Villages of Columbus - Columbus Grove - Lantana

NEW -> Contingent Buyer Assistance Program
qwerty - you dont have the down for LANTANA but you could easily get qualified for other homes. You want LANTANA but so do alot of other people. I've seen the homes. They're nice. So you're going to wait until your price appears...just like everybody else on this blog...but it might not be around (i know, sounds like realtards again). I have the down and income, but I dont want to buy. It's not because of the price, it's because i dont want to yet. when i buy though, it's going to be something i can afford. if i cant afford it, then i look elsewhere.



This whole SITE is about people waiting. Waiting until they can AFFORD to buy. If people did this a few years back, we wouldnt be in this mess. Waiting and Saving money was never the point in this thread. we already know if you wait, you get more house for the money. etc.



The argued point was about you trying to buy something you couldnt afford (RIGHT NOW) and trying to make the PRICE fit your affordability range. All I can say about this is GOOD LUCK! At least you are doing it legally.
 
guys...

I visited lantana last week. the sales guy is quoting 909K for 2nd plan as it has upgrades, like granite top, stainless steel, carpet, tiles speakers.

I am trying to negotitate it and trying to get it lower by 125K. How do you guys feel about it. Do you think its good price...
 
rickhunter,

I agreed with you in your earlier posts, but now I think you are way off. Can you explain why you don't want to buy just yet? Is it just a feeling you have? Not convenient? The basic premise of this site is that 1) there is a fundamental valuation underlying housing, 2) the current market is still far above that fundamental valuation, and 3) the market will always come back to that fundamental valuation. If you believe this premise is valid, then your purchasing decision is going to be influenced by what you think that fundamental valuation is. That is the approach I see qwerty and other posters taking.



If I understand your argument, you should buy when you want to buy, and only what you can afford. Based on this premise, the fundamental valuation of a house should be based on the market valuation at the point in time you choose to enter the market.



If I put it differently, qwerty will enter the market when he feels the market price of the house equals the fundamental valuation of the house (or is at some increment above the fundamental that he is willing to pay). You will enter the market when you feel like it. You both want to buy a house, but your approach is very different. To be honest, either approach is equally valid in my eyes, as long as you are both aware of the consequences of your decision-making process. I guess I don't understand why you think qwerty is in the wrong here.



I hope I didn't distort your argument, but that is what I understand it to be. Please feel free to correct me.
 
<p><em>The argued point was about you trying to buy something you couldnt afford (RIGHT NOW) and trying to make the PRICE fit your affordability range. All I can say about this is GOOD LUCK!</em></p>

<p>Right on. This whole site is about bitter renters that are upset they got priced out FOREVER.</p>

<p> </p>
 
balboa - "If I understand your argument, you should buy when you want to buy, and only what you can afford. Based on this premise, the fundamental valuation of a house should be based on the market valuation at the point in time you choose to enter the market."



I truly believe this. Mind you that "market valuation" is subjective based on different neighborhoods. In our case, Lantana is a pretty damn nice home/neighborhood.



I dont need to buy right now. After I sold my home in 2003, I decided to rent since the home was basically for investment purposes. BTW, My total monthly living expense is less than 1K. I decided that the next time I bought, it will be because of marriage. Looking at my current situation, it's going to be early 2009. Even if I knew home prices will drop 100K by 2010, I would still have to buy in 2009. WHAT SHE WANTS SHE GETS! I'm sure a lot of you understand this point.



As for Qwerty, he mentions the fundamental aspects that you are referring too in his earlier posts. From his last posts though, I felt if he had the down payment to make his monthly mortgage fit, he would buy the house at $720K.



To me, it's more about affordability than it is about fundamental values. We tend to group these 2 things together but it's very different. I have my fundamental values and it doesn't have anything to do with money. When it comes to my money, it's whether I can afford to or not. I'm sure we like to preach otherwise.
 
<p>I have to agree with Rick in that the decision to buy is about affordability, but then also agree with Qwerty that the fundamentals have to be right. The fact of the matter is, I would want the market value to be somewhere around the fundamentals. However, there is a premium for emotional and psychological factors that come with owning a home, and that is not factored in to the fundamentals equation. So it ultimately becomes a question of whether the price is reasonable given the fundamentals AND other factors including affordability.</p>

<p>"Right on. This whole site is about bitter renters that are upset they got priced out FOREVER."</p>

<p>Actually I'm not bitter. I was priced out (at least from homes I felt I should be able to get on my salary), but now I'm priced back in thanks to rising salary and free-falling prices. That's a short FOREVER. Hooray for me!</p>
 
there is enough people commenting on this string.... lets get everybody to give what price they will pay for a latana plan 1 and 2 and we can pretty much see what they can go for. simple....



builder asking price 720k

600k seems to be the bottom cause everybody is saying that they would go for it right? so the price of a latana is somewhere in between.
 
<i>"Right on. This whole site is about bitter renters that are upset they got priced out FOREVER."</i><p>


Waa-a-a-ah! I am so upset! We sold our home, are making a great return on the equity we pulled out, are renting a nice home in a nice neighborhood, not watching the monthly loss of equity in our home and letting someone else take the hit, but ... Yup, we are upset that we got priced out <b>FOREVER</b>. Forever and ever and ever. Waa-a-a-ah!<p>


Just curious, why the handle JPMorganfunds? Do you work for JPM? Is your last name Morgan? Are you involved in mutual funds?
 
Rick, Rick, Rick - you are the one that sounds bitter and im not sure why you feel this way. As far as questioning why we dont have the down payment because i dont want to overpay? That doesnt make any sense, you must be an absolute idiot. We all sit behind computers here, i dont know any of you, i have no reason to lie one way or the other - im just sharing my beliefs and experiences with others and will continue to do so.





The fact of the matter is that we are 30 years old, make upwards of 275K/year, we have the down payment, we have the FICO scores, we are financially responsible and if we really wanted to, we could take my soon to be father in laws offer of letting him buy us the house as as wedding gift, FOR CASH! While enticing to take his offer, which my fiance wants us to do, i wont let her. I grew up with nothing, being raised with nothing really teaches you the value of money, which is why i dont want to overpay for this house that you think we can not afford. It has absolutely nothing to do with affordability!! Rich people dont become rich and certainly dont stay rich by making stupid financial decisions. I am not rich right now, but i will be. It is ignorant people like you that help fuel my drive to keep on making money.





I am not saying that buying a house right now in general is a stupid financial decision, everyone here will have their own reasons for jumping in at whatever time they are comfortable jumping in, like you for example, you want to make your lady happy and that is great, you are more concerned about affordability, i am more concerned about fundamental valuations. I gave you a perfect example earlier (the plan 1 dropping 60-80K from this summer) - does that just go in and out of your brain, doesnt that show you something, that prices will probably continue to drop? Im sure at some point i will have the pressure from my fiance/wife to buy but it is not there now, so we can continue to sit on the sidelines until fundamental valuations return (or get close to them)





Maybe we can meet up for lunch one day and i can enlighten you and maybe you will be less ignorant some day (no offense, well, maybe a little). Merry Xmas Rick Hunter!!!
 
Okay...I'll bite.





I'll pay 700k for the Lantana 2 homes that don't back to the cement plant given the following requirements:


1. Interest rates are 6.0-6.5% for a fixed 30 year loan


2. Some lender will give me 90% financing.


2. It has premium high quality hardwood and upgraded appliances/granite


3. Landscaping is already done (front and back)





There!





I like Lantana 2 model, but not enough to pay 850k and not even at 750k. In the end, it's only a roof on a concrete slab, and no point in tightening your belt to enrich the lender and builder.





Not sure how low the Lantana homes will go for in the future. They are definitely a bargain at current prices compared to existing homes in West Park and Northwood that are 10 to 20 years or more older, but that's all relative based on our snob appeal of certain neighborhoods. I've stopped trying to guess what prices houses will be.





We will buy when 3 things happen:


1. Our down payment fund/income rises; and


2. Lantana 2 home declines in prices; so that


3. We can get a 30 fixed rate loan with 20% down with PITI costs that doesn't exceed 30% of our combined gross income.





Whether that is 1, 2 or 3 years or more is anyone's guess.
 
qwerty - maybe i misread somewhere that you didnt have the down. apparently you do. but not once have i insulted you by personal name calling. maybe only the bitch comment, but you started with the mother insults, now you're calling me an idiot? and i sound bitter? i'm done!



Merry Xmas to you!!!
 
i wouldn't pay more than 500k for lantana. seriously look at the history of prices for houses in irvine with similiar specficiations. It'll probably won't get there since there is only one phase left but I'm sure places like the gables(lennar) will fall closer to those numbers in the next few years. and frankly..i think houses in irvine should be even less because you're paying mello ross. One of the main reasons irvine prices are so high is due to the school system. how great can a school be that hasn't even been built?



if these houses were treated like a stock, then all the GREAT potential is already priced in so why bother buying it unless you're purchasing soley as a place to live and not an investment.
 
<p>RH and JP - Saying that this board is full of bitter renters is far from the truth. I am sure there are a few people here who are bitter and can't afford to but if you look back at the archives, there was an early thread regarding the annual incomes, savings, and purchase plans for board members. It was very early in the forums and I remember the statistics matched what I had suspected and that is that most of the people on this board make a very strong income, are savings oriented, and can buy today but aren't choosing to.</p>

<p>I probably have already given too much personal info in this forum but I want to demonstrate just 1 poster's personal situation. My wife and I are upper 20's, make close to $250K a year, have over $300K in liquid savings (and no, mommy and daddy didn't give us this...) and have never been priced out of the market. We can easily "afford" to buy pretty much any property in VoC but we are choosing not to. Sure I want to move out of the apartment into a nice house but I dont need to and I surely don't have to. I rather wait to get in when prices come to a fundamentally sound level or keep saving and just buy with cash in a few years. So see, I am not a bitter renter. I am just a hard working guy trying to make smart decisions now earlier than later. If you can show me why I should buy now, I will gladly listen.</p>

<p>It might be a good idea to create a poll again to gauge what type of people are visiting this site! And by the way, no offense JP but I can't take anything you say regarding finances seriously when you have a moniker related to stock markets and yet don't know what a put is. </p>
 
For detail, you can go to

http://lansner.freedomblogging.com/2007/12/20/builder-sees-many-35-socal-discounts/



Builder talks of 35% SoCal price cuts



December 20th, 2007 ? 78 Comments ? posted by Jon Lansner

My old college pal Ara Hovnanian, CEO of the Jersey-based builder bearing his family?s name, had some thought-provoking comments about the California market during a conference call with Wall Street analysts, according to a transcript on Seeking Alpha. Note that the big number comes from a SoCal project ?



Let me talk for a moment about pricing. I?ll focus on California because this is one of the markets where we saw some of the biggest price appreciation toward the end of the cycle. Prices of new homes have come down substantially in California, which has lead to the large dollar impairments that we have taken in that state. Turn to slide seven (to see it, click on small version to the right). You see an example of two different communities where our prices have come down over the last 12 months by 28% (in NCalif) and 35% (in S Calif) respectively. I wish I could say these were the exceptions in California, but they are not. Somehow, this kind of price reduction does not readily show itself in public data, but it is very real. New homes have rolled back to prices of many years ago, before the hyper-heated market.
 
question... they are talking about north cal. as in modesto and fresno and so cal. as in inland empire correct? cause i have not seen price cut like this around irvineor tustin yet....



stop by avenue E today. deep in the heart of santa ana... fairview and edinger. 4 bedroom 1672 sqft townhome. asking 507k giving 6% only. that is that. sales lady won't budge. this is a crap area of santa ana for goodness sake. dangerous too.
 
I reread the article. Yes, that 35% drop is in inland community (from 840k->550k). For Irinve, 30% drop is my tipping point. So far, only see 20% drop here.
 
<p>Jbatz,</p>

<p>Avenue E?....The freaking sales lady told me that the units toward the back of the project are consider premium. Hence, the higher price. I wanted to tell her how can they be premium when it's still in a dangerous neighborhood. </p>

<p>Oh and those hedges along the front walls. Guess what? I recommended that. Hahaha! I told the sales lady, "Hey, I suggest you don't leave those walls bare. You'll soon see grafitti on them." And sure enough, a week later they started to put shrubs along the perimeter walls. </p>
 
<em>By the way, no offense JP, but I can't take anything you say regarding finances seriously when you have a moniker related to stock markets, and yet don't know what a put is.


</em>


Um... seriously, it is very strange for someone with a financial handle, who doesn't know what a <em>put</em> is.


<em>


</em>
 
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