Villages Of Columbus - Claredon Residence 2 - 3bd/2.5ba

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dealrep_IHB

New member
Hi All,



We just visited the Claredon community, and really likes this community and make an offer to one of the home for 500K, but the developer sales person come back with 535K offer (within next 1 hour) and we are not sure is it worth to buy for that much money as they are single wall attached condos. Is anybody else bought the home in the same neightbourhood and let me know the last comparable price for the same model. The house address is in tustin, but the school district is Irvine, that's the only attractive point for buying this property.



Also as I am the newbie to the housing market, not sure is it the good price for the 3B/2.5B condo in tustin (with irvine school district) or not as the other dues (HOA, taxes, mellarose etc.) makes the payment almost 1.5 times of the original loan amount payment (around $3600.00, assuming 20% down payment).



Thanks,

DealRep
 
<p>You said the lender came back with a 535 offer? Did you misspeak and mean developer?</p>

<p>REO means "real estate owned", in other words the bank has foreclosed and is reselling the property to a new buyer.</p>

<p>Please DON'T sign anything until you have spent HOURS reading this blog and/or hiring a good real estate lawyer. Not me, I am out of Florida, and post on this blog because there is nothing comparable I can find in the entire state of Florida.</p>

<p>But it sounds like you are a real estate newbie, and if you don't inform yourself, trust me, in this market you will get sliced and diced, unless you learn what you are doing.</p>

<p>I didn't know anything with the purchase of my first house and lucked out because I was in a rising market, which you absolutely aren't. But I was cheated in a small way, which I realized after I got my law degree and had practiced for a while, long after the house was sold.</p>

<p>So nothing wrong with not knowing stuff; that can be corrected.</p>

<p>There's another thread about a closing January 15th, not far down the list, that you should read right away.</p>
 
Sorry for the confusion as it's developer not lender, who come up with counter offer of 535K for the new home. It's the the last home left in that neightbourhood.
 
<p>dealrep,</p>

<p>You should read this thread on Clarendon before you do anything.</p>

<p><a href="http://forums.irvinehousingblog.com/discussion/11/villages-of-columbus-columbus-grove-clarendon/#Item_0">http://forums.irvinehousingblog.com/discussion/11/villages-of-columbus-columbus-grove-clarendon/#Item_0</a></p>

<p>If they are offering $535k, the price has come down from the initial pricing, but is still high considering all the taxes and fees associated with it. </p>

<p>They are well-designed units - if the price is right for you.</p>

<p> </p>
 
<p>Okay, I really need to defend Tustin now. In Tustin, there are two zip codes - 92780 and 92782. The 92782 zip code has BETTER demographics than the average Irvine zip code - just think Tustin Ranch and Tustin Foothills. I know that Irvine sounds like a better city to live in, but VOC is in the more affluent Tustin area. So be proud to live in Tustin.</p>
 
Hi hs_teacher,



First of all sorry for hurting your feelings, as I am not criticising Tustin, but as the first time home buyer I am not sure about the pricing for the new home, specially in the current market. Therefore I mentioned about the school district and the address etc. Currently I also lived in Tustin (zip code 92780) and like it, but it's time for us to move to our own home and that's the only good new community we have found near Tustin. As we don't have good schools in our neighbourhood, therefore I have given preferene to Irvine school.



I know Tustin Ranch has some good schools (like, TMA, Pioneer, Tustin Ranch etc.) and they have rating higher than Irivne, but I don't think we can afford the housing in that area as they are really very expensive.
 
dealrep:



I also visited this particular unit a few months ago. I'm not sure if this will bother you, but I noticed that the front door and bedrooms directly face the basketball court that they are building for the park just across the street. Also, there is alot of street noise at night from Harvard.



With HOAs, 1% tax base and CFDs (or special assessment taxes), your total non-deductible expenses per month exceed $1000. Last time I checked HOAs are more than $300/month.



As for the price, the builder was giving (without negotiations) 75K in incentives off the purchase price, with the price set at $619,990 (depending on whether they called this a special of the week). I think pricing wise, its about the same as what they were willing to do a few months ago.



You have to figure out whether the extra expenses is worth it to you. For me, these condos were not worth $300+/month of HOAs. You can get a detached condo in Ladera with a yard for about the same price now with lower HOA dues.



Just my 2 cents.
 
<strong><nobr>Household Income:</nobr></strong>





<strong>ZIP</strong>

<strong> 92780 </strong>

<strong> 92782 </strong>





Median:

$47,961

$85,977





<strong><nobr>Race:</nobr></strong>





<strong>ZIP</strong>

<strong> 92780 </strong>

<strong> 92782 </strong>





Hispanic/Latino:

40.4%

8.6%





White*:

42.3%

62.3%





Black*:

2.8%

1.7%





Native American*:









Asian*:

11.1%

23.5%





HI/Pac. Isl.*:

0.3%

0.1%





Other*:

0.2%

0.2%





Multi*:

2.5%

3.6%





<nobr>* Does not include individuals in this racial group who identify as Hispanic/Latino.</nobr>




 
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