Hidden Canyon in Irvine

NEW -> Contingent Buyer Assistance Program
OC-Broker said:
When you are referring to Phase 1 and 2, are you referring to Phase 1a and 1b . . . or Phase 1 a/b and Phase 2 a/b/c?
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I'm referring to all of phase 1 and any phase 2s that went into contract the weekend the homes were released. They released phase 2 all at same time, originally there was a phase 2a and b. Where did you hear of phase 2c? The option prices went up two days after I signed so I imagine any of the lots that didn't go into contract right away in phase 2 (like the interior lots) got the higher option pricing.
 
phase 1a and 1b were above the retreat, and phases 2a b and c were on misty sky. I think these were the original phase breakdowns for Marbella on the tract map. But they may have later changed. capri had a phase 1a b and c all on gardenview street.
 
My guess is that these buyers are made up of your usual suspects in this demographic--  business owners, C-level executives, doctors, lawyers etc. 
 
I guess I'm feeling a bit like IndieDev... if they can afford these homes, shouldn't they be buying in Newport Beach?

Not even sure if I had $2.5m I would be buying in Hidden Canyon (maybe TRock).
 
irvinehomeowner said:
So... uh... what do $2.5m home buyers do for a living?

#99%ersWannaKnow
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Surprisingly, most of the people I know who have bought at this range have shockingly normal, every-day jobs (H.R. manager, Senior software engineer, etc.) however the common denominator among them is that they are all DINKS who got married later in life, pooled their assets. The ones I know who own above that level, say, $3-5M++ including beachfront property with slips for the yachts are the business owners, defense contractors, one does medical equipment sales (whodathunkit), etc. 
 
irvinehomeowner said:
I guess I'm feeling a bit like IndieDev... if they can afford these homes, shouldn't they be buying in Newport Beach?

Not even sure if I had $2.5m I would be buying in Hidden Canyon (maybe TRock).
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We currently live in NB and as many know, the schools in Irvine are much stronger. That is the primary reason we're selling our house and moving to HC.  And TRock homes are just too old and require too much renovation...I also prefer the views at HC versus TRock.

To each their own though, some people may want the status of living in NB and spend the equivalent for a house there but that is not important to us. What's more important is schools, easy access to freeways, shops, work, etc. It is an absolute pain to do any type of errand running in NB.  As I said before, two of the neighbors we met are currently living in Shady, which is also considered more elite, but I think once you visit the community you'll see why it's been such a draw for buyers.
 
SoCal said:
Grayston said:
It is an absolute pain to do any type of errand running in NB.
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Well, they usually hire someone to run their errands for them.
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Haha...I'm interested to know who these people are in NB that you know that have people run their errands for them!  No one in our NB neighborhood has tons of servants that are at their beck and call. Our neighborhood's price range is $2.5-$5 so maybe it's the super wealthy that you're talking about  ;)
 
Grayston said:
We currently live in NB and as many know, the schools in Irvine are much stronger. That is the primary reason we're selling our house and moving to HC.
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Does this depend on where you are in Newport?  I know people who go to, for example, Andersen (where the Port streets are zoned to) and love it there.  High API (mid 900s I believe) and the dads group there raised like half a million dollars to help provide the school with all sorts of snazzy stuff.
 
bones said:
Grayston said:
We currently live in NB and as many know, the schools in Irvine are much stronger. That is the primary reason we're selling our house and moving to HC.
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Does this depend on where you are in Newport?  I know people who go to, for example, Andersen (where the Port streets are zoned to) and love it there.  High API (mid 900s I believe) and the dads group there raised like half a million dollars to help provide the school with all sorts of snazzy stuff.
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Good point! Anderson is known as a good elementary school, unfortunately that's not where my community is zoned to.
 
I think HC starts to make more sense when you look at pricing for relatively similar product in NB, Shady Canyon, Turtle Ridge and Laguna Altura

NB - $750+/sf (for a newish home-- could be $850+/sf for a new home)
TRG -$680-$750+/sf
SC - $750+/sf
LA - $585-$600+/sf (for Toscana)

If you extrapolate from this, I'm thinking HC is worth $600+/SF before lot premiums. 

Even if you think the Irvine schools are on par with the Newport schools-- you probably get 30%+ more house in HC at the current prices.
 
I agree with OC Broker.  Compared with homes in the area, HC is probably valued at $600+/sq ft once all the homes are sold.  So I think the value is good being that many of the homes are below $500/sq ft. (Atleast for Capri)
Schools, comps and convenience are the reasons why we chose to buy in hc.
While Uni is no longer the top hs school in Irvine, but it's a school I went to and will always have fond memories of.  The location is actually quite convenient.  It's very close to all the major freeways but not too close.  Spectrum/ Alton plaza and the soon to be opened Whole Foods are all within few minutes drive.


OC-Broker said:
I think HC starts to make more sense when you look at pricing for relatively similar product in NB, Shady Canyon, Turtle Ridge and Laguna Altura

NB - $750+/sf (for a newish home-- could be $850+/sf for a new home)
TRG -$680-$750+/sf
SC - $750+/sf
LA - $585-$600+/sf (for Toscana)

If you extrapolate from this, I'm thinking HC is worth $600+/SF before lot premiums. 

Even if you think the Irvine schools are on par with the Newport schools-- you probably get 30%+ more house in HC at the current prices.
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SoCal said:
irvinehomeowner said:
So... uh... what do $2.5m home buyers do for a living?

#99%ersWannaKnow
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Surprisingly, most of the people I know who have bought at this range have shockingly normal, every-day jobs (H.R. manager, Senior software engineer, etc.) however the common denominator among them is that they are all DINKS who got married later in life, pooled their assets. 
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I would love to hear how a normal couple with everyday day jobs a year is able to afford a 2.5 million house without outside factors (ie. parents helping with huge down payment, they work for a pre-IPO company that goes public, lucky stocks picks where they dump all their cash in, etc.). 
I have many friends in the category you are describing (making ~$275k-$350k combined), but none are close to a 2.5 million house.  Most are in 1-1.5 million dollar houses in their mid-late 30s.  The only couples I know who can afford 2.5 million are doctors and SBOs.
 
irvinehomeowner said:
woodburyowner said:
The only couples I know who can afford 2.5 million are doctors and SBOs.
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Or Farmmies or Qwerlymen.
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while we would qualify for a house at hidden canyon, i think i would have a heart attack at the loan doc signing for taking on a mortgage that big and unfortunately i wouldnt qualify on my own, it would have to be me and my wife :-(

we are both w2 employees, we just have been blessed to work at companies that pay very well.
 
Happiness said:
SoCal said:
Surprisingly, most of the people I know who have bought at this range have shockingly normal, every-day jobs 
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Where I come from, "normal" is selling drugs and pimping women.
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And one of "normal" in Irvine used to be operating birth tourism until someone rat them out.  :)
 
The Capri homes felt like they had very small secondary bedrooms, at or near detached condo size.  Secondary baths also seemed very tight.  The Toll signature areas (entry, staircases) consume a lot of space just like great rooms. 

Marbella's 2nd floor hallways seemed to be very narrow.  Those attending opening weekend will probably be pushed to the side by foreigners or down the stairs.

You can see TIC's design influence/requirements on the exterior of some of these homes.  The "Classical" elevations look very Stonegate-like and out of place.  I don't think Toll would've done that on their own. 

Curious to see if Toll's SFR homes in other communities have reduced bedroom sizes. 

I agree that these will probably appreciate fairly well near-term and the size of the secondary bedrooms will not negatively impact sales. 
 
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