent. He is very responsive to my requests. But thanks for bringing up an alternative.

Awesome

 

[irvinehomeowner]

I already have an agent. I’ve been working with him for a while. I don’t believe he’d be willing to give me a part of his commission back if that is what you mean. I would also feel bad asking for it. I am far away from the area and he has been doing virtual tours for me.

For resale homes, I can understand that (although there are agents here who will give you rebates on any home sale, new or used). But on new homes, given that the transaction work is different, and if the builder is giving agent commission, you should get a part of that.

Good luck!

 

[coder77]

For resale homes, I can understand that (although there are agents here who will give you rebates on any home sale, new or used). But on new homes, given that the transaction work is different, and if the builder is giving agent commission, you should get a part of that.

Good luck!

I think that makes sense if from the get go, I’ve been looking for a new construction. But considering this person spent a considerable amount of time seeing several resale homes for me, I would really feel bad ditching him. I know it is considerable amount of money but I would not sleep well. We even wrote offers with him.

I appreciate the responses.

 

[someguy]

For resale homes, I can understand that (although there are agents here who will give you rebates on any home sale, new or used). But on new homes, given that the transaction work is different, and if the builder is giving agent commission, you should get a part of that.

Good luck!

One of the few things IHO and I agree on! There's very little for an agent to do when it comes to assisting a buyer with a new home purchase. Although an exceptional agent will sniff out ways to add value (like finding you a great lender to work with, an independent inspector if you prefer, referrals if you want to do some changes to the house after closing escrow, feedback on upgrade selection [like cost with the builder vs cost after closing], direct no-BS answers to your questions, asking important questions to the seller, etc). An average agent might just focus on keeping you in the transaction so they can collect their fee.

I believe some agents also offer commission rebates on resale purchases, but I might be mistaken.

Also, just one more thought to share on agents - the questions you listed in this post are all things a good agent like Martin would be happy to answer and would know the answer off the top of their head. Hopefully your agent is doing that for you and you're just double checking with us. If you have any doubt about your agent... Okay, I'll zip it on singing Martin's praises.

 

[someguy]

I think that makes sense if from the get go, I’ve been looking for a new construction. But considering this person spent a considerable amount of time seeing several resale homes for me, I would really feel bad ditching him. I know it is considerable amount of money but I would not sleep well. We even wrote offers with him.

I appreciate the responses.

Glad to see your thoughtfulness of the time your agent invested helping you.

 

[irviniteeee]

Hello! My first post.

1. What companies are writing non-surplus, non CA Fair plan policies for the area? Farmers seem to be but they are charging about $4k to $5k per year. They seem to consider the area at an elevated risk looking at the prices.
2. Do builders negotiate price or what they post is what you get?
3. Do builders ever go for a sale contingent upon selling your home?
4. Since market is a bit slow right now, is it smart to wait a month or two to see if the sellers start dropping their prices? I know kind of a magic 8 ball question.
5. If you buy a home from a third party, does the builder warranty transfer?
6. How worried are you about the wild fire risk if you are living in the area?
7. I also looked at Cypress Village. Cypress Village is assigned to Irvine High School. Is Irvine High School really that bad compared to other high schools in Irvine? I like the location of Cypress Village.

Thanks!

6) There have been and will always be fires in Portola Springs.
7) Irvine High has an interesting reputation in Irvine, but I think it's just due to the typical "my school/my kid's school is better than yours" mumbo jumbo; Irvine schools are top tier, period. I went to University High and every school would talk down about one another for one thing or another. I think Irvine High always gets picked apart because it's closer to the more affordable parts of Irvine (although not really affordable anymore).

 

[coder77]

6) There have been and will always be fires in Portola Springs.
7) Irvine High has an interesting reputation in Irvine, but I think it's just due to the typical "my school/my kid's school is better than yours" mumbo jumbo; Irvine schools are top tier, period. I went to University High and every school would talk down about one another for one thing or another. I think Irvine High always gets picked apart because it's closer to the more affordable parts of Irvine (although not really affordable anymore).

Basically, are you saying do not shy away from Cypress Village because it is assigned to Irvine High? Any other downside of Cypress Village East? I know there is a low income housing being built right around the corner but I guess most areas have those.

 

[irviniteeee]

Basically, are you saying do not shy away from Cypress Village because it is assigned to Irvine High? Any other downside of Cypress Village East? I know there is a low income housing being built right around the corner but I guess most areas have those.

I wouldn't completely rule out Cypress Village because of the school, I would evaluate everything overall. Which part of CV are you looking at? Are you looking both at the original CV and East? Irvine has always had low income housing sprinkled in so I wouldn't write off CV because of that.

 

[coder77]

I wouldn't completely rule out Cypress Village because of the school, I would evaluate everything overall. Which part of CV are you looking at? Are you looking both at the original CV and East? Irvine has always had low income housing sprinkled in so I wouldn't write off CV because of that.

Cypress Village East. Around Sand Canyon and Trabuco

 

[irviniteeee]

Cypress Village East. Around Sand Canyon and Trabuco

It's hard to say what the downsides are for Cypress Village East because it's subjective. It's a small community, so there aren't many amenities inside as Cypress Village across Sand Canyon. The upside is that you don't pay the Great Park MR and taxes, but can cross the street and be at the Great Park. If you're someone who likes to walk to shops and food places, CV East doesn't offer that.

 

[coder77]

It's hard to say what the downsides are for Cypress Village East because it's subjective. It's a small community, so there aren't many amenities inside as Cypress Village across Sand Canyon. The upside is that you don't pay the Great Park MR and taxes, but can cross the street and be at the Great Park. If you're someone who likes to walk to shops and food places, CV East doesn't offer that.

We are not the types to walk to places Driving around is totally fine.

 

[GrowthStateofMind]

We are not the types to walk to places Driving around is totally fine.

Not sure if State Farm is still offering new policies, but my homeowners policy for my place in Portola Springs has coverage for wildfires. The city views and parks are great up the newer neighborhoods like Azul, Cielo, etc. Several pools and playgrounds scattered throughout the communities several minutes drive apart. As some may complain about, it’s rather far from closest shopping plazas (8-10 minutes to Woodbury town center for Trader Joe’s and Ralph’s), but I don’t mind the often dreamy scenic city views when driving down.

 

[sleepy5136]

One of the few things IHO and I agree on! There's very little for an agent to do when it comes to assisting a buyer with a new home purchase. Although an exceptional agent will sniff out ways to add value (like finding you a great lender to work with, an independent inspector if you prefer, referrals if you want to do some changes to the house after closing escrow, feedback on upgrade selection [like cost with the builder vs cost after closing], direct no-BS answers to your questions, asking important questions to the seller, etc). An average agent might just focus on keeping you in the transaction so they can collect their fee.

I believe some agents also offer commission rebates on resale purchases, but I might be mistaken.

Also, just one more thought to share on agents - the questions you listed in this post are all things a good agent like Martin would be happy to answer and would know the answer off the top of their head. Hopefully your agent is doing that for you and you're just double checking with us. If you have any doubt about your agent... Okay, I'll zip it on singing Martin's praises.

I'm not sure if I misunderstood this but I would personally never use any realtors recommended inspector. Always find your own inspector.

 

[sleepy5136]

Hello! My first post.

1. What companies are writing non-surplus, non CA Fair plan policies for the area? Farmers seem to be but they are charging about $4k to $5k per year. They seem to consider the area at an elevated risk looking at the prices.
2. Do builders negotiate price or what they post is what you get?
3. Do builders ever go for a sale contingent upon selling your home?
4. Since market is a bit slow right now, is it smart to wait a month or two to see if the sellers start dropping their prices? I know kind of a magic 8 ball question.
5. If you buy a home from a third party, does the builder warranty transfer?
6. How worried are you about the wild fire risk if you are living in the area?
7. I also looked at Cypress Village. Cypress Village is assigned to Irvine High School. Is Irvine High School really that bad compared to other high schools in Irvine? I like the location of Cypress Village.

Thanks!

6. Very concerned. It has had wild fires in the past and that will not magically go away. TBH PS/OH will probably burn down before other parts of Irvine get touched. Depending on your insurer, it may/may not be flagged as a high fire risk zone yet, but you best bet it will in the future. Factor that into your overall cost of ownership.

One last thing that @GrowthStateofMind touched upon is the distance PS is from the 5/405 and also how its a bit inconvenient and further out to your nearest Target/Costco. It may or may not be a dealbreaker for you.