2010 Irvine New Home Collection

NEW -> Contingent Buyer Assistance Program
[quote author="ajw522"]
[quote author="kayochan"]Drove by Sonoma and Montecito lots. Looks like they are finished with the models and are building additional units of housing in the vicinity. I'm guessing that all the pre-qualified buyers who pre-registered already picked their lots and the builders are building them. Wonder if there will be any units left to buy by the time they officially open the models (Feb 2010).

So what is the allure of buying in a community with high hoa and mello roos? (say $700-$1000 for hoa+mello per month.)[/quote]

FYI - Models @ Montecito are planned to open on Jan 30, 2010. The homes for phases 1,2,and 3 are currently being built but they have not been sold yet to anyone. They are just getting a head start, because, according to the sales agent, they are planning to get all 3 phases moved in by June of '10.[/quote]

They better move the inventory quick because the 2nd half of 2010 should see some interesting activity due to rising mortgage interest rates and loss of the home buyers credit.

Of course I shouldn't underestimate the power/stupidity of Obamanomics to undermine RE fundamentals.
 
Went into the Sonoma sales office.

Not sure when they were gonna open... sometime between mid and end of January.

One thing I found interesting is that these models will use the tankless water heaters. It now makes sense that their floorplans don't have that space drawn out in the garage. It may be the same for Carmel.

They look very small from the outside. I like Plan 3 but I just don't know if it's worth $800k+, esp without at least a tandem garage.

People are already walking all the home sites for all of the different neighborhoods... and I mostly saw FCBs.
 
Talk Irvine Get Together

I been thinking of hosting a TI get together in conjunction with the grand opening of the Woodbury Collection. I got the OK, from Socal and the wife. Well with a baby we have to always play it by ear, but at lease we can set up the event, where some of you can also take some sort of ownership.

I'm thinking of just using our Woodbury Court's patio, it's free, first come first serve. They have a few tables, benches and outdoor sectionals, with fireplace. The place can easily host 20+ people. We can hang out the entire afternoon, so people can go see the models and drop by for lunch. I might have to leave here and there to change the baby and put him down for a nap, but as long as some people hang out, we should hold the space.

I wouldn't mind bbq some hamburgers if others don't mind chipping in with drinks, snacks and chips.

Saturday Jan, the 30th seems to work; but I'm not sure if that is the official grand opening for the entire collection or just Monticeto. We can plan it and leave the date open for now.

Just want to get an initial head count and get the word out. If you're interested, I'll also post this on a separate thread.

I still care deeply about this community; all of you have enriched my life, and our family like to thank the community.

Any thoughts, feedback...?
 
[quote author="roundcorners"]Talk Irvine Get Together

I been thinking of hosting a TI get together in conjunction with the grand opening of the Woodbury Collection. I got the OK, from Socal and the wife. Well with a baby we have to always play it by ear, but at lease we can set up the event, where some of you can also take some sort of ownership.

I'm thinking of just using our Woodbury Court's patio, it's free, first come first serve. They have a few tables, benches and outdoor sectionals, with fireplace. The place can easily host 20+ people. We can hang out the entire afternoon, so people can go see the models and drop by for lunch. I might have to leave here and there to change the baby and put him down for a nap, but as long as some people hang out, we should hold the space.

I wouldn't mind bbq some hamburgers if others don't mind chipping in with drinks, snacks and chips.

Saturday Jan, the 30th seems to work; but I'm not sure if that is the official grand opening for the entire collection or just Monticeto. We can plan it and leave the date open for now.

Just want to get an initial head count and get the word out. If you're interested, I'll also post this on a separate thread.

I still care deeply about this community; all of you have enriched my life, and our family like to thank the community.

Any thoughts, feedback...?[/quote]

RC,
Sounds like a great idea! I have my niece's birthday party to attend in the morning. Perhaps i can stop by in the afternoon.
 
So I just got back from looking at Coronado at Woodbury East and the final prices for phase 1 are as follows:

Plan 1: 595K (1715 sqft, 3/2.5)
Plan 2: 625K (1877 sqft, 3+D/2.5)
Plan 3: 645K (1944 sqft, 3+D/2.5)

HOA: $134 (1 association)
Tax 1.5% (TIC is supposed to subsidize mello roos and bring it down to about $2975/year).

They are making pre-qualified buyers decide what plan they want and are asking for a deposit this week and are expecting to sell the first 2 phases by the time the public showing occurs at the end of the month.
 
[quote author="irvinehomeowner"]More like all the lookie loos were of Foreign ethnic decent.

The statement is actually ironic.[/quote]
I'm of Foreign ethnic decent, but I just happen to look like a run of the mill white guy. <!-- s:P -->:P<!-- s:P -->
 
We stopped by Montecito today. There was a lot of activity in the sales trailer. Lots of lookers and both offices had potential buyers picking out their lots. The models will open tomorrow according to the sales lady. Price is as follows,

Plan 1, 2156 sq ft, $715,000

Plan 2, 2308 sq ft, $760,000

Plan 3, 2336 sq ft, $795,000

HOA $105

TAX 1.7%

I would have to say I really do not like sharing the driveway with three other neighbors. The homes felt extremely packed in. The buyers/lookers were 100% Chinese when I was there and that was the second thing that bothered me. I am Chinese and would prefer a little more diversity.
 
[quote author="new2irvine"]
[quote author="pete423"]We stopped by Montecito today. There was a lot of activity in the sales trailer. Lots of lookers and both offices had potential buyers picking out their lots. The models will open tomorrow according to the sales lady. Price is as follows,

Plan 1, 2156 sq ft, $715,000

Plan 2, 2308 sq ft, $760,000

Plan 3, 2336 sq ft, $795,000

HOA $105

TAX 1.7%

I would have to say I really do not like sharing the driveway with three other neighbors. The homes felt extremely packed in. The buyers/lookers were 100% Chinese when I was there and that was the second thing that bothered me. I am Chinese and would prefer a little more diversity. [/quote]

Went to check out the Montecito models today. They are all unfurnished and some even unfinished (i.e. bathroom tiles were missing in one bathroom) but I guess they were in a hurry to soft open. Lots of people - mostly asian but did see some indian and mixed race couples. My biggest issue with these were also the sharing of the driveway. Having my house front on a narrow shared motor court would bother me.[/quote]

I wonder if the HOA for Coronado and Santa Cruz are also at $105? I don't know about you guys, but a home that costs in the mid $700s is not afforable by any means for an average Irvine resident. A 2500 square feet home is an average sized home in the country, it amazes me how hard you have to work to get to that level in Irvine. I would think if you are forking out this much money for a SFR you would get your own drive way. Does Sonoma also share a driveway with neighbors?
These homes are still over priced by $100k. Montecito and Sonoma should be selling in the mid $600k. Phase 1 is a complete Chinese rat trap.

P
 
[quote author="pete423"]

The buyers/lookers were 100% Chinese when I was there and that was the second thing that bothered me. I am Chinese and would prefer a little more diversity. [/quote]

I share your concern Pete. I think that Irvine is an ideal city to live in so many ways, but one thing that does concern me is that the Asian Population continues to grow while the caucasion population continues to decrease in this city. In 2008, the ratio between the asian students and white students in University High are almost 60%/40%. Personally, I do think it would bother me a little if the ratio started to look like 75% Asian /25% Caucasion by the time by kids enter high school. By true diversity, I think of all nationalities and skin color being represented but what unites us is that we are americans at the core and we teach our kids how to speak english. Unfortunately this is not the case with many of the Irvine Asians. If you look at the new developments in Portola Springs and Woodbury, there is a massive inflow of Asian immigrants. It appears that some of these Asian have their primary residence in Asian and their Irvine home is their secondary residence. It appears that the culture, density, and home prices have a changed a lot in Irvine in the past ten years.
 
[quote author="new2irvine"]just to clarify - the montecito homes do have their own driveway. the driveway is connected to a shared motor court type thing. i believe the set-up is 4 or 6 homes in each motorcourt (2 homes on each side). the "road" that you would drive out to from your driveway is the motorcourt. From there, you would drive onto a regular street.[/quote]

Is the Montecito driveway long enough to park cars? (and I am not talking about parking a Miata)
 
[quote author="new2irvine"]just to clarify - the montecito homes do have their own driveway. the driveway is connected to a shared motor court type thing. i believe the set-up is 4 or 6 homes in each motorcourt (2 homes on each side). the "road" that you would drive out to from your driveway is the motorcourt. From there, you would drive onto a regular street.[/quote]

Wow, though --- almost $800k (plan 3) to live on an alley, where you could probably open your front door and spit to your neighbors front door across the alley. Assuming these homes are geared toward young families, that will be a horrendous set up for front yard socializing and playing....one of the cornerstones of "family" neighborhood.

Curious of the members here....Is it that important to own new to buy into a set up like this? For $800k-$900k (once factoring Mello Roos on new) you could easily get into a 2000+ sq ft resale home in a true SFR neighborhood in somewhere like Oak Creek, Woodbridge, Northwood, Northpark....and so on. Is the draw of new that strong?
 
[quote author="IACRenter"]
[quote author="new2irvine"]just to clarify - the montecito homes do have their own driveway. the driveway is connected to a shared motor court type thing. i believe the set-up is 4 or 6 homes in each motorcourt (2 homes on each side). the "road" that you would drive out to from your driveway is the motorcourt. From there, you would drive onto a regular street.[/quote]

Is the Montecito driveway long enough to park cars? (and I am not talking about parking a Miata) [/quote]

Yes, the driveways are full driveways. You can park a Lincoln TownCar if you wish.
 
[quote author="ck"]
[quote author="new2irvine"]just to clarify - the montecito homes do have their own driveway. the driveway is connected to a shared motor court type thing. i believe the set-up is 4 or 6 homes in each motorcourt (2 homes on each side). the "road" that you would drive out to from your driveway is the motorcourt. From there, you would drive onto a regular street.[/quote]

Wow, though --- almost $800k (plan 3) to live on an alley, where you could probably open your front door and spit to your neighbors front door across the alley. Assuming these homes are geared toward young families, that will be a horrendous set up for front yard socializing and playing....one of the cornerstones of "family" neighborhood.

Curious of the members here....Is it that important to own new to buy into a set up like this? For $800k-$900k (once factoring Mello Roos on new) you could easily get into a 2000+ sq ft resale home in a true SFR neighborhood in somewhere like Oak Creek, Woodbridge, Northwood, Northpark....and so on. Is the draw of new that strong? [/quote]

I wouldn't necessarily call it an alley. I think it is about wide enough to fit 2 SUV's and still have room in the middle to walk through (not drive through). You can't park in the motorcourt, but there is a lot of room between the houses.
 
[quote author="jumpcut"]
[quote author="Panda "]
I wonder if the HOA for Coronado and Santa Cruz are also at $105?
[/quote]
$105 is the master association dues that is paid by all homeowners in Woodbury. If there is a sub-association, then an additional HOA is paid.[/quote]

FYI - Coronado and Santa Cruz are in Woodbury East - HOA Dues are different than that of Woodbury.
 
I prefer this frontal alley with a driveway than rear alley with no driveway. This also uses less space in this particular area as you don't have a to make an extra alley for the edges of the neighborhood.
 
[quote author="ajw522"]
I wouldn't necessarily call it an alley. I think it is about wide enough to fit 2 SUV's and still have room in the middle to walk through (not drive through). You can't park in the motorcourt, but there is a lot of room between the houses.[/quote]

That's fine...but its still not a traditional set up. I guess the question I am asking is what advantage would a product like Montecito would have over something like this 4 year old home in Northwood II?

http://www.redfin.com/CA/Irvine/65-Bamboo-92620/home/5931337

Or this two year old in Northpark Square?

http://www.redfin.com/CA/Irvine/24-Spyrock-92602/home/7203055

To me it would be no comparison --- these are far superior products. Is it just the brand new home aspect?
 
On CK's question... it's about supply and choice.

There really isn't all that much available in 4/3 configuration in Irvine for under $800k (especially newer). You can stretch that out to $900k but the newer places still have MRs.

The example you gave is fine but it's a Short... which is a headache in itself. This is where the supply and choice comes into play because with new housing you have:

1. More choices in regards to floorplan, elevation and lot location.
2. Ability to design the interior (and exterior) somewhat to your desire.
3. Less worry about competing bids.
4. Brand new construction with brand new builder warranty (no previous owner hidden gotchas)

For some, it's worth that premium but looking at RedFin, there really isn't a lot of choice out there, whereas I can choose from at least 3-4 neighborhoods (about 12 different floorplans) in that same 2000-2500sft range.
 
[quote author="irvinehomeowner"]On CK's question... it's about supply and choice.

There really isn't all that much available in 4/3 configuration in Irvine for under $800k (especially newer). You can stretch that out to $900k but the newer places still have MRs.

The example you gave is fine but it's a Short... which is a headache in itself. This is where the supply and choice comes into play because with new housing you have:

1. More choices in regards to floorplan, elevation and lot location.
2. Ability to design the interior (and exterior) somewhat to your desire.
3. Less worry about competing bids.
4. Brand new construction with brand new builder warranty (no previous owner hidden gotchas)

For some, it's worth that premium but looking at RedFin, there really isn't a lot of choice out there, whereas I can choose from at least 3-4 neighborhoods (about 12 different floorplans) in that same 2000-2500sft range.[/quote]

I also posted another that was not a short, but I understand what you are saying about supply. That said, anybody moving into a new home obviously does not need to close in 30 days --- its probably at least 4-6 months before the new home will be ready. That puts you right into the peak selling season --- when there will most certainly be more selection of resale. And given what I read here, I'm not sure about the statement that there is less competition for these new homes.

Anyway, I'm not trying to be argumentative --- just curious.
 
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