My husband and I have been house shopping for almost 2 years now… and boy are we glad we waited (the prices have dropped drastically.) We are 26, we have a good amount of cash for downpayment, and we have no children. This week is our 3 year anniversary and we have been living with our parents for long enough. We are planning on FINALLY buying a home in Dec/Jan.
We are interested in new homes and new developments and have looked at pretty much every new development in the Orange County area. We are having a hard time making up our minds. PLEASE HELP!
We love Irvine because… it’s Irvine and it’s perfect but it’s still more expensive than surrounding areas. Is it worth it? We have been considering Stonetree Manor at Woodbury.
We also like RiverBend in Orange but there hasn’t been very much talk about it on this forum. I grew up in Orange, and never felt it to be a dangerous neighborhood like some other people have commented on this forum. RiverBend is NO Irvine but you get MORE for your money. Here, we are considering Olive Grove. I didn’t like Portola Springs very much because of the fire hazard, high HOA and taxes, out of the way location, and I didn’t like Columbus Square because of the railroad tracks, homeless shelter, airplanes, and toxic military grounds.
We are planning on living in our new house for a while and hopefully we can upgrade in 5 years or so when we have children and they are toddlers. I don’t like the fact that a cement factory is right next to the Riverbend Community. I asked around and it seems the factory is there to stay. Also, I am not fond of the school districit. Although I went through the public school system in Orange it is nothing compared to the fabulous Irvine City Schools. But hopefully we will be moved to Irvine by the time our kids are school age.

I decided to compare the 2 developments. What do you think? Please give us any insight you might have on resale value. Best value for money. etc. We are really on the fence here.

OLIVE GROVE (Riverbend, Orange)
BUILDER: LENNAR HOMES
Residence 1 - 3bd/2ba- 2048 sq. ft.
6/16/07- $710,000
10/14/07 - $650,000
9/2/08 - $549,000
9/29/08- Homesite #11 $529,000

Residence 2- 4bd/3ba-2136 sq. ft.
6/16/07- $720,000
10/24/07- $662,000
9/2/08- $579,000
9/29/08- Homesite #10 $559,000

Residence 3- 4bd/3ba- 2478 sq. ft.
6/16/07- $765,000
10/24/07- $720,000
9/2/08- Sold Out

STONETREE MANOR (Woodbury, Irvine)
BUILDER: JOHN LAING HOMES
Residence 1 - 3bd+study/3ba - 1964 sq. ft.
2/18/07- From $780,880
9/15/07- $780,880
9/2/08- $720,880

Residence 2 - 4bd/3ba - 2104 sq. ft.
2/18/07- From $$829,880
9/15/07- $827,880
9/2/08- $750,880 to $805,880

Residence 3 - 4bd/3.5ba - 2268 sq. ft.
2/18/07- From $867,880
9/15/07- $827,880
9/2/08- $795,880 to $850,880

At (Orange) Olive Grove it is about $250 per square feet. At (Irvine) Stone Tree Manor is about $370 per square feet. A significant difference.
HOA fees at Olive Grove is $110 HOA fees at Stone Tree Manor is about $300. Another significant difference.
Taxes and Melloroos are about the same in both communities.
Woodbury is a much bigger community than Riverbend and has 7 pools and numerous parks. Riverbend has 1 large park and 1 pool/spa area.

What do you all think? If the commute to our work is equal distance to either community and we have no children but hope to resell in 5 years which would you choose?

How about a northpark detached condo for the same price as CementDrainageDitch Bend?

I wouldn’t buy a Lennar home over a John Laing home ever. That is like comparing a BMW to a Ford, no comparison. With a JL/BMW you get free maintenance, with Lennar/Ford you get fixed or repaired daily.

See my comment about Kodiak street in the other thread. I grew up, and live right next door to Orange now, that neighborhood isn’t Irvine alright, and it is certainly one of the lower parts of Orange.

Padre Brian- really? Ive been looking in Northpark and the prices actually seem higher than woodbury. I havent been able to find anything comprable to Olive Grove or Stone Tree Manor. Could you send me a link of a single family home -or detatched condo in Northpark with a good price and square footage if you see one? Thanks for the help.

Graphrix- I agree JL homes are much better than Lennar homes… I still have never driven by Kodiak st. I should check it out. Thanks.

MyLifeIsYummy - 02 September 2008 08:42 PM

... we have been living with our parents for long enough. We are planning on FINALLY buying a home…

Holy false dichotomy Batman!

The biggest detached Cal Pac’s San Simeon condo at Nortpark is about 1800 sf 4b/3ba at 700k. Stan Pac’s Santa Venetia is fee simple at around 2,000 sf. price may be around $850-980k. Lennar’s Medochino is about 1850 sf at around 700k-900k.

Here is a 1,650 sf San Simeon 3/2.5 for $599k

Do not buy an attached condo unless it is priced below 400k.

That detatached San Simeon ain’t too bad…BUT I would wait till January to buy…it will a tad bit lower.

She said she wants Irvine schools but the Northpark / San Simeon homes you mentioned above are in Tustin Unified. Just fyi.

My advice is choose whichever home you can afford on one income. Kids don’t come cheap and you may find that you want to be a stay-at-home parent. Just my .02 as that is the situation we are in.

“We are planning on living in our new house for a while and hopefully we can upgrade in 5 years “
I don’t suspect home price 5 years from now to be higher than what they are now. So, there will be no extra equity in your home in 5 years.  Beside paying the bills, you should have extra money to save for upgrade.
If you are thinking of upgrade, Timing does matter