Questions about Lake Forest and Mission Viejo (Irvine, Orange: rentals, HOA fees)

[kristinichka]

We are officially moving to Orange County next month from the Bay area and are trying to get as much information on the area as possible. About us: My husband will be working near the airport in Irvine. I am a stay at home mom with two small children. My oldest will be starting kindergarten in the fall. We have been to the area many times visiting family, so we are somewhat familiar with the different areas. We are planning to rent short term and then buy.

We've pretty much narrowed down our search of where we want to live to Lake Forest or Mission Viejo.

So, here are the questions:

1.Are there any specific neighborhoods that you'd recommend in those two towns? We don't like high HOA fees or mello roos.(which is why Aliso Viejo isn't making the list even though we really like the town.) We will want a 2500+ sq ft home with a reasonable sized backyard (over 6000 sq ft). Good schools is also a must.

2. Any opinions about Foothill Ranch or the tree neighborhoods in Lake Forest?

3. What are utility costs like? Are there lots of different options for electric, garbage, water, and etc. or is it like here with only one provider for each of the different utilities?

4. Do you have any recommendations for short term rentals?

I think that's all my questions for now. Thanks in advance for any info you are willing to share!

[Charles]

Originally Posted by kristinichka

We don't like high HOA fees or mello roos.


4. Do you have any recommendations for short term rentals?

Are you planning on buying a home?
Are you planning on renting?

[VeronikaW]

Originally Posted by Charles

Are you planning on buying a home?
Are you planning on renting?

She said they were planning on buying, but wanted to rent short-term first.

[USCTrojanCPA]

It will be difficult to find a home for rent of less than 6 months and most landlords want to lease their home out for 12 months. I personally like two parts of Mission Viejo vs. Lake Forest/Foothill Ranch. The newer part of Mission Viejo off Oso Parkway is nice as is the area around Mission Viejo Lake. I would stay away from the older parts of Mission Viejo because the schools are a hit or miss at best. Foothill Ranch will be a bit of a drive to get to the airport where as Mission Viejo should be a shorter drive. Have you considered other cities like Laguna Niguel, Laguna Hills, and/or Aliso Viejo?

[russlancea]

Originally Posted by USCTrojanCPA

I personally like two parts of Mission Viejo vs. Lake Forest/Foothill Ranch. The newer part of Mission Viejo off Oso Parkway is nice as is the area around Mission Viejo Lake.

Do you think homeowners living right next to the lake have to pay flood insurance?

[Mr. Fantastic]

You will be able to find a cheaper larger homes in Lake Forest. Most of Lake Forest is fairly old though, and the new construction is over priced and has mello roos (25 year bonded).

Both cities are safe, and family friendly.

[kristinichka]

Thanks for all the responses!

To answer your questions USCTrojanCPA:
We are planning to rent short term via corporate housing or something of that nature. I was wondering if there are apt. complexes people could recommend.
We have considered Laguna Niguel, Laguna Hills, and Aliso Viejo. A friend told us that Laguna Hills is really hit and miss for good areas. Would you agree with that assessment? What neighborhoods would you recommend in LH?
My husband thinks that Laguna Niguel is too long of a commute even on the toll road. I personally love the town, so it's certainly still on the list. (o:
I really like Aliso Viejo too, I just wasn't a fan of the mello roos taxes, high HOAs, and the "HOA" for the whole town. We visited a new community there that has a $700+ a month mello roos tax. I find that beyond outrageous. I know most mello roos taxes aren't that high, but I really just don't like the concept of the tax in general.
Are there specific neighborhoods in Lake Forest you would recommend? We like home prices in Lake Forest best as our price range will be in the $700k or less range. We don't mind "older" homes.

Thanks again for your input everyone!

[kristinichka]

Anyone know anything about the Serrano Park neighborhood in Lake Forest? (The neighborhood seems to have a lot of homes that meet our criteria and look decent too.)

[USCTrojanCPA]

Originally Posted by kristinichka

Thanks for all the responses!

To answer your questions USCTrojanCPA:
We are planning to rent short term via corporate housing or something of that nature. I was wondering if there are apt. complexes people could recommend.
We have considered Laguna Niguel, Laguna Hills, and Aliso Viejo. A friend told us that Laguna Hills is really hit and miss for good areas. Would you agree with that assessment? What neighborhoods would you recommend in LH?
My husband thinks that Laguna Niguel is too long of a commute even on the toll road. I personally love the town, so it's certainly still on the list. (o:
I really like Aliso Viejo too, I just wasn't a fan of the mello roos taxes, high HOAs, and the "HOA" for the whole town. We visited a new community there that has a $700+ a month mello roos tax. I find that beyond outrageous. I know most mello roos taxes aren't that high, but I really just don't like the concept of the tax in general.
Are there specific neighborhoods in Lake Forest you would recommend? We like home prices in Lake Forest best as our price range will be in the $700k or less range. We don't mind "older" homes.

Thanks again for your input everyone!

I would agree with that assessment of Laguna Hills, very hit and miss. The best parts are going to be the Laguna Hills will be the homes on the east side near the 5 off Oso (Nellie Gale Ranch north of Oso and Moulton Ranch south of Oso). Nellie Gale Ranch homes sell for a big premium as that area is in very high demand ($400/sf+) while Moulton Ranch homes are around $300/sf.

Have you guys looked at the S&S Home development off Moulton Parkway and the 73? Cornerstone, Mariposa, and The Summit are the developments. One of my buyers are in contract might now on one of the detached condo units at Cornerstone. Another nice area of north Laguna Niguel is Rancho Niguel. A few of my buyers love the weather in Laguna Niguel and the fact there isn't any Mello and/or HOA with most homes.

As for Aliso Viejo, stay away from the Shea Home development over at Glenwood. The homes are overpriced and to add insult to injury you have to pay a brutally high Mello Roos. Totally not worth it in my opinion. Take a look at home built in the early to mid-90s on the side of the 73. One of my buyers purchased a home off Park Dr. built in the early 90s and his Mello Roos is going away in about 5 years. Besides, those homes only have a Mello Roos of around $2k +/- per year which isn't a deal killer.

I'm not overly familiar with Lake Forest as none of my buyers are looking there. From what I know the neighborhoods are a hit and miss as are the schools. The most desirable part of Lake Forest is Foothill Ranch which has newer homes up by the toll road.

[cl723]

Foothill Ranch and Mission Viejo would be my choices.