Finding property for under $450,000 anywhere in Orange County would be a tall order nowadays, let alone new construction. But, according to the O.C. Register, some 6,000 would-be homeowners are testing their luck to see if they just may win a set of house keys!
Sixty-eight townhomes being built by the Irvine Community Land Trust are up for grabs, with a lottery set to determine who has the opportunity to buy the lower-priced units.
According to the O.C. Register, buyers at Sage Park can choose from two, three and four bedroom models, ranging in price from $425,000-$510,000. To win, buyers must live or work in Orange County and earn no more than 20 percent of the area’s median household income. (That’s $90,000 for a single person or $129,000 for a family of four.) Buyers are expected to have at least a 3 percent downpayment for a fixed-rate mortgage and pay closing costs.
Move-ins are expected in 2022.