Montecito / Sonoma / Carmel Pricing

[Irvine2Irvine]

Or even the Rosemoor/Villa Rosas.

At least give me a tandem 3-car garage for $1mil+... sheesh.

I agree.  As i prepare to move into my house (still 4 months away) I am realizing that with the lack of a basement a three care garage is almost essential.  I'm going to have to squeeze some storage/workspace out of the two car garage.

You should look into those overhead garage storage.  It's not much, but should help a little. 

 

[Costco]

For those who purchased new homes, how much do you think it'll cost for upgrades, landscaping, and other costs to get the house livable? By livable, I mean a house similar to the model home (i.e. hardwood floors, curtains, window shutters, modest kitchen upgrades, and simple landscaping).

When I calculate the price/sq feet using the base price of the new homes, they seem to be pretty good deals. I'm wondering what the price/sq feet will be after you factor in the upgrades and landscaping.

Thanks.

 

[qwerty]

dont forget to factor in the price of the mello roos into your price per sq ft.

 

[nytransplant]

I'm still in the process of upgrading but i figure the cost to make the inside look like the models in Sonoma would be close to $50-$60 grand.  Then you need to add in the landscaping and hardscape which could cost another $40 grand (so I've been told)

 

[usctrojancpa]

I would say that a reasonable price for upgrades, including full landscaping, will be around $30/sf to $50/sf (obviously higher if the home has more upgrades/options). 

 

[usctrojancpa]

dont forget to factor in the price of the mello roos into your price per sq ft.

Agreed...the best way to do it is take the annualized Mello Roos and annualized HOA and divide by 5% to get the capitalized cost of Mello Roos and HOA then divide by the SF of the home (this is the best way to compare homes with different levels of Mello Roos and HOA).  For example, let's say the home is $800k for a 2,500sf home with Mello Roos of $5,000 per year and HOA of $1,500 per year...then you take $6,500/.05 = $130,000 +$800,000 = $930,000 or $372/sf instead of $320/sf.

That being said, prices for those new TIC homes are now on par with comparable resales.

 

[irvinehomeowner]

Hey... stop exposing TIC secrets... they make you think you are paying less per sft than resale homes.

Although I have to say that Woodbury at $105 is a pretty good HOA fee because there are quite a few 'hoods in Irvine that have higher or double HOAs.

 

[gaab]

dont forget to factor in the price of the mello roos into your price per sq ft.

Agreed...the best way to do it is take the annualized Mello Roos and annualized HOA and divide by 5% to get the capitalized cost of Mello Roos and HOA then divide by the SF of the home (this is the best way to compare homes with different levels of Mello Roos and HOA).  For example, let's say the home is $800k for a 2,500sf home with Mello Roos of $5,000 per year and HOA of $1,500 per year...then you take $6,500/.05 = $130,000 +$800,000 = $930,000 or $372/sf instead of $320/sf.

That being said, prices for those new TIC homes are now on par with comparable resales.

Just curious, but, why is the plot size excluded from most of the discussion on this forum?    If you take price / plot size then a lot of the older homes turn out to be much more value for money than they newer homes.

 

[Irvine2Irvine]

From my experience of shopping for a house in Irvine, unless the lot size is huge like 8000+ sq ft, it doesn't seem to matter much.  It might sell faster, but the premium seem to be always in the house size and location.

 

[usctrojancpa]

Agreed...the best way to do it is take the annualized Mello Roos and annualized HOA and divide by 5% to get the capitalized cost of Mello Roos and HOA then divide by the SF of the home (this is the best way to compare homes with different levels of Mello Roos and HOA).  For example, let's say the home is $800k for a 2,500sf home with Mello Roos of $5,000 per year and HOA of $1,500 per year...then you take $6,500/.05 = $130,000 +$800,000 = $930,000 or $372/sf instead of $320/sf.

To see it laid out like that is mind boggling.

Well, we cant expect the sales folks at the model homes to have the ability to show people what the real price per SF is.  haha

 

[Irvine2Irvine]

Agreed...the best way to do it is take the annualized Mello Roos and annualized HOA and divide by 5% to get the capitalized cost of Mello Roos and HOA then divide by the SF of the home (this is the best way to compare homes with different levels of Mello Roos and HOA).  For example, let's say the home is $800k for a 2,500sf home with Mello Roos of $5,000 per year and HOA of $1,500 per year...then you take $6,500/.05 = $130,000 +$800,000 = $930,000 or $372/sf instead of $320/sf.

To see it laid out like that is mind boggling.

Well, we cant expect the sales folks at the model homes to have the ability to show people what the real price per SF is.  haha

I do agree that the new homes are about the same per sq ft as resale homes in an older neighborhood.  If you look at resale in Woodbury, the new homes are actually cheaper.  It's much easier calculation since the mello roos and association are identical.  All you have to do is to add upgrades and landscaping to the cost. 

 

[LAtoOC]

I do agree that the new homes are about the same per sq ft as resale homes in an older neighborhood.  If you look at resale in Woodbury, the new homes are actually cheaper.  It's much easier calculation since the mello roos and association are identical.  All you have to do is to add upgrades and landscaping to the cost.

Updates/landscaping can add a ton to a home, plus if these upgrades are added to the cost of the house/loan you are looking at higher taxes as well.

Does anyone know a good place to look up Mello Roos bonds and when they are expected to expire for each community?

 

[Irvine2Irvine]

I do agree that the new homes are about the same per sq ft as resale homes in an older neighborhood.  If you look at resale in Woodbury, the new homes are actually cheaper.  It's much easier calculation since the mello roos and association are identical.  All you have to do is to add upgrades and landscaping to the cost.

Updates/landscaping can add a ton to a home, plus if these upgrades are added to the cost of the house/loan you are looking at higher taxes as well.

Yes to both of your points.  It still is apples to apples comparison if you are comparing resale Woodbury home and new contruction Woodbury home.

 

[irvinehomeowner]

In raw square footage of the home, 2010 Collection is cheaper than Woodbury resale, but if you take into account lot size, bedroom count, living spaces and maybe a tandem 3rd car garage thrown in here or there... resale comes closer in value.

 

[Irvine2Irvine]

In raw square footage of the home, 2010 Collection is cheaper than Woodbury resale, but if you take into account lot size, bedroom count, living spaces and maybe a tandem 3rd car garage thrown in here or there... resale comes closer in value.

With the Carmel II having only 2 car garage, Las Colinas in Portola Springs will be the only current or near future offering with 3 car tandem garage.

 

[annabanana]

In raw square footage of the home, 2010 Collection is cheaper than Woodbury resale, but if you take into account lot size, bedroom count, living spaces and maybe a tandem 3rd car garage thrown in here or there... resale comes closer in value.

With the Carmel II having only 2 car garage, Las Colinas in Portola Springs will be the only current or near future offering with 3 car tandem garage.

Las Colinas is coming out with more lots in the fall.

 

[traceimage]

I was picking someone up from Woodbury today and had a few minutes to kill, so I drove around the new developments today to see how they're coming along. Seeing Carmel and Montecito built out a little bit, it was just so shocking to me how little space you get for the price. (I'm talking about lot size, not interior square footage.) Even if I were in the market for a $1m dollar house, I can't imagine choosing one in a motorcourt and without a real driveway. For that much money, I feel there should be not only be a real driveway, but also a bigger lot, really big yard, nice view, or a timeless prestigious address like Newport Beach. To each his/her own, and if people want these houses then that's great for them, but personally I just can't imagine plunking down this kind of money for this.

I know this has been discussed ad nauseum already, but actually having seen the houses today...it was really astonishing.

 

 

[iacrenter]

I was picking someone up from Woodbury today and had a few minutes to kill, so I drove around the new developments today to see how they're coming along. Seeing Carmel and Montecito built out a little bit, it was just so shocking to me how little space you get for the price. (I'm talking about lot size, not interior square footage.) Even if I were in the market for a $1m dollar house, I can't imagine choosing one in a motorcourt and without a real driveway. For that much money, I feel there should be not only be a real driveway, but also a bigger lot, really big yard, nice view, or a timeless prestigious address like Newport Beach. To each his/her own, and if people want these houses then that's great for them, but personally I just can't imagine plunking down this kind of money for this.

I know this has been discussed ad nauseum already, but actually having seen the houses today...it was really astonishing.

 

To be fair Montecito is priced from the high $700K and you do get a private driveway (though off of a motorcourt). The $900K+ Carmel homes are NOT on a motorcourt but have a traditional SFR format with a private driveway off of a road.

That being said, I agree that the homes are too expensive for my taste; especially when you factor in MR and HOA fees. I enjoy the modern layouts but the zero lot lines and tiny backyards kill me.

Obviously there are many new WB owners who strongly disagree with our views. They chose to buy for a myriad of reasons and so the TIC gravy train continues.

 

[nytransplant]

The carmel homes are not zero-lot lines, that's in the sonoma region.

Overall, if you want a new home these days there are limited options.  The developers (not just TIC) realize land is had to come by.  They want to maximize their profits at the expense of individualism (take land way from the individual and give it to the masses in the form of parks parks).  If TIC company had to compete with other devolpers in Irvine I bet we would get better products.

 

[irvinehomeowner]

If TIC company had to compete with other devolpers in Irvine I bet we would get better products.

This is where I think they are messing up with Tustin Legacy.

If you build a superior product/floorplan there with a reasonable lot size/price and good amenities, you can compete with Irvine based on your central location.