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Old 08-15-2009, 07:37 AM
 
1 posts, read 2,593 times
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Hi,

My husband, 3 yr old son and myself live in Atlanta, GA currently and are considering moving to a nice city in OC. Top reason - would like to live by the ocean (not literally, but closer than Atlanta is atleast).

We would like to take advantage of the current real estate market and move before it picks up again. Together, we make $200,000 yearly right now and hopefully that will relatively rise when we find new jobs in or around OC.

Currently we are paying mortgage on a $360,000 house and are hoping to buy a similar 3 bedroom home under $450,000 or so. Do you guys think that is possible? What would be the cities to consider - we're looking for a nice location, family oriented, good public schools, etc? Would like the drive to the beach to be under 45 minutes.

Is this possible? If so, could you suggest some areas to look for houses?

Thank you!
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Old 08-19-2009, 02:08 AM
 
4,536 posts, read 10,579,047 times
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Quote:
Originally Posted by jasmineshah View Post
buy a similar 3 bedroom home under $450,000 or so. - we're looking for a nice location, family oriented, good public schools, etc? Would like the drive to the beach to be under 45 minutes.
These items combined are not compatible.

At that price point, you can have some of those elements, not all.

Fullerton is closest in matching all elements at that price point. But the beach will barely be within 45 minutes and while the schools are pretty good, they are not the best.

Up the price by $200K and you are in the ballpark and can buy an older home in move in condition in Huntington Beach, Cerritos(not OC, but near), or maybe even parts of Irvine(not sure about that).

There might be other places I'm missing, but in general, $450K in OC is either Buena Park/Garden Grove/Westminster type area or townhomes.

Quote:
Originally Posted by jasmineshah View Post
We would like to take advantage of the current real estate market and move before it picks up again.
Why do you believe the real estate market will pick up any time soon? Write the answer down, research on the internet, and compare what you wrote down with what you find.

Quote:
Originally Posted by jasmineshah View Post
Together, we make $200,000 yearly right now and hopefully that will relatively rise when we find new jobs in or around OC.
You really should research this. If your hubby or you are computer programmers or aerospace engineers with lots of years of experience. Or doctors or nurses. Or any of the other in demand people. Maybe then you will be assured of jobs when you come here.

If not, think again. Unemployment in so cal exceeds 11%. In OC, its around 9.5%.
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Old 08-19-2009, 02:11 PM
 
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Firstly, thank you for replying!! We would definitely not move until my husband already had a job there and since he makes much more than I do, we'd be able to survive on his income until I got a job.

I've been looking at homes on www.ziprealty.com and there are homes under 500k in Tustin, Irvine, Laguna Niguel, etc. Am I missing something important here? I'm not sure how far these locations are from the ocean... maybe that explains why they are less expensive than you are mentioning?

Since it doesn't seem like prices are going to go up soon again, I'm thinking the best move would be to find jobs, move there and rent an apartment for a year or so until we find a good home?

What do you think?? Thanks so much!
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Old 08-19-2009, 02:23 PM
 
Location: Arvada, CO
13,824 posts, read 29,776,012 times
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Quote:
Originally Posted by jshah View Post
I'm thinking the best move would be to find jobs, move there and rent an apartment for a year or so until we find a good home?
Yep, that's the one.
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Old 08-19-2009, 03:35 PM
 
Location: RSM
5,113 posts, read 19,684,849 times
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Irvine and Laguna Niguel will most likely have higher property taxes to worry about. You'll find the newer homes in that area(south orange county) and those come with the higher taxes. People aren't overlooking the little things like property tax anymore, which they used to.

Instead maybe you can look at Lakewood or East Long Beach, which have good schools(not great, but good), homes at/around your price range, safe neighborhoods, and only ~20min from the beach depending on your location
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Old 08-19-2009, 06:59 PM
 
4,536 posts, read 10,579,047 times
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Quote:
Originally Posted by jshah View Post

I've been looking at homes on www.ziprealty.com and there are homes under 500k in Tustin, Irvine, Laguna Niguel, etc. Am I missing something important here? I'm not sure how far these locations are from the ocean... maybe that explains why they are less expensive than you are mentioning?
Those are all reasonably close to the ocean...20 minute drive or less. But homes are not selling at those prices. They are currently being bid up well above that. That is a "sweetner price" to entice a bidding war.

Or there is something you are not paying attention to like very high HOA or Mello Roos assesment.
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Old 08-19-2009, 10:19 PM
 
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That's interesting... some of those homes looked real nice too. I guess I'm getting too far ahead in my plans to get there...

Will concentrate on jobs first before houses... If I post some links of the particular houses, would you be able to tell me if they were a 'good deal' - not just price-wise, but also the approx location, etc?

Thanks so much... this has been a great help!
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Old 08-19-2009, 10:29 PM
 
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These are some of the homes that I was referring to earlier... could someone please tell me if I'm missing something important... I thought these looked like affordable and 'good deals'...

Tried posting links but that's not working so here are the MLS # ....if anyone has the patience to do this for me, I really appreciate it and thank you in advance!!

www.ziprealty.com

MLS #: L28779
MLS #: P692189
MLS #: S568607
MLS #: L30304
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Old 08-20-2009, 12:33 AM
 
4,536 posts, read 10,579,047 times
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Quote:
Originally Posted by jshah View Post
'good deals'...
I'm not sure there is anything such as a good deal right now. There is thought that there is an impending flood of foreclosures due to toxic "Alt A" and "Option ARM" loans that will squarely impact the price of home you are targeting.

When this is going to happen, it will drive the prices of the homes in the areas you are looking at down by 25-40% I think.

But I would have preferred you make your own judgement about that rather than take my unsolicited, unprofessional advice. Thats why in my first response, I asked that you go research the issue yourself.

IMO, and I know a few, the people who are buying right now are knife catchers of the first order, and every bit as delusional as the people that purchased in 2005-2007. I have yet to meet one who is going to rent their new purchase out with a positive cash flow, or one who believes that it will take more than 5 years for their home purchase to rise in price with any reasonable appreciation.
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Old 08-20-2009, 06:19 AM
 
15 posts, read 30,737 times
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I understand what you're saying. I think we would definitely wait until these homes hit rock bottom prices, which is why I mentioned that we would rent an apartment for a year or more while we get familiar with the different areas and wait for the market to be in our favor.

If we're looking at buying a house and making it a long term investment, then the lack of appreciation in 5 years probably wouldn't bother us. 'Cause we're buying a house there to live long-term, not purely as an investment.

Thanks again for your input!
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