sleepy5136
Well-known member
When something sounds too good to be true, it generally is. There's always a catch.
Why is GP cheaper from Price/Sqft compare to rest of Irvine
- Thread starter agp2572
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Five Point builders are a bunch of greedy bastards. They dont set the price in GP lower because they want to save you money.
I'll say, though, that GP is worth considering if you have little kids to take advantage of the nicer amenities.
Yes they do.
This is a true statement:
1) They are hidden well
2) They are not part of the association
3) They are allocated affordable housing
@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?
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.
Five Point builders are a bunch of greedy bastards. They dont set the price in GP lower because they want to save you money.
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.
CalBears96
Well-known member
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'll say, though, that GP is worth considering if you have little kids to take advantage of the nicer amenities.
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The SFR lots were more generous but the GP trend has been towards more condos with each new neighborhood.
Pavilion (mostly SFR and some detached condos) ->
Beacon (half SFR and half detached and attached condos) ->
Parasol (all condos) ->
Cadence (some SFR and mostly detached condos) ->
Novel (all condos) ->
Rise (a few SFRs on motorcourts and mostly condos) ->
Solis (all condos)
Altair isn’t really part of GP. Key fobs don’t work outside of Altair. But it has the same crappy Mellos. Nearly all SFR and a few large detached condos. Most lots are standard/small but there’s some great premium lots.
If I were to buy in GP I’d aim for a resale SFR in Pavilion/Beacon/Cadence/Altair. These all have driveways on full size streets. No motor courts, missing sidewalks or narrow streets without street parking.
Pavilion (mostly SFR and some detached condos) ->
Beacon (half SFR and half detached and attached condos) ->
Parasol (all condos) ->
Cadence (some SFR and mostly detached condos) ->
Novel (all condos) ->
Rise (a few SFRs on motorcourts and mostly condos) ->
Solis (all condos)
Altair isn’t really part of GP. Key fobs don’t work outside of Altair. But it has the same crappy Mellos. Nearly all SFR and a few large detached condos. Most lots are standard/small but there’s some great premium lots.
If I were to buy in GP I’d aim for a resale SFR in Pavilion/Beacon/Cadence/Altair. These all have driveways on full size streets. No motor courts, missing sidewalks or narrow streets without street parking.
paydawg
Active member
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 Motor Court Company
Well-known member
Also one of the pro: doesn’t some tracts get free music from the amphitheater?
mightybluff
New member
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.
LongIrvine
Member
Yup also gp doesn't have apartments.
Yes they do.
AccidentalAnalytics
Member
This is a true statement:
1) They are hidden well
2) They are not part of the association
3) They are allocated affordable housing
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's
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.
CalBears96
Well-known member
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.