Fresco @ Eastwood Village

[sleepy5136]

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?

I don?t think you read my words clearly. ?People are more interested in Sierra than bluffs/highland on this forum?.

As for your comment on ?Lake Forest isn?t Irvine?, I can say the same. ?Irvine isn?t Lake Forest.?. What does Irvine have that LF does not have? Better schools and MR. last time I checked, 2k+ ppl are on the wait list for meadows which is in LF. Tell me again how many bluffs/highland have? Even if you want to get a lot, you might not even get one. The meadows is about to sell out before the model homes are even out. How about Irvine pacific homes? I think not. So quit shitting on LF dude.

Point is, not everyone wants to pay MR and the Irvine premium. One area being better than another is super subjective and all personal preference. Don?t try to act like Irvine is night and day better than LF. We aren?t talking Compton vs Irvine.

As for buying in portola with 1.5% MR, no it?s not worth it but that?s subjective. If you bought the same home in BR you are looking at similar returns without paying MR while being the same distance if not better distance to certain areas like freeway access and Irvine spectrum. I think you really think MR isn?t that big of a deal but it does make a difference when you are talking about .5% of a 850k+ home. You are saving 3.5k+ each year which for someone that owns that type of home can use the $ on other things. But again, personal preference.

 

[BlackKnight]

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?

I don?t think you read my words clearly. ?People are more interested in Sierra than bluffs/highland on this forum?.

As for your comment on ?Lake Forest isn?t Irvine?, I can say the same. ?Irvine isn?t Lake Forest.?. What does Irvine have that LF does not have? Better schools and MR. last time I checked, 2k+ ppl are on the wait list for meadows which is in LF. Tell me again how many bluffs/highland have? Even if you want to get a lot, you might not even get one. The meadows is about to sell out before the model homes are even out. How about Irvine pacific homes? I think not. So quit shitting on LF dude.

Point is, not everyone wants to pay MR and the Irvine premium. One area being better than another is super subjective and all personal preference. Don?t try to act like Irvine is night and day better than LF. We aren?t talking Compton vs Irvine.

As for buying in portola with 1.5% MR, no it?s not worth it but that?s subjective. If you bought the same home in BR you are looking at similar returns without paying MR while being the same distance if not better distance to certain areas like freeway access and Irvine spectrum. I think you really think MR isn?t that big of a deal but it does make a difference when you are talking about .5% of a 850k+ home. You are saving 3.5k+ each year which for someone that owns that type of home can use the $ on other things. But again, personal preference.

Alright dude, thousand of people are stupid to pay premium for Irvine homes than Lake Forest. End of the conversation.

Can you just drop it? Let?s return this thread to Fresco buyers for related Fresco questions/comments. Thank you.

 

[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.

Blame this dudes comment.

 

[Irvinehomeseeker]

Skip the waiting lists and bid on this brand new Fresco build -https://www.redfin.com/CA/Irvine/104-Parakeet-92602/home/177849309

Owner probably got it at a very low price (guessing 1.6 Million) since this lot was released in very early part of 2021 when Fresco sales were yet to pick up. Eyeing over 500K profit in a year.

Let's see if the listing agent will chime in like what happened with the Helena Resale at EW 

 

[Yousr]

Skip the waiting lists and bid on this brand new Fresco build -https://www.redfin.com/CA/Irvine/104-Parakeet-92602/home/177849309

Owner probably got it at a very low price (guessing 1.6 Million) since this lot was released in very early part of 2021 when Fresco sales were yet to pick up. Eyeing over 500K profit in a year.

Let's see if the listing agent will chime in like what happened with the Helena Resale at EW 

Something just doesn?t add up here. This is a phase 7 lot. These guys just closed end of December. Didn?t know that the new owner can list it for sale immediately after closing. If true, then the profit may be a bit less than 500K, but the crazy thing is this profit is made in under a month. The counter starts ticking from when you had to make the down payment. The earnest money deposit held for 6 months is just chump change!

 

[usctrojancpa]

Skip the waiting lists and bid on this brand new Fresco build -https://www.redfin.com/CA/Irvine/104-Parakeet-92602/home/177849309

Owner probably got it at a very low price (guessing 1.6 Million) since this lot was released in very early part of 2021 when Fresco sales were yet to pick up. Eyeing over 500K profit in a year.

Let's see if the listing agent will chime in like what happened with the Helena Resale at EW 

Something just doesn?t add up here. This is a phase 7 lot. These guys just closed end of December. Didn?t know that the new owner can list it for sale immediately after closing. If true, then the profit may be a bit less than 500K, but the crazy thing is this profit is made in under a month. The counter starts ticking from when you had to make the down payment. The earnest money deposit held for 6 months is just chump change!

The sales price is set when they enter into contract, not when they close as they had 6+ months of time for prices to keep rising from the time they picked the lot.  The gain will be all ordinary income so they'll probably be paying around 50% tax on the gains if they have decent take-home income.

 

[Yousr]

Skip the waiting lists and bid on this brand new Fresco build -https://www.redfin.com/CA/Irvine/104-Parakeet-92602/home/177849309

Owner probably got it at a very low price (guessing 1.6 Million) since this lot was released in very early part of 2021 when Fresco sales were yet to pick up. Eyeing over 500K profit in a year.

Let's see if the listing agent will chime in like what happened with the Helena Resale at EW 

Something just doesn?t add up here. This is a phase 7 lot. These guys just closed end of December. Didn?t know that the new owner can list it for sale immediately after closing. If true, then the profit may be a bit less than 500K, but the crazy thing is this profit is made in under a month. The counter starts ticking from when you had to make the down payment. The earnest money deposit held for 6 months is just chump change!

The sales price is set when they enter into contract, not when they close as they had 6+ months of time for prices to keep rising from the time they picked the lot.  The gain will be all ordinary income so they'll probably be paying around 50% tax on the gains if they have decent take-home income.

I am just remarking that, in effect, they will only have had to lock their money for a little under a month to make that gain. Factor in the leverage, and we are talking about a pretax ROI of 150% in 1 month

 

[usctrojancpa]

Skip the waiting lists and bid on this brand new Fresco build -https://www.redfin.com/CA/Irvine/104-Parakeet-92602/home/177849309

Owner probably got it at a very low price (guessing 1.6 Million) since this lot was released in very early part of 2021 when Fresco sales were yet to pick up. Eyeing over 500K profit in a year.

Let's see if the listing agent will chime in like what happened with the Helena Resale at EW 

Something just doesn?t add up here. This is a phase 7 lot. These guys just closed end of December. Didn?t know that the new owner can list it for sale immediately after closing. If true, then the profit may be a bit less than 500K, but the crazy thing is this profit is made in under a month. The counter starts ticking from when you had to make the down payment. The earnest money deposit held for 6 months is just chump change!

The sales price is set when they enter into contract, not when they close as they had 6+ months of time for prices to keep rising from the time they picked the lot.  The gain will be all ordinary income so they'll probably be paying around 50% tax on the gains if they have decent take-home income.

I am just remarking that, in effect, they will only have had to lock their money for a little under a month to make that gain. Factor in the leverage, and we are talking about a pretax ROI of 150% in 1 month

Well, Irvine home prices have gone up 15%-20% in the past 6-9 months so they got a windfall.  As they say, better to be lucky than good. The strong demand for homes which is driving inventory to be super low is causing all this. 

 

[Ready2Downsize]

Skip the waiting lists and bid on this brand new Fresco build -https://www.redfin.com/CA/Irvine/104-Parakeet-92602/home/177849309

Owner probably got it at a very low price (guessing 1.6 Million) since this lot was released in very early part of 2021 when Fresco sales were yet to pick up. Eyeing over 500K profit in a year.

Let's see if the listing agent will chime in like what happened with the Helena Resale at EW 

Something just doesn?t add up here. This is a phase 7 lot. These guys just closed end of December. Didn?t know that the new owner can list it for sale immediately after closing. If true, then the profit may be a bit less than 500K, but the crazy thing is this profit is made in under a month. The counter starts ticking from when you had to make the down payment. The earnest money deposit held for 6 months is just chump change!

The sales price is set when they enter into contract, not when they close as they had 6+ months of time for prices to keep rising from the time they picked the lot.  The gain will be all ordinary income so they'll probably be paying around 50% tax on the gains if they have decent take-home income.

I am just remarking that, in effect, they will only have had to lock their money for a little under a month to make that gain. Factor in the leverage, and we are talking about a pretax ROI of 150% in 1 month

I wish I had done this (but I was not considering leaving CA at the time) but in AZ, most of the builders release the lots and you pick the floorplan and structural options at that time you want on that particular lot. The prices are locked in at the time the contract is signed. Permits are not pulled until the design options are chosen so from the time the contract was signed till move in was about a year (or more). Only money owed is earnest money and percent of the options. Prices there went up at least 40% during that time and people there don't go crazy for upgrades/landscaping. Most buyers wanted to keep their houses but plenty sold for a great gain.

You can still do that but the big gains are gone, so buying to resell in a year is probably not going to net much after commissions.

 

[Yousr]

Skip the waiting lists and bid on this brand new Fresco build -https://www.redfin.com/CA/Irvine/104-Parakeet-92602/home/177849309

Owner probably got it at a very low price (guessing 1.6 Million) since this lot was released in very early part of 2021 when Fresco sales were yet to pick up. Eyeing over 500K profit in a year.

Let's see if the listing agent will chime in like what happened with the Helena Resale at EW 

So the listing doesn?t mention a loft, but based on the listed square footage, it seems that they opted for the loft and the first floor suite. So it?s probably close to 1.76 M just for the structural upgrades. Even with full blown design center upgrades (unlikely in the case of an investor) they would still be under 1.9M. It would be interesting to see how much above asking this can go for.

 

[Irvinehomeseeker]

most of the builders release the lots and you pick the floorplan and structural options at that time you want on that particular lot.

Well that's really cool if one can pick the floor plan on the chosen lot in AZ! Like buyers can pick Residence 1 or Residence 2  on a lot versus like here where the builder already decided the plan and elevation that goes with a lot?

 

[huuur]

Skip the waiting lists and bid on this brand new Fresco build -https://www.redfin.com/CA/Irvine/104-Parakeet-92602/home/177849309

Owner probably got it at a very low price (guessing 1.6 Million) since this lot was released in very early part of 2021 when Fresco sales were yet to pick up. Eyeing over 500K profit in a year.

Let's see if the listing agent will chime in like what happened with the Helena Resale at EW 

Something just doesn?t add up here. This is a phase 7 lot. These guys just closed end of December. Didn?t know that the new owner can list it for sale immediately after closing. If true, then the profit may be a bit less than 500K, but the crazy thing is this profit is made in under a month. The counter starts ticking from when you had to make the down payment. The earnest money deposit held for 6 months is just chump change!

Is there a contract preventing new owners to sell the Fresco home as soon as they get the key? 

So sounds like the timeline is:

- 2021/6  Sign contract + Lock price of ~$1.76M (?) + put 3%(?) deposit $50K
- 2021/6~12  Add upgrades which cost an additional $$ - let's say total ~1.8-1.9M
- 2021/12 Close + Get the house
- 2021/1 List for  $2.3M

400K~$500K gain with $50K deposit for 6 months?

 

[Danimal]

Skip the waiting lists and bid on this brand new Fresco build -https://www.redfin.com/CA/Irvine/104-Parakeet-92602/home/177849309

Owner probably got it at a very low price (guessing 1.6 Million) since this lot was released in very early part of 2021 when Fresco sales were yet to pick up. Eyeing over 500K profit in a year.

Let's see if the listing agent will chime in like what happened with the Helena Resale at EW 

Something just doesn?t add up here. This is a phase 7 lot. These guys just closed end of December. Didn?t know that the new owner can list it for sale immediately after closing. If true, then the profit may be a bit less than 500K, but the crazy thing is this profit is made in under a month. The counter starts ticking from when you had to make the down payment. The earnest money deposit held for 6 months is just chump change!

Is there a contract preventing new owners to sell the Fresco home as soon as they get the key? 

So sounds like the timeline is:

- 2021/6  Sign contract + Lock price of ~$1.76M (?) + put 3%(?) deposit $50K
- 2021/6~12  Add upgrades which cost an additional $$ - let's say total ~1.8-1.9M
- 2021/12 Close + Get the house
- 2021/1 List for  $2.3M

400K~$500K gain with $50K deposit for 6 months?

Nope, IP doesn?t care if you sell the home a day after escrow. I asked sale rep about this when i signed the contract.

I just did 1st appointment for stage 3 options for my model 3+.  Upgrading all countertops (kitchen and 4 bathrooms) to Quartz level 4, surrounding shower tiles + up to ceiling total $30k.

I did asked about unused standard material when upgrade. Lady said that when you select an upgrade, the price you pay is the delta from upgrade - standard. So it?s not a total waste if you don?t go standard.

For Fresco Model 3+, since I am going all floor upgrades IP will give me $3100 deduction.

We have 2nd appt for stage 3 in 2 weeks. Still thinking about what have selected and may make some changes.

Hope this info help some fellow Fresco-ers.

 

[Irvinehomeseeker]

Skip the waiting lists and bid on this brand new Fresco build -https://www.redfin.com/CA/Irvine/104-Parakeet-92602/home/177849309

Owner probably got it at a very low price (guessing 1.6 Million) since this lot was released in very early part of 2021 when Fresco sales were yet to pick up. Eyeing over 500K profit in a year.

Let's see if the listing agent will chime in like what happened with the Helena Resale at EW 

Something just doesn?t add up here. This is a phase 7 lot. These guys just closed end of December. Didn?t know that the new owner can list it for sale immediately after closing. If true, then the profit may be a bit less than 500K, but the crazy thing is this profit is made in under a month. The counter starts ticking from when you had to make the down payment. The earnest money deposit held for 6 months is just chump change!

Is there a contract preventing new owners to sell the Fresco home as soon as they get the key? 

So sounds like the timeline is:

- 2021/6  Sign contract + Lock price of ~$1.76M (?) + put 3%(?) deposit $50K
- 2021/6~12  Add upgrades which cost an additional $$ - let's say total ~1.8-1.9M
- 2021/12 Close + Get the house
- 2021/1 List for  $2.3M

400K~$500K gain with $50K deposit for 6 months?

The house looks really nice from the outside. Big lot at the end of cul-desac and no neighbor on one side.
Does anyone know how much is IP selling Plan 3+ now?

 

[huuur]

Skip the waiting lists and bid on this brand new Fresco build -https://www.redfin.com/CA/Irvine/104-Parakeet-92602/home/177849309

Owner probably got it at a very low price (guessing 1.6 Million) since this lot was released in very early part of 2021 when Fresco sales were yet to pick up. Eyeing over 500K profit in a year.

Let's see if the listing agent will chime in like what happened with the Helena Resale at EW 

Something just doesn?t add up here. This is a phase 7 lot. These guys just closed end of December. Didn?t know that the new owner can list it for sale immediately after closing. If true, then the profit may be a bit less than 500K, but the crazy thing is this profit is made in under a month. The counter starts ticking from when you had to make the down payment. The earnest money deposit held for 6 months is just chump change!

Is there a contract preventing new owners to sell the Fresco home as soon as they get the key? 

So sounds like the timeline is:

- 2021/6  Sign contract + Lock price of ~$1.76M (?) + put 3%(?) deposit $50K
- 2021/6~12  Add upgrades which cost an additional $$ - let's say total ~1.8-1.9M
- 2021/12 Close + Get the house
- 2021/1 List for  $2.3M

400K~$500K gain with $50K deposit for 6 months?

Nope, IP doesn?t care if you sell the home a day after escrow. I asked sale rep about this when i signed the contract.

I just did 1st appointment for stage 3 options for my model 3+.  Upgrading all countertops (kitchen and 4 bathrooms) to Quartz level 4, surrounding shower tiles + up to ceiling total $30k.

I did asked about unused standard material when upgrade. Lady said that when you select an upgrade, the price you pay is the delta from upgrade - standard. So it?s not a total waste if you don?t go standard.

For Fresco Model 3+, since I am going all floor upgrades IP will give me $3100 deduction.

We have 2nd appt for stage 3 in 2 weeks. Still thinking about what have selected and may make some changes.

Hope this info help some fellow Fresco-ers.

Super helpful!

Do you mind sharing how much do you need to put as a deposit? How much upgrade cost (excluding structural) do you need to budget - let's say 1) minimal and 2) moderate?

 

[huuur]

Skip the waiting lists and bid on this brand new Fresco build -https://www.redfin.com/CA/Irvine/104-Parakeet-92602/home/177849309

Owner probably got it at a very low price (guessing 1.6 Million) since this lot was released in very early part of 2021 when Fresco sales were yet to pick up. Eyeing over 500K profit in a year.

Let's see if the listing agent will chime in like what happened with the Helena Resale at EW 

Something just doesn?t add up here. This is a phase 7 lot. These guys just closed end of December. Didn?t know that the new owner can list it for sale immediately after closing. If true, then the profit may be a bit less than 500K, but the crazy thing is this profit is made in under a month. The counter starts ticking from when you had to make the down payment. The earnest money deposit held for 6 months is just chump change!

Is there a contract preventing new owners to sell the Fresco home as soon as they get the key? 

So sounds like the timeline is:

- 2021/6  Sign contract + Lock price of ~$1.76M (?) + put 3%(?) deposit $50K
- 2021/6~12  Add upgrades which cost an additional $$ - let's say total ~1.8-1.9M
- 2021/12 Close + Get the house
- 2021/1 List for  $2.3M

400K~$500K gain with $50K deposit for 6 months?

The house looks really nice from the outside. Big lot at the end of cul-desac and no neighbor on one side.
Does anyone know how much is IP selling Plan 3+ now?

I think last phase is $1.93M for ~3000 sqft

 

[OCPricedOut]

I just did 1st appointment for stage 3 options for my model 3+.  Upgrading all countertops (kitchen and 4 bathrooms) to Quartz level 4, surrounding shower tiles + up to ceiling total $30k.

I did asked about unused standard material when upgrade. Lady said that when you select an upgrade, the price you pay is the delta from upgrade - standard. So it?s not a total waste if you don?t go standard.

Do you mind sharing how much in unused material you will get back from the counter upgrades? For example, the level 1 upgrade for kitchen counter top is around $4500 for Model 3, is that already inclusive of the credit?

 

[Irvinehomeseeker]

I just did 1st appointment for stage 3 options for my model 3+.  Upgrading all countertops (kitchen and 4 bathrooms) to Quartz level 4, surrounding shower tiles + up to ceiling total $30k.

I did asked about unused standard material when upgrade. Lady said that when you select an upgrade, the price you pay is the delta from upgrade - standard. So it?s not a total waste if you don?t go standard.

Do you mind sharing how much in unused material you will get back from the counter upgrades? For example, the level 1 upgrade for kitchen counter top is around $4500 for Model 3, is that already inclusive of the credit?

For countertops, it's already inclusive.  It's for the flooring that IP shows you the allowance amount.

 

[Danimal]

Skip the waiting lists and bid on this brand new Fresco build -https://www.redfin.com/CA/Irvine/104-Parakeet-92602/home/177849309

Owner probably got it at a very low price (guessing 1.6 Million) since this lot was released in very early part of 2021 when Fresco sales were yet to pick up. Eyeing over 500K profit in a year.

Let's see if the listing agent will chime in like what happened with the Helena Resale at EW 

Something just doesn?t add up here. This is a phase 7 lot. These guys just closed end of December. Didn?t know that the new owner can list it for sale immediately after closing. If true, then the profit may be a bit less than 500K, but the crazy thing is this profit is made in under a month. The counter starts ticking from when you had to make the down payment. The earnest money deposit held for 6 months is just chump change!

Is there a contract preventing new owners to sell the Fresco home as soon as they get the key? 

So sounds like the timeline is:

- 2021/6  Sign contract + Lock price of ~$1.76M (?) + put 3%(?) deposit $50K
- 2021/6~12  Add upgrades which cost an additional $$ - let's say total ~1.8-1.9M
- 2021/12 Close + Get the house
- 2021/1 List for  $2.3M

400K~$500K gain with $50K deposit for 6 months?

Nope, IP doesn?t care if you sell the home a day after escrow. I asked sale rep about this when i signed the contract.

I just did 1st appointment for stage 3 options for my model 3+.  Upgrading all countertops (kitchen and 4 bathrooms) to Quartz level 4, surrounding shower tiles + up to ceiling total $30k.

I did asked about unused standard material when upgrade. Lady said that when you select an upgrade, the price you pay is the delta from upgrade - standard. So it?s not a total waste if you don?t go standard.

For Fresco Model 3+, since I am going all floor upgrades IP will give me $3100 deduction.

We have 2nd appt for stage 3 in 2 weeks. Still thinking about what have selected and may make some changes.

Hope this info help some fellow Fresco-ers.

Super helpful!

Do you mind sharing how much do you need to put as a deposit? How much upgrade cost (excluding structural) do you need to budget - let's say 1) minimal and 2) moderate?

$45 Grand for initial contract deposit.
15% deposit of each stage option. There are 4 stages total.

For my case, i budget 150k to 200k.

 

[CalBears96]

Super helpful!

Do you mind sharing how much do you need to put as a deposit? How much upgrade cost (excluding structural) do you need to budget - let's say 1) minimal and 2) moderate?

$45 Grand for initial contract deposit.
15% deposit of each stage option. There are 4 stages total.

For my case, i budget 150k to 200k.

For Bluffs, it's $35k for initial contract deposit and then 20% deposit for each stage upgrade. We're going in for stage 3 upgrade tomorrow, but we'll try to get stage 4 done at the same time as well.