Living in Coto de Caza for $500K (Irvine, Orange: foreclosure, renting)

[jason_k_ca]

I am in the process of looking for a new SFR for my family (my wife and I are both early 30s with a 10-month-old daughter), we're currently renting in Irvine and are looking for a 3BR property with a large backyard up to $525K.

We've been focusing our search on the Lake Forest/Mission Viejo and Brea/Fullerton/Placentia areas, but surprisingly there are a few nice foreclosure properties coming up in Coto de Caza within our price range.

We like the idea of being able to walk to local restaurants/grocery stores, so that would be a negative of a Coto property. My question is: is living in Coto that much better to be worth being so far away from everything? Obviously this is a subjective question but I just wanted to get some opinions.

Thanks,
Jason

[BRinSM]

Originally Posted by jason_k_ca

I am in the process of looking for a new SFR for my family (my wife and I are both early 30s with a 10-month-old daughter), we're currently renting in Irvine and are looking for a 3BR property with a large backyard up to $525K.

We've been focusing our search on the Lake Forest/Mission Viejo and Brea/Fullerton/Placentia areas, but surprisingly there are a few nice foreclosure properties coming up in Coto de Caza within our price range.

We like the idea of being able to walk to local restaurants/grocery stores, so that would be a negative of a Coto property. My question is: is living in Coto that much better to be worth being so far away from everything? Obviously this is a subjective question but I just wanted to get some opinions.

Thanks,
Jason

When you consider freeway tolls to get to many places as well as Mello Roos it might not be such a deal after all. i'm not certain about MV and LF, but the north county cities you mentioned will have few homes with this added fee.

[jason_k_ca]

Commuting would not be an issue, I work from home and my wife is a SAHM. (It's tempting to look a little further inland like Corona but we really like OC.)

We're currently renting in Irvine and we've gotten used to shopping and restaurants in the immediate area, it would be a little strange having to head up to RSM just to buy groceries or go out to eat.

We find that some properties in MV and LF have MR and some don't, same in Coto. We're definitely taking that into account, MR typically doesn't break the budget though.

[Axiom]

Originally Posted by jason_k_ca

My question is: is living in Coto that much better to be worth being so far away from everything? Obviously this is a subjective question but I just wanted to get some opinions.

Thanks,
Jason

As you inferred, you'll likely get vastly different answers depending on who you ask.

I have friends who live in Coto, love it, and wouldn't want to live anywhere else.

But every time I venture behind the gates it reinforces my first impression of Coto; which was... OMG I'd hate to live here.

[jacobwilliam77]

Hey Coto de Caza is the scene of this...


The Real Housewives Of Orange County Next Season Sneek Peek! - YouTube

[behindthescreen]

Originally Posted by jacobwilliam77

Hey Coto de Caza is the scene of this...

That represents everything that I dislike about "the o.c"

[Coldjensens]

Originally Posted by jason_k_ca

I. . . with a large backyard up to $525K.

You are in the wrong State.

Unless maybe you consider 300 square feet large. If you find a 7000 s.f. lot you will be lucky. In orange or Fullerton you might find a quarter acre lot (maybe). Possibly even larger. In south county, no.

[jason_k_ca]

Originally Posted by Coldjensens

Unless maybe you consider 300 square feet large. If you find a 7000 s.f. lot you will be lucky. In orange or Fullerton you might find a quarter acre lot (maybe). Possibly even larger. In south county, no.

You're right that 10K+ sf lots (excluding hillsides) are harder to come by in south county but there are a few. The Fullerton area has several options with big backyards, so it's definitely doable within our price range.

That's part of why the Corona area is so tempting, you get a lot more house and land for your money.

[BRinSM]

Originally Posted by jason_k_ca

You're right that 10K+ sf lots (excluding hillsides) are harder to come by in south county but there are a few. The Fullerton area has several options with big backyards, so it's definitely doable within our price range.

That's part of why the Corona area is so tempting, you get a lot more house and land for your money.

even in corona the lot sizes aren't all that big. i have a friend who recently bought a newish (less than 10 years old) 3500sf house in corona and the lot size is <8000sf. the house i grew up in which was built in the 80s was about 10k sf. the older homes are in the less desirable areas though. the newer houses are all huge but placed on postage stamp lots. 500k in Corona will probably get you both a big house and a big lot though, you'll just have a terrible commute on the 15 and/or 91 freeways. with that budget i'd live in OC, even if the house was smaller. i don't see the need for such a large house, especially when considering what your utility bills would be.

[Podo944]

Originally Posted by jason_k_ca

You're right that 10K+ sf lots (excluding hillsides) are harder to come by in south county but there are a few. The Fullerton area has several options with big backyards, so it's definitely doable within our price range.

That's part of why the Corona area is so tempting, you get a lot more house and land for your money.

There are some older neighborhoods in Lake Forest that have larger lots, but they are close to the 5 freeway and the schools have gone downhill.
I've talked to a mom there that loves her neighborhood, but send their kids to a private school.

Most lots in South OC are small, but there are quite a few parks so families share the green spaces.

Good luck.