Ladera Ranch, Mello Roos, HOA, Commute (Santa Ana, Anaheim: sales, real estate, power lines)

[Z-Dog]

I work in Garden Grove and wife works in Newport. We've got two kids (age 2 and 3) and have lived in OC our entire lives.

We're thinking about making the hopeful "big move": find a place to settle down for the next 20 years, esp in regards to schools/family friendly community.

I've taken a look at the boards, but can anyone give me some more feedback:

1. What's going to be the daily cost of commuting using the 73? I'm thinking Fastrak for 2 cars.

2. How long to get from LR to the 73 at rush hour?

3. On a 500,000 to 650,000 property, what's the HOA, Mello Roos, Prop Tax?

4. I'm seeing a lot of moaning about Ladera being "speculation center" and upside down mortgages: what's the current situation? There just a lot of unhappy, broke families?

5. How's the shopping?

Thanks!

[Charles]

Here's about all I know. I'm sure others will chime in with more information.

1. The Toll Roads did you check this?
2. Sigalert.com - Personalized Traffic Reports
3. Not sure.
4. Check redfin and click on the recent sales for that area.

[missionhome]

1. You are looking at $9 per day roundtrip. The 73 is much more expensive than the more inland tollroads. The Catalina toll point halfway through the route will charge you $4.50 at peak hours one way.

2. It will take around 15 minutes to go down Crown Valley towards the freeway, cross the freeway, turn right on Greenfield, and enter the 73 tollroad. Traffic is pretty bad in the morning on Crown Valley, Mission Viejo's busiest street. At evening rush hour, it can take 20 minutes to get to Ladera from the 73 (your commute will be a nightmare just so you know to Garden Grove).

3. Not sure what the Mello Roos are (though i know they do exist) or HOA. You could ask a realtor. I know HOA is around $150 in Covenant Hills, but that neighborhood is Ladera has the additional cost of gate guards. The other Ladera villages are probably less.

4. Many families are fine, but Ladera probably has one of the more frequent rates of families upside down in their mortgages. I was at a home accessory store in Ladera (The Loft) and went to write a check and they told me so many checks bounce that they can't take them anymore. Read this article, relevant to Ladera and the financial problems some (not all) families are having: http://www.ocregister.com/articles/h...-howard-sheila

5. Ladera shopping is fine. Some nice specialty shops at good places to eat in the two Mercantile Centers. Rancho Santa Margarita and Mission Viejo shopping is close by also. The Shops at Mission Viejo Mall is about 10 minutes away from Ladera

6. Also, schools are very good, but if you are thinking very long term, you might want to think about the San Juan Hills High attendance boundaries (research other posts on Ladera using search feature.)

[SoCalBear]

I live in Ladera, currently doing a short term rental since moving here from North Orange County in Sept. We are closing escrow on a home in Ladera in March. We love it here and look forward to raising a family in Ladera. We also made the big move--hoping to stay in the new house for the next 30 years. I work near John Wayne Airport (19 miles one way) and my husband works in Santa Ana. He leaves at 730 and it takes him about 45 minutes on the 5. I leave later and it takes me about 25 minutes, on the 5.

1. What's going to be the daily cost of commuting using the 73? I'm thinking Fastrak for 2 cars.
Agree, check the tollroads.com

2. How long to get from LR to the 73 at rush hour? depends on where you live in Ladera. it's 2 miles from O'Neill to the 5. Toll is not much further. 10 mintues, give or take.

3. On a 500,000 to 650,000 property, what's the HOA, Mello Roos, Prop Tax? Depends where you live. Generally around $200 HOA for a SFR in Ladera. Add an extra $200 if you live in Covenant Hills (gated part of Ladera). If you live in a condo or townhome, tack on the condo HOA too. I should add that you get an incredible amount of amenities included. Tons of parks, pools, tennis courts, dog park, skate park, water park, and the list goes on. There's the community intranet and many activities to get involved in.

As for Mello Roos, it's property specific so you should check the OC Tax Assessor website for the specifics. When you find a property, put in the address or APN number and pull up the tax bill. You can check the "details" section and find the mello roos bonds. The older part of Ladera is generally cheaper (Oak Knoll) with Covenant being the most expensive. The house I'm buying has about $3000 in mello roos per year. It doesn't matter what the purchase price is for the mello roos. It doesn't change on resale. The bonds do end, but you need to check the specific bond. I believe most are around 30 year bonds.

4. I'm seeing a lot of moaning about Ladera being "speculation center" and upside down mortgages: what's the current situation? There just a lot of unhappy, broke families?

Depends. The street I'm buying on has had 2 re-sales since build-out in 2003. The seller is an equity seller, moving for business. My perception is that there are many families that are doing just fine while there are many who are just holding on and others that are in despair. Frankly, it depends (in my opinion) on how the owners handled their finances. Ladera was built during the boom. The flippers and the spenders are upside down and hurting. The original owners and people who didn't over-extend, bought with 30 fixed, and didn't use their HELOC as an ATM (and also have fortunately maintained their jobs and saved money) are doing fine in Ladera and hopefully happy.

5. How's the shopping? Awesome! Between the local shops (such as Tuvalu, Divine Treasures, the Loft), the Mission Viejo Mall, and Costco, I never have to leave a 5 mile radius to find gifts, get groceries, and fill-up the car. Great places to eat as well.

Hope you find this helpful. Good luck!

[Charles]

That was an informative post.

Originally Posted by SoCalBear

3. On a 500,000 to 650,000 property, what's the HOA, Mello Roos, Prop Tax? Depends where you live. Generally around $200 HOA for a SFR in Ladera. Add an extra $200 if you live in Covenant Hills (gated part of Ladera).

Is $200 per month or per year? (I probably won't like the answer.)

Originally Posted by SoCalBear

I believe most are around 30 year bonds.

I remember our Thousand Oaks Mello Roos was 15 years (1997 - 2012), and it went down due to some way they refinanced the bonds or something. It was like $100/month then it went down to maybe (guessing) $90/mo. I guess the lengths vary. Also, since the Mello Roos were line items on the property tax bill, people wrote them off on their taxes as they did their property taxes. I've never read anything about this being illegal.

It would be so neat to have a table of HOA/Mello Roos (amount & expiration year) for subdivisions in Orange County. Probably not a simple task to produce, just have to make lots of phone calls and grind through it. (Hmmm...maybe an idea for a new City-Data thread???) But these are important numbers and savvy buyers should take them into account along with school data, commute times, demographics, and community amenities (some of which would probably be a function of the HOA).

[SoCalBear]

Charles,
Thank you. The approximate $200 HOA is per month (for general Ladera, not including condos/townhomes or Covenant Hills). It includes the use of all the amenities (including the pools, parks, tennis courts located within Covenant Hills), the landscaping of the community, the dog park, and all the other parks and clubhouses in Ladera. As for the landscaping, it's done very well here. I walk every morning and the gardners are working throughout the community, seeding, planting, mowing, et cetera. They stop their equipment, move out of your way, and smile as you pass. Very pleasant and in contrast to my former community in Anaheim Hills where I paid $115 HOA per month for no amenities and for landscapers who I rarely saw and keep their machines going as I walked by and inhaled he exhaust.

I note that the club houses and parks can be rented by homeowners for private use. I believe the fee is fairly minimal.

As for the bonds, it would have been better for me to write that I was specifically referring to the ones generally in Ladera. (How's that for confusing?! Just as confusing as the bonds!) The type and length of bond attached to a particular property can vary by area and even within a community. In my former community, I believe the bond was a 25 year one and expired in 2012. Unless all the homeowners voted for its renewal, my understanding for that bond was that it will drop off the tax rolls. The concept makes sense because the purpose of the bond was to pay for the building of the infrastructure of the community and, in theory, that should be done in 20-30 years.

The best and most accurate way to check on a specific mello roos bond is to go to the oc tax collector website I reference above and search the property tax details. There is a telephone number by each bond. People actually answer the phone and will give you the specific information about the particular bond you are looking for.

The tax folks may disagree and indicate that mello-roos is not a tax that can be deducted, however, I claim no expertise in the tax field.

[Charles]

Here's a nice custom google map for Ladera Ranch

Ladera Ranch Community - Google Maps

[cabolissa]

My friends who moved into Ladera last summer just told me they're paying $360/MO for their TWO HOA fees. And that they just received notice they're being raised! No way, Jose! I'd buy in Mission Viejo which has nicer neighborhoods, IMHO... Check out some photos from the sticky thread. Also, MV is a straight shot down OSO to the 405 which is FREE commuting. It'll take you about 30 mins to Newport, and 45 to Garden Grove.





Mission Viejo, CA, 92692 - MLS ID#S559662 - Single Family Home real estate - REALTOR.com® (http://www.realtor.com/realestateandhomes-detail/Mission-Viejo_CA_92692_1105975478?mp=1&source=ig - broken link)

Do a search for homes in 92692 zip code.

[meletonmc]

I've lived in Ladera Ranch, San Clemente (Talega), and Mission Viejo. I was the happiest in Ladera Ranch. It is beautiful and has a lot of charm. I found that the people there have also been the friendliest! I miss it a great deal!

Ladera was built during the time that the market was going crazy so now it's paying the price, but you can pick up a home at a great price!

Good luck with your decision!

[Charles]

Originally Posted by meletonmc

I've lived in Ladera Ranch, San Clemente (Talega), and Mission Viejo. I was the happiest in Ladera Ranch.

How would you describe the differences between the three as far as

amenities for small kids?
pool access in summer?
proximity to conveniences such as preschools, shopping, restaurants?
value for the HOA fees?
general appearance (common area landscaping, minimal ugly power lines, etc)?

Why do you think you were happier? Was the vibe different? Where you making apples to apples comparisons between neighborhoods in each community?