Eastwood is way over priced

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I drove by there. Looked like driving to Disneyland. So many cars and so many people. I don't think there is any slowdown in the market in Irvine. TI & its discussion threads seem so outdated from reality.
 
waitin4ever said:
I drove by there. Looked like driving to Disneyland. So many cars and so many people. I don't think there is any slowdown in the market in Irvine. TI & its discussion threads seem so outdated from reality.
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Perhaps OP need to change the title of this thread to "Eastwood is selling like hotcake". :)

I think the slowdown we observed is mostly in the product over $1.2 million, and especially in BP.  Some of higher priced home in BP barely move pass phase 1 or 2  since their grand opening 6 month ago.  And Ellwood, priced in the $800k range, sold out all the phases in just 6 month. 



 
irvinehomeowner said:
Funny how some are saying it feels like a value village but the SFRs start at $1m+?

#ItsIrvine
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Must be the mini corn dogs and pretzels that made people change their minds?

It's across the street of Stonegate. Far away from the cemetery. (That's the key)
 
eyephone said:
irvinehomeowner said:
Funny how some are saying it feels like a value village but the SFRs start at $1m+?

#ItsIrvine
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Must be the mini corn dogs and pretzels that made people change their minds?

It's across the street of Stonegate. Far away from the cemetery. (That's the key)
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We shall see.  Next week, it's boba tea and funnel cake at PS.
 
JLin said:
Sales pace is very brisk. As of now, Marin sold 8 and Petaluma sold all except 1 Plan One
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Actually...I don't think that's very good considering the amount of foot/car traffic and not much competition out there. 

I think the pricing is at the top of the scale and people who want to live in Irvine and not GP are attracted to Eastwood.  OH is still have trouble selling out as is some parts of Stonegate and BP.  I think at this point, resale is a better deal than new homes.

It will be interesting to see how PSIII and the rest of BP sells...I remember being at the opening of Woodbury and the agents were already pitching the "there is not much land left in Irvine" line.  Twelve years later, it's actually coming close to reality.
 
MagicJ1zz said:
lnc said:
waitin4ever said:
I drove by there. Looked like driving to Disneyland. So many cars and so many people. I don't think there is any slowdown in the market in Irvine. TI & its discussion threads seem so outdated from reality.
Click to expand...

Perhaps OP need to change the title of this thread to "Eastwood is selling like hotcake". :)

I think the slowdown we observed is mostly in the product over $1.2 million, and especially in BP.  Some of higher priced home in BP barely move pass phase 1 or 2  since their grand opening 6 month ago.  And Ellwood, priced in the $800k range, sold out all the phases in just 6 month.
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Yeah, Ellwood at $855,990 / 2081sqft = $411/sqft is a much better deal and the homes look nicer like a true SFH than a boxy condo.  Plus it's 4 bedrooms and 3 full baths.
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Elwood is an exception. Eastwood > BP
 
I think that when the prices of the surrounding cities shot up substantially, it was inevitable for Irvine prices to go higher.
 
The release featured products where you have tons of demand. Reality is there is a ton of demand in the <1M market and not near as much in the 1M+ market.  Seems like most of the smaller new homers have done very well and it is a niche that IPac is continuing to leverage and benefit from. 
 
What I have observed is that most of the time the w2 earners who can afford $1M+ homes are at an age where their kids are off to colleges. When that happens, there have little incentive to buy in Irvine, make do with virtually no bkyard, motor courts, HOA, MR and all that comes with Irvine homes. I have seen many at my company in that age group who chose to buy outside Irvine where they get more bang for that buck.

The moment one adds that 7th digit in the home value, all of a sudden the expectations go up. And, all Irvine offers is Driveway for that 7th digit. I am not bashing Irvine. I live here and love it. But, the facts remain.
 
Cornflakes said:
What I have observed is that most of the time the w2 earners who can afford $1M+ homes are at an age where their kids are off to colleges. When that happens, there have little incentive to buy in Irvine, make do with virtually no bkyard, motor courts, HOA, MR and all that comes with Irvine homes. I have seen many at my company in that age group who chose to buy outside Irvine where they get more bang for that buck.

The moment one adds that 7th digit in the home value, all of a sudden the expectations go up. And, all Irvine offers is Driveway for that 7th digit. I am not bashing Irvine. I live here and love it. But, the facts remain.
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May be true of those in your environment but not sure I would make it a blanket statement. Lots of w2 earners with small kids in 7 digit homes in my neighborhood. Also know of empty nesters that purchased in OH (iusd strada side).  Some of what you mentioned are probably factors in the >$1m market but there are a ton of others as well.
 
There are lots of people with different financial backgrounds, even with w2 earners, some have contributions from parents, a lot are dual income, some have great stock options that they cashed out, some have equity and moved on up, etc
 
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