Laguna Altura...can you say broker co-op?

NEW -> Contingent Buyer Assistance Program
usctrojancpa

usctrojancpa

Well-known member
It better because I got the call this evening around 6pm from a sales lady from Cortana that they are now offering broker co-ops over at Laguna Altura.  Boy, that was a lot quicker than I thought (I was thinking it'd take mid-to-late June for the broker co-ops to come).  :P
 
i called it man. this was my prediction in the regular LA thread

- broker co-ops by June 1
- design center credits by July 15
- price drop by September 15
 
qwerty said:
i called it man. this was my prediction in the regular LA thread

- broker co-ops by June 1
- design center credits by July 15
- price drop by September 15
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You sure did, I guess I was being conservative basing my guestimate on how long it took to get broker co-ops for San Marino and Stonegate.  Oppsie.  haha
 
ps99472 said:
So how much?
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I didn't pick up and just heard the voicemail (she didn't give me a dollar amount).  I'll give a call out there tomorrow and ask.  My guess is $20k just like Cortana's Stonegate twin (Maricopa).  I'm surprised I got a call instead of a generic email.
 
Is anyone surprised? The Mello Roos is at least $2,000 more per year than people expected and the prices are at least $100,000-$150,000 more than anyone expected.
 
ps99472 said:
I wonder how many homes have they sold.
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I only saw 2 sold buttons on the Cortana board when I was over there Sunday morning.  I guess they called me because I gave them my business card.
 
IndieDev said:
Is anyone surprised? The Mello Roos is at least $2,000 more per year than people expected and the prices are at least $100,000-$150,000 more than anyone expected.
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We expected them... we just didn't like them.

Problem is they already let the genie out of the bottle... it's not like they can cut the prices by $100-150k... or can they?
 
Sure, secret, under the table 10% reductions with an NDA attached to not disclose the terms of the deal.
 
Isn't the final closing price public record?  Just looking at the property tax bills should give an indication on price as well as redfin.  I think well see some minor drop in price, built in upgrades (counter upgrades, baseboards, etc) and 75k to 100k in designer credits, which is really more like 30-40k in upgrades if you take out their markup.
 
shokunin said:
Isn't the final closing price public record?  Just looking at the property tax bills should give an indication on price as well as redfin.  I think well see some minor drop in price, built in upgrades (counter upgrades, baseboards, etc) and 75k to 100k in designer credits, which is really more like 30-40k in upgrades if you take out their markup.
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That probably sounds about right.  The longer buyers hold out, the more TIC will offer.
 
bones said:
shokunin said:
Isn't the final closing price public record?  Just looking at the property tax bills should give an indication on price as well as redfin.  I think well see some minor drop in price, built in upgrades (counter upgrades, baseboards, etc) and 75k to 100k in designer credits, which is really more like 30-40k in upgrades if you take out their markup.
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I understand these aren't selling well, but do you really think IPac will offer $75k to $100k in designer credits??  Even during the worst of 2008 - this wasn't happening.
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They can just hit the pause button.  TIC pricing can change the irvine market dramatically if they start dropping prices.  Pause and kick the can down the road.  Maybe 2012 will be better for them.
 
bones said:
shokunin said:
Isn't the final closing price public record?  Just looking at the property tax bills should give an indication on price as well as redfin.  I think well see some minor drop in price, built in upgrades (counter upgrades, baseboards, etc) and 75k to 100k in designer credits, which is really more like 30-40k in upgrades if you take out their markup.
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I understand these aren't selling well, but do you really think IPac will offer $75k to $100k in designer credits??  Even during the worst of 2008 - this wasn't happening.
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iPac wasn't the builder back then.  Two scary words for any home builder are STANDING and INVENTORY.  Designer credits are worth about 50-60 cents on the dollar anyhows.
 
Very surprising to see IPAC offering Co-Ops only a few weeks into sales at L.A. This, during the "peak selling" period says quite a bit about the project.

Perhaps the smart buyers are waiting for the jumbo conforming loan balance reduction to see if prices are pushed down further. As noted, TIC could just lock the gates and wait it out as they did in 2008 for their other projects.

We shall see what we shall see, eh?

My .02c
 
$22,500 is the amount everybody.  61 Modena in Cortona.

From the MLS...

Set Amongst the hillside of Laguna Canyon, Cortona at the Italian inspired village of Laguna Altura is an innovative and unique new neighborhood that offers an intimate environment of beauty and tranquility in an exclusive, gated community. This ideally located Orange County address is only minutes away from Laguna Beach, while being conveniently located next to the world-class shopping and entertainment center of Irvine Spectrum Center. This Plan 1 home offers timeless Classical architecture, 2,380 Sq Ft, 4 Bedrooms, 3 Baths. The gourmet kitchen offers natural stone on the countertop and island with a decorative tile backsplash. itchen appliances include a 36' Kitchenaid 5-burner gas cooktop, Kitchenaid stainless steel hood, built-in microwave/oven combination and dishwasher. The home also features white thermofoil raised panel door cabinets with brushed chrome knobs throughout the residence. Optional bedroom 4 on first floor in lieu of den. Designer paint.Please see agent remarks.
 
NoSoup4U said:
$22,500 is the amount everybody.  61 Modena in Cortona.

From the MLS...

Set Amongst the hillside of Laguna Canyon, Cortona at the Italian inspired village of Laguna Altura is an innovative and unique new neighborhood that offers an intimate environment of beauty and tranquility in an exclusive, gated community. This ideally located Orange County address is only minutes away from Laguna Beach, while being conveniently located next to the world-class shopping and entertainment center of Irvine Spectrum Center. This Plan 1 home offers timeless Classical architecture, 2,380 Sq Ft, 4 Bedrooms, 3 Baths. The gourmet kitchen offers natural stone on the countertop and island with a decorative tile backsplash. itchen appliances include a 36' Kitchenaid 5-burner gas cooktop, Kitchenaid stainless steel hood, built-in microwave/oven combination and dishwasher. The home also features white thermofoil raised panel door cabinets with brushed chrome knobs throughout the residence. Optional bedroom 4 on first floor in lieu of den. Designer paint.Please see agent remarks.
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So if it's $22,500 for Cortana then it'll probably be $25k for Toscana. 
 
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