New communities in Portola Springs

[usctrojancpa]

We went over to our new home today because we had washer/dryer delivery. Also moved in some smaller things. We found out from the neighbor next to us that the buyer across from us is planning to rent out his Bluffs 2 for $6,000. And when we went out for lunch, we saw "Open House" sign at the neighbor diagonal from us.

When we got back from lunch, we talked to the realtor. She told us that the buyer just bought in OH, so they're selling their Bluffs 1. So they bought it for $1.438M, which came with about $6k pre-selected upgrades. Then, they only upgraded flooring in kitchen, great room, and hallway to what looks like LVP. They didn't even have the decency of upgrading flooring in bedroom 4 (downstairs), also. It was really ugly seeing LVP meet carpet.

Anyway, according to the realtor, listing price is $1.8M. That seems VERY ridiculous to me considering the Bluffs 1 (same lot size) that IP just released went for $1.747M. I mean, I would understand if the buyer did it 3-4 months ago before the interest rate jumped and buyer interest hasn't waned, but $1.8M for a condo right now?  ;D

I have 3 words for that realtor....NOT GONNA HAPPEN!  Having nice tasteful upgraded along with good staging go a long way in all kinds of markets, including one of that's cooling off. 

Is it this listing?
https://www.redfin.com/CA/Irvine/124-Poppyseed-92618/home/179805481

That staging is HORRIBLE, either do it right or don't do it at all.  And I love the written description, I would be fuming if I were the seller for this kind of effort on my realtor's part.  But yeah, this one will sit for a while until the price comes down.

Yup, that's the one, Martin. My house is the one on the right side, in the back.  ;D

You're right about the staging. I was extremely unimpressed with it. Also, in the listing, it says lot size is 3000 sq ft, but that's FAR from the truth. The lot size for this house is 2633 sq ft. My wife was joking just now that she rounded it up to 3000 sq ft since it's larger than 2500.  ;D

The seller's cheapness and hiring a weak agent will cost them money on selling the home.  I don't think they'll get $6,000 for a rent with no upgrades and no landscaping done, probably somewhere in the low-to-mid $5,000 range.

 

[CalBears96]

I don't think they'll get $6,000 for a rent with no upgrades and no landscaping done, probably somewhere in the low-to-mid $5,000 range.

I don't know how much upgrades that buyer did with IP. We saw him (or hiring someone) putting in the blinds last weekend, but I don't think I saw any contractors doing any after market upgrades. We'll see if he'll do any landscaping before renting it out.

 

[Yousr]

I don't think they'll get $6,000 for a rent with no upgrades and no landscaping done, probably somewhere in the low-to-mid $5,000 range.

I don't know how much upgrades that buyer did with IP. We saw him (or hiring someone) putting in the blinds last weekend, but I don't think I saw any contractors doing any after market upgrades. We'll see if he'll do any landscaping before renting it out.

It?s not uncommon for a new home that is immediately listed for rent to go for market price before any landscaping is done. I have seen it happen multiple times where the owner commissions the landscaping after the tenants have moved in

 

[CalBears96]

I heard from my wife that 117 Poppyseed, which is supposed to close escrow early July, is planning to rent out at $6,000 also. Pisses me off that so many investors are buying Bluffs.

 

[Irvinehomeseeker]

I heard from my wife that 117 Poppyseed, which is supposed to close escrow early July, is planning to rent out at $6,000 also. Pisses me off that so many investors are buying Bluffs.

When I previously owned Petaluma in EW, 4 out of the 6 homes in the Release lot were all owned by single investor. So all my neighbors were renters paying rent to the same overseas landlord - That's Irvine!! Rich FCBs here either keep brand new homes empty or rent it out. The worse is when the renter subleases out....

 

[Sysko]

My dad closed on his home yesterday.  We'll be doing flooring, garage epoxy, and window coverings in the coming month.

Martin, did your dad move in to his new home?  How does he like the built quality?
Have you seen the 3 Hillside homes on Plum Lily nearest Highland Park.  Would these 3 homes be considered SFH?

 

[usctrojancpa]

My dad closed on his home yesterday.  We'll be doing flooring, garage epoxy, and window coverings in the coming month.

Martin, did your dad move in to his new home?  How does he like the built quality?
Have you seen the 3 Hillside homes on Plum Lily nearest Highland Park.  Would these 3 homes be considered SFH?

Actually my dad ended up selling the home to one of my long-term clients as we have a lot of family members in Ukraine and eastern Polish and he wanted that money to help out the family members who have been displaced by the war and has been in Poland for several months.  We did a home inspection on the home and there were numerous fit/finish items that the builder has been addressing but nothing major.  Those Hillside homes are detached condos, not single family homes despite what Irvine Pacific may want to call them.

 

[bones]

I heard from my wife that 117 Poppyseed, which is supposed to close escrow early July, is planning to rent out at $6,000 also. Pisses me off that so many investors are buying Bluffs.

The anti renter sentiment on TI is real.
First, renting is suicidal and now, we don?t want them as neighbors.

 

[bones]

My dad closed on his home yesterday.  We'll be doing flooring, garage epoxy, and window coverings in the coming month.

Martin, did your dad move in to his new home?  How does he like the built quality?
Have you seen the 3 Hillside homes on Plum Lily nearest Highland Park.  Would these 3 homes be considered SFH?

Actually my dad ended up selling the home to one of my long-term clients as we have a lot of family members in Ukraine and eastern Polish and he wanted that money to help out the family members who have been displaced by the war and has been in Poland for several months.  We did a home inspection on the home and there were numerous fit/finish items that the builder has been addressing but nothing major.  Those Hillside homes are detached condos, not single family homes despite what Irvine Pacific may want to call them.

Allow me to Monday morning QB a bit here. I had my doubts your dad would ever move in - why would he want to live in Portola Springs? I thought he would rent it out but I guess good for cal bears he didn?t

 

[Danimal]

I heard from my wife that 117 Poppyseed, which is supposed to close escrow early July, is planning to rent out at $6,000 also. Pisses me off that so many investors are buying Bluffs.

From my observation so far, the 6 homes in Fresco including mine that just closed escrow are home owners. I guess investors are more focusing on condos vs sfh.

 

[usctrojancpa]

My dad closed on his home yesterday.  We'll be doing flooring, garage epoxy, and window coverings in the coming month.

Martin, did your dad move in to his new home?  How does he like the built quality?
Have you seen the 3 Hillside homes on Plum Lily nearest Highland Park.  Would these 3 homes be considered SFH?

Actually my dad ended up selling the home to one of my long-term clients as we have a lot of family members in Ukraine and eastern Polish and he wanted that money to help out the family members who have been displaced by the war and has been in Poland for several months.  We did a home inspection on the home and there were numerous fit/finish items that the builder has been addressing but nothing major.  Those Hillside homes are detached condos, not single family homes despite what Irvine Pacific may want to call them.

Allow me to Monday morning QB a bit here. I had my doubts your dad would ever move in - why would he want to live in Portola Springs? I thought he would rent it out but I guess good for cal bears he didn?t

To be closer to me, duh. 

 

[usctrojancpa]

I heard from my wife that 117 Poppyseed, which is supposed to close escrow early July, is planning to rent out at $6,000 also. Pisses me off that so many investors are buying Bluffs.

From my observation so far, the 6 homes in Fresco including mine that just closed escrow are home owners. I guess investors are more focusing on condos vs sfh.

Well, larger $2m SFRs don't really make for good rentals. 

 

[irvinehomeowner]

Wait... so USCDad is going to stay in Vegas?

I'm losing track of the USC family tree.

 

[Danimal]

We went over to our new home today because we had washer/dryer delivery. Also moved in some smaller things. We found out from the neighbor next to us that the buyer across from us is planning to rent out his Bluffs 2 for $6,000. And when we went out for lunch, we saw "Open House" sign at the neighbor diagonal from us.

When we got back from lunch, we talked to the realtor. She told us that the buyer just bought in OH, so they're selling their Bluffs 1. So they bought it for $1.438M, which came with about $6k pre-selected upgrades. Then, they only upgraded flooring in kitchen, great room, and hallway to what looks like LVP. They didn't even have the decency of upgrading flooring in bedroom 4 (downstairs), also. It was really ugly seeing LVP meet carpet.

Anyway, according to the realtor, listing price is $1.8M. That seems VERY ridiculous to me considering the Bluffs 1 (same lot size) that IP just released went for $1.747M. I mean, I would understand if the buyer did it 3-4 months ago before the interest rate jumped and buyer interest hasn't waned, but $1.8M for a condo right now?  ;D

I have 3 words for that realtor....NOT GONNA HAPPEN!  Having nice tasteful upgraded along with good staging go a long way in all kinds of markets, including one of that's cooling off. 

Is it this listing?
https://www.redfin.com/CA/Irvine/124-Poppyseed-92618/home/179805481

That staging is HORRIBLE, either do it right or don't do it at all.  And I love the written description, I would be fuming if I were the seller for this kind of effort on my realtor's part.  But yeah, this one will sit for a while until the price comes down.

Yup, that's the one, Martin. My house is the one on the right side, in the back.  ;D

You're right about the staging. I was extremely unimpressed with it. Also, in the listing, it says lot size is 3000 sq ft, but that's FAR from the truth. The lot size for this house is 2633 sq ft. My wife was joking just now that she rounded it up to 3000 sq ft since it's larger than 2500.  ;D

Your house is on youtube?sort of
https://youtu.be/E7yJ252_Ujs

 

[CalBears96]

We went over to our new home today because we had washer/dryer delivery. Also moved in some smaller things. We found out from the neighbor next to us that the buyer across from us is planning to rent out his Bluffs 2 for $6,000. And when we went out for lunch, we saw "Open House" sign at the neighbor diagonal from us.

When we got back from lunch, we talked to the realtor. She told us that the buyer just bought in OH, so they're selling their Bluffs 1. So they bought it for $1.438M, which came with about $6k pre-selected upgrades. Then, they only upgraded flooring in kitchen, great room, and hallway to what looks like LVP. They didn't even have the decency of upgrading flooring in bedroom 4 (downstairs), also. It was really ugly seeing LVP meet carpet.

Anyway, according to the realtor, listing price is $1.8M. That seems VERY ridiculous to me considering the Bluffs 1 (same lot size) that IP just released went for $1.747M. I mean, I would understand if the buyer did it 3-4 months ago before the interest rate jumped and buyer interest hasn't waned, but $1.8M for a condo right now?  ;D

I have 3 words for that realtor....NOT GONNA HAPPEN!  Having nice tasteful upgraded along with good staging go a long way in all kinds of markets, including one of that's cooling off. 

Is it this listing?
https://www.redfin.com/CA/Irvine/124-Poppyseed-92618/home/179805481

That staging is HORRIBLE, either do it right or don't do it at all.  And I love the written description, I would be fuming if I were the seller for this kind of effort on my realtor's part.  But yeah, this one will sit for a while until the price comes down.

Yup, that's the one, Martin. My house is the one on the right side, in the back.  ;D

You're right about the staging. I was extremely unimpressed with it. Also, in the listing, it says lot size is 3000 sq ft, but that's FAR from the truth. The lot size for this house is 2633 sq ft. My wife was joking just now that she rounded it up to 3000 sq ft since it's larger than 2500.  ;D

Your house is on youtube?sort of
https://youtu.be/E7yJ252_Ujs

Yeah, you can kind of see it.  ;D

 

[CalBears96]

My dad closed on his home yesterday.  We'll be doing flooring, garage epoxy, and window coverings in the coming month.

Martin, did your dad move in to his new home?  How does he like the built quality?
Have you seen the 3 Hillside homes on Plum Lily nearest Highland Park.  Would these 3 homes be considered SFH?

Actually my dad ended up selling the home to one of my long-term clients as we have a lot of family members in Ukraine and eastern Polish and he wanted that money to help out the family members who have been displaced by the war and has been in Poland for several months.  We did a home inspection on the home and there were numerous fit/finish items that the builder has been addressing but nothing major.  Those Hillside homes are detached condos, not single family homes despite what Irvine Pacific may want to call them.

Allow me to Monday morning QB a bit here. I had my doubts your dad would ever move in - why would he want to live in Portola Springs? I thought he would rent it out but I guess good for cal bears he didn?t

Nah, Sierra is pretty far away. I only care about renters at Bluffs, especially around my house.

From my experience as landlord, tenants tend to not give a shit about the condition of the house. Each time the tenants moved out I had to spend more than $10k on repairs and renovations. The last tenants only lived there 4 years and really messed up my carpet, so I have to replace it again.

But I guess with HoA taking care of exterior maintenance, it may not look bad. Mainly, I just care about how the neighborhood looks.

 

[Davidlee199]

More Highland & Bluffs buyers backed out from their contracts recently on July move in homes.  Inventory will skyrocket on both new homes and resales once 3 new communities open in Portola springs.

 

[foodisgood]

More Highland & Bluffs buyers backed out from their contracts recently on July move in homes.  Inventory will skyrocket on both new homes and resales once 3 new communities open in Portola springs.

How do you know? Are the houses being relisted on price sheets? Can you share?

 

[CalBears96]

More Highland & Bluffs buyers backed out from their contracts recently on July move in homes.  Inventory will skyrocket on both new homes and resales once 3 new communities open in Portola springs.

How do you know? Are the houses being relisted on price sheets? Can you share?

He's lying. If you back out of your contract for any reason, you lose the $40k deposit for Bluffs and $45k deposit for Highland. Buyers would be better off just flipping the homes as the price went up $150k to $200k since the purchased it.

And he's talking about of his ass about inventory skyrocketing on new homes. IP is releasing 4 homes per month. Even considering 3 communities, that's 12 homes per month.

Is Davidlee another LL alt?

I just got the price sheet for Bluffs phase 30B on Sunday. Sales lady didn't mention anything about July move-in being back in the market.

I know that one of the July move-in is going to be rented out.

 

[foodisgood]

Yeah it seems unlikely because if one was going to close in July, probably would have locked a decent rate 3-6 months ago. I wanted to give him a chance to provide some evidence though.
David?s posts have all the same theme?LOL