Alta Vista and Bella Vista at Orchard Hills
- Thread starter lnc
- Start date
NEW -> Contingent Buyer Assistance Program
+1 single story with 4-car garage home has me at hello. Alas, there's no way I'll be able to afford that house.
I think TB will sell these home just fine, we've plenty of La Vita owners eager to upgrade and move uphill.
Actually that's a pretty good deal for those lots at OH and it's a little cheaper than what New Home Co. paid for Amelia and Trevi's lot.
The New Home Co. paid TIC $118.2 million for total of 108 lots for Trevi and Amelia, that about $1.1 million per lot. And the lot size are actually similar in sizes. Alta Vista's minimum lot size is identical to Trevi's (75'X110') and Bela Vista's minimum lot size is also identical to Amelia's (60'x110').
I agree that the land price seems good for that location. I don't know how the finish land values compare to the ungraded lot but I pulled up tax records for a Trevi House and a Capella lot both backing to the Avacados. The Trevi land basis was 1.45 million and the Capella land basis was $800k. Even with about 25%surcharge to grade and put in utilities this purchase price seems OK.
usctrojancpa
Well-known member
acf said:
+1 single story with 4-car garage home has me at hello. Alas, there's no way I'll be able to afford that house.
Ready2Downsize
Well-known member
No kidding. Property taxes alone are probably going to be $50K per year including mello. And if they go up 2% per year in 10 years property taxes alone will be almost $63,000!
Imagine if rates were higher! LOL!
Imagine if rates were higher! LOL!
Ready2Downsize
Well-known member
Not sure but TL does. I'll bet it gets incorporated.
From: Excerpts from Orange County Business Journal
Toll Brothers, Inc. has completed the purchase of sizeable parcel of developable land at the Orchard Hills community in Irvine, adding to the company's collection of high end home sites in the city. The country's largest builder of luxury homes, closed on land at a future phase of development at Orchard Hills, where it plans 223 homes.
The deal closed in May, which indicated the nearly 161 acre chunk of land was sold by Irvine Company for about $200 million. That price equates to nearly $900,000 per home site, which is among the highest priced land transactions for a large housing project reported in Orange County, not counting deals along the coast.
A sale at the $200 million mark also would be the largest residential land deal in Orange County so far this year. Prices in the $2 million and higher range are planned for the Toll Brothers neighborhoods, which will be in the gated part of the community. Toll Brothers has committed more than $500 million for luxury home projects in Irvine since October.
The builder partnered late last year with Miami-based Lennar Corp. to buy a 272-acre swath of land along the northern edge of the former El Toro Marine base. The land, north of Irvine Blvd., in one of the few hilly areas of the former base, is described in Lennar's regulatory filings as Heritage hills and is slated for 840 high-end homes. Toll Brothers invested $78 million in the Heritage Hills project through April, and that it had committed to makea dditional contributions of up to $219.5 million for the venture with Lennar. The new venture's assets are worth about $478 million. That equates to nearly $570,000 per lot. Homes there could open in 2017 or 2018, depending on market conditions.
Hmm. Almost $1 million per lot. It's gonna be uphill battle to make a big profit in this market.
Toll Brothers, Inc. has completed the purchase of sizeable parcel of developable land at the Orchard Hills community in Irvine, adding to the company's collection of high end home sites in the city. The country's largest builder of luxury homes, closed on land at a future phase of development at Orchard Hills, where it plans 223 homes.
The deal closed in May, which indicated the nearly 161 acre chunk of land was sold by Irvine Company for about $200 million. That price equates to nearly $900,000 per home site, which is among the highest priced land transactions for a large housing project reported in Orange County, not counting deals along the coast.
A sale at the $200 million mark also would be the largest residential land deal in Orange County so far this year. Prices in the $2 million and higher range are planned for the Toll Brothers neighborhoods, which will be in the gated part of the community. Toll Brothers has committed more than $500 million for luxury home projects in Irvine since October.
The builder partnered late last year with Miami-based Lennar Corp. to buy a 272-acre swath of land along the northern edge of the former El Toro Marine base. The land, north of Irvine Blvd., in one of the few hilly areas of the former base, is described in Lennar's regulatory filings as Heritage hills and is slated for 840 high-end homes. Toll Brothers invested $78 million in the Heritage Hills project through April, and that it had committed to makea dditional contributions of up to $219.5 million for the venture with Lennar. The new venture's assets are worth about $478 million. That equates to nearly $570,000 per lot. Homes there could open in 2017 or 2018, depending on market conditions.
Hmm. Almost $1 million per lot. It's gonna be uphill battle to make a big profit in this market.
Goriot said:
I think TB will sell these home just fine, we've plenty of La Vita owners eager to upgrade and move uphill.
Actually that's a pretty good deal for those lots at OH and it's a little cheaper than what New Home Co. paid for Amelia and Trevi's lot.
The New Home Co. paid TIC $118.2 million for total of 108 lots for Trevi and Amelia, that about $1.1 million per lot. And the lot size are actually similar in sizes. Alta Vista's minimum lot size is identical to Trevi's (75'X110') and Bela Vista's minimum lot size is also identical to Amelia's (60'x110').
Irvine Dream
New member
lnc said:
I agree that the land price seems good for that location. I don't know how the finish land values compare to the ungraded lot but I pulled up tax records for a Trevi House and a Capella lot both backing to the Avacados. The Trevi land basis was 1.45 million and the Capella land basis was $800k. Even with about 25%surcharge to grade and put in utilities this purchase price seems OK.
Irvine Dream
New member
For the record, I didn't say that Capella Lots cost $800k. I only said that according to property tax records for a Cappella House the value of the land is listed as $800K. May be some one in land development can comment on the how the pre-developed land prices compare to the finished lots.Goriot said:
Both Alta Vista and Bella Vista info are up on Toll Brother's site.
https://www.tollbrothers.com/luxury-homes-for-sale/California/Alta-Vista-at-Orchard-HIlls
https://www.tollbrothers.com/luxury-homes-for-sale/California/Bella-Vista-at-Orchard-Hills
https://www.tollbrothers.com/luxury-homes-for-sale/California/Alta-Vista-at-Orchard-HIlls
https://www.tollbrothers.com/luxury-homes-for-sale/California/Bella-Vista-at-Orchard-Hills
