30% more land per lot.

NEW -> Contingent Buyer Assistance Program
I

irvinehomeshopper

Well-known member
I just reviewed the land plan for the Great Park. For the same size house and slightly cheaper price that the Irvine Villages the property size for each home is 25% larger. More backyard and side yards increase privacy. Streets are curvilinear and organic. The parks are big and not like the silly token pocket parks. Each park will have a theme like treehouse, water play and focuses on family/ children adventure. I love the eclectic architectural flavors that truly are inspired by real charming neighborhoods. I love diversities at the Great Park and dislike the current uniform palette of beige stucco Mediterranean boxes. Finally a neighborhood with 15' between homes with good stylings to include Craftsman, classic Modern, Farmhouse, Art Deco, streamline moderne, cottage, Colonial, ranch, spanish and many other Old Los Angeles styles. Irvine is not Europe it is a satellite suburb to Los Angeles and it is wrong to turn it into Tuscany. Borrowing from eclectic LA, Hollywood, Santa Monica and Pasadena made a lot of sense. It is about time that I find a neighborhood that offers a better value for the consumers and dedicates more green space for privacy and play.
 
If there was no mello-roos or more reasonable mello-roos I'd seriously consider moving there. The toxic land in future villages is a big concern too.
 
it can only change TIC plans if they lose sales to GP homes.  That might come about since home sales are slowing.  They do, however, have to build out more of the park before that happens (golf course, more neighborhoods, etc). 
 
irvinehomeowner said:
Ooo... does that mean PP is IHS approved? Or is this only for the next area of GP?
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Looks like, for now, all of GP will be in IUSD since they are moving along with the High School
 
jmoney74 said:
irvinehomeowner said:
Ooo... does that mean PP is IHS approved? Or is this only for the next area of GP?
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Looks like, for now, all of GP will be in IUSD since they are moving along with the High School
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I think IHO means IrvineHomeShopper approved.. not Irvine High School... durrrrrr
 
I'm in the mix at PP for all the reasons IHO listed, but there is a price to pay for living there:

1 - the HOA is about double that of TIC properties...maybe it's worth it, but it's still double ($193/mth).
2 - the MR is quite steep and scales with square footage, and subject to 2% annual increase.  Base tax rate is the standard 1.16% for OC.  Sagewood MR is upwards of 6-7K yearly to start.
3 - prices have gone up 100-150K since initial phase out, and continue to increase.  Next phase at Sagewood (this weekend) is expected to go up about 20K across the board.  In contrast, Mulberry in CV has gone down in its latest P14 release to P10-P11 levels (insert 3500sf lot jab here).

It's a very heavy trigger to pull right now...all remaining properties at PP are at extreme peak pricing, and it's a bit of a concern.

I posted on another thread that the next GP buildout (south of Irvine Blvd.) is expected in 2016...however, I was told yesterday that grading/infrastructure are well under way, and builders are preparing to have models ready by Summer 2015.  It's technically "dirtier" land, so it'll be interesting to see how that next area builds out.

IHO is spot on with his perspective...the challenge for me is justifying the current pricing.  I definitely missed the party boat...just trying to get on a ferry now.
 
gasman said:
I'm in the mix at PP for all the reasons IHO listed, but there is a price to pay for living there:

1 - the HOA is about double that of TIC properties...maybe it's worth it, but it's still double ($193/mth).
2 - the MR is quite steep and scales with square footage, and subject to 2% annual increase.  Base tax rate is the standard 1.16% for OC.  Sagewood MR is upwards of 6-7K yearly to start.
3 - prices have gone up 100-150K since initial phase out, and continue to increase.  Next phase at Sagewood (this weekend) is expected to go up about 20K across the board.  In contrast, Mulberry in CV has gone down in its latest P14 release to P10-P11 levels (insert 3500sf lot jab here).

It's a very heavy trigger to pull right now...all remaining properties at PP are at extreme peak pricing, and it's a bit of a concern.

I posted on another thread that the next GP buildout (south of Irvine Blvd.) is expected in 2016...however, I was told yesterday that grading/infrastructure are well under way, and builders are preparing to have models ready by Summer 2015.  It's technically "dirtier" land, so it'll be interesting to see how that next area builds out.

IHO is spot on with his perspective...the challenge for me is justifying the current pricing.  I definitely missed the party boat...just trying to get on a ferry now.
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Very well thought out post Gasman..

I too am concerned about the peak pricing for the PP homes. 
 
gasman said:
I'm in the mix at PP for all the reasons IHO listed, but there is a price to pay for living there:

1 - the HOA is about double that of TIC properties...maybe it's worth it, but it's still double ($193/mth).
2 - the MR is quite steep and scales with square footage, and subject to 2% annual increase.  Base tax rate is the standard 1.16% for OC.  Sagewood MR is upwards of 6-7K yearly to start.
3 - prices have gone up 100-150K since initial phase out, and continue to increase.  Next phase at Sagewood (this weekend) is expected to go up about 20K across the board.  In contrast, Mulberry in CV has gone down in its latest P14 release to P10-P11 levels (insert 3500sf lot jab here).

It's a very heavy trigger to pull right now...all remaining properties at PP are at extreme peak pricing, and it's a bit of a concern.

I posted on another thread that the next GP buildout (south of Irvine Blvd.) is expected in 2016...however, I was told yesterday that grading/infrastructure are well under way, and builders are preparing to have models ready by Summer 2015.  It's technically "dirtier" land, so it'll be interesting to see how that next area builds out.

IHO is spot on with his perspective...the challenge for me is justifying the current pricing.  I definitely missed the party boat...just trying to get on a ferry now.
Click to expand...

1.  Less amount of units.. so HOA is more.  I hope it goes down after complete build out.  Not sure though.

2.  MRs are the kicker to buying at PP for sure.

3.  I still think pricing is still low compared to rest of TIC units in regards to lot size and price per square feet. 
 
PP prices were too low to begin with. The subsequent phases with price increase are catching up with what the FCB consumers can tolerate. Apparently the suitcases are bottomless. As the FCBs need more cash they just go hustle more bribe money. As long the FCBs see Irvine as the brand and a stepping stone to IVY they will continue to buy regardless. The casualties are the middle class folks getting completely priced out of the market.
 
PP started cheaper (like IHS said). Now it's on par with CV/SG and I think ~10 years from now, it will trade at a ~10% premium to CV/SG once more of east Irvine has been built out.

In both CV/PP right now, you spend ~$1.0mil for a ~2,500 sqf home. In both places, you are paying the builder ~$150k for their profit, ~$250k for the construction and ~$600k for the lot.

The CV lot will be ~3,500sqf, the PP lot will be ~5,000sqf. In theory, the PP lot you get is ~$200k more valuable due to size (unless you believe CV is "coastal" by the 5 fwy). You can make some adjustments for lower MR and more common amenities at CV, but long-term once everything in Irvine has been built out and aged, lot and location will matter more and I'd guess PP trades at ~10% premium due to bigger lots.

I think old NW is best value in Irvine right now based on location/lot. Only problem is it has ~40 years of newer builds to compete against. That will be much less of an issue with today's builds.
 
Pluto3D said:
I think ~10 years from now, it will trade at a ~10% premium to CV/SG once more of east Irvine has been built out.
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Good point Pluto.  It's just a very difficult personal decision because of the lifestyle concessions that are required for me to buy there.  I was already prepared and committed to making sacrifices to buy at today's market prices, but it's a much higher premium than I expected.  Have to imagine there are others (non-FCBs, that is) in the same boat.  I'll be eating like a college student again for the next 10 years, but at least I'll have a 6000sf lot!  And my 9MO daughter will be on the golden path to IUSD greatness.  Score.
 
I was lucky enough to get a ~6,000 sq ft lot (standing inventory) in PP about 2.5 months ago.  Since then the price on my model for a similar lot size has increased about $160k which is a bit out of control. 

We've just recently moved in but we love it here so far.  We're near the back so it's very quiet, the neighbors are all very friendly, it feels like a real classic neighborhood and it just seems like there is a ton of space.  We have lots of room between neighbors on both sides, my back yard is big and our street has very little through traffic.

I see my family living here a very long time.  We came from a Woodbury attached condo, then rented a detached condo in Woodbury for about 5 months, and the difference is huge.

Just this evening I drove by the Baker Ranch Heights and Highlands homes that we were very close to buying instead, and those things are tight!  They are really jammed in there close together.  It reaffirmed that we made the right choice (for us at least). 

I do miss the convenience of Woodbury Town Center but other than that I'm not looking back and very pleased with the choice, high MR and all.
 
aquabliss said:
I was lucky enough to get a ~6,000 sq ft lot (standing inventory) in PP about 2.5 months ago.  Since then the price on my model for a similar lot size has increased about $160k which is a bit out of control. 

We've just recently moved in but we love it here so far.  We're near the back so it's very quiet, the neighbors are all very friendly, it feels like a real classic neighborhood and it just seems like there is a ton of space.  We have lots of room between neighbors on both sides, my back yard is big and our street has very little through traffic.

I see my family living here a very long time.  We came from a Woodbury attached condo, then rented a detached condo in Woodbury for about 5 months, and the difference is huge.

Just this evening I drove by the Baker Ranch Heights and Highlands homes that we were very close to buying instead, and those things are tight!  They are really jammed in there close together.  It reaffirmed that we made the right choice (for us at least). 

I do miss the convenience of Woodbury Town Center but other than that I'm not looking back and very pleased with the choice, high MR and all.
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So have you met Jeter and jmoney?
 
Nope not in person... But we've exchanged a few PMs... They can't live too far away though, it's a pretty small place.
 
aquabliss said:
I do miss the convenience of Woodbury Town Center but other than that I'm not looking back and very pleased with the choice, high MR and all.
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dont worry aqua, after a couple of months of driving those 15 minutes on irvine blvd to the woodbury town center you will get used to the drive, and then it will seem like 3-5 minutes :-)
 
I have seen 3 recessions in housing and base on my experience. 6,000 sf lot commands an incredible premium and curb appeal. During the recession homes on these lots moved quickly and sellers were in control even when it was the buyers market. Rule#1 in RE is the size of the lot. Don't get fooled by the size of the house. God only created limited land but developers could create infinite amount of cheap footage.
 
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