Azalea: New Low Cost or Investment Homes for Cypress Village

NEW -> Contingent Buyer Assistance Program
No word on pricing yet. My best guess is starting between $675-700k for the smaller 1000 sqft units. Low inventory overall and cost of lumber is up significantly. They will pass the cost onto the buyers.
 
Cares said:
No word on pricing yet. My best guess is starting between $675-700k for the smaller 1000 sqft units. Low inventory overall and cost of lumber is up significantly. They will pass the cost onto the buyers.
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I honestly see these starting in the 5's somewhere. Usually California Pacific prices their projects at an "affordable" rate (in the first phases at least). I wouldn't be shocked by 675-700, but I feel like they will be less.
 
irviniteeee said:
Cares said:
No word on pricing yet. My best guess is starting between $675-700k for the smaller 1000 sqft units. Low inventory overall and cost of lumber is up significantly. They will pass the cost onto the buyers.
Click to expand...

I honestly see these starting in the 5's somewhere. Usually California Pacific prices their projects at an "affordable" rate (in the first phases at least). I wouldn't be shocked by 675-700, but I feel like they will be less.
Click to expand...

No way, the single level 2 bedroom condo pricing will be in mid $600s to start given where comps are at for similar units in Stonegate, Woodbury and Cypress Village.
 
USCTrojanCPA said:
irviniteeee said:
Cares said:
No word on pricing yet. My best guess is starting between $675-700k for the smaller 1000 sqft units. Low inventory overall and cost of lumber is up significantly. They will pass the cost onto the buyers.
Click to expand...

I honestly see these starting in the 5's somewhere. Usually California Pacific prices their projects at an "affordable" rate (in the first phases at least). I wouldn't be shocked by 675-700, but I feel like they will be less.
Click to expand...

No way, the single level 2 bedroom condo pricing will be in mid $600s to start given where comps are at for similar units in Stonegate, Woodbury and Cypress Village.
Click to expand...

That's true. I think I would prefer one of the single level floorplans in the other villages. The supposed dining room in the plan 1 and 2 looks completely unusable.
 
USCTrojanCPA said:
irviniteeee said:
Cares said:
No word on pricing yet. My best guess is starting between $675-700k for the smaller 1000 sqft units. Low inventory overall and cost of lumber is up significantly. They will pass the cost onto the buyers.
Click to expand...

I honestly see these starting in the 5's somewhere. Usually California Pacific prices their projects at an "affordable" rate (in the first phases at least). I wouldn't be shocked by 675-700, but I feel like they will be less.
Click to expand...

No way, the single level 2 bedroom condo pricing will be in mid $600s to start given where comps are at for similar units in Stonegate, Woodbury and Cypress Village.
Click to expand...

Yep if resale comps are selling mid $600s there's no way that a builder will price at or below the comps on new construction. It'll be above and keep in mind lumber is over double a year ago.
 
Cares said:
USCTrojanCPA said:
irviniteeee said:
Cares said:
No word on pricing yet. My best guess is starting between $675-700k for the smaller 1000 sqft units. Low inventory overall and cost of lumber is up significantly. They will pass the cost onto the buyers.
Click to expand...

I honestly see these starting in the 5's somewhere. Usually California Pacific prices their projects at an "affordable" rate (in the first phases at least). I wouldn't be shocked by 675-700, but I feel like they will be less.
Click to expand...

No way, the single level 2 bedroom condo pricing will be in mid $600s to start given where comps are at for similar units in Stonegate, Woodbury and Cypress Village.
Click to expand...

Yep if resale comps are selling mid $600s there's no way that a builder will price at or below the comps on new construction. It'll be above and keep in mind lumber is over double a year ago.
Click to expand...

They may price a bit lower right off the bat to get momentum and then keep bumping prices up, we shall see.
 
One of my client's got an email from CalPac that the pre-quals for Azalea begins on April 15th.  They also found out the CalPac will not be paying a broker co-op to agents. 
 
irviniteeee said:
Dr. CA Real Estate said:
When/where did they hear that? Was going to be 10k last I knew
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I got the email today too. Here's a screenshot:
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Yup, that's the flyer my client forward to me and they circled the no broker co-op part at the bottom.  haha  CalPac being a little greedy...brings back the 2012 days when Irvine Pac didn't want to pay broker co-ops at Laguna Altura until the market turned and the changed their minds.  haha
 
brergnat said:
USCTrojanCPA said:
crownedking said:
Does anyone have info on pricing?
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Expect $650k+
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This is a joke, right? They are advertising them as being "attainably priced to make home ownership a possibility."

Anything over $500/sq foot is too high for these floorplans.
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It's not a joke, the market is on fire in the low end of the market plus this development has low mello roos of $1,700/yr so the builder will ask for high prices.  Look, they aren't even offering a $10k-$12k broker co-op for the condos. 
 
brergnat said:
USCTrojanCPA said:
crownedking said:
Does anyone have info on pricing?
Click to expand...

Expect $650k+
Click to expand...

This is a joke, right? They are advertising them as being "attainably priced to make home ownership a possibility."

Anything over $500/sq foot is too high for these floorplans.
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You may think it's too high but I guarantee you these are going to fly out the door in the early phases.
 
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