The insanity of Irvine (Portola: rentals, homes, buyers)

[CaliRestoration]

Originally Posted by payutenyodagimas

I don't roam around Irvine but these 3-story condos I think are built with millenials, young families in mind and who want to walk to shop, dine, drink and work. a friend had this condo when he was still single. now that he is married with 2 kids, they bought a house in Coto

I actually DO know about Irvine and thought about purchasing a duplex in North Park as an investment (but got outbid).

You're telling me some millenial buys a $700,000 3 story condo in Portola Springs because he wants to shop, dine and drink?

No he bought a 3 story home sitting 100 feet from the 241 toll road, and Irvine landfill because he didn't have the cash to buy a SFR in Quail Hill which is actually much closer to shopping, and dining options.

[Finper]

Originally Posted by payutenyodagimas

I don't roam around Irvine but these 3-story condos I think are built with millenials, young families in mind and who want to walk to shop, dine, drink and work. a friend had this condo when he was still single. now that he is married with 2 kids, they bought a house in Coto

There is a shopping area near them but you'd have to bike there and you def still have to drive to work. It probably is millennials who are buying them and with age comes wisdom so guess they'll figure it out after living there a year or so.

[CaliRestoration]

Originally Posted by Finper

There is a shopping area near them but you'd have to bike there and you def still have to drive to work. It probably is millennials who are buying them and with age comes wisdom so guess they'll figure it out after living there a year or so.

You also have to avoid being run over on Sand Canyon and having your body smeared across the pavement on a road that has basically become a suburban race track/4 lane expressway in the past 2 years.

[NewbieHere]

Originally Posted by CaliRestoration

I actually DO know about Irvine and thought about purchasing a duplex in North Park as an investment (but got outbid).

You're telling me some millenial buys a $700,000 3 story condo in Portola Springs because he wants to shop, dine and drink?

No he bought a 3 story home sitting 100 feet from the 241 toll road, and Irvine landfill because he didn't have the cash to buy a SFR in Quail Hill which is actually much closer to shopping, and dining options.

When I was at Orchard Hills, I saw this millennial inquired about the progress of his house, the price tag was at least $1.5M. I know despite what we hear online, there are millenium out there who don't live in their parents basement. Btw, this person was not Chinese, nor Asian. I think he was white, with maybe some Spanish blood. Not Persian either.

[CaliRestoration]

Originally Posted by NewbieHere

When I was at Orchard Hills, I saw this millennial inquired about the progress of his house, the price tag was at least $1.5M. I know despite what we hear online, there are millenium out there who don't live in their parents basement. Btw, this person was not Chinese, nor Asian. I think he was white, with maybe some Spanish blood. Not Persian either.

There are lots of wealthy young people. One of my neighbors in Laguna beach is 32 years old, and has had 3 successful exits as a founder. His net worth is easily over $50 million.

But those are the exceptions. The truth is most millennials in OC (who aren't getting parental help or contributions) are either struggling to survive and pay rent, completely unemployed, or they move out of the area.

[payutenyodagimas]

Originally Posted by Finper

There is a shopping area near them but you'd have to bike there and you def still have to drive to work. It probably is millennials who are buying them and with age comes wisdom so guess they'll figure it out after living there a year or so.

our friend didn't buy in Irvine but in Main Place Mall in Santa Ana during the great recession. sold 2 years ago, went to Dallas, got married, had 2 kids and now back in OC at Coto

[payutenyodagimas]

Originally Posted by pharah

I was living at Windsor a few years ago and I almost bought one of those condos, but the floor plans were honestly terrible. Ended up buying new build construction by the Packing House.

who cares about floor plans when you are single and you just want to build equity?

[payutenyodagimas]

Originally Posted by pharah

Because if I think the floor plan is garbage, then so will future buyers? And I'm not talking about minor things like "no open concept" or "not having good flow". I'm talking about functional obsolesce and lost space due to crap staircase/landing design and a micro kitchen.


You're telling me you would buy a place that you don't like just to build equity? Makes no sense. I bought a place that I liked and am still building equity...

we all have our preference..if you are single you don't want to take care of lawn and repairs so the most appropriate is to get condos which are new..floor plans? as long as you can climb the stairs/bed after a night of partying.. I think that's the reason they put a bedroom in the ground floor

[russlancea]

Originally Posted by CaliRestoration

I don't know what reaction he is going for, but personally as someone who owns multiple investment properties, and has a circle of friends who also own numerous properties, we have found that 3 story townhomes/condos are exceedingly more difficult to rent to potential tenants even in prime areas. We're talking twice as long on market because of how undesirable they are to people.

Just be honest with yourself. Money NO question. Would you spend the same money on your 3 story townhome or a 2 story SFR? We both know the answer to that. 3 story townhomes are usually purchased as a compromise due to their pricing category (more affordable but less convenient).

I have no doubt that you have stronger calves and better cardio living in a 3 story home, but you have to realize the majority of Americans do not find the same benefit you do living in a 3 story home. They like having their laundry on the second floor next to the bedrooms, they like not having a first floor "visiting area", and just having the living/family/kitchen all on one level. In fact many of them see 3 story homes and their layouts as major burdens and tend to avoid them "if they can".

Thank you for the comment! I wanted to respond to the post also, but yours is much better written with actual experience attached.

If I were someone fed up with renting and just desperate to get a place I can call my own and these 3-story homes were the only real option I had, I think I would talk myself into it.

It's not so bad, there are worse things than stairs, the stairs would be a great workout, etc., but in reality, I know I would hate it so much, I would be wishing I were a renter again.

Sorry to hear that these investments aren't as you guys had expected, but may I ask if you anticipated this before you got involved? I mean, surely you didn't, otherwise you would not have made the investment.

[russlancea]

Originally Posted by payutenyodagimas

I don't roam around Irvine but these 3-story condos I think are built with millenials, young families in mind and who want to walk to shop, dine, drink and work. a friend had this condo when he was still single. now that he is married with 2 kids, they bought a house in Coto

If they're marketing these 3 stories to young families, these people must not have kids. I would not like to carry my kids up and down those stairs all day long. Those stairs would be a total hazard even if there are decorative gates and barriers that can be installed. And the sightline--how would I watch the kids if I had to do laundry, cook, or be on the other levels?

I don't blame your friend for moving in to a kid-friendly home.