Woodbury - Cortile

NEW -> Contingent Buyer Assistance Program
<p>California Housing Finance Programs:</p>

<p>The loan programs are at CHFA website. Here's the links to <a href="http://www.calhfa.ca.gov/homeownership/limits/income/income-main.pdf">income limits</a> and <a href="http://www.calhfa.ca.gov/homeownership/limits/salesprice/salesprice.pdf">sales price limits</a> by county for 2006.</p>
 
<p>Hello everyone,</p>

<p>My husband and I have recently begun researching buying our first home. I came across this blog by googling Cortile. We visited the models yesterday and I was doing some research and stumbled upon this discussion. I figured what the heck I'll post and ask a few questions. Any perspective you can offer would be appreciated. I have several questions so please chime in if any interest you.</p>

<p>1. I noticed someone posted that Cortile was offering buyer incentives. How can you find out if incentives are offered? None were noted on the pricing list and we steared clear of the sales desk.</p>

<p>2. Can you negotiate with the builder for incentives? I.E. interest rate buy downs, upgrades, HOA fees etc.? </p>

<p>3. Should/Can you use a real estate agent to buy a new home? Pros/Cons?</p>

<p>4. For those of you that live in Woodbury are the Mello Roos worth it, what is your $392 a month doing for YOU. And, do Mello Roos go away? (crossing fingers)</p>

<p>5. Do do new homes appreciate faster than older homes?</p>

<p>Thanks guys! </p>
 
Hi OChomeshopper... welcome to the site and first off let me tell you that you that by coming to this site, you'll get a lot of people telling you not to buy right now, how prices are so ridiculous, they'll point you all this evidence, etc etc... but hey go for it if you're mentally and financially ready and can comfortably afford a 30 year fixed mortgage.





I purchased my first home from Cal Pac Homes back in 02, so here's my 2 cents. For incentives and any questions you might have, don't be afraid to ask anything. Ask, ask, ask. I asked so many questions, and luckily the people working at the home were really nice and helpful. As for incentives, it just depends on the builder. I never used a real estate agent for my new home and never saw a need for one. Although if the builder offers broker %, some people will just use an agent who is a friend or relative and split the proceeds. For mello roos, it just gets tacked on with the property tax and it's big chunk of it needless to say. But what can you do? It's going to be there for a while so get used to it for these new communities. As for new homes appreciating faster than older homes, you can say it happened back around 2000-03 because with every phase release the prices would shoot up another 10-20k. But the days of that happening now are gone. Hope this helps. Good luck.
 
Thanks for the reply. BTW, if anyone was wondering pricing remains the same as noted in Raymond's last post. Realistically the mello roos/HOA in Woodbury will likey keep us out, for now. But, we are going to keep watching the pricing and start enjoying the nice weather while we can still afford to live somewhere with real outdoor space (eastside costa mesa). It looks like it will be awhile before that is possible in Irvine.
 
OChomeshopper,





As sportsfan8 mentioned, you have stumbled into a bear's den. I have answered number 5 "5. Do do new homes appreciate faster than older homes?" in this post :<a title="Permanent Link to Appreciation is Dead" rel="bookmark" href="http://www.irvinehousingblog.com/2007/04/30/appreciation-is-dead/" linkindex="6" set="yes">Appreciation is Dead</a>.





If you want to really understand by I believe appreciation is dead, read these posts: <a title="Permanent Link to Your Buyer?s Loan Terms" rel="bookmark" href="http://www.irvinehousingblog.com/2007/05/07/your-buyers-loan-terms/">Your Buyer’s Loan Terms </a>and <a title="Permanent Link to The Anatomy of a Credit Bubble" rel="bookmark" href="http://www.irvinehousingblog.com/2007/05/14/the-anatomy-of-a-credit-bubble/">The Anatomy of a Credit Bubble.</a>
 
<p>OChomeshopper,</p>

<p>I would not buy Cortile if I were you. These plans are old and obsolete. There have been over a thousand of these homes sold in the last 7 years. It is like buying an old car. As a matter of fact, do not buy the other detached clondos like Decada and Vientos. When the builder unveils the new plans no one would want these old plans. The new plans have a better chance for price increase than the tired Cortile plans. </p>
 
<p>bkshopr-</p>

<p>While I don't think Cortile or Decada knocks it out of the park, I don't think it is fair to damn either one (though both are still overpriced right now).</p>

<p>One reason they've been used repeatedly is that they are well-liked. If you want detached on a budget, they are a reasonable starting point. And the builder only tweaks them slightly, so I think the threat of the builder "unveiling new plans" and noone wanting them is disproven right there.</p>

<p>To borrow the car analogy, Accords and Camrys are well-liked, there are many of them, <em>and</em> they have good resale. So the three are not mutually exclusive.</p>

<p>SCHB</p>
 
<p>bkshopr, what new plans are you referring to? Or this just a generalization?</p>

<p>The houses at Cortile may not be the type of house that would suit our needs 10 years from now but they seem like a good starting point. Purchasing a home will require sacrifices which i think will be easier to stomach if living "detached", even if that stomach is filled with peanut butter and jelly and ramen. There is definetly some psychological appeal to the detached condos...</p>

<p>What does everyone think of the option to convert one the tandem garages into additional patio space in residence one? What is better for resale? The extra outdoor space seems better than the hassle of backing in and out with two cars...seems like a pain...</p>
 
<p>SCHB,</p>

<p>I agree with your analogy. Calif. Pacific has delivered many well liked projects just like Hondas and Toyotas. I have good faith that the new project Sienna listed on its website is a new and improved detached condos. Since prices is already high why not wait for the new design. Since the builder has a good track record then the new one would be just as good or better.</p>

<p>I would do the same for cars. Both Honda and Toyota change the body styling of their models every 4 years. I would only buy the last year of the styling when the dealer lower the prices drastically to get rid of them. The newer floor plans get better each generation just like car technology. In this economy the builder has to make the plans much better to attract the buyers. </p>

<p>All I am saying is to wait for the new project then compare before making a big financial committment. Cortile, Decada and Vientos will not move quickly that you will miss the chance of a lifetime. If you really like the older models then there are always some deperate resale.</p>

<p> </p>

<p> </p>
 
<p>Thanks for the heads up, we will check out Sienna. We are not in a rush, just a little fixated on the process and amount of deicisions/options involved with the home buying process..hence the participation in this forum..</p>

<p>I'm a little unclear what how many homes constitute a "phase" at the aforementioned developments. The brochure from Cortile states that "phases 10-13 will be built in another part of Woodbury". But, I don't know how that translates into time. Anyone know where this other part of Woodbury is? </p>
 
<a href="../../../account/262/">bkshopr</a> is correct. These floor plans keep getting recycled due to the fact that re-engineering plans cost too much money. Recycling in itself isn't bad if the design is good but these floor plans are almost a decade old I believe. Just like electronics, higher-end designs and materials eventually trickle their way into affordable *scoffs* homes.





Personally, I enjoy the layout of Decada and wouldn't mind living in one. But since we're all waiting here, it doesn't hurt to see what new stuff Cal Pacific has in store for us (if any).



 
<p> </p>

<p>OChomeshopper,</p>

<p>I personally do not like to buy the last one of a terminated series. Phase 10-13 will be on the south west portion of Woodbury. The Irvine Company deliberately scatters the future phases into different neighborhoods for interest and diversity. Sometime the streets and infrastructure are not in yet for the future phases. Sienna will be in Woodbury East across Sand Canyon. Check out Calif Pacific's website.</p>

<p>The footage will be bigger than Decada. The prices I think should be around and slightly higher that Decada. Many of the bloggers like Irvine Renter has mentioned that space is important for the detached condos then these bigger plans would accommodate your family growth. </p>

<p>Although the Cortile plan one is the most clever 1,000 sf plan that I've ever seen I would not recommend it if you are thinking about kid(s). The bigger plans are much better for a growing family. Read my other posts on Town homes vs. detached condos.</p>

<p>Acpme bought the plan one. He is likely a single Asian guy or may be going to be a newly wed. This plan is perfect for a single with active social lifestyle and his or her dog which could live outside the yard beneath the opened tandem space roof. Most young Asian generation never learned to cook because Chinese parents did all of the food preparation. The compact kitchen is perfect for occasional cooking or microwave. The demographic of the plan one buyers mostly eat out and have extremely good taste for champagne and savvy electronics. The problem is this group is relatively young and just started in their career with high salary but no down payment. They are looking for uniqueness and cutting edge urban like settings. The plan one definitely satisfy the taste level of this group of buyers it is so different from any plans in the market but yet is one of the lowest price available.</p>
 
<p>All reasonable points, but in general, the life-cycle of a car is shorter than that of a home, so a car re-design every four years may approximate a 10-12 year shelf life of a home.</p>

<p><em>"If you really like the older models then there are always some deperate resale."</em></p>

<p>I've got a post coming up that will take a look at this.</p>

<p>SCHB</p>
 
We wanted to move to Irvine because it was closer to friends, family, and work. We currently lived in Ladera Ranch. We looked at Columbus Grove, Woodbury, and Portola Spring. Comparing the square footage of the homes and lot size, Columbus Grove was the cheapest, then Portola Spring, and then Woodbury. Location has a lot of do with this, but they are within a few miles of each other. We decided to buy in Columbus Grove.





If you're looking for a deal, definitely ask the builder for incentives. Make sure to bring an agent. Many of the builders give commission and you can get a kickback from the agent. Ask the builders for inventory homes. These are the homes that were built or mostly built, therefore, the builder have selected some or most of the upgrades for the home. Many builders will give large discounts on the home. One of my coworker got a 15% off the listed price of the home.





Most of the builder doesn't lower the price of the home from phase to phase, but since inventory is not moving as fast, they will give discount and incentives. KB homes in Columbus Grove give $50K off listed prices and 50% off upgrades up to $25K. Other builders such as Tarlor Woodrow give around $50-$60K off the Los Arboles in Portola Spring. If you want to buy a home, this is a good time to look for bargains.
 
<p>VOC is definitely a better buy. While the TIC communities are much more expensive. TIC also spent much more on the neighborhood infrastructures such as recreations, community centers, and landscape. The school district is a big deciding factor. You should evaluate all of the above before purchasing.</p>

<p>Another important factor is the land. VOC was a military base since 1945. The local city had no juridiction to regulate the toxic activities within the base. Years before the base closed black smoke from burning chemical and substances have occured periodicallyon the base. Although 10 foot of dirt has been replaced but the long term effect on people is too early to tell from the residual substance that is buried deep or leached into the earth.</p>

<p>Read the fine print regarding the environmental disclosure.</p>
 
<p>Acpme,</p>

<p>Did I guess correctly regarding your lifestyle? I do this all day long and enjoy my work very much. The best part is companies paid huge amount for these informations. Do you enjoy Warcrafts? Would you pay $14,400 for a laundry room with side by side appliances inside? So far none of the detached condo has laundry inside. I know most of your neighbors use the garage as storage and park their car outside on the street which is against the policy. Are you parking your car inside your 10' wide garage? BTW, Are you able to open your driver side door and get out easily? </p>

<p> </p>
 
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