I live in Irvine, but have been thinking about Woodbury and Woodbury E... I've been to Sonoma about 4 times in the past week. I had a chance to preview Montecito and Santa Cruz. If you can't tell, I've been looking to upgrade to a single-family detached home in Irvine. I didn't even bother with Carmel because it is not in my price range. I thought I'd share my overall thoughts.
First, I feel I can say this because I'm Asian... 90% of the potential buyers were Chinese or Korean... Even though I'm Asian, I just feel this is a negative... I've lived in Irvine for the past 20 years because it was well diversified (but slowly changing). I've also created a potentially false stigma in my mind that these cash rich fools are keeping the prices at an inflated level. All the houses are being snapped up to the point that the next release of houses are coming out at higher prices already. What's going on here? Why is this small square mile in Irvine different than the rest of the real estate world? As much as I like Korean and Chinese food, the last thing I want of Irvine is the next Monterey Park/ Fullerton... Sorry if I offend anybody, but that's how I really feel.
Anyways, back to the houses. I felt that Santa Cruz was okay. The development totally plays on people's desire for the "single-family detached" home. It's really a wolf in sheep's clothing. First you are on a motorcourt, second you don't have a driveway. Your door actually opens out to the motorcourt. If you are going to give up the driveway, than you might as well get one of the "cuter" homes that open up to the street with your garage in the back alley. It's definitely more aesthetically pleasing. The plans are nice and open downstairs and the CA rooms are obviously great. However the lack of a 4th BR is a negative. Plan 2 has the retreat space which doesn't go very far, and Plan 3 has a small Den. So while it is better priced for a SFR, I still don't think you get bang for the buck.
Montecito goes one step further than Santa Cruz by actually giving you a driveway. I even asked the saleslady to make sure that you can park a car on it. Plan 1 was odd, because the dining area is kind of in a weird place. Plan 2 and 3 were more sensible in terms of overall design and layout. Prices were higher than Santa Cruz, but lower than Sonoma. I guess if you don't mind living on a motorcourt it's not that bad. Per Sq Ft, I would rate it the best overall value of the 3 developments I looked at. I was informed that Phase 1 was sold out and Phase 2 would be what would be part of the grand opening. Wow, this place is definitely popular. Plan 2 was already priced at around $760,000 and I was told it should be a higher price for the next phase. I'm not sure if I was getting BS'd, but that is what I was told.
Sonoma is probably my favorite. All of the plans are nice and spacious and well thought out. It is also priced the highest. I really dig Plan 3 because of it's 4th BR and upstairs loft area. When I first went, it was priced at $853K. On my next visit, it was already priced higher. I was told that they did not increase the price, that prices just depended on lot location. I think that is a bunch of crap.
Overall, I really like the new floor plans, but I just can't justify the prices they are asking. This is if you take into account that there are no special incentives (obviously with the high demand they don't need them) and the fact that the standard options are pretty bare bones. Also add in window coverings and landscaping, I think you can start approaching the high $300/sq ft.
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