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Old 02-28-2008, 02:16 PM
 
101 posts, read 136,406 times
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BTW...forgot to mention...
My brother was interested in buying one of the new condos in the Preserve back in 2005 (Citrus Commons?) for 330k. The HOA was the deal killer. I was the one that convinced him that he would be overpaying and the market would eventually tank hard out here. His wife got upset but now thanks me. They are waiting for a home in the preserve to hit a high 200 mark. Not too far off ;--)
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Old 02-28-2008, 02:51 PM
 
Location: Chino, CA
1,458 posts, read 3,273,850 times
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Quote:
Originally Posted by jvazjr View Post
BTW...forgot to mention...
My brother was interested in buying one of the new condos in the Preserve back in 2005 (Citrus Commons?) for 330k. The HOA was the deal killer. I was the one that convinced him that he would be overpaying and the market would eventually tank hard out here. His wife got upset but now thanks me. They are waiting for a home in the preserve to hit a high 200 mark. Not too far off ;--)
Hi Jvazjr,
if you haven't checked, the Citrus Commons/Tetherwinds are already in the 200k marks... also, like i said earlier, the builders are actually building more condos... does that mean they see or already see current inventories selling off? possibly... who knows.

Good for your brother for waiting... we waited for the last 3+ years too. now may or may not be a good time for them to "look".


-chuck22b
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Old 02-28-2008, 02:58 PM
 
101 posts, read 136,406 times
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Back to the OP question about Chino..check out this article I came across today about the dairies

quote "The market for dairy land to use for residential development has evaporated with plummeting home sales, said Vander Dussen, who brokers land for fellow dairy owners. As a result, the exodus of dairies from the Chino Valley has come to a halt, at least for the time being. It is possible, he said, that dairy farming will continue in the region for another decade."

Inland dairy industry endures change, including plant closing | PE.com | Special Reports | Beef Recall
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Old 02-28-2008, 03:07 PM
 
Location: Chino, CA
1,458 posts, read 3,273,850 times
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Quote:
Originally Posted by jvazjr View Post
Back to the OP question about Chino..check out this article I came across today about the dairies

quote "The market for dairy land to use for residential development has evaporated with plummeting home sales, said Vander Dussen, who brokers land for fellow dairy owners. As a result, the exodus of dairies from the Chino Valley has come to a halt, at least for the time being. It is possible, he said, that dairy farming will continue in the region for another decade."

Inland dairy industry endures change, including plant closing | PE.com | Special Reports | Beef Recall
That's fine with me, the City of Chino needs income still from farmers and taxes. I already stated that there's a country feel in the area. I'm ok with that. Lived in the city areas all my life and am tired of the crowdedness and heavy traffic.

And I agree that they shouldnt' only build houses in the area. That's why I believe they should have more commerical/industrial development in the area for jobs/businesses. Hopefully this project:
Eastvale project to build job base - DailyBulletin.com goes through, and there'll be more jobs here. Also city projects like the parcel purchases by Riverside County in Eastvale: Riverside County to buy first of three parcels to be used for public-service buildings in Eastvale | Eastvale | PE.com | Southern California News | News for Inland Southern California which was announced today.
-chuck22b

Last edited by chuck22b; 02-28-2008 at 03:36 PM..
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Old 02-28-2008, 03:19 PM
 
101 posts, read 136,406 times
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You and I may be Ok with it but the OP might not. Wwhen I visited the preserve in 2005 with my brother the sales people kept telling us how the dairies were all going away as to not scare us. Not that it bothered us. Chuck, do you see any of those townhomes for sale or foreclosure? I thought it was crazy to pay 330-400 back then for a townhome.
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Old 02-28-2008, 03:49 PM
 
Location: Chino, CA
1,458 posts, read 3,273,850 times
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Quote:
Originally Posted by jvazjr View Post
You and I may be Ok with it but the OP might not. Wwhen I visited the preserve in 2005 with my brother the sales people kept telling us how the dairies were all going away as to not scare us. Not that it bothered us. Chuck, do you see any of those townhomes for sale or foreclosure? I thought it was crazy to pay 330-400 back then for a townhome.
Of course sales people tell you stuff :P... that's their job... and that's why you have to do your own due diligence. When we bought the place we assumed things as is, and if things continue to grow, than great! :P

I'm not quite sure, I haven't seen any for sale signage around the condos/townhomes area since I don't go by them much (you'd probably have to go through RealtyTrac or a Realtor to know for sure), but there are a couple signs by the homes built and bought in '05.

All in all the community seems alright considering the situation (the landscaping is still being maintained, people are still walking on the streets, the parkhouse services and facilities are being maintained, and families are still playing in the parks, etc.). I'm pretty sure the builders are hurting though because of as fore mentioned willingness to drop prices for standing inventory.

As for the current status of the Preserve, in our recent newsletter, the HOA said that over 811 homes (Jan 1, 2008) has sold since 2005.

Also the apartment complex that was planned for the Preserve is building now... so things are going, slower, but things are still moving along here.

-chuck22b

Last edited by chuck22b; 02-28-2008 at 03:59 PM..
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Old 02-28-2008, 07:05 PM
 
Location: Chino, CA
1,458 posts, read 3,273,850 times
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Default 100 Best City for young people winner 2/3 years

Sorry, but had to post something nice about the City of Chino and how friendly it is to families. The city has been part of the 100 Best Cities for Young People 2 out of 3 years since the program has started.

America's Promise Alliance - 2008 100 Best Winners List (http://www.americaspromise.org/APAPage.aspx?id=9846 - broken link)

-chuck22b
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Old 02-28-2008, 08:36 PM
 
1,831 posts, read 5,280,018 times
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Well .... I don't live in Chino but I do work there. I'm convinced that this is going to be the next Orange County and it's is already well on it's way ...

You've pretty much got all of the same elements except for the coast:

Lots of farm land with cows instead of orange groves, which is all OC was at one point. So there's plenty of room for commercial and residential to expand.

Traffic jams notwithstanding, there's great transportation access ... all of these major freeways intersect there ... just like OC. The 60, 91, 15, 10, 71, etc. all go through that one area.

You've got Ontario airport right there .... just like John Wayne airport in OC.

Plenty of major businesses are already there .... brand new shopping malls going up ... the works.

The current housing crash will actually be great for businesses that want to relocate since houses will be more affordable for employees ...

I just think that whole area is really going to take off in the next 20 years. The cow stink isn't gonna be around for too much longer.

Last edited by sheri257; 02-28-2008 at 08:48 PM..
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Old 03-03-2008, 02:40 PM
 
Location: Chino, CA
1,458 posts, read 3,273,850 times
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Quote:
Originally Posted by rammi43 View Post
Dear Chuck22b and Jvazjr,

Thank you for your valuable discussions and information about buying home in Chino. As I am a first time buyer, I am interested in buying a home in Chino (college park or Preserve) I need some advice. My budget is $300k including closing cost. I found one property in college park, built in 2007 and there asking price is $320k (+ or - 1578 sq ft). They reduced price from $399K to $320K with in a month. But mean time DR Horton also offering new homes for $335K to $340K for (1728 sq ft) So my question is can I wait to put an offer or if I want to make an offer, how much I can go lower in this sliding market. You advice is more valuable and thank you in advance for your response.
Hi rammi43,
I don't think anyone can say for sure whether or not the 2007 house is going to sell at $320k or not, but as long as that house is lower than the builder price, it's got a chance (at least the seller is more realistic - probably distressed/personal issues, otherwise most people wouldn't sell unless they had to). So, saying that, IF you decide to give an offer, I'd say you can give a lower offer if you like, at your "comfortable" price range (around 300k). If they bite, then they bite, if not, oh well. Most important is that you can afford what you buy, whenever or whatever it is.

Otherwise, you can wait, and see if more properties pop up in the near future and are in your price range.

A note about college park. Last weekend I went there with my parent's and my wife. Just wanted to see how it's going and how it's doing. It's a pretty nice area, and from where the communities are, I don't think they are extremely close to the Men's prison like some people say. The future plans and layout seems pretty neat and having a culinary school (Chaffey) there in the future will be pretty neat (weekend Thai cooking courses anyone?) :P. The only drawback I see is that the clubhouse and many of its facilities hasn't been built or started yet, and that the development is still in it's somewhat earlier infancy (maybe 2 years?). Saying how bad the market has been for the last year and these days, development will definitely slow. Well, that's my main gripe about the area. Otherwise I hope everything builds out. It'll just make Chino an even nicer area.

Thanks,
chuck22b
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Old 03-03-2008, 02:51 PM
 
101 posts, read 136,406 times
Reputation: 25
What Chuck said. If you are inclined to buy now, offer at least 300k and see what happens. However, I will also agree and say there should be more deals down the road with the current market condition.

Chuck, my wife's family has been in Chino since 1978. Long history with the city so kots if warm and fuzzies. We are also pretty familiar with the last couple of RE busts. This one last boom does not make sense. Even my 68 year mother in law sees we are in for a major market correction.
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