sleepy5136
Well-known member
When something sounds too good to be true, it generally is. There's always a catch.
@The Motor Court Company @CalBears96 Good advice but wanted to get opinion of others incase I am missing something more than just Mello Roos.100% agreed. You buy what you like, where you like. I don't care what strangers on the internet say.![]()
The reason for this thread was to find out the catch. Besides Mello Roos do you see what is the catch?When something sounds too good to be true, it generally is. There's always a catch.
Seems like you already have your opinion set on GP it doesnt matter what people say here. Like sleepy joe said, if it’s too good to be true, then it is.The reason for this thread was to find out the catch. Besides Mello Roos do you see what is the catch?
Bigger lots? Are you referring to Altair? As far as I know, other than Altair, there's only another little section of GP that is even SFR. Most of GP is condos. I'll agree that the home design is modern, which I really like. Also, nicer amenities is NOT despite the higher MR, it's BECAUSE of the higher MR.I live in GP and was mainly attracted to the bigger lot + home sizes, modern design and nicer amenities despite the higher Mello Roos. TI tends to be very anti tax and has always been down on GP compared to EV / no mello roos areas. I’m still glad I chose GP and I used to live in EV.
In order to come up with the additional $7K/year in MR, you would need to have $175K invested in an investment (like a bond) that yields 4% annually. That's the general thought.The difference in Mello Roos is $5-7K more a year compared to house prices which are $125-$175K more. Even if you live at this place for 30 years which is a long time and then leave you would pay max $210,000 more ($7K X 30 year).
Also one of the pro: doesn’t some tracts get free music from the amphitheater?Did a quick glance, I don't think anyone else brought this up as well.
The mello Roos at the great park is perpetual. There is no expiration date of 20, or 30 years like the other older Irvine places.
Yup also gp doesn't have apartments.I second the comment about square footage and lot size, which is exactly why I picked GP. Specifically, Pavilion Park, which is the first GP neighborhood, built around 2013/14. I have a true SFR, around 2900 sq ft on a 7200 sq ft lot. With Mello Roos in the low $7Ks. Even with the high taxes, nowhere else in Irvine do I feel I could get this bang for the buck … and I’m far enough from the freeway… can’t hear a thing. I love it here.
Yup also gp doesn't have apartments.
Yes they do
So seems like GP is where you get the most bang for your buck. That is what I am getting a sense of when looking at other parts of Irvine. Also regarding Mello Roos I did my research and it is for 40 years. But realistically even if it is for life time it does not matter when you sell the house the new owner is responsible for paying the Mello Roos as I do not imagine someone living in a house for more than 30 years especially if they buy the house in their 30's or 40's since they would downsize or move to another location considering their age would be in the 70'sI second the comment about square footage and lot size, which is exactly why I picked GP. Specifically, Pavilion Park, which is the first GP neighborhood, built around 2013/14. I have a true SFR, around 2900 sq ft on a 7200 sq ft lot. With Mello Roos in the low $7Ks. Even with the high taxes, nowhere else in Irvine do I feel I could get this bang for the buck … and I’m far enough from the freeway… can’t hear a thing. I love it here.
Right you can take the extra $175K you saved by paying less for the same size house in GP and get 4% interest and pay off the extra Mello Roos.In order to come up with the additional $7K/year in MR, you would need to have $175K invested in an investment (like a bond) that yields 4% annually. That's the general thought.
Except you DON'T get an extra $175k though. Assuming you put down 20%, that's $35,000. With 4% interest, you only get $1400 a year from that. Then you'll have to pay taxes on the income as well. And in a couple of years, that 4% interest will turn into 1% interest when the Fed cuts rates.Right you can take the extra $175K you saved by paying less for the same size house in GP and get 4% interest and pay off the extra Mello Roos.