May122012

Stonegate: San Mateo


 


 


Stonegate is an Irvine Company Village located northeast of Woodbury bounded by Sand Canyon Avenue, Portola Parkway, Jeffrey Road, and Irvine Boulevard. Stonegate has easy access to Highway 133 which provides speedy access to I-5 and I-405. The entire Village is far enough from the major freeways to be very quiet, particularly locations distal from the bounding arterial streets. The only problems with traffic or noise comes from the steady stream to garbage trucks driving up Sand Canyon and down Portola heading to the Bee Canyon landfill. The landfill itself is over the mountain nearly two miles from the housing development. Odor or groundwater contaminants should never be a problem.

The Irvine Company developed Woodbury as the premium community in the area. It has the village center and some preserved windrows of mature Eucalyptus trees. By developing this community first, the Irvine Company planned to create momentum to carry through the buildout of the nearby villages that includes Stonegate. Stonegate has no commercial center. The nearby Woodbury community center is located at the corner Sand Canyon and Irvine Boulevard and serves both Villages.

The Village of Stonegate is composed of five communities: Santa Maria, Santa Clara, San Mateo, Maricopa, San Marcos. Similar to Woodbury, Stonegate is arranged with communities surrounding a large central park. There are also smaller parks located in the various communities. Whereas in Woodbury the premium communities are at the periphery, In Stonegate, the premium communities are located near the central park where the traffic is lightest and the Village is quieter.

The weakness of Stonegate, other than the lack of a community center, is the immaturity of the landscaping. Woodbury had the large windrows of mature trees to provide character from day one. Stonegate is a totally featureless and flat pasture. The Irvine Company planted beautiful landscape plants and many trees, and this community will greatly improve over time, but the newness of the community is hard to ignore.

The house designs are very similar (nearly identical) to the floorplans in Laguna Altura. Stonegate has some smaller product than what’s available at Laguna Altura, and these floorplans look very similar to Irvine Company apartments. Personally, I like many of the Irvine Company Apartment floorplans, but I don’t know that I want to own one.

As with Laguna Altura, each of the larger homes has a similar floorplan. In fact, the downstairs of each model in each community is basically a minor variation on the same general layout. The proportions subtly change, and some areas are expanded in one and curtailed in others, but all of them contain the same basic elements with a large great room with a kitchen and family room with a dining room and covered California room at the back of the house. Notably absent are formal living rooms at the front of the house. The larger homes, which are the ones profiled here are the most comfortable and spacious. The smaller and less expensive products are scaled down and somewhat more awkward versions of these floorplans. It is rather unusual for a homebuilder to create one basic floorplan and create several variations. If a potential customer does not like this floorplan, there is no product offered by the Irvine Company which serves as a viable alternative.

All the new home communities in Irvine are prices above resale comps. The premium asked for Stonegate is not as large as Laguna Altura, and the sales are somewhat better in this community. It benefits from the lower prices, proximity to Woodbury Town Center, better access, and an overall quieter atmosphere.

San Mateo Residence One

Proprietary OC Housing News home purchase analysis   [raw_html_snippet id=”post snippet”]

$567,000    ……..    Asking Price

Cost of Home Ownership
——————————————————————————
$567,000    ……..    Asking Price
$113,400    …………    20% Down Conventional
3.78%    ………….    Mortgage Interest Rate
30    ………………    Number of Years
$453,600    ……..    Mortgage
$121,771    ……….    Income Requirement

$2,108    …………    Monthly Mortgage Payment
$491    …………    Property Tax at 1.04%
$294    …………    Mello Roos & Special Taxes
$142    …………    Homeowners Insurance at 0.3%
$0    …………    Private Mortgage Insurance
$110    …………    Homeowners Association Fees
============================================
$3,146    ……….    Monthly Cash Outlays

($336)    ……….    Tax Savings
($680)    ……….    Equity Hidden in Payment
$144    …………..    Lost Income to Down Payment
$91    …………..    Maintenance and Replacement Reserves
============================================
$2,365    ……….    Monthly Cost of Ownership

Cash Acquisition Demands
——————————————————————————
$7,170    …………    Furnishing and Move In at 1% + $1,500
$7,170    …………    Closing Costs at 1% + $1,500
$4,536    …………    Interest Points
$113,400    …………    Down Payment
============================================
$132,276    ……….    Total Cash Costs
$36,200    ……….    Emergency Cash Reserves
============================================
$168,476    ……….    Total Savings Needed
——————————————————————————————————————————————-
This property is available for sale via the MLS.
Please contact Shevy Akason, #01836707
949.769.1599……
[email protected]…..

San Mateo Residence Two

Proprietary OC Housing News home purchase analysis   [raw_html_snippet id=”post snippet”]

$577,000    ……..    Asking Price

Cost of Home Ownership
——————————————————————————
$577,000    ……..    Asking Price
$115,400    …………    20% Down Conventional
3.78%    ………….    Mortgage Interest Rate
30    ………………    Number of Years
$461,600    ……..    Mortgage
$123,642    ……….    Income Requirement

$2,146    …………    Monthly Mortgage Payment
$500    …………    Property Tax at 1.04%
$294    …………    Mello Roos & Special Taxes
$144    …………    Homeowners Insurance at 0.3%
$0    …………    Private Mortgage Insurance
$110    …………    Homeowners Association Fees
============================================
$3,194    ……….    Monthly Cash Outlays

($342)    ……….    Tax Savings
($692)    ……….    Equity Hidden in Payment
$146    …………..    Lost Income to Down Payment
$92    …………..    Maintenance and Replacement Reserves
============================================
$2,399    ……….    Monthly Cost of Ownership

Cash Acquisition Demands
——————————————————————————
$7,270    …………    Furnishing and Move In at 1% + $1,500
$7,270    …………    Closing Costs at 1% + $1,500
$4,616    …………    Interest Points
$115,400    …………    Down Payment
============================================
$134,556    ……….    Total Cash Costs
$36,700    ……….    Emergency Cash Reserves
============================================
$171,256    ……….    Total Savings Needed
——————————————————————————————————————————————-
This property is available for sale via the MLS.
Please contact Shevy Akason, #01836707
949.769.1599……
[email protected]…..

San Mateo Residence Three

Proprietary OC Housing News home purchase analysis   [raw_html_snippet id=”post snippet”]

$603,000    ……..    Asking Price

Cost of Home Ownership
——————————————————————————
$603,000    ……..    Asking Price
$120,600    …………    20% Down Conventional
3.78%    ………….    Mortgage Interest Rate
30    ………………    Number of Years
$482,400    ……..    Mortgage
$128,509    ……….    Income Requirement

$2,242    …………    Monthly Mortgage Payment
$523    …………    Property Tax at 1.04%
$294    …………    Mello Roos & Special Taxes
$151    …………    Homeowners Insurance at 0.3%
$0    …………    Private Mortgage Insurance
$110    …………    Homeowners Association Fees
============================================
$3,320    ……….    Monthly Cash Outlays

($357)    ……….    Tax Savings
($723)    ……….    Equity Hidden in Payment
$153    …………..    Lost Income to Down Payment
$95    …………..    Maintenance and Replacement Reserves
============================================
$2,488    ……….    Monthly Cost of Ownership

Cash Acquisition Demands
——————————————————————————
$7,530    …………    Furnishing and Move In at 1% + $1,500
$7,530    …………    Closing Costs at 1% + $1,500
$4,824    …………    Interest Points
$120,600    …………    Down Payment
============================================
$140,484    ……….    Total Cash Costs
$38,100    ……….    Emergency Cash Reserves
============================================
$178,584    ……….    Total Savings Needed
——————————————————————————————————————————————-
This property is available for sale via the MLS.
Please contact Shevy Akason, #01836707
949.769.1599……
[email protected]…..

1.5% Rebate on new home construction

We are offering buyers a refund of anything over 1.5% back on new construction from our fee that is paid to us by the builder. From the beginning our goal has to been to provide value to our clients by recommending they rent versus buy during the bubble, discouraging investors from purchasing low cap-rate property, warning about short-term bubbles due to tax incentives, warning buyers of condos regarding HOA issues etc. We have found a new need in the market for those considering new construction.

Most buyers are at a disadvantage on new construction and are often not properly represented or educated in these types of purchases. Many buyers do not know that if they want representation they need to bring their representation the first time that they visit new construction. As a result buyers walk in and are given information from the builders reps only, make a decision, and never have access or are educated with information that may lead to a different decision — perhaps a better decision for the family.

In addition, many of the builders give their reps extensive training in high pressure sales techniques that that we find objectionable. Because many buyers do not have proper representation, many buyers do not realize that the new construction property they buy may not look much like the model without spending thousands on upgrades, the costs associated with landscaping, or the effect that Mello-Roos on their cost of ownership.

Furthermore, builders, particularly in Irvine, have done an excellent job of creating a false sense of urgency amongst buyers by not over building, with excellent multifaceted marketing approaches, the use of waiting lists, and other techniques. Ultimately, we have an extensive initial consultation with buyers. We have come to realize that many buyers that are interested in new construction don’t contact us. They walk-in to model homes without realizing they can have representation on their side. Furthermore, for those buyers that we are working with that convinced that new construction is the right choice for them; we’ve found that assisting buyers with new home transactions is less work than re-sales thus enabling use to offer the rebate.

We find that the builders are not highly negotiable because the builders have done a good job of keeping demand even or slightly higher than supply in Irvine for the most part so the fee refund that we can provide along with some upgrade incentives that are often offered are the limit the discount that they can achieve, without us they may get a few upgrades but little beyond that, and no rebates. Beyond our hefty rebate, we feel that there is value in the information that we can provide. We have already prepared new construction fundamental valuation reports for clients that compare new construction to nearby resales on a cost of ownership basis. We help buyers compare what they can buy new versus resales on a cost of ownership basis, provide advice on the loan process by helping buyers compare lender’s rates and fees, assist buyers negotiate for upgrades, and finally explain to buyers that occasionally deals fall out and that their most leverage will happen on standing inventory, which is relatively rare in Irvine. We believe many buyers make a better decisions with representation.

If readers are interested in new construction and they contact us before they have registered with the builder we will accompany them to the registration and refund them anything over 1.5% offered by the builder, pending we have not been working with them extensively to find a resale. We believe that many buyers may choose resale, however, many will buy new, but they will make a more educated choice and by working with us will save money that would otherwise go to the builder.

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