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Irvine Housing Blog

A Change in Trend for Irvine Housing: No New Mello Roos?

Posted: 04 Apr 2012 05:00 AM PDT

An IHB post from last week was about one of Irvine’s most recent housing development, Lambert Ranch. As Zovall stated in that post, a sneak preview of the homes in this new development occurred recently. Some TalkIrvine participants attended the preview and gave some interesting and differing opinions. You might want to take a look at their comments.

Today's post is another twist on this new housing development in Irvine.

Lambert Ranch might start a new trend in the financing and marketing of new homes in Irvine. Mello-Roos taxes on homes in new Irvine developments has been a given for some time now. And this given usually means a big increase in the homeowner’s property tax bill.

However, the Lambert Ranch developer, The New Home Company (TNHC), “has announced there will be no Mello-Roos taxes at Lambert Ranch, making the development the only new home community in Irvine to offer no additional tax assessment.” Partner and CEO Larry Webb goes on to say, “Families have a hard enough time paying normal real property taxes, let alone the special taxes imposed by Mello-Roos.”

Many of you know about Mello-Roos taxes, but for those who don’t, here is a brief history:

With the passage of Proposition 13 in 1978, the property tax money that had been available to build infrastructure and provide services (for example, schools, roads, and libraries as well as police and fire protection) was reduced. One of the results was that cities and local governments required that developers bear more of the burden in providing the infrastructure and services that would be needed in new communities. Passage of California’s Mello-Roos Community Facilities District Act in 1982, which lets developers obtain the funds needed to pay for the infrastructure and services through the sale of bonds, was seen as a partial solution to this problem. The obligation to repay the bonds is usually transferred from the developer to the homebuyer and shows up as an additional fee on the homeowner’s property tax bill.

So will TNHC recoup the cost of providing the needed services without the aid of Mello-Roos taxes by charging higher housing prices? CEO Webb commented on this:

“Some of the cost may be passed to the homebuyer. However, this does not significantly impact the cost of the home. In fact, our prices will be comparable per square foot with projects in Irvine that are subject to Mello-Roos fees. And buyers in those communities will have to pay these fees every year.”

This seems like doublespeak to me. First he seems to say that the overall cost will be higher, and then he seems to say that the overall price will be comparable to new developments in Irvine that have Mello-Roos fees. I’ll let you compare overall costs between Lambert Ranch homes and homes in other recent Irvine developments. After you factor in the costs with and without Mello-Roos taxes, you can come to your own conclusion. And for those of you who make this comparison, please let me know what your conclusion is.

TNHC describes their Lambert Ranch development as “private family residences in the hills of Irvine.” The development, which will include three neighborhoods (The Field, The Grove, The Hill) as well as three pocket parks, the Ranch House recreational center, and the .75 acre Children’s Adventure Park, goes on sale this month.

For some history on Lambert Ranch, which includes Ray Lambert’s purchase of the land in 1915, see an Orange County Register article.

Lambert Ranch then…

Lambert Ranch Now...

Photos courtesy The New Home Company and the Sapetto Group via The Orange County Register

Discuss below or at Talk Irvine.

architecture 4 us

Green Architecture of Storrs Road House by Tim Stewart Architecture

Posted: 02 Apr 2012 10:19 PM PDT

Sustainable Storrs Road House was designed by Tim Steward Architecture. It was designed for a family who used to manage a working orchard in Peachester, Queensland. This modern and green architecture house is completed with some sustainable features, and high energy efficiency.

This sustainable architecture building sits on 18 hectares land who was the orchard. It is sited where the old irrigation tanks once were. The entrance of the house was the location of the old dam, which supplied the water to the orchard. This provide access to the brilliant views which are a feature of the site. A sheltered courtyard warps the house, and there is also a small garden. The home was designed to provide a strong connection between the house and the nature environment. Some outdoor spaces are also provided.

The eco construction is supported by several sustainable features. Passive strategy was implemented, combined with the natural ventilation, energy efficient lighting, louvered windows, solar water heating, and 60,000 liter cistern to store rainwater. The materials to built the house were taken from local area, from the site or from fire breaks cut through the bushland. They were then milled and finished on site.

With all of these features, this sustainable home may combine natural and garden feeling to the inhabitants.

Green Architecture of Storrs Road Home 3 150x150 Green Architecture of Storrs Road House by Tim Stewart Architecture

Green Architecture of Storrs Road Home 4 150x150 Green Architecture of Storrs Road House by Tim Stewart Architecture

Green Architecture of Storrs Road Home 5 150x150 Green Architecture of Storrs Road House by Tim Stewart Architecture

Green Architecture of Storrs Road Home 7 150x150 Green Architecture of Storrs Road House by Tim Stewart Architecture

Green Architecture of Storrs Road Home 8 150x150 Green Architecture of Storrs Road House by Tim Stewart Architecture

Green Architecture of Storrs Road Home 9 150x150 Green Architecture of Storrs Road House by Tim Stewart Architecture

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Irvine Housing Blog

Attached, Detached, or Single Family Residence

Posted: 02 Apr 2012 05:00 AM PDT

When you ask people what matters most in the house they will buy, they will pick floor plan. If you ask me, there is one more decision to make before you set out to buy. Attached, detached or Single Family Residence. All Irvine villages offer the three choices. Today, we will compare three properties around the same square feet area in the village of Woodbury. One of them is an attached condominium that shares common wall with neighbors, and one of them is a detached condominium that doesn’t have any shared wall, and the other one is a single family residence.

15 Herringbone, Irvine CA 92620
(Attached Condominium)

55 Plantation, Irvine, CA 92620
(Detached Condominium)

28 Rising Sun, Irvine CA 92620
(Single Family Residence)

Here is a side-by-side comparison of the three properties:

	15 Herringbone Irvine, CA 92620 (Attached)	55 Plantation Irvine, CA 92620 (Detached)	28 Rising Sun Irvine, CA 92620 (Single Family Residence)
Listing Price	$648,800	$729,000	$828,888
Beds/ bath	3 Beds/ 3 Baths	3 Beds/2.75 Baths	3 Beds/ 2.5 Baths
Area	2090	1964	1949
Price/ SF	$310	$371	$425
Levels	Two	Two	Two
Year Built	2008	2005	2006
Previous sale	$680,000 in Jan 2008 Listed for $31,200 less than the last sale	$669,880 in Dec 2007 Listed for $59,120 more than the last sale	$986,500 in Jun 2006 Listed for $157,612 less than the last sale
Floor Plan	Builders Tract Name: la Casella Builders Tract Code: LACA Builders Model Name: PLAN 2 Builders Model Code: 2	Builders Tract Name: Stonetree Builders Tract Code: WDST Builders Model Code: 1	Builders Tract Name: Portisol Builders Tract Code: WDPT Builders Name: California Pacific Homes Builders Model Code: 2
Type of Sale	Standard	Standard	Standard
Elementary School	Woodbury Elementary School API Rank: 9 API Growth: 918
Middle School	Sierra Vista Middle School API Rank: 10 API Growth: 948
High School	Northwood High School API Rank: 10 API Growth: 908
Down payment	$129,760	$145,800	$165,778
Monthly mortgage, assuming 20% down payment, and 30 YR Fixed at 4.0%	$2,478.00	$2,784.00	$3,166
Home Owner’s Dues	$105+$220	$158+$105	$105
Mello-Roos	$3,732 Annually $311 Monthly	$4053 Annually $338 Monthly	$4598 Annually $383 Monthly
Property Tax (1.0595%)	$6874 Annually $573 Monthly	$7724 Annually $644 Monthly	$8782 Annually $732 Monthly
Fixed Monthly Cost of owning	$3687.00	$4029.00	$4386.00

Which one would you buy? What are the factors that help you decide? In a village where 62% of homes have offered a price reduction of about 6%, will you buy your house now, or wait for the summer of 2012?

The median sold price of the homes has dropped 29.3% in the past year in Woodbury. Will it drop further this summer? The rate of unemployment is headed south in Irvine. Will that help the housing market? What do you think?

Latest from Clearwater Real Estate Tampa Homes

Should I Short Sale My Clearwater Beach Condo or Home in 2012?

Posted: 01 Apr 2012 06:19 AM PDT

Clearwater Beach Short Sale Questions and Answers

Should I Short Sale My Clearwater Beach Condo or Home Now?

Clearwater Beach FL – There’s a lot to consider before you decide to do a Clearwater Beach short sale. In my last post, Is 2012 the year to sell my beach home or condo?, I said you should call us to receive our free Clearwater Beach Real Estate Market Analysis Report before you decide to sell your property, so you will have an idea of what your property is worth, and you will know if the real estate market is going up or down in the near future, which effects your marketing strategy. I also said that our Clearwater Beach Real Estate Market Analysis Report takes into consideration the: Clearwater Beach Real Estate Market Values, Clearwater Beach Real Estate Prices, Clearwater Beach Residential Real Estate Market, and Clearwater Beach Real Estate Market Forecast.

Today, I will answer the question you are probably asking yourself right now if you owe more on your Clearwater Beach condo or home than it is worth:

Should I 'Short Sale' My Clearwater Beach Property in 2012?

In 2011, more banks signaled a willingness to allow property owners to work with Realtors to 'Short Sale' their properties, as Clearwater Beach Realtors we are seeing that as well. Now that those banks like Chase, Wells Fargo, Citibank and more have recognized this process as a better alternative than the traditional home foreclosure process.

Type Of Property Sale % of Value

Non-Distressed 100%
Short Sale 79%
Foreclosure 71%

—RealtyTrac 02/2012

Why the big difference in selling Clearwater Beach short sales or foreclosures? This comes about in part because the banks are realizing that it makes more sense to sell the Clearwater Beach property at a higher price than they could receive from the foreclosure and subsequent bank owned, REO sale. In addition, the banks are recognizing that the foreclosure process has a tendency to blight entire real estate areas contributing to the lowering of everyone's Clerawater Beach condo and home property values for several years. Which in turn lowers their return when they foreclose on these and sell even more properties – just a bad cycle.

"We continued to see a shift toward pre-foreclosure sales, or short sales….That trend will likely show up in more local markets in 2012 as lenders recognize short sales as a better option for many of their non-performing loans." —RealtyTrac 02/2012

If you think your Clearwater Beach condo or home’s current market value (what you could sell it for today) is less than the amount you owe on your property, then call me to discuss your situation. I will create a Market Analysis report for your Clearwater Beach property and answer your questions about the Florida short sale and the foreclosure processes.

For today, I will leave you with some things to think about as you consider

The choice between going through a foreclosure or calling me to do a Clearwater beach short sale:
What is the difference between a Clearwater beach foreclosure and a short sale on your home or condo?

There are many points to consider, but I will focus on one key element in my answer today; your credit rating.

With a Short Sale: There is a negotiated settlement with your bank(s). Your credit will be bruised, but it will not be ruined, you will have no foreclosure attorney fees, you will have the peace of mind knowing that you can turn this problem over to our team to handle, and know that you can probably buy another home in about two-years.

With a Foreclosure: There is a court hearing, and a court settlement. Your credit is damaged for the long-term, there are usually attorney fees, and you may be able to buy another home in about ten-years.

Can You Help Me With a Clearwater Beach Short Sale?

We can help you. We are Clearwater Beach Realtors who know how to assist you in selling your home and getting out-from-under this difficult situation. Just know that we are here to help you.

What Can I expect If I Work With You To Do a Short Sale?

Our experienced team will take over once you make the decision to do a Clearwater Beach short sale. You will have the peace of mind knowing we handle all of the details and work with your bank(s) to negotiate a short sale, so you can move on with your life.

How Do I Contact You?

We have a site with videos and more explaining Clearwater Beach Short Sales and also invite you to call us at 727-422-8901, or if you feel more comfortable asking questions via email, then email us at jackhaydon@gmail.com because we are here to help you, and want to make sure you get the answers to your questions.

Give us a call today or email us to save your credit,

Call: 727-422-8901 or

email us at jackhaydon@gmail.com

We are Clearwater Beach Realtors who offer real estate services. We are not attorneys or accountants. We have attorneys and accountants on our team who offer their professional services. We work as a team to do short sales.

Jack Haydon, Realtor

Charles Rutenberg Realty

Number One Real Estate Company in Pinellas County

Email: jackhaydon@gmail.com

Phone: 727-422-8901

P. S., If you would like to receive a Real Estate Market Analysis for your property, then just click on the link below and leave your information. I will perform a Real Estate Market Analysis for your property free-of charge and email it for your review:

Website link is here:

http://www.BeachHomeValueReport