Tract home pricing

F

Fraychielle_IHB

New member
Hi everyone. Have been a lurker since seekingalpha pointed out the OC Fliptrack as well as the Irvine Housing Blogs. I currently live in Los Angeles and will be starting a job in Orange in September. I have no intention of driving on the 5 every day back and forth to work, so intend to move my family out to OC within 5-6 months. I've been watching tract home as well as "used" home prices in the past year and have really appreciated the work of the folks above as well as the comments for each entry.





Since one purpose of the forums is to post prices, here goes (I will reserve my editorial comments for later, just the facts ma'am here):





(Most prices current)


Irvine Woodbury: Stonetree Manor (John Laing) Currently Phase IV of VI


Residence 1, 1964 sf 3b / 3ba from 852880 (434 / sf); was 887880 (35k drop) as late as 9/06


Residence 2, 2104 sf 4b / 3ba from 899880 (428 / sf); was 944880 (45k drop) as late as 9/06


Residence 3, 2268 sf 4b / 3.5ba from 931880 (412 / sf); was 976880 (45k drop) as late as 9/06





Irvine Woodbury: Villa Rosa (Lennar) Currently phase IV of VIII


Residence 1, 2615 sf 4b / 3.5ba from 1116000 (435 / sf); was 1117800 (1.8k drop) as of 6/06


Residence 2, 2960 sf 5b / 4.5 ba sold out; was 1216000 (410 / sf) as of 6/06


Residence 3, 3160 sf 4b / 4.5ba sold out; was 1288000 (406 / sf) as of 6/06





Irvine Woodbury: Campanile (California Pacific Homes)


Residence 1, 1949 sf 3b / 3.5ba from 925735 (475/sf)


Residence 2, 2123 sf 3b + parlor / 2.5ba from 992180 (467/sf)


Residence 3, 2315 sf 4b + loft / 3 ba from 1004310 (434 / sf)


Residence 4, 2460 sf 4b + study / 2.5ba from 1050090 (428/sf)





Tustin Columbus Grove: Lantana (William Lyon)


Residence 1 2417 sf 3b / 2.5ba from 899990 (372/sf)


Residence 2 2697 sf 4b / 3ba from 999990 (371 / sf)


Residence 3 2803 sf 4b / 2.5ba from 1004990 (359 / sf)





Tustin Columbus Grove: Cantara (Lennar) Currently Phase IV of VI


Residence 1 2580 sf 4b / 3ba from 915000 (355/sf)


Residence 2 2765 sf 5b / 4ba from 945000 (342/sf)


Residence 3 3109 sf 5b / 4ba from 1000000 (322/sf)





Tustin Columbus Grove: Westbourne (Lennar)


Residence 1 3004 sf 3b / 3.5ba from 1251000 (416/sf)


Residence 2 3374 sf 4b / 3ba from 1333000 (395/sf)


Residence 3 3822 sf 4b / 3.5ba from 1372000 (359/sf)





Tustin Columbus Square: Astoria (William Lyon) Currently Phase I of V


Residence 1, 2800 sf 4b / 3ba currently sold out, "low 900s" per website


Residence 2, 3149 sf 4b / 4.5ba 953647 - 964743 (6 available), price does not include 50k "rebate" (290/sf including rebate for most expensive house)


Residence 3 3648 sf 5b / 4.5ba + 3 car garage 1049529 - 1053481 (3 available), again price does not include 50k "rebate" (275/sf including rebate for most expensive house)
 
Fray... Good data. You're definitely looking at the price point higher than SCHB and wife have (inherent with SFRs), but in all the same communities. Sounds like you are bringing equity from another property? Do tell. -SCHB
 
Hello Fraychielle, I have a update for you on Campanile.





Irvine Woodbury: Campanile (California Pacific Homes)


Residence 1, 1949 sf 3b / 3.5ba USED TO BE 925735 (475/sf) NOW $834,617


Residence 2, 2123 sf 3b + parlor / 2.5ba USED TO BE 992180 (467/sf) NOW $921,217


Residence 3, 2315 sf 4b + loft / 3 ba USED TO BE 1004310 (434 / sf) NOW $905,844


Residence 4, 2460 sf 4b + study / 2.5ba USED TO BE 1050090 (428/sf) NOW $931,689 This is from their pricing list dated 11/17/2006
 
Thanks Fraychielle for getting us started with some great pricing data!





I checked out the Campanile models when they first opened and really liked a couple of them (I liked the kitchen appliances/cabinetry in the model that has the straw? hut in the backyard). n Campanile, I believe a couple of the plans are from other California Pacific neighborhoods (1 from Portisol and 1 from a neighborhood in Northwood II).





I'm surprised that the Irvine Company (they own California Pacific Homes) dropped the pricing so drastically (~$100k drop on Residence 3). I guess it is consistent with what socalhousingbubble posted in regards to Four Quarters and John Laing.
 
"I'm surprised that the Irvine Company (they own California Pacific Homes) dropped the pricing so drastically (~$100k drop on Residence 3). "





The Irvine Company is between a rock and a hard place. If they keep the prices up, they have no sales. If they reduce prices enough to generate sales, they actively drive the market down. IMO, the builders will lead the market down because they have to build to make money. From a builder's perspective, it is only the cost of the land that differentiates Irvine from Beaumont, so the Irvine Company is simply going to have to reduce the land prices for the builders to keep working. Not what they want to do, but the market is leaving them no choice.
 
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