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Old 07-24-2008, 04:32 PM
 
4 posts, read 30,633 times
Reputation: 12

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I am attending UCI this year and don't want to throw away my money towards rent so I am looking to buy a condo near Irvine. I know that this seems like an oxymoron but..... I found some possible ones in the South Coast Metro area. I know that this is actually in horrible Santa Ana but how safe would these places be? They are all on the corner of Macarthur and Bear in the St. Albans gated community (one block north of the south coast plaza area). Thanks in advance for the help!!!
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Old 07-25-2008, 02:55 AM
 
Location: RSM
5,113 posts, read 19,763,289 times
Reputation: 1927
that area isnt too bad.. the further north you go the more potential you have of not being so great, but i wouldnt have a problem living in that area with my family
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Old 07-25-2008, 01:34 PM
 
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How much further north does the bad parts begin?
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Old 07-25-2008, 07:15 PM
 
11,715 posts, read 40,449,173 times
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Quote:
Originally Posted by bigdavid1001 View Post
How much further north does the bad parts begin?
Under a mile. There's some crappy stuff a little east of there too even though its still considered "the good part" of Santa Ana.
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Old 07-25-2008, 09:03 PM
 
3,853 posts, read 12,866,277 times
Reputation: 2529
Quote:
I am attending UCI this year and don't want to throw away my money towards rent so I am looking to buy a condo near Irvine.
VERY BAD IDEA!!!!!!!!!!

First off, buying a home limits what employers you have access to. When you graduate from school you will want to find the best job you can get. What are you going to do if you find your dream job 100 miles across town or in another state? Your stuck in santa ana with a condo. If you choose to sell the condo then you have to pay 6% Realtor fee etc. and god knows what other fees/closing costs/whatever they will throw in.

Secondly, you will probably have to commute to your work once you get out of school. The last thing you want to be doing is sitting in bumper to bumper traffic on the 405 freeway for 1-2 hours. If you rented you could just relocate next to your work and get home in 5 minutes. Saving you tons of time and gas money!

Third, can you even afford this deal? I've looked at the units you were looking at. They are running in the range of 100-150k for a 1bed/1bath unit. If you put down 20% (anywhere from 20k to 30k ) and have an interest rate of 6.39% you will have a monthly payment of 500$ to 750$. Which is manageable until you factor in property taxes, hoa fees, insurance etc. Seeing how the housing market is going, I don't see OC real estate to go up for at least another year. I am assuming those costs will take you in the 1k+ range. Similar units rent for 1.3k. You would probably break even IF you don't sell for a long time otherwise you will just be throwing money away to the Realtor who will take 6% commission of the condo price!

I would gladly, "throw away" money at rent instead of being locked into a 30 year mortgage on a condo/home. The benefits of renting are that good!

Good luck.
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Old 07-25-2008, 09:25 PM
 
4 posts, read 30,633 times
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You make some good points. A reason for this specific area is that I'm actually going to UCI medical school and will be at the UCI medical center in Orange for my 3rd and 4th years. This site seemed to be in the middle of the two somewhat. Thanks again!!!
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Old 07-25-2008, 10:58 PM
 
29 posts, read 167,213 times
Reputation: 19
Geez-nows a great time to buy in O County. I bought two townhouses in 1993 while I was in graduate school in North Carolina and now I live in California and I still own the two in NC and now they are paid off and I get the rent every MO.

These condos are allowing me to afford my home I now live in. Just buy; never sell.
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Old 07-27-2008, 05:51 AM
 
3,853 posts, read 12,866,277 times
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Quote:
Originally Posted by karenabcde View Post
Geez-nows a great time to buy in O County. I bought two townhouses in 1993 while I was in graduate school in North Carolina and now I live in California and I still own the two in NC and now they are paid off and I get the rent every MO.

These condos are allowing me to afford my home I now live in. Just buy; never sell.
yea the buy and hold strategy is good. Just seems like a hassle if any problems ever come up with the units and the management company. You would have to fly all the way down there to check it out.
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Old 07-27-2008, 10:00 PM
 
Location: Ladera Ranch, Orange County, CA
81 posts, read 367,356 times
Reputation: 32
Bad Idea Dont Buy espesially in Santa Ana.

RENT.

Santa Ana is getting worse and worse and if you buy now you will get NO Money extra when you want to sell it.

Your in College your Young. Its no time to Buy.
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Old 09-08-2011, 09:20 PM
 
1 posts, read 5,586 times
Reputation: 11
Default St ALBANS-Home of the cockroach

Quote:
Originally Posted by bigdavid1001 View Post
I am attending UCI this year and don't want to throw away my money towards rent so I am looking to buy a condo near Irvine. I know that this seems like an oxymoron but..... I found some possible ones in the South Coast Metro area. I know that this is actually in horrible Santa Ana but how safe would these places be? They are all on the corner of Macarthur and Bear in the St. Albans gated community (one block north of the south coast plaza area). Thanks in advance for the help!!!

This area may seem like a diamond in the rough but you have to ask yourself, why so cheap? area looks nice......

I made the mistake of buying at the Albans off of Bear st. and it's terrible.
The whole complex is infested with cockroaches (2 different kinds) indoor and outdoor. I have to have my place exterminated at least once every 2 months and I still see them. I hate to be graphic but some are 2" long. The security is a joke here, this is a gated community but the gates do not function correctly at times. Car break ins are a huge problem and security has done nothing but you'll get cited if you park in the wrong place or towed. Speaking of citations, the albans is one of the most nipicking associations in O.C. worse than some Irvine communities which is funny because the association does not handle the important issues I.E. cockroaches,theft and overall security.

I wish I could sell you my place! lol

Jeff
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