I think you said that portola springs was the best village in irvine just an year ago...
Luna Park in Great Park Neighborhood
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I think you said that portola springs was the best village in irvine just an year ago...
Comparing to older places without MR, 11k per year is 110k per 10 years and possibly 330k per 30 years... And the house alone would have cost you 2, 000k upfront anyway so to speak.
>>>there is no great appeal in buying in PS when you could get a much better home in a slightly older area of Irvine with much better access to amenities.
Lack of retail and recent home sales pricing certainly is way too high but isn't access to school/parks is relatively on par with other neighborhoods?
As IP has developed newer neighborhoods in portola over the past few years it has certainly helped with the pricing catch-up and has a better appeal compared to older parts of irvine now.
If the inventory increases significantly from here do you think portola would have a major price correction compared to great park?
And because of the high MR, the appreciation of the homes in GP will always lag the rest of Irvine. And that means when you sell the home, and you will since you're not staying there forever, you won't be able to recoup the MR loss.
A couple of them are view lots, so I could understand why they would list at $4.3M+, but there's one with 4285 sq ft lot listing at $4M. This is a Plan 3, which is 3220 sq ft. Compare this to Cielo Plan 1, which is 3225 sq ft, sitting on 5000+ sq ft lots, selling below $3M. Specifically, my home is a Plan 1, sitting on a 5108 sq ft lot. After $160k upgrades, my total purchase price is $2.726M. I'm just glad that Shea took over Cielo and not New Home Company. Otherwise, we would not have got the Cielo Plan 1 we wanted so badly, considering how New Home Company is pricing the Olivewood homes. But I guess the location for Olivewood is much better than Cielo, since Olivewood is at the peak of PS, so there are people paying for that.
On a separate note, it concerns me that financial literacy is not required in schools. But also not shocking why it isn’t.
While I had difficulty with my agent here in OC at the time, she did provide insights into PS being a fire hazard and being a bit far from pretty much everything (freeways, retail, etc).
Don’t get me wrong, at the end of the day if you had to make me pick PS or LA I would choose PS any day.
Most of the GP facilities are available to general public except a few listed here.
www.cityofirvine.org
Interestingly enough, State Farm currently does not identify the area as high risk for fires.
I think you said that portola springs was the best village in irvine just an year ago...
CalBears96
Well-known member
Isn't Cypress Village tiny attached condos? And GP is possibly the worst choice in Irvine due to extremely high MR.
CalBears96
Well-known member
I guess things have changed from a year ago. I mean, PS is becoming pricey now compared to a year ago. And, of course, it's getting crowded too, while retail hasn't improved.
GrowthStateofMind
Member
It seems like IUSD would have to add another high school for GP and Portola neighborhoods given the current and upcoming buildouts.
And curious if Jeffrey Trail will be able to accommodate the ever growing Portola Springs population while still serving Woodbury, Cypress Village, etc
And curious if Jeffrey Trail will be able to accommodate the ever growing Portola Springs population while still serving Woodbury, Cypress Village, etc
CalBears96
Well-known member
I don't think that's likely considering Luna Park has been pushed to SVUSD. They probably had planned for all PS population from the beginning. On the other hand, another high school may be needed when OH4 is built out.
vsfan
Member
CV has some SFHs tho, with smaller lots. Well, when you buy 2m+ houses would an additional 5-6k MR really matter to you?
Comparing to older places without MR, 11k per year is 110k per 10 years and possibly 330k per 30 years... And the house alone would have cost you 2, 000k upfront anyway so to speak.
>>>there is no great appeal in buying in PS when you could get a much better home in a slightly older area of Irvine with much better access to amenities.
Lack of retail and recent home sales pricing certainly is way too high but isn't access to school/parks is relatively on par with other neighborhoods?
As IP has developed newer neighborhoods in portola over the past few years it has certainly helped with the pricing catch-up and has a better appeal compared to older parts of irvine now.
If the inventory increases significantly from here do you think portola would have a major price correction compared to great park?
CalBears96
Well-known member
Well, it's $7-$8k more MR, and yes, it does matter. Buying a $2M+ home doesn't mean you don't care about money. Just ask @Danimal. He bought a $2M+ home and he wouldn't touch GP due to high MR.
And because of the high MR, the appreciation of the homes in GP will always lag the rest of Irvine. And that means when you sell the home, and you will since you're not staying there forever, you won't be able to recoup the MR loss.
CalBears96
Well-known member
PS price has gone up very drastically. At least, for resale, I think it has been peaked a couple months ago. Back in April, you wouldn't see listing past 2 weeks. Now there are many homes sitting on the market for more than 2 months. It could be because they're delusional, like several Olivewood resales listing at $4M+.
A couple of them are view lots, so I could understand why they would list at $4.3M+, but there's one with 4285 sq ft lot listing at $4M. This is a Plan 3, which is 3220 sq ft. Compare this to Cielo Plan 1, which is 3225 sq ft, sitting on 5000+ sq ft lots, selling below $3M. Specifically, my home is a Plan 1, sitting on a 5108 sq ft lot. After $160k upgrades, my total purchase price is $2.726M. I'm just glad that Shea took over Cielo and not New Home Company. Otherwise, we would not have got the Cielo Plan 1 we wanted so badly, considering how New Home Company is pricing the Olivewood homes. But I guess the location for Olivewood is much better than Cielo, since Olivewood is at the peak of PS, so there are people paying for that.
Kangen.Irvine
Active member
No oversight in PS for retail. We all know the retail center was planned and marketed to homebuyers in the village until it was quickly replaced by the elementary school. I recall the signs saying future retail, until they were taken down…
vsfan
Member
That reminds me - there will be a retail center in GP, along GP Blvd
sleepy5136
Well-known member
You should be a politician. Newsom will definitely approve that type of messaging when it comes to raising more state funding.
On a separate note, it concerns me that financial literacy is not required in schools. But also not shocking why it isn’t.
sleepy5136
Well-known member
Don’t forget the chances of PS burning down is higher as well and has happened in the past.
While I had difficulty with my agent here in OC at the time, she did provide insights into PS being a fire hazard and being a bit far from pretty much everything (freeways, retail, etc).
Don’t get me wrong, at the end of the day if you had to make me pick PS or LA I would choose PS any day.
vsfan
Member
My perspective is that as long as the MR actually spent on improving the surrounding area it is a worthy investment for the greater good. If the GP phase 3 is completed on time and as planned by 2030, it will only boost the home values around the whole neighborhood.
Wouldnt it be better if someone else paid for it?
Most of the GP facilities are available to general public except a few listed here.
Great Park Communities
Discounts and Priority Access to Great Park Amenities As a resident of Irvine residing in a Great Park community, you already know of the many benefits of living adjacent to one of the largest municipal parks in the country that offers a variety of unique cultural and recreational opportunities.
ratchet_resident
Member
Times (and opinions) have changed
ratchet_resident
Member
Nope was just listing random examples. Cypress seems good but Great Park isn't the best example when comparing to PS.. GP is just as far in terms of amenities and mello roos are insane.
GrowthStateofMind
Member
Some neighbors who were around PS during the 2020 Silverado fire told me palm trees and bushes were burned but no structural damage to buildings. It sure was a scary time given what seemed to be 1/3rd of Irvine had to evacuate (at the worst point everyone north of Irvine Blvd or even Trabuco Rd if I recall). My parents older neighborhood was just one block south of that at the time.
Interestingly enough, State Farm currently does not identify the area as high risk for fires.
irviniteeee
Active member
Yep! Right where the school is by the fire station. I thought it was pretty rotten of them to do that, but I wonder if it had to do with the fact that the Woodbury center was struggling at the time as well. I remember the shelves were half empty at the Ralph's at some point. They 100% should have gone forward with the PS center though. I don't know how anyone uses the Woodbury Center as their everyday place to shop, it's miserable and overcrowded now.
CalBears96
Well-known member
Neither does Mercury. My home insurance for the new Cielo home is $616 per year.