Montecito / Sonoma / Carmel Pricing

[irvinehomeowner]

It's surprising because unemployment is so high and credit is still hard to come by. If someone said in 2008 on the IHB that in 2010 TIC would be pricing homes at close to $350/sft and raising them each phase they would be dismissed as crazy.

I think even BK said something about a high benchmark ($375/sf!) and IrvineRenter doubted it... but we are close:
http://www.irvinehousingblog.com/forums/viewthread/5094/

I just went to Montecito today to see how they were doing, their last phase release of 6 homes last Wednesday have all sold and the prices were still:

1 - $751,500
2 - $792,500
3 - $814,500

Plan 2 looks like it has been upped about $15k from Phase 1 (I can't seem to find the Phase 1 pricing that was here).

They only have 2 or 3 phases left and they will be done (by May). The rumor is they will be building Montecito 2.0 on that area just off of Great Lawn south of the elementary school. We will probably know the layout by May sometime.

It's like printing money for The Irvine Company.

 

[usctrojancpa]

Wow... the pricing has gotten ridiculous. Seriously... it's like they are using the tax incentives and low interest to justify making the prices so high.

You've seen the re-sale price per sf over in Westpark II, Northpark, Quail Hill, and Northwood Pointe?  The new Woodbury homes are below those values and about on-par if you factor the higher Mello Roos. 

 

[usctrojancpa]

It's surprising because unemployment is so high and credit is still hard to come by. If someone said in 2008 on the IHB that in 2010 TIC would be pricing homes at close to $350/sft and raising them each phase they would be dismissed as crazy.

I think even BK said something about a high benchmark ($375/sf!) and IrvineRenter doubted it... but we are close:
http://www.irvinehousingblog.com/forums/viewthread/5094/

I just went to Montecito today to see how they were doing, their last phase release of 6 homes last Wednesday have all sold and the prices were still:

1 - $751,500
2 - $792,500
3 - $814,500

Plan 2 looks like it has been upped about $15k from Phase 1 (I can't seem to find the Phase 1 pricing that was here).

They only have 2 or 3 phases left and they will be done (by May). The rumor is they will be building Montecito 2.0 on that area just off of Great Lawn south of the elementary school. We will probably know the layout by May sometime.

It's like printing money for The Irvine Company.

Funny how Graph said they wouldn't see out all of the homes in Woodbury.  The demand is strong than the bears think it is in Irvine.  They won't even need any incentives to sell them homes out (they may have to lower the prices a bit of the badly located lots to find a buyer though.

 

[usctrojancpa]

http://lyonsancarloscourt.com/plans/index.php

IHO, There is a price point that fits everyone's budget to live in lovely Irvine!

Seeing the activity in the new HK collection, I don't see Irvine correcting more than 5% from here even if mortgage rates sharply rise! It is kind of funny to see OC/LA as whole correcting 40% while Irvine has corrected only 15% off from its peak. May 2011 will be the bottom in Irvine with another 5% price reduction tops.

I don't see interest rates taking off until the unemployment picture improved considerably from today.  In the near terms, it's tough to see what will drive down Irvine home prices.  The only thing that might is if inventory levels increase 2-3x fold.  Equity sellers are being very suborn with their asking prices, even with the older homes in Northwood and Woodbridge.

 

[test]

Wow... the pricing has gotten ridiculous. Seriously... it's like they are using the tax incentives and low interest to justify making the prices so high.

You've seen the re-sale price per sf over in Westpark II, Northpark, Quail Hill, and Northwood Pointe?  The new Woodbury homes are below those values and about on-par if you factor the higher Mello Roos. 

Ah, Mello Roos, the great equalizer.  Prices would be even higher if it weren't for the Mello Roos.

 

[usctrojancpa]

Wow... the pricing has gotten ridiculous. Seriously... it's like they are using the tax incentives and low interest to justify making the prices so high.

You've seen the re-sale price per sf over in Westpark II, Northpark, Quail Hill, and Northwood Pointe?  The new Woodbury homes are below those values and about on-par if you factor the higher Mello Roos. 

Ah, Mello Roos, the great equalizer.  Prices would be even higher if it weren't for the Mello Roos.

Mello Roos...the gift that keeps on bleeding your wallet.

 

[oakcreekresident]

Does anyone know the prices for the latest Carmel release?

 

[nytransplant]

Does anyone know the prices for the latest Carmel release?

Plan 1: 905,500
Plan 2: 939,000 (but add $30K for a conservatory and possible 20K for loft)
Plan 3: 997,000

these homes are on slightly smaller lots then the model.  The model is about 15' deep from the california room and these are only 9-10'.  Not sure why TIC couldn't keep these lots all the same size?

I think carmel would have done better if they were not surrounded by motorcourt homes.  Though they are still able to sell 6+ homes every 3-4 weeks.

 

[oakcreekresident]

Do you know what were the differences in price terms for different elevations and corner lots?

 

[nytransplant]

Do you know what were the differences in price terms for different elevations and corner lots?

The tustin and montery usually cost the most.  I think the corner lot had a $5-10K premium - I'll see if I can find an old price sheet later.

 

[nytransplant]

Do you know what were the differences in price terms for different elevations and corner lots?

In phase 1 a corner 3c (Monterey) was $26K more expensive then a middle lot 3b (santa barbara).  However part of that $25k might be the balcony of monterey

 

[irvinehomeowner]

It's funny but TIC has officially priced us out of Woodbury.

When they first announced the 2010 Collection pricing, we thought Carmel or Sonoma would work for us. As I looked at the floorplans more, I liked Sonoma better and they were less expensive. When they finally announced Phase 1 pricing, Carmel was too high and Sonoma Plan 2 looked like it could work. Sonoma Plan 1 was okay except it lacked that 4th bedroom downstairs (we liked the 2nd floor of that model the best).


After we saw the models, it just didn't seem like you were getting a lot of value for the living spaces and for the price, Montecito Plan 2 seemed like a better buy except for the neighborhood layout and the motorcourts.

After a few months, we've lowered our price range because but now that pricing for the Montecito Plan 2 is reaching $800k and even the Sonoma Plan 1 is up in that same range... it just doesn't make financial sense. Even the Montecito Plan 1 is over $750k and that only has 3 bedrooms.

So in 4 months, TIC has us looking elsewhere to buy... I don't think it's unreasonable to want a new 4/3 SFR in the low $700k range... but the FCB Premium says otherwise.

 

[qwerty]

When you say elsewhere do you mean other parts of Irvine or outside of Irvine - maybe you should have pulled the trigger on the Van Daele homes in Lake Forest? Im curious how many homes they have left, im sure the prime lots are probably long gone by now.

 

[irvinehomeowner]

Elsewhere meaning not Woodbury... and not brand new.

Although I've found nice homes in the $700k range in south county (with 3CWG!), I've been told that is not preferable and Tustin Ranch in next in order of priority (interestingly enough... West Irvine is not).

Believe me, I was very tempted by the one Plan 3 they have left at Lake Forest for $710k that has a May/June move-in date so I could double-dip on $16.5k in tax credits... but we just couldn't see ourselves living there and the tract was not really laid out very well.

 

[pret]

I am wondering why nobody talk about Santa Cruz in Woodbury East in High 600 and Low 700K range. Plan 3 of Santa Cruz is similiar to Plan 1 of Montecito i.e. 3 Bed + 1 Den. It lacks Montecito driveway but it is 30K less as well.

 

[ps99472]

Sonoma Phase 7: (4/19/10)

3A $883,500
2C  $843,500 (sold)
3D  $888,500  (sold)
1B  $783,500 (5000 sq ft lot, but backs onto Sand Canyon)
3BR  $881,500
1C  $767,500
3DR  $876,500 (sold)
2AR  $833,500 (sold)

Some of these carry the Statuary street name..  Not a good choice in my opinion, sounds like Statutory, and I hate correcting people when I give out my address.  Plus I don't see any statues around.....

There is one plan 1 leftover from previous phase

1CR  $766,500

I think the ideal lots will be the ones below the CalPac models, seems like bigger lots and not too close to Sand Canyon nor Trabuco.  Plus the first 3 phases will border the Arbor Apt complex.  I prequalified with them, but will probably hold off till later.. maybe when there are more incentives. 

Here are the Phase 8 prices for Sonoma dated 5/1/10 but emailed out today

2D  $839,500
3C  $884,500
1A  $782,500
2B  $852,000
3BR  $887,500
2CR  $834,500
3DR  $882,500
1CR  $774,500

All will have the "Statuary" street name, inner part of Sonoma, probably won't hear much street noise.  Average maybe $4000-5000 increase over last phase?  2D, 3C, 1A, and 2B are southwest facing if that's important to you.  Biggest lot size at 3800 sq ft.  I will pass on these...  still waiting for bigger lots to open up, but by then I'll be priced out.. 

 

[irvinefan]

Sonoma Phase 7: (4/19/10)

3A $883,500
2C  $843,500 (sold)
3D  $888,500  (sold)
1B  $783,500 (5000 sq ft lot, but backs onto Sand Canyon)
3BR  $881,500
1C  $767,500
3DR  $876,500 (sold)
2AR  $833,500 (sold)

Some of these carry the Statuary street name..  Not a good choice in my opinion, sounds like Statutory, and I hate correcting people when I give out my address.  Plus I don't see any statues around.....

There is one plan 1 leftover from previous phase

1CR  $766,500

I think the ideal lots will be the ones below the CalPac models, seems like bigger lots and not too close to Sand Canyon nor Trabuco.  Plus the first 3 phases will border the Arbor Apt complex.  I prequalified with them, but will probably hold off till later.. maybe when there are more incentives. 

Here are the Phase 8 prices for Sonoma dated 5/1/10 but emailed out today

2D  $839,500
3C  $884,500
1A  $782,500
2B  $852,000
3BR  $887,500
2CR  $834,500
3DR  $882,500
1CR  $774,500

All will have the "Statuary" street name, inner part of Sonoma, probably won't hear much street noise.  Average maybe $4000-5000 increase over last phase?  2D, 3C, 1A, and 2B are southwest facing if that's important to you.  Biggest lot size at 3800 sq ft.  I will pass on these...  still waiting for bigger lots to open up, but by then I'll be priced out.. 

Are all/most of these Sonoma homes zero lot lines?  I thought I remember someone mentioning that is a downside of Sonoma...

 

[irvinehomeowner]

I am wondering why nobody talk about Santa Cruz in Woodbury East in High 600 and Low 700K range. Plan 3 of Santa Cruz is similiar to Plan 1 of Montecito i.e. 3 Bed + 1 Den. It lacks Montecito driveway but it is 30K less as well.

WBE is less young family friendly. The WB side has the elementary, the Commons, more parks and the shopping center.

 

[irvinehomeowner]

Are all/most of these Sonoma homes zero lot lines?  I thought I remember someone mentioning that is a downside of Sonoma...

The newer phases are zero lot line one side. Some end units may not be zero lot line on the inside side... it just depends.

The 1st one or two were not zero lot line.

 

[fe9000]

Are all/most of these Sonoma homes zero lot lines?  I thought I remember someone mentioning that is a downside of Sonoma...

The newer phases are zero lot line one side. Some end units may not be zero lot line on the inside side... it just depends.

The 1st one or two were not zero lot line.

Does it matter if it's zero lot line on one side?  Per grace/bk rule that you can still walk around the house right?  So it's still SFR/PUD right?  For Santa Cruz you can walk around the house also, but it's considered detached condo.