Fresco @ Eastwood Village

[BlackKnight]

It seems that a couple of builders in Great Park and Orchard Hills are doing biding even for new homes, any idea whether Fresco can change to that?  :'(

That?s messed up. Do you know which builders?  I?ve heard Lennar in SD was doing this but not in Irvine.

I think Taylor Morrison is doing the bidding for Palermo at OH.

According to Bluffs sales lady, IP won't go the bidding route. They will stay with the waitlist and whatever the released price.

Lol with IP raising prices like they always do, there is no need for bidding bc no one would bid that high to begin with. They want to control the Irvine pricing as much as possible.

You obviously have been under a rock. Have you seen long list of pre approval buyers waiting to get a IP lot? I?ve heard stories from few sale reps that some of these buyers willing to offer $100k premium to be in front of the list but that?s not how IP waiting list works.

maybe I am living under a rock. Look at cetara prices and how much it has gone up thanks to IP forcing Shea to do so. They were calling September folks for the last release but had to start pinging people in January to finally sell the homes. This is WITHOUT bidding... I was told there are at least 300+ on the list where 60% were cash buyers.

Sure we are talking about homes in the 3m range and that can be different than homes in 1.5-2m range... But do I think everyone on the waiting list will pounce on IP homes if they had a chance? I don't. Because one can only bid so much until they think it's not worth it. Also, subjective remark but IP floor plans are meh.... Master baths are tiny compared to Shea like Ravello for instance..

All I can tell you is that the IP homes in PS don't make it to the people not on the list. And yes, there aren't many people who can afford the $3M range, but anything under $2M goes right away.

That?s because there is literally no supply and no bidding. If you throw in bidding, half the people on the list will leave and wait for resale. You have to understand that one can only bid up so much for new homes as they have to do upgrades for the home.

Hypothetically speaking, let?s use your number for the sake of argument. EW Fresco as of now there are over 200 people waiting for 30ish homes. If bidding is allowed and 1/2 leave, there are still over 100 potential buyers for the 30 lots.  Bidding is still bidding whether it?s $1000 or $20k or 100k just  like offer/counter offer for existing homes.

We are not talking about bs scenario that?s not happening.

 

[sleepy5136]

It seems that a couple of builders in Great Park and Orchard Hills are doing biding even for new homes, any idea whether Fresco can change to that?  :'(

That?s messed up. Do you know which builders?  I?ve heard Lennar in SD was doing this but not in Irvine.

I think Taylor Morrison is doing the bidding for Palermo at OH.

According to Bluffs sales lady, IP won't go the bidding route. They will stay with the waitlist and whatever the released price.

Lol with IP raising prices like they always do, there is no need for bidding bc no one would bid that high to begin with. They want to control the Irvine pricing as much as possible.

You obviously have been under a rock. Have you seen long list of pre approval buyers waiting to get a IP lot? I?ve heard stories from few sale reps that some of these buyers willing to offer $100k premium to be in front of the list but that?s not how IP waiting list works.

maybe I am living under a rock. Look at cetara prices and how much it has gone up thanks to IP forcing Shea to do so. They were calling September folks for the last release but had to start pinging people in January to finally sell the homes. This is WITHOUT bidding... I was told there are at least 300+ on the list where 60% were cash buyers.

Sure we are talking about homes in the 3m range and that can be different than homes in 1.5-2m range... But do I think everyone on the waiting list will pounce on IP homes if they had a chance? I don't. Because one can only bid so much until they think it's not worth it. Also, subjective remark but IP floor plans are meh.... Master baths are tiny compared to Shea like Ravello for instance..

All I can tell you is that the IP homes in PS don't make it to the people not on the list. And yes, there aren't many people who can afford the $3M range, but anything under $2M goes right away.

That?s because there is literally no supply and no bidding. If you throw in bidding, half the people on the list will leave and wait for resale. You have to understand that one can only bid up so much for new homes as they have to do upgrades for the home.

Hypothetically speaking, let?s use your number for the sake of argument. EW Fresco as of now there are over 200 people waiting for 30ish homes. If bidding is allowed and 1/2 leave, there are still over 100 potential buyers for the 30 lots.  Bidding is still bidding whether it?s $1000 or $20k or 100k just  like offer/counter offer for existing homes.

We are not talking about bs scenario that?s not happening.

You can use whatever numbers you want. What is fact is IP wants to control pricing in Irvine. So they set the pricing how they see fit and they want it to be that way. I provided Cetara because there are factual data points there that speak for themself. Shea has explicitly mentioned that IP is forcing them to raise prices of Cetara aggressively. Don?t believe me? Look at pricing of Teresina. They barely increased the pricing for their homes throughout the pandemic even though they could have. But they did not.

People are now tolerating the higher prices by IP because there is no bidding and aren?t competing against anyone once it?s their turn on the list. It would be a complete different ball game if bidding was allowed. People will bid but it won?t be as crazy as you guys make it sound. People need to upgrade the homes and not leave it standard and you can only bid so much when your budget is 1.5-2m.

 

[BlackKnight]

It seems that a couple of builders in Great Park and Orchard Hills are doing biding even for new homes, any idea whether Fresco can change to that?  :'(

That?s messed up. Do you know which builders?  I?ve heard Lennar in SD was doing this but not in Irvine.

I think Taylor Morrison is doing the bidding for Palermo at OH.

According to Bluffs sales lady, IP won't go the bidding route. They will stay with the waitlist and whatever the released price.

Lol with IP raising prices like they always do, there is no need for bidding bc no one would bid that high to begin with. They want to control the Irvine pricing as much as possible.

You obviously have been under a rock. Have you seen long list of pre approval buyers waiting to get a IP lot? I?ve heard stories from few sale reps that some of these buyers willing to offer $100k premium to be in front of the list but that?s not how IP waiting list works.

maybe I am living under a rock. Look at cetara prices and how much it has gone up thanks to IP forcing Shea to do so. They were calling September folks for the last release but had to start pinging people in January to finally sell the homes. This is WITHOUT bidding... I was told there are at least 300+ on the list where 60% were cash buyers.

Sure we are talking about homes in the 3m range and that can be different than homes in 1.5-2m range... But do I think everyone on the waiting list will pounce on IP homes if they had a chance? I don't. Because one can only bid so much until they think it's not worth it. Also, subjective remark but IP floor plans are meh.... Master baths are tiny compared to Shea like Ravello for instance..

All I can tell you is that the IP homes in PS don't make it to the people not on the list. And yes, there aren't many people who can afford the $3M range, but anything under $2M goes right away.

That?s because there is literally no supply and no bidding. If you throw in bidding, half the people on the list will leave and wait for resale. You have to understand that one can only bid up so much for new homes as they have to do upgrades for the home.

Hypothetically speaking, let?s use your number for the sake of argument. EW Fresco as of now there are over 200 people waiting for 30ish homes. If bidding is allowed and 1/2 leave, there are still over 100 potential buyers for the 30 lots.  Bidding is still bidding whether it?s $1000 or $20k or 100k just  like offer/counter offer for existing homes.

We are not talking about bs scenario that?s not happening.

You can use whatever numbers you want. What is fact is IP wants to control pricing in Irvine. So they set the pricing how they see fit and they want it to be that way. I provided Cetara because there are factual data points there that speak for themself. Shea has explicitly mentioned that IP is forcing them to raise prices of Cetara aggressively. Don?t believe me? Look at pricing of Teresina. They barely increased the pricing for their homes throughout the pandemic even though they could have. But they did not.

People are now tolerating the higher prices by IP because there is no bidding and aren?t competing against anyone once it?s their turn on the list. It would be a complete different ball game if bidding was allowed. People will bid but it won?t be as crazy as you guys make it sound. People need to upgrade the homes and not leave it standard and you can only bid so much when your budget is 1.5-2m.

3 mil vs 2 mil. Have you heard of a pyramid? When you traverse to the top, it?s getting less and less.

My point is that I dont see how bidding for new home would be any difference than existing homes out there in the current market. There are existing homes out there that have ridiculous list prices between 1.8-2.0 mil and they are sold within 1 or 2 weeks 100+k over list prices due to bidding war.

 

[sleepy5136]

It seems that a couple of builders in Great Park and Orchard Hills are doing biding even for new homes, any idea whether Fresco can change to that?  :'(

That?s messed up. Do you know which builders?  I?ve heard Lennar in SD was doing this but not in Irvine.

I think Taylor Morrison is doing the bidding for Palermo at OH.

According to Bluffs sales lady, IP won't go the bidding route. They will stay with the waitlist and whatever the released price.

Lol with IP raising prices like they always do, there is no need for bidding bc no one would bid that high to begin with. They want to control the Irvine pricing as much as possible.

You obviously have been under a rock. Have you seen long list of pre approval buyers waiting to get a IP lot? I?ve heard stories from few sale reps that some of these buyers willing to offer $100k premium to be in front of the list but that?s not how IP waiting list works.

maybe I am living under a rock. Look at cetara prices and how much it has gone up thanks to IP forcing Shea to do so. They were calling September folks for the last release but had to start pinging people in January to finally sell the homes. This is WITHOUT bidding... I was told there are at least 300+ on the list where 60% were cash buyers.

Sure we are talking about homes in the 3m range and that can be different than homes in 1.5-2m range... But do I think everyone on the waiting list will pounce on IP homes if they had a chance? I don't. Because one can only bid so much until they think it's not worth it. Also, subjective remark but IP floor plans are meh.... Master baths are tiny compared to Shea like Ravello for instance..

All I can tell you is that the IP homes in PS don't make it to the people not on the list. And yes, there aren't many people who can afford the $3M range, but anything under $2M goes right away.

That?s because there is literally no supply and no bidding. If you throw in bidding, half the people on the list will leave and wait for resale. You have to understand that one can only bid up so much for new homes as they have to do upgrades for the home.

Hypothetically speaking, let?s use your number for the sake of argument. EW Fresco as of now there are over 200 people waiting for 30ish homes. If bidding is allowed and 1/2 leave, there are still over 100 potential buyers for the 30 lots.  Bidding is still bidding whether it?s $1000 or $20k or 100k just  like offer/counter offer for existing homes.

We are not talking about bs scenario that?s not happening.

You can use whatever numbers you want. What is fact is IP wants to control pricing in Irvine. So they set the pricing how they see fit and they want it to be that way. I provided Cetara because there are factual data points there that speak for themself. Shea has explicitly mentioned that IP is forcing them to raise prices of Cetara aggressively. Don?t believe me? Look at pricing of Teresina. They barely increased the pricing for their homes throughout the pandemic even though they could have. But they did not.

People are now tolerating the higher prices by IP because there is no bidding and aren?t competing against anyone once it?s their turn on the list. It would be a complete different ball game if bidding was allowed. People will bid but it won?t be as crazy as you guys make it sound. People need to upgrade the homes and not leave it standard and you can only bid so much when your budget is 1.5-2m.

3 mil vs 2 mil. Have you heard of a pyramid? When you traverse to the top, it?s getting less and less.

My point is that I dont see how bidding for new home would be any difference than existing homes out there in the current market. There are existing homes out there that have ridiculous list prices between 1.8-2.0 mil and they are sold within 1 or 2 weeks 100+k over list prices due to bidding war.

EW Fresco has 200+ and Cetara has 300+ with 60% of them being cash buyer. Numbers look similar to me, just different level of buying power. If anything, you would think 3m would have more power to bid up more so than 1.5-2m buyer.

There is A LOT of difference bidding on existing turn key homes versus a new construction where you need to probably throw 100k+ into it for landscaping, window treatments, flooring, etc. If I bid 100k+ for a turn key resale, I do not need to do anymore work into it assuming nothing big gets found during the inspection. Therefore, bidding 100k more for a resale actually isn't as bad as bidding 100k+ for a new construction.

As Calbears mentioned, he was on the wait list for 3 months and the base price went up 100k. At that rate, bidding on a resale and putting 100k+ is more worth it if it's actually turn key.

 

[BlackKnight]

It seems that a couple of builders in Great Park and Orchard Hills are doing biding even for new homes, any idea whether Fresco can change to that?  :'(

That?s messed up. Do you know which builders?  I?ve heard Lennar in SD was doing this but not in Irvine.

I think Taylor Morrison is doing the bidding for Palermo at OH.

According to Bluffs sales lady, IP won't go the bidding route. They will stay with the waitlist and whatever the released price.

Lol with IP raising prices like they always do, there is no need for bidding bc no one would bid that high to begin with. They want to control the Irvine pricing as much as possible.

You obviously have been under a rock. Have you seen long list of pre approval buyers waiting to get a IP lot? I?ve heard stories from few sale reps that some of these buyers willing to offer $100k premium to be in front of the list but that?s not how IP waiting list works.

maybe I am living under a rock. Look at cetara prices and how much it has gone up thanks to IP forcing Shea to do so. They were calling September folks for the last release but had to start pinging people in January to finally sell the homes. This is WITHOUT bidding... I was told there are at least 300+ on the list where 60% were cash buyers.

Sure we are talking about homes in the 3m range and that can be different than homes in 1.5-2m range... But do I think everyone on the waiting list will pounce on IP homes if they had a chance? I don't. Because one can only bid so much until they think it's not worth it. Also, subjective remark but IP floor plans are meh.... Master baths are tiny compared to Shea like Ravello for instance..

All I can tell you is that the IP homes in PS don't make it to the people not on the list. And yes, there aren't many people who can afford the $3M range, but anything under $2M goes right away.

That?s because there is literally no supply and no bidding. If you throw in bidding, half the people on the list will leave and wait for resale. You have to understand that one can only bid up so much for new homes as they have to do upgrades for the home.

Hypothetically speaking, let?s use your number for the sake of argument. EW Fresco as of now there are over 200 people waiting for 30ish homes. If bidding is allowed and 1/2 leave, there are still over 100 potential buyers for the 30 lots.  Bidding is still bidding whether it?s $1000 or $20k or 100k just  like offer/counter offer for existing homes.

We are not talking about bs scenario that?s not happening.

You can use whatever numbers you want. What is fact is IP wants to control pricing in Irvine. So they set the pricing how they see fit and they want it to be that way. I provided Cetara because there are factual data points there that speak for themself. Shea has explicitly mentioned that IP is forcing them to raise prices of Cetara aggressively. Don?t believe me? Look at pricing of Teresina. They barely increased the pricing for their homes throughout the pandemic even though they could have. But they did not.

People are now tolerating the higher prices by IP because there is no bidding and aren?t competing against anyone once it?s their turn on the list. It would be a complete different ball game if bidding was allowed. People will bid but it won?t be as crazy as you guys make it sound. People need to upgrade the homes and not leave it standard and you can only bid so much when your budget is 1.5-2m.

3 mil vs 2 mil. Have you heard of a pyramid? When you traverse to the top, it?s getting less and less.

My point is that I dont see how bidding for new home would be any difference than existing homes out there in the current market. There are existing homes out there that have ridiculous list prices between 1.8-2.0 mil and they are sold within 1 or 2 weeks 100+k over list prices due to bidding war.

EW Fresco has 200+ and Cetara has 300+ with 60% of them being cash buyer. Numbers look similar to me, just different level of buying power. If anything, you would think 3m would have more power to bid up more so than 1.5-2m buyer.

There is A LOT of difference bidding on existing turn key homes versus a new construction where you need to probably throw 100k+ into it for landscaping, window treatments, flooring, etc. If I bid 100k+ for a turn key resale, I do not need to do anymore work into it assuming nothing big gets found during the inspection. Therefore, bidding 100k more for a resale actually isn't as bad as bidding 100k+ for a new construction.

Alright dude, feel like talking to deaf ears. Whatever you say, let?s talk again when IP opens up bidding like other builders that have people bidding like crazy. If it worked for other builders and not IP, there?s no way to prove it.

 

[sleepy5136]

It seems that a couple of builders in Great Park and Orchard Hills are doing biding even for new homes, any idea whether Fresco can change to that?  :'(

That?s messed up. Do you know which builders?  I?ve heard Lennar in SD was doing this but not in Irvine.

I think Taylor Morrison is doing the bidding for Palermo at OH.

According to Bluffs sales lady, IP won't go the bidding route. They will stay with the waitlist and whatever the released price.

Lol with IP raising prices like they always do, there is no need for bidding bc no one would bid that high to begin with. They want to control the Irvine pricing as much as possible.

You obviously have been under a rock. Have you seen long list of pre approval buyers waiting to get a IP lot? I?ve heard stories from few sale reps that some of these buyers willing to offer $100k premium to be in front of the list but that?s not how IP waiting list works.

maybe I am living under a rock. Look at cetara prices and how much it has gone up thanks to IP forcing Shea to do so. They were calling September folks for the last release but had to start pinging people in January to finally sell the homes. This is WITHOUT bidding... I was told there are at least 300+ on the list where 60% were cash buyers.

Sure we are talking about homes in the 3m range and that can be different than homes in 1.5-2m range... But do I think everyone on the waiting list will pounce on IP homes if they had a chance? I don't. Because one can only bid so much until they think it's not worth it. Also, subjective remark but IP floor plans are meh.... Master baths are tiny compared to Shea like Ravello for instance..

All I can tell you is that the IP homes in PS don't make it to the people not on the list. And yes, there aren't many people who can afford the $3M range, but anything under $2M goes right away.

That?s because there is literally no supply and no bidding. If you throw in bidding, half the people on the list will leave and wait for resale. You have to understand that one can only bid up so much for new homes as they have to do upgrades for the home.

Hypothetically speaking, let?s use your number for the sake of argument. EW Fresco as of now there are over 200 people waiting for 30ish homes. If bidding is allowed and 1/2 leave, there are still over 100 potential buyers for the 30 lots.  Bidding is still bidding whether it?s $1000 or $20k or 100k just  like offer/counter offer for existing homes.

We are not talking about bs scenario that?s not happening.

You can use whatever numbers you want. What is fact is IP wants to control pricing in Irvine. So they set the pricing how they see fit and they want it to be that way. I provided Cetara because there are factual data points there that speak for themself. Shea has explicitly mentioned that IP is forcing them to raise prices of Cetara aggressively. Don?t believe me? Look at pricing of Teresina. They barely increased the pricing for their homes throughout the pandemic even though they could have. But they did not.

People are now tolerating the higher prices by IP because there is no bidding and aren?t competing against anyone once it?s their turn on the list. It would be a complete different ball game if bidding was allowed. People will bid but it won?t be as crazy as you guys make it sound. People need to upgrade the homes and not leave it standard and you can only bid so much when your budget is 1.5-2m.

3 mil vs 2 mil. Have you heard of a pyramid? When you traverse to the top, it?s getting less and less.

My point is that I dont see how bidding for new home would be any difference than existing homes out there in the current market. There are existing homes out there that have ridiculous list prices between 1.8-2.0 mil and they are sold within 1 or 2 weeks 100+k over list prices due to bidding war.

EW Fresco has 200+ and Cetara has 300+ with 60% of them being cash buyer. Numbers look similar to me, just different level of buying power. If anything, you would think 3m would have more power to bid up more so than 1.5-2m buyer.

There is A LOT of difference bidding on existing turn key homes versus a new construction where you need to probably throw 100k+ into it for landscaping, window treatments, flooring, etc. If I bid 100k+ for a turn key resale, I do not need to do anymore work into it assuming nothing big gets found during the inspection. Therefore, bidding 100k more for a resale actually isn't as bad as bidding 100k+ for a new construction.

Alright dude, feel like talking to deaf ears. Whatever you say, let?s talk again when IP opens up bidding like other builders that have people bidding like crazy. If it worked for other builders and not IP, there?s no way to prove it.

Bidding like crazy? These are cookie cutter homes... Even where I live, Lennar had a bidding process for the park view condos. The bid for the homes were 10k above the previous price and back then they raised prices by 10k each phase. Basically there did not exist any "craziness". Guess what happened after they started the bidding process? It stopped.

 

[CalBears96]

Bidding like crazy? These are cookie cutter homes... Even where I live, Lennar had a bidding process for the park view condos. The bid for the homes were 10k above the previous price and back then they raised prices by 10k each phase. Basically there did not exist any "craziness". Guess what happened after they started the bidding process? It stopped.

Lake Forest is not Irvine.

 

[sleepy5136]

Bidding like crazy? These are cookie cutter homes... Even where I live, Lennar had a bidding process for the park view condos. The bid for the homes were 10k above the previous price and back then they raised prices by 10k each phase. Basically there did not exist any "craziness". Guess what happened after they started the bidding process? It stopped.

Lake Forest is not Irvine.

Yeah, because we don?t pay 1.5-2% in taxes.

 

[CalBears96]

Bidding like crazy? These are cookie cutter homes... Even where I live, Lennar had a bidding process for the park view condos. The bid for the homes were 10k above the previous price and back then they raised prices by 10k each phase. Basically there did not exist any "craziness". Guess what happened after they started the bidding process? It stopped.

Lake Forest is not Irvine.

Yeah, because we don?t pay 1.5-2% in taxes.

Only GP pays 1.5-2% in taxes. PS, EW, OH only pay 1.3%. And you know all these parents aren't bidding up homes in Lake Forest for a reason. I mean, someone just made a topic about it.

 

[Ready2Downsize]

It seems that a couple of builders in Great Park and Orchard Hills are doing biding even for new homes, any idea whether Fresco can change to that?  :'(

That?s messed up. Do you know which builders?  I?ve heard Lennar in SD was doing this but not in Irvine.

I think Taylor Morrison is doing the bidding for Palermo at OH.

According to Bluffs sales lady, IP won't go the bidding route. They will stay with the waitlist and whatever the released price.

Lol with IP raising prices like they always do, there is no need for bidding bc no one would bid that high to begin with. They want to control the Irvine pricing as much as possible.

You obviously have been under a rock. Have you seen long list of pre approval buyers waiting to get a IP lot? I?ve heard stories from few sale reps that some of these buyers willing to offer $100k premium to be in front of the list but that?s not how IP waiting list works.

maybe I am living under a rock. Look at cetara prices and how much it has gone up thanks to IP forcing Shea to do so. They were calling September folks for the last release but had to start pinging people in January to finally sell the homes. This is WITHOUT bidding... I was told there are at least 300+ on the list where 60% were cash buyers.

Sure we are talking about homes in the 3m range and that can be different than homes in 1.5-2m range... But do I think everyone on the waiting list will pounce on IP homes if they had a chance? I don't. Because one can only bid so much until they think it's not worth it. Also, subjective remark but IP floor plans are meh.... Master baths are tiny compared to Shea like Ravello for instance..

All I can tell you is that the IP homes in PS don't make it to the people not on the list. And yes, there aren't many people who can afford the $3M range, but anything under $2M goes right away.

That?s because there is literally no supply and no bidding. If you throw in bidding, half the people on the list will leave and wait for resale. You have to understand that one can only bid up so much for new homes as they have to do upgrades for the home.

Hypothetically speaking, let?s use your number for the sake of argument. EW Fresco as of now there are over 200 people waiting for 30ish homes. If bidding is allowed and 1/2 leave, there are still over 100 potential buyers for the 30 lots.  Bidding is still bidding whether it?s $1000 or $20k or 100k just  like offer/counter offer for existing homes.

We are not talking about bs scenario that?s not happening.

You can use whatever numbers you want. What is fact is IP wants to control pricing in Irvine. So they set the pricing how they see fit and they want it to be that way. I provided Cetara because there are factual data points there that speak for themself. Shea has explicitly mentioned that IP is forcing them to raise prices of Cetara aggressively. Don?t believe me? Look at pricing of Teresina. They barely increased the pricing for their homes throughout the pandemic even though they could have. But they did not.

People are now tolerating the higher prices by IP because there is no bidding and aren?t competing against anyone once it?s their turn on the list. It would be a complete different ball game if bidding was allowed. People will bid but it won?t be as crazy as you guys make it sound. People need to upgrade the homes and not leave it standard and you can only bid so much when your budget is 1.5-2m.

3 mil vs 2 mil. Have you heard of a pyramid? When you traverse to the top, it?s getting less and less.

My point is that I dont see how bidding for new home would be any difference than existing homes out there in the current market. There are existing homes out there that have ridiculous list prices between 1.8-2.0 mil and they are sold within 1 or 2 weeks 100+k over list prices due to bidding war.

You bid on a specific house with everything in and you have an idea of previous sales. When u bid on Lennar in SD u have NO IDEA at all what the winning bid was on the current or past releases. You have no idea if $100K over asking is enough (apparently well over $200K over asking was not enough for my noncontingent daughter with dual high incomes). There is no agent that can go to the seller agent and say look, what do we have to bid to outbid the rest? You are in effect bidding against yourself with no reference to what has been sold to your future neighbors.

It's like u get on a plane and find out u paid $1000 for your tix and the guy next to you got his tix for $250. Of course u feel like you got taken but it's one tix, not something u have to pay for the rest of your life.

Once they get all the crazy desperate people who will bid anything just to get the place, they end up with not enough bidders and go back to prices set per lot and a waiting list they claim u will be lucky to get to the top of. Meanwhile u get a house u can't even choose upgrades on.

I'm on the side of forget it. I'll take my chances with a resale. My daughter is unfortunately on the desperate side but she has to make her own mistakes, sadly.

 

[Ready2Downsize]

At least when u bid on something on ebay u can't bid against yourself. If you're the only bidder you get the opening bid.

With Lennar, a single desperate person can offer $300K over asking price and not even know they are the only person bidding.

 

[sleepy5136]

Bidding like crazy? These are cookie cutter homes... Even where I live, Lennar had a bidding process for the park view condos. The bid for the homes were 10k above the previous price and back then they raised prices by 10k each phase. Basically there did not exist any "craziness". Guess what happened after they started the bidding process? It stopped.

Lake Forest is not Irvine.

Yeah, because we don?t pay 1.5-2% in taxes.

Only GP pays 1.5-2% in taxes. PS, EW, OH only pay 1.3%. And you know all these parents aren't bidding up homes in Lake Forest for a reason. I mean, someone just made a topic about it.

PS is 1.5% taxes.

I think they are. Look at Amara. No property taxes and the same price as PS homes with the same lot size but true SFH and not a detached condo. With no MR and 5 mins away from Irvine. The time it takes for someone to get to Costco from PS and from lake Forest is the same.

 

[usctrojancpa]

At least when u bid on something on ebay u can't bid against yourself. If you're the only bidder you get the opening bid.

With Lennar, a single desperate person can offer $300K over asking price and not even know they are the only person bidding.

And the bad thing with these new home bidding wars, the builder will not accept an escalation clause like some resale agents do.

 

[sleepy5136]

It seems that a couple of builders in Great Park and Orchard Hills are doing biding even for new homes, any idea whether Fresco can change to that?  :'(

That?s messed up. Do you know which builders?  I?ve heard Lennar in SD was doing this but not in Irvine.

I think Taylor Morrison is doing the bidding for Palermo at OH.

According to Bluffs sales lady, IP won't go the bidding route. They will stay with the waitlist and whatever the released price.

Lol with IP raising prices like they always do, there is no need for bidding bc no one would bid that high to begin with. They want to control the Irvine pricing as much as possible.

You obviously have been under a rock. Have you seen long list of pre approval buyers waiting to get a IP lot? I?ve heard stories from few sale reps that some of these buyers willing to offer $100k premium to be in front of the list but that?s not how IP waiting list works.

maybe I am living under a rock. Look at cetara prices and how much it has gone up thanks to IP forcing Shea to do so. They were calling September folks for the last release but had to start pinging people in January to finally sell the homes. This is WITHOUT bidding... I was told there are at least 300+ on the list where 60% were cash buyers.

Sure we are talking about homes in the 3m range and that can be different than homes in 1.5-2m range... But do I think everyone on the waiting list will pounce on IP homes if they had a chance? I don't. Because one can only bid so much until they think it's not worth it. Also, subjective remark but IP floor plans are meh.... Master baths are tiny compared to Shea like Ravello for instance..

All I can tell you is that the IP homes in PS don't make it to the people not on the list. And yes, there aren't many people who can afford the $3M range, but anything under $2M goes right away.

That?s because there is literally no supply and no bidding. If you throw in bidding, half the people on the list will leave and wait for resale. You have to understand that one can only bid up so much for new homes as they have to do upgrades for the home.

Hypothetically speaking, let?s use your number for the sake of argument. EW Fresco as of now there are over 200 people waiting for 30ish homes. If bidding is allowed and 1/2 leave, there are still over 100 potential buyers for the 30 lots.  Bidding is still bidding whether it?s $1000 or $20k or 100k just  like offer/counter offer for existing homes.

We are not talking about bs scenario that?s not happening.

You can use whatever numbers you want. What is fact is IP wants to control pricing in Irvine. So they set the pricing how they see fit and they want it to be that way. I provided Cetara because there are factual data points there that speak for themself. Shea has explicitly mentioned that IP is forcing them to raise prices of Cetara aggressively. Don?t believe me? Look at pricing of Teresina. They barely increased the pricing for their homes throughout the pandemic even though they could have. But they did not.

People are now tolerating the higher prices by IP because there is no bidding and aren?t competing against anyone once it?s their turn on the list. It would be a complete different ball game if bidding was allowed. People will bid but it won?t be as crazy as you guys make it sound. People need to upgrade the homes and not leave it standard and you can only bid so much when your budget is 1.5-2m.

3 mil vs 2 mil. Have you heard of a pyramid? When you traverse to the top, it?s getting less and less.

My point is that I dont see how bidding for new home would be any difference than existing homes out there in the current market. There are existing homes out there that have ridiculous list prices between 1.8-2.0 mil and they are sold within 1 or 2 weeks 100+k over list prices due to bidding war.

You bid on a specific house with everything in and you have an idea of previous sales. When u bid on Lennar in SD u have NO IDEA at all what the winning bid was on the current or past releases. You have no idea if $100K over asking is enough (apparently well over $200K over asking was not enough for my noncontingent daughter with dual high incomes). There is no agent that can go to the seller agent and say look, what do we have to bid to outbid the rest? You are in effect bidding against yourself with no reference to what has been sold to your future neighbors.

It's like u get on a plane and find out u paid $1000 for your tix and the guy next to you got his tix for $250. Of course u feel like you got taken but it's one tix, not something u have to pay for the rest of your life.

Once they get all the crazy desperate people who will bid anything just to get the place, they end up with not enough bidders and go back to prices set per lot and a waiting list they claim u will be lucky to get to the top of. Meanwhile u get a house u can't even choose upgrades on.

I'm on the side of forget it. I'll take my chances with a resale. My daughter is unfortunately on the desperate side but she has to make her own mistakes, sadly.

Imagine meeting your neighbor and they paid 100k+ less than your bid at that time and they bought after you.

 

[CalBears96]

Bidding like crazy? These are cookie cutter homes... Even where I live, Lennar had a bidding process for the park view condos. The bid for the homes were 10k above the previous price and back then they raised prices by 10k each phase. Basically there did not exist any "craziness". Guess what happened after they started the bidding process? It stopped.

Lake Forest is not Irvine.

Yeah, because we don?t pay 1.5-2% in taxes.

Only GP pays 1.5-2% in taxes. PS, EW, OH only pay 1.3%. And you know all these parents aren't bidding up homes in Lake Forest for a reason. I mean, someone just made a topic about it.

PS is 1.5% taxes.

I think they are. Look at Amara. No property taxes and the same price as PS homes with the same lot size but true SFH and not a detached condo. With no MR and 5 mins away from Irvine. The time it takes for someone to get to Costco from PS and from lake Forest is the same.

Nope. MR is $3600 in PS. Base property tax is 1.05%. If the home is $1M, then it's about 1.4%, but now that the home is $1.6M, it's 1.3%. It has NEVER been 1.5%.

Again, Lake Forest is not Irvine. There is a reason that Amara is cheaper, bigger lot, and more convenient than Bluffs/Highland and still more people are buying Bluffs/Highland.

Let me give you an example. My sister bought the 4100 sq ft, 6200 lot, 3-car garage, at The Oaks at Portola Hills for $1.59M, just $30k more than my tiny Bluffs 2. They did bid $90k over the $1.5M released price though. The Oaks has a 1 time blind bid for reach release. Then they decide who's bid to take. My sister paid cash, so it was considered a stronger bid.

 

[sleepy5136]

Bidding like crazy? These are cookie cutter homes... Even where I live, Lennar had a bidding process for the park view condos. The bid for the homes were 10k above the previous price and back then they raised prices by 10k each phase. Basically there did not exist any "craziness". Guess what happened after they started the bidding process? It stopped.

Lake Forest is not Irvine.

Yeah, because we don?t pay 1.5-2% in taxes.

Only GP pays 1.5-2% in taxes. PS, EW, OH only pay 1.3%. And you know all these parents aren't bidding up homes in Lake Forest for a reason. I mean, someone just made a topic about it.

PS is 1.5% taxes.

I think they are. Look at Amara. No property taxes and the same price as PS homes with the same lot size but true SFH and not a detached condo. With no MR and 5 mins away from Irvine. The time it takes for someone to get to Costco from PS and from lake Forest is the same.

Nope. MR is $3600 in PS. Base property tax is 1.05%. If the home is $1M, then it's about 1.4%, but now that the home is $1.6M, it's 1.3%. It has NEVER been 1.5%.

Again, Lake Forest is not Irvine. There is a reason that Amara is cheaper, bigger lot, and more convenient than Bluffs/Highland and still more people are buying Bluffs/Highland.

Let me give you an example. My sister bought the 4100 sq ft, 6200 lot, 3-car garage, at The Oaks at Portola Hills for $1.59M, just $30k more than my tiny Bluffs 2. They did bid $90k over the $1.5M released price though. The Oaks has a 1 time blind bid for reach release. Then they decide who's bid to take. My sister paid cash, so it was considered a stronger bid.

There are reasons for everyone buying anywhere? it?s all preference. People mainly buy in Irvine due to the schools.. do you really think people like their tiny lots and being shoved in like sardines? So close that you can hear your neighbors flush their toilets? Or having to deal with HOA not allowing parking in the street due to how dense it already is?

More ppl are buying bluffs/highland? I hear more ppl wanting to buy Sierra on this forum more so than Bluffs/Highland. Also, Amara lots are not big at all FYI for a true SFH and base price is basically the same as bluffs 2 so it isn?t cheaper in terms of dollar. Sierra is 1.4-1.5m for a true SFH right now similar to Amara pricing. So idk what you mean by cheaper. Look at the meadows and tell me if that is cheap.

And yes, PS is 1.5% in some areas. Please see this listinghttps://www.redfin.com/CA/Irvine/125-Desert-Bloom-92618/home/51684095.Never say never

Oh if you want to pick and choose in LF, I can too? I?m specifically talking the border of Irvine and LF which is a fair comparison to PS. Picking portola hills is like me picking GP in Irvine to show how shitty Irvine is.

 

[CalBears96]

There are reasons for everyone buying anywhere? it?s all preference. People mainly buy in Irvine due to the schools.. do you really think people like their tiny lots and being shoved in like sardines? So close that you can hear your neighbors flush their toilets? Or having to deal with HOA not allowing parking in the street due to how dense it already is?

More ppl are buying bluffs/highland? I hear more ppl wanting to buy Sierra on this forum more so than Bluffs/Highland. Also, Amara lots are not big at all FYI for a true SFH and base price is basically the same as bluffs 2 so it isn?t cheaper in terms of dollar. Sierra is 1.4-1.5m for a true SFH right now similar to Amara pricing. So idk what you mean by cheaper. Look at the meadows and tell me if that is cheap.

And yes, PS is 1.5% in some areas. Please see this listinghttps://www.redfin.com/CA/Irvine/125-Desert-Bloom-92618/home/51684095.Never say never

Oh if you want to pick and choose in LF, I can too? I?m specifically talking the border of Irvine and LF which is a fair comparison to PS. Picking portola hills is like me picking GP in Irvine to show how shitty Irvine is.

You pointing out that more people wanting to buy Sierra doesn't disprove my point that more people want to buy in Irvine than LF. That's the actual point I was making. Did I not say "Lake Forest is not Irvine."?

And you can pick GP to show how shitty Irvine is, but people still prefer to buy in GP than LF, with its humongous MR and big ass HOA and all.

Point is, "Lake Forest isn't Irvine."

I guess it was true that PS was 1.5% when they bought those houses for $800k. Well worth it, wouldn't you say?

 

[BlackKnight]

Bidding like crazy? These are cookie cutter homes... Even where I live, Lennar had a bidding process for the park view condos. The bid for the homes were 10k above the previous price and back then they raised prices by 10k each phase. Basically there did not exist any "craziness". Guess what happened after they started the bidding process? It stopped.

Lake Forest is not Irvine.

Lol perception is the reality.

Why my wife only has Chanel and LV handbags. Sure she can just get herself Coach bag for 1/10 of the price and it still serves the same purpose but she wouldnt.

And it?s the same reason why there?s always a line to get in the LV/Chanel store at South Coast Plaza but not Coach.

 

[CalBears96]

Bidding like crazy? These are cookie cutter homes... Even where I live, Lennar had a bidding process for the park view condos. The bid for the homes were 10k above the previous price and back then they raised prices by 10k each phase. Basically there did not exist any "craziness". Guess what happened after they started the bidding process? It stopped.

Lake Forest is not Irvine.

Lol perception is the reality.

Why my wife only has Chanel and LV handbags. Sure she can just get herself Coach bag for 1/10 of the price and it still serves the same purpose but she wouldnt.

And it?s the same reason why there?s always a line to get in the LV/Chanel store at South Coast Plaza but not Coach.

I'm just glad that my wife is the other way around. She refuses to pay for brand. She would not go anywhere near a Channel/LV store.  ;D

 

[BlackKnight]

Bidding like crazy? These are cookie cutter homes... Even where I live, Lennar had a bidding process for the park view condos. The bid for the homes were 10k above the previous price and back then they raised prices by 10k each phase. Basically there did not exist any "craziness". Guess what happened after they started the bidding process? It stopped.

Lake Forest is not Irvine.

Lol perception is the reality.

Why my wife only has Chanel and LV handbags. Sure she can just get herself Coach bag for 1/10 of the price and it still serves the same purpose but she wouldnt.

And it?s the same reason why there?s always a line to get in the LV/Chanel store at South Coast Plaza but not Coach.

I'm just glad that my wife is the other way around. She refuses to pay for brand. She would not go anywhere near a Channel/LV store.  ;D

She grew up in Turtle Rock, not Lake Forest unfortunately.