Mendocino Pricing?

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irvinehomeowner

irvinehomeowner

Well-known member
So has anyone who has been to the Sales Gallery got a pricing sheet?

I ask because there is some confusion over the starting prices for this project... while the online TIC and IP sites say low $800k, the OCRegister New Homes section over the weekend said high $700k.

I guess I need to visit them when the models open next weekend.
 
Even if the cheapest Plan 1 starts at low 800K, the price will have to come down sooner or later.
Only the suckers will be buying at that price.
How do you justify paying more for similar sized home on a smaller lot than Maricopa?
 
Plan 1 2221 sqft 3BR/2.5BA
768,000
Plan 2 2391 sqft 4BR/3BA
819,000
Plan 2x 2452 sqft 4BR/3BA
839,000
Plan 3 2441 sqft 4BR/4BA
838,000
 
Irvine_Dreamer said:
Even if the cheapest Plan 1 starts at low 800K, the price will have to come down sooner or later.
Only the suckers will be buying at that price.
How do you justify paying more for similar sized home on a smaller lot than Maricopa?
Click to expand...

I guess one issue is the smaller setbacks that surround the house, but I don't think a lot of people will notice.  I also don't know what the lot sizes are but am curious as to why the pricing is so outrageous?  Not defending TIC, but isn't this what people have been asking for - True SFRs w/ driveways?  Plan 1 Maricopa sold well, because it's a 4BR (optional) house for under $800K.  At $786K, it was at about 347/ft.  The Medocino plan 1 (is different because its a 3BR) - is priced at $768 or 345/ft (I know its not apples to apples) which is "relatively" in the same ball park.  Plans 2,2X and 3 all come in at around the 343/ft range which is comparable to what you see around irvine.  Understanding that even south county (better priced homes) is short on inventory, coupled with a fed mortgage buying frenzy, what WOULD be the fair price on these homes?  I know price/ft isnt the be all end all of valuation, but it gives us a benchmark to make a general assessment (understanding there are other factors like home age, lot size, property taxes, etc. at play), but I'd say these are priced at CURRENT market pricing.  Why would anyone price below market?
 
akim997 said:
I guess one issue is the smaller setbacks that surround the house, but I don't think a lot of people will notice.  I also don't know what the lot sizes are but am curious as to why the pricing is so outrageous?  Not defending TIC, but isn't this what people have been asking for - True SFRs w/ driveways?  Plan 1 Maricopa sold well, because it's a 4BR (optional) house for under $800K.  At $786K, it was at about 347/ft.  The Medocino plan 1 (is different because its a 3BR) - is priced at $768 or 345/ft (I know its not apples to apples) which is "relatively" in the same ball park.  Plans 2,2X and 3 all come in at around the 343/ft range which is comparable to what you see around irvine.  Understanding that even south county (better priced homes) is short on inventory, coupled with a fed mortgage buying frenzy, what WOULD be the fair price on these homes?  I know price/ft isnt the be all end all of valuation, but it gives us a benchmark to make a general assessment (understanding there are other factors like home age, lot size, property taxes, etc. at play), but I'd say these are priced at CURRENT market pricing.  Why would anyone price below market?
Click to expand...
The pricing above is comparable to Maricopa, but low 800K they posted on the website before did not make sense at all.  I guess TIC wasn't that crazy after all or intentionally posted higher price just to sell out Maricopa.  On the paper, it may appear that pricing and home size are comparable, but with narrower lot, buyers will be getting less for their money.  I agree that most of people will never notice or care for the lot size though.  TIC did a pretty good job of lowering the price to the range where more people can afford and make more profit at the same time.  Mendocino will be a hot seller at least until next spring when more new homes get build across 133.  But our Maricopa is still better than Mendocino!  :D
 
while Mendocino pricing is on par with Maricopa, you get smaller lot size. For approximately the same acerage, TIC build something like 100 Maricopa homes compared to 130 Mendocino homes.
 
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