Since the comparison is made with SG, in my opinion, all 3 (SG, PP, BP) are on same flat terrain unlike OH. SG is actually advantageous by having multiple parks, access to good schools, entry/exist on all four sides and low MR. Both PP and BP, on the other hand, have curvy roads which could be dangerous with those two narrow lane turn around with an yield on either side.
Beacon Park
- Thread starter The I-R-V
- Start date
NEW -> Contingent Buyer Assistance Program
http://theurgetowander.com/2014/08/01/chinese-zigzag-bridge/
Thank goodness BP has curved streets.
Six of the eight homes at Torrey are available today, from $1,469,900-$1,662,900 + 1.1% tax rate + $9,961-$10,478 mello roos subject to 2% annual increase.
There's just no sense of urgency to buy now (or be forever priced out). The only development with some sort of urgency is Ellwood to get the good lots. Everyone else - a lot of the better lots are in the later phases or it's all pretty much the same. How's Arcadia doing in Stonegate? Haven't their prices been pretty much flat in the last year or so?
Nobody in their right mind would spend that on these homes. They are NOT $1.5M+ homes. Does Irvine think they are Newport now? The bigger homes will continue to sit and collect dust at these prices. The other smaller homes will sell. I can't wait to see how Legend does! May not even sell a single one at this rate.
I haven't seen Torrey yet but their pricing is similar to Stafford @ Greenwood.
Stafford is ~3900sf @ 1,411,900 (base?)
Torrey is ~3836sf @ 1,662,900 minus ~$190k in preplots (per PS9) = $1,472,900 base
MR is probably higher at Torrey but aren't some addtl Greenwood bonds up for vote/debate/passage to increase Greenwood's MR?
And aren't the lots at Torrey bigger?
I don't think these are a bargain but seems priced "ok" for the current market. They'll probably sell at a pace like a lot of the bigger pricey projects this side of town ala Sausalito.
Exactly. There is absolutely no sense of urgency. If we didn't have the Dodd-Frank Ability to Repay rules which effectively ban liar loans with creative financing terms, you might see these homes selling much better at this stage of the housing recovery.
But today, you must have the wealth and/or the real provable income to finance these $1M+ homes. Creditors must document your real income and must qualify that real income based on the real fully-amortized payment including the HOAs, property taxes and mello roos.
After going to all the 10ft ceiling homes within the price range, 9ft is so 2010..
Who cares which is better. Obviously a few thousand people voted SG by buying there. 700 choose PP. 1000 people will eventually choose BP. 375 chose/will choose greenwood and thousands will choose OH. Some may end up choosing more than one by moving/upgrading/downsizing. There's a home for everyone. No need to fight over it 
irvinehomeshopper
Well-known member
Plenty of Chinese corruption money around so no need to fight over which is a better community to buy in.
J
jmoney74
Guest
Greenwood ftw
irvinehomeowner
Well-known member
Trying to determine the ectoplasmic limiting favtor?yaliu07 said:
Shouldn't this planned bridge have a zig zag deck instead of a straight one? Apparently, spirits can only travel in a straight line:aquabliss said:It's a picture of the bridge...
Looks better than the rusty TIC bridges.
http://theurgetowander.com/2014/08/01/chinese-zigzag-bridge/
Thank goodness BP has curved streets.
Perspective
Well-known member
yaliu07 said:
Six of the eight homes at Torrey are available today, from $1,469,900-$1,662,900 + 1.1% tax rate + $9,961-$10,478 mello roos subject to 2% annual increase.
I think their is a lot of unsold product, with exception to the smaller product, which continues to sell very well in this market. The bigger SFR homes are struggling to sell, which shouldn't surprise anyone, given their prices relative to projects in Stonegate which while selling, don't sell like hotcakes either (TriPointe sells but not crazy and Palo Alto is similar in that you can get a home if you want...they have at least a couple plan 1's and plan 2's available (not sure if plan 3 is). And both of those homes are selling in the low 400 sq/ft range with mella around 4K.
I could prove to be wrong, but I think the follow-up phases are going to be less in price. Maybe one of the problems is some of the phase 1 had significant builder upgrades so maybe base prices come down and it isn't so bad. I don't know, but for phase 1 of a development people were excited about, this has to be a pretty poor start (and not what Five Points was expecting).
Note: My comments relate to the 2500-3200 sq ft market. I can't comment on the larger homes like Torrey as they are out of my league (well at least in Irvine), but it sure seems like they aren't selling either.
I could prove to be wrong, but I think the follow-up phases are going to be less in price. Maybe one of the problems is some of the phase 1 had significant builder upgrades so maybe base prices come down and it isn't so bad. I don't know, but for phase 1 of a development people were excited about, this has to be a pretty poor start (and not what Five Points was expecting).
Note: My comments relate to the 2500-3200 sq ft market. I can't comment on the larger homes like Torrey as they are out of my league (well at least in Irvine), but it sure seems like they aren't selling either.
Bullsback said:
There's just no sense of urgency to buy now (or be forever priced out). The only development with some sort of urgency is Ellwood to get the good lots. Everyone else - a lot of the better lots are in the later phases or it's all pretty much the same. How's Arcadia doing in Stonegate? Haven't their prices been pretty much flat in the last year or so?
Perspective said:
Nobody in their right mind would spend that on these homes. They are NOT $1.5M+ homes. Does Irvine think they are Newport now? The bigger homes will continue to sit and collect dust at these prices. The other smaller homes will sell. I can't wait to see how Legend does! May not even sell a single one at this rate.
iamsophicarter
New member
My husband and I were given the opportunity to buy at Harper on the spot. We were initially told we were in the middle of the priority list and we also didn't get pre-qual by their preferred mortgaged company. Decided to pass because of the mello-roos & higher pricing of the home.
DJW1705 said:
I haven't seen Torrey yet but their pricing is similar to Stafford @ Greenwood.
Stafford is ~3900sf @ 1,411,900 (base?)
Torrey is ~3836sf @ 1,662,900 minus ~$190k in preplots (per PS9) = $1,472,900 base
MR is probably higher at Torrey but aren't some addtl Greenwood bonds up for vote/debate/passage to increase Greenwood's MR?
And aren't the lots at Torrey bigger?
I don't think these are a bargain but seems priced "ok" for the current market. They'll probably sell at a pace like a lot of the bigger pricey projects this side of town ala Sausalito.
Perspective
Well-known member
bones said:
Exactly. There is absolutely no sense of urgency. If we didn't have the Dodd-Frank Ability to Repay rules which effectively ban liar loans with creative financing terms, you might see these homes selling much better at this stage of the housing recovery.
But today, you must have the wealth and/or the real provable income to finance these $1M+ homes. Creditors must document your real income and must qualify that real income based on the real fully-amortized payment including the HOAs, property taxes and mello roos.
If this forces down the price on these large homes, would that eventually trickle down to the smaller homes as they became increasingly worse deals at the $/sqft level? If so that could effectively cap the prices on house prices in Irvine at around where they are now or even lower as it reduces speculative interest.
@iamsophicarter - did you consider Jasmine at CV or The Peake at BR as alternates to Harper?
@iamsophicarter - did you consider Jasmine at CV or The Peake at BR as alternates to Harper?
I want to say it's gone up by couple thousand since the grand opening (i happened to be there), and also stopped by couple weeks ago since those phases had single loaded lots (quick seller, no surprise)bones said:
After going to all the 10ft ceiling homes within the price range, 9ft is so 2010..
Perspective
Well-known member
Maybe the BP builders were drinking the Pavlion Park sales success Kool-Aid, and thought the market would support premium pricing and double mello roos? Maybe BP builders should've mirrored Pavlion Park's initially lower price levels to create some urgency and cause prospective buyers to discount the double mello roos subject to 2% annual increase?