Cetara Orchard Hills The Groves Shea Homes

[usctrojancpa]

If you look at the full site map or lot map with the sizes you?ll see there?s some good sized ones in those grayed out areas

I see. So, people are potentially waiting beyond phase 7.

Yes.  However, imagine 0.5% increase per phase.  That?s $10k increase per phase.  By phase 10, that?s $100k more.  Before lot premium.  Genoa has $100k lot premiums.  Potentially, you could be paying $200k more for these bigger lots but then.

That seems like a very aggressive price hike per phase and they may not be able to keep up the interest. I still find there is a little more hype than substance for this community. Like you guys said, 2 car garages and really tiny lots. But people are probably impressed with the model homes. Once you are itching to add more and more options, it will quickly ballooned.

That may be true if Shea didn't start out the initial pricing fairly low (around $420/sf) if you compare it to closed resale comps in The Groves.  Shea did the same thing with Padova where they started the base price fairly low and then increased it every phase. They are looking to build momentum for the development plus their design center upgrade costs are higher than other builders so they make up for the lower base price on upgrades as well.

 

[trematix]

but also they have to compensate a bit for incredibly small lots. 4200 sqft home with a 5100 sq ft lot, crazy unless thats normal in Irvine

 

[usctrojancpa]

but also they have to compensate a bit for incredibly small lots. 4200 sqft home with a 5100 sq ft lot, crazy unless thats normal in Irvine

You would think that but there have been half a dozen larger Grove resale homes with 4,750sf to 6,000sf lots that closed in the high $400s to low $500s per square foot in the past 6 months so I stand by my belief that Shea underpriced their Cetara homes for Phase 1.

 

[lovingit]

Do you think they underprice the view lots or just the interior lots?

 

[Dr. CA Real Estate]

Does anyone on this forum or your client actually get one of the houses in Phase 1 release?

Two of mine were called for phase 1, passing so they can be first called on phase 2

Can you share when you registered these two clients? This will help me (and others I'm sure) get a better sense of where we are on the list.

It?s not when you register at their sales office it?s when you do the prequal with their lender. The prequal apps opened the first sat of Aug. 9th or 10th at 10am. I have people who did their apps that day and were not called for phase 1.
I posted it on here before hand to warn people to get their prequals done.

 

[Dr. CA Real Estate]

Do you think they underprice the view lots or just the interior lots?

Their view lots are well priced also

 

[usctrojancpa]

Do you think they underprice the view lots or just the interior lots?

The interior lots for sure are very fairly priced compared to comps. Their view lot premiums are well within the normal range of 15-20% of the base price which makes the total price of the view lot attractive (because of the lower base price). They can go to $2m on the base price on Plan 1 and that would put the price at $482/sf which is well within the closed comp range in The Groves.

 

[Movingup]

Do you think they underprice the view lots or just the interior lots?

The interior lots for sure are very fairly priced compared to comps. Their view lot premiums are well within the normal range of 15-20% of the base price which makes the total price of the view lot attractive (because of the lower base price). They can go to $2m on the base price on Plan 1 and that would put the price at $482/sf which is well within the closed comp range in The Groves.

But after upgrades and landscape, it will more than likely>$500/sf.

 

[JadedOne]

Does anyone on this forum or your client actually get one of the houses in Phase 1 release?

Two of mine were called for phase 1, passing so they can be first called on phase 2

Can you share when you registered these two clients? This will help me (and others I'm sure) get a better sense of where we are on the list.

It?s not when you register at their sales office it?s when you do the prequal with their lender. The prequal apps opened the first sat of Aug. 9th or 10th at 10am. I have people who did their apps that day and were not called for phase 1.
I posted it on here before hand to warn people to get their prequals done.

It would still be helpful to know for those of us that are cash buyers, would it not? Were your clients that got called registered and/or prequalified on the day it opened?

 

[Dr. CA Real Estate]

Does anyone on this forum or your client actually get one of the houses in Phase 1 release?

Two of mine were called for phase 1, passing so they can be first called on phase 2

Can you share when you registered these two clients? This will help me (and others I'm sure) get a better sense of where we are on the list.

It?s not when you register at their sales office it?s when you do the prequal with their lender. The prequal apps opened the first sat of Aug. 9th or 10th at 10am. I have people who did their apps that day and were not called for phase 1.
I posted it on here before hand to warn people to get their prequals done.

It would still be helpful to know for those of us that are cash buyers, would it not? Were your clients that got called registered and/or prequalified on the day it opened?

Cash buyers go on the same prequalified list. You don't cut the line. Well you do go ahead of contingent financed buyers that registered that same day. Don't think cash buyers are guaranteed a view lot or early phase home at all.
Yes my people that were called for phase 1 registered in the morning when the apps opened. Clients that were not called also registered the same day and they are also cash or non contingent.

 

[usctrojancpa]

Do you think they underprice the view lots or just the interior lots?

The interior lots for sure are very fairly priced compared to comps. Their view lot premiums are well within the normal range of 15-20% of the base price which makes the total price of the view lot attractive (because of the lower base price). They can go to $2m on the base price on Plan 1 and that would put the price at $482/sf which is well within the closed comp range in The Groves.

But after upgrades and landscape, it will more than likely>$500/sf.

Yup, just depends on the dollar amount of upgrades that the buyers decide that want to put in the home.  At minimum I'd expect Cetara buyers to put 4-5% of the purchase price through the builder and some additional upgrades after closing, including landscaping. There have a been a few smaller lot resales close in the low $500s. That $2m base price probably wouldn't happen until Phase 7 or beyond which would be well into next year.

 

[JadedOne]

Does anyone on this forum or your client actually get one of the houses in Phase 1 release?

Two of mine were called for phase 1, passing so they can be first called on phase 2

Can you share when you registered these two clients? This will help me (and others I'm sure) get a better sense of where we are on the list.

It?s not when you register at their sales office it?s when you do the prequal with their lender. The prequal apps opened the first sat of Aug. 9th or 10th at 10am. I have people who did their apps that day and were not called for phase 1.
I posted it on here before hand to warn people to get their prequals done.

It would still be helpful to know for those of us that are cash buyers, would it not? Were your clients that got called registered and/or prequalified on the day it opened?

Cash buyers go on the same prequalified list. You don't cut the line. Well you do go ahead of contingent financed buyers that registered that same day. Don't think cash buyers are guaranteed a view lot or early phase home at all.
Yes my people that were called for phase 1 registered in the morning when the apps opened. Clients that were not called also registered the same day and they are also cash or non contingent.

Thanks, this is helpful. I registered the day after the models officially opened so looks like I won't be called for a while. Will likely drop out by then if prices increase too much.

 

[lovingit]

I thought refrigerators are typically included with homes?  My friend is saying that it is not with Cetara and you have to buy it.  The cheapest fridge is $7k GE 48? option. Is it better just to buy it after the fact?

 

[JadedOne]

I thought refrigerators are typically included with homes?  My friend is saying that it is not with Cetara and you have to buy it.  The cheapest fridge is $7k GE 48? option. Is it better just to buy it after the fact?

It's an option on most new builds that I've seen. When I've priced them out separately, it always seems to be more or not worth the hassle to do. I think the lower end options on cetara are quite reasonably priced actually.

 

[akkord]

Built-in fridge go with the builder in case there are issues with the fridge or cabinets around it, counter-depth buy when you move in.

 

[usctrojancpa]

I thought refrigerators are typically included with homes?  My friend is saying that it is not with Cetara and you have to buy it.  The cheapest fridge is $7k GE 48? option. Is it better just to buy it after the fact?

Refrigerators are typically not included with new homes.  The only builder that I could think of that included built-in refrigerators was Lennar over at The Great Park.  It's generally cheaper to buy built-in refrigerators after closing than through the builder.

 

[shadyoc]

Actually, $7k for a GE that is 48" is cheaper than buying outside.  Not a bad price.  But I don't know if GEs are great refrigerators as I have not had experience with it. 

 

[bones]

You can also ask them to sell you the fridge outside of the design center options so it doesn't get rolled into tax base.

 

[lovingit]

I thought refrigerators are typically included with homes?  My friend is saying that it is not with Cetara and you have to buy it.  The cheapest fridge is $7k GE 48? option. Is it better just to buy it after the fact?

Refrigerators are typically not included with new homes.  The only builder that I could think of that included built-in refrigerators was Lennar over at The Great Park.  It's generally cheaper to buy built-in refrigerators after closing than through the builder.

What appliances are generally included with new homes?

 

[usctrojancpa]

I thought refrigerators are typically included with homes?  My friend is saying that it is not with Cetara and you have to buy it.  The cheapest fridge is $7k GE 48? option. Is it better just to buy it after the fact?

Refrigerators are typically not included with new homes.  The only builder that I could think of that included built-in refrigerators was Lennar over at The Great Park.  It's generally cheaper to buy built-in refrigerators after closing than through the builder.

What appliances are generally included with new homes?

Range/cooktop, microwave, and dishwasher. Refrigerator, washer, and dryer are generally not included in the base price.