Las Ventanas Plans 2+3 vs. Maricopa Plans 1+2

[irvinehomeowner]

So we went back and did this comparison yesterday... and while we like the quietness of the location and the large rooms of Maricopa, the functionality of that upstairs living space in LV Plan 3 is the tipping point.

I don't understand why they didn't utilize more 2nd floor space in Maricopa like they are doing in Cortona at Laguna Altura. And I found it interesting that while the Maricopa master bedrooms are bigger, the baths and closets aren't that much bigger than LV's.

Location aside, it's very hard to spend $200k more for Maricopa over LV because it doesn't give you very much more in functionality. This is where iPac/TIC messed up in that in addition to the location premium, they should also have other things considering how much more they are charging... or they should be a bit lower than where Sonoma was at because Sonoma has the Woodbury location premium (arguably) over Stonegate.

Seems like the Maricopa sales team are a bit more desperate than I remember... although they are going to Phase 3 soon, there is still quite bit of unsold inventory in the current phases.

 

[usctrojancpa]

So we went back and did this comparison yesterday... and while we like the quietness of the location and the large rooms of Maricopa, the functionality of that upstairs living space in LV Plan 3 is the tipping point.

I don't understand why they didn't utilize more 2nd floor space in Maricopa like they are doing in Cortona at Laguna Altura. And I found it interesting that while the Maricopa master bedrooms are bigger, the baths and closets aren't that much bigger than LV's.

Location aside, it's very hard to spend $200k more for Maricopa over LV because it doesn't give you very much more in functionality. This is where iPac/TIC messed up in that in addition to the location premium, they should also have other things considering how much more they are charging... or they should be a bit lower than where Sonoma was at because Sonoma has the Woodbury location premium (arguably) over Stonegate.

Seems like the Maricopa sales team are a bit more desperate than I remember... although they are going to Phase 3 soon, there is still quite bit of unsold inventory in the current phases.

Broker co-ops are coming soon to Maricopa, followed by buyer incentives.

 

[woodburyowner]

Seems like the Maricopa sales team are a bit more desperate than I remember... although they are going to Phase 3 soon, there is still quite bit of unsold inventory in the current phases.

Problem is that they are getting desperate for Plan 2 and 3.  Plan 1s have no problem selling...

 

[irvinehomeowner]

Problem is that they are getting desperate for Plan 2 and 3.  Plan 1s have no problem selling...

$100k between plans seems a bit steep.

My recommended pricing for Maricopa?

Plan 1 - $755k
Plan 2 - $800k
Plan 3 - $850k

That would put them inline with what Sonoma roughly listed for in the first few phases and would signify an adjustment for location.

 

[woodburyowner]

$100k between plans seems a bit steep.

My recommended pricing for Maricopa?

Plan 1 - $755k
Plan 2 - $800k
Plan 3 - $850k

That would put them inline with what Sonoma roughly listed for in the first few phases and would signify an adjustment for location.

I told the sales agent that I would buy a Plan 2, but only at a slight premium to Plan 1 (maybe 40k).  Sales agent laughed, but we'll see what happens as time goes on.

 

[usctrojancpa]

$100k between plans seems a bit steep.

My recommended pricing for Maricopa?

Plan 1 - $755k
Plan 2 - $800k
Plan 3 - $850k

That would put them inline with what Sonoma roughly listed for in the first few phases and would signify an adjustment for location.

I told the sales agent that I would buy a Plan 2, but only at a slight premium to Plan 1 (maybe 40k).  Sales agent laughed, but we'll see what happens as time goes on.

Don't worry, you'll have the last laugh when they are throwing incentives at people to buy Plan 2s and 3s.

 

[gaogi]

$100k between plans seems a bit steep.

My recommended pricing for Maricopa?

Plan 1 - $755k
Plan 2 - $800k
Plan 3 - $850k

That would put them inline with what Sonoma roughly listed for in the first few phases and would signify an adjustment for location.

I told the sales agent that I would buy a Plan 2, but only at a slight premium to Plan 1 (maybe 40k).  Sales agent laughed, but we'll see what happens as time goes on.

Don't worry, you'll have the last laugh when they are throwing incentives at people to buy Plan 2s and 3s.

Was at Maricopa this weekend, and the sales agent there told me that they are offering 35K incentives on all the plans.

 

[usctrojancpa]

$100k between plans seems a bit steep.

My recommended pricing for Maricopa?

Plan 1 - $755k
Plan 2 - $800k
Plan 3 - $850k

That would put them inline with what Sonoma roughly listed for in the first few phases and would signify an adjustment for location.

I told the sales agent that I would buy a Plan 2, but only at a slight premium to Plan 1 (maybe 40k).  Sales agent laughed, but we'll see what happens as time goes on.

Don't worry, you'll have the last laugh when they are throwing incentives at people to buy Plan 2s and 3s.

Was at Maricopa this weekend, and the sales agent there told me that they are offering 35K incentives on all the plans.

Interesting, the incentive before the broker co-op.  Maybe they are seeing which one by itself (broker co-op only at San Marino) will bring in the most buyers.  I thought they'd hold out at least until June. 

Btw, the true value of any builder design center is about 50-60% of the face value (depending on the upgrades selected).

 

[gaogi]

Yeah, I was a little surprised that they're already offering incentives for June move ins.  The other two communities in Stonegate also had June move in available, but was not offering incentives, probably due to the lower price.  I did not visit Santa Clara, so don't know how they're doing there.

The fact that I was given the option to secure a home in all three communities in SG without even needing to priority register had me thinking that sales are slow, and I should wait till later phases to buy.

 

[usctrojancpa]

Yeah, I was a little surprised that they're already offering incentives for June move ins.  The other two communities in Stonegate also had June move in available, but was not offering incentives, probably due to the lower price.  I did not visit Santa Clara, so don't know how they're doing there.

The fact that I was given the option to secure a home in all three communities in SG without even needing to priority register had me thinking that sales are slow, and I should wait till later phases to buy.

Remember, you'll have the most leverage as the homes are finishing up getting built (i.e. standing inventory).  You'll be able to negotiate the price, closing costs credits, design center credits, and split the broker co-op with your agent.

 

[firsttimer]

[/quote]
Remember, you'll have the most leverage as the homes are finishing up getting built (i.e. standing inventory).  You'll be able to negotiate the price, closing costs credits, design center credits, and split the broker co-op with your agent.
[/quote]

The design center credit after the home is built is confusing to me. At that point, aren't all finishes already picked out? And you can't go into the walls and add lights, speakers, any electrical?

 

[ps99472]

Maybe just surface upgrades?  Paint, washer, dryer?  Is this only on the first phase (June move ins)?

 

[usctrojancpa]

Remember, you'll have the most leverage as the homes are finishing up getting built (i.e. standing inventory).  You'll be able to negotiate the price, closing costs credits, design center credits, and split the broker co-op with your agent.
[/quote]

The design center credit after the home is built is confusing to me. At that point, aren't all finishes already picked out? And you can't go into the walls and add lights, speakers, any electrical?
[/quote]


That's correct, you can't add lights, speakers, and/or electrical stuff.  However, you can get flooring, window coverings, paint, appliances, built-ins, fixture upgrades, and landscaping done even after the home is built. 

 

[blocks]

We visited Maricopa and San Marcos this weekend. Very big contrast of the footage compared with last year in SE and WE. As we were in San Marcos, almost no other people visiting. Later in Maricopa, only one or two families at the same time. Is it possible that iPAC hold on the development like they did in WE, when the sale is nearly dead?

 

[usctrojancpa]

We visited Maricopa and San Marcos this weekend. Very big contrast of the footage compared with last year in SE and WE. As we were in San Marcos, almost no other people visiting. Later in Maricopa, only one or two families at the same time. Is it possible that iPAC hold on the development like they did in WE, when the sale is nearly dead?

I doubt they'll just stop the projects they have going on now....they'll do whatever they need to do to sell the homes (which can be good news for patient buyers).  The problem is that iPAC priced their 2011 new home for perfection even though the floor plans are nothing special.  If their sales remain slow into the summer, there will be blood in the water.

 

[irvinehomeowner]

I doubt they'll just stop the projects they have going on now....they'll do whatever they need to do to sell the homes (which can be good news for patient buyers).  The problem is that iPAC priced their 2011 new home for perfection even though the floor plans are nothing special.  If their sales remain slow into the summer, there will be blood in the water.

I see that phrase "priced for perfection" more than once here... does it mean what I think it means?

On the surface, it seems to mean "they priced the homes right" as in "perfectly". But I think you are meaning it to be "they priced the homes as if they were perfect" which they are not.

Help a bruthah out... I don't want to misunderstand what's being said here.

 

[usctrojancpa]

I doubt they'll just stop the projects they have going on now....they'll do whatever they need to do to sell the homes (which can be good news for patient buyers).  The problem is that iPAC priced their 2011 new home for perfection even though the floor plans are nothing special.  If their sales remain slow into the summer, there will be blood in the water.

I see that phrase "priced for perfection" more than once here... does it mean what I think it means?

On the surface, it seems to mean "they priced the homes right" as in "perfectly". But I think you are meaning it to be "they priced the homes as if they were perfect" which they are not.

Help a bruthah out... I don't want to misunderstand what's being said here.

In regards to the 2011 iPAC homes, "priced for perfection" means that TICs pricing is as if they had great floor plans with larger lots (than they currently have) in good locations in a sellers market.  The prices for the 2010 iPAC homes were below that of the juiced up re-sale market but the prices of the 2011 iPAC homes is at or slightly above the re-sale market which is still coming off a sugar high.

 

[irvinehomeowner]

Okay... I knew I had to apply that "euro-translator" to your phrasing.

Just as a refresher, this is what pricing was in Feb 2010:

Montecito
Plan 1: 3/2.5, 2156sft from $739,000
Plan 2: 4/3, 2308sft from $779,000
Plan 3: 4/3, 2336sft from $807,000

Sonoma
Plan 1: 3/2.5, 2365sft from $765,200
Plan 2: 4/3, 2463sft from $820,500
Plan 3: 4/3, 2635sft from $875,600

Carmel:
Plan 1: 4/4, 2625sft from $900,050
Plan 2: 4/4, 2630sft from $932,500
Plan 3: 4/4, 3050sft from $990,000

Keep in mind this was probably Phase 3 or higher since the earlier phases sold quickly. I can't remember exactly but I do think Sonoma was probably $10k less for Phase 1. Does anyone remember?

 

[usctrojancpa]

Okay... I knew I had to apply that "euro-translator" to your phrasing.

Just as a refresher, this is what pricing was in Feb 2010:

Montecito
Plan 1: 3/2.5, 2156sft from $739,000
Plan 2: 4/3, 2308sft from $779,000
Plan 3: 4/3, 2336sft from $807,000

Sonoma
Plan 1: 3/2.5, 2365sft from $765,200
Plan 2: 4/3, 2463sft from $820,500
Plan 3: 4/3, 2635sft from $875,600

Carmel:
Plan 1: 4/4, 2625sft from $900,050
Plan 2: 4/4, 2630sft from $932,500
Plan 3: 4/4, 3050sft from $990,000

Keep in mind this was probably Phase 3 or higher since the earlier phases sold quickly. I can't remember exactly but I do think Sonoma was probably $10k less for Phase 1. Does anyone remember?

The market has softened since 2010...you can see that both on lower prices and lower sales volume.  2010 = seller's market and so far 2011 = neutral market

 

[gaogi]

Maybe just surface upgrades?  Paint, washer, dryer?  Is this only on the first phase (June move ins)?

Not really sure, as Maricopa is out of my price range, I didn't ask for more details.  We were mainly there to see what ~1 million buys nowadays