Turtle Ridge or HB???

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John Shaw_IHB

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<p>Hello </p>

<p>I have been looking at 2/2 town homes in Turtle Ridge or HB at the $600K price range.</p>

<p>Which of these two areas do you guys think is better? I am having trouble deciding. Both areas are fantastic and close to the beach.</p>

<p>Thanks</p>
 
Hi John--





I'd personally take Turtle Ridge. Better schools, cleaner, etc. But the HOAs/Mello Roos in T'Ridge must be factored in. Keep in mind that the Ridge is in 92603 and that premium Irvine zip is bearing among the largest brunt of the, uh, correction so far. I think it was 4-06 to 4-07 that zip took a 37% hit! So, you'll probably lose more in the Ridge as times goes on, and pay more month to month-- I think those are some important things to factor in.
 
<p> </p>

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<p>I cant see that area going down much more. Its practically Newport Coast.</p>

Do you really think that town home prices in TR will go down to the mid 400K range?
 
<p>You say Turtle Ridge or HB, but the discussion heading says Turtle Ridge or Turtle Rock. Either way, I'd go with Turtle Ridge. With condos, unlike homes, newer is almost always better, because you don't have the option of doing any major remodeling. Sure you can remodel the interior, but because your place is attached to a bunch of other places, you're not going to be able to change the structure.</p>

<p>Anyhoo, Turtle Rock condos are too old. And HB -- if you mean Huntington Beach -- is garbage. Nothing but a bunch of skater punks and tatooed miscreants that show up on the weekends and at night. Main Street is a zoo. Homeowners I know there have to deal with noise and people urinating in their yard at night. Fun to visit when you're 22, but I'd never want to live there.</p>

<p>If you were talking single family homes, I'd say Turtle Rock or Turtle Ridge in a toss-up. The question there is whether you want to deal with the additional costs -- higher HOAs and Mello-Roos -- imposed on Turtle Ridge homeowners.</p>
 
I vote for Ashton Green dropping that low for sure. Think of all of the image conscious people there. . . they'd go way in over their heads to impress others. If there were only some way to know % of income going to housing payment in a particular neighborhood, I'd say that it's got to be really high in "Tha Ridge." Not a good sign for defaults in the coming months/years.
 
<em>"I cant see that area going down much more. Its practically Newport Coast. Do you really think that town home prices in TR will go down to the mid 400K range?"</em>





Check out this property which will be part of a post I am doing on Turtle Ridge for next Tuesday:





<a href="http://www.redfin.com/stingray/do/printable-listing?listing-id=819490">http://www.redfin.com/stingray/do/printable-listing?listing-id=819490</a>





It is offered for sale under its 2004 purchase price. Yes, prices will go down much more in Turtle Ridge. It isn't the desirability, it is the financing.
 
<p>"It isn't the desirability, it is the financing."</p>

<p>What does that exactly mean.</p>

<p>Sorry, I am a little slow.</p>

<p>Thanks</p>
 
<p>John,</p>

<p>IR means that no one is qualifying for the mortgage financing now that they're tightening up the standards...ie: no more 100% financing, no more "no document" loans.... you will have to actually qualify on merit and cash in the bank (which no one has). So if no one can obtain a mortgage to buy, no one can sell at the price they're asking. Sellers have to eventually drop their prices to the affordable range. If things get really tight funding wise, the average person in Irvine (earns 82K per year) will only be able to afford an approximately 300K mortgage, give or take 50K. So assuming 20% down, that home purchase will have to be between 360K and 410K. This is all hypothetical of course, but seems more likely by the day. </p>

<p>So no financing, no sale. Trickle down economics.</p>
 
I think it's a little shortsighted to assume that no one has cash in the bank. Certain of us live paycheck to paycheck, but there are a whole lot of people in the OC with a whole lot of money not parked in their primary residence.
 
marty - The savings rate in the US is negative. Equity as a percentage of appraised value of the average American home is at a historical low. Credit card debt is on a parabolic move upward as the housing ATM ends. There are not a whole lot of people in the OC with a whole lot of money not parked in their primary residence and those who do are too smart to purchase inflated re right now. What is shortsighted is to not recognize the normal and historical re and business/credit cycles.
 
Can someone please explain how land leases work? How do we know if a property we are looking at is on a land lease? Thank you.
 
<p>K. I'm going off on a tangent here. According to statistics, the five largest cities in the OC (based on population) are Santa Ana, Anaheim, Irvine, Huntington Beach, and Garden Grove. And since this is an Irvine blog, I'm assuming most of the readers here think that Santa Ana, Anaheim, and Garden Grove are garbage. [ Yes, I do think Irvine peeps have higher standards (being that a lot of you moved up from those "other" cities).] So... the question is, which is better? Irvine or Huntington Beach?</p>

<p>Personally, I think Irvine is newer, cleaner, safer, and has a much better business environment. Thus, it's definitely a great place to live and raise a family. Irvine is basically the ideal suburban bubble. It's good place if you're 0-20 years old and 40-dead. As for Huntington, it's clean, safe, and nice. Plus it's the image of the Southern California culture - the beach, the sand, the waves, the surf, and the crowd. Seriously, people don't travel across the world to check out all the nice Irvine homes... they come here for the great beach weather and surf culture.</p>

<p>So I guess it's a matter of what one prefers. I think both cities have great schools, nice homes, and friendly people. If you are conservative and put a higher premium on niceness, Irvine would be ideal. But if you care more about being outside and enjoying the beach, you should choose HB.</p>

<p>As a renter, I would pick HB. Because who cares about your residence when you can be outside enjoying all the activities. But as a homeowner, I can't help but put a premium on how new and nice the actual home is. Most of my friends who live in Irvine are motivated and career-oriented. Whereas my friends in Huntington are loose, laid-back, and liberal. As for me, I would either live in Irvine and play in Huntington, or live in Huntington and work in Irvine.</p>

<p>But from the schools point of view, nice schools in HB are Edison, Huntington Beach, and Marina High - all of those have some Ivy League quality students. Nice schools in Irvine are University, Woodbridge, Northwood, and Irvine High. [That's all of them, huh?] So yeah, I think in terms of quality of life, both cities rank very high. It's just a matter of PERSONAL preference. I think the consensus is in favor of Irvine though. Based on population growth, Irvine is growing dramatically while Huntington is simply stagnant.</p>
 
<p>Being one of the largest cities in OC, Huntington Beach offers much more diversity than Irvine. The surf culture is only a part of it. There are some very nice areas (92649 - which includes the harbour and environs) and some not so great (92647). Huntington Beach (IMO) has a nicer climate, being more temperate than Irvine. I didn't have A/C during the 18 years I lived there. There are plenty of Mom and Pop restaurants and retail stores; liquor stores and dive bars, which lend a certain charm, that are absent in Irvine. I am aware of only one condo development in HB that is on leased land (near Bolsa Chica and Heil). The schools are great, particularly the Ocean View School District. The only negative is that most parts of HB are not very freeway accessible. So, unless you work in or around Long Beach, expect fairly long commutes. </p>
 
<p>dayday,</p>

<p>Start a new post asking that question about land leases. Your question might get lost in this topic and I'm sure others would like to know the answer as well !</p>
 
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