Eastwood Sales

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Irvinehomeseeker

Active member
Anyone seeing that pace of releases is slowing down at Eastwood? I haven't seen a new phase release in close to a month from Piedmont or Belverde.I think even Petaluma is slow too. Previously they used to release every 2-3 weeks.

Are they adjusting to construction schedule, taking a breather from rapids sales or reviewing prices to adjust to market?Wondering...
 
Builder are not slowing it down on purpose, they can't find enough workers. The construction crew shortage has been going on for a while, but it has become even more problematic now with all the construction boom going on and our new Fed policy.

This article is about Denver but Irvine faces the same issue.
http://www.cnbc.com/2017/03/29/homebuilders-struggle-to-fill-jobs-americans-dont-want.html

At a sprawling construction site barely 15 minutes from downtown Denver, workers move ground, pour foundations and frame walls and windows, but the work goes slowly because of the slim workforce.

Homes here take about two months longer than normal to build, and, in some cases, contractors are doubling their wages just to keep workers from skipping to the next site.

Housing industry veteran Gene Myers says he could be adding 50 percent more homes if he just had the people to build them.

Thousands of construction workers left the industry during the recession, many of them heading to the energy sector. The assumption was that they would return when energy lagged and homebuilding recovered. They did not. The labor shortage in building actually worsened in 2016 ? a surprise to most analysts.

Immigrants make up about a quarter of the overall construction workforce, but that share is likely higher for residential homebuilding, partly due to a large number of undocumented workers. Builders say they make sure their contractors are legal to work, but they have less control over the subcontractors who often move from site to site. Even that group is shrinking, as President Donald Trump tries to impose travel bans and threatens to build a wall between the U.S. and Mexico.
 
Significant numbers of home buyers in Irvine are vary fiscally conservative and tend to under buy.  Very few stretches to their absolute limit.

This might explains why with price increase phase after phase and increasing interest rate, home still sells very well.  Home builder probably also get some feedback or analysis report from their preferred lender regarding to buyer's financial situation,  and they had a very clear picture of what their potential buyer can afford.


 
lnc said:
Significant numbers of home buyers in Irvine are vary fiscally conservative and tend to under buy.  Very few stretches to their absolute limit.

This might explains why with price increase phase after phase and increasing interest rate, home still sells very well.  Home builder probably also get some feedback or analysis report from their preferred lender regarding to buyer's financial situation,  and they had a very clear picture of what their potential buyer can afford.

Good observation.Makes sense!
 
lnc said:
Significant numbers of home buyers in Irvine are vary fiscally conservative and tend to under buy.  Very few stretches to their absolute limit.

This might explains why with price increase phase after phase and increasing interest rate, home still sells very well.  Home builder probably also get some feedback or analysis report from their preferred lender regarding to buyer's financial situation,  and they had a very clear picture of what their potential buyer can afford.

Very true, from the buyers that I've worked with most of my Irvine buyers "under buy" by anywhere between 10-20% so if they are approved to buy up to $1m they'll be looking at $800k-$900k homes.  I can count on one hand how many FHA buyers I've worked with in Irvine as a buyers agent or seen as a listing agent.  Home builders see the same data that I do....a lack of resale inventory with many properties that are priced right going into escrow fast with multiple offers.  Also, since the builders have the buyers pre qualified they know how much each buyer can afford.
 
Do you guys think Eastwood attached and detached condos will appreciate like it's cousin Stonegate?
Stonegate seems to have so much open spaces compared to eastwood, which looks so cramped and crowded to me. Even cypress village where similar TIC products have rapidly appreciated have so much open space.

I can probably stretch a bit to buy petaluma despite my reservations about small the living space(  if I discount what  I see as  wasted space  in the entrance walkway), but not sure    how much higher it will go up from the high price today.

Delano has got me thinking now, especially the coveted 4th bedroom downstairs. But will an attached product with better floor plan (what i view of delano plan 3) appreciate  like a detached  Petaluma in a crowded Eastwood development.....?

 
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