Fresco @ Eastwood Village

[akkord]

so we ended up getting into a contract for plan 1x. There was always desire for us to own a true SFR with driveway, and this home came very close to it if not ideal.
Initially we felt plan 1 price itself way too high and therefore didnt even pay much attention to plan 2. But,  actually plan 2 floor plan is much better. This would mean another 100k or 500$ more per month if financed. Sticking with plan 1x...got a 180 day rate lock in case rates go up next year.

That's nuts, how big are the lots? 

 

[Slevinkelevra]

so we ended up getting into a contract for plan 1x. There was always desire for us to own a true SFR with driveway, and this home came very close to it if not ideal.
Initially we felt plan 1 price itself way too high and therefore didnt even pay much attention to plan 2. But,  actually plan 2 floor plan is much better. This would mean another 100k or 500$ more per month if financed. Sticking with plan 1x...got a 180 day rate lock in case rates go up next year.

That's nuts, how big are the lots? 

Models are 4800 sq. ft. which is a little deceptive because they are using a hedge of ficus nitida to represent the back wall (the actual block wall is 15-20 further back which you can kind of see through.)  The average plots are supposed to be about 4400 sq ft with a handful of larger exceptions in both the Orchard Hills and Eastwood development.

 

[Slevinkelevra]

IP is continuing to do well. They have plus size models ( Residence 1x, 2x, 3?) opened today. I am considering plan 1?...not too much interior space at 2389Sf but after Salono/Napa in final phases, Fresco seems good value if you want to live in Eastwood.

I am eyeing a Plan 1x at 2389 Sqt as an upgrade from my current Petaluma Plan 3 (2045 sqt).  But sometimes, I wonder if it's really an upgrade. On paper, Fresco is a true SFR and has a bigger lot, plus downstairs bedroom+ bath, and in a nicer part of EW. But, my petaluma has a much efficient floor plan and more counter space in the kitchen compared to the tiny kitchen of Fresco plan 1.  Prices are only going up for SFRs. Wondering if anyone had this type of debate in their mind....

That is exactly the discussion my wife and I are having about Fresco.  We currently have a 1,991 sq. ft. Juniper plan in Portola Springs.  A Plan 2 would yield a larger backyard (plot dependent), a driveway, a larger laundry room, larger pantry, larger living room area, and larger walk in closet in the master.  Is it worth the $1,598,000 purchase price, not really but the market is fairly efficient.  If the prices are truly too high they wouldn?t be selling.  We?ve seen this in the past where builders have had to offer significant buying incentives along with no price increases from phase to phase.  That does not appear to be the case here.

holy SHIT, with landscaping and upgrades you're talking a 1.8M house (or more!).  I get that Irvine is desirable, but definitely look at what you can get for 1.8 in Tustin Ranch or Foothill Ranch/Baker Ranch.  Geez. 

I agree with you completely.  The cost basis is too high. In fact there are other options (new construction) that offer more for your dollar.  Genoa in Orchard Hills Groves is 1.78 and is 3,800 sq. ft. and gated.  But it's Tustin Unified and a KB home.  I have a friend with a brand new KB Home and it was littered with construction issues so their reputation about marginal build quality held true.  Irvine Pacific has a better build reputation, and they always choose the best plots of land within a community. 

And this is why is it so important to get a home inspection on a new home.

Agreed Martin, however this was an unusual situation where water was coming in the windows on one side of the home and inside the walls during the first rain they experienced in the home.  It turned out the flashing on the roof was done incorrectly and the water was actually traveling inside the walls and coming out the window frames.  My friend was fortunate he is a lawyer and threatened KB with a class action suit. Miraculously 4 teams of repair crews showed up within 48 hours, found the problem and repaired it.  All of his initial requests through customer service the prior 3 months were ignored. 

 

[Irvinehomeseeker]

Lot sizes currently sold in EW Fresco is ~4800 sqt.

 

[Slevinkelevra]

IP is continuing to do well. They have plus size models ( Residence 1x, 2x, 3?) opened today. I am considering plan 1?...not too much interior space at 2389Sf but after Salono/Napa in final phases, Fresco seems good value if you want to live in Eastwood.

I am eyeing a Plan 1x at 2389 Sqt as an upgrade from my current Petaluma Plan 3 (2045 sqt).  But sometimes, I wonder if it's really an upgrade. On paper, Fresco is a true SFR and has a bigger lot, plus downstairs bedroom+ bath, and in a nicer part of EW. But, my petaluma has a much efficient floor plan and more counter space in the kitchen compared to the tiny kitchen of Fresco plan 1.  Prices are only going up for SFRs. Wondering if anyone had this type of debate in their mind....

That is exactly the discussion my wife and I are having about Fresco.  We currently have a 1,991 sq. ft. Juniper plan in Portola Springs.  A Plan 2 would yield a larger backyard (plot dependent), a driveway, a larger laundry room, larger pantry, larger living room area, and larger walk in closet in the master.  Is it worth the $1,598,000 purchase price, not really but the market is fairly efficient.  If the prices are truly too high they wouldn?t be selling.  We?ve seen this in the past where builders have had to offer significant buying incentives along with no price increases from phase to phase.  That does not appear to be the case here.

holy SHIT, with landscaping and upgrades you're talking a 1.8M house (or more!).  I get that Irvine is desirable, but definitely look at what you can get for 1.8 in Tustin Ranch or Foothill Ranch/Baker Ranch.  Geez. 

I agree with you completely.  The cost basis is too high. In fact there are other options (new construction) that offer more for your dollar.  Genoa in Orchard Hills Groves is 1.78 and is 3,800 sq. ft. and gated.  But it's Tustin Unified and a KB home.  I have a friend with a brand new KB Home and it was littered with construction issues so their reputation about marginal build quality held true.  Irvine Pacific has a better build reputation, and they always choose the best plots of land within a community.

Well I need to correct myself, the Genoa has been raised from $1,780,000 to $1,951,000 as of this morning so my comparison no longer is accurate.

 

[Irvinehomeseeker]

IP is continuing to do well. They have plus size models ( Residence 1x, 2x, 3?) opened today. I am considering plan 1?...not too much interior space at 2389Sf but after Salono/Napa in final phases, Fresco seems good value if you want to live in Eastwood.

I am eyeing a Plan 1x at 2389 Sqt as an upgrade from my current Petaluma Plan 3 (2045 sqt).  But sometimes, I wonder if it's really an upgrade. On paper, Fresco is a true SFR and has a bigger lot, plus downstairs bedroom+ bath, and in a nicer part of EW. But, my petaluma has a much efficient floor plan and more counter space in the kitchen compared to the tiny kitchen of Fresco plan 1.  Prices are only going up for SFRs. Wondering if anyone had this type of debate in their mind....

That is exactly the discussion my wife and I are having about Fresco.  We currently have a 1,991 sq. ft. Juniper plan in Portola Springs.  A Plan 2 would yield a larger backyard (plot dependent), a driveway, a larger laundry room, larger pantry, larger living room area, and larger walk in closet in the master.  Is it worth the $1,598,000 purchase price, not really but the market is fairly efficient.  If the prices are truly too high they wouldn?t be selling.  We?ve seen this in the past where builders have had to offer significant buying incentives along with no price increases from phase to phase.  That does not appear to be the case here.

holy SHIT, with landscaping and upgrades you're talking a 1.8M house (or more!).  I get that Irvine is desirable, but definitely look at what you can get for 1.8 in Tustin Ranch or Foothill Ranch/Baker Ranch.  Geez. 

I agree with you completely.  The cost basis is too high. In fact there are other options (new construction) that offer more for your dollar.  Genoa in Orchard Hills Groves is 1.78 and is 3,800 sq. ft. and gated.  But it's Tustin Unified and a KB home.  I have a friend with a brand new KB Home and it was littered with construction issues so their reputation about marginal build quality held true.  Irvine Pacific has a better build reputation, and they always choose the best plots of land within a community.

Well I need to correct myself, the Genoa has been raised from $1,780,000 to $1,951,000 as of this morning so my comparison no longer is accurate.

Thanks for clarifying! I know someone earlier said I was going nuts paying 1.5 million  for Fresco plan 1x, but the reality is pricing are going up everywhere. And as you mentioned, the market is efficient!

We didn't want to buy a resale. After living in a new construction for last 3 years, I have come  to appreciate the value of it. Renovating is a hassle and you are at mercy of getting the right contractor.

 

[Asumis]

What are everyone's thoughts on EW and Fresco in particular? Planning to relocate back to SoCal (from the Bay) and not a big fan of this priority list thing...

Talked to the sales reps this past week and I believe we can't get on the priority list until we sell our house here first, since we'll need pre-approval. I'm waiting for the final green light from my employer that I'm able to relocate and won't be finding out until early August, which means we probably can't get on the priority list until end of August at the earliest. Thoughts on chances to secure a home @ Fresco still given that?

 

[Irvinehomeseeker]

Is selling the  BA house the only way to get you as a non-contingent buyer ? If the lender who is pre approving you can look at your other assets  (401k etc) to present you as non-contingent then that can help.

If you ask about EW as neighbourhood- Since i have been living here for 3 years now, I have only positive things to say. It is at close proximity to a lot of amenities, and the tax rate is very low. The good thing about Fresco is the large lot size - something you won't commonly find in a new construction in Irvine. Walkable elementary school is a plus

 

[Asumis]

Ahh that definitely makes sense and is worth a try! I was just assuming that we'd need to sell the house in order to get pre-approval, but if they're okay with using 401K assets and such, maybe we can still get it.

Thanks for the suggestion!

 

[usctrojancpa]

Ahh that definitely makes sense and is worth a try! I was just assuming that we'd need to sell the house in order to get pre-approval, but if they're okay with using 401K assets and such, maybe we can still get it.

Thanks for the suggestion!

I've helped my clients become non-contingent by buying their exit property.  Feel free to PM me and I can tell you how it works.

 

[irviniteeee]

Is selling the  BA house the only way to get you as a non-contingent buyer ? If the lender who is pre approving you can look at your other assets  (401k etc) to present you as non-contingent then that can help.

If you ask about EW as neighbourhood- Since i have been living here for 3 years now, I have only positive things to say. It is at close proximity to a lot of amenities, and the tax rate is very low. The good thing about Fresco is the large lot size - something you won't commonly find in a new construction in Irvine. Walkable elementary school is a plus

I personally think Eastwood is one of the best newer communities. I like the layout and it seems like HOA fees and tax are much lower there. I would pick EW over Stonegate across the way any day.

 

[cgs37]

Another thing I like about Eastwood is there are no apartments. Feel like this keeps the density down some even though people definitely rent out homes/units.

 

[Asumis]

Another thing I like about Eastwood is there are no apartments. Feel like this keeps the density down some even though people definitely rent out homes/units.

Is selling the  BA house the only way to get you as a non-contingent buyer ? If the lender who is pre approving you can look at your other assets  (401k etc) to present you as non-contingent then that can help.

If you ask about EW as neighbourhood- Since i have been living here for 3 years now, I have only positive things to say. It is at close proximity to a lot of amenities, and the tax rate is very low. The good thing about Fresco is the large lot size - something you won't commonly find in a new construction in Irvine. Walkable elementary school is a plus

I personally think Eastwood is one of the best newer communities. I like the layout and it seems like HOA fees and tax are much lower there. I would pick EW over Stonegate across the way any day.

Thanks all for the feedback! Looks like we just have to try and get ourselves on the priority list ASAP then!

 

[The Motor Court Company]

Another thing I like about Eastwood is there are no apartments. Feel like this keeps the density down some even though people definitely rent out homes/units.

Except you have those luxurious mobile homes on one side, and old Northwood apartments on the other side. plus only two community pools.

 

[ThirtySomethingWEquity]

Another thing I like about Eastwood is there are no apartments. Feel like this keeps the density down some even though people definitely rent out homes/units.

Except you have those luxurious mobile homes on one side, and old Northwood apartments on the other side. plus only two community pools.

100% with you.  It's a nice neighborhood in a vacuum but it's not in a vacuum it's on Irvine Blvd by a very old mobile home park.  I'd pick the houses further south in Portola Springs over Eastwood. 

 

[DBtoOC]

Another thing I like about Eastwood is there are no apartments. Feel like this keeps the density down some even though people definitely rent out homes/units.

Except you have those luxurious mobile homes on one side, and old Northwood apartments on the other side. plus only two community pools.

100% with you.  It's a nice neighborhood in a vacuum but it's not in a vacuum it's on Irvine Blvd by a very old mobile home park.  I'd pick the houses further south in Portola Springs over Eastwood.

I also would choose the Portola Springs neighborhood over Eastwood.  Aside from the other issues mentioned earlier, Eastwood just feels too 'cookie-cutter'...it doesn't feel special.  But to each their own.

 

[irviniteeee]

Another thing I like about Eastwood is there are no apartments. Feel like this keeps the density down some even though people definitely rent out homes/units.

Except you have those luxurious mobile homes on one side, and old Northwood apartments on the other side. plus only two community pools.

100% with you.  It's a nice neighborhood in a vacuum but it's not in a vacuum it's on Irvine Blvd by a very old mobile home park.  I'd pick the houses further south in Portola Springs over Eastwood.

I also would choose the Portola Springs neighborhood over Eastwood.  Aside from the other issues mentioned earlier, Eastwood just feels too 'cookie-cutter'...it doesn't feel special.  But to each their own.

You can kiss most of the not-so-cookie-cutter days bye bye. Irvine Co. doesn't really design communities in that way anymore.

 

[Irvinehomeseeker]

And how more new communities can we see in irvine? I guess the ones in Portola springs will be last major one right?

 

[usctrojancpa]

And how more new communities can we see in irvine? I guess the ones in Portola springs will be last major one right?

There are more homes coming in Portola Springs and Orchard Hills (Northwest corner of Jeffery/Portola) and that's it besides Great Park which will take another 10+ years to build out.

 

[Irvinehomeseeker]

My wife and I were reviewing the pros and cons of the Fresco Plan 1x. As I mentioned earlier, the floor plan is not ideal but I wanted to get some opinions from the experts on this forum on the floor plan cons that I have noted below. Will these cons be of a big concern if for future resale perspective?
1. Secondary Bathroom and sinks adjacent to Primary bedroom as shown below. (Most floor plans I have seen for SFR have the primary bed room tucked away from secondary bedrooms and bath.)


2. Reduced counter space kitchen:

Ultimately, it will be our decision, but looking to get some feedback from RE professionals.