Fresco @ Eastwood Village

[Ready2Downsize]

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?

That is how it goes. The only restriction is which side the driveway is on (right or left) and the elevation. You can't have the same elevation as your neighbor if you both have the same plan. You get to pick the color scheme for the elevation (roof tile type, stone/brick and colors of the trim).

The way it's able to work is each model is the same width. Yard size varies based on how big the house is on the lot.

One of the sales ladies told me I get to pick the configuration of my cabinets (if I want all drawers, no doors I can do that type thing). We'll see if she was right when I go for my design center appt.

 

[Cares]

I had an Australian buyer telling me about how new construction works there. Basically you go to a sales office with multiple builders and floor plans. You buy the empty plot and you can pick from 20 or so designs to be built on your plot.

 

[Irvinehomeseeker]

I had an Australian buyer telling me about how new construction works there. Basically you go to a sales office with multiple builders and floor plans. You buy the empty plot and you can pick from 20 or so designs to be built on your plot.

That's like having so much choice! Wish they had something like that here but not possible due HOA and all that.  Come to think of it, here in CA as I know - The land is the most expensive part(150% of the dwelling), so in some ways it makes sense to give the buyers some flexibility in what plan they put in on their lot.

 

[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?

Lots of people trying to see the house today. Who knows, it may get sold for 2.5M.

 

[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?

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?

Lots of people trying to see the house today. Who knows, it may get sold for 2.5M.

There is no pic on Redfin. How upgrade is the home?
Maybe i should flip my corner lot model 3 too if this one is sold for $2.5 mil.

 

[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?

Lots of people trying to see the house today. Who knows, it may get sold for 2.5M.

There is no pic on Redfin. How upgrade is the home?
Maybe i should flip my corner lot model 3 too if this one is sold for $2.5 mil.

No pic yet, but already a hot home on Redfin.

 

[Ready2Downsize]

I had an Australian buyer telling me about how new construction works there. Basically you go to a sales office with multiple builders and floor plans. You buy the empty plot and you can pick from 20 or so designs to be built on your plot.

That's like having so much choice! Wish they had something like that here but not possible due HOA and all that.  Come to think of it, here in CA as I know - The land is the most expensive part(150% of the dwelling), so in some ways it makes sense to give the buyers some flexibility in what plan they put in on their lot.

The builder I'm using in AZ will build your house on your lot (not in AZ but in other states). I think u might have to pick from their floorplans for the area.

 

[Danimal]

Stopped by the Fresco model homes today for upgrade ideas. I talked to a sale rep about release and appliances. Good news and bad news.

Good news: 80% they will substitute Wolf appliances instead of KA because of supply issues.  Nothing sets in stone yet.  They will send out letters if it?s official.

Here is the bad news: next phrase pricing is out and will be emailed next week. Base price will be increased 50-100k depend on the model. IP will also release the semi phrase (3 homes at a time) instead of full phrase due to labor shortage.

 

[CalBears96]

Stopped by the Fresco model homes today for upgrade ideas. I talked to a sale rep about release and appliances. Good news and bad news.

Good news: 80% they will substitute Wolf appliances instead of KA because of supply issues.  Nothing sets in stone yet.  They will send out letters if it?s official.

Here is the bad news: next phrase pricing is out and will be emailed next week. Base price will be increased 50-100k depend on the model. IP will also release the semi phrase (3 homes at a time) instead of full phrase due to labor shortage.

Bluffs sales lady showed us the Wolf models to be swapped to, so I think it's pretty much already decided. For Bluffs, it would be starting from phase 22. We're phase 25, so we should be getting the change.

She also said that next phase, Bluffs 2 base price would increase $35k. It increased $35k from phase 24 to 25, then $20k from 25 to 26, and next one is $35k.

 

[Irvinehomeseeker]

Increasing interest rate seems to have no effect on IP when it comes to increasing prices. I think the buyers in Irvine are so financially well healed that if rates go upto 4% , there won't be much of a difference in demand.

 

[Irvinehomeseeker]

Stopped by the Fresco model homes today for upgrade ideas. I talked to a sale rep about release and appliances. Good news and bad news.

Good news: 80% they will substitute Wolf appliances instead of KA because of supply issues.  Nothing sets in stone yet.  They will send out letters if it?s official.

Here is the bad news: next phrase pricing is out and will be emailed next week. Base price will be increased 50-100k depend on the model. IP will also release the semi phrase (3 homes at a time) instead of full phrase due to labor shortage.

Semi Rlease could be just a way for the builder to gauge the market - are buyers really willing to pay the increased price, should we dial back or continue to increase prices?

And who knows - The 104 Parakeet Resale of new Fresco house may also prompted the builder to increase prices!

 

[sleepy5136]

Increasing interest rate seems to have no effect on IP when it comes to increasing prices. I think the buyers in Irvine are so financially well healed that if rates go upto 4% , there won't be much of a difference in demand.

Too early to tell. It may continue to increase if lack of inventory continues. But if Fed gets too aggressive, it could crash the markets. Unless everyone is hoarding cash during this time, I believe it will have an impact in housing.

 

[Sidehussle]

We've discussed this. Per sales lady, the Fresco buyer is coming from the bay area - think big tech. They are not rate sensitive. Sell a couple more RSU's and decrease leverage to reduce any rate increase effect to the wallet.

Increasing interest rate seems to have no effect on IP when it comes to increasing prices. I think the buyers in Irvine are so financially well healed that if rates go upto 4% , there won't be much of a difference in demand.

 

[CalBears96]

We've discussed this. Per sales lady, the Fresco buyer is coming from the bay area - think big tech. They are not rate sensitive. Sell a couple more RSU's and decrease leverage to reduce any rate increase effect to the wallet.

Increasing interest rate seems to have no effect on IP when it comes to increasing prices. I think the buyers in Irvine are so financially well healed that if rates go upto 4% , there won't be much of a difference in demand.

Well, their RSUs won't be worth as much also, seeing how tech stocks have dropped 10-15%.

 

[Irvinehomeseeker]

We've discussed this. Per sales lady, the Fresco buyer is coming from the bay area - think big tech. They are not rate sensitive. Sell a couple more RSU's and decrease leverage to reduce any rate increase effect to the wallet.

Increasing interest rate seems to have no effect on IP when it comes to increasing prices. I think the buyers in Irvine are so financially well healed that if rates go upto 4% , there won't be much of a difference in demand.

Well, their RSUs won't be worth as much also, seeing how tech stocks have dropped 10-15%.

I think it will not make so much of a difference. The tech folks buying in Irvine can easily weather such drops.They may have already amassed enough capital beyond their RSUs via diversification.

 

[CalBears96]

We've discussed this. Per sales lady, the Fresco buyer is coming from the bay area - think big tech. They are not rate sensitive. Sell a couple more RSU's and decrease leverage to reduce any rate increase effect to the wallet.

Increasing interest rate seems to have no effect on IP when it comes to increasing prices. I think the buyers in Irvine are so financially well healed that if rates go upto 4% , there won't be much of a difference in demand.

Well, their RSUs won't be worth as much also, seeing how tech stocks have dropped 10-15%.

I think it will not make so much of a difference. The tech folks buying in Irvine can easily weather such drops.They may have already amassed enough capital beyond their RSUs via diversification.

That really depends. Are they the ones who move down here because they can't afford the Bay Area? Or are they buying investment property? If the former, then they may not have amassed as much capital as we may think. If the latter, then yeah.

 

[Danimal]

Stopped by the Fresco model homes today for upgrade ideas. I talked to a sale rep about release and appliances. Good news and bad news.

Good news: 80% they will substitute Wolf appliances instead of KA because of supply issues.  Nothing sets in stone yet.  They will send out letters if it?s official.

Here is the bad news: next phrase pricing is out and will be emailed next week. Base price will be increased 50-100k depend on the model. IP will also release the semi phrase (3 homes at a time) instead of full phrase due to labor shortage.

Bluffs sales lady showed us the Wolf models to be swapped to, so I think it's pretty much already decided. For Bluffs, it would be starting from phase 22. We're phase 25, so we should be getting the change.

She also said that next phase, Bluffs 2 base price would increase $35k. It increased $35k from phase 24 to 25, then $20k from 25 to 26, and next one is $35k.

I wouldn?t believe it when i see the email. KA is fine but Wolf would go well with my Sub-zero fridge.  What?s interesting is that they can get Wolf appliances but not KA since my fridge is going to take at least 6 months for delivery.

 

[Irvinehomeseeker]

Stopped by the Fresco model homes today for upgrade ideas. I talked to a sale rep about release and appliances. Good news and bad news.

Good news: 80% they will substitute Wolf appliances instead of KA because of supply issues.  Nothing sets in stone yet.  They will send out letters if it?s official.

Here is the bad news: next phrase pricing is out and will be emailed next week. Base price will be increased 50-100k depend on the model. IP will also release the semi phrase (3 homes at a time) instead of full phrase due to labor shortage.

Bluffs sales lady showed us the Wolf models to be swapped to, so I think it's pretty much already decided. For Bluffs, it would be starting from phase 22. We're phase 25, so we should be getting the change.

She also said that next phase, Bluffs 2 base price would increase $35k. It increased $35k from phase 24 to 25, then $20k from 25 to 26, and next one is $35k.

I wouldn?t believe it when i see the email. KA is fine but Wolf would go well with my Sub-zero fridge.  What?s interesting is that they can get Wolf appliances but not KA since my fridge is going to take at least 6 months for delivery.

If you get Wolf (which I think future phases will), consider yourself lucky. Current phase people at Fresco are getting LG signature for Range Top, mismatched with other appliances. Everything blamed on supply chain but not fair for buyers.

 

[CalBears96]

I wouldn?t believe it when i see the email. KA is fine but Wolf would go well with my Sub-zero fridge.  What?s interesting is that they can get Wolf appliances but not KA since my fridge is going to take at least 6 months for delivery.

Bluffs sales lady is very cautious about telling/showing buyers things like this unless she's sure. That is why when we previously asked her about our position, our chance to be able to buy a home, etc., she told us that she couldn't give us an answer because it would be misleading and potentially disappointing. So when she told us last Sunday that they'd switch to Wolf, I believe her. And yes, we really wanted the Wolf appliances to go with our Sub-Zero fridge. My SZ fridge is taking 8 months. 

I think the delivery time for the fridge is probably because it's built-in. I don't know. I mean, KA doesn't even have it built-in fridges available on their website. And Jenn-Air only has one model available.

 

[CalBears96]

Stopped by the Fresco model homes today for upgrade ideas. I talked to a sale rep about release and appliances. Good news and bad news.

Good news: 80% they will substitute Wolf appliances instead of KA because of supply issues.  Nothing sets in stone yet.  They will send out letters if it?s official.

Here is the bad news: next phrase pricing is out and will be emailed next week. Base price will be increased 50-100k depend on the model. IP will also release the semi phrase (3 homes at a time) instead of full phrase due to labor shortage.

Bluffs sales lady showed us the Wolf models to be swapped to, so I think it's pretty much already decided. For Bluffs, it would be starting from phase 22. We're phase 25, so we should be getting the change.

She also said that next phase, Bluffs 2 base price would increase $35k. It increased $35k from phase 24 to 25, then $20k from 25 to 26, and next one is $35k.

I wouldn?t believe it when i see the email. KA is fine but Wolf would go well with my Sub-zero fridge.  What?s interesting is that they can get Wolf appliances but not KA since my fridge is going to take at least 6 months for delivery.

If you get Wolf (which I think future phases will), consider yourself lucky. Current phase people at Fresco are getting LG signature for Range Top, mismatched with other appliances. Everything blamed on supply chain but not fair for buyers.

Over at Bluffs, phase 22 onwards (we're phase 25) are getting Wolf. She did say that they mentioned LG, but she pushed for Wolf. We're very happy they settled with Wolf.