Baker Ranch in Lake Forest, CA (Irvine, Mission Viejo: real estate, apartment, rent)

[OCHouseHunter]

We are currently looking for a house in Baker Ranch, Lake Forest. The area looks good and is close to a lot of the amenities that we are looking forward to.
But, I have a few questions:
1. Expansion of Musick Jail - I saw some news articles on the 167M expansion of the jail. Though it doesn't affect the daily life, it's just concerning that this facility is very close to the property
2. We checked out the near by schools especially Serrano as our kids will be in middle school. Since we are moving from Irvine, we aren't sure if the school has good programs for kids and there isn't any bullying around there
3. Most of the houses that we saw there are basically selling at prices that they were sold for a few years ago or even lower. We were informed that being mostly executive homes, there is a constant churn as families get relocated for work. This is concerning as I think we may not get any appreciation on the home if we decide to exit in about 5-6 years time

I would really appreciate your input and thank you in advance.

[pacific2]

Originally Posted by OCHouseHunter

We are currently looking for a house in Baker Ranch, Lake Forest. The area looks good and is close to a lot of the amenities that we are looking forward to.
But, I have a few questions:
1. Expansion of Musick Jail - I saw some news articles on the 167M expansion of the jail. Though it doesn't affect the daily life, it's just concerning that this facility is very close to the property
2. We checked out the near by schools especially Serrano as our kids will be in middle school. Since we are moving from Irvine, we aren't sure if the school has good programs for kids and there isn't any bullying around there
3. Most of the houses that we saw there are basically selling at prices that they were sold for a few years ago or even lower. We were informed that being mostly executive homes, there is a constant churn as families get relocated for work. This is concerning as I think we may not get any appreciation on the home if we decide to exit in about 5-6 years time

I would really appreciate your input and thank you in advance.

I have no personal experience with Baker Ranch, but given the red flags, maybe other prospective buyers share your concerns?

[saibot]

Since Lake Forest is adjacent to Irvine, I think it's relevant to ask for your reason(s) for moving such a short distance. Do you not have all the same amenities and good schools where you already are, in Irvine?

When it comes to housing prices, no one has a crystal ball. If we could predict where housing prices would be 5-6 years in the future, we'd all be making millions speculating on the market. Personally, I think most real estate and definitely all the newer homes in OC are overpriced.

As for schools, I don't have personal experience with Serrano Middle School, but my son is a freshman at Trabuco Hills High (at the Mission Viejo/Lake Forest border) and my nephew is a junior at El Toro High in Lake Forest. The faculty speaks strongly to the students about bullying, and we have not found it to be a problem so far at either school.

[Electrician4you]

Originally Posted by OCHouseHunter

We are currently looking for a house in Baker Ranch, Lake Forest. The area looks good and is close to a lot of the amenities that we are looking forward to.
But, I have a few questions:
1. Expansion of Musick Jail - I saw some news articles on the 167M expansion of the jail. Though it doesn't affect the daily life, it's just concerning that this facility is very close to the property
2. We checked out the near by schools especially Serrano as our kids will be in middle school. Since we are moving from Irvine, we aren't sure if the school has good programs for kids and there isn't any bullying around there
3. Most of the houses that we saw there are basically selling at prices that they were sold for a few years ago or even lower. We were informed that being mostly executive homes, there is a constant churn as families get relocated for work. This is concerning as I think we may not get any appreciation on the home if we decide to exit in about 5-6 years time

I would really appreciate your input and thank you in advance.

Why are you moving there? Are you currently renting and want to own? Stay where you are renting or owning. Irvine is close to LF that a move doesn’t make sense especially if you’re looking at getting out in 5-6 years and the prices in LF are stagnant or dropping. Even if you rent you might as well keep renting if you’re exiting in 5/6 years. Even if you bought you don’t know what happens in 6 years. We could be in the middle of a bigger recession than before.

[OCHouseHunter]

I wanted to move to LF as I can get more house for the price that I pay. I'm currently renting and looking forward to owning a place in a decent neighborhood.
Also, BR is a newer neighborhood as the houses are less than 3-4 years old. It's hard to find houses this new with no Mello Roos in Irvine.

[saibot]

If Baker Ranch is a lot less expensive than the new builds in Irvine, I guess I wasn't aware of it. They have always seemed to me to be similar--same style of house, single-family with four bedrooms starts around $1 million...

I would not buy in either place if I were planning to sell in 5-6 years and counted on appreciation. There's just no way to predict the future and that is a pretty short time span.

[Electrician4you]

Originally Posted by OCHouseHunter

I wanted to move to LF as I can get more house for the price that I pay. I'm currently renting and looking forward to owning a place in a decent neighborhood.
Also, BR is a newer neighborhood as the houses are less than 3-4 years old. It's hard to find houses this new with no Mello Roos in Irvine.

You also don’t have the maintenance headaches, tax payment, etc, you pay the rent. Utilities will be higher in a house than a apartment.



But your own research showed housing in LF is stagnant or dropping. You already said you’re planning on moving around the 5 year mark. If you were long term I would say go buy. You simply cannot predict where the market will be in 5/6 years. Whoever says they can....at best it’s a guess.

[bad debt]

Originally Posted by OCHouseHunter

We are currently looking for a house in Baker Ranch, Lake Forest. The area looks good and is close to a lot of the amenities that we are looking forward to.
But, I have a few questions:
1. Expansion of Musick Jail - I saw some news articles on the 167M expansion of the jail. Though it doesn't affect the daily life, it's just concerning that this facility is very close to the property
2. We checked out the near by schools especially Serrano as our kids will be in middle school. Since we are moving from Irvine, we aren't sure if the school has good programs for kids and there isn't any bullying around there
3. Most of the houses that we saw there are basically selling at prices that they were sold for a few years ago or even lower. We were informed that being mostly executive homes, there is a constant churn as families get relocated for work. This is concerning as I think we may not get any appreciation on the home if we decide to exit in about 5-6 years time

I would really appreciate your input and thank you in advance.

If you want to buy a home in Lake Forest to live in, then buy a home in Lake Forest. If you want to buy an investment then go buy an investment with the appropriate time horizon you want. A home's purpose is not to be an investment.

[Gaylord_Focker]

Ttt. We are leaning towards lake forest.

[NewbieHere]

Irvine holds value, I know because I’ve been watching it since 2004.